In San Francisco equity position is not the problem. I think it has more to due with the fact that the only people who can sell are those who are moving or going to rent because there's nothing to buy.
Additionally, the uptick in property values have risen to the point where many once "Underwater" homeowners can now market their properties and realize at least enough of a return to sell without a deficit and perhaps even put a little bit towards another home, a manufactured home or even a rental.
San Diego is recognized as one of the most ideal retirement zones in the Country and as such retirement communities and manufactured home communities both resident owned and lease/land have been busier than I've seen them since '07.
As a Manufactured Home and General Contractor we have been busy for the past 2 years retrofitting and rehabbing Manufactured Homes. As a Real Estate Broker and a Manufactured Home Dealer and Developer, property manager and investor we've never been busier.
Folks, mainly Baby Boomers who have sold their homes are now looking to downsize in order to enjoy a more comfortable and less binding lifestyle. High end MH resident owned communities are seeing more attrition than they have in the past 25 years that we've been in the business.
But as Lance has so aptly stated: "It's at times like this when your past conduct comes back to help you or haunt you. Fortunately for me and my associates we always look out for clients first, and because of this we stay busy through referrals. "
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There are several property owners who may be contemplating selling, but are hesitating because their properties are still not back at the price they paid for them, and if so, the sellers will find themselves in a hole. However, since the market is improving, they may be more inclined to sell. I have three such sellers who are waiting...waiting...waiting....
Many buyers are incredulous at the rapid turn of events -- or at least, for them, it happened too quickly. It seemed that the buyers' market they hoped for didn't last long enough. Many of them kept hoping the prices will still go down.....and refused to act. Such buyers may be regretting their decision to wait. And now, it's another mad dash to buy.
I just hope we won't have the crazy and creative financing such as NINJA loans-- no income, no job, no assets --- that enabled people to buy even when they really couldn't afford it.
I don't watch Real Estate shows and they don't make me any money. The key is having patient buyers who understand I know what I'm doing. I have strategies to get their offers accepted and I'm very careful not to let them overpay either.
I do believe we'll see more inventory soon. Spring is when it traditionally grows and banks have "shadow inventory" which will be released gradually to take advantage of rising prices.
As long as they keep producing these shows, the real estate profession will thrive, even if buyers are without a home to purchase.