by Jim the Realtor | Jul 5, 2016 | Jim's Take on the Market, Thinking of Buying?, Thinking of Selling? |
This has my vote for the worst real estate article of the year:
http://www.realestateeconomywatch.com/2016/06/new-study-abolishing-the-mortgage-interest-deduction-would-lower-house-prices-by-nearly-20-percent/
Three Belgian economists have shown the world that they know how to work a calculator. They concluded that if the mortgage-interest deduction went away, homes would be selling for 20% less.
They didn’t talk to any buyers…..they didn’t talk to any realtors…..and they sure didn’t talk to any home sellers.
There is more to it than that!
- The benefit of the mortgage-interest deduction has been minimized by record low rates.
- There are many other reasons to buy a home besides the MID.
- Sellers will wait to get their price.
The MID is icing on the cake for home buyers. It doesn’t impact their ability to get a mortgage, and if the if the government takes back a tax deduction, it’s not going to stop families from wanting to have a place of their own.
Don’t be surprised if you see this article flashed around by NAR types who want to keep their lobbyists employed.
by Jim the Realtor | Jul 5, 2016 | Inventory, Jim's Take on the Market
The high-end has been sluggish, with eight month’s of inventory in the Over-$1,400,000 category (786 listings/98 closed in the last 30 days).
Now the low-end inventory is building too.
On April 25th, we had 26 listings under $800,000; now there are 57!
In the same time frame, the next category, $800,000 to $1,400,000, has added 33 more active listings too.
The inventory usually peaks between the end of July and middle of August, so we should see more listings over the next couple of weeks!
Click on the ‘Read More’ link below for the NSDCC active-inventory data:
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by Jim the Realtor | Jul 2, 2016 | Jim's Take on the Market, Market Conditions, Thinking of Buying?, Why You Should Hire Jim as your Buyer's Agent |
A potential buyer mentioned that the market was feeling bubbly, and they were wondering if they should wait to buy until things settle down later this year.
First, let’s describe what we need.
We need to find the right house at the right price with the right sellers and the right listing agent.
Any of the four can screw up your chances of securing the right buy. If the price is right, but it’s not the right house, would you buy it? Probably not. If the rest is good is good but the sellers need a 90-day rentback and prefer that their 8 dogs and cats never leave the house, you may not buy it either.
Getting all four to line up is a formidable challenge. As a buyer, you need to keep looking 12 months out of the year just to have a shot.
Other notes:
- In the off-season, the selection isn’t as good. But you only need one, so keep looking!
- Stay in the game just to keep your chops up. If you stop looking, but then come across a house that might be a fit, you may not recognize it because you haven’t been watching lately.
- Being active in the marketplace keeps you analyzing where and what you are willing to compromise. You don’t want to make a mistake here.
- Generally, the pricing isn’t going to change. We will see more than 90% of the sellers using today’s comps and tacking on the usual 5% or so to determine their list price. If there was a downturn, it wouldn’t be obvious until sales decline for an extended time.
Keep plugging – it’s only takes one!
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by Jim the Realtor | Jul 1, 2016 | Jim's Take on the Market, Local Flavor
San Diego is the #1 destination! See you on the freeway!
http://www.seasidecourier.com/news/july-travel-weekend-to-be-biggest-on-record
The forthcoming Fourth of July travel weekend will be the biggest on record for residents of Southern California, according to the Automotive Club of Southern California.
More than 3 million Southern California residents are expected to take an Independence Day vacation this year — a 1.3 percent increase over the 2015 Independence Day weekend, the Auto Club said in a statement.
According to a survey of AAA Travel agents, the top five destinations for Southern Californians this holiday are, in the following order, San Diego, Las Vegas, San Francisco, Santa Barbara and Yosemite.
If you do make it to San Diego, here are things to do this weekend:
Big Bay Boom Fireworks Show: The 16th annual show features fireworks discharged simultaneously from four barges around North San Diego Bay. The display begins at 9 p.m., lasts about 18 minutes and is accompanied by a patriotic score simulcast on radio stations FM 105.7 and AM 1090. You can also watch it live starting at 8 p.m. on Fox 5 San Diego or KTLA 5 Los Angeles.
Seaworld San Diego – Enjoy an extended special fireworks display, Celebrate the Wonder, at Seaworld, beginning on July 4th at 9:40 pm.
Fourth of July Lights Over The Cove: Bring a picnic basket, a blanket or chair and find the perfect spot to enjoy San Diego’s sunset views and a fireworks show starting at 9 pm. Ellen Browning Scripps Park, 1180 Coast Blvd., La Jolla.
Del Mar Fair: The Fair wraps up its 2016 run with the Special Edition Orchestra at 8pm, and feature selections from the Glenn Miller 1944 military band library, patriotic songs, and an original band theme inspired by Glenn Miller’s book “Method for Orchestral Arranging” published in 1942. Music to be performed will include “America,” “St. Louis Blues,” “Stars and Stripes Forever,” “Rhapsody in Blue” and “God Bless America.” Fireworks start at 9pm.
Rancho Santa Fe Parade and Picnic: Pack a few blankets and chairs for Rancho Santa Fe’s Annual 4th of July Parade & Picnic with live music, food, fun and more. It starts at 1:00pm in front of the Inn (no fireworks).
Carlsbad – Red, White, and BOOM: Take the whole family to Legoland and spend the day enjoying over 60 rides, shows and attractions along with some all-American picnic games like burlap races and water-balloon tosses. Top it off with an awe-inspiring fireworks display set to patriotic music at 8:30pm.
City of Oceanside Fireworks Show on Sunday, July 3, 2016: The fireworks will be staged north of the El Corazon Senior Center, located at 3302 Senior Center Drive. There will be music and food trucks from 6:00– 9:00pm. Fireworks display will be at 9:00pm.
