Menu
TwitterRssFacebook
Klinge Realty
More Links

Are you looking for an experienced agent to help you buy or sell a home? Contact Jim the Realtor!

Jim Klinge
Cell/Text: (858) 997-3801
klingerealty@gmail.com
701 Palomar Airport Road, Suite 300
Carlsbad, CA 92011


Most recent articles

Stay in the Game

No offers yet on my one-story trophy property, but the more I spend time there and talk to potential buyers, the more confident I get.  We knew it was a specialty product from the beginning, so we will be patient.

Are we getting the numbers?

The 276 views in the first 36 hours is pretty impressive, especially when we don’t know for sure if the clickers knew it was a single-level home.  Love that four out of the six competitors are priced higher!

The Facebook ad was more specific, because I boosted the blog post which showed it was a luxury one-story.  I limited the audience to people who were 45-64 years old, and the 398 clicks is the most I’ve ever had in a day and a half:

The market may feel more sluggish, but it appears that buyers are engaged – they’re just doing their shopping from the couch!  It will take a compelling reason for them to check ’em out in person.  And women rule the world!

Posted by on Sep 23, 2018 in Jim's Take on the Market, Why You Should List With Jim | 0 comments

Email Fraud

It’s happening everywhere – hackers are stealing funds thought to be wired to escrow companies.  It’s a real threat – be careful!  Hat tip GW:

James and Candace Butcher were ready to finalize the purchase of their dream retirement home, and at closing time wired $272,000 from their bank following instructions they received by email.

Within hours, the money had vanished.

Unbeknownst to the Colorado couple, the email account for the real estate settlement company had been hacked, and fraudsters had altered the wiring instruction to make off with the hefty sum representing a big chunk of the Butchers’ life savings, according to a lawsuit filed in state court.

A report by the FBI’s Internet Crime Complaint Center said the number of victims of email fraud involving real estate transactions rose 1,110 percent between 2015 to 2017 and losses rose nearly 2,200 percent.

Nearly 10,000 people reported being victims of this kind of fraud in 2017 with losses over $56 million, the FBI report said.

The Butchers, forced to move into their son’s basement instead of their dream home, eventually reached a confidential settlement in a lawsuit against their real estate agent, bank and settlement company, according to their lawyer Ian Hicks.

The problem is growing as hackers take advantage of lax security in the chain of businesses involved in real estate and a potential for a large payoff.

“In these cases, the fraudster knows all of the particulars of the transaction, things that are completely confidential, things they should not know,” said Hicks, who is involved in more than a dozen similar cases across the United States.

Numerous cases have been filed in courts around the country seeking restitution from various parties. One couple in the US capital Washington claimed to have lost $1.5 million in a similar fraud scheme.

Real estate is just one segment of what the FBI calls “business email compromise” fraud which has resulted in some $12 billion in losses over the past five years. But for home buyers, the fraud can be particularly catastrophic.

“In these cases, the loss can be devastating and life-altering,” Hicks said.

Real estate transactions have become a lucrative target for hackers “because they handle a lot of money and because they have employees who are not the most technically savvy,” said Sherrod DeGrippo, director of threat research for the security firm Proofpoint.

Additionally, hackers often do their homework and “sometimes they know more about the business than the employees do,” she said.

Link to Full Article

Posted by on Sep 23, 2018 in Fraud, Jim's Take on the Market, Scams, Tips, Advice & Links | 1 comment

Selling Peace & Quiet

One neighbor complained that this house doesn’t back to the canyon like her house, and then literally in the next breath said that she was madly gathering up her valuable possessions this weekend and moving them to a secure place because we’re overdue for a fire.

Backing up to scrub-brush isn’t the positive it used to be!

Here’s what we are selling here:

There’s more to a house than just sticks and stucco!

Posted by on Sep 22, 2018 in Bubbleinfo TV, Jim's Take on the Market, Open House | 0 comments

One-Story Wonder!

My new listing at the top of the hill in La Costa Ridge – probably the best listing I’ve ever had on the blog!  Open 12-3pm Saturday and Sunday!

Stunning one-story luxury home in top condition in the premier Fiori neighborhood of gated La Costa Ridge! All four bedrooms are en suite with their own full bath, travertine and hardwood floors, stainless Thermador kitchen, new dual-zone central A/C, new tankless water heaters, custom window coverings, new pool equipment, all surrounding a 550sf courtyard that adds usable outdoor living area under the stars! These are very rare – the last sale of this model was in 2012! The Best of Carlsbad!

https://www.zillow.com/homedetails/3232-Sitio-Montecillo-Carlsbad-CA-92009/79526762_zpid/


Posted by on Sep 22, 2018 in Bubbleinfo TV, Carlsbad, Jim's Take on the Market, Open House | 1 comment

Landlord Loans

Higher prices, higher rates, slowing sales, and now easing loan guidelines? On non-owner-occupied properties?  Buying a rental property with 5% down is unheard of, and even with higher rents they are likely to negative cash flow:

Freddie Mac is consolidating its Home Possible program with its Home Possible Advantage Mortgages program. These programs offer greater flexibility and higher loan-to-value ratios (LTVs) than traditional mortgage programs.

The combined product will be called Home Possible Mortgages, and will closely align with the purpose and requirements of the previously-named Home Possible Advantage program, with some changes.

Beginning October 29, 2018, lenders will be able to offer Home Possible Mortgages to buyers with limited down payment funds. Under the consolidated program, eligible homebuyers will include:

  • non-occupant buyers for mortgages secured by one-unit properties with LTVs no higher than:
    • 95% for Loan Product Advisor Mortgages; or
    • 90% for manually underwritten mortgages (non-occupant buyers were previously excluded from the programs);
  • those who own other properties (buyers who own other properties were previously limited);
  • buyers with super conforming mortgages (mortgages with high maximum mortgage limits for homes located in high-cost areas) when the mortgage:
    • is submitted and receives an “Accept Risk” classification through the Loan Product Advisor; and
    • has an LTV no higher than 95% (super conforming mortgages were previously not permitted);
  • buyers with secondary financing, including home equity lines of credit (HELOCs), for most cases when the mortgage’s LTV is no higher than 97% (secondary financing was previously limited to 95% LTV);
  • buyers using adjustable rate mortgages (ARMs), when the LTV is no higher than 75% (ARMs were previously not permitted); and
  • buyers with a maximum 45% DTI for manually underwritten mortgages.

These changes are meant to both widen the pool of qualified homebuyers, and streamline programs for lenders’ ease of use.

Housing market risks broaden

By loosening the requirements for its Home Possible Mortgage programs, Freddie Mac’s hope is to encourage lenders to qualify more applicants, thereby increasing homeownership opportunities nationwide.

However, loosening requirements by allowing high LTVs, DTIs and ARMs makes lending — and by extension the housing market — riskier. For veteran real estate professionals, a growing presence of dangerous mortgage products and loose lending restrictions will sound familiar, as they all increased during the Millennium Boom and ultimately played a big part in the cause of the housing crash and 2008 recession.

Link to Article

Posted by on Sep 21, 2018 in Jim's Take on the Market, Mortgage News, Mortgage Qualifying | 5 comments

Record Number of Price Cuts

Though Manhattan has been a buyers’ market for two years, let’s take these with a grain of salt – the slowdown is due to the highlighted sentence in the last paragraph.  Hat tip to GW for sending this in:

New York City’s home sellers, tired of waiting for buyers, slashed prices on almost 800 listings in a single week this month, the most in at least 12 years.

In the week through Sept. 9, there were 774 homes in Manhattan, Brooklyn and Queens that got a price cut, the most for any seven-day period in data going back to 2006, according to a report Friday by listings website StreetEasy. The previous weekly record was in March 2009, during the global recession, when 713 properties were reduced.

Sellers with older listings are adjusting expectations just as a wave of newer properties hits the market — customary in New York after Labor Day. In that same September week, Manhattan got 662 additional listings, the third-highest total for any week in StreetEasy’s data.

“It’s a big gut-check for sellers,” said Grant Long, senior economist at StreetEasy. “We’re at a period in the sales market where sellers have been incredibly ambitious with the prices they’re asking. They’re having to come down and bring prices to where demand actually exists.”

Link to Article

Posted by on Sep 21, 2018 in Jim's Take on the Market, Market Buzz, Thinking of Selling? | 0 comments

U-Haul Top Destination Cities

Hat tip to Rob Dawg for sending in this article on the top destination cities for U-Haul users.  Because it’s just one company, it isn’t the comprehensive list, but we can probably assume that these towns are where people move who are more budget-conscious, and do their own move?

Link to Article

Houston is the No. 1 U.S. Destination City according to the latest U-Haul migration trends report, continuing its run atop the list for the ninth consecutive year.

Houston saw a 5 percent year-over-year increase in one-way U-Haul truck arrivals in 2017 to maintain its status as the busiest locale for incoming traffic among do-it-yourself movers.

“We are an international city with a strong housing market,” stated Matt Merrill, U-Haul Company of West Houston president. “The cost of living remains relatively inexpensive. The average paycheck goes further in Houston. Many companies are relocating here and bringing jobs to our communities. With U-Haul helping move people to the next chapter of their lives, I’m not surprised Houston is the top destination city again.”

U-Haul Top 50 Destination Cities

1. HOUSTON, Texas

2. CHICAGO, Ill.

3. ORLANDO, Fla.

4. BROOKLYN, N.Y.

5. SAN ANTONIO, Texas

6. LAS VEGAS, Nevada

7. AUSTIN, Texas

8. PHILADELPHIA, Pa.

9. CHARLOTTE, N.C.

10. COLUMBUS, Ohio

11.  TAMPA, Fla.

12.  SAN DIEGO, Calif.

13.  PHOENIX, Ariz.

14.  JACKSONVILLE, Fla.

15.  SACRAMENTO, Calif.

16.  DALLAS, Texas

17.  INDIANAPOLIS, Ind.

18.  LOS ANGELES, Calif.

19.  TUCSON, Ariz.

20.  ATLANTA, Ga.

Posted by on Sep 21, 2018 in Jim's Take on the Market, Where to Move | 1 comment