What’s Hot

by | Jun 11, 2023 | 1-story, Carlsbad, What's Hot

Is there a more popular offering than a dressed-up one story house on large lot in the mid-millions that’s walking distance to the popular LCC High School? Closed at 9% over list price:

24 Showings Booked

by | Jan 9, 2021 | 2021, Frenzy, Jim's Take on the Market, What's Hot, Why You Should List With Jim

The seven showings of our new listing yesterday went well. People generally show up on time and understand the predicament that the demand is overwhelming the supply.  We’ve received two offers, and we are way over list price already.

There tends to be some standing around, so I like to engage with agents about how my slow-motion auction process works.  They appreciate the transparency, and tells stories about how other agents are handling their showings.  I heard a story about one listing agent who demands that agents submit the buyer’s preapproval letter and proof of funds JUST TO BE PUT ON A WAITING LIST TO SHOW, and another where no human interaction was allowed (which is common).

In my case, you deal with me, and I make myself available by phone, text, or email.  I want to give every buyer ample opportunity to buy the home – isn’t that what you want in your listing agent?

Get Good Help!

Still Hot!

by | Dec 16, 2020 | Carlsbad, Jim's Take on the Market, La Costa, What's Hot, Why You Should List With Jim

The house across the street and a couple of doors down from my pending listing in La Costa Oaks went on the market today.  I emailed the listing agent to tell her that we had 25 showings during the first weekend, and our sales price – which is higher than her list price. She appreciated the tip.

She got back to me later – she has TEN showings today!

Christmas is next week. I hope we get the day off!

https://www.compass.com/listing/7177-sitio-corazon-carlsbad-ca-92009/673459356473067393/

The Trend Towards Larger Homes

by | Dec 1, 2020 | Boomers, Jim's Take on the Market, Market Buzz, Market Surge, Sales and Price Check, What's Hot, Why You Should List With Jim | 1 comment

Remember when it seemed to make sense that because home prices were escalating, people would be buying smaller homes? Boy, did Covid-19 change that – now the larger homes are driving the market, which suggests that the move-up market has come alive:

(To keep a healthy sample size, let’s combine October and November)

NSDCC Sales and Pricing Over/Under 3,000sf

Oct + Nov
# of Sales Under 3,000sf
Median SP
# of Sales Over 3,000sf
Median SP
2019
265
$1,135,000
204
$1,800,000
2020
362
$1,255,444
320
$2,150,000
% Diff
+37%
+11%
+57%
+19%

Rapidly-increasing prices aren’t slowing down sales….and may be speeding them up!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Could the increase in larger-home sales be due to more inventory?

No – actually we have had fewer Over-3,000sf homes listed this year than in 2019:

NSDCC Total Listings between Jan-Nov

Jan-Nov
# of Listings Under 3,000sf
# of Listings Over 3,000sf
2019
2,454
2,307
2020
2,273
2,127
% Diff
-7%
-8%

The larger-home sales were already benefiting from multi-gen buyers needing a place for Mom. Add to that demand the move-uppers who may not need a place for Mom yet, but if they sense it might be coming in the near future, then might as well buy bigger now – and maybe get granny to throw in some of her dough!

More Frenzy Fuel

by | Nov 10, 2020 | 2021, Frenzy, Jim's Take on the Market, Real Estate Investing, Realtor, Spring Kick, Thinking of Buying?, Thinking of Selling?, What's Hot | 4 comments

San Diego didn’t make the NAR list of vacation-home areas (counties where 20% of the housing stock is for seasonal use), but our market should be enjoying some additional second-home purchases:

Vacation home sales are outperforming total existing-home sales. Sales of homes intended for vacation use rose to 109,100 in the past three months of July-September, a 44% gain from the level of 75,600 sales during the same period last year, according to NAR estimates based on information gathered from the monthly REATORS® Confidence Index Survey and NAR’s existing-home sales estimates. In comparison, total existing-home sales during July-September rose 13% year-over-year (1.72 million in July-Sept 2020 vs. 1.52 million in July-Sept 2019).

The pandemic and low mortgage rates have increased the desirability and affordability of owning a vacation home. Buyers may be desiring a vacation home as a weekend getaway as urban-based leisure activities are still constrained by social distancing. The ability to work from home also means buyers who can work from home can spend more time at and enjoy their vacation home. Historically low mortgage rates have also made a home purchase more affordable, while rising prices in past years have yielded larger home equity gains that can be tapped (through say a home equity loan) to use for a down payment.

Link to Full Article

Winstanley Report

by | Mar 28, 2020 | Carmel Valley, Jim's Take on the Market, Virus, What's Hot, Why You Should List With Jim, Zillow | 1 comment

This has to be the most Zillow views we’ve had on a listing during the first day on the market.

Between the two copies of the video tour (one is non-branded), there have been 159 views.

The house has been shown four times in person.  Housing is essential for some.

Everyone is a looker though. Are people willing to buy? It is a humble environment now.

Over List!

by | Feb 29, 2020 | Bidding Wars, Jim's Take on the Market, Market Buzz, Spring Kick, What's Hot

An update on two of the homes featured here that garnered multiple offers. As expected, they sold for well over their list price.  This one got $51,000 over the top of their price range:

This one had 20+ offers, and sold for a whopping $190,100 OVER LIST PRICE!

The fully-renovated, one-story homes are HOT!

Plus let’s also include this old classic in Olde Carlsbad that sold for $30,000 over list price, or $773/sf in an area that has averaged $539/sf over the last six months:

What’s Hot

by | Feb 26, 2020 | Carlsbad, Jim's Take on the Market, Market Buzz, What's Hot

We noted how there aren’t many of the newer one-story houses for sale.

When they do hit the open market, they tend to blow out – three of the last four sales of this 2,100sf plan in Santa Fe Trails in Carlsbad have sold over list price.  The previous high sale of this model was $1,100,000 in 2018, so they listed this one on the range $1,125,000 – $1,150,000, figuring they could get a little more:

https://www.compass.com/listing/3412-camino-largo-carlsbad-ca-92009/441432253076395113/

Four days later they opened escrow for $1,225,000 cash, and closed three weeks later!

What’s Hot

by | Feb 18, 2020 | Bidding Wars, Jim's Take on the Market, Listing Agent Practices, Market Buzz, Solana Beach, What's Hot

I have to hand it to Brett and team in their preparation of this 1975-built home in Solana Beach.  The flooring was removed downstairs, and they added a heavy epoxy paint to the exposed-concrete, which gave it a trendy-hip look to go with the colorful formica in the kitchen:

The list price is $1,850,000, and they already have four offers!

Link to Listing

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