Art of Asking Parents For Money

by | Dec 27, 2023 | Down Payments | 3 comments

From the WSJ – an excerpt:

Hitting your parents up for cash can be awkward. But sometimes the best money move is to ask for help.

Take comfort that you aren’t the only one asking. About 68% of parents of adult children have made or are currently making a financial sacrifice to help their kids financially, according to a recent Bankrate survey. And 38% of home buyers under age 30 received help with the down payment from their parents, according to a survey this spring by Redfin.

Tax rules for gifts can be complicated, but unless it is a big gift, there is nothing for the giver to worry about. Recipients generally don’t owe income taxes on gifts.

An individual can give an unlimited number of people gifts up to $17,000 each for 2023 with no federal gift or estate-tax consequences. That jumps to $18,000 for 2024. Givers must report larger gifts on a federal gift-tax return, but there is no tax due until lifetime gifts exceed $12.92 million ($13.61 million for 2024).

Read the full article here:

Link to WSJ free article

San Diego Case-Shiller Index, October

by | Dec 26, 2023 | Same-House Sales | 6 comments

Last year, the index was falling faster than this year (another good sign going into 2024). There might be some noise in the next three readings, but the second half of 2023 should wind up flat at worst.

The index dropped 11% in the second half of 2022, and currently the second half of 2023 is +1.1%.


The October index is 2% below the all-time high in May, 2022, and is +68% from when this blog started!

Inventory Watch

by | Dec 26, 2023 | 2024, Inventory | 2 comments

It’s been impressive how strong the pricing has looked towards the end of the year. But if we’re looking at the median list prices, then all we know is that these are the medians of what’s not working…..but at least they aren’t going the other way!

The limited inventory has helped to keep the market stabilized. The total number of NSDCC houses for sale in 2023 was only 2,531 for the year, which was 17% lower than last year and 47% lower than 2019. Yet sales were only down 15%  from 2022, and -38% from 2019.

Next year should be equally exciting, either because the inventory stays ultra-low and we gawk at the fight over too few goods, or because there is a 10% to 20% surge in listings that will bring out more demand!

Plus lower rates – wow, it’s going to be one heck of a year. I could not be more optimistic!

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Santa’s House

by | Dec 24, 2023 | Historic Homes, Interesting Houses, Zillow | 2 comments

Santa’s House is featured with Listing Showcase, the elevated listing experience available only on Zillow. Showcase listings are powered by artificial intelligence and feature immersive media and an entirely new design to help give you richer insights into the home’s layout and features. Sellers interested in showcasing their home can ask their agent about Listing Showcase.

Check it out here:

https://www.zillow.com/house/santas-house/

Single Agency Coming Soon

by | Dec 22, 2023 | 2024, Commission Lawsuit, Realtor, Realtor Post-Frenzy Playbook, The Future, Why You Should List With Jim, Zillow | 2 comments

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!

https://www.zillow.com/homedetails/2533-Camulos-St-San-Diego-CA-92107/16966353_zpid/

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.

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