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


Category Archive: ‘Thinking of Buying?’

Tips For Homebuyers

A recent client who moved to the Bay Area asked for advice on finding a good agent for assistance in buying a home in a hotly-contested area.  My thoughts:

Zillow is your best tool – it shows every agent’s sales over the last 12 months.  Lately a realtor’s goal is to build a big team of agents which helps to boost the number of sales and reviews on Zillow, so having the most sales & reviews isn’t necessarily the best for a buyer.

Here are my tips for homebuyers:

1. It helps if you know the area where you want to purchase, and get an agent who has recent buyer-side sales in that area and price point.

2. Anyone who is reporting more than 50 sales has a team of agents working under them. You will be passed off to one of the less-experienced buyer’s agents, so go through the reviews to see if you can get a read on the underlings.

3. Any agent who has less than 12 sales doesn’t have as much to offer, and may get snuffed out in a bidding war.  But you will get their full attention.

4. Agents who have the bulk of their sales on the lower-end aren’t as much help to buyers in the middle-to-higher end.

5. The Zillow reviews are always 5-star amazing because agents determine which clients get featured there.

6. An agent who has a mix of buyer and seller sales is well-rounded.

7. In San Diego, Zillow doesn’t include pending listings under the listing agent any more. Some areas do, some don’t.

8. Bigger teams who have many listings in your area could slip you an insider deal before it hits the open market.

9. Big realtor teams have hundreds of buyers – you will compete for the agent’s attention, so at least pre-qual with their lender, and be pro-active (kiss butt).

10. You need to keep looking for homes for sale, and bring them to your agent’s attention. They will be using auto-notification systems, and usually not screening/evaluating the new listings as much.

11. Make quick decisions on houses you see, and give your agent feedback on what features you don’t like.

12. Prepare your ‘love letter’ in advance, and the sappier, the better.  Specifically mention the features of this house and why it is such a good match for you.  Include a family photo with a dog – even if you don’t have one. The agent should have copies of other love letters that worked in the past.

13. Your agent should be able to tell you how much to offer on each house, based on personal knowledge of comps and market time.  If an agent recommends, “well it’s up to you”, it’s because they don’t know the market – get a new agent.

14. A tricky question for a good agent is, “What’s it worth?”, because most houses don’t have a boatload of comps to make an easy and obvious valuation, plus we know sellers are always pushing for a price that’s higher than comps.  Can the agent at least make a decent case on valuation?

15. A fresh new listing on the market becomes more about winning and losing, than buying at the right price. If getting a ‘deal’ is more important, then spend your time trolling the older listings.

16. Will your agent make a compelling case on your behalf when submitting your offer?  Most agents just email the signed forms to the listing agent with little, if any, introduction – let alone a sales pitch.

17. Does your agent evaluate the condition of the home while you are there?  This is a big problem with Redfin – they pay their new agents $50 to open the door, and learn on the job.  With them and many others, you have to do your own on-site assessment of the condition of the home, and assign repairs costs.

18. Will the agent go to bat for you on repair requests? Ask them how they’ve done on the last few deals.  I usually find a way to get $5,000 to $10,000 in seller credits for my buyers.

19. Should you ask agents to fill out a questionnaire? Personally, I love clients who do it, though it is rare and most agents will think you are a pain and blow you off.  But if you find one who will answer thoroughly, then you have found an analytical agent and someone who has something to say.

20. Here’s a blog post with an example of searching out an agent using Zillow:

http://www.bubbleinfo.com/2014/08/03/homebuyer-tips-2014/

Good luck!

Posted by on Jun 11, 2018 in Jim's Take on the Market, Thinking of Buying?, Why You Should Hire Jim as your Buyer's Agent | 6 comments

“Bizarro Desert Wonderland”

Were you thinking you could always move to the desert? H/T daytrip:

Link to Full Article

Mark Grden was looking for peace and quiet when he bought his house a half-mile from the main entrance to Joshua Tree National Monument in 1998. And for years, he found it.

“I used to sit out on the porch and watch bobcats creep past under skies filled with stars, bats and owls,” he said. “Neighbors knew each other and kept an eye on each other’s property.”

But over the past two decades, this otherworldly landscape has gone from a destination for hikers and rock climbers to an international attraction luring 3 million visitors per year — overwhelming the area’s craggy campsites, low-slung motels and Grden’s once-sleepy community.

“Now, I’m surrounded by Airbnbs filled with vacationing strangers who seem to think anything goes out here,” he said, shaking his head.

Read More

Posted by on Jun 5, 2018 in Jim's Take on the Market, Market Buzz, Real Estate Investing, Thinking of Buying?, Thinking of Selling?, This Is America | 6 comments

Zillow’s First Home Purchase

They paid $410,000 and are listing for $425,000? Are they expecting a bidding war?  By the way, OpenDoor has 300 listings in Phoenix already!

Hat tip to daytrip for sending this in – an excerpt:

Noel Levine, a freelance IT consultant and self-described geek, said he looked into other online services like OfferPad and OpenDoor, which the new Zillow program competes against. He was thinking about listing the house with a broker when he saw an article about the Zillow Instant Offers expansion in the local newspaper. Zillow was able to accommodate the quick turnaround. The deal started with a request for an offer on May 3 and closed 15 days later, at a purchase price of $410,000.

“So in two weeks I went from having a house to put on the market to being out of the house with money in the bank,” Levine wrote in a thank you note to Zillow that he shared with GeekWire. “It spared me from having to go thru the trials and tribulations of wondering how many showings it was getting, then wondering if I should accept an offer, to dealing with the inspection deductions to worrying about what could go wrong with the closing.”

The home is now listed on Zillow with a priced at $425,000 (the Zestimate is $414,233). It boasts “real wood flooring, travertine tile, and stacked stone accents,” according to the listing. The company bets that buyers will love the “cozy gas fireplace” and “master retreat.”

Link to Full Article

Posted by on May 24, 2018 in ibuyer, Jim's Take on the Market, Listing Agent Practices, Thinking of Buying?, Thinking of Selling?, Zillow | 8 comments

Leucadia Rebuilt w/ Big Ocean View

Richard’s new listing hits the open market on Thursday, and it is stunning.  Re-designed and rebuilt from the ground up over the last eleven months (with permits), virtually everything is brand new.  A ten-year warranty too!

Four bedrooms, three-and-a-half baths, and 2,421sf with commanding ocean views from both levels. New roof, HVAC, decks, siding, flooring, and kitchen! $1,575,000 – open house 11-2 on Saturday, May 19th.

Klinge Realty CA DRE #01388871 Richard Morgan (619) 200-3844.

Posted by on May 16, 2018 in Bubbleinfo TV, Jim's Take on the Market, Klinge Realty, Leucadia, Richard Morgan, Thinking of Buying?, View | 0 comments

California Migration

Lower-income folks are leaving, and affluent people are coming – H/T Richard:

Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest.

“A strong economy can also be dysfunctional,” noted the report, a project of Next 10 and Beacon Economics. Housing costs are much higher in California than in other states, yet wages for workers in the lower income brackets aren’t. And the state attracts more highly-educated high-earners who can afford pricey homes.

There are many reasons for the housing crunch, but the lack of new construction may be the most significant. According to the report, from 2008 to 2017, an average of 24.7 new housing permits were filed for every 100 new residents in California. That’s well below the national average of 43.1 permits per 100 people.

If this trend persists, the researchers argued, analysts forecast the state will be about 3 million homes short by 2025.

What does it mean?

California homeowners spend an average of 21.9% of their income on housing costs, the 49th worst in the nation, while renters spend 32.8%, the 48th worst. The median rent statewide in 2016 was $1,375, which is 40.2% higher than the national average. And the median home price was — wait for it — more than double that of the national average.

One coping strategy: California residents are more likely to double up. Nearly 14% of renter households had more than one person per bedroom, the highest reading for this category in the nation.

Coping can also mean leaving.

In a separate analysis, Realtor.com found that the number of people searching real estate listings in the 16 top California markets compared to people living there and searching elsewhere was more than double that of other areas — and growing.

And in those areas — counties including Santa Clara, San Mateo and Los Angeles — the growth in views of listings on Realtor.com was virtually unchanged compared to a year ago this spring, while views of listings in other U.S. areas were 15% higher.

Link to Full Article

 

Posted by on May 4, 2018 in Jim's Take on the Market, Market Buzz, Thinking of Buying?, Thinking of Selling? | 7 comments

Home Buyer Competition

What today’s home buyers are up against……from realtor.com:

Driven by frustrated buyers who rolled over from last year and record-breaking lows in housing inventory, the 2018 spring buying season is expected to be one of the most competitive in years—but buyers are still optimistic about getting into their dream home, according to a survey conducted for realtor.com®.

“We’re only a few weeks into March and already seeing the market heat up,” said Danielle Hale, chief economist for realtor.com®, in a statement. “Holdover buyers hoping for greener pastures this spring are likely to find sparse options that require them to pay top dollar or make other concessions.”

And those holdover buyers are driving a large portion of the demand, according to an online survey of more than 1,000 active buyers conducted in early March by Toluna Research.

The home search has dragged on for more than seven months for 40% of respondents, the survey showed, while 34% have been searching for 4-6 months. About a quarter have been in the market for three months or less.

More than one-third, or 35%, of those surveyed indicated they anticipate “a lot of competition” this spring.

Perhaps because of that, buyers are thinking strategically about turbocharging their home search and getting an edge on the competition.

When asked how they are trying to get ahead, 42% of respondents revealed they are checking listing websites every day, while 40% plan to put more than 20% cash down. The survey also revealed that 33% are setting price alerts, 31% plan to put down a larger earnest money deposit, and 26% are willing to offer above asking price. Only 6% indicated they are not planning to use any special tactics to cope with competition.

“The majority of buyers are aware of the tough competition they’re up against this spring. Having been in the market awhile, they’ve likely lost a few homes to better offers, which has given them more time to save and up their bidding strategies,” said Hale.

Link to Article

Posted by on Mar 22, 2018 in Bidding Wars, Jim's Take on the Market, Market Buzz, Thinking of Buying?, Why You Should Hire Jim as your Buyer's Agent | 0 comments