It’s a glorious Monday morning in San Diego and here’s what’s happening:
Quick Hit #1– Now that my Principal Partner and Chief Technology Officer, Kris, has had her brain fried by our new and exciting Tempo 5 MLS software, I should probably be thinking about a new career. Obviously our value to our clients was not foremost in the minds of the San Diego Association of Realtors (SDAR). So I’m thinking about going into the software biz myself. The fact that I am totally unqualified shouldn’t make a difference. I have found the perfect client – SDAR. If they bought the Tempo 5 piece of (insert favorite, colorful expletive), I’m certain they will buy just about anything I have to offer. I’m sure glad SDAR is here to better serve me.
Quick Hit #2 – The National Association of Realtors (NAR) reports this morning the Pending home sales took and unexpected jump in April, up a much greater than expected 8.3% in the West. Based upon the fact that Kris and I, along with our two Buyers Agents, John and Lisa, are currently working with a dozen active/serious buyers, I can’t say I’m surprised. Add to that the fact that we are actually short on inventory in the market areas and price segments within which these buyers have interest, and we may be getting closer to stabilization than many think.
Quick Hit #3– Scripps Ranch closed sales stats for May, 2008 showed mixed results. There were 26 closed escrows (If we can trust Tempo 5). This is down from May, 2007 when we had 31 closed escrows. However, it was also the fifth straight month of increasing sales in 92131. The average “sold” price was also up 6% from the previous month to $296 per foot, but still down approximately 10% from May, 2007.
Quick Hit #4– While our fearless leaders in Washington D.C. contemplate another big and creative (but totally worthless) incentive program for the many homeowners on the path to losing their homes (throw them another $600 check), maybe they should be thinking about real solutions. Instead of focusing on the Supply side, maybe they should attack the problem from the Demand side. How about the “Home Investment Act of 2008?” Buy a home (Primary owner-occupied residence) over the next 24 months with a minimum 5% down payment and get a supplemental tax write-off of 10% of the purchase price, not to exceed $50,000, taken pro rata over the 3 tax years subsequent to the purchase. Driving demand will solve the supply-side problems, including the government sending out billions of $$ that are essentially worthless to solving the housing recession.
Those are my thoughts this morning. I’ve got to go take Kris to therapy now (I will be forwarding the bill to SDAR). Hope everyone has a great week.