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.
Miller: It takes 1-2 years for sellers to adjust to new pricing.
Miller wouldn’t commit to the amount of the ‘Corona discount’ but after another month of data, he should be able to see some trends (he writes reports for 35 markets in America).
But logic can guide us.
Corona Discounts:
0-5% below retail: Buyers who hold out for the very best quality and won’t buy a fixer or bad location will probably face competition and have to pay retail. If you can get a perfect match for less then retail, then you did great.
5%-10% below retail: Very unlikely today for top-tier properties, but probably available for the scratch-and-dent homes.
More than 10% off: Perhaps for the inferior properties that have been forgotten – been on market for months at retail or higher and are getting no showings. Finally a lowball offer comes in, agent handles it poorly, and seller caves.
How inferior? Check this out – cash offers only:
https://www.redfin.com/CA/San-Diego/6241-Lakewood-St-92122/home/4900277
Miller did say that he expects excess supply at the end of summer/fall season. But NYC has a strange quirk during the summer – people go on long vacations due to the heat & humidity (month or two). Spring and fall are their big real estate markets, with a pause in summer.
Home prices in some markets may fall but not as far as they did a decade ago — closer to 5 percent rather than 30 percent, said Mark Zandi, chief economist for Moody’s analytics. The homeowners in trouble have better credit scores and more equity in their homes than those who lost their homes a decade ago and are more likely to be able to rebound, he said.