Comments on: More December Heat

By: Genius

Genius — Tue, 22 Dec 2009 08:28:03 +0000

You drove right by my house and didn’t even stop to say hello Thanks for the DM/SB coverage. Anything I can afford here goes pending within a couple of weeks, but I expect that to change eventually. Would love to have a house west of Camino Del Mar, beautiful views and good surfing right out front assuming you don’t get hit by a train (when they’re in push mode it’s hard to hear them, I saw a couple of kids nearly get mowed at Trestles) or take a tumble down the cliff.

By: john

john — Tue, 22 Dec 2009 08:02:44 +0000

I thought this downturn woulda weeded out all the weak agents…

By: Jim the Realtor

Jim the Realtor — Tue, 22 Dec 2009 05:49:22 +0000

What kind of errors do the agents make?

1. Listing agents tell their sellers to hold out for the two in the bush.

Many don’t bother to call back when a lower offer is submitted, because they don’t know how to sell, to either the seller of other agent.

How about the offer I made this month on a house around $1.5 that we countered within 5% of list, but the sellers would only come off their price 1%. They are on their third agent, and have been trying to sell for a year. The agent shrugged his shoulders.

2. Agents have no clue how to handle repair requests, and instead just say ‘as-is or no deal’. I’ll never forget the TV show about the LA flipper whose agent represented both parties on a $1.5 sale and the buyer asked for $1,000 in repairs, the seller said no, and the deal collapsed. TV show closes with camera on agent, looking perplexed. She blows a $60,000 commission because she can’t figure out how to handle a $1,000 repair request? But it happens ALL THE TIME!

3. Agents are scared to death to put their butt on the line. Every house I sell gets my stamp of approval. I stand by the price/deal, because that is the way it should be. But ask most agents if they stand by their deal, and you’ll get the look of horror.

By: shadash

shadash — Tue, 22 Dec 2009 05:17:40 +0000

W.C.

If you have $$$ saved up you want rates to go up.

The higher interest rates go the more your $$$ is worth.

By: W.C. Varones

W.C. Varones — Tue, 22 Dec 2009 04:40:27 +0000

Stuff is flying off the shelves because Zimbabwe Ben is promising inflation.

I’d be buying too if there was anything liveable in my price range.

By: Mike

Mike — Tue, 22 Dec 2009 01:41:32 +0000

If the market starts coming back strong, won’t all the folks who pulled their listings (because they weren’t going to give it away) rush to sell cuasing supply to increase.

It’ll be a race between the banks and trapped owners to see who gets out fist. I think these last few months have been for the lucky few to get out.

If there’s even a whiff that you can get rid of that alligator and come out whole, supply goes way up. Then your back to a standoff.

But who knows, I tend to be an optomist. Laugh.

Only time will tell. But it looks like this is going play out over many years.

Watching realestate is like waiting for molasses to drip.

By: sosad

sosad — Tue, 22 Dec 2009 00:38:14 +0000

Jim,

What kind of errors do the agents make?

By: Jim the Realtor

Jim the Realtor — Mon, 21 Dec 2009 23:51:58 +0000

Jim, the statement above from JordanT is that correct – 50% are falling out of escrow right now???

It probably is 50%, mostly due to agent-error. The inexperience is killing deals left and right that should have closed.

By: eas

eas — Mon, 21 Dec 2009 23:07:21 +0000

The La Jolla view home reminds me of the great, great movie My Life as a House.

A.M.A.Z.E.D. at the activity and prices. I have bought in December in years past, now I am just plain priced out here in coastal LA.

By: BAM

BAM — Mon, 21 Dec 2009 21:15:28 +0000

Thanks, Jim. Good stuff. I have friends who are looking in the DM/SB area and can’t find a decent home to buy to save their lives and they are looking in that range you suggested (up to about $1.5m). I would disagree that money is cheap and easy – from what I hear from friends buying – it’s very hard to make it to the finish line on a mortgage deal right now.