We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years.
Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community.
In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.
And of the 7% who would buy, almost half of them have a higher rate, so it’s still a benefit to buy now.
I’ll also assert that these move-up/move-down homeowners already surrendered in June that their hunt was over when we got into the high-5%s. Existing homeowners who have a 6% rate or higher couldn’t qualify for a refinance, so they weren’t moving anyway.
The buyer pool has been the same for almost four months now.
All the sellers in the non-coastal areas cashing out their equity, looking to buy their last home in coastal SD county (Floridians tired of the hurricanes, New Englanders tired of the cold winters and humid summers) . All the first-time buyers, families, etc. who want the beach life and good schools and have money from stock gains, crypto, inheritance, etc. Plenty of potential buyers out there. Now granted, most will not be in the >$2M market, but there are SFHs in the $1M-2M range in north coastal SD county.
Higher rates are particularly gauling when paired with SALT caps.
Higher rates are particularly gauling when paired with SALT caps.
But when your Fed chief says he intends to ‘reset’ the housing market, he makes it sound like it’s a good idea.
You’ve probably noticed that they never say Thank You either, for all the extra taxes they are hauling in on profits over the $500,000 exemption. These are elderly mom-and-pop homesellers, not billionaires or mega-corporations, who are either stripped of real money (hundreds of thousands of dollars) – or are stuck in their homes because they refuse to sell and pay the capital-gains taxes.