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The Market is Shifting

 

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October 23, 2022

Good morning,

The US real estate market has shifted due to higher interest rates, inflation and increasing fears of a recession. Sellers are now more amenable to negotiate or offer buyer incentives. This bodes well for home buyers as they are optimistic about the long-term prospects for continued appreciation in the local home prices. However with that being said, inventory is at record lows where the seller knows there are not a lot of options. The real estate market has not stopped, just shifting. Just yesterday, I showed 3 different parties property and they are ready to buy if they can find the right home!

 

If you have questions regarding the market, please reach out to me and always consider me your real estate resource. I hope you enjoy my latest newsletter.

 

Information + Updates

Did you know? Family jewels missing? Oy vey! Did you know we might have had the largest jewelry heist in recent times, right here in California. A Brink’s driver was asleep inside vehicle during multimillion-dollar jewelry heist last July in Lebec, California at a truck stop. 13 Jewelers, mostly in LA, are completely devastated and suing Brinks for $100M. Now this is a real life episode of Money Heist….. (LA times).

 

Did you know? The wealthy love electric cars, priced similarly to the median price of a US home! Rolls Royce sales are up almost 50% in 2022 in case you were worried.... and their new $400,000 EV has hundreds of pre-orders as RR plans to be all electric by 2030. Cadillac has a $300,000 EV coming too. Hopefully we have enough electricity to fuel all these new cars..... my electrician is concerned! Homes that create power could be a massive future value-add. Think Solar!

 

Did you know? The electric car is perfectly noiseless and clean. There is no smell or vibration, and they should become very useful when fixed charging stations can be arranged. But for now, I do not anticipate that they will be very serviceable – at least for many years to come.” - Charles Rolls, 1900. Yes, Mr. Rolls saw the need for improved electric infrastructure 122 years ago!

 

Did you know? One good thing from inflation (if you can actually say this)? The IRS is introducing higher standard deductions and thresholds for tax codes to reflect higher inflation! The estate and lifetime gift tax exclusion will rise to $12.92 million from $12.06 million per person. The annual gift tax exclusion—the amount any person can give to any other without affecting lifetime limits—will climb to $17,000 from $16,000. (WSJ)

 

Did you know?The backup of container ships off Southern California’s coast that was at the heart of U.S. supply chain congestion during the Covid-19 pandemic has effectively disappeared. The queue of ships waiting to unload at the ports of Los Angeles and Long Beach fell from a peak of 109 ships in January to 4 vessels this week. Retail is overstocked. (WSJ)

 

Did you know? Do you want to do something to manage your water usages or make sure you don't have a water leak…. check out this new amazing company that keeps you in control of your water usage….https://flumewater.com.

 

Did you know? Just under $1M in loose change is left at airports every year.. Check out the TSA 2019 report. (US Airport Unclaimed Money) That is crazy to me!!!!!

 

Did you know? Pennies cost more to make than they are worth…. I wonder if they will disappear like the half penny or the 2 cent coin…. remember that?

Income, Credit and

Inventory Comparison

 

I am going to apologize in advance for the number of graphs, but I find this information super interesting and I think you will too! This data is from Logan Mohtashami, Housingwire’s lead housing analysis.

 

Look on the bright side, at least we are not Canada…. Sorry, I know I repeated this same statement on the last newsletter….🙃

 

Check out the decline of residential inventory from 1992-2022 and then a closer look from 2013-2022. When do you think we will be back to the 2000-2500 level????

BUT the level of credit quality of today’s homeowner is solid. Check out the comparison of the credit worthiness of mortgages from 2003-2008

The comparison of the foreclosures in 2007 and 2008 compared to today…...

Follow Logan on Twitter

Emerald Bay Market

 

10 Emerald Bay homes have sold this year that have been listed on the MLS with 32 days on market (DOM). 

 

When properties are properly priced, they sell…. 

 

There have been 3 properties that have sold off market of which I have represented 2 of the 3 properties….. there are 2 properties currently in escrow which will bring us to 15 sales this year…. which, if you remember, was approximately the pre covid average number of sales per year….. 

12 Month Lease

Winter Rental

For Lease

There are currently 2 active homes for sale in Emerald Bay

ranging in price from $6,995,000 to $7,495,000.

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Maura Short is known for her strong work ethic, broad industry know-how, and passion for architecture, in addition to her extensive network, confidentiality, and moral code. Combined with her wide-ranging local expertise, all of these assets result in favorable outcomes for both buyers and sellers under her care.
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