Monday, October 25, 2010
Friday, October 22, 2010
Friday, October 8, 2010
Thursday, September 23, 2010
Wednesday, September 22, 2010
Tuesday, September 21, 2010
Monday, September 20, 2010
Friday, September 17, 2010
Friday, July 16, 2010
Friday, July 9, 2010
County Home Prices Up 7 Percent in May--------- Really?
We are all hungry for good news about the San Diego real estate market, especially those of us who make our living as realtors. We all want to run out and tell our clients and our potential clients that things are looking up, there’s good news, and now is the time to do something.
So why do I resent news headlines like the one above found today in the Union Tribune. It is because even though I long for good news, truth and accuracy are more important. Yes, you can take a positive or a negative approach to most things, and I try to stay mostly on the positive side. So if you ask me the proverbial question, “Is the glass half full or half empty?â€, I will usually reply it is half full. In this case, it is perfectly acceptable to choose the positive approach because it too is accurate. But to say the glass is half full when only a few drops have been added to the empty glass goes beyond being positive, it is false. Visit http://ping.fm/Ds9oi to read the rest of the article.
We are all hungry for good news about the San Diego real estate market, especially those of us who make our living as realtors. We all want to run out and tell our clients and our potential clients that things are looking up, there’s good news, and now is the time to do something.
So why do I resent news headlines like the one above found today in the Union Tribune. It is because even though I long for good news, truth and accuracy are more important. Yes, you can take a positive or a negative approach to most things, and I try to stay mostly on the positive side. So if you ask me the proverbial question, “Is the glass half full or half empty?â€, I will usually reply it is half full. In this case, it is perfectly acceptable to choose the positive approach because it too is accurate. But to say the glass is half full when only a few drops have been added to the empty glass goes beyond being positive, it is false. Visit http://ping.fm/Ds9oi to read the rest of the article.
Thursday, July 8, 2010
County Home Prices Up 7 Percent in May--------- Really?
We are all hungry for good news about the San Diego real estate market, especially those of us who make our living as realtors. We all want to run out and tell our clients and our potential clients that things are looking up, there’s good news, and now is the time to do something.
So why do I resent news headlines like the one above found today in the Union Tribune. It is because even though I long for good news, truth and accuracy are more important. Yes, you can take a positive or a negative approach to most things, and I try to stay mostly on the positive side. So if you ask me the proverbial question, “Is the glass half full or half empty?”, I will usually reply it is half full. In this case, it is perfectly acceptable to choose the positive approach because it too is accurate. But to say the glass is half full when only a few drops have been added to the empty glass goes beyond being positive, it is false.
What does this have to do with the headline? The headline is deceptive. What rose 7 percent was the median price. In this case, the median is a very poor and deceptive statistic. This shift is portrayed as good news. Sounds good, right? The implication is that values of individual properties are going up and the market is getting healthy. But is this true?
Just what really caused the movement in the median, and is it really good news? Last year, the entry level market was extremely active with banks bringing a steady supply of foreclosed properties to the market. Combining with the generous supply at the lower end was a voracious demand fuelled by investors, people longing to be first-time home owners, and tax incentives from the federal and state governments. With this high level of activity at the entry level, the median was shifted toward the lower end.
As we moved through last year and into this year, the supply of available homes at the entry level steadily dropped as government restraints and the banking industry’s reluctance to foreclose on home owners reduced the flow of bank-owned properties to the market. With the drop in supply, we also saw a drop in demand as economic uncertainty continued and the tax incentives expired. The combination of a lower supply and a lower demand reduced the number of entry level homes being sold. It is this drop in sales at the lower end that shifted the median to a higher level. The median price can move up even if real prices are moving down!
Real prices do appear to have moved up slightly at the lower end of the market, but they are soft at the middle and high segments of the market. It will be difficult to maintain the gains at the low end as we move through the large number of distressed properties that remain in various stages of default. And the move-up market is currently at a standstill due to the lack of people able to sell the down-leg property of a move-up transaction through a traditional sale. It is imperative, therefore, that we work through the distressed properties as soon as possible. This “real” picture is different from the one implied by the headlines. We need less interference in the market and more transparency.
Can we still find good news without the distortions? Yes! Real estate is a long term investment, and as such, now is a good time to buy. Is it a good time for anyone to sell? Again, yes! As is often the case, the very conditions that create difficulty for some, provide opportunity for others. The inability of many to sell their home through a traditional sale and move up to a nicer home creates a great opportunity for those who are able to do it. The lower sales price of the home you sell is more than offset by the bargains and selection you will find at the next level up. And interest rates remain incredibly low. So if you can, and you have some desire to do so, sell your current property and move up to the next level, or maybe even to your dream home! Now truly is a great time to do it, and this is really good news for those who can make the move.
For more information contact John Goodell. 619.895.0389 or jgoodell@coldwellbanker.com
To view todays Real Estate Inventory visit: http://www.sdhomepros.com/
So why do I resent news headlines like the one above found today in the Union Tribune. It is because even though I long for good news, truth and accuracy are more important. Yes, you can take a positive or a negative approach to most things, and I try to stay mostly on the positive side. So if you ask me the proverbial question, “Is the glass half full or half empty?”, I will usually reply it is half full. In this case, it is perfectly acceptable to choose the positive approach because it too is accurate. But to say the glass is half full when only a few drops have been added to the empty glass goes beyond being positive, it is false.
What does this have to do with the headline? The headline is deceptive. What rose 7 percent was the median price. In this case, the median is a very poor and deceptive statistic. This shift is portrayed as good news. Sounds good, right? The implication is that values of individual properties are going up and the market is getting healthy. But is this true?
Just what really caused the movement in the median, and is it really good news? Last year, the entry level market was extremely active with banks bringing a steady supply of foreclosed properties to the market. Combining with the generous supply at the lower end was a voracious demand fuelled by investors, people longing to be first-time home owners, and tax incentives from the federal and state governments. With this high level of activity at the entry level, the median was shifted toward the lower end.
As we moved through last year and into this year, the supply of available homes at the entry level steadily dropped as government restraints and the banking industry’s reluctance to foreclose on home owners reduced the flow of bank-owned properties to the market. With the drop in supply, we also saw a drop in demand as economic uncertainty continued and the tax incentives expired. The combination of a lower supply and a lower demand reduced the number of entry level homes being sold. It is this drop in sales at the lower end that shifted the median to a higher level. The median price can move up even if real prices are moving down!
Real prices do appear to have moved up slightly at the lower end of the market, but they are soft at the middle and high segments of the market. It will be difficult to maintain the gains at the low end as we move through the large number of distressed properties that remain in various stages of default. And the move-up market is currently at a standstill due to the lack of people able to sell the down-leg property of a move-up transaction through a traditional sale. It is imperative, therefore, that we work through the distressed properties as soon as possible. This “real” picture is different from the one implied by the headlines. We need less interference in the market and more transparency.
Can we still find good news without the distortions? Yes! Real estate is a long term investment, and as such, now is a good time to buy. Is it a good time for anyone to sell? Again, yes! As is often the case, the very conditions that create difficulty for some, provide opportunity for others. The inability of many to sell their home through a traditional sale and move up to a nicer home creates a great opportunity for those who are able to do it. The lower sales price of the home you sell is more than offset by the bargains and selection you will find at the next level up. And interest rates remain incredibly low. So if you can, and you have some desire to do so, sell your current property and move up to the next level, or maybe even to your dream home! Now truly is a great time to do it, and this is really good news for those who can make the move.
For more information contact John Goodell. 619.895.0389 or jgoodell@coldwellbanker.com
To view todays Real Estate Inventory visit: http://www.sdhomepros.com/
Wednesday, June 16, 2010
Tuesday, May 25, 2010
Monday, April 26, 2010
Friday, April 16, 2010
Tuesday, April 13, 2010
Friday, March 26, 2010
New $10,000 Homebuyer Tax Credit Signed Yesterday!
The new AB 183 legislation act is a part of the larger California Jobs Initiative Project. The plan to extend and expand the highly successful homebuyer tax credit is designed to stimulate our stagnant economy. Through the new home buyer tax credit home ownership and the creation of jobs will be encouraged. Read More
If you have any questions regarding the New Homebuyer Tax Credit, please contact John Goodell at (619) 895-0389 or email him at jgoodell@coldwellbanker.com
To View Bill and Related Documents Click Here
If you have any questions regarding the New Homebuyer Tax Credit, please contact John Goodell at (619) 895-0389 or email him at jgoodell@coldwellbanker.com
Tuesday, March 23, 2010
SDHomePros.com has been awarded the Presidents Elite International Award. This means they are in the top 2 % not only in California but Internationally. For more info visit: http://www.sdhomepros.com/Awards_and_Certificates/page_2347044.html
Friday, March 12, 2010
Pacific Beach Home- Beautiful Home on Large Lot
2bd/2ba- Just Blocks Away from the Ocean! On Large Lot, room to build.
For more info call (619) 895-0389 or email jgoodell@coldwellbanker.com
To Search More Homes visit: www.SDHomePros.com
Tuesday, January 5, 2010
Pending home sales fall 16 percent in Nov
WASHINGTON -- The number of buyers who agreed to purchase previously occupied homes fell sharply in November, a sign sales will fall this winter, undermining last summer's recovery.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements fell 16 percent from October to a November reading of 96. It was the first decline following nine straight months of gains and the lowest reading since June.
The drop was far larger than the 2 percent expected from economists surveyed by Thomson Reuters, and analysts were surprised.
"This was bound to happen at some point, although not by this much," wrote a startled Jennifer Lee, senior economist with BMO Capital Markets. "Gulp," she added.
The report indicates consumers are taking their time following the extension of a tax credit deadline. The incentive of up to $8,000 for first-time buyers was set to expire at the end of November. But Congress pushed back the date and broadened the program with a new credit of up to $6,500 for buyers who relocate.
"It will be at least early spring before we see notable gains in sales activity as homebuyers respond to the recently extended and expanded tax credit," Lawrence Yun, the Realtors' chief economist, said in a statement.
Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer of future sales. Pending sales were down 26 percent from October in the Northeast and Midwest, 15 percent in the South and 3 percent in the West.
The housing market had been rebounding from the worst downturn in decades, aided by aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales surged last month to the highest level in nearly three years.
But concerns remain that the market recovery will stall as the federal programs are phased out.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements fell 16 percent from October to a November reading of 96. It was the first decline following nine straight months of gains and the lowest reading since June.
The drop was far larger than the 2 percent expected from economists surveyed by Thomson Reuters, and analysts were surprised.
"This was bound to happen at some point, although not by this much," wrote a startled Jennifer Lee, senior economist with BMO Capital Markets. "Gulp," she added.
The report indicates consumers are taking their time following the extension of a tax credit deadline. The incentive of up to $8,000 for first-time buyers was set to expire at the end of November. But Congress pushed back the date and broadened the program with a new credit of up to $6,500 for buyers who relocate.
"It will be at least early spring before we see notable gains in sales activity as homebuyers respond to the recently extended and expanded tax credit," Lawrence Yun, the Realtors' chief economist, said in a statement.
Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer of future sales. Pending sales were down 26 percent from October in the Northeast and Midwest, 15 percent in the South and 3 percent in the West.
The housing market had been rebounding from the worst downturn in decades, aided by aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales surged last month to the highest level in nearly three years.
But concerns remain that the market recovery will stall as the federal programs are phased out.
For more information on today's Real Estate Market call (619) 895-0389
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