by Jim the Realtor | Jul 24, 2014 | Drone |
Hat tip to bode for sending in this drone article:
http://foxtrotalpha.jalopnik.com/seattle-police-investigate-drone-strike-on-space-need-1610542798
‘Drone’ really is such a stupid term for what was reported to be a hobbyist quadcopter with a small camera attached. None-the-less, earlier today, visitors to the Seattle Space Needle said such a craft was hovering up around the observation deck when it supposedly impacted the iconic structure. It then flew back to its “base of operations” on the fifth floor of nearby hotel.
Police were called and subsequently investigated the incident that has been dubbed by local media as a ‘drone strike,’ going as far as knocking on the door of the hotel room that people said the ‘drone’ disappeared into. Apparently the unmanned aircraft mastermind was cooperative with the authorities and showed them his toy-like chopper, as well as the video shot from it of people waving at the diminutive aircraft high up on the Space Needle’s observation deck. No impact was seen in the video, and even if there was one it would probably not have even scuffed the massive structure’s exterior paint.
The perpetrator in question was ironically an Amazon employee visiting Seattle from out of town.
People are going to have to get over the ‘drone’ craze and just realize that they are a part of our life now and largely harmless on a hobbyist level. Yes, your visual privacy in your well hedged and high-fenced backyard is no longer guaranteed, nor are the skills of the operators who control these little surveillance copters. The military and high-value targets on the other hand face different challenges when it comes to small remote controlled aircraft.
by Jim the Realtor | Jul 24, 2014 | Jim's Take on the Market, The Future |
There’s a rumor about Zillow and Trulia merging:
http://www.inman.com/2014/07/24/zillow-and-trulias-share-prices-surge-on-merger-rumors/
http://www.bloomberg.com/video/why-zillow-would-want-to-buy-rival-site-trulia-meCu5DI0SkqsPqojyuGlXw.html
Hat tip to Joe who sent in this take on it too:
https://news.ycombinator.com/item?id=8081176
Realtors aren’t going to like it, but there is nothing anyone can do to stop it. That it is even possible that an outside entity will be attracting 90% of the eyeballs looking for real estate listings is embarrassing enough.
The next step has to be for the merged company to generate an agent-rating feature, and then partner with the elite realtors to take over the industry.
The realtors left on the outside who think they can keep farming their past clients for a couple of sales per year will find that once their sales history is exposed publicly, their phone will stop ringing.
by Jim the Realtor | Jul 24, 2014 | Inventory, Jim's Take on the Market |
We should be hitting our highest inventory count for the year right about now. The last two years saw the San Diego inventory top out towards the end of summer, as unsuccessful sellers packed it in for the off-season:
Asking prices today are quite a bit higher than last summer too, yet the actual inventory count is lower. It is still shocking that these record prices haven’t brought out more sellers.
But what is needed are more sellers willing to heed the market signals.
How will we know if sellers are motivated enough to sell for what the market will bear?
1. We’ll see more sales.
2. We’ll see more fixers selling – there’s always a market for the creampuffs.
3. We’ll see improving SP:LP ratio and average DOM.
We know the frenzy is over, but it hasn’t stopped sellers from pushing their list prices higher. But sales are sliding downward, which means buyers are more cautious about getting their money’s worth.
The market is fine, and there are plenty of buyers. In most cases we are probably only talking about 4% to 8% difference between buyers and sellers – hopefully with the selling season closing out, we’ll have more realistic expectations help find a way to bridge the gap.
by Jim the Realtor | Jul 23, 2014 | Jim's Take on the Market, Wednesday Rock Blogging |
I was looking for some Guess Who and came across this classic with their lead singer Burton Cummings joining with Ringo Starr, Timothy B. Schmit, Dave Edmunds, Nils Lofgren, Todd Rundgren, and Joe Walsh:
Speaking of Dave Edmunds, here is Rockpile in 1980 with Nick Lowe singing:
by Jim the Realtor | Jul 23, 2014 | About the author, Drone, Jim's Take on the Market, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim
While we are at it, here’s another plug for my social-media outlets:
Facebook – Every bubbleinfo.com post gets uploaded here, but that’s about it. If facebook is your thing, it might be easier to follow the blog here, but no comments though:
https://www.facebook.com/bubbleinfo/
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Twitter – I love twitter and have 3,328 tweets, which is at least 1-2 per day. You don’t even have to have a twitter account – you can follow them here at the blog in the right-hand column. I usually include my synopsis in the first sentence – if it looks intriguing, click on the link for more.
My goal is to publish today’s current events in real estate – if you like maximum data input, watch the right-hand column, or click here to follow:
https://twitter.com/Bubbleinfo
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Bubbleinfo Mobile App – I think it works OK, though not many people are using it yet. You can find it at the App Store or Google Play.
https://itunes.apple.com/us/app/bubbleinfo/id836149128?mt=8
https://play.google.com/store/apps/details?id=com.mobiloud.android.bubbleinfo
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Jim the Realtor/Bubbleinfo Youtube account – A complete audio/visual history of the local bust and boom that started when I began receiving REO listings from Bank of America in April, 2008. There are over 1,700 videos with 2,037,056 views – thanks for the support!
https://www.youtube.com/user/JimtheRealtor
This is recognized as the first video I did myself – it has 10,133 views:
https://www.youtube.com/watch?v=neY1P7UvNHw
The 1,091 subscribers get an occasional video that doesn’t make the blog, like this one:
http://youtu.be/UGMa4RoXnNU
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The Pinterest account doesn’t get constant attention, but it has a decent foundation of real estate-related stuff. There are 1,359 pins on 32 boards:
http://www.pinterest.com/klingerealty/
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Instagram – I haven’t got around to Instagram yet, though Kayla should put some attention on it in the coming months.
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Thanks for participating – I’d love to assist you with your next move!
by Jim the Realtor | Jul 22, 2014 | Jim's Take on the Market, The Future
Hat tip to Richard who sent in this article from msn.com:
http://realestate.msn.com/blogs/post–are-real-estate-agents-an-endangered-species
It documents the usual positions on technology eliminating the need for realtors – with the outsiders expecting our certain demise any minute, and then agents reminding us of the maze of paperwork.
But the last quote was the best:
Elizabeth Perea, a real estate trainer at NYC Real Estate Advisors, sees the force that resulted from the innovation but disagrees that the role of real estate agents would be rendered obsolete by technology. Rather, she thinks knowing how to use social media and integrate technology into work is an essential skill for real estate agents.
Today’s internet tools can make real estate buying and selling more convenient for the consumer. These are ones I used today:
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We had determined by the photos that a certain house was worth further inspection. The buyer was out-of-state, so I toured the house using FaceTime so he could see the house and discuss it live. I also recorded a video tour that I sent later by email.
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Later, I toured with past clients who love their current house but would move if they could find something better. We saw three houses that were nice but not better; then reviewed Zillow and Sandicor apps in the driveway for additional listings, and then watched a youtube video tour I took of another house – they liked it, and we’ll look at that one tomorrow.
The tools are helpful, but intepreting the results properly is how agents can bring value to the equation. A good agent can evaluate a home immediately and assign values for positives and negatives. Being able to pinpoint the actual value of a house enables the rest of the decision-making for both buyers and sellers. You deserve to start with the facts.
Trying to negotiate a fair agreement between buyers and sellers can be testy – it can be an uncomfortable time for folks, including the agents. Being crafty at bringing people together can make the deal.
Getting to the finish line is its own skill. Creating agreement between parties on how to handle the fixits found in the home inspection sounds simple, but sellers take it personal. We also help the lender, appraiser, escrow, title, termite and related service providers do their job. Good agents see trouble brewing and find ways to resolve stuff.
A good agent provides convenience in a market that runs 24/7. I think consumers appreciate the help, and we’ll figure out what it is worth as we go.
by Jim the Realtor | Jul 21, 2014 | Inventory |
The active inventory of houses for sale under $800,000 has risen 20% in the last month – yet the other categories are fairly steady.
The UNDER-$800,000 Market:
| Date |
NSDCC Active Listings |
Avg. LP/sf |
DOM |
Avg SF |
| November 25 |
95 |
$376/sf |
47 |
1,988sf |
| December 2 |
79 |
$371/sf |
50 |
2,047sf |
| December 9 |
72 |
$383/sf |
43 |
1,954sf |
| December 16 |
81 |
$378/sf |
42 |
1,948sf |
| December 23 |
77 |
$374/sf |
49 |
1,937sf |
| December 30 |
76 |
$373/sf |
51 |
1,950sf |
| January 6 |
74 |
$370/sf |
49 |
1,995sf |
| January 13 |
71 |
$381/sf |
44 |
1,921sf |
| January 20 |
72 |
$384/sf |
41 |
1,877sf |
| January 27 |
75 |
$399/sf |
40 |
1,891sf |
| February 3 |
78 |
$409/sf |
41 |
1,876sf |
| February 10 |
82 |
$395/sf |
38 |
1,927sf |
| February 17 |
85 |
$387/sf |
35 |
1,929sf |
| February 24 |
90 |
$383/sf |
37 |
2,008sf |
| March 3 |
82 |
$397/sf |
39 |
1,942sf |
| March 10 |
88 |
$377/sf |
37 |
2,008sf |
| March 17 |
89 |
$366/sf |
34 |
2,038sf |
| March 24 |
79 |
$369/sf |
34 |
2,031sf |
| March 31 |
78 |
$367/sf |
39 |
2,069sf |
| April 7 |
87 |
$373/sf |
32 |
2,054sf |
| April 14 |
97 |
$380/sf |
31 |
2,000sf |
| April 21 |
87 |
$377/sf |
32 |
2,062sf |
| April 28 |
107 |
$379/sf |
29 |
2,044sf |
| May 5 |
114 |
$376/sf |
27 |
2,046sf |
| May 12 |
108 |
$385/sf |
31 |
2,012sf |
| May 19 |
107 |
$385/sf |
0 |
0sf |
| May 26 |
105 |
$375/sf |
34 |
0sf |
| Jun 2 |
102 |
$376/sf |
36 |
0sf |
| Jun 9 |
102 |
$377/sf |
37 |
0sf |
| Jun 16 |
104 |
$369/sf |
35 |
0sf |
| Jun 23 |
111 |
$380/sf |
34 |
0sf |
| Jun 30 |
119 |
$376/sf |
36 |
0sf |
| Jul 7 |
122 |
$387/sf |
36 |
0sf |
| Jul 14 |
127 |
$388/sf |
34 |
0sf |
| Jul 21 |
135 |
$381/sf |
36 |
0sf |
(more…)
by Jim the Realtor | Jul 19, 2014 | Remodel Projects, The Future
Hat tip to daytrip for sending this in:
http://www.mercurynews.com/business/ci_26159482/homebuilder-adds-sweet-pet-suites-entice-buyers
Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one.
The most lavish suite is a 170-square-foot pet paradise with a step-in wash station, handheld sprayer and leash lead; tile walls and floors; a designated drying area with a commercial sized pet dryer; a water station; automated feeders; a large bunk-style bed; cabinets for toys, treats and food; a stackable washer and dryer; a French door that opens to a puppy run; and a flat-screen television set.
Standard Pacific, based in Irvine, decided to offer pet suites after conducting livability studies with homeowners. Pets were a constant theme, said Jeffrey Lake, vice president and national director of architecture for Standard Pacific.
Devotion to pets is second-to-none,” he added. “They are family.
The American Pet Products Association reports that 68 percent of Americans own pets and contribute to an industry worth more than $55 billion annually.
Read more here:
http://www.mercurynews.com/business/ci_26159482/homebuilder-adds-sweet-pet-suites-entice-buyers
by Jim the Realtor | Jul 19, 2014 | Interest Rates/Loan Limits, Jim's Take on the Market, Market Conditions
Last June we had the big panic due to the Fed suggesting they were thinking about possibly raising rates. Within a month, the conforming-mortgage rates jumped from the mid-3%s to the mid-4%s.
We noted here on how the 30-year-fixed jumbo rates dropped below conforming rates, which I don’t think has ever happened before.
From June 30, 2013:
A year later and the Fed says they are going to end the quantitive easing in October, and start raising rates in 2015. From the wsj.com:
http://online.wsj.com/articles/feds-yellen-u-s-economy-continues-to-improve-but-recovery-not-yet-complete-1405432838
Those projections, which Ms. Yellen noted as an indication of their recent intentions, show officials expect to raise their benchmark rate to 1% by the end of next year. Many officials have affirmed investors’ belief that the Fed won’t start rate increases until about the middle of 2015.
What happened to mortgage rates this time?
Not only was there NO panic, but rates are actually LOWER today then they were last summer – and jumbo still below conforming:
While the real estate market feels like it is heading for an off-season malaise, there is going to be some real opportunity for buyers who stay in the game.
The motivated sellers who held out with a too-high price hoping to snag a springtime buyer are starting to realize that summer is going to be over before you know it. August is only 2 weeks away!
If they can live with less – and some of them can – buyers could reap a double benefit of lower home price AND a 30-year-fixed jumbo rate at all-time lows.
Pay a point, and borrow $1,000,000 with a jumbo fixed rate in the high-3%s!
Work with Jim the Realtor:
jim@jimklinge.com
by Jim the Realtor | Jul 18, 2014 | Market Conditions
A good description of the new normal, without asking too many questions, like: Why did foreclosures dry up? Shouldn’t we accept 640 credit scores as a minimum standard? Wouldn’t there be more sales if sellers were more reasonable on price?
http://www.mortgagenewsdaily.com/07182014_homeownership_homebuying.asp
While he has written about some of the elements in the past, Mark Fleming neatly summed up the current state of housing’s supply and demand constraints in the latest edition of CoreLogic’s Market Pulse. That issue, the company’s chief economist said, is one of the factors underlying the current faltering housing recovery and contributing to what he calls the new housing normal.
First there is a pent-up supply of housing – that is homes that might be but aren’t available for sale. The shadow inventory, homes in the process of foreclosure (some definitions include homes with the potential of foreclosure) has worried economists since the start of the foreclosure crisis. While the fear has been that these homes, once they become bank owned, might overwhelm the market they have instead come on the market at a fairly measured pace as foreclosure time-lines stretched into years and have provided a source of low-cost homes for both first-time buyers and investors. The inventory is now becoming concentrated in a few judicial foreclosure states and REO (bank-owned homes) are available for sale.
(more…)
