No need for horoscopes, fortune tellers, palm readers, tea leaves, a psychic hotline or Madam so-and-so to predict the housing market in the future. Instead, the California Association of REALTORS® (C.A.R.) has the answers in its 2018 California Housing Market Forecast. The C.A.R. report was released this past week at the C.A.R. Expo, attended by nearly 6,000 people at the San Diego Convention Center (the C.A.R. Expo is the largest state real estate trade show in the nation). With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, C.A.R. said. However, C.A.R. said a shortage of available homes for sale and affordability constraints will continue to be a challenge. The California median home price is forecast to increase 4.2 percent to $561,000 in 2018, following a projected 7.2 percent increase in 2017 to $538,500. “This year’s housing market can be told as a tale of two markets, the inventory constrained lower end and the upper end that’s non-inventory constrained,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “This trend is likely to continue into 2018 as active listings have declined across all price ranges for the past two years but is most obvious at the lower end. “With tight inventory being the new ‘norm’ for the past few years and at least the upcoming year, we’ll continue to see fierce competition driving up prices, leading to lower affordability and weaker sales growth.” C.A.R. also is expecting a modest gain in existing single-family home sales of 1.0 percent in 2018 year to reach 426,200 units, up slightly from the projected 2017 sales figure of 421,900. The 2017 figure is 1.3 percent higher compared with the 416,700 pace of homes sold in 2016. “Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Geoff McIntosh. “However, a persistent shortage of homes for sale and increasing home prices will dictate the market as housing affordability diminishes for buyers struggling to get into the market.” C.A.R. also said the average for 30-year, fixed mortgage interest rates will increase slightly to 4.3 percent in 2018, up from 4.0 percent in 2017 and 3.6 percent in 2016, but will still remain low by historical standards. C.A.R.’s projections for median home prices this year are consistent with other real estate industry experts. CoreLogic said the San Diego County median price for single-family resales, condo resales and newly built homes in August was $535,000, which was lower than June’s figure of $545,000. In other housing market news, San Diego County was ranked as the fifth “hottest” real estate market in the U.S. in September, with a typical home on the market only 39 days. San Diego moved up four places in the monthly ranking by the National Association of Realtors’ Realtors.com website. Nationally homes are on the market a median of 69 days, almost twice as long as in San Diego. In other news from C.A.R, pending home resales in August declined 12.7 percent in San Diego County in a year-over-year comparison. August marks the end of the peak home-buying season, C.A.R. said. During the month, C.A.R. said that REALTORS® reported fewer floor calls, listing appointments, and client presentations, but open house traffic, however, remained strong. According to C.A..R.’s recent Market Pulse Survey, fewer homes are selling below asking price. The share of homes selling above asking price increased from 29 percent a year ago to 31 percent in August, while the share of properties selling below asking price fell from 41 percent to 37 percent. The remaining 32 percent sold at asking price, up from 30 percent in August 2016. For homes that sold above asking price, the premium paid over asking price rose from 10 percent in August 2016 to 12 percent in August 2017. The 36 percent of homes that sold below asking price sold for an average of 12 percent below asking price in August, unchanged from a year ago. Also, C.A.R. said the number of multiple offers is declining. About two-thirds (60 percent) of properties sold in August received multiple offers, down from 62 percent in August 2016, and the number of offers received was slightly down at 2.7 offers. The share of properties receiving three or more offers in August was 38 percent, compared to 42 percent a year ago.
Collab Center Updates: Address 2 Line has been added to the listing address. You will now see data like the unit, apt, and suite numbers on addresses. New Agent Notification Emails - A new Email Notification template has been created for the Collaboration Center Agent Notifications. The new template has a similar look and feel as the new Welcome Email, released in 5.60 including a responsive design that adjusts for desktop and mobile devices. New Customer Notification Email - Like the new Agent Notification Email, the new Customer Notification Email has been updated. The newresponsive design automatically adjust for tablets and mobile devices. Updates to the Collaboration Center Notification Email Message Body - As previously communicated in order to support the new Notification Email formats, the rich text editor (which contains options for formatting, adding images, etc.) has been replaced with a basic editor. This ensures that the formatting within the Notification Email remains consistent. Users still have the ability to customize the text in the Collaboration Center Notifications, but will not need to worry about formatting. Also note that this change also includes the removal of the ability to include a preset E-mail Signature with the Collab Center Notifications. The new notification templates already include agent contact information that is normally included in standard E-mail signatures. Improved Color Coding on Pop-up Messages - The color coding has been improved on the pop-up messages that appear throughout the system to make them clearer. Each message type now has a different color and a new message type has been added.
- Green - Success
- Yellow - Warning
- Red - Alert
- Blue - Info
You may know NSDCAR REALTOR® member Rose Wolkins as a member of the Carmel Valley District Council. Rose joined the Carmel Valley group about seven years ago and has served as chair the past five years. She has worked in real estate sales for more than 20 years. But did you know that she once sold coffee mugs, pencils, coasters, clocks, calendars, and thousands of other specialty promotional items? “I’ve always enjoyed selling and getting out in the field and meeting people,” said Rose, who worked for several years for a specialty item company when she lived in Sunnyvale, Calif. “Selling gives us the opportunity to use our imagination to help somebody,” she said. “One time at the car wash, I struck up a conversation with a man who was an international sales director for Hewlett-Packard. He ended-up ordering thousands of dollars of specialty items from me. We offered the most unusual but neatest things. “To me, it was fun walking door-to-door, helping businesses offer their customers something they could be proud of. Today, I’m not walking to businesses. Instead, I’m walking around neighborhoods.” Rose grew up in Dowagiac, Mich. (population 5,879 in the 2010 census, the city name is a word from the Potawatomi tribe that means fishing near home). “My hometown is about three blocks long,” Rose said. “We were about 45 minutes from South Bend, Indiana, home of the Notre Dame Fighting Irish.” Rose moved to I moved to Elkhart, Indiana, where she met her husband John Burd. Later, they moved to Sunnyvale before relocating to San Diego in 1984, where she began her real estate sales career. “My uncle in Canada owned a real estate office and he encouraged me to get into real estate,” said Rose. “I love the business because I enjoy helping people get something they want and everyone wants their own home and own their own piece of the pie.” This summer, Rose and John took two vacations on cruise ships to the Baltic Sea for 12 days and Alaska for seven days. “They were fantastic trips with amazing scenery and delicious food,” Rose said. “We also enjoyed meeting meet friendly and interesting people who live year-round on cruise ships. It’s a lifestyle they have chosen with a doctor on board, meals and entertainment.” Rose also said that NSDCAR has friendly and interesting people. “We have a great Association with a great group of people. Plus, our Association offers outstanding educational programs. They’re always something new for agents to learn.”