September 1, Weekly Analysis

September 1, Weekly Analysis
Two new listings this past week in The Meadows, and they are displayed with yellow highlight on the list.
No homes went into Pending or Closed Escrow this past week.
This lack of activity was not just Hidden Meadows, but throughout the entire Zip Code of 92026. Partially, this can be attributed to the school year starting and all Buyers with school-age children want their children settled before school, and partially this can be the current lack of inventory in the “Hot” market of starter homes that attract first-time home buyers, and potential rentals that attract investors.
I checked my computer for the list I printed on September 3, 2011 and there were four listings in the $300-$400,000 range and one listing at $299,900!
Right now we only have one listing in the $300,000-$400,000 range, and I suspect it will sell before the listing gets to 20 days or so. It may even attract multiple offers and therefor take a few days longer, but only because of the activity around it. It is priced at a point to attract interest, and I have not even seen it to evaluate the condition of the property.
Local Realtors gathered last week for a Realtors Caravan, always held on Thursday at 9 a.m. – we gather at the Deli and tour a few homes. It must have been six or eight weeks since we had a Caravan, because many homes sold before we could arrange them on Caravan, or the Owner or Realtor (usually “outside Realtors”) didn’t want to bother to have Realtors view their homes. In some cases the homes were under renovation, and then sold before they could be viewed.
In “hot” markets, we have as many as 10-12 Realtors on a weekly Caravan. Many Realtors have dropped out of real estate, either temporarily or permanently, so we now expect perhaps six Realtors and seldom have more than one Caravan a month. Only professional Realtors remain in the market. Hidden Meadows has a core group of EXCELLENT Realtors.
National trends are reporting a slight increase in prices, about a half a percent. What that really means is that this is the bottom of the market. A half a percent is well below the inflation rate, so essentially homes are still losing value, although not price, but losing value at a lower rate.
All markets are based on confidence, and it will take sustained increases in confidence to move the housing market upward. Perhaps after the uncertainty of the national election is removed, we will see market conditions change.

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