John Karevoll
John Karevoll
close eight market memories normal sales seven short
Only if we have very short memories can we say there's a downturn in sales, or at least that sales are significantly low. This is actually as close to a normal market that we've had in seven to eight years.
broader closer cycle level markets plays smash wall watching ways whether
It's part of a broader trend. Nationwide there are markets that have a ways to go, especially in the Midwest. But we're much closer to the end of the cycle than the peak. Now we're watching how it plays out -- whether it's going to smash into a wall or just level off for a while.
clearly expensive fast homes market mix selling
It's clearly a market mix issue. Expensive homes are not selling as fast as inexpensive homes.
appreciation definitely entry happening knew later less markets middle strong
We knew this would happen, and it's happening later than we thought. We thought appreciation was going to come down. We definitely thought the entry and middle markets would be less strong than they are today.
carefully declines impending market price seem showing signs watching
What we're watching for here carefully are signs of a significant downturn, especially for price declines ... There are hiccups here and there but as a whole the market does not seem to be showing any signs of an impending decline.
market
That part of the market is pretty stable, it's just that there's been across-the-board appreciation.
appears call close market normal
It appears that today's market is probably as close to what we would call normal as we've had in a long time.
abnormal comparing fairly market normal year
I think we are in a fairly normal market here. The market we are comparing to a year ago was an abnormal market.
balance behind boom buyers cycle estate market phase supply
In most markets, the boom phase of the real estate cycle is behind us. The market is reestablishing a balance between supply and demand, buyers and sellers.
abnormal behind market period point year
The frenzied period is behind us. But that's good, from a market point of view. The abnormal market was the one we had a year or two ago.
activity lull market phase prices pulled
The market could go into a lull phase for a while where prices flatten out because we've pulled a lot of (sales) activity from the future.
county decline diego furthest happen prices question san uncharted wondering
San Diego is the county that is kind of the furthest off into this uncharted statistical territory, so everybody's wondering what is going to happen locally. The big question there is will prices decline significantly or will they flatten out.
county diego easily san
San Diego has easily been the county with the most (conversion) activity.
buffer equity people prices year
But when prices don't go up as fast, you don't have that built-up equity like you did before. People won't have that buffer the way they did a year or two ago.