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


Most recent articles

San Diego Housing Affordability

Reader Rob asked,

Can you do an article on the housing affordability index related to NSDCC?  Just wondering what percentage of people need x amount of dollars with 20% down to afford a median priced home?

Let’s include data on the median price of detached-home active listings, and those sold in the last 90 days. I used an interest rate of 4.50%, 20% down payment (25% down payment on $2,395,000 price), and qualifying ratio of 35%:

Category
# in Category
Median Price
Cash to Close
Annual Income
SDCo Actives
3,912
$824,823
$170,000
$115,000
SDCo Solds
4,744
$624,700
$130,000
$87,000
NSDCC Actives
822
$2,395,000
$605,000
$312,000
NSDCC Solds
608
$1,327,500
$270,000
$185,000

The fixer market feels the impact. When it takes both spouses holding down good jobs to qualify, they don’t have the time or patience to fix up a house – they want and need a house in good shape. Maybe this is where Zillow and others can provide more renovated homes to fit the needs of today’s buyers.

Posted by on Apr 17, 2018 in Jim's Take on the Market, Mortgage Qualifying, North County Coastal, Sales and Price Check | 8 comments

More On Zillow Home-Flipping

Zillow is setting up their home-flipping business in Phoenix and Las Vegas, which are two very safe towns for taking a risk.

The vast majority of houses there are easy-to-value tract homes, and relatively inexpensive compared to the coasts.  But Zillow’s stock price has plunged 10% since they announced their new venture.

In this cnbc article, Mahaney makes a good point.  Having skin in the game will assist Zillow to better gauge and predict market conditions.  When we still hear the typical market nonsense from N.A.R., Zillow could become the voice of real estate – if they’re not already:

Link to CNBC article

In May 2017, Zillow announced the launch of Instant Offers, which enables home sellers in the Las Vegas and Orlando test markets to get cash offers from potential investors on Zillow’s platform. The company said homeowners prefer the process, and that most of them who requested an Instant Offer ended up selling their home with an agent.

“Home sellers welcome a hassle-free experience selling your home without decluttering your garage or taking the kids out of the house,” Rascoff said.

Rascoff said the company will take on collateralized debt to purchase the homes, and hopes to have between 300 and 1,000 homes held for sale by year’s end. He called the move “industry friendly,” benefiting buyers, investors and agents. He also said it could help stimulate the real estate market and open up new inventory for prospective buyers.

“There are people that are basically stuck in their home that would love to go buy another home, but can’t sell,” Rascoff said. “This could provide the ability to unstick people from their homes.”

Mahaney said that it will help Zillow test how much the real estate market is turning.

“This is an interesting experiment on the company’s part,” Mahaney said. “They’ve reached the point of scale with both real estate agents and with consumers. There are data points in the market that suggest this way of buying and selling homes is really starting to gain traction.”

The program will start this year in Phoenix and Las Vegas. Zillow didn’t say when it will expand into other markets.

I doubt any of the corporate flippers will ever come to the high-priced California coastal markets – with fewer tract homes and high cost, it’s too risky.

Posted by on Apr 16, 2018 in Jim's Take on the Market, Market Conditions, The Future, Zillow | 7 comments

Inventory Watch

The numbers of pendings is dropping, and we’re behind recent years when looking at the number of new pendings for the last week of March and first three weeks of April:

NSDCC Last Four Weeks

Year
Total Number of New Listings
Total Number of New Pendings
2015
365
277
2016
400
292
2017
381
282
2018
390
233

You can’t blame it on the lack of inventory – we’re having just as many listings to consider as we’ve had in recent years. But the new-pending count is 18% below the average for the last three years. Price will fix everything wrong here!

Read More

Posted by on Apr 16, 2018 in Inventory, Jim's Take on the Market | 3 comments

Robertson Wrap Up

It was almost four years to the day that the drone visited Robertson Ranch – before the development began.  Here is a post from 4/17/2014 when I was still piloting the drone, and hit my peak elevation:

http://www.bubbleinfo.com/2014/04/17/drone-at-robertson-ranch/

They only have six houses left to sell, plus the models, which means they’ve sold nearly 300 houses at an average of about $1,100,000 (guessing) in the last 2-3 years – or about 100 million-dollar-houses per year:

I’ve sold multiple houses across the street from the R-Ranch for less than $200,000. Now that they can get 13x times that money on what was a strawberry field five years ago is mind-boggling.

Posted by on Apr 14, 2018 in Bubbleinfo TV, Builders, Carlsbad, North County Coastal, Sales and Price Check, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim | 0 comments

Redfin Estimates Based on List Price

It took a glaring mistake by a listing agent to expose it, but it makes what Redfin does all the more obvious.

This listing was inputted this morning with three extra zeros attached, and she didn’t notice for a couple of hours. Maybe because the listing agent hasn’t sold anything since 2016?

In the meantime, Redfin calibrated their estimate of value and 5-year history based not on a fancy algorithm or superior knowledge – nope, they just take the list price and bump it up or down a couple of points.

House Hunters is fake, zestimates are a joke, and ethics sound great until a realtor can double their pay by tilting the table.

The industry is just here to make money off you.

Get Good Help!!

Posted by on Apr 13, 2018 in Jim's Take on the Market, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim | 6 comments