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.
The NAR found that 35% of people aged 65 or above bought a 3,000-square-foot, or larger, home in 2020, compared with only 23% in 2017…..some retirees and older generations are UP-sizing their homes.
While inventory in the rest of the country seems to be turning, San Diego has been getting worse – don’t listen to the national talking heads!
https://calculatedrisk.substack.com/p/1st-look-at-local-housing-markets-bc6
For those looking for doom, Ben’s blog is the best in the business:
http://housingbubble.blog/
From KFMB San Diego in California. “Skyrocketing home prices and lack of inventory have put home buyers in the hot seat and caused many to question when they should buy. The deputy chief economist for the California Association of Realtors, Oscar Wei expects prices to rise more slowly which will prevent the bubble from popping. ‘We do not see the quote unquote bubble bursting because we will see some softening in price,’ said Wei.”
The Dawghaus is a 1961 upscale suburban rambling California ranch that looks like it was built by the same people that built JtRs Home and Car Wash.
2700sf was huge for those days. Homestead size has creeped up since 1890 when it was first tracked. Sadly the last 30 years has seen massive wastes of interior space. The “impressive” two story oval foyer does nothing for livability. IMO a 3000sf these days is less efficient than the 2200sf of yore.
Totally agree – and car wash not included in the square footage either!
Jeff Tucker, senior economist at Zillow, forecasts home values will increase another 17.8% over the next year. Annual home value growth is likely to continue accelerating through the spring, peaking at 22% in May, before gradually slowing through February 2023, Mr. Tucker said.
Ed Pinto, director of the AEI Housing Center, said “2022 and 2023 present a great opportunity to sell, especially if you’re looking to become a renter or move to an area where you can get more home for the money. ”
Mr. Pinto expects home values to continue to appreciate year-over-year at 17% or higher in 2022. He projects 10% to 12% year-over-year home price growth in December 2023.
Lawrence Yun, chief economist at the National Association of Realtors, predicts home values will increase another 5% over the next year. Annual home value growth is likely to continue accelerating through the spring, peaking at 15% in a month or two, before gradually slowing through the remainder of the year, he said.
Options for those who do need to move fast
Jeff Fishman, a financial adviser in Los Angeles, said there is a mood of urgency to sell among some of his local clients hoping to downsize and relocate to less-expensive places such as Nashville, Tenn.
“Take some chips off of the table before rates rise higher,” he said.
Amy Schinco, a real-estate agent in Omaha, Neb., said more sellers are rushing to get their homes on the market and are requesting rent-backs, where they stay in their home for a designated time after the sale. They are doing so to lock in what they believe will be “top dollar” for their home before rates rise further and buy themselves time to find their next home when more inventory comes on to the market, she said.
Other sellers are taking a more cautious approach.
Barbara Fay, 80, initially planned to list her roughly 700-square-foot vacation cottage in Wells, Maine, this spring as she is fearful rising rates will hurt buyer demand. Her daughter Cheryl Costa, 57, a financial planner in Framingham, Mass., persuaded her to wait as many recent buyers in the community have been paying in cash.
Ms. Fay is still concerned she may miss the chance to get the most for her home and is keeping a close eye on how fast other cottages sell and what price they sell for. She’s regularly keeping tabs on mortgage rates.
“If mortgage rates hit 7%, I plan to list,” she said.