Or some issue with buyer’s financials. Lending standards are still solid in spite of how deep we are into the housing recovery. Usually by now the banks would start something creative.
My guess is could be buyers’ cold feet. It is a big payment to take in for next 30 years and everything around you seems having some pause.
anecdote i have says a bit otherwise, but it might just be one data point
This used to not happen though, that’s the tricky part. Bay area, hard to put contingency, but i see a lot now.
One of the 4 friends i had paid list price, and put contingencies and so on, and got the house for the price. She’s regretting now for not underbidding
Here is my take. When things are hot, you got hot headed and you jump in with no contingency, and even with remote cold feet, you are afraid of losing your deposit, so you go with it… But when you know you can jump in with contingency, you do. And when there is still a way out without losing your deposit, people back out before big commitment. This is my theory.
Not going to buy any investment home before Nov 6. If Prop 10 passes, investor buyers will be scared away, and they may turn around selling their houses instead.
Market slowdown this year is more pronounced. But economy is still strong and Powell is willing to raise rates slowly. Maybe November to January is the best time to make buying decisions. One concern is whether there will be good inventory if Prop 10 is defeated.
Youngest doesn’t mean he isn’t foolish for the longest
“Don’t argue with fools. They will drag you down to their level and then beat you with experience.”
wow. it hurts.
I have had several investors offer on my Tahoe property. I think they believe rent control will not come to Tahoe. My guess is only the BA and LA will allow for the worst of rent control. Only cities with a majority of renters will inact local draconian rent control.
Tahoe is right next to Nevada, probably pretty conservative, at least pretty conservative on property rights. I think people in Lake Tahoe would feel shameful to even talk about rent control.
Also I guess 95% of the people have not heard about Prob 10
It looks like the group against Prop 10 raised 6 times more money than the group that is for.
all these rich landlords…
Where did you get data?
Rich people on the forum have not made donations. I mailed first check this week, may need to mail a few more checks to make people feel there are many people against Prop 10
Search for “Campaign Finance” in this page.
I think the real funding is just starting. Those are initial funding. There are several super PAC for No On Prop 10, hope they can do wonders to make people aware of this must-defeat measure.
As of now, almost everyone has no idea about Proposition 10 or even Costa Hawkins. This ballot is so important but people don’t understand or never heard about it. This is why Democratic Party’s endorsement is so weird and so dangerous
My personal goal is to exercise at least 3 times a week, and mention Proposition 10 or Costa Hawkins at least 10 times a day!
Today i argued with a guy on why rent control is a bandaid to housing problem.
Housing shortage + bad state budgeting->Increased property prices->increased taxes->prop 13
housing shortage->rent increase->rent control.
Root of the problem is housing shortage. People so far put bandaid with rent control ^ prop 13. They don’t see the root cause. They just don’t want to.
Rent control will reduce number of rentals.
Rent will be low but nobody can find new rental housing.
That’s the economic law of Prop 10, loss of vacancy decontrol, rent control on new buildings, rent control on single family house and condo.
Strict rent control is a binary system. Either you move in before 2019 and enjoy a long term low cost rental. Or you try to find a rental in 2019 and can only find a hotel to stay.
Assuming you have just 2 or 3 properties, you (or your grown children) can always keep rotating in and out of the properties to bring them back to market rates. I understand each time owner moves in, they need to stay for 5 years?
I live in El Dorado county with only two incorporated cities Placerville and South Lake Tahoe. McClintock is our congressman. We have the easiest most accessible concealed weapons program anywhere. Most of my friends are Trumpsters and carry guns. We don’t much care for urban hippies and their rent control liberal nonsense.
A fact that makes owning rental property very attractive here.
Funny how the cities with rent control are the ones with the homeless, high rents and housing shortages.
Look at Berkeley and SF. Almost 50 years of rent control and the housing mess is much worse than in 1970.