Menu
TwitterRssFacebook
More Links

Are you looking for an experienced agent to help you buy or sell a home? Contact Jim the Realtor!

Carlsbad
(760) 434-5000

Carmel Valley
(858) 560-7700
jim@jimklinge.com


Journal

Open House Theft

thief

Hat tip to ME for sending this in!

http://abc7.com/news/$150000-in-watches-jewelry-stolen-during-sherman-oaks-open-house/1490591/

An open house to sell a Sherman Oaks home opened the door to a set of thieves who made off with more than $150,000 of jewelry and watches.

The homeowner said his real estate agent was tricked by a couple who quickly scouted the house – then distracted him while two other men moved in.

“These guys seem like they were professionals. They walked right in, they didn’t pay attention to anybody. … It just seemed like they do this all the time.”

The men were caught on surveillance camera going upstairs, where they went into the home’s office and bedroom. The homeowner hid an expensive watch collection in his closet, but one of the men found it.  The other man grabbed an iPad and a camera, just put it around his neck and walked out with it.

Real estate agents suggest homeowners remove or lock up valuables before an open house.But this family says they’ll never have an open house again.

“Everybody has something small or something you’re not paying attention to and it’s taken,” the homeowner said. “My advice is do appointment only.”

Anyone who has information or recognizes the people in the surveillance video is asked to call police at 1-877-LAPD-24-7.

Save

Posted by on Aug 30, 2016 in Jim's Take on the Market, Open House | 1 comment

San Diego Case-Shiller Index, June

The June reading of the non-seasonally-adjusted San Diego Case-Shiller Index increased +0.3% month-over-month, which was the same as last June.

Judging by the more-current graph at the bottom, we have already arrived in flatsville, and we can probably expect tepid results from our Case-Shiller Index for the remainder of 2016.

“Overall, residential real estate and housing is in good shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

Portland, Oregon, led the gainers with price appreciation of 12.6 percent. Seattle followed with an 11 percent increase, and Denver came in third with a 9.2 percent gain.

“In the strongest region, the Pacific Northwest, prices are rising at more than 10 percent; in the slower Northeast, prices are climbing a bit faster than inflation,” Blitzer said.

Here are the recent San Diego NSA changes:

Month
CSI-SD
M-o-M chg
Y-o-Y chg
December
203.45
-0.3%
+5.0%
January ’15
204.67
+0.6%
+5.0%
February
205.94
+0.6%
+4.6%
March
208.52
+1.2%
+4.6%
April
209.78
+0.6%
+4.5%
May
211.57
+0.9%
+4.8%
June
212.09
+0.3%
+4.6%
July
214.53
+1.1%
+5.4%
August
215.22
+0.3%
+5.9%
September
216.45
+0.6%
+6.6%
October
215.64
-0.3%
+6.2%
November
216.47
+0.3%
+6.0%
December
217.86
+0.7%
+7.2%
January ’16
218.77
+0.4%
+6.9%
February
219.06
+0.1%
+6.4%
March
221.35
+1.0%
+6.2%
April
223.05
+0.8%
+6.3%
May
225.06
+0.9%
+6.4%
June
225.75
+0.3%
+6.4%

aug

Save

Posted by on Aug 30, 2016 in Jim's Take on the Market, Same-House Sales | 0 comments

Fall Buying Season

Image result for fall leaves color

The last third of 2016 starts on Thursday!

From Trulia:

http://www.trulia.com/blog/best-things-about-fall-real-estate/

For the first time in recent history, October surpassed June as the most popular month to get married. And these autumn-loving brides may be on to something: Although the spring months are notoriously the best time to buy real estate (as well as have a wedding), fall may be the new ideal season to buy a home.

Here are seven insights on why you should buy a home during the fall season:

1. There’s less competition

Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale — and in some cases, there’s just as much inventory as there was during the spring and summer. “[Fall] means new inventory and repositioned old inventory that did not sell in the prime season,” says Wesley Stanton, a New York, NY, agent with The Stanton Hoch Team.

This puts you in a great position to negotiate. “Fall homebuyers should consider making lowball offers, followed by more aggressive negotiation,” says Brian Davis, a real estate investor and director of education at Spark Rental. Davis points out that many sellers are very motivated to sell before the holidays. If possible, buyers should let these sellers know that they can close before Thanksgiving or before the school winter break.

2. Sellers are worn-out

Some sellers who put their homes on the market during the prime selling times of spring and summer might have been a tad overconfident by listing their homes for more than buyers were willing to spend. After months of no action, these sellers are often ready to make a deal.

“Sellers who were unrealistic earlier in the year about price will now be more willing to reduce the price come fall,” says Thomas Miller, a Washington, DC, real estate agent. “Because there [are fewer buyers] and because the sellers are now eager to sell, they are more inclined to take the low offer than wait another six months for spring to come around.”

3. Sellers are serious

Not all homes on the market in fall are summer leftovers. Some people need to sell in the fall because the timing is right. Maybe they were having a home built, and it’s now ready. Maybe they need to move because of a job. “The sellers with houses on the market in the fall tend to be serious,” says Sam Heskel, president of Nadlan Valuation, an appraisal management company in Brooklyn, NY. “That means sellers could be more open to negotiating and accepting a lower offer.”

4. You can take advantage of tax breaks

First-time homebuyers, take note: Although you can’t escape paying income tax, you can make a dent in what you owe when you become a homeowner. “Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December,” says David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert. “Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.”

5. Fall is a safer time of year

Did you know that burglars have peak seasons? They do, says Sarah Brown, a home safety expert for SafeWise.com. “July and August are prime months for burglaries to take place,” she says. “Waiting until the fall [to buy] gives you an advantage when learning about a home and the neighborhood.” You’ll be settled in your home and can take precautions — like setting up that new alarm system — before the next burglary season rolls around.

6. You’re the center of attention

Because spring and summer are ideal times to buy a home, real estate agents are usually busier then. And that could mean you might not always get the attention you want. This is also true for other professionals you’re working with to buy a house. “Service providers, such as mortgage lenders and title companies, are moving out of the summertime sales swamp and can often respond more quickly,” says John Lazenby, president of the Orlando Regional Realtor Association in Orlando, FL.

The same goes for movers. “Because summer is peak moving season, people often experience more delays and service issues, such as moving companies reaching capacity and running out of trucks to pick up shipments,” says Jack Griffin, president and chief operating officer of Atlas World Group. “The probability of experiencing a delay goes way down in the fall season.”

7. You can take advantage of end-of-year sales to outfit your home

There are bound to be improvements you’ll want to make after buying a house. You’ll also probably need to buy items to maintain your home, and if appliances weren’t part of the deal, you’ll need those too. Wouldn’t it be great to coordinate your home purchase with sales on items you’ll need? According to Consumer Reports, the calendar determines when it’s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.

http://www.trulia.com/blog/best-things-about-fall-real-estate/

Posted by on Aug 29, 2016 in Jim's Take on the Market, Thinking of Buying?, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim | 1 comment

Inventory Watch

spa

There were 75 new pendings in the past week, which is the highest amount since the end of May!  No surprise that the action was concentrated on the lower-end, but the Over-$2,000,000 market isn’t dead:

Last Week
New Listings
New Pendings
Under-$2,000,000
56
64
Over-$2,000,000
20
11

We are still lagging behind the strong sales counts of 2015. Last August we closed 235 sales, and this month there has been 168 closings with three days to go plus late-reporters.

Click on the ‘Read More’ link below for the NSDCC active-inventory data:

Read More

Posted by on Aug 29, 2016 in Inventory, Jim's Take on the Market | 0 comments

Realtor Video Tour

glendale

I know it is 2016, but it’s rare that we see an agent do a real video tour of a new listing.  I’d like to acknowledge this guy who did a simple 1:29-minute video here to advertise his open house today:

http://www.bruceavenue.com/

There are at least 30 people in line!  He also has 3,200 views on Facebook.

Videos work!

Posted by on Aug 28, 2016 in Bubbleinfo TV, Jim's Take on the Market, Listing Agent Practices, Realtor, Realtor Training | 0 comments

Moving Inland

heartland

As money and affluence continue to invade the coasts, those not so fortunate will be making choices.  Warning to all who are thinking about leaving California – it is virtually impossible to move back.  But you can always visit!

http://zillow.mediaroom.com/2016-08-10-Experts-New-Jobs-in-the-Midwest-to-Drive-Migration-Back-to-the-Heartland

As businesses look for cheaper places to expand, job growth in the middle of the country will begin attracting more residents, according to experts surveyed in the latest Zillow® Home Price Expectations (ZHPE) Survey.

That would reverse a trend over the last decade that drew many to the coasts following strong job markets, with more employment and income growth. Over half of experts surveyed said they don’t expect migration to the coasts to continue indefinitely. Of those, 56 percent pointed to jobs and 24 percent said high housing costs on the coasts will drive residents inland.

Recovery from the housing boom and bust has looked very different for Middle America and coastal America. While markets on the East and West coasts experience rapidly rising home values and strong job markets, markets in the Rust Belt and Midwest are moving more slowly; negative equity is still prevalent and job growth is minimal.

The quarterly ZHPE survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts about their expectations for the housing market.

The experts were also asked if they thought the distinct split between Middle America and the two coasts would reverse. Over half of the respondents said this trend has already begun to reverse, or expect it to in the future. A quarter of respondents believe this trend is a permanent shift, and 11 percent believe the migration to the coasts is an illusion.

Of the reasons experts predicted people would move back to the middle of the country, job growth was most popular. Just over 20 percent said people would migrate inland in search of more affordable housing, and 13 percent said Americans will start to seek the traditional lifestyle that the middle of the country has to offer. Only 2 percent said climate change will force residents away from the coasts.

“Since the Recession, employment has boomed in relatively expensive coastal areas, often attributed to a shift in preferences among workers – especially millennials – but also facilitated by soft labor markets that have resulted in a plentiful supply of available workers,” said Zillow Chief Economist Dr. Svenja Gudell. “Now, as labor markets tighten and the country approaches full employment, employers will have to look elsewhere to keep costs in check. For some businesses, this will mean relocating away from expensive coastal areas to more affordable interior communities. Sooner or later workers will follow the jobs, providing an impulse to local housing markets.”

Overall, the experts surveyed predict home price appreciation across the country will be up over 4 percent year-over-year by the end of 2016. They expect home prices to slow down over the next four years and by the end of 2020, they predict home prices will grow at an annual pace of just 2.9 percent.

Posted by on Aug 27, 2016 in Forecasts, Jim's Take on the Market, Market Conditions | 2 comments

Rates Are Steady

rate

Janet Yellen has spoken today – but no big shocks:

The possibility of a December hike, around 50 percent before Yellen’s remarks, moved up to 53.5 percent, according to the CME. However, the market continues to doubt anything happening in September, which has just an 18 percent chance.

“Ultimately we think Yellen’s speech really doesn’t give us anything new,” said Chris Gaffney, president of World Markets at EverBank. “They continue to be data dependent and the members still ‘believe’ growth will return in the coming months — but the data continue to prove them wrong so the Fed’s credibility continues to come into question.”

Even if/when the Fed bumps their Fed funds rate, I’m not sure it would change mortgage rates much.

http://www.cnbc.com/2016/08/26/fed-chair-janet-yellen-chance-for-raising-rates-has-strengthened.html

Posted by on Aug 26, 2016 in Interest Rates/Loan Limits, Jim's Take on the Market | 2 comments