Linda Kay -The Barefoot Realtor: July 2011

Sunday, July 31, 2011

WHY I CHOSE REAL ESTATE - AND AM LOVING EVERY MINUTE!

Okay, so growing up, my parents always told me I could do anything I set my mind to. I guess that's true for everyone, but I didn't know that at the time. I mean, really, a little hard work and the right connections can get you anywhere!

So, needless to say, I had some pretty lofty goals for myself. (And my handwriting can attest that I should have definitely been a doctor!) However, first bump in the road: I got pregnant my senior year of high school and had Gracie. Bye, bye doctorship! Gracie, by the way is a beautiful, smart and fun girl! (I'm not gonna tell you how old 'cause that would date me!) But I always knew that I wanted to do something that really, truly helped people.

Over the course of the years, I have held various positions at various companies. From desk work, to sale positions, to fundraising and as an Executive Director of a non-profit. I have even held political office for two terms in my assembly district. All of those jobs have prepared me and gotten me ready for the profession of Realtor.

Actually, it was my husband's doing. The position as Executive Director had been "reorganized" into one statewide group instead of county groups, so I had been downsized. And Rich, in all his wisdom was talking to someone at work about flipping houses. This person had him convinced that we could do it, too. (But if you guys knew my husband, it takes him FOREVER to make a decision and then FOREVER to act upon it.) So we decided that since I was job hunting I would get my real estate license so we could keep the commissions from all those houses we would flip. Naturally, about that time, the market started to get stagnant and his friend got stuck with a house he couldn't sell.

And after all that work to get my license, I decided I would simply (yep, I said simply) try out this real estate thing. As we all now, nothing is simple about real estate! Funny thing is, I LOVE IT! I LOVE helping the people and seeing the looks on their faces when they get their new keys, or they are ready to move up and on.

My favorite story, if you'll allow me to tell it. A couple I met through a cold call (Thanks Mike Ferry) had been through three Realtors and could not get their home sold. They were a little bit older (in their 70's) and were in a two-story house. She had fallen down the stairs and injured herself in such a way that it was not fixable. It was very painful for her to go up and down. And he was to undergo back surgery in less than three months when I came onto the scene. So, unbeknownst to me, they interviewed three more Realtors of which I was one. I not only got their listing, had it sold in three weeks, but we found an amazing single story with everything they wanted. It was beautiful. They moved in one week before his scheduled surgery. Funny how things turn out. The house they moved in to had really wide doors. And soon after his surgery, she actually ended up in a wheelchair which it seems like the house was made for! Really, I LOVE these kinds of stories where I could help and it turns out just right.

So that's my story about how I chose real estate. I feel really like it chose me.

This Picture is of my kids (some are step) excet for Gracie as she was living out of the area at that time. Lucy Allen, David Allen, Erik Mayer, Michael Mayer, and Gracie's daughter, yep, I'm a Granny, Ember.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

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Friday, July 29, 2011

SAN DIMAS REAL ESTATE MARKET WATCH - JULY 23-29, 2011

Market Watch

New Listing (6)
Price Change (17)
Back On Market (2)
Backup Offer (6)
Expired (1)
Pending (4)
Sold (8)

Okay, I have made a decision. I know this shocks and surprises you (LOL NOW!) but I actually have. The HIGHS AND LOWS series that I started will be seperate blogs because there was so much content. It would be way too long if it was all in the same blog. So Friday's will be the same REAL ESTATE MARKET WATCH and the beginning of the week will be the HIGHS AND LOWS.

So here we go again, and let's start with the most important thing - THE PRICING! Seriously, when will agents out there learn their jobs? THE MOST IMPORTANT THING RIGHT NOW IS PRICE. If it's priced too high, a good agent will know it's not a good deal for their client and NOT SHOW IT. If it's priced too low, well, you know what happens there, the seller will be upset in the end, the bank will not give an okay to the price, etc. Same result, no selling the house. In one of my previous entries, I posted a blog from my good friend Ilona Matteson which illustrates how most homes are selling within the first two weeks. Why would you waste six months or more on a listing that missed the boat from the start. And after that time, your home wouldn't be worth as much as when you started. After all, can you afford to lose money, possibly thousands, due to a bad agent and the declining market?

That being said, AGAIN (I'm such a nagger...) let's move on. There are six new listings and two back on the market. That's not so bad as far as the inventory goes. Six in backup status and four in pending. Those ten should be through escrow and sold within the next 30-45 days and have new families. And eight have sold. This is another week where the inventory coming into the real estate market is less than the sold homes going off of the market. I just wish the sales were closing faster so we can get out of this culture of short-sales and bank owned properties! Soon, I think!

As always, call me for your real estate questions and any help you may need in navigating the Southern California Real Estate Market.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

LA VERNE REAL ESTATE MARKET WATCH - JULY 23-29, 2011

Market Watch

New Listing (14)
Price Change (15)
Back On Market (2)
Backup Offer (3)
Expired (2)
Pending (7)
Sold (7)

So here we go again, and let's start with the most important thing - THE PRICING! Yet again, there are many price changes (fifteen is a lot!). I can't believe that people are STILL using agents who don't know what they are doing! Seriously, when will agents out there learn their jobs? THE MOST IMPORTANT THING RIGHT NOW IS PRICE. If it's priced too high, a good agent will know it's not a good deal for their client and NOT SHOW IT. If it's priced too low, well, you know what happens there, the seller will be upset in the end, the bank will not give an okay to the price, etc. Same result, no selling the house. In one of my previous entries, I posted a blog from my good friend Ilona Matteson which illustrates how most homes are selling within the first two weeks. Why would you waste six months or more on a listing that missed the boat from the start. And after that time, your home wouldn't be worth as much as when you started. After all, can you afford to lose money, possibly thousands, due to a bad agent and the declining market?

That being said, AGAIN (I'm such a nagger...) let's move on. Fourteen homes came on the market this week in LA VERNE. Choices, choices everywhere for the buyer! And since we already know that most of those will get gobbled up in the first two weeks, it pays to stay on top of new homes coming into your real estate market place. And two came back onto the market. I hate it when escrows fall out, don't you?!!?

Now there are three backup and seven pending for a total of ten in or going into escrow. Good for them! And seven properties closed escrow this week and have new owners. Congrats to those new homeowners! But I just wish the sales were closing faster so we can get out of this culture of short-sales and bank owned properties! Soon, I think!

As always, call me for your real estate questions and any help you may need in navigating the Southern California Real Estate Market.

LA VERNE LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

CLAREMONT REAL ESTATE MARKET WATCH - JULY 23-29, 2011

Market Watch

New Listing (8)
Price Change (7)
Back On Market (2)
Backup Offer (5)
Expired (2)
Pending (2)
Sold (4)

So here we go again, and let's start with the most important thing - THE PRICING! Yet again, there are many price changes. I can't believe that people are STILL using agents who don't know what they are doing! Seriously, when will agents out there learn their jobs? THE MOST IMPORTANT THING RIGHT NOW IS PRICE. If it's priced too high, a good agent will know it's not a good deal for their client and NOT SHOW IT. If it's priced too low, well, you know what happens there, the seller will be upset in the end, the bank will not give an okay to the price, etc. Same result, no selling the house. In one of my previous entries, I posted a blog from my good friend Ilona Matteson which illustrates how most homes are selling within the first two weeks. Why would you waste six months or more on a listing that missed the boat from the start. And after that time, your home wouldn't be worth as much as when you started. After all, can you afford to lose money, possibly thousands, due to a bad agent and the declining market?

That being said, AGAIN (I'm such a nagger...) let's move on. Eight homes came on the market this week in CLAREMONT. Choices, choices everywhere for the buyer! And since we already know that most of those will get gobbled up in the first two weeks, it pays to stay on top of new homes coming into your real estate market place. Two came back onto the market. I hate it when escrows fall out, don't you?!!?

Now there are five backup and two pending for a total of seven in or going into escrow. Good for them! And four properties closed escrow this week and have new owners. Congrats to those new homeowners! But I just wish the sales were closing faster so we can get out of this culture of short-sales and bank owned properties! Soon, I think!

As always, call me for your real estate questions and any help you may need in navigating the Southern California Real Estate Market.

CLAREMONT LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

Thursday, July 28, 2011

FSBO: A PAPERWORK NIGHTMARE - A LAWSUIT JUST WAITING TO HAPPEN!

FOR SALE BY OWNER! Let's face it, I have always been one to think I 'know it all'. (I know, I hate people like that, too!) But when a homeowner decides he knows enough about selling his own home without representation from a professional, here come the lawsuits. I mean, purchase contracts and all the disclosures are quite a bit of CONTRACT LAW. (Ya, I watched all those lawyer shows in the 90's.) The homeowner in trying to save a few bucks could actually end up spending all that and more in court after the paperwork was not properly completed, he FORGOT to disclose something, etc.

Mimi, in this blog below sums it up pretty well. Thanks MIMI!

Via Mimi Foster - Colorado Springs Realtor (EPIC Real Estate Group Real Estate Colorado Springs):

FSBO: Paperwork nightmare
As a long-time real estate professional, I certainly understand people’s desire to try to sell their home as an Unrepresented Seller, also known as a FSBO.
Having spoken with scores of them, I not only have a keen understanding of what motivates them, I also see clearly that there are things that FSBOs don’t consider when they embark on what appears to be an easy journey to try to save the cost of a commission.
So over the course of the past dozen years or so, I have put together a 25 page booklet that shares some of this information that a FSBO may not have considered. I not only give them tips on preparing their home to its best advantage, but I also point out some dangers and headaches that they may encounter along the way.  I offer them the ability to call me to ask questions that they might have as they go thru this process (within reason, of course), understanding that very few will make it to the closing table without the assistance of a Realtor.
The following is a list of a few items of PAPERWORK that the FSBO will have to deal with in his/her journey as an Unrepresented Seller:
Figure out a reasonable price

Take pictures and design and print brochures

Write ads (that will rank on Google)

Figure out where to publish ads

List of completed repairs you’ve done on your home

Verify HOA fees and all CC & Rs

Order twelve months of utility bills

Provide HOW? Which company?

Follow up on showings

Supply reasonable comparables

Negotiate offer and options with Buyer

Make sure Buyer is financially qualified

Write binding Contract

Write Seller’s Property Disclosure

Write Lead-Based Paint Disclosure

Prepare Counterproposal

Find a Title Company

Deliver Contract to Title Company

Document and Deposit Earnest Money

Order Title

Get Title to Buyer

Order mortgage payoff

Negotiate Notice of Unsatisfactory Conditions

Get repair estimates

Meet inspection resolution deadline

Send receipts to Buyer/Agent

Develop closing cost estimates

Order an appraisal

Track appraisal

Check appraisal for any conditions for closing

Continue to check with lender on loan progress

Resolve any Title disputes

Schedule closing

Make sure Closer has all necessary documents

Review HUDs

When do you have to be out?

What if it doesn’t close?

Do you continue to show house?

Can you take another offer?

Legal Liability for paperwork errors

This is just the tip of the iceberg.  Could this be part of the reason that less than 3% of closings are FSBO ?
Please feel free to add to this list in the Comment section below.

FSBO: Paperwork nightmare was written by Mimi Foster

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If you would like to Search for Homes in Colorado Springs, CO, or for any of your other real estate needs, please contact your Colorado Springs Realtor



Selling homes throughout Colorado Springs, Old Colorado City,
Manitou Springs and surrounding areas with a
Specialty in Victorian and Vintage Homes in
Downtown Colorado Springs

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

Wednesday, July 27, 2011

ARE YOU A SELLER OR A GAMBLER?

Okay, folks, this is what I've been trying to tell you in my Real Estate Market Watches. Pricing right from the start is KEY to getting the highest amount possible for your home! Thanks to Ilona for saying it again in this blog.

Via Ilona Matteson (Beach Realty & Construction on the Outer Banks of NC):

The best question I can ask sellers today is… “Do you want to sell your home, or gamble your equity?” What I mean by that is simple. We can price your home to SELL, which likely means going lower than you wanted to. Or, we can price it higher and take a gamble on losing some of your equity. When we price the home higher than the competition, we will be gambling that someone comes along and buys it out of the dozens for sale they’ll have to choose from.

Let’s be clear. This is purely a gamble. When your home is for sale in a declining market, prices don’t go up. They go down. So you end up chasing the market down with your pricing. If the thousands of media reports haven’t yet convinced you to pay extra attention to your price, perhaps the graph below will.
Let’s break down exactly what this graph is telling us.

0 – 30 days, sold for 99.27% of asking price

If you’ve priced your home to sell within 30 days of listing it, you’ll get your asking price!  And, they’ll pay CASH.  There is very little negotiation on the price because buyers see it as such a great deal and will offer what you’re asking.  However, only 11 sellers this year have taken advantage of this strategy.  That’s less than 2% of our SOLD market.

31 – 60 days, sold for 95.88% of asking price
Basically you’re still priced to sell.  But, buyers felt there was a little negotiation room.  Chances are, you came on the market at or slightly above market value.  The good news is a whopping 12% of sellers took this strategy.

61 – 120 days, sold for roughly 91.5% of asking price
This group actually makes up two columns on our graph but since the numbers were so similar, let’s look at them together.  Let’s face it, 61 to 120 days on the market is not a ridiculous amount of time.  However, it’s enough time in a declining market to sell for 9% less than your asking price.  To sell in this time frame, you weren’t GROSSLY overpriced.

However, this group is probably the silliest.  Let’s figure 2 to 4 months of carrying costs while your home is on the market.  Chances are that amount of money is probably the same difference your agent asked you to list for to begin with.  Yet, you went higher and it cost you the in the end.  25% of our sellers this year so far chose this route.

121 – 180 days, sold for 83% of asking price
An average listing agreement is a 6 month term.  Why?  If you’re not priced to sell, you’re losing.  If it takes you 6 months on the market to figure out the right price, either you’re not paying attention to your agent, or they’re not giving you good information.  If it’s you, call them right now, apologize and correct the price so you don’t lose any more equity.  Almost 18% of sellers this year can attest to this.

181 – 365 days, sold for 83.55% of asking price
This is an interesting statistic to me.  I suppose if you’re on for 6 months, what’s another 6?  You’re already down 17% from where you started.  My guess would be the listing expires after no price change for 6 months.  It’s then re-listed with another agent for a slightly lower price, then everyone gets real, adjusts the price accordingly and it sells.  It’s a vicious cycle.  Because this group is the highest percentage of sellers at 24%, the best advice is get off the merry-go round!

366 or more days, sold for 72.53% of asking price
I don’t even know what to say here.  This number clearly shows you can’t win by chasing the market.  Sadly 18% of sellers this year ended up in this group.  If your agent isn’t updating you weekly, find out why.  If they are, listen to them.  It will save you money.

Friday, July 22, 2011

HIGHS AND LOWS - SAN DIMAS , JULY 22, 2011

HIGHS AND LOWS - SAN DIMAS , JULY 22, 2011

Okay, so just another addendum to the REAL ESTATE MARKET WATCH segments I've been doing: In the future, this will be included in the MARKET WATCH blogs.

SINGLE FAMILY HOMES

There are 104 Active Homes in SAN DIMAS today.

Highest Priced Home - $1,850,000

Lowest Priced Home - $199,000Average

Home Price - $350,000

CONDOS AND TOWNHOMES

There are 21 Active Listings in SAN DIMAS today.

Highest Priced Home is $398,000 Lowest Priced Home is $160,000 Average Priced Home is $274,000

You can see from this pricing that there are amazing parts of SAN DIMAS, and then there are middle of the road portions. But the upside is - THERE IS SOMETHING FOR EVERYBODY in SAN DIMAS!

SAN DIMAS LIVING!

Warmest Regards,

Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell

HIGHS AND LOWS - LA VERNE , JULY 22, 2011

HIGHS AND LOWS - LA VERNE , JULY 22, 2011

Okay, so just another addendum to the REAL ESTATE MARKET WATCHsegments I've been doing: In the future, this will be included in theMARKET WATCH blogs.

SINGLE FAMILY HOMES

There are 105 Active Listings in LA VERNE as of today.

Highest Priced Home - $3,500,000

Lowest Priced Home - $180,000

Average Home Price - $573,000

CONDOS AND TOWNHOMES

There are 5 Active Listings in LA VERNE today.

Highest Priced Home is $209,000

Lowest Priced Home is $94,900

Average Priced Home is $171,000

You can see from this pricing that there are fabulous parts of LA VERNE, and then there are middle of the road portions. But the upside is - THERE IS SOMETHING FOR EVERYBODY in LA VERNE!

LA VERNE LIVING!

Warmest Regards,

Linda K. Mayer,
Realtor, Office Manager
A Realtor you can Trust!
(626) 824-8927 Cell