by Jim the Realtor | Apr 2, 2021 | Why You Should List With Jim |
Our 4S Ranch escrow fell apart yesterday on a quirk in the loan underwriting process. The buyer had a glitch in his visa record with the government, where it showed as pending, not approved. Boom – bank wouldn’t give him a mortgage.
It is usually hard to re-ignite the original urgency, but this is 2021!
Our original list price was $1,599,000 on March 1st.
I raised the list price to $1,770,000 to help give guidance to everyone in the marketplace (it was our agreed-upon sales price). Since we got started, these four listings have happened:
- 16175 Deer Ridge 3,451sf closed for $1,775,000 on March 1st.
- 15288 Cayenne Creek 3,877sf closed for $1,800,000 on March 30th.
- 16342 Cayenne Creek 3,446sf listed for $1,825,000, now pending.
- 9716 Wren Bluff 3,780sf listed for $1,835,000, now pending.
We are 3,780sf and we’re sticking with our $1,770,000 list price. On Easter weekend!
https://www.zillow.com/homedetails/10541-Galena-Canyon-Rd-San-Diego-CA-92127/96742404_zpid/
by Jim the Realtor | Apr 2, 2021 | 2021, Bidding Wars, Carlsbad, Carmel Valley, Encinitas, Frenzy, Over List
The trend of paying over the list price is increasing.
NSDCC Detached-Home Sales, % Closed Over List Price
January: 38%
February: 43%
March: 53%
Most sellers and agents are happy just to get 1% to 5% over list which will cover some or all of the commission. There were 22 of 244 (9%) that went double-digit over list. The big winners:
Most % Over List Price
| List Price |
Sales Price |
Percentage Over List Price |
| $1,299,000 |
$1,655,000 |
27% |
| $989,000 |
$1,200,000 |
21% |
| $749,000 |
$900,000 |
20% |
| $1,325,000 |
$1,580,000 |
19% |
| $1,900,000 |
$2,255,551 |
19% |
| $1,535,000 |
$1,800,000 |
17% |
| $2,800,000 |
$3,200,000 |
16% |
| $2,198,000 |
$2,510,000 |
14% |
| $2,695,000 |
$3,075,000 |
14% |
NSDCC Sales, March: 244
Average List Price: $2,285,792
Average Sales Price: $2,252,883 (99%)
Median List Price: $1,788,500
Median Sales Price: $1,810,000 (101%)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Over List By Price Point:
Under $1.0M: 6
$1.0M – $1.5M: 44
$1.5M – $2.0M: 39
$2.0M – $3.0M: 32
Over $3.0M: 8
A real bell curve there!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The most sales over list are happening right where you’d expect:
Most Sales Over List By Area:
SE Carlsbad, 92009: 32 of 41 sales were over list (78%).
Carmel Valley, 92130: 22 of 32 sales were over list (69%).
Encinitas, 92024: 24 of 41 sales were over list (59%).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
by Jim the Realtor | Apr 1, 2021 | 2021, Bidding Wars, Frenzy |
This is the other article that several people sent in – thank you!
Rob Dawg wondered if these cases of dozens of offers could be tempered by putting the right price on these from the beginning. The agent’s Zillow profile shows 30 sales in the last year – and 26 of those were seller sides which is great and it means she knows something about pricing. But I think when you are pricing a home on the lower-end of the market these days, you can add easily 10% on top of the comps and buyers won’t notice – because other sellers are already doing it too. Note: the agent didn’t take the highest offer here either.
Ellen Coleman had never received so many offers on a house in her 15 years of selling real estate.
She listed a fixer-upper in suburban Washington, DC for $275,000 on a Thursday. By Sunday evening, she had 88 offers. “The offers just kept coming,” she said. “I felt like Lucy with the chocolates. I’m thinking, ‘This is just out of control.'”
Of those 88 offers, 76 were all-cash, said Coleman, who works for RE/MAX Realty Centre. There wasn’t even enough time for all of the bidders to visit the property. She said 15 offers were sight unseen.
The four-bedroom, 1,800 square-foot home sold for $460,000, nearly a 70% increase from the asking price. She said the winning bid was not the highest offer, but it was all-cash with no contingencies and it had paperwork in place.
The buyer, she said, is an investor who is likely to renovate and resell at an even higher price.
“It was a lower priced property for the area and may have been an outlier,” she said. But even her other listings have typically been getting closer to 15 offers. “Several people came in wanting to be homeowners and do the repairs themselves. There is such low inventory out there and people feel like that is a way they can get into a home.”
Read full article here:
https://www.cnn.com/2021/03/29/success/when-will-housing-market-cool-off-feseries/index.html
by Jim the Realtor | Apr 1, 2021 | Jim's Take on the Market, North County Coastal, Sales and Price Check
Pending home sales, a measure of signed contracts on existing homes, fell a wider-than-expected 10.6% in February compared with January, according to the NAR. Sales were 0.5% lower year over year. There were just 1.03 million homes for sale at the end of February, a 29.5% drop compared with February 2020. That is the largest annual decline ever and the lowest supply on record.
Yesterday’s real estate news was filled with drops and declines, but around here we’re doing fine:
NSDCC March Sales – Preliminary
| Year |
March Closings |
Median Sales Price |
Median Days-On-Market |
| 2019 |
211 |
$1,299,999 |
17 |
| 2020 |
206 |
$1,445,000 |
12 |
| 2021 |
241 |
$1,810,000 |
9 |
The median sales price rose 25% year-over-year!
