Already gorgeous and now thoroughly renovated, this one-story charmer has all the hot buttons – remodeled white kitchen and baths, lighter hardwoods, high ceilings, new roof, solar, walk-in closet, RV parking, no HOA, low-maintenance yard, and walking distance to coffee or church! Secluded on an elevated 10,000sf corner lot with good privacy, this creampuff is enhanced by the easy indoor/outdoor transition that creates multiple entertaining areas! The address says Poway but RB is only a block away so freeway access is excellent. Larger than most of the RB homes nearby, and in great shape – perfect for downsizers! Three bedrooms PLUS den!
Over the last few years, the real estate disrupters have figured that the high-tech environment should produce an easier/cheaper way to buy and sell homes. No matter how it’s presented though, the message is clear. We’re hoping to beat the agents out of their commission.
Saving the commission is a noble aspiration and sounds very feasible when consumers run into most agents. Usually they come away thinking, “what do they do to deserve that much commission?” Some consumers get so defiant that they will sell their home without an agent just to be right about not paying a commission – even if they sell for less.
The most famous example here was the blog reader who wanted me to provide him with customized market data – even though he was listed with one of the $500 input services. When I brought it up here on the blog, he got beligerent and raised his price by $300,000, just to show us how determined he was – and this was in early 2022 when the frenzy was red hot:
But 16 months later, he still had not sold his house.
He finally gave up and hired a BH agent who promptly got him a sale over list price:
There is a gap between wholesale and retail pricing that is about 10%. A good listing agent will sell your home towards the top end of the range, and the average agent will sell it for less. The message that agents should be offering is to Get Good Help, because the top agents pay for themselves by selling your house for full retail!
Why can’t a for-sale-by-owner sell for full retail? Because they always price too high, and buyers aren’t as comfortable with the process or the price when there isn’t a good agent involved. You need one or the other – a good agent, or a very attractive price to compensate.
Are homeowners going to risk giving their house away? No, they will just price at full retail and wait until somebody comes along – and we know who comes along – realtors, by the dozens.
The disrupters will put all sorts of spin on it – remember Make Me Move by Zillow?
But none of them are able to change the fact that buyers aren’t comfortable paying full retail unless somebody is there to instill ease and comfort. Price didn’t matter as much during the frenzy, but it matters now, and the best thing any seller can do is to Get Good Help who pays for themself by getting full retail while making the process easier and more predictable for you.
Nine of the 22 homes for sale in the 92011 are mobile homes, and two are attached homes.
This zip code has a population of ~25,000, but there are only NINE houses for sale, ranging from $1,995,290 to $3,779,000…..and now two are for sale on the same street! We expected that the one down the hill at 7210 Aviara Drive would re-enter the market, because it had been for sale for months at the end of last year and cancelled for the holidays.
I didn’t advertise on Zillow that we are doing the broker preview today because the HOA is tough and I don’t want to stir it up. But the competition went ahead with publicizing their open house today so both of us should benefit. If you’re interested, come on by – we’re having breakfast burritos!
The specialized Zillow listing kit that they started selling this year for $529 includes prominent placement of the listing for the first seven days, but when there are only 22 for sale, it means that everyone is up front. But I don’t mind the #1 spot – here’s how our listing has scored so far:
The saves-divided-by-views = 8%, which is better than my rule-of-thumb of at least 5% for hot listings, and then Zillow adjusting their zestimate to within 0.4% of my list price doesn’t hurt either. It was just slightly different last week:
The Zillow listing kit includes photos, 30-second video (too short for big homes), drone shots, 3D tour, and floor plan. They require that agents use their 3D tour and floor plans in the MLS to receive the 7-day prominent placement, and it makes you wonder what else they will require once they gain more traction.
Here is the pro video we did with our usual guy (not Zillow). It’s the best one yet:
Come by 10:30am-1pm today, or on Saturday, 12-3pm!
Are you searching for a sensational luxury home in Carlsbad’s premier gated community, Aviara Point? This exceptional contemporary estate features newer hardwood floors, high ceilings, solar with Tesla batteries, a dazzling white & stainless kitchen, four generously-sized bedrooms up, and a bedroom/full bath ensuite downstairs plus den with french doors that open onto the courtyard with fountain. The warm, comfy feeling is enriched by windows everywhere that bring in the sunshine plus ocean, lagoon, and golf views too! Some of the homes on the street are multi-level and have stairs everywhere – the only staircase here is between the 1st and 2nd floors. Last year, two Aviara Point homes closed for $4,000,000+ and another one down the hill is in escrow for $3,850,000 (off-market) – extra equity is built in! This is a tremendous value for those who aspire to the heights – check it out!
Open house Wednesday 10:30 – 1:00 (agent preview, public is welcome)and Saturday 12-3pm!
We suggest a variety of home improvements to help our sellers achieve a top-dollar sale. When it comes time to select the right slabs for kitchen counters, you only get one shot….and it better work!
There have only been 83 NSDCC sales recorded in December, 2023, which means we may not make it to 100 closings. January isn’t looking too good either, and from what I can find, we’ve never had less than 100 monthly sales, let alone in back-to-back months. But it’s coming.
It puts the squeeze on everyone.
Buyers lose faith that there will be more homes to consider and end up jumping at one. Sellers either think they can get away with any price and tack on an extra 5% to 10% over the comps from 2021….or they give up altogether and decide to wait until the market “gets better”.
Even with a little extra inventory, the market is going to look and feel uncertain. Is it going up or down?
When we are having the fewest sales ever, the the evidence is thin, and the results vary!
NSDCC December Sales Under $4,000,000:
Number of sales that closed for $100,000+OVER their list price: 12
Number of sales that closed for $100,000+UNDER their list price: 17
The gradual phasing out of buyer-agents is underway, and it shouldn’t be long now.
Zillow’s new format features the listing agent’s phone number under the main photo!
The three-headed agent display was removed and now when a reader clicks on the right side for Request a tour or Contact agent, they are linked to the Zillow call center instead. There they get processed/qualified on the phone by Zillow employees, sent to Zillow Mortgage, and then get assigned to an agent who is paying big money to Zillow for the privledge.
Buyers will figure it out pretty quick. By clicking on the right side, you get a 3rd party agent who isn’t the listing agent and has never been to the home. With the listing agent’s phone number now prominently displayed, it is inevitable that buyers will call the listing agent next time.
If they need a prompt, they will get one when they start clicking on the photos – which every viewer does immediately. This is what they will see now:
Yep – the listing agent is in the upper-left corner of every photo!
With the threat of buyers having to pay a buyer-agent a hefty commission out of pocket, it will be irresistible for them to contact the listing agent to see what they have to offer – in hopes of avoiding a separate payment due to a buyer-agent. The listing agents will be happy to oblige because they will already have their full fee packed into the listing side.
By the time the realtor lawsuits get resolved, it will be too late – there won’t be any need for a buyer-agent.
Zillow is offering a full marketing package to listing agents too.
Package Includes:
Listing Placement Boost on Zillow
HD Photography
Aerial Photography
Social Media Reel
3D Tour
“NEW” AI Generated Interactive Floor Plan
Listing Website
Enhanced Listing Agent Branding
Capture New Leads From Your Zillow Profile
The Listing Placement Boost on Zillow?
Listing agents who purchase a marketing package will have their new listings displayed first in the home’s area for seven days – a very nice feature for agents looking to capture buyers for their listings.
While the rest of the industry was grumbling about lawsuits over the last few months, Zillow created a new format that will solve everything. But nobody knows what fee the listing agent charges because it is never disclosed to anyone but the seller – the person who just wants to hurry up and get their money.
We won’t see a hundred new listings hit the market in one day….it will be two here, three there, four over here, etc. and pretty soon the buyers will think about stepping back to see where it might go.
I mentioned this dilemma a few months ago and the C.A.R issued clarification in October. While the contract generally tends to be seller-friendly and of course it protects realtors at all costs, this is an advantage for buyers:
Sometimes during the course of the transaction, a buyer may need to assign all or a portion of their interest in the contract. This could mean swapping out one buyer for another (a total assignment) or it could mean adding an additional buyer to the existing one (a partial assignment) or it could mean deleting a buyer or replacing buyer(s) with at least one original buyer remaining (other assignment). In each case, buyers under the Residential Purchase Agreement (C.A.R. Form RPA) have a limited right to assign their interest in the contract as long as they follow the appropriate procedures.
Right to Assign under Paragraph 23 of the RPA
Paragraph 23 of the RPA lays out the procedure for an assignment to take place. If the buyer is assigning all of their interest to either 1) their own trust or 2) any wholly-owned entity of buyer’s that is in existence at the time, then the buyer has the right to make the assignment and does not need seller’s consent.
In any other circumstance, buyer may not assign the contract without first getting the separate written consent of the seller to the specified assignee. The seller’s consent, notably, cannot be unreasonably withheld.
When making an assignment request, the buyer must:
• Disclose the name of the assignee
• Disclose the amount of any monetary consideration between buyer and assignee
• Provide assignee with all documents relating to the transaction
• Ensure that assignee will provide a letter from assignee’s lender that assignee is prequalified or preapproved as specified in the RPA
If the buyer does not deliver the assignment request and satisfy the above requirements within 17 Days after Acceptance (or whatever time is specified in RPA Paragraph 3K) then the seller’s withholding of consent to the assignment shall be deemed reasonable.
On the AOAA form, the buyer has to declare the amount of the payment involved:
I just listed this Terramar property for sale that allows for 60% FAR coverage, which should mean that two 3,600sf oceanview homes with ADUs for could be built on this R-15 lot and it’s only $1,999,000! The two homes should be worth around $4 to $5 million each when done. I mentioned the tax assessor’s valuations – they appraised the land value of two non-oceanfront properties on Shore Drive for $3,000,000+ with the same size lot without the R-2 zoning. Build the family compound!
