I just read an interesting article in the Wall Street Journal's "Mansion" section that comes out on Fridays and was surprised to see that, even though we're just starting to have virtual home showings here on the West Coast, it seems that it has been very "normal" on the East Coast.....and has been happening for many many years......especially with high-end properties and buyers from out of the country.
As a long-time Realtor (40+ years) I've seen so many changes over the years, not only with the contract but with all aspects of previewing, showing, listing and selling property. We used to carry around a 5 pound "MLS book" where we could look up all the listings, but it wasn't "up to the minute" like our instant MLS is now. Now we have apps on our phones and iPads where we can not only pull up every single listing but apps that allow us to write our contracts online and immediately get signatures through doc-u-sign. When fax machines first came out I remember agents standing around this little machine totally in awe seeing printed pages coming out from our clients, lenders or title companies. Now, you're lucky if you can even "find" a fax machine! It's e-Fax that comes directly into our phones and email. A revolution! What an improvement.
Whether agents hire a professional company to come out and take the videos (like we do when we hire a professional to do our "still" shots) or whether they use their iphones to "facetime" their clients as they walk through a property, it has changed the real estate business tremendously. It's nice to be able to have an idea of what the home has before you actually walk thru it....like whether bathrooms and kitchens are updated, size of the backyard, window placement. Sometimes the verbage agents put in their MLS descriptions don't always coincide with reality if you know what I mean. One person's idea of "updated" .... may, to someone else, say "omg, this kitchen needs a re-do" !!
And videos also help you decide whether you even want to bother making an appointment to view, and that saves not only you, but the sellers time as well. Sellers don't appreciate lookie-loos coming through their homes if they aren't serious buyers who have been preapproved and have an idea of the neighborhood and amenities the property offers. Especially in their Covid19 atmosphere!
If you're in the market to buy or sell a home, take advantage of everything these apps offer before you start calling your Realtor for an appt to view a home. Weed out those you don't like and narrow it down to the neighborhood, price, schools, amenities or any other criteria that is important to you and or your family. And most importantly, be sure you've met with a lender to get pre-approved for a loan, as almost all agents and sellers are requiring that before they'll allow showings. You'll be doing yourself a big favor. The best of luck to you! Feel free to call or email me if you have any real estate questions. I'd love to help you however I can. pmartinez@golyon.com (917) 7687-3157
Sunday, May 17, 2020
Tuesday, February 11, 2020
Multiple Offers
MULTIPLE OFFERS
In the real estate market we're experiencing right now it has been a huge challenge for buyers. When a property comes on the market in their price range, it's not been uncommon for the sellers to procure 3,4,5 or more offers on it.....leaving the buyers to wonder what they "could" have done to have been the successful purchasers. Even though this predicament isn't limited totally to the lower priced homes, those in the $600+ range are oftentimes also not exempt from this dilemma. So what "could" they have done to improve their offer? Sometimes nothing.
For example: I just listed a home for $299,000....a very affordable home in a nice little neighborhood. Within 3 days we had 6 offers. Because of the price point, almost all of the offers were either FHA or VA. And all except one offer buyers had minimum down payment BUT all had pre-approval letters attached to their offers, so theoretically all could qualify. So one would think that they were all very comparable and a challenge for the seller to pick just one. The one offer she did take though, was not an FHA or VA offer and the buyers had a nice large downpayment .... with a 17 day closing and they had removed all of their contingencies when they made the offer. Now, I'm not saying whether this is a good idea for a buyer or not.....there are so many variables like: is the buyer handy? a contractor? going to do major remodeling? there are many reasons why a buyer would remove all of their contingencies at the time they wrote the offer and it is entirely the buyers' prerogative if they elect to do that. So it wasn't a hard decision for the seller when she accepted this offer.
On the other hand, I had mixed feelings when I had to contact the other agent's to let them know their buyers did not get the home. I told them that every one of the buyers produced pre-approval letters and several submitted very touching heartfelt letters to the seller, expressing why they wanted to purchase her home. Both the seller and I expressed our wish that we had 6 other homes in the same neighborhood in the same price range so that each one of those buyers that wrote offers could also be a successful purchaser and get a home!! I think sometimes buyers and the public thinks sellers are just out for the most money and that agents present the offers then move on to the next sale and escrow. That is just not the case.
In the market we're experiencing today and with all the politicians talking about more housing needed, I sometimes feel that the homeless (who don't have jobs and can't qualify for a home) get more attention than those working class folks who have saved enough for their down payment, have a job and are desperately looking to buy a home, are sometimes left out of the mix. Why don't builders build more "affordable" homes that working class people like those who offered on our $299,000 home want? That doesn't mean I have no feelings about the housing needs of the homeless, I definitely do. But don't overlook those who are working hard, saving some money and can qualify for an affordable home!
All I can say to those buyers out there....keeping looking.....have an agent working hard on your behalf....and don't give up!! Keep savings, get pre-approved and hopefully with our spring market looking good, you'll find just what you're looking for! That's my wish for you!
PATTI MARTINEZ.NET pmartinez@golyon.com
In the real estate market we're experiencing right now it has been a huge challenge for buyers. When a property comes on the market in their price range, it's not been uncommon for the sellers to procure 3,4,5 or more offers on it.....leaving the buyers to wonder what they "could" have done to have been the successful purchasers. Even though this predicament isn't limited totally to the lower priced homes, those in the $600+ range are oftentimes also not exempt from this dilemma. So what "could" they have done to improve their offer? Sometimes nothing.
For example: I just listed a home for $299,000....a very affordable home in a nice little neighborhood. Within 3 days we had 6 offers. Because of the price point, almost all of the offers were either FHA or VA. And all except one offer buyers had minimum down payment BUT all had pre-approval letters attached to their offers, so theoretically all could qualify. So one would think that they were all very comparable and a challenge for the seller to pick just one. The one offer she did take though, was not an FHA or VA offer and the buyers had a nice large downpayment .... with a 17 day closing and they had removed all of their contingencies when they made the offer. Now, I'm not saying whether this is a good idea for a buyer or not.....there are so many variables like: is the buyer handy? a contractor? going to do major remodeling? there are many reasons why a buyer would remove all of their contingencies at the time they wrote the offer and it is entirely the buyers' prerogative if they elect to do that. So it wasn't a hard decision for the seller when she accepted this offer.
On the other hand, I had mixed feelings when I had to contact the other agent's to let them know their buyers did not get the home. I told them that every one of the buyers produced pre-approval letters and several submitted very touching heartfelt letters to the seller, expressing why they wanted to purchase her home. Both the seller and I expressed our wish that we had 6 other homes in the same neighborhood in the same price range so that each one of those buyers that wrote offers could also be a successful purchaser and get a home!! I think sometimes buyers and the public thinks sellers are just out for the most money and that agents present the offers then move on to the next sale and escrow. That is just not the case.
In the market we're experiencing today and with all the politicians talking about more housing needed, I sometimes feel that the homeless (who don't have jobs and can't qualify for a home) get more attention than those working class folks who have saved enough for their down payment, have a job and are desperately looking to buy a home, are sometimes left out of the mix. Why don't builders build more "affordable" homes that working class people like those who offered on our $299,000 home want? That doesn't mean I have no feelings about the housing needs of the homeless, I definitely do. But don't overlook those who are working hard, saving some money and can qualify for an affordable home!
All I can say to those buyers out there....keeping looking.....have an agent working hard on your behalf....and don't give up!! Keep savings, get pre-approved and hopefully with our spring market looking good, you'll find just what you're looking for! That's my wish for you!
PATTI MARTINEZ.NET pmartinez@golyon.com
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