San Francisco is no longer the nation’s least affordable metro area, being surpassed by San Diego, it’s neighborhood to the south. The latest OJO Labs unaffordability report saw San Diego bypass both San Francisco and Los Angeles to become the nation’s least affordable metro by comparing median home price to local incomes.
The median home sold price in San Diego climbed 14.3% in January to $764,000, bringing the city’s unaffordability score — a ratio of home sold price to median household income — to 8.1.
And despite San Francisco still boasting the most expensive housing stock of any metro in the U.S., a 4.2% home sold price decrease in January on an annual basis actually drove San Francisco’s unaffordability score below 8 for the first time since OJO Labs began tracking the data in July 2021. In January, San Francisco’s unaffordability score fell to 7.9, down from 9.2 last month.
Los Angeles; Mobile, Alabama; Pensacola, Florida; and Boise, Idaho metro areas rounded out the top five least affordable metro areas in the U.S.
Unaffordability score is a ratio that’s derived from monthly median housing prices and median household income. The higher the score, the more unaffordable a metro area is for a household making the median income. Median home price data is drawn from local multiple listing service sold data and median household income is derived from 2016-19 census data.
Another follow-up on those five listings that went live on the market in the same week.
A third one (on Jensen Court) went pending this week!
It was the best value of the three homes for sale, so no big surprise.
It’s what we can expect in other areas at other price points though. If there is a surge of listings at the same time, the demand is probably strong enough to pick them all up, or at least cause them to sell in the order of the best value available.
It will be when none of them sell that a red flag is raised.
We see on every listing how the estimated values jump all over the place.
On my Aviara listing, the initial estimate was $2,247,615, but once the home hit the open market, the red team lowered their estimate by $313,637 to $1,933,978. A few days later, they have INCREASED it by $205,143 to $2,139,121…….which are some wild swings in less than a week!
It appears that the automated valuations can be wrong by 10% to 20%, and the guys behind the curtain are manipulating them as needed. A scary thought if people are relying on them.
Do people rely on them?
There are probably buyers who are believers, and use them to decide how much to pay for a home.
But it’s even worse for sellers. It’s been happening more and more that home sellers are putting more faith in their zestimate and Redfin estimate. If those estimates are higher than what their agent tells them, of course they want to list for a higher price and they wave around their computerized values as proof.
In today’s frenzy it may not seem to matter much, but there will come a day when accurate valuations will become more necessary.
Or will it?
Rob talks about the changes being made to the GSE’s underwriting guidelines below.
Fannie Mae and Freddie Mac are issuing more appraisal waivers based on automated property valuations! Usually it’s because the down payment is sufficient enough that they aren’t that worried about a default. But once the guidelines are changed, won’t it just be a matter of time before appraisals as we knew them become extinct?
Maybe that global warming thing is just on the east coast? Hat tip to cbmark for sending this in!
An oceanfront vacation home in the Outer Banks area made famous by the movie Nights in Rodanthe completely collapsed into the sea, most likely due to erosion, causing debris to wash up along the North Carolina shoreline on Wednesday morning.
Officials from the National Parks Service of the Cape Hatteras National Seashore warned visitors to ‘use caution when participating in recreational activities on the beach and in the ocean between the villages of Rodanthe and Salvo due to debris from a collapsed house.’
A press release sent out by the local National Parks Service noted that smaller amounts of debris were found more than seven miles away. Dare County is working with the agency to clear the crumbled house and remove the debris from the ocean.
The cozy beach town in the Outer Banks became a popular destination after the 2008 premiere of the Nicholas Sparks movie Nights in Rodanthe that starred Richard Gere and Diane Lane, which was set in the coastal town.
For those who are at least 55 years old and are buying a home in San Diego County in which you will reside, you can bring your previous property-tax basis with you!
Written by Richard Hopen from COMPASS Short Hills NJ:
When my wife and I sold our house in 2017, our $239,000 mortgage payoff was stolen.
The money was never recovered. We were victims of real estate wire fraud.
I’m not only a victim, I’m also a real estate agent and lawyer. And shame on me for not knowing about wire fraud when I sold my house. Real estate wire fraud is perpetrated by cyber criminals who exploit the trust between home buyers and sellers and their real estate agents, title companies, lawyers, and mortgage lenders. Criminals steal home deposits, down payments, and mortgage payoffs by accessing and monitoring email accounts of the parties in a transaction.
When a criminal finds an email with attached wiring instructions, they change the depository account number and email the fraudulent wiring instructions to the person who will wire the funds. If the target is duped, the money will be wired into the criminal’s account. Accessing email accounts is easy for cyber-criminals and opportunities to commit the crime are unlimited. According to a 2021 ALTA survey, 1 in 3 real estate transactions are targeted.
Real estate transactions are ripe conditions for thieves. Each transaction involves multiple parties, working under pressure to meet the closing deadline. Many of the parties share information over unsecured email accounts that can lead a savvy criminal to the wiring instructions. Home buyers and sellers are vulnerable, and real estate agents need to do much more than include wire fraud warnings on emails or have customers sign wire fraud disclosures. At a minimum, every seller and buyer should know about the risk of real estate wire fraud and how to prevent it.
Rich Hopen of COMPASS Short Hills, NJ has worked closely with ALTA to create www.stopwirefraud.org. He has sat on a wire fraud panel with a U.S. Senator; participated in a roundtable discussion with the FBI, ALTA, the Mortgage Bankers Association, American Bankers Association, and NAR; was interviewed and quoted by HousingWire and the Wall Street Journal; and has spoken to many real estate offices and organizations.
Another thought: Avoid Friday closings to help stop wire fraud.
Friday is the most highly targeted day of the week for wire fraud at real estate closings, because the next business day is on Monday, and there is only a 24 hour window to identify a fraudulent transfer and reverse it, and criminals know and exploit this weakness.
Always tell your clients to follow up with their bank in the hours after closing to be sure wire transfers were done but to also check very first thing the next morning. If the next morning is Saturday, there is no live person at the bank to follow up on the wire, and by Monday, the window to reverse it is past.
Check out our new listing of this 2br/2ba home in Park Royal! It’s the premium penthouse unit in the complex, located in the very back and has the wrap-around balcony for max viewing of the surrounding area. Newer kitchen, newer bathrooms, hardwood floors, efficient mini-splits, and plenty of natural light. Want move-in ready? This is it – just bring your toothbrush! Two pets allowed too! Balboa Park is a treasure – live right next to it! Morley Field is a block away, which has cycling, dog park, swimming, tennis, golf (27 holes) archery, softball, frisbee golf….everything you need to enjoy the outdoors! Only $695,000.
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We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation.
Thank you Donna and Jim,
Jerry and Mary
Heather Quejada
March 27, 2025
Trustindex verifies that the original source of the review is Google.
We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years.
Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community.
In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.
Lou F
March 27, 2025
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WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough!
Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale.
Communication was prompt and we were well-informed throughout the entire process.
For anyone looking for a dedicated and knowledgeable real estate team, look no further!
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William Sams
March 25, 2025
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Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.
Emily Hernandez
December 29, 2024
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Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.
Jesus Adrian Sahagun
November 11, 2024
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This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.
SABIHA PASHA
July 23, 2024
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Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless.
So grateful that I had them on my side!
Anu Koberg
July 13, 2024
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We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.
Bjorn Isachsen
July 10, 2024
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The Good
The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market.
The Great
Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them.
The Outstanding
We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time.
The Truly Exceptional
Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs.
The Recommendation
For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...
Chris Shea
June 21, 2024
Trustindex verifies that the original source of the review is Google.
We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready.
Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free.
Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.
