Ringo

by | Sep 18, 2024 | Wednesday Rock Blogging | 0 comments

Ringo at Humphrey’s with Steve Lukather (Toto) on guitar on stage right, and Hamish Stuart (Average White Band) and Colin Hay (Men at Work). Incredible show – they played all the hits, and it would be worth it to see any one of these guys play with their former band. Average White Band and Men at Work have future dates scheduled!

This is the only venue in San Diego that Ringo is willing to play, in spite of those who float up in their boats and kayaks to see a Beatle perform for free. I told Donna that Ringo will have something to say to the freeloaders, and sure enough, he did.

Mortgage Rates Are Higher Today

by | Sep 18, 2024 | Interest Rates/Loan Limits | 0 comments

From MND:

We publish daily coverage of mortgage rate movement and have done so for nearly 20 years now.  It’s a great place to quickly check in on rate trends and to get a sense of what’s true and what matters.

If you’d been checking in at any point in the past few days/weeks, you likely saw one of several attempts to remind readers that today’s Fed rate cut not only had absolutely no implication for lower mortgage rates, but indeed that mortgage rates have often moved higher on the same day that the Fed cuts.

That’s what happened today.

Interestingly enough, mortgage rates were already slightly higher than yesterday BEFORE the Fed announcement came out.  The bonds that dictate mortgage rates are actually pointing to even higher rates tomorrow unless there’s a decent improvement overnight.

https://www.mortgagenewsdaily.com/markets/mortgage-rates-09182024

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It is smart for realtors to tell their buyers that lower rates in the future are unpredictable, and buying the right house at the right price is much more important. Also, any future rate improvement will be noticed by home sellers too, and they will want  to push pricing – offsetting any benefit to buyers.

So the realtor industry should unite in our message to buyers about not waiting for…………..oh crap, here’s our head cheerleader telling buyers there will be six to eight rounds of further rate cuts!

Larry, Larry, Larry you’re supposed to be on our side!

Concessions Paid After One Month

by | Sep 18, 2024 | Commission Lawsuit, Why You Should Hire Jim as your Buyer's Agent | 2 comments

The new rules don’t allow the MLS to publish on active listings how much buyer-agent commission is being offered by the seller and listing agent. But in a strange quirk, the CRMLS – the biggest MLS in California covering about half of the state – now requires that when marking a listing sold, the listing agents have to publish how much compensation was paid to the buyer-agent.

Since August 17th, there have been 173 NSDCC closed sales, and 54 of them published the buyer-agent compensation paid (CRMLS and SDAR are the competing associations/MLS companies in the county, and SDAR doesn’t require these stats from listing agents).

Of the 54 sales who published the amount paid, here is the breakdown:

2.5%: 25 (46%)

2.25%: 4 (7%)

2.0%: 20 (37%)

1.5%: 2 (4%)

1.0%: 1 (2%)

Zero: 1 (2%)

This is roughly the same mix that we’ve seen since April when I first started logging the commission rates being offered by the listing agents. We will follow this trend because buyers deserve to know the chances of them having to pay some or all of the commission to their buyer-agent.

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I have every intention of persuading the seller and listing agent to pay my buyer-agent fee.

In the event that we get stuck with an unreasonable seller/listing agent who insists on paying little or nothing – and the buyer doesn’t want to pay either – then I’m not going to hold you to it. I’m going to turn you over to the listing agent and bow out gracefully, if you don’t mind, because Donna doesn’t work for free (she plugs in once we have an accepted offer).

Why would I be willing to work for free for weeks or months? Because that risk has always been part of the buyer-agent environment – historically, we have always risked spending our time without any promise of getting paid. It’s the main reason why we deserve good compensation – it is risky. I will take my chances that I can get the seller and listing agent to come around, and/or have the buyer recognize and appreciate our services enough that I’ll get paid. If not, then fine.

Fair?

New Rules After One Month

by | Sep 17, 2024 | Commission Lawsuit | 1 comment

It was a month ago that the NAR Settlement kicked in, and one new rule in particular was expected to turn the business upside down. From now on, buyers have to sign a contract with their agent before seeing homes in person, which hasn’t been required over the last 100+ years.

I’ve had four parties sign, and nobody has had a problem with it. Two knew me from before, and two had just met me – I was sure to bring it up early on, instead of surprising them later.

What we’ve learned:

  1. Yes, it is a binding contract, but not really. If you are dissatisfied with your buyer-agent, the contract can be terminated with 30 days notice. If you told your agent that you wanted to cancel, I doubt they will be giving you much attention during the 30 days and most would be honorable enough to cancel right away so you could move on.
  2. Having a written agreement should empower both buyer and agent to get down to it – it’s serious now!
  3. The general public are finding out that commissions aren’t negotiable, especially with the best agents. Some agents may offer to work for less, so the rate shoppers need to look around to find a deal. They will find that what we called a commission is now a fee for professional services, and they should examine what services they will get for their money.
  4. The new rule should cleanse the realtor population of the agents that need to go.
  5. You still have to find the right house at the right price, which is the biggest challenge of all.

If you can’t find the right house at the right price, none of the above matters.

The new rules, more paperwork, and the confusion & chaos only serve as distractions to those who choose to be distracted. The highly motivated buyers and sellers will keep transacting with the assistance from the agents who have adapted to the new era and still have plenty to contribute to their clients’ successes.

During the frenzy, any mistakes were erased quickly with the rising prices. But those who have bought in the last couple of years have found out that mistakes are not only possible, they are a lot harder to fix today. Their stories will cast a more-cautious tone over the marketplace.

I think clamor over the new rules has already blown over, and now it’s all about Getting Good Help!

MLS Listing Remarks

by | Sep 17, 2024 | Jim's Take on the Market, Why You Should List With Jim | 1 comment

These are examples of public or confidential remarks by listing agents to help sell their listings:

Information in this listing may or may not be correct.

Buyer’s required to submit “financial pre-qualifications” to Listing Agent for review to verify ability to close escrow before disturbing Owner for tours.

RARE OPPORTUNITY TO PURCHASE AT COMING SOON PRICE at $4,999,000 PRIOR to GOING ACTIVE WHICH WILL OCCUR ON 7/25/24 AT WHICH TIME PRICE WILL INCREASE TO $5,1999,000.

Tell your clients to put their best foot forward, please do not ask me to reveal confidential offer info received.

Please do not permit entrance of parties not associated with the scheduled showing. The property is in an Irrevocable Trust; a 45-day Notice of Proposed Action to beneficiaries is required; the seller is hopeful that this process will be completed quickly; the buyer agrees to close escrow within __ business days after notification from seller that this process is completed.

***LUXURY AUCTION SELLS IT AGAIN! CONTACT LISTING AGENT TO LEARN MORE!***

THIS IS THE ONE YOU HAVE BEEN WAITING FOR!

Include all documentation in one email, DO NOT SEND IN MULTIPLE EMAILS.

Opportunity for this land is big in the area it’s in because there is plenty of room to grow.

VERIFCATION OF FUNDS/PRE-APPROVAL REQUIRED PRIOR TO SHOWINGS.

Permits status of ADU is unknown as owners are deceased.

MAJOR FIXER. PRICE REDUCED TO REFLECT CONDITION. BUYER TO DEPOSIT NON REFUNDABLE 10% EARNEST MONEY DEPOSIT.

Regarding the distinguished koi fish: they can convey with the sale upon proof of your buyer’s true interest in the fish. They have been raised by the owners and their continued well-being is of top concern. If continuing the life of mature koi fish with love and grace is not for your buyer, please indicate in your offer that the fish should be re-homed prior to COE. The pond stays as-is

This is more than just a home; it’s a lifestyle.

Welcome to your new neighborhood in Carlsbad. Rarely available, maybe once in your lifetime.

BIG PRICE IMPROVEMENT! ACT FAST!!

This house brags like a new build.

Painter/handyman has been booked several times but postpones. So, we are going ahead with the listing. You are welcome to slip in.

BUYER MUST HAVE INSURANCE QUOTE w/ offer.

Appointments to be confirmed once a buyer representation agreement is submitted.

Go Padres!

by | Sep 17, 2024 | Padres, Richard Morgan | 0 comments

Richard Morgan has worked with us since 2009 and he and his wife Anneliese have become great friends. We make it a point to go to at least one Padres game together every year, and last night was a doozy!

School is back in session in mid-September, and on a Monday night the Padres game was sold-out!  The Padres won 3-1, and they have a great shot at making the playoffs this year. It felt like the playoffs too versus the first-place Astros…..and their fans travel. There were several sitting around us who came from Houston just to watch this series!

But more than anything, it was great to celebrate what has been our best year ever in real estate!

Thank you clients!

Inventory Watch

by | Sep 16, 2024 | Inventory | 0 comments

There is more talk about the Fed cutting a half-point on Wednesday. If they only drop 1/4%, mortgage rates will probably rise because at least that much is already priced in today.

It won’t mean much for the long-time active listings unless they lower their price.

Of the 465 actives today between La Jolla and Carlsbad, only 73 were listed in September, with a median list price of $2,995,000. For buyers looking under $3 million, it means there are only a couple of dozen homes for sale that have a chance of being a hot buy – in an area of 300,000 people!

New listings that hit the market over the next couple of weeks will be in the right place, at the right time!

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