Tuesday, August 30, 2016

Withdrawal of Offer. Twice In One Month!

The market has definitely changed!

I've been at this for over 14 years. Once, I tell you, only once in that time period did a buyer change their mind after writing an offer. And, that was one of my buyers. She was scared, to death, and it was understandable.

But, in the last month I've had buyers write offers on two different listings of mine and before we even opened escrow, they changed their mind.

Both times I was grateful that it happened before escrow opened and my listing was taken off the market. Having to BOM (put Back On Market) a property is not a great 'marketing' tool.

Second time though? I was really surprised! Was watching TV with my husband late last night and this text came across my phone:

Not what I was expecting while relaxing late at night!

Both times reviewed the entire contract, documents supporting their ability to purchase. Vetted the lender, agent, property they were selling, to buy my listing.

Both times.....I was shocked. Interestingly, both buyers were moving from different areas and practically doubling their homes' value.

Why do I think it's happening? Because buyers are frantic. Inventory is increasing. They choose because they think they have to. Then realize there is something else out there that may suit their needs better. Or, it could be an over-zealous agent as well!

Try not to be that buyer. Try not to present an offer for that buyer. Please don't bring me an offer from that buyer either!

Friday, August 26, 2016

Wahooooo! We Hit 700!!!

It's that time again....for you. I check 3,4,8 times a day! Always looking at inventory!

At any rate, as of this moment, 10:45 am on Friday August 26,2016, Santa Clarita & it's surrounding communities have an even 700 homes, condos, etc. available for sale!

Acton to the East, Stevenson Ranch to the West, Newhall to the South, Castaic to the North. All included in between.

Active right now - Yup, 700!

Under contract/In escrow - 660.

Sold in the last 30 days you ask? 357.

So, yes, we do have a 2 month inventory. And, it's creeping up. Just food for thought. Be careful with pricing and preparation. Be prepared for lookie-loos to come through. They have more to look at.

Whether buyers are spending 200k or 999k +, they have a right to make sure it's the right fit for them.

But for now. WAHOOOOOOOOOO ! 700 active listings!

Tuesday, August 23, 2016

Stevenson Ranch, New Home Development Approved

102 homes....on the hills south of Pico Cyn in Stevenson Ranch, California.

They have lots of grading to do. It encompasses over 200 acres of hilly land. I am curious if it will have Mello-Roos, or something like it, or not. Lennar is the developer & it will be right across the street from the elementary school on Pico Cyn. Hopefully they will control the amount of dust and noise during construction.

There is another hillside community there. Not in love with it. Appropriately called Hillside Village. No Mello-Roos on that one. Big HOA that covers kinda nothing....steep hills that a childs' ball would likely be lost down onto Pico Cyn if slipped through fingers at the top of one of the hills. I should do a survey of the homeowners!

At any rate, it's in the works. This new one. Hoping Lennar does a good job with the acreage. That the open space and parks, etc., are lovely. It's going to be a great additional track for commuters.

It was approved last week and there was 10 days for anyone to object. Haven't heard about any objections.

We could use a few more homes out here. Again, preferably with a normal tax base and no additional assessments hidden in.

New Construction....Here It Comes!

Friday, August 12, 2016

Leap of Faith? Sometimes I'd Yes, Sometimes I'd Say No.

Real Estate is all about contracts, right? Everyone signs a contract and we're supposed to stick with it, correct? Part of the contract distinctly says 'time is of the essence'....just in case you didn't know.

Negotiations can occur during the process, but that's usually over repairs requested or an appraisal issue. It's not generally over the timelines of the contract. Well, if you need to adjust closing for some reason, yes.

Most important for a Seller? Disclose, and dude, disclose in an extremely timely manner. Trust me on this, you'd rather have the Buyer know about something asap, rather than a couple weeks before close of escrow.

Working with a less experienced agent and they did not provide a Seller report in a timely manner at all. Ran into some snags, yes indeed. Totally understand. But, we are 2 weeks beyond the due date and they were hoping we'd just move forward on a leap of faith.

Um, no, not gonna. Certainly my buyer makes the decision, but my experience is why they hired me. My suggestion was to not take that leap. Leap not taken!

Now, another leap of faith story. Buyer interested in a property. Just hit the market. Comps show that all in same track reduced price before going into escrow. They want to offer 6k less. I think that's okay. Writing offer tomorrow. Today I speak with agent. Says they got a full price offer in but that buyer wanted closing costs. I tell my client....take the leap of faith if you really want it and write full price. What's 6k in the long run right? Leap is going to happen!

You've got to trust your Realtor
 when they say to Leap or not to Leap!

Tuesday, August 9, 2016

Avulsion/Erosion Could Cause New California Coastline By The Year 2100?

Avulsion was a term I learned in Real Estate 101 back some 15 years ago. It really means a sudden fracture, as in the coast breaking off suddenly. Erosion sounds more appropriate for what's supposedly happening to many coastlines in the US.

According to the National Oceanic and Atmospheric Administration, 23 states may have a significant loss of homes that are currently coastal/beachfront properties, by the year 2100. That's only 84 years from now.

An old friend of mine posted a picture this week on Facebook from a Malibu beach. I remember her noting the loss of beach front in just about 6 months. Could be seasonal, not sure, but when I read the report that Zillow wrote using data from the NOAA, I thought I'd share it with you.

It says over 42k homes, that's just in California, could be underwater by then. A loss of almost $50 billion in homes.

Not that I'll still be alive in 84 years, but my grand-kids (if I ever get any!) certainly will.

Just some food for thought if you're thinking about investing, 
long term, in some beach property!

Friday, August 5, 2016

Drones & Real Estate

We've really just started to see some usage of drones doing aerial photography out here in SCV. One was so busy, felt like it was doing loop-de-loops while it was photographing the home, I actually got a mild motion sickness watching it.

For large properties, I do think it is a great tool to show the entire property before my clients and I even consider physically walking it in our tennies. For properties that are attractive to out of country or out of area buyers, a good drone virtual tour could be vital.

Appraiser usage? Just read an article on Realtor.org about drones and appraisals. While, obviously, the appraiser still has to go view the property, do their research, write the report, it does have some good ways that they too can bring the value on their report in front of the underwriters eyes......if there is any question of that value. Make sense?

Let's say there is more value since part of the property has a river....not just a tinkle of water, but a good river? Great drone op. A new roof? Yep, another. Proximity measuring? Oh, I'm sure that is going to be happening as well.

So, if you haven't already, say hello to the drone future in Real Estate........now, who has a big piece of property that I can get some sample drone pics done for?

Tuesday, August 2, 2016

Story of the Week ~ August 2, 2016 ~ Gratitude!

This week is not about the news, this week is about my gratitude towards other agents. I've worked with some doozy's, some ditso's, some untruthful ones, but I'm so ever grateful for the bunch I'm working with right now.

#SandFire....yes, that caused such a dilemma for one of my escrows last week. Waiting for an appraiser to do a field review that got stuck in the middle of the fire mess.

It was the buyers that are purchasing my clients townhouse. But, because we were waiting on them to release all contingencies, we couldn't release ours on their replacement property purchase.

And, I am thankful here. The agents I've worked with only once before. Can barely remember that transaction, so it must have been pretty simple. I remember the bad ones!

We spoke about several negotiations throughout the process, both admitting that we are just the messengers, no ego arguments at all. But, when it came time to explain to their sellers that we had this delay and to please be patient? They were wonderful. They knew it would be a common problem. Knew that my clients were stuck, but that wanted that sellers property. Knew that the buyers on my peeps townhouse wanted the property as well.

So, I give thanks to all the really GREAT agents out there. The ones that know it's best to save a transaction with motivated buyers/sellers than to start over. To the ones that can communicate with their clients what is in the best interest for all.

Yesterday all contingencies were removed all around and everyone was thrilled! Patience pays off. Two sets of sellers get their home sold in a timely manner, two sets of buyers get their new home in a timely manner. All because we worked together.

Thank you, thank you, thank you, thank you!!!