The Appraisal Blog

A sign of things to come?



https://fortune.com/2023/02/14/remote-work-los-angeles-office-building-default-brookfield/

So Canada is banning foreigners from buying homes!  There are some exceptions... refugees (of course) and permanent residents (who are for all intents and purposes citizens).  But is this the right move?  Will it reduce foreign business investment if their employees must either be residents or renters?  As a free market proponent I'm thinking the later.  What do you think?

https://news.yahoo.com/canada-bans-most-foreigners-buying-211909539.html

Hmmm ... this doesn't seem like an issue to me.  Listing prices are asking prices ... and nothing more.  If people are asking too much for a house they won;t find a buyer and will eventually need to reduce their asking price.  The market will correct this.



https://www.inc.com/minda-zetlin/most-overpriced-us-cities-homes-home-buyers-real-estate-bethesda-arcadia-new-york-dallas-new-orleans.html

Zillow estimates 27% (or 20 million) owner occupied homes will be released into the market over the next 17 years.  This is should bring some relief to the shortages we are currently experiencing...



https://www.housingwire.com/articles/zillow-says-housing-market-will-open-up-after-silver-tsunami/

Housing market remains strong with future home construction up at the end of last year.  Is this too little too late?  Will it be enough to slow rising prices?  Only time will tell.



https://www.cnbc.com/2019/11/19/us-housing-starts-total-1point314m-in-october-vs-1point320m-expected.html

The San Diego housing market continues at the top end of the market ranking 4th in number of million dollar homes ... or 14% of the market!

https://www.nbcsandiego.com/news/local/san-diego-has-big-share-of-million-dollar-homes-lending-tree-statistics-housing-market-real-estate/2175142/

It is well known that many municipalities are waving permit fees to build ADU's.  Some are even providing free plans.  But will these incentives actually create enough demand to impact supply?



https://www.sandiegoreader.com/news/2019/nov/12/stringers-granny-flat-subsidies-look-encinitas/#

This is a shift we have been watching since last fall when DOM began increasing, reductions in list prices became more prevalent, and inventory began increasing.  There seems to be a bit of a reprieve here in the spring but we will continue to watch the trend.


https://www.ocregister.com/2019/06/20/bubble-watch-odds-rise-that-southern-california-home-price-start-to-drop/amp/