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An Insider's Guide to North San Diego County's Coastal Real Estate
Jim Klinge, broker-associate
858-997-3801
klingerealty@gmail.com
Compass
617 Saxony Place, Suite 101
Encinitas, CA 92024
Klinge Realty
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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


Author Archive

Joe’s House

The one-story ranch houses with detached granny flats are their own category now, and buyers are paying prices that don’t compare to other regular homes.

This was taped in July when nobody wanted to have anything to do with it.

The seller, Joe Walsh’s ex-wife, hired a new agent in 2019, raised the price, and sold it the first week on the market. It just closed for $2,800,000 cash.

The agent put Joe’s name in the remarks – did it help propel the sale?

Posted by on Apr 22, 2019 in Bubbleinfo TV, Jim's Take on the Market, Listing Agent Practices, Market Buzz, Olivenhain | 0 comments

Market Surge

We’ve been actively engaged is selling these two listings over the last 45-60 days, and then found buyers for both houses this weekend.

The Bridge House went pending just ten days after a 10% price reduction, which got us down into the next lower bracket of buyers who might not have seen us.  The second listing was purchased by people who had their house in escrow, and needed to find a replacement – movement in the move-up market!

Interesting similarities:

  1. Both buyers saw the house during our open houses, and then went to get their realtor.
  2. Both relied on advice from long-time veteran realtors.
  3. Both offered under list, but were willing to come up.

Most importantly, we are on duty and pushing the product, which makes it easier and more convenient for buyers and agents to see the potential!

For those who are interested, I still have another listing:

Posted by on Apr 22, 2019 in Jim's Take on the Market, Listing Agent Practices, Market Surge, Why You Should List With Jim | 0 comments

Down-Payment Assistance

Another example of someone getting caught while exploiting a loophole, who then tries to use discrimination as their lever:

Link to Article

The Trump Administration is cracking down on national affordable housing programs because of concern over growing risk to the government’s almost $1.3 trillion portfolio of federally insured mortgages.

The effort targets providers of money for borrowers who can’t afford the 3.5 percent down payment typically required on Federal Housing Administration loans. Such help — from government agencies and families — enables 4 in 10 FHA loans. Borrowers in government down-payment assistance programs become delinquent at about twice the rate of those who put up their own money.

A new U.S. Housing and Urban Development guideline, published on its website late last week, would be particularly harmful to the Chenoa Fund, one of the largest down-payment programs in the U.S.

A Utah mortgage entrepreneur named Richard Ferguson runs the Chenoa Fund on behalf of the Cedar Band of the Paiutes, a tribal government in Utah. It is providing about $100 million a month in loans to borrowers who can’t meet FHA down-payment requirements.

While many cities, counties and state housing finance agencies also provide similar help, they typically limit the loans to local residents. Chenoa operates nationally. HUD said government agencies must document that they are helping borrowers buy property only within their jurisdictions. Tribal governments, it said, may only offer assistance to members living on tribal land or elsewhere.

“This is obviously very concerning,” Ferguson said in a phone interview. “It appears that HUD is trying to put the tribe back on the reservation.”

Read More

Posted by on Apr 22, 2019 in Jim's Take on the Market, Market Conditions, Mortgage Qualifying | 0 comments

Inventory Watch

Let’s compare today’s statistics to the fourth reading in April, 2018:

NSDCC Number of Active/Pending Listings

Price Range
2018 ACT
2018 PEND
2019 ACT
2019 PEND
0-$1.0M
59
96
94
78
$1.0M – $1.5M
162
117
201
117
$1.5M – $2.0M
149
78
145
72
$2.0M+
482
70
491
98
Totals
852
353
931
353

We have the identical number of pendings this year, in spite of a 9% increase in listings – and it’s the high-end that is carrying us, with 40% more pendings this year priced over $2,000,000!

The lower-end is surprising too, with nearly 60% more homes available for sale, yet fewer pendings.  Buyers can’t believe how little you get for almost a million dollars these days.

There is some overlap due to the value-range listings at the cutoffs.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Read More

Posted by on Apr 22, 2019 in Inventory, Jim's Take on the Market | 2 comments

Net Migration Turning Negative

Hat tip to CB Mark for sending in another article on people leaving California – I added the U.S. Census stats for San Diego County at the bottom:

People have long dreamed of moving to California, but increasingly the people in the state are looking to get out.

According to recently released data from the US Census, about 38,000 more people left California than entered it in 2018. This is the second straight year that migration to the state was negative, and it’s a trend that is speeding up. Every year since 2014, net migration has fallen.

California’s population did still increase in 2018 by almost 160,000 people, largely due to the 480,000 people born in the state. But while migration out of the state has accelerated over the past few years, the number of annual births has been steady. The trend suggests in the next decade California’s population will begin to decline.

Besides births, the main reason California’s population hasn’t already started falling has been international migration into the state. Every year since 2011, net domestic migration has been negative—i.e., more people leave California than move in from other states. But from 2011 to 2016, the number of international migrants moving into California was larger than the number of locals who were moving out.

Since then, however, domestic departures have outstripped international arrivals.  In 2018, 156,000 locals left the state, compared to 118,000 international who came.

Link to full article:

https://qz.com/1599150/californias-population-could-start-shrinking-very-soon/

The exodus from San Diego County is picking up steam.  Where the cumulative total of domestic migration over the last eight years was only 46,596 (avg. 5,825 per year), we had 10,835 leave in the most recent 12 month segment – and the international arrivals have slowed considerably too:

Posted by on Apr 19, 2019 in Boomer Liquidations, Boomers, Jim's Take on the Market, The Future, Thinking of Selling?, Where to Move, Why You Should List With Jim | 5 comments