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JtR’s New Listing

10541 Galena Canyon Rd., San Diego 92127

6 br/5.5 ba, 3,780sf

7,316sf lot

LP = $1,599,000

Enjoy the American Dream of living on a quiet culdesac (rare in 4S Ranch) with big backyard that faces south for max natural light inside! This highly-upgraded and turnkey executive home in the estates by Mission Ranch has FOUR en-suite bedrooms (3 up and 1 down), hardwood floors, new carpet & paint, dual-zone A/C, three-car garage and is around the corner from Liberty Park and 1,000+ acres of open space!


Easement Impact

This one was better than the last one, but it had a funky easement granted to the neighbor that killed one sale and probably hampered this one. The list price was $950,000, and it just closed for $910,000 for 1,236sf built in 1959 on a 10,800sf lot:

Frenzy Report

Full bag of used booties!

More of the crazy this week – here are examples:

The agent reported receiving over 30 offers on this one:

https://www.zillow.com/homedetails/5402-Lodi-St-San-Diego-CA-92117/17192144_zpid/

This house went live on the MLS around lunchtime on Thursday, and by Friday afternoon all 52 showing-appointments allotted for the weekend were booked:

https://www.zillow.com/homes/3504-Rock-Ridge-Rd-Carlsbad,-CA,-92010_rb/69018333_zpid/

I got here early enough to catch the 3:15 agt on her way out, but the 3:30 agent showed up ten minutes late (his clients were on time) and he locks himself inside the house – which is all it takes to screw up the whole schedule. I was the 3:45 appt – I think there were at least five other parties who came after me:

Real Estate Commissions and the DOJ

Hat tip to the three people who sent in this article:

https://www.axios.com/real-estate-fee-showdown-lawsuits-5e88b18c-3baa-4cb0-8302-2a2a8fa16eda.html

It’s a sexy topic because the realtor industry is terrible at explaining commissions, and then reporters jump into the middle of it with their pre-conceived ideas and write articles like this one that make it worse.

Let’s sort out the two issues.

#1. Do agents steer their buyers based on commission being paid by listing agent? Yes.

Will disclosing the commission rate stop steering by agents? No.  Will buyers insist that their agent show them those listings any way? Maybe, but agents will find a different reason why they don’t want to show it so it won’t be about the discounted rate.

Sellers should insist on rewarding the buyer’s agent – pay them a bounty for selling your home. If the listing agent is paying 2% or less to buyer-agents, it discourages them from showing your house.

#2. Everything else is an assault on buyer-agents, who are getting squeezed out of the business.

Redfin and Rex want to convince buyers that they don’t need help. Just find yourself a house that you want to buy, and they will do the paperwork for you. They will say anything to convince you it’s all you need.

If the day comes that buyers have to pay for their agent, then they will just go straight to the listing agent who will have worked out a deal with the seller to handle those cases.

In either case, buyers won’t get good help. They will get no help – not from an agent who represents the best interests of the buyers, and advocates on their behalf.

Buyers don’t realize how much they want and need good help until it’s too late – but this doesn’t get considered by the Department of Justice, NAR, or reporters.

From 2018:

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