Tom’s house in South Oceanside was one of the homes that was picked up in that market surge about a month ago. The weather was ideal, rates were rising, there was a bit of a lull before the holidays, and we compared favorably to the other houses for sale nearby. When another market-surge happens, let’s see if we can determine the cause (hopefully there will be others!).
The two others that went pending the same week didn’t fare as well.
The house that did close escrow looked like it had to dump on price to find a buyer – but it wasn’t as bad as it appears. The owner/agent had it listed for $829,000, and it closed at $750,000, which looks like a dramatic 10% discount. But the buyer had gone direct, and the seller reduced the price by the amount of the commission. It was noted as such in the confidential remarks, but future buyers won’t see those and will probably consider the $750,000 as the comp price in future valuations.
The other house that went pending fell out of escrow, due to mixed signals that made the buyers uncomfortable, so they cancelled.
These demonstrate how the market has changed.
Previously, the first house would have had more interest, and owner/agents would have been more patient about working the price higher.
In the second example, buyers would have been more likely to put up with some mis-direction, but there is zero tolerance now.
We had Tom’s house listed for $989,000, and we closed at $975,000.
We’re having open house 12-3pm Saturday and Sunday to find the buyer, and to keep the pressure on those who have seen it, and may be lurking (in case they’re thinking that waiting longer might mean a better price).
Relentless activity keeps the buyers hopping!
A week ago, the Red team’s estimate was $1,040,313, much like the list price:
After a flurry of hits on their website, they called it a Hot Home, and raised their estimate to $1,055,196. But then we lowered the price to $999,000:
Conveniently, after we lowered the price, they dropped their estimate by $70,458 in three days, and is now is within $239 of the zestimate:
We can put to rest any question about how they determine their estimates – they just mirror the list prices.
Authentic and like-new modern farmhouse west of I-5 – wow! New roof, new HVAC, new baths, new and expanded kitchen with chef’s island, master suite with huge walk-in closet – and all done with permits too! Wire-brushed French Oak hardwood floors, board & batten siding, vintage farmhouse lighting all done in exquisite detail – impressive! Multi-gen will love the multiple bedrooms downstairs, and this is half the price you’d pay in Encinitas/Carlsbad for a turn-key farmhouse this close to the beach!
Ending the step-up basis on inherited homes would benefit brokers, as would a $15,000 tax credit proposed by Biden for anyone buying a home after not owning one for three years. President Joe Biden’s real estate checklist https://therealdeal.com/miami/2021/01/20/president-joe-bidens-real-estate-checklist/?utm_medium=social&utm_source=twitter&utm_campaign=single_content_share
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
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"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
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"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "