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August 27, 2007 at 10:45 PM in reply to: San Diego year over year inventories down for third month in a row #81989August 27, 2007 at 10:45 PM in reply to: San Diego year over year inventories down for third month in a row #82006
SD Realtor
ParticipantActually the MLS in San Diego county is run by Sandicor and is subject to rules and regulations set forth by SDAR. When we commonly refer to inventory we assume those are active homes for sale on the MLS. Not pendings or withdrawn listings. Currently the MLS calculations for active listings are defined as listings active for sale in the zip codes between 91901 and 92173. There were 19715 properties.
Now I also know that both sdr and Jim have reported instances of MLS listings either not being accounted for or disappearing. This may indeed be true. Indeed this does not count FSBOs or any other sales not on the MLS.
So my question is,
Where does Zip Realty get there numbers from?
SD Realtor
August 27, 2007 at 5:07 PM in reply to: San Diego year over year inventories down for third month in a row #81800ParticipantBSR lenders do not like to sell properties directly because of liability issues. A sale is a sale is a sale. So they usually broker out the sale. Many REO properties are on the MLS. Many were on the MLS and didn’t get sold then they were pulled off. Even all of the private auctions like REDC are brokers that represent the lenders on the selling side.
Obviously you can lookup the status of a home at sdlookup. If it is owned by a lender then it becomes REO eventually if it is not already. Someone posted a thread awhile ago with the names of several lenders. You can go to their websites and they have REO listings. The listing usually has the name of the listing agent.
There is usually a lag time from the lender taking ownership of a property to the property becoming an REO and being listed with a local broker. Sometimes it is quick and sometimes it is a bit longer, a few weeks.
SD Realtor
August 27, 2007 at 5:07 PM in reply to: San Diego year over year inventories down for third month in a row #81935ParticipantBSR lenders do not like to sell properties directly because of liability issues. A sale is a sale is a sale. So they usually broker out the sale. Many REO properties are on the MLS. Many were on the MLS and didn’t get sold then they were pulled off. Even all of the private auctions like REDC are brokers that represent the lenders on the selling side.
Obviously you can lookup the status of a home at sdlookup. If it is owned by a lender then it becomes REO eventually if it is not already. Someone posted a thread awhile ago with the names of several lenders. You can go to their websites and they have REO listings. The listing usually has the name of the listing agent.
There is usually a lag time from the lender taking ownership of a property to the property becoming an REO and being listed with a local broker. Sometimes it is quick and sometimes it is a bit longer, a few weeks.
SD Realtor
August 27, 2007 at 5:07 PM in reply to: San Diego year over year inventories down for third month in a row #81952ParticipantBSR lenders do not like to sell properties directly because of liability issues. A sale is a sale is a sale. So they usually broker out the sale. Many REO properties are on the MLS. Many were on the MLS and didn’t get sold then they were pulled off. Even all of the private auctions like REDC are brokers that represent the lenders on the selling side.
Obviously you can lookup the status of a home at sdlookup. If it is owned by a lender then it becomes REO eventually if it is not already. Someone posted a thread awhile ago with the names of several lenders. You can go to their websites and they have REO listings. The listing usually has the name of the listing agent.
There is usually a lag time from the lender taking ownership of a property to the property becoming an REO and being listed with a local broker. Sometimes it is quick and sometimes it is a bit longer, a few weeks.
SD Realtor
August 27, 2007 at 4:59 PM in reply to: San Diego year over year inventories down for third month in a row #81797ParticipantYep there is no doubt that 07 has seen a whopping change of distress verses non distress selling profiles. Also there is no argument that there are tons of foreclosures as well that are not on the market. However, who is to say that those same foreclosures were not on the market in 06?
My point is this… First off yes don’t get to bound up by inventory going up or down or sideways or whatever. As long as it is high that is good for potential buyers and we all would agree that for San Diego, the new threshold seems to be in the 15k-23k range depending on the season yeah? Others will MLS access can verify or comment.
Also once more yes there are lots of foreclosures, not many in the places I want to live in… but a few here and there and that is encouraging as well…
I think that trying to get exact numbers at least using the MLS is tough. It is grinding, and it is manual and it is not to accurate. The most inciteful tool we have is sdr’s short sale monitor and that gives a VERY valuable ratio of shorts to not short listings. This is great because it also has been captured and displayed visually so we have a nice trend line to follow. thanks to artifact.
So yeah hopefully all these foreclosures will help to bring overall pricing down…. moreover in the neighborhoods we are all interested in… that may take awhile longer to happen.
SD Realtor
August 27, 2007 at 4:59 PM in reply to: San Diego year over year inventories down for third month in a row #81932ParticipantYep there is no doubt that 07 has seen a whopping change of distress verses non distress selling profiles. Also there is no argument that there are tons of foreclosures as well that are not on the market. However, who is to say that those same foreclosures were not on the market in 06?
My point is this… First off yes don’t get to bound up by inventory going up or down or sideways or whatever. As long as it is high that is good for potential buyers and we all would agree that for San Diego, the new threshold seems to be in the 15k-23k range depending on the season yeah? Others will MLS access can verify or comment.
Also once more yes there are lots of foreclosures, not many in the places I want to live in… but a few here and there and that is encouraging as well…
I think that trying to get exact numbers at least using the MLS is tough. It is grinding, and it is manual and it is not to accurate. The most inciteful tool we have is sdr’s short sale monitor and that gives a VERY valuable ratio of shorts to not short listings. This is great because it also has been captured and displayed visually so we have a nice trend line to follow. thanks to artifact.
So yeah hopefully all these foreclosures will help to bring overall pricing down…. moreover in the neighborhoods we are all interested in… that may take awhile longer to happen.
SD Realtor
August 27, 2007 at 4:59 PM in reply to: San Diego year over year inventories down for third month in a row #81948ParticipantYep there is no doubt that 07 has seen a whopping change of distress verses non distress selling profiles. Also there is no argument that there are tons of foreclosures as well that are not on the market. However, who is to say that those same foreclosures were not on the market in 06?
My point is this… First off yes don’t get to bound up by inventory going up or down or sideways or whatever. As long as it is high that is good for potential buyers and we all would agree that for San Diego, the new threshold seems to be in the 15k-23k range depending on the season yeah? Others will MLS access can verify or comment.
Also once more yes there are lots of foreclosures, not many in the places I want to live in… but a few here and there and that is encouraging as well…
I think that trying to get exact numbers at least using the MLS is tough. It is grinding, and it is manual and it is not to accurate. The most inciteful tool we have is sdr’s short sale monitor and that gives a VERY valuable ratio of shorts to not short listings. This is great because it also has been captured and displayed visually so we have a nice trend line to follow. thanks to artifact.
So yeah hopefully all these foreclosures will help to bring overall pricing down…. moreover in the neighborhoods we are all interested in… that may take awhile longer to happen.
SD Realtor
August 27, 2007 at 4:28 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81776ParticipantKaycee no argument at all…Delays in process always impede things and indeed do make the problems worse. Your thoughts are completely sound and make sense 100%.
SD Realtor
August 27, 2007 at 4:28 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81911ParticipantKaycee no argument at all…Delays in process always impede things and indeed do make the problems worse. Your thoughts are completely sound and make sense 100%.
SD Realtor
August 27, 2007 at 4:28 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81928ParticipantKaycee no argument at all…Delays in process always impede things and indeed do make the problems worse. Your thoughts are completely sound and make sense 100%.
SD Realtor
August 27, 2007 at 4:26 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81773ParticipantLest we not forget that the owner is a Realtor as well!
He also owns a home in Clairemont. When he listed the home he asked me what I thought of the price and got all pissed at me when I told him my honest opinion… maybe that is why he gaffed me for part of the deposit. He is even jacking the rent a bit, we paid 2400 when we lived there.
His 5 year exemption date was sometime in August.
Well whoever rents it will get a nice lawn out back and he ripped out the carpet and put pergo in. We liked renting there but we do like it better in Scripps. If he wasn’t selling we most likely would have stayed. However the minute he told us he was selling I was online looking for a new place.
SD Realtor
August 27, 2007 at 4:26 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81908ParticipantLest we not forget that the owner is a Realtor as well!
He also owns a home in Clairemont. When he listed the home he asked me what I thought of the price and got all pissed at me when I told him my honest opinion… maybe that is why he gaffed me for part of the deposit. He is even jacking the rent a bit, we paid 2400 when we lived there.
His 5 year exemption date was sometime in August.
Well whoever rents it will get a nice lawn out back and he ripped out the carpet and put pergo in. We liked renting there but we do like it better in Scripps. If he wasn’t selling we most likely would have stayed. However the minute he told us he was selling I was online looking for a new place.
SD Realtor
August 27, 2007 at 4:26 PM in reply to: Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K #81925ParticipantLest we not forget that the owner is a Realtor as well!
He also owns a home in Clairemont. When he listed the home he asked me what I thought of the price and got all pissed at me when I told him my honest opinion… maybe that is why he gaffed me for part of the deposit. He is even jacking the rent a bit, we paid 2400 when we lived there.
His 5 year exemption date was sometime in August.
Well whoever rents it will get a nice lawn out back and he ripped out the carpet and put pergo in. We liked renting there but we do like it better in Scripps. If he wasn’t selling we most likely would have stayed. However the minute he told us he was selling I was online looking for a new place.
SD Realtor
August 27, 2007 at 4:20 PM in reply to: San Diego year over year inventories down for third month in a row #81770ParticipantLA Renter good question. I think that last year was a wake up call for sellers that the peak was already in the rear view mirror. I would not say they were trying to cash out at the top, but they sure were trying to cash out. I think you nailed it, alot of it was soft inventory. Alot of the psyche was okay if I don’t sell now then in 07 it will get better… so it didn’t get better… why didn’t they return to the market? Well either they think it will be better in 08, or they decided to say screw it I am gonna sit on my equity and not sell… I couldn’t put a number on it but I think it was a fair percentage. Given that inventory did not hit last years levels AND we know that the percentage of distress sales this year is way up from last year, then that does back up logic that soft inventory last year made up a fair percentage of active listings.
SD Realtor
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