Long-time reader (and client!) Just-some-guy asked about some where-and-why on my clientele to give folks a feel for who is doing what.
Sellers
| Reason for Selling | ||
| Excess Property | Six of those 7 got big tax benefit | |
| Downsized | 3 in SD, 2 out-of-state. Four purchased | |
| Moved Out-of-State | Three of the four have purchased a home | |
| Moved w/i California | New jobs | |
| Moved Up | I also sold them their move-up house | |
| Divorce | ||
| Estate | Proceeds benefited the Ayn Rand Foundation |
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Buyers
| Reason for Buying | ||
| First-timers | Three of the 4 used 20% down payments) | |
| Downsizing | ||
| Move Up | All were sellers and buyers | |
| Relo from Outside CA | ||
| Relocating here from CA | ||
| Divorce |
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Notes
A. One of the sellers who moved out of state took a job in Toronto. The weekend we sold the house, the temperature in Toronto was 1 degree! I told the seller to hang onto my card!
B. Four properties sold were dual agency – we represented both buyer and seller. It sounds like a high wire act, but I am clear about my duty – I give advice based on what’s best for the person with whom I’m speaking with, and don’t disclose anything about the other party. When you can keep it clear in your head, it’s not a problem. None of them were ‘sold before processing’.
The commercial brokers do it all the time, and it’s likely enough to come to the residential side that keeping my dual-agency chops up will pay off someday.
C. Seven of the 24 sellers sold a house that I sold them. I can’t rely on past clients as my only sellers – people aren’t moving like they used to!
D. Two-thirds of the buyers expected to invest more than 10% of their purchase price into repairs and improvements. Fixers provide additional inventory, and I think we did a good job to adequately discount the price paid.
E. All of my listings were featured here at bubbleinfo.com, and my SP:LP ratio was 99%. Do the video tours and blog exposure help? They must!
F. A sign that the frenzy is over and the market is flattening out is the second negotiation – the request for repairs. None of them go down easy.
Thanks for the stats, Jim! I’m LMAO at comment (A).
Excellent breakdown JtR! Thanks!
Follow up question…..
Is your breakdown of buyers and sellers typical in our local market market?
One more request, there can never be enough “wackiness” in your videos. It keeps the mood light. I love the classic car commentary.
You need a JtR specific glossary page.
for example –
california basement = 3 car garage
dine al fresco = very little interior sq footage, but big backyard!
You are welcome!
More on the Excess Properties, a category that could have also been called ‘2 out of 5 year plan’. All had moved on to bigger properties within the allotted three years, and were able to take advantage of the tax-free profits.
The difference between them and the Move-Ups was that there was a gap in the transition, where the Move-Ups went directly from smaller house to larger house, in contingent sales.