Tag Archives: Economy

Chief Economist And Forecasters For C.A.R. Say Market Rising…And [Likely] Falling

Herein lies the problem with reporting on real estate: Everybody has their opinion on what the market is doing, but nobody knows for sure. Case in point, just yesterday we posted “San Francisco housing market continues to show promising signs of recovery”. We posted that from information obtained from the San Francisco Association of Realtors, and if you read the whole thing, they basically say all is good, the market is rising, but watch out because there is potential doom on the horizon that could sour the sauce.

It’s no mystery San Francisco’s market performs differently than most markets in California, but check this out:

[For California] distressed sales will account for nearly one-third of sales, inventory will be relatively lean, and the state’s median home prices are forecasted to reach $280,000 in 2010 [that's up from $271,000], according to C.A.R and Vice President and Chief Economist Leslie Appleton-Young.

In addition, she noted, ‘Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.’

In 2010, agents should see the low-end market attract first-time buyers and investors, with a resulting shortage in the number of homes for sale. Sellers at the high end [that'd be almost ALL of San Francisco], however, will continue to be challenged by the ability of home buyers to secure financing as well as their concerns about where prices are headed [So you see, they don't know where prices are headed...nobody does].

‘Although it appears at this time that lenders are closely monitoring the flow of distressed properties onto the market, there could be an exertion of downward pressure on home prices should a heavier than expected wave of foreclosures come to market next year,’ she said.

They should all be politicians! The market is going up…but wait, if that laundry list of likely scenarios comes to fruition, it could also go down. No sh*t! Thanks for pointing that out.

-C.A.R Forecast 2010

Get While The Gettin’s Good: Sell Now Or Forever Hold Your Peace

We’ve been on a lot of listing presentations lately where the motivation to call us in off the bench has been, in so many words:

We’re thinking we should sell our place now before it gets any worse.

The media (and certain local real estate blogs) are certainly good at creating panic, and Realtor blogs are certainly good at glossing over all the doom and gloom, but what’s really going on? If you’re a buyer, are you really feeling the urge to buy for fear of missing that boat again? More importantly for this thread, if you’re a homeowner and been thinking of moving (within the next 2-3 years), are you getting that feeling? You know, that one you all keep telling us? “We’re worried if we don’t sell now, we might have to wait years.”

Be honest, be anonymous, and please share your thoughts in the comments below. (NOTE: To be totally anonymous, when asked to enter email use, “a@a.com”.)

Thanks! We’re very curious to hear what you have to say.

Can Steve Jobs’ Leave Of Absence Affect SF Real Estate?

Is Steve Jobs so much of a factor that his absence could further derail the economy and possibly even our local real estate market? Certainly Steve Jobs taking a leave of absence until the end of June is not good news for Apple, and not necessarily good news for morale around these parts, but there must be a chain of command capable of taking over the reigns during this time? For chrissakes we just switched to a Mac!

Direct from the San Francisco Business Times Online:

Apple CEO Steve Jobs has told employees that he will be taking medical leave until June.

“During the past week I have learned that my health-related issues are more complex than I originally thought,” Jobs wrote in a message to employees on Wednesday.

“Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well,” Jobs said.

“In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June,” the message continued.

Jobs said Apple COO Tim Cook will handle Apple’s (NASDAQ:AAPL) day-to-day operations, but that Jobs would continue to take part in “major strategic decisions.”

Jobs had skipped his traditional gig as keynote speaker at the Macworld expo in San Francisco last week. Just before the show, he revealed that he has a hormone deficiency that has caused him to lose weight. He had had a bout with pancreatic cancer in 2004 that was treated with surgery.

Godspeed for a healthy recovery!

A Little Holiday Cheer To Take You Into The Weekend

So we got this little text come across our channels yesterday and we thought we’d share it with you.

The Dow is going to drop to 7500 (at least) next year. It’s going to get uglier before it gets better. The hedge funds have yet to implode, and while not as damaging as the big time investment banks, it’s still going to bring the market down further. This is from a [higher up at a higher up bank...not currently going under].

Believe it or not? One thing is for sure, it’s a great time to be a buyer.

Have a good weekend, voting starts next week for our Sexiest Realtor, so make sure to check back on Monday, and feel free to buy a t-shirt for your friends in real estate.