February 3, 2021
By Saeed Ghaffari
Saeed is the founder of Money, Real Estate & More. With over 30 years of experience as a lender, investor and a real estate professional, he provides free consulting in these fields. To connect with Saeed, sign up for free / log in on moreandmorenetwork.com and send him a private message.
MLS Data provided courtesy of Real Estate Legends, USA
Buyer, Seller & Investor Tips
- Buyers: It won’t hurt to buy now, if you think of your purchase as a long term investment. Today, rates are down and in your favor, high demand and a strong seller market is not in your favor. Be ready to compete with multiple offers and have all your ducks in a row, proof of fund, loan approval, and work with an agent who know the market and how to ingratiate the listing agent and the other side.
- Sellers: It’s never time to sell unless you have to. That out of the way, the market is in your favor, rates are down and people’s affordability is high. Coming Soon listings are up by 8% in the region, that means be ready to come off your high horse and be negotiable. In general, you will get a good price for your property if you put it on the market today, of course it depends on the location and the condition of the property. In choosing a realtor, as much as you look into the realtors’ experience and work history, be sure to reward people with solid character and high ethical standards.
- Long Term: Go for it. Take advantage of the lower rates.
- Short to Mid Term: There are good deals out there and most likely more to come. Do your homework and roll the dice. You won’t get anywhere unless you are willing to take chances and get out of your comfort zone.
- Everyone: Reward good characters, get out of your comfort zone, and enjoy the ride.
Below is the 2 weeks comparison of So Cal market activities:
Look at all the red dots on the left and all the green ones lined up and stacked on top of one another on the right side of the table! What’s your take on it? Here is the break down of So Cal real estate market activity from one week to another.
- Active Listings have dropped in all counties, averaging 2.72% drop, highest drop was reported in Ventura Co with 5.7% and the lowest was in San Diego with 2.58%.
- The new listings, listings with 7 days or less on the market dropped in the region by less than 1%, to be exact by.93%. The activity was mixed among the counties. Orange and San Diego reported an increase in new listings, 9.2% and 3.1% respectively, the other counties reported a drop with Ventura leading with 27.93%. Keep in mind the data sample in Ventura is small, so even a few numbers up or down, the percentage looks big and worse than it really is. The good news in this category is the ratio of the new listings to the total active listings is pretty consistent with previous weeks, hovering around 25% to 26%, showing properties going to escrow and moving on an assembly belt toward closings.
- Older listings, listings with 100+ days on the market went down in every single county. Good news. The average drop for the region was 2.4%, with San Diego leading the pack with 6.5% drop in listings with 100+ days on the market.
- Coming Soon listings went up in So Cal by 8.21% from the week before. San Diego had a drop in this category by 1.54%, but all other counties had an increase with Riverside on the top with 13.89% rise in coming soon properties, properties expected to hit the market in 10 days or less.
- Finally, the closings were up in all counties, averaging a rise by 22.51% from the week before, with Riverside on the top with 31.62% and Ventura at the bottom with 5.83%
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Table below shows the impact of the market trends and factors on our economy, ECON 101.
Active Inventory listings dropped by 2.72%, close to last week’s decline of 3.3%. Advantage: Sellers
New Listings dropped by .93%, much smaller than the week before of 5.4%. Advantage: Sellers, however the rate of drop slowed down.
Listings with 100+ days on the market dropped by 2.4% slightly better than last week of 1.74%. Advantage: Sellers
Coming Soon properties increased by over 8.25%, slightly over half the increase from last week15.07%. Advantage: Buyers
Closed Listings went up by 22.51%. Good for everyone
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