To the Veterans – thank you for your service!
No significant drop in the number of homes for sale must mean that sellers are motivated – they aren’t cancelling their listings, at least not yet. But all we know is that they are motivated to sell at their price. Will they sell at your price?
There’s only one way to find out – make an offer!
StorageCafe’s analysis ranked the 50 most popular moving routes based on “individual move-ins,” referring to one relocation event where an individual household from California establishes a new residence in Arizona. StorageCafe also considered numerical and percentage differences in home and rent prices across counties in both states, homeownership or rental status, per capita income and generational demographics.
The report found that more than 630,000 California residents relocated to Arizona over the past decade — an average of 173 new residents per day. Among the top 50 moving routes, 36% of migrating California residents purchased homes during their first year in Arizona. According to StorageCafe, almost all top-ranked routes offered significant savings on home and rental prices, with the highest amount reaching nearly $1 million.
Additionally, the report noted that “homes in Arizona cost less than half of what they do in California ($321K vs. $659K), giving people a much better chance at homeownership. The same trend applies to rent, with Arizona apartments being 30% cheaper than in California.”
The No. 1 route between the states — and the route for five of the 10 most popular routes —was from Los Angeles County to Maricopa County. Encompassing the Phoenix metro area, Maricopa County experienced almost 8,700 move-ins from Los Angeles alone in 2022, with 43% of newcomers choosing homeownership.
Other common starting points for Californians moving to Maricopa County were San Diego County (5,173 movers), Orange County (4,021), Riverside County (3,302) and San Bernardino County (2,649).
About 34,000 California migrants relocated to Phoenix in 2022, with technology job opportunities heavily influencing the trend.
“[Phoenix] has always been a darling of tech companies, due to its top-notch universities and strong aerospace industry. Naturally, there’s a busy scene of home-grown tech companies, as well as California transplants. In the past few years, companies like Unical Aviation, Sendoso, and HomeLight moved their corporate headquarters from California to Maricopa County,” the report noted. “This trend is further boosting the local tech sector and contributing to the creation of thousands of attractive jobs.”
StorageCafe highlights tech and health care as two key drivers behind a consistent number of young professionals moving to the Grand Canyon State. According to census data, millennials (26%) led the migration charge among age groups, followed by Generation Z (20%). Baby boomers (18%), Generation X (14%) and Silent Generation (4%) movers followed as they sought better retirement options.
https://finance.yahoo.com/news/arizona-become-top-choice-those-224837429.html
https://www.consumeraffairs.com/movers/moving-to-arizona.html
Are you thinking of downsizing but want to stay close to town? Check our new listing – I will be there for open house 12-2pm today:
https://www.compass.com/listing/700-east-vista-way-vista-ca-92084/1704809465887958921/
The Fed came through yesterday and lowered their rate by 1/4%.
It caused mortgage rates to come all the way back to….7%.
This is probably as good as it will get for the next few months.
The market feels fairly balanced currently, with some tilt towards a buyer’s market for the fixers and older listings. Creampuffs are still selling for a premium!
I think any distractions from the election have passed and the housing market should be better than expected for the rest of the year! Those who are thinking about selling in 2025 and who are ready to go now should consider expediting their plans.
When to sell your home:
If you have all three going for you now, let’s go!
The percentage of buyers who insist on paying above the list price has leveled out around 20% over the last three months. Even more interesting are those who pay $100,000+ OVER LIST when so many more are paying $100,000+ UNDER:
PAID $100,000+ OVER LIST: 14 (8%)
PAID $100,000+ UNDER LIST: 63 (38%)
But sales and pricing are strong lately, compared to last year – and note that the average and median sales prices are the highest on the chart (except for the crazy outlier in June):
Most home sellers are reluctant to do much, if anything, to prepare their home for sale. The covid frenzy was very forgiving when buyers were desperate to buy anything at any price – which spoiled sellers (and agents) who were still able to sell homes for retail regardless of condition. Those days have passed:
We’ve been wanting to check out the new venue called the Sound at the Del Mar racetrack:
With all the talk about the presidential election being so close, some thought it could take weeks to determine the eventual winner – and only a powerful Trump victory could avert it.
Standoff averted!
No matter how you feel about it, another Trump presidency should be good for home sales.
Why? Because we saw when Covid broke out that uncertainty encourages people to hunker down.
Buyers will be motivated to end their search before rates go much higher – which will be in the mid-7s shortly. If my predicted surge in inventory happens early in 2025, there will be plenty of homes to go around. Some will wait-and-see, but the highly-motivated buyers and sellers (the only ones that matter) will be pushing to make deals as soon as possible.
Who should put their home on the market right now?
Just when it looked like home sales were going to take a break….here we go!
Before Kayla went off to Manhattan to seek fame and fortune, she authored Trendy Tuesday here.
With her joining Compass NYC and also hanging her California license with Compass here, it means the Klinge Realty Group is back together – plus daughter Natalie as marketing director as well!
We have made a blog deal.
Both of them will take turns contributing a TT blog post every week – and Mom will join in too!
The first one today is an easy one because Natalie has been captain of the Mama’s Pies – her entry:
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Join the Klinge Realty Group in our 6th year of supporting Mama’s Kitchen, an organization that delivers meals to homebound individuals vulnerable to malnutrition due to conditions such as HIV, cancer, and heart disease. Since 1990, they have been making and delivering meals that are medically tailored to fit the needs of recipients to help improve their health and well-being.
Their primary fundraiser is Mama’s Pies and this year they’re celebrating the 20th anniversary! With the purchase of each pie, they’re able to produce and deliver 12 meals to those in need.
Last year through our sales and the donations of many friends, family, clients and colleagues, we were able to contribute 1,932 meals! We’ve already raised over $2,000 this year and hoping for more.
If you need any Thanksgiving pies, please consider purchasing through Mama’s Pies, or making a donation – they also have a pie-themed tote bag! Here’s how to place your order:
Sales end Nov. 22nd or as long as supplies last, so get your orders and donations in ASAP.
Thank you for your generous spirit and kind heart! We are so appreciative!
With love,
Natalie & the KRG Team
The NAR Settlement has not been approved yet, but according to the DRE Commissioner, the State of California isn’t waiting around – they have already passed a new law!
They also noted that 20% of the salespersons did not renew their license last year, so we hopefully we can probably expect a similar number this year, and maybe more?
