My thoughts on interpreting last month’s sales count, and the future:
4 Comments
pemeliza
on August 13, 2015 at 11:34 am
Hey Jim, I wonder how the sales number today compare to the peak years 2004-2006. If the sales are much lower now than those years that would support your idea that prices are largely going up due to the mix of sales being skewed toward the creampuffs.
One thing I do remember about 2004-2006 is that virtually everything sold close to what the seller wanted not just the creampuffs.
Jiji
on August 13, 2015 at 2:27 pm
Well there’s frenzy and then there is complete financing insanity.
97212
on August 13, 2015 at 2:36 pm
JtR: Not sure if you are aware already, but your jimklinge.com website is off line – at least in my neck of the woods. No access from your links to the right or by typing in the web address.
3rd Gen SD
on August 13, 2015 at 6:27 pm
JtR, have your sales and experience led you to a percentage of listing price that should be devoted to making deferred maintenance and aesthetic updates? Perhaps a suggested metric other than percentage of LP?
To wit, I’m sure there are some listing agents who would love for their clients to dump as much cash into the front end as they can. No skin off the agents’ backs, right?
Hypothetical: If a CMA led to a listing price of 800K, would you advise your client to invest 8K, 16K, 24K toward making it truly marketable?
Am assuming paint and flooring, kitchen and master bath updating if needed, but there has to be a point of diminishing returns. I mean, there are “cream puffs” and there are “cream puffs”…
Any general guidelines you’d care to share would be appreciated.
Hey Jim, I wonder how the sales number today compare to the peak years 2004-2006. If the sales are much lower now than those years that would support your idea that prices are largely going up due to the mix of sales being skewed toward the creampuffs.
One thing I do remember about 2004-2006 is that virtually everything sold close to what the seller wanted not just the creampuffs.
Well there’s frenzy and then there is complete financing insanity.
JtR: Not sure if you are aware already, but your jimklinge.com website is off line – at least in my neck of the woods. No access from your links to the right or by typing in the web address.
JtR, have your sales and experience led you to a percentage of listing price that should be devoted to making deferred maintenance and aesthetic updates? Perhaps a suggested metric other than percentage of LP?
To wit, I’m sure there are some listing agents who would love for their clients to dump as much cash into the front end as they can. No skin off the agents’ backs, right?
Hypothetical: If a CMA led to a listing price of 800K, would you advise your client to invest 8K, 16K, 24K toward making it truly marketable?
Am assuming paint and flooring, kitchen and master bath updating if needed, but there has to be a point of diminishing returns. I mean, there are “cream puffs” and there are “cream puffs”…
Any general guidelines you’d care to share would be appreciated.