The frenzy wasn’t going to last forever. Coming off the initial covid months, everyone thought the red-hot market was an acceptable reaction to the way our world had changed. But it’s gone too far, and somebody had to do something – and the Fed is going to do it again tomorrow, which will continue the […more]
As you can see in my mortgage-rate tracker (in right column), we had another meltdown today, and the conforming rate now is over 6% (with no points). The idea of paying higher prices AND rates really discourages the move-up/move-down markets. Combined those with having to pay federal and state capital-gains taxes and the existing homeowners […more]
Housing is always the last sector of the economy to turn when the market enters into a recession. It should also be noted that the past is not prologue to the future but at the end of the day, people pay their housing or rent payments via income that comes from somewhere. Case-and-point is that […more]
Are you wondering if our local housing market could maintain current pricing – or even go higher? It’s possible, and if it happens, a major reason will be baby boomers pitching in to help their kids buy a home. Compare the 2018-2022 era to what’s expected to happen over the next 20 years (chart above). […more]
With mortgage rates blowing through the fives and another Fed meeting coming up on Wednesday, I think we can declare that the frenzy is over. Or at least we can expect that it’s over in the buyers’ minds. But one fact remains the same: There still isn’t anything to buy. Will there be a surge […more]
I picked a great day to start the mortgage-rate tracker in the right-hand column! >>>> Mortgage rates haven’t been in the 6% range since 2008: How many agents have operated in a 6% environment? It will be less than half of the active agents today. To check, their license number would have to be around […more]
Here are graphs that look generally supportive of the local market. The SP:LP is still well above 100%, though hopefully it will keep receding. Everyone should be happy with it running around 100% or a little under, like it has throughout the history of real estate: There are more homes for sale – but still […more]
This film was taken on May 25th, a month after mortgage rates hit 5%. I can’t wait to hear from the doomers who swear that because sellers had to take a whopping $50,000 haircut off the list price to sell this house to cash buyers who closed in two weeks (with sellers who wanted to […more]
Here are two more charts from Bill that indicate how the San Diego market is bucking the national trend. Compared to last year, our inventory keeps going down! I don’t know what property types are included in Bill’s counts, but let’s use the SDMLS count for number of detached and attached homes sold in 2021, […more]
You probably had to be a 70’s kid to appreciate Jim Seals, who died at age 80 today. Here’s one of their classics: