Wednesday, November 13, 2013

2013 Cal. Annual Housing Market Survey

The Annual Housing Market Surveys conducted by the California Association of Realtors is always full of interesting tidbits, some of them not so small in fact.  All these facts, figures, percentages are fascinating if you like figures. 
-- If you are not so much interested in the statistics of the California real estate market, I would skip this blog.
If on the other hand you are curious about it, with a macro vision of the market, it yields some interesting thoughts and points.  Here it is:

C.A.R. Releases “2013 Annual Housing Market Survey”

Nearly half (49.5 percent) of all homes sold in 2013 were sold above asking price, nearly twice the share in 2012 (25.9 percent) and triple the share in 2011 (16.6 percent).  The 2013 figure was more than twice the long-run average of 18 percent during the past 20 years.  For homes that sold above the list price in 2013, the median premium paid over the list price was 4.8 percent, unchanged from 2012.  Note: in Palo Alto, the average ratio of Sales price over List price is 111.7%.

For the third consecutive year, an increasing number of home sellers – nearly half – planned on purchasing another home in the future.

The shortage of housing supply intensified further this year, leading to heightened market competition and more multiple offers, with more than seven of 10 home sales (72 percent) receiving multiple offers in 2013, up from 57 percent in 2012.  The 2013 figure was the highest in at least the past 15 years, with each home receiving an average of 5.7 offers, up from 4.2 offers in 2012 and 3.5 offers in 2011.  Note: in Palo Alto and Los Altos, 10 to 20 offers are fairly common.   

The distressed market continued to be the most competitive segment of the market, with more than 9 in 10 (91 percent) real estate-owned (REO) properties attracting multiple offers, an increase from 71 percent in 2012. The short sale market was less intense than the REO market, but still 3/4 of all sales received more than one offer, a jump from 66 percent in 2012.  There is no "deal" in the local real estate market...
Close to seven of 10 equity sales received multiple offers in 2013, a surge from 51 percent in 2012.
More information on the CAR website.

Silicon Valley real estate specialist
Detailed, local trends etc...
Current mortgage rates
A place worth noting: Our Brother's Home in MountainView

Wednesday, November 6, 2013

Haunted house anyone?® Releases Haunted Housing Report has released the results of its Haunted Housing Report, which explored consumer sentiments around their perceptions of "haunted" real estate. Survey results from nearly 1,400
respondents reveal consumer thresholds for purchasing haunted houses for sale, past experiences with spooky homes, popular "warning signs" of a haunted home, expected discounts when buying "perceived" haunted houses for sale and intolerable scary occurrences.

According to the survey, 26 percent of respondents indicated that they would consider purchasing a haunted house for sale, while 38 percent would not. Of the respondents that would consider purchasing a haunted home, 12 percent reported that they would pay full market value or over for a haunted house; 34 percent shared that they would purchase a haunted home if it was discounted 1 to 30 percent; 22 percent indicated that they would purchase a haunted home if it was discounted 31 to 50 percent; and 19 percent revealed that they would purchase a haunted home if it was discounted 51 percent or more.

However, of the respondents that would contemplate purchasing a haunted home, the following spooky occurrences would stop them from buying a home:

  • 75 percent would be scared off by levitating objects from purchasing a home
  • 63 percent would be deterred by objects being moved from where they were placed
  • 63 percent would be dissuaded by ghost sightings
  • 61 percent would be discouraged by supernatural sensations
  • 61 percent would be scared off by flickering lights/appliances
  • 60 percent would pass on a home with strange noises (footsteps, doors slamming)
  • 34 percent would be deterred by warm or cold spots.

In terms of the most popular "warning signs" a home could be haunted, 61 percent of respondents thought a cemetery on the property may be an indication; 50 percent shared that homes over 100 years old could be haunted; 45 percent thought quick transitions in owners might be a sign; 45 percent believe that an unexplainable low price on the home is alarming; and 43 percent felt that homes in close proximity to a battlefield may be haunted.

Silicon Valley real estate specialist
Detailed, local trends etc...
Current mortgage rates