Survey – More than 2/3 of sellers would except a lower offer price amid Covid-19

A majority of home sellers are feeling the pressure to sell their homes despite the coronavirus outbreak. Nearly 70% of sellers are willing to accept a lower purchase price just to get to the closing table, according to LendingTree’s latest survey results.

LendingTree commissioned a survey of nearly 1,000 home sellers to gauge their attitudes about listing a home for sale in the midst of a global pandemic.

Key findings:

Nearly 70% of home sellers would accept a lower purchase price in order to sell their home during the coronavirus pandemic.

read more at: https://www.lendingtree.com/home/mortgage/lendingtree-survey-more-than-two-thirds-of-home-sellers-would-accept-a-lower-offer-price-amid-covid-19-crisis/

Forecast: San Diego home prices to decrease

The CoreLogic Home Price Insights report says nationwide prices should decrease about 6.6 percent from May 2020 to May 2021, largely driven by high unemployment and the continued prevalence of COVID-19.

San Diego home prices will decrease 1.3 percent in the next 12 months, much less than other parts of the nation, said a forecast released Tuesday.

Zillow also forecasts the median home value in San Diego County will decrease, but slightly less than CoreLogic, at 0.9 percent in the next year. Its report cites uncertainty from buyers in the current environment, and negative economic factors before COVID-19, such as increased corporate debt and businesses scaling back on capital investments.

read more at: https://www.msn.com/en-us/finance/realestate/forecast-san-diego-home-prices-to-decrease-but-not-as-much-as-nation/ar-BB16safx

San Diego – New Vacation Rental Plan Taking Shape

The memorandum of understanding between Expedia and Unite HERE, brokered by City Councilwoman Jennifer Campbell, creates a framework to regulate vacation rentals that could potentially cut the number of whole-home vacation rentals within the city limits by 70 percent.

“San Diegans deserve short-term rental regulations that protect our neighborhoods, preserve valuable housing and will stand the test of time,” said Campbell, who represents coastal communities including Mission Beach, Pacific Beach and Ocean Beach.

The City Attorney’s office has agreed to draft an ordinance based on the Expedia/Unite HERE framework, according to participants. The new rules would carve out some of the more contentious items in previous attempts to regulate short-term rentals in the city.

The key piece of the agreement calls for capping whole-home short-term rentals to 0.7 percent of the city’s housing stock, which would amount to 3,750 permits.

The exact number of entire home vacation rentals being listed in the city currently is unclear. But the City Auditor has estimated total short-term rentals — both whole home and home share units — at 16,000.

“We have heard from an organization that watches over short-term rentals throughout the state that 80 percent to 90 percent are whole home rentals in San Diego,” said Campbell, “so home sharing is not a big part of it.”

Critics of vacation rentals say that platforms such as Airbnb and HomeAway create financial incentives for renting out properties for short-term stays instead of long-term residential use, thus reducing the housing supply and driving up prices.

read more at: https://www.sandiegouniontribune.com/business/story/2020-07-01/another-bid-percolating-to-rein-in-san-diegos-short-term-vacation-rentals