After declining four out of the last five months, the Case-Shiller Index for San Diego rose in January by 0.71%. The year-over-year change was 5.1%, which is pretty hefty considering how high prices already were at the beginning of 2014.
Dave rains on the parade, as usual:
“Despite price gains, the housing market faces some difficulties. Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a major setback,” said David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices.
In September, Susan Rodolfi, celebrated an unusual anniversary: five years of missed mortgage payments.
She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes.
Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime.
The reason, lawyers for homeowners will argue, is that cases have dragged on too long.
Recently improved with over $80,000 in upgrades, this 4,952sf Tuscan estate on 2.11 acres in Hacienda Santa Fe has the master suite downstairs for easy living, plus four other bedrooms and den. The backyard is ideal for kids, with a huge grass area surrounding the pool with waterfall – and you can have a horse too!
On top of today’s announcement that February pendings were up 3.1%, our local NSDCC market has kicked it up a notch lately. We had 84 new pendings last week, and 81 this week – we averaged 60 per week in February!
Click on the link below for the complete NSDCC active-inventory data:
If you have any interest in golf, or just like a good walk in the park, stop by the final round today of Kia Classic at the Aviara Golf Club in Carlsbad.
It is a challenging course, yet all but seven of the finalists are under par – and the leader, Mirim Lee, is 16-under!
We will be having open house right by the main entrance to golf, so stop by!
The single-level house at 1341 Mallard has been rejuvenated with new paint and fresh landscaping, and the price is down to $1,495,000. Open house is 12-3pm – stop by!
The market isn’t high-flying enough to call it a frenzy – and buyers are passing on anything that looks like a project. Doing improvements before going on the market is the best way to go:
Stop me if this sounds familiar: You scour MLS for the semi that will rescue you from a life in a high-rise. Mortgage pre-approval in place, you bid well above asking, because you live in Toronto and that’s how it works. The selling agent comes back and says there’s another stronger bid, and couldn’t you do a bit more? You swallow hard and cough up another $10,000, sealing the deal, and only later wondering if there really was a competing offer in the first place.
It’s tough to know how often this happens, but with interest rates still rock-bottom and bidding wars turning post-war bungalows into million-dollar properties, the Ontario government is bringing in new rules to crack down on unethical real estate agents that try to pump up housing prices with “phantom” offers.
The month of March is wrapping up next week, and we’re heading into the Easter/Spring Break period. Local buyers who might take some time off will be offset by the out-of-towners coming in for a look.
The market seems very balanced currently, and our ‘market health’ gauge is supportive.
Historically, we’ve called it a healthy market when Active Listings-to-Pendings have been at a 2:1 ratio, and here’s the count today in North SD County’s coastal region:
Actives: 781
Pendings: 440
Ratio = 1:78:1
It’s the lower end of the market that is really hot. Of the 440 pendings, 71% of them are listed under $1,500,000.
Only 37% of the actives are priced under $1,500,000!
While there has been a steady flow of new pendings, I haven’t seen many that were a surprise. I think buyers are being patient, and are hoping that there will be better offerings later – much like sellers are hoping there will be higher-payers later.
Mortgage rates are holding steady too, which means April could be the month that those buyers and sellers who are in tip-toe mode come closer together!
The logistics of implementing these benefits would be cumbersome, to say the least...New homebuyers would get tons of cash under plans from Biden and his party https://finance.yahoo.com/news/homebuyers-tons-cash-under-plans-000300369.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @Yahoo
Mugger Mall is the city's dumping ground.....Carlsbad, SDG&E eye mall as new location for service center https://thecoastnews.com/carlsbad-sdge-eye-mall-as-new-location-for-service-center/
"Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor. more "
5.0/5.0
by gary t moyer
5315455
"When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since. more "
5.0/5.0
by drp2drp
5315455
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
5.0/5.0
by AmberleePiercy
5315455
"Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. more "
5.0/5.0
by WAH08
5315455
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
5.0/5.0
by bethamunce
4911411
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
5.0/5.0
by Ann Romanello
305973
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
5.0/5.0
by user6611938
332633
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
5.0/5.0
by Melanie
351390
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "
