July 12, 2024

California Real Estate – It’s Over!

Yes, I’ve seen this before in 2005. . .home prices still going up while home sales are falling!

For those of you who may not be regular readers here is the link to the first warning blog post that I put out; my first post where I called the real estate market top was June 15, 2021 (https://brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) . On June 17 I had a follow-up post ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ ) where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!

California Real Estate – It’s Over!

California Real Estate - It's Over!

It’s all bad news when it comes to real estate. Everyone is laying off their staffs in the mortgage sector. Home prices continue to go up and home sales are dropping dramatically. People cannot get loans and mortgage applications have dropped 50%. It’s Finished!

Yes, I’ve seen this before in 2005.  It’s the nature for real estate prices to be lagging indicators of the real market activity because it  can be 30 to 60 days before the property closes and the actual sales prices reported.

This is why sales prices are still going up while actual sales our  falling! Wake up people this is what a real estate market top looks like!  Now, the news is quickly spreading about the tremendous drop in mortgage loan applications, both for new purchases as well as refinancing.

California Real Estate - It's Over!
California – Vegas – Phoenix – Real Estate – It’s Over!

People should keep in mind that real estate brokers are not economist, and are trained that when anybody ask how the market is, they’re standard reply should be ‘fantastic’! Yes, the residential  real estate business is a sales business!  I would no more ask a local real estate agent what they forecast for real estate prices in the coming year, then I would ask the same question to an Amazon package delivery person!

It’s taken a while, but more and more people are finally realizing that real estate prices are about to take a huge haircut!  Now, one thing that is true in real estate, is that all local markets are different. So, even though I know we’re at the end of this unprecedented real estate boom and unrealistic home price appreciation, the price drops that we are soon going to see, are going to be quite different for each  local area.

Buckle up your seatbelt because the downward ride has just started!

Always keep in mind, that purchasing a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.

My opinions here are just that, opinions!  The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!

California Real Estate – It’s Over!

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    Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65  billion! YouTube now operates as one of Google’s subsidiaries.

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