Thankfully there are people in the world who value a good deal:
Most recent articles
Here are examples of some of the wacky stuff that happens in this business, and why it’s important to get good help:
We represented the buyers of House B, whose sellers were buying their listing agent’s personal residence (House A).
They had included in their listing agreement that the sale of House B would be contingent upon the successful purchasing of House A – but the listing agent forgot to include the contingency form in our documents. As a result, the sellers were locked into selling their House B to my buyers.
When the discussions of repairs and termite work of House A got testy, it was revealed that the contingency form had been omitted from our House B deal. The client called their listing-agent/owner, ‘unprofessional’, which set her off and she refused to do any repairs to her house. The clients backed out of the purchase – but she was still their listing agent on our sale of House B, and the sellers only had two weeks left to get out of their house.
The listing agent went quiet, so the seller of House B called me directly for help. Sorry, but my buyers wanted the house, and wanted to close on time. He offered us $20,000 to cancel, but because the house and timing was such a good fit, we declined.
But I came up with a package deal. We would give him a rentback for up to 60 days at market rate plus deposit, if he gave us a credit for $7,000 for repairs on House B. He took the deal.
2. When I’m the listing agent, I always meet the appraiser – no exceptions. If you don’t, you’re just asking for trouble. Another one where I had the buyers for a listing agent selling her own primary residence, and she doesn’t show up for the appraisal of the house she lives in! The appraisal came in $12,000 under the sales price.
3. We are experienced at handling difficult situations, many of which are regarding repairs. As the market slows down, the buyers will be more demanding about the condition of the home, and want things done their way (or the way their agent wants them done).
We sold a tenant-occupied condo that had a regular attic – how often does a tenant go into the attic? In this case, the answer was ‘never’, and even if he had, he might not have noticed that lint was building up because the dryer vent did not extend through to the exterior.
The buyer had a logical concern about it being a fire hazard, and because we were happy with the price he was paying, Donna went to work on getting it resolved. We needed HOA approval to go through the roof, and they insisted on having a longer warranty. Our roofer gives extended warranties because he has pride in his work, and the HOA was impressed. Our roofer will be getting more work there! The buyer’s agent appreciated the effort, and said most listing agents would offer a credit or shrug it off, which isn’t smart with fire hazards.
4. I was holding open house and a couple arrived who had been sent by their agent. I had received a phone from the agent that her buyers would be attending, and would I mind showing them around? As always, I said I wouldn’t mind at all, as long as you don’t mind if I talk them into buying the house! Not only did they buy it, they also told me that it was the first time in the five years they had been looking for a home that they thought they got real help.
5. I represented the sellers of a home that had undergone extensive foundation repairs. The buyer had concerns which were understandable, and he arranged for thorough inspections. Then we had the contractor who did the work come out for an on-site explanation, and discuss the one-year warranty. At the end, the buyer’s father came over to me and stuck his finger in my face and said, “What do you think?” Most agents can’t handle confrontations, and think their job is to dodge liability and be responsible for nothing. Not me, and not when the sale is probably riding on me delivering a solid response. I told the father that I had several previous experiences with the engineer and foundation contractor, and found them reliable and trustworthy. I also said that because the house had been extensively remodeled, the overall package was a good deal. They closed escrow (with 95% financing).
6. The first day on the MLS, a buyer’s agent asked what it would take to purchase a new listing of mine. Most agents would be satisfied with full price, and hurry off to their next deal. I told her $50,000 over list – and her buyer paid it.
7. Our seller moved out, and the buyer came to complete their final walk-through the day before closing. They discovered a water leak, and a dis-functional garage-door opener. We handled all of the above on behalf of the seller for less than $500, and closed as expected the next day – with no inconvenience to the seller, who kept their focus on their new home. While the event seemed minor, it was only because we were readily available and jumped right on it that no momentum was lost.
Every sale has hitches – some are smaller, and others can kill the sale. Your agent’s commitment to full service makes the difference on which is which!
The idea of disrupting realtors has been around for years, but now several companies, backed with mega-millions in VC money, are making a dent. They may not be taking a lot of the business away (yet), but they are being noticed.
It appears some of the big brokerages might be starting to feel it:
KW isn’t going anywhere – they have 180,000 agents.
But there is an underlying threat, real or imagined, that the entire real estate industry will be upended by technology that could change everything.
From the link above:
Zillow spent $320 million in 2017 on Technology and Development. In 2016, they spent $255 million on Technology. Over the past five years, from 2013 to 2017, Zillow spent a total of $893 million on Technology and Development with significantly more than 200 people who touch code.
The mom and pop brokerages are getting smashed by this tech steamroller.
Combine the tech advances with higher home prices and fewer sales, and we have a toxic blend for the old-fashioned veteran agents. Many are getting out of the business, and others are left wondering what happened.
Realtors who plan to get out of the business in the next couple of years will just ride it out. But those in for the long haul need to buck up.
If your not moving forward, your going backwards.
Nothing stays the same.
How fast are houses selling between La Jolla and Carlsbad this year?
|Number of Days On Market||Number of Houses Sold||Percent of Total|
We may be selling fewer homes, but they are selling faster! Nearly two-thirds are finding a buyer in the first 30 days on the market.
How does this compare with previous years? For the first 6.5 months:
2015: 39% sold between 0-14 days on market (675/1,711).
2016: 39% sold between 0-14 days on market (651/1,662).
2017: 45% sold between 0-14 days on market (770/1,707).
2018: 47% sold between 0-14 days on market (719/1,544).
Sellers should expect immediate action, and take advantage of it! If you don’t want to sell in the first couple of weeks, then you should wait until you get closer to your preferred exit date.
This is also why the re-freshing of listings is so widespread – buyers want the new meat. Check the history of every new listing!
The Brady Bunch house, a Traditional-style residence near the Colfax Meadows neighborhood, was used for outdoor representations of the beloved television family’s abode. That included the show’s opening and closing scenes as well as numerous interludes to denote the time of day. Interior scenes for “The Brady Bunch” were filmed in studio.
Violet and George McCallister bought the two-bedroom, three-bathroom house in 1973 for $61,000, records show. The series ran from September 1969 to March 1974 before moving into reruns in syndication.
The desirability of the property is enhanced by its size, a 12,500-square-foot lot that abuts the L.A. River. It sits in an area that has been ripe for tear-downs and new development in recent years. But the owners will give first consideration to bidders who want to keep the home intact, Carswell said.
“We’re not going to accept the first big offer from a developer who wants to tear it down,” he said. “We’re going to wait a few days, in case there are others who want to purchase it as an investment to preserve it.”
Carswell expects to see overwhelming interest in the property. “We’re preparing for an avalanche,” he said. “Emails, telephone calls — we may see upwards of 500 calls a day.”Link to Article
In 1967, Walter Cronkite showed us what the future of the single family home will look like in 2001 – thanks daytrip: