by Jim the Realtor | Nov 6, 2024 | 2025, Forecasts, Spring Kick |
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 more motivated to end the search before rates go much higher – which should 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?
- The homes with big ocean views. December and January have clear weather and the best time to appreciate the view, unlike April-June when it is gray and gloomy.
- Fixers – the homes that need work are easy to skip when the choices are plentiful.
- The unicorns – the unusual homes that are hard to value.
Just when it looked like home sales were going to take a break….here we go!
by Jim the Realtor | Nov 5, 2024 | Trendy Tuesday |
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:
- Visit our selling page here.
- Click “Buy Pies.”
- Add your desired pies, holiday feasts, and/or tote bags to your cart.
- Under the “Select Seller” section, click “Yes” and select “Team: Klinge Realty Group.”
- Choose your desired public pick up location OR under Private, choose “KLINGE” to have our team deliver it to your home in San Diego.
- Add in any additional donation amount if you choose to do so.
- Put in your payment method and click submit!
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
by Jim the Realtor | Nov 5, 2024 | Realtor |
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?
by Jim the Realtor | Nov 4, 2024 | Inventory |
A slight uptick in the inventory count in the last week – today’s sellers aren’t quitters!
If the election noise starts to settle down, today might be the best day of the year to get a deal!
(more…)
by Jim the Realtor | Nov 3, 2024 | 2025, North County Coastal, NSDCC Pendings, Spring Kick |
The current market conditions are fascinating.
There were 141 NSDCC listings that went pending in October, and 44 of them have already closed escrow! It leaves 133 listings in the pending category so the closed sales in November and December probably won’t set any records, but if there were 100 closings each month then I’d be impressed.
How about the closed sales? Smoking hot, compared to last year:
NSDCC September and October Sales and Pricing, 2023 vs. 2024
It all points to the 2025 Selling Season being robust, to say the least. It is going to start in January, and there might even be sellers who want to get a jump on it and list their home in December!
Here’s one more category (rich people fleeing) to add to my reasons why 2025 is going to bust loose:
A growing number of wealthy Americans are making plans to leave the country in the run-up to Tuesday’s election, with many fearing political and social unrest regardless of who wins, according to immigration attorneys.
Attorneys and advisors to family offices and high-net-worth families said they’re seeing record demand from clients looking for second passports or long-term residencies abroad. While talk of moving overseas after an election is common, wealth advisors said this time many of the wealthy are already taking action.
“We’ve never seen demand like we see now,” said Dominic Volek, group head of private clients at Henley & Partners, which advises the wealthy on international migration.
Volek said that for the first time, wealthy Americans are far and away the company’s largest client base, accounting for 20% of its business, or more than any other nationality. He said the number of Americans making plans to move abroad is up at least 30% over last year.
David Lesperance, managing partner of Lesperance and Associates, the international tax and immigration firm, said the number of Americans hiring him for possible moves overseas has roughly tripled over last year.
A survey by Arton Capital, which advises the wealthy on immigration programs, found that 53% of American millionaires say they’re more likely to leave the U.S. after the election, no matter who wins. Younger millionaires were the most likely to leave, with 64% of millionaires between 18 and 29 saying they were “very interested” in seeking so-called golden visas through a residency-by-investment program overseas.
https://www.cnbc.com/2024/11/01/wealthy-americans-plans-leaving-united-states.html
by Jim the Realtor | Nov 2, 2024 | Mortgage News, Where to Move |
Hat tip to Lance!
Roam CEO Raunaq Singh has a bold plan to unlock housing affordability: Connect homebuyers with home sellers who have mortgages eligible to be “assumable,” enabling buyers to take over the existing mortgage, including its presumably much lower mortgage rate.
Back in September 2023, Singh launched Roam, a real estate portal that resembles Zillow.com or Realtor.com. However, Roam exclusively showcases homes currently for sale with loans eligible to be assumable. One of the challenges with assumable mortgages is that, typically, most conventional mortgages are not assumable. However, if specific requirements are met, most loans insured by the Federal Housing Administration (FHA) and loans backed by the Department of Veterans Affairs (VA) or the United States Department of Agriculture (USDA) are eligible.
As of today, Roam’s listing website exclusively showcases homes currently for sale with assumable loans in Arizona, Georgia, Florida, Illinois, Colorado, Texas, North Carolina and South Carolina. Singh says that these eight states represent nearly 50% of the country’s market share of assumable mortgages. The company, a licensed real estate brokerage in these five states, aims to expand to more states, including Ohio, in the near future.
When a seller in those states lists their home for sale, Roam then cross-checks it with proprietary mortgage data. If that mortgage is eligible to be assumed, it’s listed on Roam’s site.
On Roam’s site, you’re asked to fill out a simple questionnaire. Then you’re taken to a portal for your selected market.
by Jim the Realtor | Nov 1, 2024 | Jim's Take on the Market, Realtor |
The Clear Cooperation Policy isn’t going anywhere, at least not for now:
The MLS Technology and Emerging Issues Advisory Board opted not to make a recommendation about CCP or take any other action. But they did turn over the feedback they received to the NAR leadership team, who said they will consider it.
Any of the brokerages who dislike the policy are probably at least thinking about leaving NAR. Compass has been the most vocal opponent of the CCP, and our management has to be considering all the options right about now. New York City agents are not members of NAR, and there isn’t any law or regulation that insists on membership. It is a trade organization.
Are we willing to leave the MLS too?
It would be a gutsy move.
It is the only way to completely control our own destiny, because the class-action lawsuits will keep coming and NAR will keep making settlements on our behalf. It would be too big of a disruption to happen in the near term, but it seems like brokerages leaving the NAR and the MLS is inevitable.
The biggest change? I’d have to be Jim the Broker-Associate!
by Jim the Realtor | Oct 31, 2024 | 2025, Jim's Take on the Market, Market Buzz, Market Surge, North County Coastal, Spring Kick |
NSDCC Monthly Detached-Home Sales, 2024
Last October, there were 140 NSDCC sales with a median sales price of $2,182,500 ($810/sf).
This month’s final count should be 160+ sales and a median sales price that’s +10% above last October!
Statistically, the political circus hasn’t caused ANY drop off in sales or pricing!
It probably means the momentum will be hot going into January too!
by Jim the Realtor | Oct 31, 2024 | Builders, The Future |
Sounds like a fair compromise to me – if they can get around the construction-defect litigation that seems to come with every new complex. Two-story is preferred vs. three-story:
Owning a home has long been a core part of the American Dream. Today, however, there simply aren’t enough affordable options, and that ideal is increasingly out of reach. There’s a sensible way to address this shortfall, but it requires moving beyond the antiquated vision of a big house with a fenced yard in the suburbs.
The new American Dream should be a townhouse — a two- or three-story home that shares walls with a neighbor. Townhouses are the Goldilocks option between single-family homes in the suburbs and high-rise condos in cities.
Though townhouses have long been perceived as starter homes for young couples who hope to later move to a larger place, developers say that stereotype is changing. Today, townhouses are popular options for many kinds of households — couples with one child, single parents, people who live alone, couples in their 30s and 40s with no kids, and empty nesters in their 50s looking to downsize. People are drawn to the low-maintenance lifestyle and the sense of community. Many people don’t want to isolate themselves in suburban homes where they have minimal contact with neighbors and are fully dependent on a car.
“We absolutely love our next door neighbors,” said Katherine McKay, 40, who lives in a townhouse in Silver Spring, Md., with her wife. They met their neighbors — a retired couple — when they were all outside one evening on their back decks. They immediately bonded over the fact that they all enjoy having just enough space for a “postage stamp” garden. “Our townhome is 1,700 square feet. I don’t want more to clean.”
Link to free article
by Jim the Realtor | Oct 30, 2024 | Thinking of Buying? |
Great advice from long-time Compass agent from Atlanta – if the house you just saw isn’t a 4 or 5, then forget it immediately:
