The Escrow is Closed

I waited until this sale was a "fait accompli" before writing about it. If you remember from an earlier post, this private townhouse sale was a win-win for all parties, and it seemed like smooth sailing until the closing date. The buyer was motivated and fully preapproved by her lender. The sellers were packing and had found the perfect rental property in the community of their choice, and the other agent and I made sure that all paperwork was in and completed.
And then the appraisal came in $90,000 under the selling price!
A reappraisal brought it up to $65,000 under, and a third, independent appraiser came up with the same figure. The obvious question is "why did this happen?" especially since all parties felt that the price was right on. The reason is that following the sub prime loan debacle, lenders and appraisers have a whole new set of rules. These include the number of comparable sales needed, the distance from the subject property, and how recently the other sales occurred. Because there were so few townhouse sales over the holiday season, the appraisers had to do some creative comparisons, adjusting the values of dissimilar properties.
What finally happened? The sellers reduced the price somewhat, the buyer came up with more cash, and we recorded today....a happy ending for some very nice people.
...and I received some beautiful roses from my clients!

A Happy Home for Lovers

I'm writing this on Valentine's Day, and I have to admit that nearly every couple that I work with to find the perfect home has different requirements. That is why I have them make up a "wish list" to bring to our first meeting. Trulia recently did a study of 1200 American couples, married or living together, and asked them to name the top 11 items in a home for enhancing their relationships. Some surprised me, but many did not. Here they are in order:
#1 Was a bedroom big enough for a king sized bed...18% of men and 19% of women chose this one first.
#2 Was storage space. It's not a surprise that more women wanted big closets...21% of women versus 13% of men.
#3 Bright and airy spaces. 16% of men and 14% of women picked this first.
#4 Water view of sunrises or sunsets. Men came out more romantic on this one, 16% of them with only 10% of women choosing this one. (Guess that closets were more of a priority!)
#5 A large kitchen island...both sexes picked this one equally at 12%.
#6 A Jacuzzi tub for two...9% of men, 6% of women.
#7 A Fireplace...not the most popular...6% of men, 5% of women
#8 The ever-popular "Man Cave" Maybe this is seen more in areas where they build with basements...7% of men and only 2% of women picked this one.
#9 Dual Closets...Surprisingly, only 2% of men and 4% of women chose this. Maybe they had already covered it in the storage question.
#10 Dual Sinks in the master bedroom. 2% of men and 3% of women picked this first.
and #11...A Sewing or Crafting Room 2% of men and 1% of women.
The requirements I most often see are: a good neighborhood, quiet location, excellent schools, private yards, enclosed garage, large rooms, open floor plan, remodeled kitchen and baths, and hardwood floors.
Either Bay Area buyers are more practical, or Trulia didn't consider these items "sexy" enough.
Happy Valentine's Day!

Why I Use a Professional Photographer

Recently, Theresa Boardman wrote an excellent blog about Realtors who attempt to photograph their listings by themselves, and what a foolish idea this can be.
I hire a photographer/videographer to take the still and motion pictures of my listings for the MLS and advertising. Potential buyers can see the best features of these homes, and often purchase them.
I find it hard to believe that a professional real estate agent would be satisfied with pictures taken with a cell phone. Years ago, before the days of digital photography, I bought an excellent camera with a wide angle lens, but the quality of the pictures I took didn't come close to the results that a professional can achieve today.
These virtual tours become marketing pieces that help today's buyers decide which homes they want to see in person. One of my recent sales was photographed on a gray, rather dreary day last month. The photographer met me in the late morning, and I was concerned that the home, which was usually light and bright, would not show at its best, but we had a time limit for placing the house on the MLS before the open houses, and rain was expected to most of that week. The videographer told me not to worry...that his equipment would provide all the light we needed...and he was right! The open house was packed, and the house sold that week.
No one wants to admit that they have taken poor listing photos for their listings, but everyone agrees that there are plenty of examples of bad property photos in every MLS in the country.
Penny wise is indeed pound foolish.