So, I'm perusing through the MLS listings in my area of expertise, West Sacramento, and getting a little frustrated. I see listings that are grossly overpriced or underpriced. By that I mean $30k or more off the mark in either direction. I'll give agents $20k +or- leeway just to be generous. Since I'm very familiar with the West Sac housing market, it's really obvious to me when the price doesn't fit.
SELLERS: This is a mistake I've seen made all too often: sellers choose an agent who doesn't specialize in the area. If you are a seller who NEEDS to sell, like a short sale listing, for goodness sake, you cannot afford to make this mistake. What normally happens, if a home is priced too low, is it goes pending immediately. Then, months later, it's withdrawn and becomes a foreclosure. Why? Because the bank won't approve a short sale that's not in line with market value-- at least somewhat! On the other hand, if it's priced too high, no one even looks at it. If you're a seller who simply needs to sell, price it right on day one, otherwise you chase the market making reductions, and that is frustrating and disheartening. Buyers who are watching a particular area to purchase are the first to view a new listing. If your home is overpriced, they won't bother even looking... and they are serious buyers! Sellers, did you know you can ask an agent to print out their sales record? I have a client who found out that their original agent had never sold a home, ever.
AGENTS: Listing a home 50k under market value... uh, seriously? It must feel good to get a zillion offers on your new listing, but you are doing a major disservice to your sellers and the buyers who are looking at the property and writing offers. To those who are inadvertantly overpricing listings, it's not that hard to run a Comparative Market Analysis. I'm not talking about a Citywide CMA, but rather just the neighborhood. In West Sacramento, different neighborhoods have different value(s). Some neighborhoods don't have Mello Roos assessments. That's a huge value. Some subdivisions are built by the most entry-level builder and shouldn't be compared to the "top 'o the line" builder who included all the bells and whistles. We agents should be familiar with the nuances of a particular housing market before we call ourselves a local expert.
SIDENOTES: Usually, the agent who is guilty of over or under pricing, advertises as a short sale expert or local expert or area expert. The agent often doesn't know how to deal with the bank's negotiators when they come back with a BPO in line with (and sometimes over) market value. Instead of sending the bank comps with justification for the price, the underpricing agent goes to the buyer and says "the bank wants another 50k". Now that's a hard sell! The end result is, unfortunately, usually FORECLOSURE. Ever looked up the "solds" of some of the so-called short sale experts-- ONE CLOSED SHORTSALE. Wow, is that all it takes to be an expert? What about the local or area expert? Selling one or two homes in a particular area does not an expert make. Agents should be consistently selling in the area they call themselves an expert in. If they aren't selling consistently, they probably aren't tuned in to the area very well.
Now there may be some agents out there reading this and getting huffy. Take a deep breath hot stuff. Some professed experts are experts. I acknowledge that. I also understand that some short sales go to foreclosure even though the agent did everything right. I'm not talking to you. You see, I recognize that the agents that are engaged in Active Rain are all awesome real estate experts who are just reading this for entertainment purposes. Enjoy a chuckle on me...
I send out the following list to all my buyers in West Sacramento and I thought, "Why not share it with everyone?" This is a list that represents only my humble opinions, but it may be helpful to you if you're new to the West Sacramento area. Here goes:
Best of West Sacramento
Best Gourmet Grocery Store Nugget Market in Southport
Best Cheap Groceries Safeway (get a savings card for buy 1 get 1 free stuff)
Best Dry Cleaner's Han's in Southport
Best Place for affordable furniture IKEA at Sacramento Ave and Harbor
Best Coffee Beans & Frappaccino Starbuck's in Southport
Best Mexican Food & Waiter (Jose) Emma's on Sacramento Avenue (North end of Harbor)
Best Place for a Steak Vince's Italian on Harbor (next to Taco Bell on Harbor)
Best Place for a Taco & Milkshake Whitey's on Jefferson & 15th
Best Affordable Mechanic Dan's Service on Galveston (ask for Ken Hoy)
Best Secluded Place to Watch 4th of The high rise at the city limits - end of Jefferson (south)
July Fireworks
Best Place for Greeting Cards Target on Jefferson & Linden
Best Place for Coffee & Croissant La Bou on Jefferson & Merkeley
Best Place for a cocktail & Local Politics Club Pheasant in Southport
Best Place to meet friends for a beer Streets of London on the Lowe's mall
Best Place for Hardware Used to be Hollywood Hardware, now it's Lowe's
Best Hot Sandwich & Fries Hefty's Burger (Chicken Kabob Sandwich)
Best Place for a Cold Sandwich Togo's on West Capitol
Best Place for Thai Food Manaao at 715 Harbor Pointe
Best Place for Indian Food Pooja Indian Grill Merkley off Jefferson
Best affordable Chinese food Eastside Chef - Nugget Shopping center in Southport
Best fast food burger In-and-Out Burger at Sacramento Ave & Harbor
Best fast food Mexican Chipotle at Sacramento Ave & Harbor
Best Place to get Cheap Gas Tower Mart & Jefferson & Linden South
Best Place for Dim Sum King's on West Capitol on Weekends
Best Place to Watch Lightening High Rise at the end of Jefferson & Deep Water Channel
Best Place to See River When its High Ziggarat Riverwalk
Best Place to get Fresh Flowers West Sacramento Flower Shop on Enterprise
Best Place to Meet Friends with a Boat Broderick Boat Ramp (no fees)
Best Scenic Drive for Breakfast Alma's in Walnut Grove or Shorty's in Clarksburg
Best Scenic drive for wine tasting Sugar Mill in Clarksburg
Best Scenic drive for a sandwich Husick's Hardware in Clarksburg
Best Scenic drive for burger Dinky Diner in Clarksburg
Best Diner-type breakfast Carol's - 1201 West Capitol
Best Tire & Tire Repair Shop Tires To Go Evergreen & Harbor (Dave the Owner, Jim and Mel)
Best Place for Window Repair Arrow Glass on Northport -- Kit Sanders - Owner.
Best Local Exotic Birds or pet toys Country West Feed at Capital and Harbor
Best Place to get a Dent Removed Izzy's Bodyshop - Izzy Lmar - Owner. Located Behind UPS
Best Place to Ship Packages UPS Customer Service - In the Back
Best Place to Rent a Movie Blockbuster Video
Best Drive-through Car Wash Chevron on Jefferson next to Round Table
Best Dive Bar to Play Pool Sail Inn on Jefferson & 15th
Best Place to Avoid a Speeding Ticket Park Boulevard
Best Place to Bowl in West Sacramento West Capitol Bowl at the North East end of West Cap
Best Local Event Mailing-list to be on Raley's Field
Best Place to get a cheap book The West Sacramento Library on Merkeley (it's free)
Best Realtor in West Sacramento Cari Hendricks of course!
Welcome to West Sacramento!
It has been said that most people hire the first agent they meet to list their home or to represent them when they purchase a property. Some people are a little more diligent and interview a couple of agents. I'd be willing to bet that the agent with the slickest CMA (comparative market analysis for non-agents), the one who drives the fanciest car, and maybe even the most charming agent gets the job more often than they probably should.
So what can a lay person do to take their due diligence to the next level when hiring an agent? First, conduct your initial meetings, but don't make a decision right then. Save some of your questions for later. Send a question to the prospective agent(s) by email. If it takes an agent a few days to reply to your email and you're the kind of person who wants a prompt response, it may not be a good fit. A day or two later leave a voicemail message with an additional question. Why do I suggest this? Because if the voicemail box is full and you can't leave a message, that may be a hint as to what you can expect. If they actually answer the phone, then great! Can they answer your question? Do they make up an answer? Do they say "let me find the answer for you and I'll call you back as soon as possible"? Also ask the agent how they handle "extra requests", like changing/refreshing pictures of your home in MLS, re-filling the sign box when the flyers run out, and asking showing agents for feedback. Some agents consider holding an open house an extra not a standard. Finally, ask the Realtor to provide a print out of all the homes they have sold in the last 12 months. If a Realtor sells just a handful of homes each year-- well, you've heard the phrase "practice makes perfect"... they aren't getting enough practice.
Why do I make these suggestions? Because it's pretty easy for a professional salesperson to dress nice and turn on the charm to get the listing. The problem is, once the listing agreement is signed, your agent may be on to greener pastures (getting the next listing agreement signed) and you are no longer a top priority. Some agents leave it to the Buyer's Agent to sell your home and take no proactive steps to sell the home once it's on MLS.
It's perfectly reasonable to expect an agent to return emails promptly (certainly within 24 hours), return phone calls promptly (certainly within 24 hours), get prompt feedback from showing agents and promptly pass along that feedback to the client after showings. I know, I know-- some showing agents don't return feedback calls. In that case the listing agent should let the client know that the other agent hasn't replied with feedback yet. Clients should get copies of all documentation as it comes in (like contingency removals, etc). Also, agents should fairly regularly, at a bare minimum once a week, just pick up the phone to check in with their clients and ask "is there anything you'd like me to do?" The client shouldn't have to ask the highly paid Realtor to do their job. The highly paid Realtor should know what needs to be done and do it before being asked.
It's amazing how often I end up with clients who have had a bad experience with a Realtor-- think unresponsive, resentful when the clients asks for something, disappear after they get the listing, too busy to respond to calls and emails, etc. It's been said that the public perception of Realtors is anyone can do the job, Realtors are overpaid and most are untrustworthy. If an agent is doing the job correctly not anyone can do that job, they are not overpaid, but paid fairly and the really good agents build trust in the Real Estate profession.
I love Ken Lauher's posts on Feng Shui. Here's another article I can't resist sharing for those of you who are interested in feng shui. Enjoy Ken's work...
Here are 10 simple tips and techniques you can use to shift the energy and create a positive environment that nurtures health, improves wealth and encourages love.
1. Space Cleansing: At the end of each on-site Feng Shui consultation I address the energetic cleansing of a space with the Chen Pi Purification Space Cleansing method, which is similar to the Native American practice of smudging with sage but, most of the time, it is even more effective.
This purification is carried out using both fresh orange peel and aged dried tangerine skin, called Chen Pi, which is available in both Chinese medicine and food stores. This method alone creates a dramatic improvement in the energy your space.
2. Life Energy: One of the cheapest and most effective ways of turning a space into a home is by adding life energy such as real plants, fresh flowers and delicious fruit. Take a look at the higher-end catalogs and home magazines. You'll notice they all have one of these three items in every photo.
3. Pets: Having pets can raise the chi of a home or space. Their movement, sound and energy can circulate the chi of a space and facilitate the movement of stagnant or stuck energy.
4. Lights: The simple act of adding light to a space can help not only the feeling of a space but also how you experience a space. Consider having certain lights on a timer to welcome you home when you walk in the door at night and notice how it feels. This can also be displayed on the exterior of a house to lift the chi energy.
5. Feng Shui Consultant: One method is to hire a professional consultant to help you shift the energy of the space where they can focus and adjust the mundane aspects such as addressing the visible factors while reviewing and correcting the invisible aspects of a space. Many times, after I visit a space, people report feeling a difference in the space right away by describing it feeling lighter, experiecing higher level of energy and new opportunities.
6. Religious / Spiritual Masters: Based on your religion, you can incorporate the leaders of your faith to visit your space and analyze or bless the space. In severe situations or difficult cases, some will hire Tibetan lamas to actually chant within a space for several hours and conduct blessing methods.
7. Blessing Methods: There are several blessing methods that can be provided by religious leaders and spiritual masters that can shift the energy of a home. For the individual, the simple act of filling a bowl with water and orange peels, stating your intention and walking throughout the space while sprinkling the water can provide a blessing that is referred to as the Housewarming blessing method.
8. Colors: Changing the colors of a space can change the way you experience the space. I've seen many examples where just the change of color or a fresh coat of paint has made a positive impact on not only the space, those that occupy the space but also the exterior area or the neighborhood around the space.
9. Friends: Want to circulate the chi and get things moving? Consider having your friends over for an evening of dinner full of fun and laughter. This can invite positive energy to enter your space and liven up the energy of a space.
10. Music / Positive Noises: Many times you can use sound to disrupt stagnate chi. This can be done with a simple clapping of your hands, playing of music instruments, using Tibetan singing bowls or ringing space clearing bells
Many people always ask what they should be looking for when considering moving into a new home or apartment. One of the top items that you should look at is not the colors of the home, where it is located or even the price... it is about understanding what happened to the people that lived in the space prior to you.
Ask questions so you can understand the patterns of those that lived there before you, also known as predecessor chi. A home or apartment will tend to follow a pattern so be sure to ask questions so you can understand:
- Was a single person living in the space and did they move in with their significant other,
- Was it a couple and were they happy or did they separate
- Was there financial difficulty or prosperity
- Are they upgrading or downgrading for their next home
- Did they raise kids in the space
- What was the health of the occupants
- Any type of physical, emotional or drug related abuse
- Was the home in foreclosure
Answers to these questions will help you understand what you may be in for. I've seen many examples of this in action. Such as a wealthy individual who purchased a very large home in a high-end neighborhood from a person that was sent to jail. Within 3 years, the new owner was sentenced to jail. Or a home where the previous couple separated and within 1 year of a newly married couple moving into the space, separated.
One of the most vivid examples of predecessor chi that I have seen is when a happily married couple purchased a home that had previously been used as a drug house but was such a good deal that it was hard to pass up. They purchased the home, started renovation and not long after, the husband began abusing drugs and had to enter rehab.
So take a moment to ask questions to understand the patterns of those that lived in the space previously and think long and hard if that is a potential pattern that you want to experience.
Author Ken Lauher www.KenLauher.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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