The San Diego Real Estate Market
The title question refers to the the San Diego real estate market, of course. As the voice of San Diego real estate, I wanted to lift the shadows of the question for you and give my perspective on this.
The Media
The press always seem to have their way , don't they? They write all these articles that would make you wonder what planet are we living on. Are they writing news or just trying to make news when they try to get you the consumer to respond a certain way? "Frankly my dear, I don't give a damn". OK, I do but that is beside the point.
Waiting For The Last Shoe to Drop
Our San Diego housing market is a mess. We have too much inventory and the too many Buyers are still sitting back waiting for the last shoe to drop. What's it going to take to get things moving again. We hear in the news that Congress is reacting, the administration is reacting, in fact everyone is reacting. So what's wrong with that? Well, let me tell you. They are reacting. That's what is wrong. It is not a knowledgeable and careful response, it is reacting. "Gut Stuff "( think politically expedient here) that may be very harmful in the longer run. Otherwise, it is not helping much.
After the big boys pulled back their money on wall street, they got a little scared at the mess they made of things. So now, we have new tighter rules for loans that are restricting the number of buyers that can pass through all the hoops, we have people upside down with not much hope of surviving even with all the "Gut Stuff".
The Real Winners
So what's a Hat Dance got to do with it? Believe it or not some people are gaining on the market and they are so happy they are practically dancing on their hats. Who are these people? It might be easier to describe who they are not. They are not real estate professionals. They are not home owners nor are they are the local mortgage professionals who can't keep up with the new rules of the day to get the loans done, they are not our government entities that rely of taxes earned from the property sales, gains in appreciation, local property taxes,etc. So who does that leave?
The real winners that create wealth are the hedge fund operators and their players betting against all odds that we can get it together much less get it right. In my estimation, we are playing their game and they are winning all the prizes. There outa be a law that you can't profit from wrecking whole industries and hurting people.
Courtesy of William Johnson The Voice of San Diego Real Estate
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I consider San Diego an excellent place to live and would love to share with you my enthusiasm for the many communities that encompass it. Looking forward to assisting you with your Real Estate needs.
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William--You are SO right! We're not hurting like the rest of the nation here but, we're getting the backlash from those who can't sell their homes elsewhere in the country and can't buy here. I'll tell you though, those who have pretty good to great credit and are buying NOW are also winning--they're getting incredible buys and low interest rates. Holding for a couple of years, they're the ones who are going to be winning again when they sell also!
Hi Debe, Thank You so much for dropping by and sharing your market perspective and enhancing this post. Many Thanks.
Good morning William. We mirror your market in many ways... way too much (25 months!) inventory and very few buyers... I call them an endangered species at this point. It's going to be a long year, but I love the business and am concentrating on the foundational aspects thereof, as well as my main blogging website.
Focus on Blogging and learning SEO. WHen the market changes, you will be so far ahead of the game than others. As Lenn Harley says, Build on Google Juice.
Great analysis, William. I shudder at the government "fixes" because I feel the results will be worse than the problems they were trying to fix. The pendulum never stops in the middle.
Hi Sharon, The pendulum only stops in the middle when the clock stops. Great comment.
William...do correct me if I'm wrong but wasn't it speculators who were responsible for a large part of the problem in the first place? maybe they're just trying to re-coup? Nope...I'm betting they're taking advantage....
Joan, not only that but if you look at the petroleum cost issue, it is again speculators that are driving up the price. Do the average citizens even have a chance with all the greed that is wrecking this country?
This is all too true and its sad to see the damaged families. All they wanted was a slice of the American Dream. Many in our industry are suffering terribly. I had a closing on Friday and the person selling was in the real estate industry. It wasn't a short sale - values have held up in this complex and in White Plains generally, but they were way behind on monthly maintenance and in default on their taxes. Apparently a $50k + drop in income created this mess and then the unit didn't sell for a long time. It was sad to see. This person is an upstanding citizen and a VERY hard worker.
I'm building for the next uptick. As a fairly new agent I don't have the years of building contacts to do that well now. I'll have to take on an extra job PT - so this doesn't happen to ME!
Hi Ruthmarie,
great Idea. i was thinking about that very thing this morning. Building a new data base, doing long range value marketing. providing some services NOW instead of just seeking listings. Do some group stuff in some potential clients homes. Like remodel, loan optimization plans, Home warranty discussions and why they should have them year after year, anything but asking for the order right now. Build a following based on earning the listing and the sales down the road.