Category Archives: Real Estate

As states reopen, homebuyers rush back out. but sellers are staying on sidelines

Posted on May 11, 2020 | Leave a comment

For the week ended May 2, total listings were down 19% annually, and new listings were down 39%, according to realtor.com.
“We’ve had buyers ready, willing and able, and the sellers have been the ones who have pulled their homes, changed their minds,” said Ben Hirsh, real estate agent for an Atlanta home.

The number of for-sale listings plummeted in April, as both buyers and sellers dropped out of the market as a result of the pandemic. For the week ended May 2, total listings were down 19% annually, and new listings were down 39%, according to realtor.com.

“We’ve had buyers ready, willing and able, and the sellers have been the ones who have pulled their homes, changed their minds,” said Ben Hirsh, real estate agent for the Atlanta home. “It’s probably a bigger hurdle to get over, to put your home on the market and invite people in than it is to go look at homes as a buyer.”

Hirsh said he had two sellers in the last week who were about to list their homes, fully photographed, ready to go, and then they just decided to stay put.

“I don’t see the lack of inventory, which was already an issue before this happened, I certainly don’t see that loosening up anytime soon,” he added.

Before Pandemic – San Diego fastest rising home prices in Calif; after pandemic ?

Posted on April 29, 2020 | Leave a comment

San Diego County homebuyers, like most of the nation, shrugged off early COVID-19 fears in February as prices increased more than any other California market.

Home prices in the San Diego metropolitan area had risen 4.6 percent in a year, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

The index reflects a strong economy up until the moment the coronavirus began entering the American psyche and massive job losses followed. All home prices in the 20-city index were up and the nationwide average yearly increase was 4.2 percent.

Selma Hepp, deputy chief economist for CoreLogic, said the report showed enthusiasm for home purchases in February for a variety of reasons.

“Things were looking up for the housing market in mid-winter, with low interest rates and still-secure job prospects combining to boost demand for housing,” he wrote, “just as a growing share of millennials were looking to finally take the leap into homeownership.”

There are already signs interest in homebuying has tapered off since March, as well as a many homes being taken off the market. Redfin data shows 13.1 percent of homes in San Diego County were delisted from March 14 to April 10.

Before COVID-19, San Diego home prices were rising. What now?

Posted on April 22, 2020 | Leave a comment

SCAS note: Remember San Diego is tourism driven. How long can Ab&b go unrented? How long until the tourist return? How long can tourism employees afford to live in SD? How many will still have jobs after the lock-down ends? Many factors will be driving home prices; not just inventory or interest rates.

San Diego County’s median home price continued to rise in February to $587,000, reflecting optimism in the home market before the coronavirus crisis.

Sales in February represent purchases that began in late December and January, meaning concerns over the virus were hardly a blip on the American radar.

There were 2,835 home sales in February, a 14 percent rise from the same time last year, said CoreLogic data provided by DQNews. Also, the median price was up 6.8 percent in the 12-month period, nearing record highs.

Jordan Levine, senior economist for the California Association of Realtors, said he expects prices to decrease in San Diego and throughout California.

Some San Diego analysts have pointed to the high demand for homes in the area and low inventory as unlikely to change. But, Levine said the demand factor could weaken if the virus and the economic situation gets worse.

He said San Diego was on strong economic footing going into the crisis, which led to a big demand/home inventory imbalance. But, he said it’s hard to say if that level of demand will remain.

“If folks start being laid off,” he said, “you start to see that demand erode.”

Category Archives: Real Estate

As states reopen, homebuyers rush back out. but sellers are staying on sidelines

Before Pandemic – San Diego fastest rising home prices in Calif; after pandemic ?

Before COVID-19, San Diego home prices were rising. What now?

Follow Blog