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Category Archive: ‘Thinking of Selling?’

House Lottery

The first few house lotteries were shut down due to their gambling nature, but now there are new twists.  First it was the flipper who is unloading a 1906 Craftsman-style home to the person who submits $100 and the best dessert-recipe HERE

Now these folks in Phoenix who paid $350,000 for their house want you to submit an essay and $150 to have a chance to win their flip:

http://www.housefor150.com/

lucia

From KTAR – click HERE for link:

PHOENIX — Valley residents with an extra $150 lying around might want to think about investing that in real estate.

That money could actually go a long way as a Phoenix real estate investor says that’s all it takes to have a shot at purchasing one of his properties.

“We purchased the house with the sole intention of making it beautiful and selling it for profit,” said Erin O’Connor.

O’Connor intends to make a profit by selling the nearly 4,000-square-foot, five bedroom home at 6517 W Lucia Dr. through an essay contest that costs $150 to enter.

Any adult can submit an essay up to 250 words, O’Connor will then narrow the essays down to the best 300 and an attorney will pick the final winner.

“If you win the essay contest, then you’re given the exclusive right to purchase the home for $10 and your normal closing fees,” he said.

Those title and escrow fees are estimated to be roughly $3,000, according to O’Connor’s website.

O’Connor said there needs to be a minimum of 4,500 essays submitted for the contest to be valid and only the first 5,500 will be accepted. That ensures at least $675,000 in revenue for the home and at the most, $825,000.

Michael Weinstein of the YourRealEstateWorld.com team at West USA Realty wrote in an email the property has an estimated value of $418,210, so 2,788 entries would be needed to simply break even on the property.

Weinstein called it a fun idea for those that have the resources but was skeptical about the business model for sellers. O’Connor however, said he hopes it is a business model that not only works, but also will catch on.

“I do believe that it could catch on (and) we could make a business out of it,” he said.

A portion of the revenue from the essay entries will go to benefit St. Jude Children’s Hospital, O’Connor said.

Posted by on Jul 30, 2015 in Ideas/Solutions, Listing Agent Practices, Thinking of Selling? | 3 comments

Chances of Selling

I have two RSF listings that are outside the Covenant.

One seller asked me what the chances are of selling.

I said 20%, to which he said, ‘Yikes’.

But any RSF listing only has a 30% or 40% chance of selling.  There were 436 listings, and 127 sales (29%) last year in the 92067.

Here are the detached-home total listings and sold listings from 2014:

Area or City
Zip Code
2014 Listings
2014 Solds
Percentage
Cardiff
92007
130
80
62%
Carlsbad NW
92008
302
214
71%
Carlsbad SE
92009
789
525
67%
Carlsbad NE
92010
201
132
66%
Carlsbad SW
92011
336
209
62%
Del Mar
92014
306
193
63%
Encinitas
92024
646
405
63%
La Jolla
92037
637
321
50%
RSF
92067
436
127
29%
Solana Bch
92075
152
82
54%
Carmel Vly
92130
673
470
70%
All Above
Total
4,608
2,758
60%

Listings in the Ranch are the least likely to sell – by far.

What can a listing agent do to help the cause?  State your case on value.

It’s always tough to estimate the value of unique or custom homes – but those in the Ranch have so many variables it will make your head spin because every property is so different.

As listing agent, it’s my job to justify the value.

If the purchase is financed, then an appraisal needs to be completed.  Even though the sales price will have been given to the appraiser in advance, it’s still the listing agent’s job to make sure they hit the number.

As long as we gathered comps in the beginning to justify our recommended list price, and we have the need to deliver same to appraiser, we might as well include them in the listing to help buyer agents come to the right conclusion.

My case to support the $2,795,000 list price of 7060 Via Del Charro:

7060 Via Del Charro comparable sales

Posted by on Jul 25, 2015 in Jim's Take on the Market, Listing Agent Practices, Rancho Santa Fe, Thinking of Selling?, Why You Should List With Jim | 1 comment

Constant Evolution

Rob Dawg said, quoting this latines.com article:

“Regular marketing doesn’t work anymore.”

Seems the RE industry is at a crossroads.  Marketing or facilitating.  One need only read the quote and see which way the wind has shifted.

Houses are worth different prices to different people on different days.  Employing a marketing strategy that exploits the initial urgency will produce the max value.

P. S. If all agents offered all the same services, it would force consumers to examine the agent’s expertise and track record.

Posted by on Jul 12, 2015 in Auctions, Commission War, Jim's Take on the Market, Listing Agent Practices, The Future, Thinking of Selling?, Tips, Advice & Links, Why You Should List With Jim | 4 comments

Zestimate Tune-Up?

z

When they first rolled out the improve-it-yourself feature, it turned out to be no more than an opportunity to list your upgrades – because little or no value was added to your zestimate.  I received this by email today:

Hi Jim,

Today Zillow announced enhancements to the Zestimate® home value that allow homeowners to edit their home facts on Zillow and, depending on the new information they provide, potentially see an immediate impact on their Zestimate. For instance, if the square footage of a home is out of date on Zillow, the homeowner can correct this information and see an adjustment in their Zestimate.

Can listing agents use this feature to affect the Zestimate?

We encourage you to work with your seller prior to placing the home on the market to ensure all information on Zillow is accurate. If your seller is concerned about the Zestimate, check the home facts and make updates where needed. We suggest you communicate that the Zestimate is an estimate, not an appraisal.

We continue to iterate on our existing offerings to improve how buyers, sellers and homeowners use the resources available on Zillow. Should you have any questions about the Zestimate, visit www.zillow.com/zestimate.

Sincerely,

Greg Schwartz, Chief Revenue Officer, Zillow Group

I’ll believe it when I see it!  In the end, the zestimates will likely be more inaccurate as sellers fluff their values to the moon.  But Zillow is learning the ways of the industry, and is now siding with the sellers.  Get Good Help!

Posted by on Feb 27, 2015 in Listing Agent Practices, Market Buzz, Thinking of Selling?, Tips, Advice & Links | 12 comments

Zestimate Accuracy

Sellers shouldn’t get attached to any certain price – they aren’t the ones paying it.  Instead, select an attractive list price, and judge the market’s reaction – and adjust accordingly.

A story on the accuracy of zestimates:

http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html

In Carlsbad, Calif., Jeff Dowler, an agent with Solutions Real Estate, did a similar analysis on sales in two ZIP Codes. He found that Zestimates came in below the selling price 70% of the time, with disparities ranging as high as $70,000. In 25% of the sales, Zestimates were higher than the contract price. In 95% of the cases, he said, “Zestimates were wrong. That does not inspire a lot of confidence, at least not for me.” In a second ZIP Code, Dowler found that 100% of Zestimates were inaccurate and that disparities were as large as $190,000.

Posted by on Feb 8, 2015 in Thinking of Buying?, Thinking of Selling? | 6 comments