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Most recent articles

Market Impulse

The California Association of Realtors does a phone survey every month of 300 realtors (there are more than 250,000 licensees in the state).  They don’t offer any analysis on what their data means, or how to digest it – just the results:

http://www.car.org/marketdata/surveys/marketpulse/

Last Transaction
• 40% of transactions are closing below asking price, 34% are closing above asking price, and 26% are closing at asking. The discount on asking price is 7%, on average, down for the first time in 4 months. The premium paid over asking price is 8%, on average, down from 10% in April, but up from 6.5% in May 2014.
• 65% of properties are receiving multiple offers, down from 72% in April and up from 62% in May 2014. The average number of offers per property declined for the first time in 3 months to 2.8, from 3.6 in April.
• The proportion of homes that had listing price reductions decreased from 28% in April to 25% in May.

Market Conditions
• Floor calls, listing appointments, and open house traffic are up when compared to last month.
• Auctions are down from last month.
• All cash purchases are flat from last month
• Open house traffic and all cash purchases are up from last year.
• Open house traffic is up compared to a year ago.
• Auctions and all cash purchases are down from last year.
• The majority of members expect the same or better market conditions over the next year.

Great news for sellers! A third of you will get 8% over your price, a quarter of you will get your price, and the rest will have to live with a 7% discount. 😆

Seriously, if these results show anything, it’s that the ‘market’ is a mixed bag – and more random than ever.  The houses that are selling are those that are relatively-well-fixed-up and priced attractively, and those owned by sellers who can live with a discount for doing little or no repairs/improvements.  Make sure you pay the right price, for the right product!

Posted by on Jun 23, 2015 in Jim's Take on the Market, Market Buzz, Market Conditions | 0 comments

SoCal Future

SoCal future

From the latimes.com:

http://www.latimes.com/visuals/graphics/la-me-g-future-past-20150619-htmlstory.html

What will Southern California look like in the future?

The Times asked this question back in 1988, when 60% of the population was white and it took only 15 minutes to zip down the freeway from the Valley to downtown L.A. Planning experts crunched some numbers and gave their best guess for 2010. Some of their projections came pretty close. Other changes since the 1980s took everyone by surprise. Studying these numbers helped officials rethink what it might be like by 2040.

Read full article here:

http://www.latimes.com/visuals/graphics/la-me-g-future-past-20150619-htmlstory.html

Posted by on Jun 22, 2015 in The Future | 6 comments

Inventory Watch

Reader Chet noticed that the average pricing in our $800,000 – $1,400,000 group is at its lowest LP-per-sf since we started tracking the NSDCC inventory in November 2013. The number of houses for sale in that category has also risen 37% in the last 12 weeks!

There will probably be one more buying surge over the next 30 days that will pick off the rest of the motivated sellers. After that, the Fed Watch for their September meeting should help to stagnate the market further.

Won’t unsuccessful sellers lower their prices as summer winds down? It’s more likely they will cancel and try again next year.

Click on the link below for the complete NSDCC active-inventory data:

Read More

Posted by on Jun 22, 2015 in Inventory, Jim's Take on the Market | 0 comments

Staging Benefits

Visitors to today’s open house were very complimentary about the staging, and it does assist those who have trouble visualizing how to furnish a house.  The next-door neighbor at first wondered why we didn’t stage it sooner, but then mentioned that he doesn’t understand why it is needed.

This is a selfie film – If you are watching in front of a regular-sized computer screen, you may want to back up several feet before hitting the play button:

Posted by on Jun 20, 2015 in Jim's Take on the Market, Listing Agent Practices, Market Buzz, Market Conditions | 1 comment

Boomerang

From the SD Union-Tribune:

http://www.utsandiego.com/news/2015/jun/05/foreclosure-shortsale-boomerang-buyers-real-estate/?

An excerpt:

When Chad Sanfillipo got the keys to his house in Ramona last year, he had come full circle in the real estate market.

After losing his home to a short sale during the crash of the housing market, Sanfillipo was once again an owner.

“It felt so exciting to be able to buy again, to have something I own,” said Sanfillipo, 45, who rented for a couple of years before a bank would lend him money again. “There’s no landlord or rent check. I get to say what I get to do with my house.”

Sanfillipo, a systems engineer, is one of roughly 116,000 San Diego County residents who had either a short sale or foreclosure between 2006 and 2014, before and after the Great Recession, according to CoreLogic, a real estate data company.

The good news for Sanfillipo and others who lost their homes during the downturn is that there’s ultimately forgiveness in the lending market. Each month, thousands of San Diegans who went through short sales or foreclosures are completing waiting periods that render them eligible to once again apply for government-backed loans. In the worst case, some must wait seven years, but others can get new loans in just one, depending on whether they go through the Department of Veterans Affairs, Federal Housing Administration, Fannie Mae or Freddie Mac.

People who lost their homes during the recession but own again are called boomerang buyers, and they’re becoming a larger part of the market.

Boomerang buying is becoming a nationwide movement. The National Association of Realtors says that 9.3 million homeowners underwent foreclosures between 2006 and 2014. Already, 1 million of them purchased homes again, and an additional 1.5 million will become eligible over the next five years.

boomerang buyers

http://www.utsandiego.com/news/2015/jun/05/foreclosure-shortsale-boomerang-buyers-real-estate/?

Posted by on Jun 20, 2015 in Bailout, Foreclosures/REOs, Jim's Take on the Market, Market Conditions | 7 comments

California Home Sales in May

The state is cooking! She brings up a good point – it might be hotter if there was more to sell:

California home sales softened in May, but the housing market momentum continued to be solid as the spring home-buying season marked higher year-over-year home sales and prices for the fourth straight month, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Highlights

  • Home sales rose above the 400,000 mark in May for the second straight month since October 2013 and were the second highest level in nearly two years. Closed escrow sales of existing detached homes in California totaled a seasonally adjusted annualized rate of 423,360 units in May.
  • The May figure was down 1.1 percent from the revised 427,880 homes sold in April, slightly below the long-run April-to-May average sales increase of 0.6%.
  • Home sales were up 8.9 percent from a revised 388,690 in May a year ago though, and the statewide sales figure so far has outpaced last year by more than 5 percent.
  • CKC.A.R. President Chris Kutzkey commented, “The spring home-buying season continues to be strong, especially in areas where insufficient housing supply is less of an issue. With mortgage interest rates edging up recently and an imminent increase in rates by the Federal Reserve, housing affordability concerns will be heightened but may also prompt prospective buyers to feel a sense of urgency to enter the market.”
  • The median price of an existing, single-family detached California home edged up in May from both the previous month and year for the fourth consecutive month. The median home price was up 0.8 percent from $481,880 in April to $485,830 in May, the highest level since November 2007.
  • May’s median price was 4.4 percent higher than the revised $465,470 recorded in May 2014. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
  • While sales continued to improve from last year at the state level, the number of active listings dipped slightly from the previous year, keeping the supply of homes on the market flat. The May Unsold Inventory Index was unchanged from the 3.5 months reported in April.

http://www.car.org/newsstand/newsreleases/2015releases/may2015sales

Posted by on Jun 19, 2015 in Local Flavor, Market Buzz, Market Conditions, Monthly Sales Count | 0 comments