We’ve been on the MLS for about 24 hours, and we’ve already had 600+ views and 14 saves of the new listing on Zillow. Homes that are presented well, are attractively priced, and whose urgency wasn’t wasted on a Coming-Soon campaign get the maximum attention from buyers immediately.
My listings are available to show right away, and three will be there today. Listing agents who stall for 5-10 days before allowing any showings are risking that buyers will cool off or buy something else. Why do that?
When this price point is about the entry level now for a decent house in Carlsbad, it is a pleasure to represent sellers who have such great pride of ownership. Come by open house this weekend, 12-3 both days.
When homeowners interview more than one realtor for the job of selling their home, how do they select a winner?
In almost every case, they pick the agent who quotes them the highest price.
It’s irresistible for those who aren’t that comfortable, and want to make a quick decision. Heck, you’d want more money if you can get it, right?
I’m convinced that it doesn’t even occur to people that they should investigate thoroughly – everything else is just a click away, let’s have money be the deciding factor! Greed is good!
But we’re into the stage of the cycle where if you over-shoot, the market may not catch up with you as fast – or at all. With fewer comps these days, it’s not easy for buyers to decide if that new listing is worth it, and don’t be surprised if we phase into a more-cautious marketplace. You’ll know because average market times start extending, and unsold listings begin to pile up.
How can sellers know if they are being high-balled on price?
The listing agent wants a long listing period – more than three months. We are in the prime selling season, and there are plenty of qualified buyers – especially in the under-$1,500,000 market. Any good listing agent should have enough confidence in their abilities – and pricing – that they can procure a sale within three months. Besides, you don’t want it to drag on – buyers will lowball the lingering listings.
When it comes to explaining their price, there isn’t a direct relationship to the comps. The conversation gets vague, or they make jokes about it. Pricing is not funny.
Their price is higher than your price. Sellers think highly of their house, and already have an opinion of value based on realtor postcards and internet evaluations. But it’s a value goosed with optimism, and if the realtor quote is even higher, something is wrong.
The listing agent has some special formula or new-fangled technology that delivers higher prices. Buyers have never heard of them, however, and will rely on the old-fashioned ways.
The listing agent wants you to rush your decision.
The listing agent doesn’t have bidding-war strategies, or gets vague.
You can’t tell if you are being highballed by the agent’s length of time in the business. Inexperienced agents can do it by accident, and experienced agents do it on purpose. I have had long-time experienced agents tell me that they deliberately go high on price and then take long listings as regular business – in spite of it being a violation of our ‘strict’ Code of Ethics.
How can buyers tell if the price is too optimistic?
There’s not a supporting comp for miles.
The listing agent has a recent history of listings taking longer to sell – and virtually no listings that sold quickly.
It doesn’t appear that anyone else is looking at it.
The condition of the house isn’t great, and no effort was made to stage it or make it presentable.
You felt the price seemed high from the beginning.
If you’ve been seeing a lot of homes in person lately, then your brain is a natural computer full of relevant data that gives you ‘gut instinct’ on pricing. It’s as good as anything else!
Every oceanfront condo with a view in Solana Beach has been selling for well over $1,000,000 – the lowest this year was $1,130,000. If you don’t mind walking a few steps to get to the beach, you can get a nice buy on my new listing – only $899,000!
After reading my auction-is-the-answer series, Brad Inman invited me to his conference in the desert yesterday. I politely declined, because the real estate industrial complex is more interested in profits, than ethics – and a little guy like me isn’t going to change it.
These days, the big push is for brokerages to employ artificial intelligence to predict who will be selling their home. They are able to watch your internet patterns, just like the NSA, and know when consumers are searching real estate websites. Then agents will be calling, knocking, and advertising on your Facebook account to get your business.
Because this will hopefully produce some fantastic new listings, these brokerages will be able to leverage their proprietary AI as a recruiting tool. Before long, agents who have seen enough of their clients get poached by these antics will have no other choice but to join them.
It could lead to a massive consolidation among traditional agents.
KW said yesterday that they aren’t a real estate brokerage any more – no, they are a technology company now, which gives you a glimpse of where they stand. Compass is doing the same thing (developing AI), and Reology bought Zip Realty to use their technology platform – the hits keep coming!
This happy talk will dominate the industry for the next 1-2 years, and that ethics/auction stuff by that part-time blogger down San Diego way will be quickly forgotten.
We first encountered Jim back in 2010 when we were looking to move from Pismo Beach, CA to to San Diego area. We had been having a difficult time finding (1) finding a realtor and (2) being able to see a home since we were so far away. Then we found Jim. He made the process really easy – he was able to take incredible video tours of the homes and it was as if we were there touring the homes ourselves. once we found homes we really liked, we took a trip to see it in person. One of the things we really liked about Jim was that he was honest with us about the homes and advised us weather a home was a good buy or not. He was not just out to quickly sell us a house just to make a commission. He really cared about ensuring we found the right one. more “
I have followed Jim’s BubbleInfo blog from the early days of the bubble when “real estate could only go up in value” and I knew him to be a straight shooter who would not sugar coat properties nor gloss over their faults.
So when we decided to move back to California after 7 years in the more “
Jim met with us prior to listing – provided guidance on preparation, detailed information and stats regarding local market conditions. He was invaluable for providing contacts for repair and improvements that would provide return on investment. Our combined efforts, strategy and his attentativeness more “
Jim and Donna Klinge are an impressive team. They work extremely well together and back each other up, as well as their clients, along every step of the way. Their expert guidance made a tremendous difference in the experience we had, both buying a new home and selling our previous home of 40 more “
Since Zillow only allows me to write 1 review per real estate transaction, per team of agents we worked with, this is going to be a super long review.Review on Jim Klinge:
Jim Klinge is the quintessential real estate agent, the “broker’s, broker” of real estate agents. My husband and I reached more “
by Louie and Tim Cook
Jim and Donna are the BEST of the BEST! Their knowledge, professionalism, work ethic, and devotion to their trade are unrivaled. It was refreshing to have worked with a pair of professionals who truly understand the meaning of customer service, a lost art in our opinion. Despite living over 3,000 miles away on the opposite coast, Jim and Donna were with us every step of more “
Jim found me a multi family property that we purchased as an investment (Please see my review of Donna Klinge for details on how it went). But the bottom line is this: I never would have found this property, which cash flows right out of the gate, if it weren’t for Jim pointing me toward that house. It just was not on my radar, even though I consider myself a savvy real estate troll. Jim is giving of his time, and his intelligence. And he is also transparent and truthful. And I think he is funny, which is helpful in stressful situations like RE transactions. Jim and Donna have earned every last penny they made from our deal — and in fact they deserve more. And that is why I will use them for my RE transactions the rest of my life. Thank you, Jim and Donna! more “
I can’t say enough about Jim and Donna. Jim got a great price for us and negotiated well. Donna walked us through escrow, handling vendors, and negotiating everything we asked for in the request for repairs. They are know exactly what they are doing and I’ve already recommended them to two other people. more “
I followed Jim’s blog for several years and decided to contact him (along with several other realtors) when an out-of-state work relocation required me to sell my home in San Marcos, Ca. At our initially meeting, Jim spent a significant amount of time discussing pricing options, strategy, as well… more “
Honesty. Integrity. Professionalism. Dedication. Commitment. Jim and Donna Klinge hold these attributes in abundance. They have acted as both our buyer agent and our seller agent delivering highly relevant insight into local market conditions, spot-on advice to maximize the home’s value, and unparalleled management of the transaction process… more “
I cannot imagine a better experience! Jim was our broker when my husband and I bought our first house. Jim never pressured us or glossed over anything. He was patient, knowledgeable, and helped us buy our dream home. His office was detail-oriented, always responsive and we closed in 30 days! The excellent service didn’t end when we bought our house, either, the Klinges have given us excellent and fast referrals along the way. We feel privileged to have worked with such a consummate professional and appreciate how rare this level of skill is. Jim is simply the best in the field. more “
Jim and his team are top flight. He knows the market better than anyone, and his team ensures the deal goes through without a hitch. There’s always something at the last minute, but you’d never know it with Jim and his crew. I’ve bought and sold houses with Jim as my agent over the years, and I wouldn’t use anyone else. Save yourself the headaches and potential costly mistakes… more “
Buying a house is one of the most emotional,exciting, and sometimes confusing milestones you’ll reach for in your life! Being a buyer in this market can make it even more interesting! My husband and I have been looking to buy for a year, and when the time came we wanted a realtor team that would be on our team! Being that I’m a business woman and was 7 months pregnant, I wanted, NEEDED, communication, dependability, and consistency! The Klinges went so far above and beyond … more “
Jim was recommended to me when I bought my first house here in the US five years ago. He and Donna explained the whole process and it was a great experience to work with them. Not surprisingly, when my company asked me to relocate my first choice was to work with them again… more “
I have followed Jim’s real estate blog for years and by the time I got ready to sell my townhouse I felt I knew him both personally and professionally. At our first meeting he was prepared with recent comps and listings for the area… more “
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