Okay, I'm Laughing Over Here!

My accuracy of listing price is about 98-101% of final sale price, based upon how a Seller wants to list and what type of market we are in. This .....Is......All......The.....Time.

Read on here..... ☺

Zillow, who uses that Zestimate we all chuckle over, said this about their Zestimate:

"In response to a lawsuit over the accuracy of the Zestimate, Zillow in 2017 said the tool was within 5% of the sale price 53.9% of the time, within 10% 75.6% and within 20% nearly 90% of the time." 

And, there's this funny note to read as well: "former CEO Spencer Rascoff sold his Seattle home for 40 percent below its Zestimate (Rascoff would continue his seeming battle against the Zestimate, listing an L.A. home last year at $7 million more than its Zestimated price.)"

Those 'odds' don't seem very good to me! And, now, Zillow is testing the iBuyer market they have released using the amount they offer a seller from their Zestimate. Well, the initial amount, the 'lure-you-in' amount. Then, a company representative (not a Realtor apparently) will visit the home for a true offer.

I honestly don't know anyone that has done this with Zillow, and maybe I'm biased. But, I've watched their value errors for almost 19 years in the biz now....I surely wouldn't want to sell my home based upon one of their Zestimates!

This picture popped up when I googled 'Laughing at Zillow'!

People still wonder sometimes, what the heck do those Realtors do to figure out what my home is worth? A lot I tell you, a lot. No computer guesswork/algorithm done here. We look at everything, I mean everything, to determine the most appropriate list price for your home and the subsequent sale price.

I think I'm going to coin my 98-101% odds as a Witzimate! Or should it be a Witzamite?

~ Lauren@KeepYourWitz.com ~ Witz Real Estate

Wondering How Long This Tight Housing Inventory Will Last?

Where Have All the Houses Gone? 

In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:

“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”

Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:

Does this mean houses aren’t being put on the market for sale?

Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.

In the same realtor.com report, Hale explains:

“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”

The Good News for Homeowners

The health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”

With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.

When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.

Bottom Line

Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Let’s connect to discuss how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.

Home Loan Interest Rate Info - February 19, 2021

I actually dated this post so if someone found it a while from now and wanted to compare future rates to these rates it'd be easy for them to do so! I'm such a giver, right? 😇

At any rate, when I think about interest rates today, it continues to blow my mind. When I compare it to what I paid for my first home, what it was when I did a 15 year, an adjustable, all types.....and what it is today....yup...mind blown.

But, honestly, rates crept up a bit, and I've heard conflicting info just in the last few weeks about where rates will be going this year. 

So, this is what you get today, with comparisons of rates over the last few decades:

Yes, I agree with what you're saying in your head....'But Home Prices Are So High!' And, when I'm talking to my buyers, I always tell them to have their lender run the numbers for them. If they are buying for the long road, the high price + insanely low rates may just = low price + higher rates!

Questions, Thoughts, Concerns about Real Estate? 

Just holler, I'm always happy to chat!

~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~

Things That COVID-19 Created That Actually Help/Hinder Realtors

Technology is a phenomenal thing. It's a Love/Hate relationship sometimes when the tech stuff doesn't work great though. For the most part it's all good.

The Pandemic changed some of the way we Realtors do things. Lenders as well. The best thing that I started using more is my electronic Seller disclosure program. I used to sit with my Sellers for hours when they filled in their disclosures. I could tell which agents didn't and which did. My clients were always completely done correctly. Filled in all the blanks, didn't leave anything out. Some agents highlighted where sellers were supposed to sign...and, more than once they had to be sent back to the listing agent for a bit more detail.

One seller, a million moons ago, took 4 hours to compete theirs. In his tiny little handwriting he wrote everything down that he had done to his home over the years. Now, you start typing and it automatically goes to an overflow. I had one seller last year that had 4 pages of overflow text. But, boy oh boy, those buyers sure appreciated it. And, they could actually read it clearly!

I love using Docusign. I prepare the documents, send them to clients to review, answer all their questions, change as needed, then set up for actual signing. Way back in the day, we had NCR forms. Better than copying of course, but I still had to try and write super neat....that was really hard!

Goodness, remember these?

Things that have been more problematic have been with buyers. I can't take any of them in my car right now. So much time discussing/learning while in the car. What they loved, hated, me getting a feel for them. The time spent in my car with clients was phenomenal, and I miss that tremendously.

First time buyers are challenging as well as we have to go over a detailed contract over the phone, on Zoom, via email. I miss meeting them in my office, turning the contract around so they could read it, and going over every little detail as I'm viewing at it upside down for them. I look forward to doing this again sooner than later.

Sellers stuff that is difficult? Just the preliminary marketing checks. It's not horrible, some want to do via Zoom or FB video chat, but nothing beats being in their home and spotting things a Buyer will spot. Video tours just don't catch what the naked eye of a Buyer catches and, as my Sellers Realtor, I totally want to catch those things well before we go on market.

Of course there is the gloves, mask, sanitizer, booties situation. I keep gloves/masks in my car at all times. But, we just do what we gotta do. Amazon loves me for all my PPE purchases! 

This is under my desktop in my home office.....I call it my back stock. 

It's my supply for my clients!

At any rate, I definitely will continue using a couple of these Corona Virus things, 

particularly the Seller disclosure one. 

But not the separate cars situation,....nope, I miss my peeps!

Just A Bit of Real Estate Related News to Share

So, if you read my blog frequently enough, you know that I read a ton of stuff that's Real Estate related....I mean a ton. I get 3 emails a day of which 2 of them have about 5-6 articles daily. So, that's about a dozen articles every day that I read. Well, I try to read. If I don't see anything new or interesting, I save in a folder on my desktop.

One of the latest news is Zillow. They have been grabbing (aka, stealing) our MLS data for way too many years. They had a huge glitch at the beginning of the year with agent sales information. I've told my peeps for years to use a different platform as they have too many errors. Easy to use, but too many errors. 

There is a program in our MLS for scheduling showing appointments. I never use it for my listings, I think I'm just a bit too controlling to have a 2nd party involved in taking care of my peeps. Zillow just bought this program, I think it was for 500 MILLION dollars, yes, it was. I googled it while typing this post! 500 Million Dollars for a showing scheduling program called ShowingTime.

Fine, let them buy it, but clients beware.....YOUR info is frequently plugged into that ShowingTime program. I never have, but some agents do. I don't think anyone needs my clients info except me. But, some have provided ShowingTime with your info....and, now? Well, now Zillow has allllll that data.

If you are a regular Zillow troller, you know they stalk you the moment you search something...just like every other dang website. But, now you're probably seeing a boatload of flashy things about them buying your house, or selling your house, or any number of things to get you to work directly with Zillow instead of  the Realtor you would normally choose.

Whatever, you know me, you don't know whoever the heck Zillow has. Just keeping you informed and suggesting again, stay off Zillow.

Now, onto the next bit of news to share. The price of lumber. Eeeeeeck. Which then reflects on the price of new home construction.....double Eeeeeeck.

I had a desk custom built for me, the artists desk....and I love it. The cabinet builder told us upon delivery that he couldn't possibly do another one for someone at the same price he did for us as building materials...aka lumber....had skyrocketed.

Fast forward to another email article drip......

And, the word about how expensive lumber is, 80% coming from Canada, and that due to COVID-19 lumber mill shut-downs, wood to build new homes (and artists tables) is scarce and crazy expensive.

On this note, it's just a 'Be Prepared' for the cost of new housing to be high and the number of new housing tracks to be limited or slowly built until we can get through the Pandemic and get more people back to work. 

I know this will make some people happy, the slowness part. But, until we get more homes, and new construction is a great way to get new homes, we will continue to have higher than normal appreciation on housing....and that isn't great for many people, low interest rates or not.

There ya go. Stay off Zillow, and knowledge that we are going to remain in a weird housing market until the Pandemic is over and/or COVID-19 is manageable.

~ Lauren Witz Greber ~ Witz Real Estate ~ www.KeepYourWitz.com ~ 

~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~

Let's Just Talk About It - Realtor Fees (aka Commissions)

First off, commission is a traditional word used for a fee earned based upon a sale price or a production met.

In Real Estate, the Seller traditionally pays a commission fee (here on in called fee because it's less letters to type) and the listing agent shares that with the buyers agent, also sometimes called the selling agent.

I've probably talked about this subject before, but it's worth talking about again now because some changes are coming on who knows how much who makes.

So, I've always loved numbers. I've always been interested in money. And, with my foot quickly placed in my mouth, I've, in the past, asked many people (of all different employment positions) 'How Much Do You Make?' And, that makes a lot of people uncomfortable. A lot. I got many looks, many people obviously felt it was none of my business. So, I stopped asking.....well, for the most part.

Now, if you ask me what I make, I'll tell you. For each house if you really want to know. How much my expenses are, what my net is, what I pay my broker, etc. I'm an open book.

In November the National Association of Realtors and the U.S. JUSTICE DEPARTMENT'S ANTI-TRUST DIVISION (yup, you read that right), came to an agreement that Buyers Agents fees offered will now be public. And, Redfin is apparently going to be the first disclosing what has normally been kept in just the agent confidential information section on our local MLS.

I'm not quite sure how I feel about that. I talked with my mom about it yesterday and said well, should an attorney, a mechanic, a teacher, a cookie maker, be forced to disclose how much money they make? See? 

I'll tell you one thing that will come up, buyers will be surprised how often Realtors do not get what would be considered a full fee paid. There are plenty. But, it is what it is. Whatever property my buyer is interested in, that's the one we go see.

When I am a buyers agent, I generally get 2.5% of the sale price. Before that even happens though, I've been paying desk fees to my broker on a monthly basis, MLS fees, lockbox fees, car maintenance/gas, advertising, insurance, all my own supplies, time too of course, a LOT of time....honestly, I'm sure I'm missing something because I have everything set to pay automatically. When I close a sale on a buyers side, I'm generally paying between 1 & 2k to my broker for Errors & Omissions insurance, Transaction fee, & an Administrative fee. Oh, and, yes, I pay an assistant to help with my files and provide a flash-drive to my clients at the end. Yup, everything costs money. All the cost of doing business.

So, again, not sure how I feel about it. I'm an open book, but not everyone is. I honestly don't believe that buyers think their agents work for free....see blue comments below.....but, you wanna know, just ask.

While the home seller knows that they have hired an agent on a contingency fee, a home buyer can sometimes be left in the dark, the Justice Department settlement contended. Federal antitrust lawyers charged the NAR with allowing buyer-side agents to misrepresent that their services are free, and enabled listings to be filtered based on commission fees.

In reaching the settlement, the NAR admitted no wrongdoing, and noted they were “not subject to any fines or any payments.”

Questions? Thoughts? I'd love to answer them and hear your thoughts!

~ Lauren@KeepYourWitz.com / (661) 313-5470 ~

You Know All of This, Don't You?

I read an article by a real estate enthusiast this morning. Needless to say I consider myself a 'Real Estate Enthusiast' as well! I kinda like that moniker! Lauren the Real Estate Enthusiast. Kinda, well not really, rolls off the tongue!

But, she literally wrote an article about 5 tips to selling your home......FAST!

And, I thought, Really? 

Doesn't everyone know all of this already? I mean, you do, don't you?

But, I thought if there was just one that didn't, I was doing a disservice by not informing you and if you've forgotten....here's your reminder!

1. Stage it YES!

Staging your home — or making it look as appealing and move-in ready as possible — can make a huge impact on its marketability. In fact, according to a report from the National Association of Realtors, over half of seller’s agents say staging either slightly or greatly decreases a property’s time on the market. 

Another perk? It could help you fetch a higher price, too. Over 40% of buyer’s agents say staging increases a home’s offer price by anywhere from 1 to 20%.

2. Invest in quality photos and videos I sure do!

Interested in selling your home fast? Get on the computer! The majority of home buyers start online — especially in today’s environment. So making your listing look as great as possible? That should be goal No. 1. 

First and foremost, you’ll want professional-grade photos of your entire home, including any standout details or features, the yard and its view from the street. Having a video tour, aerial footage or a drone video can also be great ways to get more buyers interested and entice them to come view the property. If your agent isn't using drone footage....hire another agent!

3. De-clutter and depersonalize the home You'll be making a To-Do list with me as your agent!

In order for a buyer to imagine themselves in the house, it needs to be a clean slate. And family photos and hand-drawn photos by your kids? Those are anything but. 

Before you list your house — more importantly, before you photograph it — always take time to clean, de-clutter and remove any (leave a few, buyers like to see who's been living in their future home) personal items or touches. Anything that’s super taste-specific (like a neon green wall color or that framed painting of Elvis Presley above the mantel) needs to go, too.

4. Clear your schedule Double Yes!

Flexibility can really help you when selling your home — particularly when it comes to showings. If possible, try not to turn down any tour requests or, if you must limit your hours for some reason, try to do so as little as possible. After all, you can’t sell what buyers can’t see.

5. Price it right Let the buyers drive up the price.

The market might be hot right now, but don’t expect to get $100K over what you bought it for just yet. Rely on your agent, comparable sales and hard data when setting your price, and make sure it aligns with other properties in the area. An overpriced property is only going to take longer to sell. (Buyers may also wonder what’s wrong with the home the longer it sits on the market.)

Yes, my comments are the ones in red! There is more to my red thoughts, but you get the gist of is.

Questions/Thoughts/Concerns about selling your home right now?

Reach out to me, I'm happy to help in any way.

Lauren@KeepYourWitz.com / (661) 313-5470

Best Advice or Perfect Advice? Can You Truly Get Perfect In This Market?

 Turn to an Expert for the Best Advice, Not Perfect Advice

As we approach the anniversary of the hardships we’ve faced through this pandemic and the subsequent recession, it’s normal to reflect on everything that’s changed and wonder what’s ahead for 2021. While there are signs of economic recovery as vaccines are being issued, we still have a long way to go. It’s at times like these we want exact information about anything we’re doing. That information brings knowledge, and this gives us a sense of relief and comfort in uncertain times.

If you’re thinking about buying or selling a home today, the same need for information is very real. But, because it’s such a big step in our lives, that desire for clear information is even greater in the homebuying or selling process. Given the current level of overall anxiety, we want that advice to be truly perfect. The challenge is, no one can give you “perfect” advice. Experts can, however, give you the best advice possible.

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to her office, she won’t immediately tell you how the case is going to end or how the judge or jury will rule. If she could, that would be perfect advice. What a good attorney can do, however, is discuss with you the most effective strategies you can take. She may recommend one or two approaches she believes will be best for your case.

She’ll then leave you to make the decision on which option you want to pursue. Once you decide, she can help you put a plan together based on the facts at hand. She’ll help you achieve the best possible resolution and make whatever modifications in the strategy are necessary to guarantee that outcome. That’s an example of the best advice possible.

The role of a real estate professional is just like the role of a lawyer. An agent can’t give you perfect advice because it’s impossible to know exactly what’s going to happen throughout the transaction – especially in this market.

An agent can, however, give you the best advice possible based on the information and situation at hand, guiding you through the process to help you make the necessary adjustments and best decisions along the way. An agent will lead you to the best offer available. That’s exactly what you want and deserve.

Bottom Line

If you’re thinking of buying or selling this year, let’s connect to make sure you get the best advice possible.

~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~