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Most recent articles

NSDCC REOs & Short Sales

dodo

In June, 2011, Ben Bernanke said at a live press conference:

“We have told the banks to handle their REOs…..long pause………..in an economy-supportive way.”

Banks took that as permission to stop foreclosing, and that, combined with the California Homeowners Bill of Rights, have caused foreclosures – as we once knew them – to dry up.  All three of the big North County REO brokers have all given up and left the business, and the occasional bank-owned listing that does hit the market is priced at retail, or retail-plus.

Here are the NSDCC detached-home listings that were bank-owned (REO) or short sales:

Year
REOs Sold
Short Sales Sold
2010
199
216
2011
190
278
2012
162
356
2013
43
134
2014
13
44
2015
15
30

Instead of foreclosing, the banks have thrown a loan modification to anyone who would sign it, and when those expire, extensions will likely be granted.  Distressed sales have gone the way of the dodo bird!

Those 45 sales last year were 1.5% of the 3,018 total sales, and with higher prices, the count is likely to go down.  We will be in a retail-priced environment for the foreseeable future!

Posted by on Jan 27, 2016 in Jim's Take on the Market, No-Foreclosure as Banking Policy | 0 comments

Kitchen Backsplashes

back

It doesn’t take much to turn your kitchen backsplash into a stunning decorative feature, without having to spend millions.  Here are some ideas:

https://www.decorpad.com/photo.htm?photoId=126177

http://www.purewow.com/home/The-Ultimate-Guide-to-Backsplashes

https://www.pinterest.com/kitchenideas/backsplash-ideas/

Here is my tour of the local tile store:

Posted by on Jan 26, 2016 in Jim's Take on the Market, Remodel Projects, Vendors | 1 comment

Downsizing/Multi-Gen

multi-gen

Not only are retirees trying to downsize, but the kids are hanging around longer too.  The excellent research by John Burns has put some numbers on the one obvious outcome – multi-generational living.

Percentages in the 40s and higher are more than a blip – the vast amount of downsizing and multi-gen households is a game-changer:

14% of all US households (16.5 million households!) now live multi-generationally, and the numbers continue to rise for three reasons:

A. Delaying marriage has increased the number of young adults living with parents.
B. Surging retirement has increased the number of retirees living with children.
C. Significant immigration from countries where multigenerational living is the norm has also helped boost the numbers.

Most of the US housing stock was not built for multigenerational living, providing a tremendous opportunity for home builders. According to our Consumer Insights survey of more than 20,000 new home shoppers, 44% would like to accommodate their elderly parents in their next home. Additionally, 42% of today’s shoppers plan on accommodating their 18+ older children in their next home.

This focus on providing housing to extended family or friends may also account for 65% of respondents desiring a bedroom with bath on the ground level and 24% wanting a suite with a kitchenette and small living area.

Click below for full article and designs:

http://realestateconsulting.com/multi-generational-households-on-the-rise/

Posted by on Jan 26, 2016 in Downsizing, Jim's Take on the Market, One-Story, The Future, Thinking of Buying?, Thinking of Selling? | 0 comments

San Diego Case-Shiller, Nov., 2015

Four other towns experienced their all-time highs, but the San Diego Case-Shiller Index for November barely got off the mat, rising a scant 0.28% from October.  It made up for the decline last month, and shows how general pricing data will bounce around from now on.

Link to story.

The talking heads will report how ‘prices’ went up or down, but that is a generalization.  The index went up slightly, and that’s all we know.

Here are the San Diego NSA changes for 2015:

Month
CSI-SD
M-o-M chg
Y-o-Y chg
January
204.67
+0.6%
+5.0%
February
205.95
+0.6%
+4.6%
March
208.53
+1.2%
+4.6%
April
209.79
+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
215.25
+0.3%
+5.9%
September
216.41
+0.6%
+6.6%
October
215.69
-0.3%
+6.2%
November
216.30
+0.3%
+6.0%

I revised each monthly index today by a couple of basis points to reflect the exact amount reported on the Case-Shiller Index website. I get the data from the same place every month – I think they revised their numbers.  The seasonaly-adjusted number is 216.04, so I’m sticking with the non-seasonally-adjusted. We don’t have ‘seasons’ that some ivory-tower guy can quantify.

sdcsi

Posted by on Jan 26, 2016 in Jim's Take on the Market, Same-House Sales | 0 comments

Pushing Zillow Agents

cbs

Here is what agents who hate Zillow should fear the most – national television giving the CEO the floor, where he directs consumers to Zillow in order to select an agent based on their reviews.

Spence is doing what everyone in the industry should be doing – educating the public – but how often do you see it on a platform this size?

Click here:

http://www.cbsnews.com/videos/buy-or-rent-zillow-ceo-shares-real-estate-tips/

Posted by on Jan 25, 2016 in Jim's Take on the Market, The Future | 0 comments