From Bad to Worse -- Then Comes Winter!

The market continues virtually without sales in Hidden Meadows, and even well-priced homes do not sell. Worse yet -- now comes the winter period when things always slack off.

Without question, the newer listings have recognized reality and have been more rationally priced than has previously been the case but it makes little difference because there are simply no Buyers at (almost) any price.

Our next big opportunity will be in late February, but homes listed today are flying in the face of reality.

Last week I showed 11 homes to a Virginia couple with whom I have been dealing for several years. Some of those homes were well-priced, but my Virginia couple had no need to jump -- those same homes will still be available in December when they return and they may even be reduced in price.

In effect, even Buyers who are serious do not HAVE to buy...and, in truth it is in their enlightened self-interest to wait unless they find something that is just too good to pass. Buying homes is not like buying blouses -- you can't take it back if it doesn't fit, and at a million dollars a copy the Buyer had better be ABSOLUTELY CERTAIN>

When there is pressure that someone else may take the house before you can make up your mind, that tends to focus the mind. Right now, there is no pressure to buy. None.

Mid-August Market

The market in Hidden Meadows continues to disappoint, and the cool time of the year (and the market) is right around the corner.

Some localized markets continue to sell, but those are ones in which there is some "draw" -- beach and school districts come immediately to mind. Once the beach weather is over and children are safely in schools, their markets will also slow until the lure of the beach or a good school invades the consciousness.

I have been working out of our Rancho Bernardo office for several months, and it is apparent that the Poway Unified School District is a great drawing card for that area. Their lowest scoring school rates higher than the highest scoring Escondido school!

It makes a difference. There is also a "hand in glove" relationship between Realtors and the school district -- each supports the other, and it works for both.

There is simply nothing left until next year to generate any need to buy. Right now, even that 3.000 s.f. brand-new home on Pinion Trail that was reduced from $920,000 to $729,00 HAS NOT SOLD!

(That tells you how bad it is!)

At some point, hopefully next year, the urge to buy will return and so will the general market.