Years ago I nearly ended my "best friend" status on the spot with my childhood pal, Heidi B., when she loudly announced upon leaving the movie theatre: "That was stupid; I don't get it . . ." Heidi and I had just seen Steven Spielberg's movie, "E.T., The Extra Terrestrial" and I had almost (almost) choked up and cried (something I try never do at the movies as it embarrasses the hell out of me). Can I just state for the record that NOT getting E.T. is akin to NOT getting the "Wizard of OZ?"
C'mon, who's heart didn't melt in the last scene when E.T's finger lights up at Elliott's temple and he says, "I'll be right here," while Elliot pleads for E.T. to stay; big fat tears running down his cheeks? (Evidentially, Heidi's heart was unmoved.) Clearly, we were at a crossroads in our thinking. Even then, the concept of "home" was near and dear to me. I've been thinking a lot about the concept of "home" the past several months; about the many different manifestations of "home," and about transitions in general. Gone are the days, when your parents bought a house, had a few kids (or three, or four, or five, or six . . .) adopted a dog and cat, added on a room, converted the garage, and grew old in the house as the house slowly began to grow old around them. Yeah, that flocked, metallic wallpaper didn't really stand the test of time . . . Today's world - and the concept of "family" in general - has expanded to include all walks of life and from where I sit, that's the way it should be. From newly single, to newly engaged, the reasons for buying and selling are as varied as the buyers themselves. Welcome to the world of homeownership (and all that it entails). Whatever the change; no matter how welcome, or necessary, it doesn't necessarily make the transitions any easier. In my own immediate family, the year has been ripe with tremendous change, beginning with my parents who sold their much-loved condominium in downtown Sonoma earlier this spring. Now in their eighties and with a few significant surgeries behind them, the steep flight of stairs were becoming unmanageable and the large garden my mother lovingly tended, represented more work than pleasure. While slightly conflicted, they were ready to let go and spend their weekends taking road trips - not weeding. Truth be told, an uncomplicated life makes very good sense for my folks at this stage of the game. (Truth be told, an 'uncomplicated life' probably makes good sense for us ALL at ANY stage of the game. Good luck with that.) Ditto for Cliff and me, who seized an opportunity to sell in order to move to another opportunity (and then another). Two home moves in three months may have been pushing it a little, but as my sister, Jill, remarked, "I don't think you do 'easy'." Sigh, she's probably right. And speaking of Jill . . . she too, has made a recent change, selling her lovely East Sacramento home and transitioning back to the Bay Area after a 20 year absence. She now resides in an industrial loft in trendy Jack London Square that's sitting nearly empty while she waits for her house to close so she can move some of her belongings and actually have a sofa on which to sit and a bed in which to sleep. Won't that be a relief? (Yes, it will.) The BIGGEST transition however, awaits my mother-in-law, Zee, whom, after careful consideration, will move into an "Assisted Living Community" tomorrow with the help of her supportive and loving family. In her case, she's not just giving up her home, she's giving up her independence and the life she's so carefully constructed these past 40 years. It's a lot to ask of a woman who's prided herself on her independence and ability to hold her own. At our suggestion, prodding, pleading, and insistence we want her to focus on her health and we think she's earned the right to live worry-free for a change. It hasn't been easy. (No one expects it to be easy.) What Zee wants and what she needs are not entirely compatible and that's the conflict as we age, but she's firmly on board and that's at least half the battle. She's due an unencumbered life after so many years. In my practice, I've had the honor and the pleasure of watching doting grandparents move closer to their grandchildren, expecting parents move up to accommodate a new arrival, transplanting families move across country for work, empty-nesters forge a new path, and senior citizens fall in love and remarry, AND I've encouraged bold young families to take off for the unknown - and that's just this year alone . . . "Julie, we're thinking of moving to Europe!" "Good for you. Do it! " I've watched Buyers and Sellers move up, move down, blend families, separate, buy for the very first time and give up home ownership altogether. I've seen them trade homes for condos with views, stairs for all-level living, and space for simplicity and ease. The point is, beyond basic shelter, a home should serve our needs first and foremost. When it doesn't, change is in order and entirely appropriate. If I've learned anything at all, it's that "home is where the heart is." I didn't make up that tried and true adage, but it sure fits. Whether you relate to "There's no place like home," or to "E.T. PHONE HOME!" Dorothy and E.T. both "got" it, my folks "got" it, Zee is "getting" it, and I like to believe that Heidi "got" a sense of 'home' along the way. Wherever she landed, I'm wishing her well. Hey, "I'll be right here," whenever you decide to move on. How can I help you?
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A few weeks ago I spent the day working myself into a real tizzy. I'd headed to Petaluma to tend to my mother-in-law, Zee. Due to degenerative health issues, life has become significantly more challenging for Cliff's mother as she struggles to meet the growing demands old age humbly presents. For a women who has traveled the world, walked the Great Wall of China, has been awed by the Fjords, shopped the Paris flea markets, and literally worked a job she loved up until last year (she's been the Ever Ready Bunny!) a compromised life is very difficult to accept, even at this late stage of the game.
My generation isn't just seeing our kids off to college, we are also helping our parents navigate the mind fields of aging. In both cases, there's a tremendous amount of stress, anxiety and expense that accompany this journey. It's inevitable, I suppose, but hardly welcome news from anyone's perspective. I'd already spent a good deal of time working my way into a bad mood while stuck in TRAFFIC between Novato and my final destination. Crawling along at a glacier's pace due to freeway construction (actually, glaciers move faster) I was getting grumpier and grumpier by the minute, but when my cellular phone froze up, I really boiled over. Without a functioning phone, I-pad, or desktop at the ready, I was unable to respond to text or email when I finally arrived and (because I'm really important) that just wouldn't do. Every fiber in my body wanted to throw that *&)"!*# phone against the wall and SCREAM! Hours later, when I headed home (more traffic across the Richmond Bridge) and straight into my local Verizon store (or Mecca, as the case may be), the steam was virtually coming out of my ears!!! "How can I help you?" the polite, young clerk asked. (What a set up.) I may have been too far gone (forgive me). "Please, please, PLEASE just make this right," I responded VERY emphatically, "my business depends on being responsive in a timely manner!" (Breathe, breathe, breathe, BREATHE! I told myself over and over . . . to little avail.) Two and a half hours later and minus a few hundred dollars (thank you very much), I was back at work answering email. For the record, I didn't fully take my frustration out on the sympathetic clerk, but I am embarrassed to say that I DID let a phone ruin my entire day. (What? I let a phone ruin my ENTIRE day. Really???) "Apologies for getting back to you so late," I sheepishly wrote to my client, "but my internet hasn't been functioning . . ." "Don't you just love it" she kindly responded, "when technology dies and you don't have to be a prisoner to email; isn't it nice to be present and focused on what's in front of you for a change?" OMG, who thinks like that? Yes, it is. (Light bulb moment. Thank you, Ashley.) Instead, confronted with the unexpected, I'd quickly defaulted to frustration and irritability; anger and rage. Clearly, the universe had conspired against me. Instead of focusing on the task at hand, I was distracted by how quickly I could attend to my own problems. As you might imagine, these actions don't carry the best of intentions with them. It's a reminder that some of this stuff (most of this stuff) we just don't get to control. So perhaps the best we can do is to have some clarity around the challenges we face, to understand when and where we may have some impact, to look for solutions, to move into action, and then to let the results land where they may . . . and when none of these words of wisdom work, to change OUR perspective! (And by "our," I mean "mine.") Not surprisingly, the world of Real Estate is filled with "challenges" as well - it's truly the nature of the beast.
And so the list goes. The answers depend largely on how you define your goals and your needs, the timing of the marketplace, your financial position and liquidity, where you plan to live next, how much work needs to be undertaken, the current condition of your home, AND your level of risk and tolerance. Under the best of circumstances, selling and buying are highly stressful and emotionally charged events. Believe me, "stuff" is going to come to the surface. Ride it out. This too, shall pass. Not surprisingly, the decision to sell (or buy) is typically predicated by a significant life event: a birth, a death, a marriage, a divorce, a job transfer, a job promotion, your last child going off to college . . . AND then the move comes about. Of course, it's going to be stressful. Why should it be anything else? Which means that much of my job as your 'Realtor,' is to provide answers to your questions, to listen to your concerns, to communicate effectively, to help guide you through these life events as gracefully as possible and to navigate the challenges that come about (they always do). Gratefully, I have a large contingent of people/labor/vendors behind me who bring their collective strengths, skills and talents to the equation as well. We are poised (and trained) to put one foot in front of the other until the objective is achieved. Good thing my phone is back in working order. I'll need it! How can I help you? Sing it with me: "It's a hard knock life for us, it's a hard knock life for us . . . " Say what? The moving truck arrived (once more?!?) last Friday and we loaded the basics and headed to our temporary quarters on Echo, off Piedmont Avenue (the broken sewer pipe in the basement was the last straw).
Cliff, Tristan and I will probably camp out here for the next several months while construction gets underway on Calmar Avenue. The rest of our items have gone into storage and probably should be donated altogether, but that's another story for another column, and a job for another day (I'm beat). Although our current space is much smaller than our last home, I couldn't be more thrilled to have a working shower once again and to be able to walk to restaurants and the theatre. I'm discovering that it's an incredibly convenient trade off, as is the ease of compact living. It's also a sweet respite from the funk we've been living in the past several months and the unnecessary stress that has been endured by the entire family. After half a dozen remodels, you would think I would have known better. You would think . . . In hindsight, this should have been our move from the start; as it turns out, the renovation is just too ambitious a project and there's virtually NO room that will be left untouched once we begin. Between you and me, I'm too (a) neurotic (b) OCDC (c) impatient (take your pick - they all apply) to live in chaos (been there, done that). Sooo I guess the big take away is to look ahead and then plan appropriately. Given that Sellers have one last opportunity in the Fall Market to sell before the holidays set in and the market softens, as is typical this time of year (no one likes to move between Thanksgiving and Christmas), I'm speculating that unless your home is already headed to the marketplace, you may be looking at NEXT spring to sell and that's exactly what you should be doing as you plan ahead. Moreover, you should be interviewing Realtors now to help you achieve this all important goal. While there's always a good deal of blood, sweat and tears involved with any move - no matter the circumstances - the best advice I can give you is to roll up your sleeves and get to work well ahead of your projected sales date. Having just been a Seller myself, I can speak on this topic with some authority. In fact, the smartest thing I may have done last year (besides hiring a GRUBB agent to co-list our house) was to prepare our home early so that the property was completely ready when the Spring Market bloomed. (No, Christmas vacation is NOT too soon and it has the added benefit of allowing your college-age kids to sort out their belongings while they are on break.) Because of the unseasonably sunny weather last January and February (aka: the "drought") the spring market arrived earlier than expected and with a few final touch ups, we were set to go. As a result, our sale on Littlewood Drive had a nearly unprecedented result. In short, we weren't chasing the market - the market was chasing us (!) and how sweet is that? (Very.) Unfortunately, far too many Sellers wait to see what the marketplace is doing before jumping in (along with the rest of the crowd). This not only makes for a very stressful couple of weeks of scrambling, but it also changes the dynamics substantially when you are competing with many other 'like-kind' homes in the neighborhood. "Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison Or put another way, "What are you waiting for?" Anticipation and preparation are everything when it comes to attaining top dollar for your home. So once again: here's my Top 10 To Do List for those of you with a move in your future (whether it's sooner OR later) . . .
Oh, and you needn't navigate this list alone - assisting you is part and parcel of my services. In other words, that's what I'm here for! How can I help you? (I'm setting my Spring calendar now.) Trivia Time: From what musical is the first line of this essay? Lattes at Mulberry's for those who respond. It's beginning to dawn on me that my family and I are probably NOT going to be able to live through the remodel of our new/OLD home - or as I've lovingly taken to calling it - the S***t Shack! (Yes, you can take the girl out of Sacramento, but you can't take Sacramento out of the girl).
Through six other home remodels, the boys and I have huddled in a room or two, subsisted on microwave meals for months, and put up with the dust and mess that invariably IS a construction site, but in our current case, I may have been a tad too optimistic . . . I don't want to appear ungrateful here; we saw a "fixer" opportunity, seized it, and went in with eyes wide open (well, partially open). Moreover, we caught the market just right and sold our previous home earlier this spring for a healthy profit, which allowed this current adventure to come about. That was ALL great! But when I went downstairs earlier this week to retrieve the laundry (and can I just interject that washers and dryers have NO business being in the basement), I discovered a pool of sewage had seeped through an abandoned plumbing pipe and left a rather large puddle on the floor. (Ewww, Yuck! I'll spare you the photos.) Hey, I'm willing to camp through a remodel, but even I have limits. Knowing that construction is, unfortunately, still a few months away, it's probably time to rethink our strategy . . . and move out! Like saner more rational folk, we'll downsize into temporary housing for the duration. A thoughtful "strategy" isn't just an important component of life and the challenges we face day in and day out, it's also a HUGE component of selling or buying a home as well. Certainly, it can't have escaped anyone's attention that Realtors have developed an unusual "strategy" here in the Bay Area that includes full disclosure, fresh paint and staging, and camera- ready presentation. These gold standards for selling one's home with the expectation of receiving offers above the list price, go hand-in-hand with advantageous market timing, full market exposure, and good old-fashioned know how. But perhaps the most important "strategy" a Realtor employs is pricing a home appropriately from the start. Granted, this isn't always easy to do, especially when we are taking the listing prior to investigation and often weeks or months in advance of a home's actual debut. Nor do Sellers always greet our suggestions with unbridled enthusiasm and acceptance. (In fact, they often don't.) However, if we misjudge this critical component and price higher than the market supports, based on our Sellers' insistence or worse yet, on our lack of understanding of the current marketplace, than the resulting sale will take much longer than it should have and likely, bring far poorer results. (I hate it when that happens.) "Can't we just continue to market the home aggressively until we get what we want and need?" Uhhhh, "No" (or rather, yes, you can, but it's a fatal mistake). Unfortunately, Buyers neither care nor respond to what you want or need. The plain truth is that the best results come about rapidly (and in our market, that's typically no more than 14 days). Statistically, the longer your home stays on the market, the less likely you are to receive your list price. Trust me, when Buyers find a property they believe to be of value to them, fits their family's needs in particular, and is difficult to replicate, they will step in quickly and make a serious offer. It's what I refer to as the "value proposition." Conversely, if it is perceived as overpriced, they'll stay away. (BTW - the "value proposition" is as much at play for the $5,000,000 house as it is for the $500,000 house. "Value" is ALWAYS about perception and it isn't the same for everyone.) "But my house is better, nicer, more special . . ." and so it goes. I believe you and yet, it doesn't necessarily matter. The recent home sale down the street has set the market value and IS your home's comp moving forward. Remember, the market defines the "value" of any given home at any given time! It may also be true that your home isn't as nice as you thought and suffers by comparison, which will absolutely affect its value. (Please don't shoot the messenger.) Which is another way of saying that the condition of your home is incredibly important so protect this valuable asset and don't let it fall into disrepair. We can keep our homes meticulous inside, but if we're not paying attention to the roof or foundation, it's likely to catch up with us come time to sell. So take heed and be strategic about your home's care, pricing and your presentation. Come the offer date, you might be pleasantly surprised, and isn't that a happier ending? (Which is a whole lot better than the surprise I received this week. I need a mop - and a new house!) How can I help you? I'll to try and keep this short and sweet as I've had a LOT of work on my plate this week and much more ahead. Yesterday, I spent the morning and afternoon gardening at my new listing at 8 Manor Drive in Piedmont (don't miss it!) and the day before I was hearing offers on my birthday for 16 Nace Avenue. (I'm pleased to report that 16 Nace Avenue went WELL above asking with five offers! What a gift and what deserving Sellers.) WORK (!) is par for the course these days when nearly all of us in the Real Estate industry are churning round the clock to meet the demands of a market that has far fewer Sellers than Buyers and LOTS of anxiety and apprehension on both sides. It's a crash course in Supply & Demand (and psychology) AND it's also a lesson in choosing your agent wisely. (Yes, your REALTOR can actually make a significant difference in your bottom line.) Which is why I'm always stymied by naive Sellers who nonchalantly take, what is usually their single largest investment, and put it in the hands of an out-of-area agent, an inexperienced friend, or a newly minted relative. I understand the loyalty, but REALLY? This is your home. Maybe, just maybe, you'd prefer these agents would cut their teeth on someone else's property before you hand them yours. A few weeks back I wandered, quite by accident, into an Open while on Broker's Tour and asked how the traffic had been. I'd followed the sign, but hadn't seen the property on my tour sheet. "Bad," the out-of-area agent dejectedly said, "almost no one has come to see it." Of course they hadn't. This "team" from Pleasanton had failed to put the property into the AD REVIEW. (The AD REVIEW is the road map we agents use each Monday and Thursday to outline our tour.) Without proper notice, how could agents be expected to know the house was available - let alone their Buyers? Thus, the home had been missed and these poor Sellers had lost days trying to recover their market audience. Worse yet, the Sellers probably hadn't a clue about the misstep. In a robust market such as ours, that's just unacceptable and it's also of little value to the Sellers when we serve an area we don't know, or understand well. Above all else, Real Estate is a local business so agents - REFER OUT! Yesterday afternoon, I met up with a "referral" a retired colleague had sent my way. (Thank you Michelle; it's much appreciated.) "I've been in my home for 45 years," the kind, but overwhelmed gentleman informed me . . ."I've got a mountain to move." (Sigh.) "No worries," I replied. "That's what I'm here for. Having expected the call, I had already driven by his address and noted that the yard is overgrown, the landscaping needs major pruning and the home needs power washing and as I suspected, it's going to need as much attention inside as it does outside. (Our homes store our lives.) Again, that's what I'm here for. The truth is, it's the rare home that is ready for a sign out front with nary a window washing or a closet to be sorted. Granted, most of us haven't collected 45 years of "stuff," but whether we've been residing in our homes for a little - or a long - time, chances are the property will benefit from purging, cleaning, staging, and gardening - and that's just for starters. Once in action, you'll need a committed team on your side and someone to manage it for you. Or as my Broker recently commented, "You're a girl with horsepower!" (I think he meant that as a compliment.) Either way, the longest journeys begin with a single step. From start to finish, a Buyer should expect inspectors, painters, housecleaners, gardeners, stagers, window washers, handymen, and whomever else is needed to fill in the blanks. It's simply pennywise and pound foolish to economize the presentation. Save your money elsewhere if you must, but don't scrimp on the marketing and preparation. They should also expect to track down bank records, dig up blueprints, organize permits, spend hours on disclosures, sign title documents, and meet with their agent frequently. In other words, selling a property is a BIG job and you want someone who knows how to put all these moving parts in place while simultaneously marketing your home to achieve its highest and best result. AND you want someone with whom you are entirely comfortable sharing your finances, your fears, your hopes, and your aggravation (trust me, it will rise to the surface). Let's face it, under the BEST of circumstances, selling is a MONUMENTAL task, so choose wisely. We will be spending a lot of time together. And no, this expertise and experience doesn't come free, but in the end, the "value added" to your sale is well worth the investment in bringing a home to market fully realized and inspected and in the hands of someone who knows and understands the market well. FSBOS (For Sale by Owners) are you listening? I can't even begin to imagine what you are thinking??? Hey, I've gotta run. I'm off to buy more plants and meet the photographer. There are mountains to move . . . (one step at a time). That's what I'm here for. How can I help you? It's official! The moving truck pulled up last Friday morning and by 8 pm the crew of five strong men had finally finished the heavy lifting (BTW - I highly recommend "Big Family Movers" who never once complained about the amount of boxes or the GIRTH of my antiques AND came in UNDER their bid price. Who does that, especially in Piedmont?) Now the work of unloading begins . . . By midnight, I finally called "uncle" and headed for an overdue bath. That's when things got really interesting . . . "Aunt Julie! THERE'S WATER COMING THROUGH THE KITCHEN CEILING!" my niece shouted. We'd bought a "fixer" so we knew going in that the systems weren't exactly up to par, but silly me, I'd failed to realize that the tub was just 'decorative' and that the plumbing wasn't hooked up correctly. (Up to par? How about SUB-PAR!) Unfortunately, when I drained the bath water, it found its way through the light below and onto the kitchen floor (OR what's a bucket for?) By Sunday, after the washing machine had flooded the basement, the fuses had blown repeatedly, and my teenage son has disavowed me, I'd begun to doubt our decision to move. (Yes, there's a "BIG PICTURE" plan here, but the short term doesn't look very promising.) I'm loathe to admit it, but what, exactly, have we done !? Leaving Shangri-La and a home we loved for yet another major restoration project? "Breathe," "pray," and "EAT CHOCOLATE " was the timely advice from most of my good friends and colleagues. (Have I said "thank you" BTW? I really appreciate your support.) In between hyperventilating, I have to remember that here's what we HAVE done:
In short, we are planning for our future. Ahhh yes, that's why we did it - for sound financial reasons that should serve us well for years to come . . . even if the present day seems daunting. As for the remodel? It's going to be a massive mess, terribly inconvenient, HELL to live through, and will no doubt, run WELL over budget. So what else is new? It's also going to be very exciting; a chance to put our stamp on yet another home and garden. As I explained to my unhappy son, "It's either a total POS or it's an opportunity. The choice is yours." OR as I have often reminded my clients, "These are the problems the rest of the world aspires to!" (It's time to take my own advice.) Our previous home is now in the hands of an extremely capable, younger family who have the energy to keep up with a large property, while we concentrate on restoring the very neglected house and much smaller yard we have just acquired. It's a cycle Cliff and I understand well and one we appreciate. In the meantime, I'm remembering a quote I love (unfortunately I don't know who said it): "Life consists of two kinds of experiences: those that are great and those that make GREAT ANTECDOTES!" I'm clearly in an "anecdote" phase. How lucky am I? (Pretty darn lucky.) "Eat, pray love," and then, give gratitude. If nothing else, I'll have great copy for upcoming Perspectives! Watching my son graduate from college a few weeks ago from the University of Arizona, I was filled with a mix of relief and joy. Just between you and me, there had been more than a few moments in high school when I worried that Case wouldn't actually make it into college, let alone finish. So the fact that he not only did, but graduated in four years (and with strong grades to boot) was tremendously rewarding. (Good job, son; sniff, sniff.)
"You are an elite group of only 6-7% of graduates the world over," the commencement speaker announced, "so recognize your exceptional achievement and GO MAKE YOUR MARK!" Those are inspirational marching orders, but more easily said than done. The truth is, that while some of these exceptional young graduates have already been accepted into medical or law schools (or better yet, have paying internships lined up) the vast majority of them are feeling rather anxious and untethered. (Ironically, they felt the same way going in.) It's beginning to dawn on them that after four years of a structured, supportive environment (not to mention the "gravy train") the world is no longer looking at them as "kids." It's time to leave the safety of their schools and venture forth into the big, wide beyond . . . They're ready. They just don't know it yet. If I had to sum up their feelings, I think it would be: "What now?" Ah, that's the $128,000 question. (It used to be the $64,000 question, but have you paid a college tuition lately? Ouch.) Regrettably, unless your child (excuse me, young adult) had the foresight and the aptitude to learn how to code (mine did not) college graduates aren't really trained for real-life jobs at all - a lesson my talented niece (a recent University of Washington graduate) learned after getting rejected from one company after another until finally landing in the training program at YELP. It may not be her "dream job" but she's developing all kinds of great skills to carry forward and isn't that part of the journey as well? (Yes, it is.) "What's next?" They'll each have to figure that out on their own . . . and they will. In Real Estate, the "What Now?" question typically arrives halfway through the process once Buyers and Sellers successfully get into escrow, followed closely by "What's Next?" While I don't have the answers for my son's immediate future, let me take this opportunity to illuminate the "next steps" moving forward for Buyers and Sellers as they enter into contract . . . (BTW, if you thought prepping your house for market was a tremendous amount of work, you'd be right; however, the crux of the deal actually happens IN escrow. If we are not mindful (and often, even when we are) the escrow process can be a bit like falling down the rabbit hole.) For those who aren't tracking . . . "Escrow" is the neutral third-party process by which a home actually transfers ownership. Once a purchase agreement has been ratified, a copy of the fully executed agreement is sent to the lender and the title officer and then "escrow" is officially opened. During this time frame (typically 30 days) "good-faith" monies are deposited, inspections take place and are lifted, an appraisal is ordered, renegotiations are argued, addenda bounce back and forth, request for repairs may be issued, title is searched and satisfied, pay-off demands are sent, loan docs are prepared, funding is put into place, homeowner's insurance is ordered, pro-rated property taxes and transfer taxes are assigned, any outstanding liens are retired, a new trust deed is recorded, and ultimately the home successfully transfers ownership. AND all of that happens after a contract has been ratified! Usually, the transaction takes place without a hitch, but I'd be less than honest if I were to say that it's always smooth sailing - especially in today's go, go, GO marketplace where quite often, the timelines have been shortened from 30 days to 21, or shorter still, to 14. In one ALL-CASH transaction I represented this spring, we closed escrow in just seven days! From the Buyers' and Sellers' perspectives, that's fantastic news, but with the exception of the loan in these "all-cash" circumstances, the same amount of effort has to take place, and that's frankly, a tremendous amount of work in a very short period of time. Escrow officers, inspectors, loan officers, Brokers, and yes, your local Real Estate Agents, are working around the clock as we try and meet the growing demands. (I'm writing this at 5:00 am in the morning while waiting for a document to be returned that was sent out last night.) As with parenthood, much of our work (and our support) takes place behind the scenes. In fact, the majority of it does as we try to keep "feelings" out of the transaction to better serve the deal (an almost impossible task given that we are almost ALWAYS dealing with a highly emotional transaction when transferring a home). So hang in there, like those bright-eyed college graduates, the answers become clear as we move forward with purpose (not to mention some dignity and grace). Remember, if it doesn't serve "the deal" don't do it. The sale of a home is a business transaction, first and foremost. If we keep our eye on the objective, we will usually arrive on time and in good shape (not always, but usually). In the meantime, just keep putting one foot in front of the other and try to do the "next right thing" even when (especially when) things become challenging. Almost every outcome involves some stumbles and falls along the way, some recalibrating, and some adapting, AND Real Estate is no different. When struggling, I'm often reminding not only my clients, but myself, that ALL issues are surmountable with good intentions and at this stage of the game, I know that to be true. In fact, that's essentially the same advice I gave to my son upon graduating. Now, go make your mark, honey; the world awaits! (We're so proud!) "WE think we'll bid X," my clients anxiously said after conferring for a few moments, "so that we've got a little room to negotiate when the Seller counters." Ah yes; the elusive "call back."
Forget "when." How about "IF?" Years ago, before moving to San Francisco, before meeting Cliff, WELL before babies, preschools, PTA meetings, baseball tournaments, soccer matches, dances, graduations, and long before a career in real estate, I danced. To be honest, I waitressed, with an occasional paying gig on the side. Dance jobs were scarce in Hollywood in the early 80s (yes, I realize I am dating myself), MTV was just emerging, and New York was out of reach, but that hadn't stopped a young, naive, Sacramento girl from pursuing her dreams - "So I loaded up the truck and I moved to Beverly - Hills that is, swimmin' pools and movie stars!" (Actually it was Sherman Oaks, but this plays better.) Between tap, ballet and jazz classes, my friends and I would pour over Variety; the trade paper for those in "show business," and then scramble to find someone to cover our restaurant shifts so that we could attend whatever dance audition has been published that week. The big auditions like the Oscars or the American Music Awards might attract 3,000 would-be starlets, heavy dance bags in tow with tap, ballet and jazz shoes at the ready. For hours we'd perform in lines as cut after cut was made, hoping for the golden ticket - THE CALL BACK. Call backs didn't come easily . . . "Thank you, you're too tall." "Thank you, you're too short." "Thank you, we're looking for um . . . something else." (Those hurt the most.) "Dance ten, looks three, and I'm still on unemployment, dancin' for my own enjoyment. That ain't it kid, that ain't it kid. . ." Unless you actually enjoy spending week after week (month after month!) looking at homes (Surprisingly, there are people who make a hobby of this!) you are better served NOT waiting for the CALL BACK, but spotting the opportunity and getting the job done. The "opportunity " may come in the form of an overlooked house, a less desirable property (aka a 'fixer'), or a narrow opening in the marketplace (holidays often provide such windows). Whatever it is, recognize the opening and SEIZE it! But if your heart is set on the house that everyone else loves too and you are willing to compete for it in a meaningful way, DO NOT hold back, hoping for a counter offer. Nine times out of 10, it ISN'T coming! Sellers with multiple offers from which to choose, often don't renegotiate. If they are smart (and well coached), they'll take the best offer on the table and call it a day, rather than offend the Buyer who just arrived with "the gift" in hand. (Thank you very much.) When Sellers do counter in today's world, it's typically because several offers have presented that are nearly identical. In such a case, a "multiple counter" will often be issued to see who's willing to come up with more dollars (blunt, but true). If everyone agrees to the counter, the seller will simply pick their favorite. Alarmingly, it's tantamount to a closed auction and a popularity contest all rolled into one. ("That ain't it kid, that ain't it kid.") So if you have identified how much you are willing to spend on a popular home, be brave and ante it up! Remember, in the Bay Area marketplace, you are seeking the "value," not the "deal." Amortized over thirty years, the difference is probably a fairly nominal amount on a monthly basis, and you'll kick yourself later on if you missed the winning bid by the $25,000 you were 'holding back.' While it may seen unkind, or worse yet, unfair, today's hot, hot, HOT marketplace makes no allowances for those that are hoping for, or counting on, the elusive "call back." Hey, I'm still dancing in a sense; it's just on a different stage. As it turns out, Real Estate is its own form of dance as we gently tap are way through the transactions and the emotions that tend to attach to almost every sale or purchase. Ironically, all those years of training have proven to be very good groundwork for what lays ahead. "Suddenly I'm getting national tours . . ." (TRIVIA TIME: Who wrote the lyrics to the song I've been quoting and in what musical was it sung? Lattes at Mulberry's Market for every correct response!) Piglet sidled up to Pooh from behind. "Pooh?" he whispered. "Yes, Piglet?" "Nothing," said Piglet, taking Pooh's hand. "I just wanted to be sure of you." - A.A. Milne, Winnie-the-Pooh Yes, you've got your Socrates, your Platos and even your Dr. Phils, but few philosophers speak the truth as plainly as do Piglet and Pooh. "I just wanted to be sure of you." That's honestly, the TEST every time I meet with a new Buyer or Seller, and often, even after we've worked together for weeks on end. I'm constantly working to gain their faith and trust and more importantly, to keep it as we trudge along. That's no small order when we're talking BIG stakes in a market where almost anything can happen and a small miscalculation can mean the difference between getting a house or losing it. No matter how well intentioned, there's only so much we can control and wouldn't you know it, it's the stuff we can't that keeps us tossing and turning. (At least it keeps me up at night, and I'm certain I'm not alone. )
"What happened?" "What can we expect?" "How much should we offer?" In a market that keeps delivering surprising results - both good and bad - the plain truth is that there's no surety around much of what we do. Sometimes the answers are: "I don't know." "What are you comfortable with?" "How much are you wiling to risk?" And then I need to explain thoroughly what those risks might entail. "Should I have . . . ?" "Could I have . . . ?" "What if I had . . .?" That's water under the bridge. Unfortunately, sometimes the best strategy is to regroup and move on. However, you might imagine. that's not information most Buyers or Sellers wish to hear, nor news we Realtors want to deliver. "I'm sorry, this wasn't your day . . . A higher offer trumped yours . . ." AND whether you're Buyer or a Seller, know that the other side is feeling exactly the same emotions, in one form or another. Strip them away, and they're almost always about fear. Often times, the best I can do is just nod and listen to your fears, your uncertainty, and your anxiety and then metaphorically, hold your hand. "I just wanted to be sure of you." (That's fair. I understand and I'm here.) If it's any consolation, the fears we fret over the most, rarely come to pass, or if they do, they look nothing like we expected. (Those pesky expectations can really be our downfall.) BUT when we can set aside our expectations and move towards our best intentions, we are, undoubtedly, better served. There's also something to be said about creating our own reality (perception is everything). That's been my experience anyway - in this - or any market for that matter. If we believe things will work out for the best, they will. Perhaps Pooh said it best - "When . . . you Think of Things, you find sometimes that a Thing which seemed very ''Thingish' inside you is quite different when it gets out into the open and has other people looking at it." - A.A. Milne, Winnie-the-Pooh Maybe we all just need a simple, but profoundly thoughtful bear to guide the way. It couldn't hurt. How can I help you? Last Saturday, I dropped my husband and son at SFO bright and early. They were headed to the east coast to check out colleges and take in a baseball game or two along the route. There was both some excitement and anxiety around the trip; the unknown, the many miles they'll need to cover, the college campuses they hope to see, and the cheap hotels they'll need to find along the route; only to be followed by exhaustion, no doubt, on their return.
Doesn't that sound a lot like house hunting? It can literally consume every waking hour as one pours over the Intranet, meets their agent throughout the week, heads out on Sundays, learns the communities, reads the disclosure packages, gathers information for their lender, and prepares for battle. (Whew.) Quite often, it can begin to feel like a full time job! "I really need to get back to work." I've heard on more than one occasion. I understand. For those selling, it's even more time consuming as they purge, clean, pack, store, paint, garden, mulch, meet with their Realtor, interview moving companies, search for a replacement property, keep their home picture perfect for endless showings, and try to hold down steady employment in-between these time-consuming demands. It's truly, both physically and emotionally draining. Whether it's buying a new home or prepping an existing one for sale (for many of you, it will be BOTH simultaneously) I'm often counseling my clients to hang in there, trust the process, AND get some professional help wherever possible (I didn't mean therapy, but that's not a bad idea either. I meant painters!) AND I am also reminding them that regardless of the support we gather, "anxiety" IS part of the process. Let me repeat that: "ANXIETY" is part of the process! There's no getting around this, so accept it and by all means, please don't feel the need to apologize to me for your feelings. No one (not even your Realtor) knows your home better or your goals more deeply than do you. Just understand, that feelings aren't facts, they're just feelings - nor are you alone. Everyone and I mean EVERYONE struggles with change. Change, under the best of circumstances, is still change. As I've often repeated, buying or selling a home is an emotional journey - not a pragmatic one. I've bought and sold a fair number of houses through the years, both personally and professionally, and there's almost always some degree of angst, some second guessing, and some concern over the outcome. Were it in my power to control the unknown, and neatly lay out every scenario for you, I would happily do so, but unfortunately, it's the outcome, we don't get to control, no matter how well-prepared. However, there are a few things we can control, such as our actions and our intentions as we proceed. So while you can't control the marketplace or how it responds, you can certainly maximize on it. Like those prospective college kids gathering their transcripts, writing essays, and visiting campuses, Buyers and Sellers really should begin the process early. If you know there is a move in your future (even if the timing hasn't been identified) start working with a Realtor NOW. An experienced agent can refer you to all manner of resources and help identify those things that should be addressed before bringing your house to market. The same can be said for the financing piece as well. Unless you are an ALL CASH Buyer, DO meet with a mortgage lender as soon as you are thinking of entering the marketplace and get a pre-approval letter in place - just in case. There's no worse feeling than finding the house of your dreams on Sunday only to realize that the Sellers are taking offers on Monday! (BTW - a good mortgage lender can not only qualify you, he/she help clean up any financial discrepancies in your credit history and set an aggressive course of action that makes you truly competitive.) "Should we or shouldn't we . . . remodel the bathroom, paint the house, replace the counter tops, strip grandma's wallpaper, move the tenant out, remove the illegal kitchen, replace the roof, address the sewer lateral, put in a new lawn, refinish the floors, etc., etc., etc.???" That depends. Any fatal flaw should be addressed proactively (believe me your Buyer WILL discover it). An unclear easement, a cloud on title, a leaking roof, etc., may easily derail a deal. An ugly counter top? Probably not. However, if you are not going to "cure" the issue, you will certainly want to gather bids for the corrections (roof, foundation, chimney, furnace, etc.) Remember, any improvements you make at this point, should be fairly neutral in nature, which isn't to say - CHEAP. I can't count the number of times when I have met with a client and wished the prospective Seller or Buyer had called me before putting in metallic tiles they'd bought on sale. Really? So use us; we're here to help. While your local Realtor can't necessarily remove ALL of the anxiety which accompanies these life-changing moments (for better or worse), we can certainly diffuse some of the pressure you are feeling and help organize the process along the way. At the very minimum, your Real Estate Agent should be explaining the laws surrounding the purchase or sale of a home, ordering inspections, overseeing preparations, creating a marketing plan, setting expectations, and guiding you through negotiations and the escrow process. They should also listen, empathize, and care. Even so, you are still going to have moments of doubt. That's part of the process as well. Hang in there. This too shall pass. Tristan and Cliff didn't board the plane without a thoughtfully orchestrated plan - nor should you. Identify your goals, your timeline, and your expectations and then let's get to work bring your a successful result, whatever it may be and whenever it may be. How can I help you? |
AuthorJulie Gardner, has been writing The Perspective for 18 years and has published more than 750 humorous but always informative, essays on life and real estate. Categories
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