by Jim the Realtor | Jul 1, 2024 | 2024, Forecasts, Jim's Take on the Market |
Above is what’s coming for the next six months, and it’s going to be a slugfest as buyers and sellers grapple with price. The relation of sales price to the days on market will be exact.
How much should buyers offer as we cruise into lowball season 2H24? The price that makes you cringe, relative to how bad you want it. If wifey says buy it, then pull out all the stops.
June 30 is the peak of the year, so we have some visibility.
Here’s Mike’s video for all the details: https://youtu.be/CW9V-ELOlxI
by Jim the Realtor | Jul 1, 2024 | Inventory
Of the 496 active listings today, 213 of them are listed over $4,000,000 and 75 of those are listed over $9,000,000. Do those have any impact on buyers and sellers for properties listed under $3,000,000?
Not really, but today there are now 93 homes for sale under $2,000,000, and another 111 priced between $2,000,000 and $3,000,000 – and both are the highest counts of the year.
Listings are stacking up in all price categories!
The demand is still there – there were 38 new pendings this week – and the total number of pendings is still higher than it was last year so the market is working. But more and more buyers are rejecting the pricing of most active listings.
(more…)
by Jim the Realtor | Jun 30, 2024 | Where to Move
For the local homeowners who are getting up in age and know they will need assistance but don’t want to leave the area, this is probably the most comprehensive choice nearby:
Everyone raves about it (there is a 3-year wait to get in) and the cost reflects the quality – it must be good:
Don’t wait until you absolutely need help – plan ahead.
https://lacostaglen.com/
by Jim the Realtor | Jun 28, 2024 | Jim's Take on the Market, North County Coastal, Sales and Price Check
It’s the last business day of June, and while there will be a few more sales added to this total, there will be at least 10% fewer closings than last month:
updated June 30th
The median pricing is higher this month, but I don’t think that means home prices in general are rising. It’s probably because the more desirable properties are the ones selling.
The red numbers suggest the market is slowing down.
by Jim the Realtor | Jun 28, 2024 | Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim |
Remember my uncle’s house in Los Altos?
The buyers paid $4,137,000, and financed $2,689,000, which at 7% will be around $17,890 per month. Add around $4,000 per month for property taxes and $1,000 for insurance and it totals $22,890 per month.
And now they are renting it for $8,500?
Get Good Help!
by Jim the Realtor | Jun 28, 2024 | Local Flavor, Where to Move
San Diego is one of the top cities in the world for startups – we may even be in the top ten by now! Hopefully it means more big money pouring into the residential resale market too.
by Jim the Realtor | Jun 27, 2024 | Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim, Zillow |
How about those zestimates?
We see on every listing in America that once a home hits the MLS, Zillow revises their zestimate to within a couple of dollars of the list price. That alone is shady and should be illegal, given how consumers have come to rely on them as the truth.
How close are they when homes are off-market?
The pre-market zestimates on our recent listings range from being as much as $550,400 UNDER the actual sales price, to being $815,000 OVER the sales price.
The scariest part is that sometimes they are close to being right!
Which is which? How do you know how accurate your zestimate is?
We should stop saying that commissions are negotiable and say it correctly. Every agent has their own commission rate – some agents charge more, and some charge less, and it usually depends on their skill set.
Are you going to hire a less-experienced agent who isn’t as good on pricing, just to save a point because you trust your zestimate? Yikes!
Get Good Help!
Sold for $1,870,000. Wrong by $296,900.
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Sold for $2,705,000. Wrong by $94,200.
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Sold for $4,137,000. Wrong by $815,000.
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Sold for $926,000. Wrong by $57,300.
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Sold for $1,400,000. Wrong by $114,000.
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Sold for $1,610,000. Wrong by $197,200.
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Sold for $3,365,000. Wrong by $550,400.
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Sold for $1,350,000. Wrong by $105,000.
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Sold for $1,450,000. Wrong by $281,500.
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Sold for $2,440,000. Wrong by $16,100.
