It didn’t start out that way, though. We trudged into 2010 trying to survive a dreary, depressed real estate market. But thanks to Ben Bernanke, who engineered the greatest soft landing in history, the rules were changed and the market responded – quickly turning into a wicked sellers’ market.
Reader LM commented on what Ben Bernanke said towards the end of a live press conference:
“We have told the banks to handle their REOs…..long pause....in an economy-supportive way”.
Oops. What he was GOING to say – ‘we have told the banks not to flood the market with REOs’.
How we sell real estate has changed too. The physical hand-writing (and explaining) of contracts has morphed into a slick bunch of clicks on an electronic form that the buyers will never read while committing themselves to being hundreds of thousands (if not millions) of dollars in debt. The realtor teams have emerged to usher clients to the finish line, which means most buyers are rushed through a home inspection, then beg for a few bucks from the seller instead of repairs, and pick up their keys usually within 30 days – all so you can leave 5-star reviews!
It looks so easy that just about anyone can make it in real estate sales now – and it’s become the career of last resort for many. The best example is the blogger Casey Serin, who became famous for losing five properties to foreclosure that he had he bought on ninja loans. He got divorced, changed his name, went offline, and then resurfaced as a realtor. He now has his own brokerage in the Sacramento area, and he made about $60,000 this year – which is a decent living for a guy like him:
Heck, if he can do it, anyone can!
Biggest surprises of the decade? The no-doc mortgages haven’t returned (yet), Google & Amazon haven’t entered the fray (yet), and the district attorney hasn’t prosecuted more than a handful of realtors for doing shady deals (I could name hundreds). I did have two encounters with the FBI where I laid out the evidence, but they weren’t interested, so I guess it’s ok.
Our move to Compass in 2018 was a result of it becoming obvious that outsiders would disrupt our industry without a fight, and being on the right team was going to be critical to success. In-house sales are the future of the residential resale market, and who you know will make all the difference (just like in commercial real estate sales).
Over the last ten years, I’ve had 7,711 blog posts, Donna and I helped 300+ families buy and/or sell a property, we got two kids though college, and we appeared in a documentary film – wow, what a decade!
I appreciate you being here – let’s make the next one, the best one!
As our real estate market wraps up its strongest decade in history, let’s looks back at the trends.
The government intervened early in the decade by stopping foreclosures and manipulating rates to all-time lows. It resulted in the longest, strongest sellers’ market we’ve ever seen, with no real end in sight. How ridiculous has it become? This week I wrote an offer with the price and terms that the seller demanded, and she countered over the smoke detectors.
Big-time outsiders entered the industry too, hoping to get in on the commission pie. Because none of the industry leaders have been willing to put up an fight, individual agents are left to fend for themselves, and they have resorted to survival gimmicks like short-sale fraud and off-market sales.
Every March we would get a surge of new listings, and the number of choices would grow until August. Lately the inventory has peaked sooner as both buyers and sellers are more antsy about procuring a sale. The most fascinating trend has been how inventory has dwindled with rising prices – in the past when pricing would go up, it would cause more homeowners to sell, but not now:
Each year the best deals sell first, causing a gradual lift in pricing as the summer rolls on and buyers end up paying more later for the leftovers. These are interactive graphs, so you can see the stats for each month by running your cursor over the lines:
What can we expect over the next decade?
Mostly we will be selling old-people homes as the baby boomers phase out. In California there will be less impact as the kids find a way to keep the family estate and preserve the ultra-low property taxes, rather than buy a different home. But it seems inevitable that fewer move-up buyers will bother with the difficulties of moving, and just end up staying put – leaving only the old empty houses to sell.
The first few months of 2020 will be rip-roaring hot, and where that takes us will be very intriguing. If more oldtimers decide that leaving the state is the best/last/only solution, then the market could really take off as the inventory surges with more sort-of-reasonably-priced homes.
New park amenities, libraries, clean energy and more, join us in a look back at 2019. A quick shout out to city employees for their accomplishments to help ensure our community enjoys an excellent quality of life. We look forward to serving you in 2020. #gratitude#localgovpic.twitter.com/rgFsJSPtOw
Now that the holidays are passing by, more people will be thinking of sprucing up their home to sell. Painting your front door is a good place to start! Here’s a link to selecting the right color choice:
An elaborate short-term rental scheme in Carlsbad tricked a young renter and property owner into losing thousands, according to the victims.
The victims, property owner Nick Foster and renter Courtney Hulla, told NBC 7 the scammer used both Airbnb and Craigslist to carry out the scheme.
On Saturday, Hulla found a Carlsbad condo available to rent on Craigslist, or so she thought.
“$650 deposit, $650 rent. We were like it’s a nice area. That seems too good to be true,” said Hulla.
She contacted a man named David, who told her he was the owner of a rental near the Carlsbad Village. He even invited her to the condo, Hulla told NBC 7.
NBC 7 is not publishing the alleged scammer’s last name because he has not been charged with any crime at this point in time.
“Walked up to the place and checked it out. He was doing laundry at the time,” said Hulla. “He said ‘Check out the place,’ you know, ‘You can walk around. I’m packing stuff up and leaving for Chicago on Thursday. This person bailed. Let me know if you like it. We can start moving forward.’
Hulla met David in person twice and said the man shared details about his life, his work and even signed a lease agreement with her.
She paid him one month’s rent and a deposit, as agreed, totaling $1,300. He gave her a set of keys.
“There’s no way this guy’s trying to do anything, scam me. He’s being too real about it,” said Hulla.
Hulla still felt uneasy, so she went to test out the keys at the condo. She noticed a light on inside and texted David, the so-called owner.
“‘I think that there are people, there are people in there. Can you explain that?’ He was like, ‘Oh they’re my aunt and uncle, just don’t scare them,’” Hulla said.
Turns out that the couple had rented the place through Airbnb from the real condo owner, Nick Foster, a Carlsbad resident.
“He made the condo his own. He acted like he owned it to sell his con to someone,” Foster said.
Foster told NBC 7, David, who had rented the condo through Airbnb before, also stole two portable AC units and other belongings over his two-week stay.
Both Hulla and Foster have reported the incident to the police. Foster has also contacted Airbnb.
“You have a conman on your platform and that he’s clearly done this before and he’s gonna do it again,” said Foster.
Neither has heard from David again.
Hulla was not able to cancel the payments she had made through the Facebook app and PayPal.
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.
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.
We decided to sell and move to AZ at Thanksgiving. Dec. 1st we met with Jim to sell our home. We closed today (29 days later). Jim orchestrated a feeding frenzy -- we had 25 showings in 2-1/2 days, multiple offers, and sold for well over asking price. I'd say he earned his commission! We have owned and sold homes in 5 different States always using experienced, productive, full-time realtors. Jim outshines them all.
You don't decide to sell and close 29 days later over Christmas (with COVID lockdown) without some miracles. Donna was amazing at performing lots of those miracles and ensuring that everything was done right and on time. They are a terrific team with a very responsive and professional network.
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. Basically we just approved what they suggested and Donna handled literally everything. We placed our house on the market and within the first day we had multiple offers well above asking price! We couldn't believe it. We were overjoyed! Jim countered the offers to weed through them, and everyone came back with way more. It was amazing, and we are ?? sure it was because of the staging and repairs the Klinges suggested we do.
Due to unforeseen dishonesty from the buyers lender, we hit a big hurdle when trying to close. We had already moved out of state and were shocked when three days before closing the lender dropped a bombshell on the buyers and us. However, Jim and Donna handled it like veterans, not afraid to play hard ball and represent their clients. After a few phone calls with us, and several between Donna and the lender, they had a plan B-Z to make sure we were taken care of. In the end we closed with even more money than we ever thought possible and with very little work from us. The Klinges handled this entire "2020" worthy event with the utmost professionalism and did everything in their power to not only make this as smooth as possible for us, but we also walked away with more money from the sale of the house than we ever hoped for. After working with Jim and Donna, you don't ever use anyone else. They are hands down the best team to represent you in any scenario.
Working with Klinge Realty Group was a great experience! They are very responsive, professional and knowledgable about the real estate market! I would definitely recommend Klinge Realty Group.
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. We had a few challenges with our property and they were able to coordinate the resolution to everything, including items that I would not think would ordinarily be their responsibility to handle. They made the whole process effortless on our part. They are folks with high integrity and we cannot recommend them highly enough.
Review for Member: Donna Klinge
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 about 15 years. On the buy side, Jim is the PERFECT combo of: completely digitally savvy (he will pull data all day long until you feel comfortable with your chosen house, area, school district, anticipated appreciation rate...anything!), he's super well respected and known in the area by other agents, an amazingly cool but strategic negotiator, is totally devoid of desperation for a sale/commission, and more.
Then once you get into contract phase, Donna literally handles every last and final detail in a concierge-like manner -- totally shielding you from the daily back and forth, noodling and annoyances of the buyer's requests. She solves it ALL; it's miraculous what that woman accomplishes over and above what is even expected in a buy/sell transaction.
On the sell side, Jim and Donna do the same, but even moreso. Donna in particular truly takes everything off your plate: she'll manage getting the house painted, the carpets replaced, she'll go on site (as she Jim both did for me when selling our rental properties) to work with the renters and make sure the house is ready to show -- freeing me to have to take time off of work to do so. They work with A+ integrity, too, so you know you are serving all parties fairly and lawfully throughout.
A home purchase/sale is the most considered you'll ever make. HIRE A SAVVY AGENT, not a friend!, and get what you need out of the transaction. Jim and Donna are our agents for life.
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. Jim's vast experience means he has worked with several realtors and knows the market all over north county. Donna is AMAZING in processing everything in the transaction. She scheduled trades people to work on the house in preparation for the sale as well as the repairs needed before closing. She communicated clearly every step of the way about what would be happening. She took the weight off my shoulders for the whole process. I will always use Jim and Donna for my future real estate needs and I whole heartedly recommend them to anyone buying or selling a home.
Jim and the team at Klinge Reality are without a doubt the best in the business! Not only was Jim helpful and extremely knowledgeable, he was patient and determined to help me find my first home. Jim and his team have been in the business for many years, and it shows. Jim is a wealth of knowledge and was my biggest proponent despite the temperature of the competitive market. I ended up getting the perfect property in my dream neighborhood all thanks to Jim. From the day my offer was accepted, Donna was a real lifesaver. She was extremely helpful, responsive, and knowledgeable when it came to every minute detail, and held my hand through the process. As a first time home buyer I had no idea what the process would entail, but Donna curtailed every concern I came across and made the escrow process feel seamless. Jim and Donna provided me the best home buying experience, and I am very grateful for all they did for me. It was truly a pleasure to work with Jim and Donna and I am already looking forward to the next time we work together!
Review for Member: Richard Morgan
Richard is an amazing realtor! He has high integrity and genuinely cares about his clients and their needs. Richard paid close attention to what I was seeking in a home and was very patient in our search to find it. I would highly recommend Richard and will use him for future transactions. Truly a different kind of realtor experience!
Could not be happier with my experience with Jim and his team. He helped me sell a very unique and challenging property. Throughout the entire process he was always available, honest, transparent, trustworthy, and always put my interests as a seller first. A (rare) true professional! During close of escrow Jim went above and beyond to complete the deal. It would not have been possible without his experience, fantastic team, and pure dedication. Highly recommended!
Thanks Jim and Donna Klinge!