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Happy Fourth of July. Enjoy the red, white and blue of it all. Aside from the truckloads of watermelons for sale, the block parties, and the return of the festive Piedmont Fourth of July parade, we've clearly moved into the summer market as witnessed by the slower turn-around and longer marketing periods for many of our listings - perfectly good homes that would have flown off the market just a few short months ago.
This new reality is followed by more sobering news of "improved" or "transparent pricing," (aka price reductions) as Agents and Sellers come to terms with what's amounted to a reset of value (and for many Buyers, a pause in their hunt). Even so, values are still well above where they were prior to January 2020; a correction that probably shouldn't have surprised any of us (it was long overdue) but did so just the same.
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This week, I'm quite literally lifting (borrowing - with permission) much of the Perspective's copy from COMPASS' own master blogger, Leonard Steinberg. A daily writer and a superstar Real Estate Agent in the BIG Apple, Leonard is always full of good advice and information. This week was no exception and in a market that's transitioning rapidly, INFORMATION is currency.
Since many of the calls Sarah and I have taken recently have revolved around fear of the unknown, I thought this particular column was especially timely. Plus, Leonard is always a good read. Enjoy. DID YOU KNOW? Is this current housing re-balancing going to be the same as the 2007-10 housing crash? That's VERY unlikely! Why? "I'm glad I'm working from home today," my beautiful niece emailed, "I've got a GINORMOUS zit!" (Remember those?)
Sadly, I do. In fact, there's something inherently wrong with having to suffer through both acne and grey hair at the same time, but there you have it. Here's where masks come in handy. Aside from undoubtedly keeping us safer during the pandemic, the great "cover-up" wasn't entirely ALL bad. Double chins, age spots, and the occasional pimple all but disappeared, hidden by a swatch of multi-colored fabric. Happy PRIDE month. Throughout the Bay Area, joyful, festive, rowdy, and loving celebrations are taking place that honor the LGBTQIA community, and rightfully so. There's probably nowhere else on earth where diversity is celebrated as wholeheartedly as it is right here. To quote Bob Dylan: "The times, they are a-changing."
But until recently, that wasn't the case (denial and secrecy ruled the day). Anyone who's ever worked with me knows I'm not a fan of either. "I Think We Did Everything We WEREN'T Supposed To"
"My wife and I have received no offers on our house," the anxious Seller said on the telephone, "I think we did everything we WEREN'T supposed to." Such as?
"How Quickly Can You Get My House on the Market?" are the conversations we've been having with most of our Sellers these days. In the wake of a declining stock market, rising interest rates, increased inventory, and hyperinflation, the housing market is likely poised for a long-overdue correction. (A little parity wouldn't necessarily be such a bad thing after years of rapid growth.) With the realization that the housing market has likely crested, Realtors are feeling increased pressure to get everyone's properties on the market YESTERDAY!
Turns out, that's not as easy as you think . . . Most of you reading this blog are probably too young to remember Jose Feliciano's rendition of "C'mon Baby, Light my Fire," but it played nonstop on the radio when I was a kid and became an anthem of sorts. (Yes, I'm from the radio generation!)
I've been humming the song regularly while turning the lights on and off each day at our newest listing at 674 Mandana Blvd. which has reminded me once again just how IMPACTFUL good lighting can be; how it can take an average room and create a "WOW" moment. (It can.) "I'm sorry I lost my temper," I said to the Buyer's lender. "but this has been frustrating beyond belief. If you don't tell me what's going on, I can't possibly inform the Seller, or keep the train on its tracks."
It's not uncommon to close a few days late, but several weeks?!? Gratefully, in nearly 20 years of selling real estate, I've rarely run into such a lengthy delay, (and I've also rarely let anger get the best of me). To the Seller's credit, she's hanging in there with the expectation that this transaction IS going to close in the not-too-distant future. All's well that ends well? Let's hope so but that's not necessarily the most reassuring strategy when it comes to selling one's home . . . . Let's admit it, unless you are billionaires Richard Branson or Bill Gates, the words "I'm dropping out" may not be your smartest move.
In fact, when it comes to Real Estate, I'm dropping out," are the words Agents (and mothers) HATE hearing, especially after we may have invested weeks, months, or YEARS viewing properties together. That being said, with interest rates heading north, there's more than a few Buyers that have opted to do just that . . . Thirty-two years ago today, my husband and I stood before the rabbi, our family, and our friends to recite our vows. (Yes, Cliff was on crutches which made the first dance kind of tough.) The act of a wedding, of a marriage, or of a legal union isn't just a public declaration of one's love, it's the ultimate social contract.
But let's be real; a long and sustained marriage is a highly aspirational concept at best. Consequently, I'm in awe that all these years later, Cliff and I still enjoy spending time together and making one another laugh. (Humor can get you through just about anything.) Hands down, Cliff, is the best decision I ever made; I can't believe how "lucky in love" I've been. On the other hand, when it comes to real estate, a ratified Purchase Agreement isn't an "aspirational concept" at all, but a legal and binding contract . . . |
AuthorJulie Gardner, has been writing The Perspective for 18 years and has published more than 670 essays on life and real estate. 
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