[sdrealtor]

FYI, for my house to get back to rental range it would have to get down to the purchase price a decade ago net of installing landscaping, appliances, window treatments etc and rates would have to be around 5.5% and you would need to put down more than 25%.

Good luck on that one.

[sdrealtor]

I’d be a buyer for that at 700K (heck I’d be a buyer for that at $1M) so you would likely have to step over my dead body to get it. BTW, I’ll have cash in hand also.

[sdrealtor]

I’d be a buyer for that at 700K (heck I’d be a buyer for that at $1M) so you would likely have to step over my dead body to get it. BTW, I’ll have cash in hand also.

[sdrealtor]

yes

[sdrealtor]

yes

[sdrealtor]

radelow
Its really quite simple. You cant compare average prices to the the average household. The average household isnt buying the average house around here. Heck they probably arent (or shouldnt be) buying anything.

We have between 50 and 60% of households in homes they own, at least figuratively. Many of these are long time owners with homes purchased a couple bubbles ago. Most of them arent going anywhere short of a pine box. The new homebuyers to the area probably dont start until the 75th percentile.

The most powerful forces at play are supply and demand. Supply of homeowners willing/able/interested in selling is relatively low to what the real demand is for homeownership. Much of that real demand exists only at lower prices. As prices creep down demand inches up.

[sdrealtor]

radelow
Its really quite simple. You cant compare average prices to the the average household. The average household isnt buying the average house around here. Heck they probably arent (or shouldnt be) buying anything.

We have between 50 and 60% of households in homes they own, at least figuratively. Many of these are long time owners with homes purchased a couple bubbles ago. Most of them arent going anywhere short of a pine box. The new homebuyers to the area probably dont start until the 75th percentile.

The most powerful forces at play are supply and demand. Supply of homeowners willing/able/interested in selling is relatively low to what the real demand is for homeownership. Much of that real demand exists only at lower prices. As prices creep down demand inches up.

[sdrealtor]

Time to update everyone’s favorite bellweather;)

7/19 to 7/25

new listings – 12
back on market – 1

Total growth in inventory – 13

pendings – 11
expired – 4
withdrawn – 1
cancelled – 2

Total decrease in inventory – 18

Net change in inventory – minus 5

Random thoughts

Inventory trending down. It has been quite a while since inventory actually increased during a week. MOst of the pendings this week were $1M+.

I was out showing property to client today in Encinitas/South Carlsbad. We looked at detahced homes up to the low 700’s and some of the nicer/larger attached homes in the area up to the low 600’s. Inventory is pretty thin around here. We looked at what I would consider the best 15 to 20 properties on the market. Forgetting prices, the houses were virtually unliveable with the exception of 2 or 3. Even if they lowered the prices 10% below recent comps they would have a tough time selling. The beauty contest winners have been chosen this Summer and we are left with alot of red headed step children. IMO these homes are unsellable or sellable only at prices that will put up some ugly new comps. Most had long time owners with tons of equity and I suspect at least half of them will end up on the rental market.

[sdrealtor]

Time to update everyone’s favorite bellweather;)

7/19 to 7/25

new listings – 12
back on market – 1

Total growth in inventory – 13

pendings – 11
expired – 4
withdrawn – 1
cancelled – 2

Total decrease in inventory – 18

Net change in inventory – minus 5

Random thoughts

Inventory trending down. It has been quite a while since inventory actually increased during a week. MOst of the pendings this week were $1M+.

I was out showing property to client today in Encinitas/South Carlsbad. We looked at detahced homes up to the low 700’s and some of the nicer/larger attached homes in the area up to the low 600’s. Inventory is pretty thin around here. We looked at what I would consider the best 15 to 20 properties on the market. Forgetting prices, the houses were virtually unliveable with the exception of 2 or 3. Even if they lowered the prices 10% below recent comps they would have a tough time selling. The beauty contest winners have been chosen this Summer and we are left with alot of red headed step children. IMO these homes are unsellable or sellable only at prices that will put up some ugly new comps. Most had long time owners with tons of equity and I suspect at least half of them will end up on the rental market.

[sdrealtor]

I have personally sold two listings due to a caravan in the last 12 months. Both times I was holding listings open for the broker caravan and agents came through with clients. In each case I was able to describe in detail why each house was a great place to live, who their neighbors would be, why the neighborhood was so desireable as well as answering many very specific questions because I know the neighborhoods so well.

While neither buyer was my client I run into both very often and actually ran into both of them this week. Each thanked me for helping them find a home that their families love.

[sdrealtor]

I have personally sold two listings due to a caravan in the last 12 months. Both times I was holding listings open for the broker caravan and agents came through with clients. In each case I was able to describe in detail why each house was a great place to live, who their neighbors would be, why the neighborhood was so desireable as well as answering many very specific questions because I know the neighborhoods so well.

While neither buyer was my client I run into both very often and actually ran into both of them this week. Each thanked me for helping them find a home that their families love.

[sdrealtor]

I’m with you Rustico. Anyone in the business who had their eyes open could have felt it and seen it. As we know, most in the business do not have their eyes open.

[sdrealtor]

I’m with you Rustico. Anyone in the business who had their eyes open could have felt it and seen it. As we know, most in the business do not have their eyes open.

[sdrealtor]

HLS,
I dont think it has been said yet but here’s HEARTY welcome to you! I’ve been hanging around this forum for about a year and a half. Plenty of realtors have stopped by and a few straight shooters have hung around. Very few lenders have stopped by and none to my knowledge have hung around to become valuable contributors.

I really hope you stick around.

The Original sdr
not to be confused with the new and improved SD R;)

[sdrealtor]

HLS,
I dont think it has been said yet but here’s HEARTY welcome to you! I’ve been hanging around this forum for about a year and a half. Plenty of realtors have stopped by and a few straight shooters have hung around. Very few lenders have stopped by and none to my knowledge have hung around to become valuable contributors.

I really hope you stick around.

The Original sdr
not to be confused with the new and improved SD R;)

[Author]

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