Home Sweet Home

Even A Dark Cloud Has One

noreply@blogger.com (Museman) — Thu, 12 Mar 2009 03:56:00 +0000

I received a call from Eve Mitchell, staff writer for the Contra Costa Times a couple of weeks ago. She asked me if I had a recent homebuyer who--if not for the down turn in home prices--would never have bought. She had found me on my website.

Like a lot of Realtors who get called a lot from every vendor known to man, I didn't think much of it at first. Another survey of some sort, I thought. But she was, in fact, a writer doing a legit story on how homebuyers who were priced way out of the market a while back are now finally getting their days in escrow.

Odette was my client at the tail end of 2008. She found me on the Internet as well on my Homes.com website. Long story short--we closed on a cute 2 bed condo in Union City just before Christmas. Mitchell liked the story and decided to do the write up. Here's the link to the online article. I like the print better, so I gave you a snip from the front page of the Money section that ran on 3-9-09. Argus/Contra Costa Times et. al. The front page of the Argus header read. "A Silver Lining." It was right next to "Happy Birthday Barbie." who apparently turned 50. The image above is of Odette and her son Nathan. Congrats.

Broker Goes Extra Mile--Literally

noreply@blogger.com (Museman) — Thu, 19 Feb 2009 04:03:00 +0000

Before you think that this is a sappy story that tugs at the heart strings, it's not.

I blew it. Listen to this.

I have been working, building a good relationship with a potential seller who wants to sell a home Union City CA. We will feature it on our site soon. The other day, at the office, I ran some comparable properties on the MLS so that I could update the market value for the home soon to be listed. A property came up that I knew I should preview in order to get a good indication of the market and how we might compare our property to the one on my computer screen.

I called the agent, set the appointment, and off I went. Wait, better idea. Call the future seller that I have been working with, and invite her to the listing preview with me so she could see for herself how her property compares. I did. I showed up at her door and off we went--or so I thought.

In haste, we did the car scramble. That's where you do the dialogue.
She says, "Do you want to just get in my car or do I follow you." Never being in her car before, I thought quickly.
"No, that's okay," I thought, what if she was just being polite, but wanted to just drive by herself? "I could just follow you. I have to run to an appointment right after anyway." That part was true.
She then said, "Okay, I know where it is. Just meet me there."
We both hopped in our respective cars and started to drive. She drove. I did not.
R-R-R-R-R-R-R-R-R. My car would not start.
She turned the corner and went out of site.
I kept cool while my mouth dropped. My car would start. I'm sure it will--in a minute.
R-R-R-R-R-R-R-R-R. Nope.
Okay, should I embarrassingly call her on her cell? Nope. She didn't bring it.
R-R-R-R-R-R-R-R-R. Argh.
R-R-R-R-R-R-R-R-R. Aaargh!

Okay! It's a good thing I run in the mornings, but in my black leathers? Here goes!
Out in the rain, I ran off to the new listing. Let me tell you that either I am soft, or shoes make a big difference in performance. Huffing and puffing I arrived at the property where my seller was waiting. She was surprised to say the least. I talked and explained the best I could injecting humor mixed in with an uncontrollable cough. I'm pretty well-liked by all my clients, and after mixing a bit more humor and coughs, I still had her won over perhaps more out of pity than professionalism.

"This will be a good dinner story to tell your husband when he gets home--something to talk about at least." I said. She laughed as well as I.

Our meeting was humiliating, but a success (face time is always good). My car eventually started, and off I drove, like a fool in the rain.

Aw, Man!

noreply@blogger.com (Museman) — Mon, 16 Feb 2009 19:18:00 +0000

I have a listing that has suffered enough already by being listed at a price that many open house visitors and agents have expressed as not popular.

Now, another agent just listed the same floor plan that is significantly upgraded just two lots over. Mine is 499,950. His is 444,950.

In a word, "man." This puts us in an even more precarious position than even before. Before you even ask, yes, I have discussed the matter with the sellers, but the feeling is that, "we can at least try, then perhaps lower it later." We have already fallen into the stale bread isle according to our visits, and the website volume of views is down as well.

We want to do a great job for all of our clients, but competitive sellers in the area are getting sold while those who are not are... well... not.

It looks bleak, but should you have any light to shed on this matter, I will be happy to take it into consideration.

Agent Seeking Relationship

noreply@blogger.com (Museman) — Sun, 08 Feb 2009 21:09:00 +0000

With home searching on the Internet becoming the more popular choice for home buyers to do their initial house hunting, agents can become displaced very early on in the process of working with a home buyer.

Take my site and I for example: tricityhome.com. It uses google/api integration for its Fremont CA home search engine. At the time of writing, we receive 21,000 hits each month. But, when an email arrives at the inbox or the phone rings due to a call to action on the site, the commonplace afterward is to just have the agent provide links, updates and e-notifications for the soon to be homebuyer.

There's the disconnect. We are no longer in control. Most of the time, the home buyer does not want to form a relationship yet. They just want their stuff. I can relate. I only want my stuff when I go to a site for info or downloads. I don't want to be called or put on a mailing list. But the very definition of agent means relationship. We cannot be doing our jobs until we have one, a relationship that is.

But, being with an agent is the best thing that could happen to a buyer.
It's the same as:

Having an open house wherever you go. The agent has the permission to enter and the key
Getting a local, professional opinion on the home being viewed
Receiving immediate answers to questions concerning HOA, reports, disclosures, etc.
Using a buffer to speak to the seller--keeping the buyer in a safe negotiating position.
Not to mention the free ride from house to house.

So, what do we do? We introduce ourselves throughout the Internet communication process and initiate small steps of commitment. Not necessarily in this order, but we hope to get just a little back:

A reply to an email-nice
A return of an opinion to a home tha was viewed by the home buyer-0k
A return phone call-ok
Downloading the 1003-good
Coming into the office-super! (this used to be required before showing a buyer a home) gone are those days.

We continue to follow up by way of phone, email, etc. After all, we cannot blame them for keeping their distance, but I'm sure a lot of agents will agree that we feel displaced, they feel like it is just a one way street where the agent gives and gives and gets nothing in return. However, the preamble of the Realtor remains the same that, we will stand by our would be home buyers and give them what they need--it would just be a bit quicker if we made the one way street into a two way street.

It's Ok. You Can Come Out Now

noreply@blogger.com (Museman) — Sat, 24 Jan 2009 16:47:00 +0000

One of our homes for sale is getting more viewings. I have some ideas about that.

In my opinion, I think that homebuyers are at least feeling better about searching for homes in general. That's really all this image taken from my Realtor.com reporting is proving. But, none the less, people are searching more than they were, say in November.

My website has more visits too.
Here is a snippet from my domain reporting program. In short, After the Holidays, people seem to be ready to search.

We do not have offers on the home, but that is another blog post.

If you notice the spikes on the 13th and the 14th, then again on the 21st, you will see that those are Tuesdays or Wednesdays. Interesting. If you know why, let me know.

I am hopeful and hoping that people are really starting to feel better about purchasing a new home.

After all, prices are very low, and so are the rates.

Thanksgiving Learned; Not Too Late

noreply@blogger.com (Museman) — Mon, 24 Nov 2008 21:55:00 +0000

Thanksgiving is here, and I wanted to share something I had on my computer for some time since 2003. It is a letter I wrote about a life lesson.

In short it was part of Brian Buffini's Referral by Design program, a letter from the heart. It is a way for clients and potential clients to see character as well as professionalism from their current or would be agent. I had items of value that I created both professional and personal sent once a month to my database. What you are about to read is one of several, and I adapted some of it to read better in the past tense. This is what I wrote.

The Regret Of A Lifetime

October 2nd, 2003

This months’ Item of Value is more valuable than all of the others combined. Two months ago in August's Item of Value, I wrote about time, and some tips on how to manage it. Whether you took the test or not, the emphasis I wanted to convey was that spending quality time with friends and family or making new relationships mattered the most, and like a great deal of my life’s lessons, it took 40 years for me to learn. I would like to share how I learned this lesson, and perhaps provide someone with an opportunity to reflect and take a shortcut—not waiting as long as I did. Most of this letter is setting the stage. So, I ask you to invest a moment.

Perhaps with most boys, as was certainly the case with me, being able to explore the world freely was a vital part of growing up. Making tree forts and exploring the areas of a mountain or beach where no man has gone before has shaped my independence and built confidence in my performance as a professional. It was my parents who gave my brothers and I this landscape of learning and the freedom to explore them to our hearts content, as long as we were back by a reasonable hour of course. It was very common during an exploration mission if there was ever a signpost that said “Danger, Keep Out” it was considered an invitation for more learning and personal growth. As a result, my brothers and I now have great tales of our explorations to last for some time. Stumbling onto live munitions left by the National Guard and detonating some for fun, fighting off thousands of bees after disturbing a hive, and being attacked point blank by a rabid skunk are still fond memories to name a few. Ironically, those experiences contributed a lot to my brother’s and my success in life.

My brothers and I are probably no different than you are; we learned our independence from being dependent on our parents. They were always there if we needed to be bailed out of trouble. But, as we grew older and left the house to be on our own, there was a tendency to drift from the parents and only feel the need to see them on certain holidays or special functions.

It was more than ten years ago in 1992 when I was sitting down talking with my older brother Mark. Mark had long since visited the parents for Sunday dinners. Part of the lure was the free meal and the big screen TV, but during a conversation between him and I one afternoon, I commended Mark for spending time with the folks. Mark then spoke a string of pearls that I will always remember—“They’re not getting any younger, ya know.” That was on a Saturday. Sunday morning I went to Starbucks, bought 4 lattes and 4 bearclaw pastries and started over a decade long tradition together with my wife that involved Sunday morning coffee with the parents. Since then I have become a master at making our own espressos from my hand press La Pavoni machine, and mom has always been the master at making cakes and pastries of all sorts since day one and was happy to do so for our Sunday coffee and cake. We talked about anything and forgot about everything else; you know, daily troubles of your own. Doug, my other brother soon after visited Sunday afternoons after church with his wife and daughter. It became pretty busy at mom and dads, and they loved every minute of it.

In the first week of August of 2003, my mom, Ina had been diagnosed with an aggressive cancer that has spread into much of her body. The family has since been in great pain, frustration, anger and shock. I couldn’t imagine what she must have been going through. During my worst moments, in tears, I fumbled with feelings often and couldn’t think of anything significant enough to do or say. We were about to lose the center of our family. Counseling helped, but I was still helpless and stumbling to grasp for the right words, I felt that she would never know how much I loved her. No matter what words I used, all came up short. Growing in my soul was a regret of not being able to tell her how much she meant to me. It was truly a place of deep distress. That, I do not wish on anyone to carry for one minute, let alone a lifetime.

My wife Jenni was there to remind me that if there has ever been a group of sons who have shown love and appreciation for their parents over the years it would be my brothers and me. The key phrase that hit me was “over the years.” She was right. Had I remained distant from the parents and not invested the time with them, it would have been, for me, the regret of a lifetime. In retrospect, we invested the time. It was the time invested with family over the years that said what I was trying to say but kept coming up short. What needed to be said and could not be said with words was simply stated by the fact that I was there, over the years. And—suddenly I realized that there were actually no regrets at all. My mother simply knew.

Maybe detonating the stolen munitions and fighting the rabid skunk were not some of the better moments she would be proud of today. If there is a possibility that this lesson could open someone’s eyes to the fact that their friends and family are “not getting any younger, ya know,” realize that life is short and take the time to talk about anything and forget about everything else, they could take a short cut and not learn it the hard way or late in the game.

Our family will endure this very trying time. We appreciate your thoughts and prayers always, and I thank you for allowing me to share with you what I have learned. Perhaps you or someone you know may have gone through something similar already. If it has not happened yet, it will, and when it does I want you to know that you have my encouragement to start carving out the time now.

Sincerely

Jeff Pereyda

PS Since the original writing of this letter, my mother was put to rest in February of 2004, and in February of 2005, my father—the personification of self-sacrifice passed away from a brain stem stroke. They were together for over 45 years.

Can I Get Your Quick Opinion?

noreply@blogger.com (Museman) — Mon, 10 Nov 2008 20:05:00 +0000

I was asked recently to reciprocate a link to my site; exchange links or more informally, swap dubbs. And, since website owners want to be careful as to who is swapping links to their sites, I chose to do a bit of investigating first before I agreed.

The reciprocal link offer was coming from a reputable source. check

The site had a good professional look and feel. check

Although not directly real estate related, it still had a real estate division or section. check

All seemed in order. I clicked through their site a bit more to get to the real estate section where my link would most likely be placed. This was the opening paragraph: uncheck!

"Real Estate Agent" is just another name for "Salesperson"

Don't ever lose sight of that fact. Their only mission is to sell, sell, sell to you. Don't ever let on that you are in a desperate situation, or that you need to buy a house fast, or that you are in a desperate crunch to buy this house now, because you are being transferred into town this week. It's simply none of their business and as far as they are concerned...(you get the idea).

In a word... Ouch. I replied by letting the editor know in a few words that openly degrading someone or their profession doesn't help anyone, especially the source. It only tends to make the author seem a little less comme il faut. I told the editor of the site to reconsider the hack before asking Realtors(s) to be linked to something so contrary to what I (we) are trying to accomplish, trust.

Was my response handled properly? Let me know.

What a Difference Three and a Half Months Makes

noreply@blogger.com (Museman) — Tue, 04 Nov 2008 06:47:00 +0000

This is a light, non-exhaustive view from my own broker experience regarding the differences between purchasing a short sale property and a real estate owned or bank-owned property (REO). It's helpful for would be buyers to take 5 minutes and view because having clarity and realistic expectations in whatever goal you set out to accomplish is good. Having clarity and realistic expectations when it comes to purchasing real estate ranks pretty high. Wouldn't you agree?

View SlideShare presentation or Upload your own. (tags: ca fremont)

I Listed Hell, It Sold--A Powerful Technique Revealed

noreply@blogger.com (Museman) — Sun, 05 Oct 2008 04:52:00 +0000

When Realtors are asked to take a listing, they don't see just stucco, studs and foundation. Since Realtors are people too, what may normally be viewed as just a property that will soon change title is seen more as a home, being part of the family it belongs to. Well, recently I was not asked to sell a home nor just stucco, studs and foundation--but rather a piece of hell itself. (This is not the actual photo).

The home was smitten with crack shacks in the backyard and with several people-sized holes in the fences that allowed these shacks to be so frequented that users had to make reservations to get in. I found out later that the main house too had a secret passage in with no lack of want from vagabonds and other scary people. Had it not been for the story attached to the owner, I would have passed on taking the listing. Something had to be done. Realtors have hearts contrary to some beliefs.

It was a sad but all too common story that many of you have witnessed as well--The owner/seller could no longer maintain the home to say the least; not to mention the loan. Both had gone by the wayside. He, along with the fully grown children living at the house, had no means to stay afloat. Of course my opinions on that were nay the time nor the place. As the owner left the property, it got even worse.

The owner had to move away, and or the sake of brevity, I dare not go into details about the home's condition, nor the repeated break ins during the listing period. But in short, the situation was iniquitous and getting dangerous. My wife did not want me going back to check up on the listing by myself. And, I admit, that property truly felt transgressive when I did.

I ruminated on the real estate proverb, "A listing only needs one buyer. And his joy shall come forth from it's foundation." I prayed for that one buyer to arrive--to save the home from destruction. That one buyer came, saw the property, realized it's "vision" and wrote an offer.

Stunned, I entertained my own vision of the buyer mimicking the character of Jules from Pulp Fiction quoting Ezekiel 25:17 before writing the offer. I agree that the house needs to be cleansed, but please don't take my divine retribution reference for the house or this post too seriously but as tongue and cheek.

The powerful technique was prayer and the answer was truly heaven sent. I do count my blessings, but I won't count my chickens just yet. It still has to close escrow. Never the less, it seems that good will triumph over evil once more.

Anatomy of a Shortsale

noreply@blogger.com (Museman) — Sun, 28 Sep 2008 22:00:00 +0000

Educated buyers are seldom shortchanged. For the most part, this post is designed to convey a general understanding of shortsale principles to buyers who want just a 5-6 minute crash course.

It is, by no means, an exhaustive look at the foreclosure market and the economy. These are my opinions based on a behind the desk and on the field experiences related to the plunge of the real estate market since 2006.

Anatomy of a Shortsale

You Posted A Forward? Why You Lazy...

noreply@blogger.com (Museman) — Sat, 27 Sep 2008 05:50:00 +0000

I am no economist, but my eyebrows raised when a long-time trusted escrow officer actually forwarded this to me.

It is not my info nor is it from my site, so no credit goes to me. Judge or yourself. If I dig a little, I can find out who wrote this and let you know.

They wrote:
-----

I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $8 5,000,000,000 to all Americans as a "Dividend".

To make the math simple, let's assume there are 200,000,000 bonafide
U.S. Citizens 18+ Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billion that equals to a
hefty "$425,000.00."

My plan is to give $425,000 to every person 18+ as a "Dividend"
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25.5
Billion right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife have $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - "housing crisis solved"
Repay college loans - "a great boost to new grads"
Put away money for college - "it'll be there"
Save it in a bank - "create money to loan to entrepreneurs"
Buy a new car - "create jobs"
Invest in the market - "capital drives growth"
Pay for your parent's medical insurance =E 2 "health care improves"

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company If we're going to re-distribute wealth let's really do it...instead of trickling out If we're going to do an $85 billion bailout, let's bail out every
adult U S Citizen 18+

As for AIG - liquidate it and Sell off its parts.
Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and "AIG doesn't" we were not invited to the last 10 years of "party time" bonuses.

And remember, this plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.

_______

Thoughts?

C'mon, Let's Face It!--On facebook (tm)

noreply@blogger.com (Museman) — Sat, 20 Sep 2008 05:27:00 +0000

You may not know this yet, but my blog needs readership. Yes, your reading it now, but just look at my comments on my previous blogs. My website gets quite a bit of traffic, but my blog?--I have 0. Go ahead and comment. Shock me.

My Active Rain blog is a mirror of this one, and it gets some readership due to the fact that Active Rain bloggers simply feed off Active Rain, kind of an obsession with those bloggers there.

But more on facebook is being published all the time. Lee Aase, the Chancellor of Social Media University, Global (SMUG) writes references to the news media about the applications of facebook below.

Here are some links to major news coverage about Facebook:

USA Today
Newsweek cover story
TIME
LA Times on application development in Facebook
Fred Vogelstein’s LA Times essay on Facebook.
Two articles in MarketWatch (Lee Aase is quoted here and here.)

Granted, I am very new to facebook and it's applications, but you can bet that facebook is an innovation in the home and in the business world. And, I will definitely be looking closer into the ways that it can help our office and our industry. At least there people write on my "wall."

What Does Dental Floss and Net Sheets Have In Common?

noreply@blogger.com (Museman) — Sat, 13 Sep 2008 19:34:00 +0000

I have a great mentor/broker friend that I as a broker confide in sometimes. We share ideas and sometimes war stories.

I heard the latest doozy of his through his wife which allowed the story to leave more to the imagination, and it went something like this:

Fred, mentor, had been working with a young couple who qualified as buyers for around $400k. Fred drove them around for months in and around a not so nearby city in an obligation to help them in buying a home. Cudos.

Last week, an amazing listing became available for sale by an elderly couple selling their home. They had really fixed up their place with dual pane windows, granite counter tops, etc. Ready to move in, the offer was made, and very gratifyingly, accepted. Needless to say, the young buyers were beside themselves in elation. So was Fred. He was in pain and needed the lift in his spirits. The escrow came right around the same time Fred had the unfortunate but very necessary appointment with the dental surgeon, a 4 hour surgery appointment during that week.

The sellers of the new escrow, the elderly couple, were also in escrow for a replacement home in Florida and had been working with a Realtor there to get the job done. During that week, Fred received a call from FL. The agent representing the Florida purchase performed a net sheet (four days after the FL escrow opened) and the news was bad. It turns out that the Florida buyers could nowhere near purchase the property or hardly any other property for that matter and had to cancel the agreement both in FL and alas with Fred and his new buyers here.

Fury, tears and lawsuits were in the air. Fred, pained by speech, worked hard to calm things down, but the tears of the pain would remain for quite some time for the down trodden buyers due to the loss of their home and Fred because his mouth hurt.

Should the agent in FL have performed the net sheet a bit sooner--you think?

FYI, Fred's surgery went as scheduled with few mishaps.

Word to the wise. Do the net sheet ASAP. You can download mine if you want. And, brush and floss regularly.

What's a Buyer Agent to Do? Here's One!

noreply@blogger.com (Museman) — Tue, 09 Sep 2008 03:33:00 +0000

Every home owner has found those "Just Listed" cards in their mailbox, then as an afterthought, tossed them in the trash. Well, as part of my GRI (Graduate, Realtor Institute) education a while back, I had the fortunate experience of learning some great marketing tricks while at the same time not upsetting the delicate ethical goings on of the real estate industry. One of these such tricks was a postcard.

For the agent who represents the seller, (the listing agent) they get to mail out all kinds of things for the homes they are listing:

Just Listed: Parkmont Beauty w/ Huge Lot
Pending: The Parkmont House
Just Sold: That Same House I've Been Telling You About For About a Month

Well, there are many buyer agents out there that can use the exposure too. Often, the buyer agent's credit gets swept under the rug while the listing agent gets all the glory for selling the house. But really, there are some agents that mostly represent buyers, and they do it quite well. Furthermore, why shouldn't they promote their services to the immediate community? It turns out that a buyer's agent must get permission from the listing brokerage to advertise or promote a home for sale that belongs to the listing brokerage. It's a bit of a hassle, and most buyer agents seem to let it go. Now, they do not have to.

Back to the postcard. In one of my GRI classes, the instructor had the idea of using a different title in the post cards that allow the buyer's agent to have a reason to get postcards sent out. Instead of having "Just Listed" in the headline, why not have it read, "My Buyer Just Bought?" Capital idea!

Several things on the buyer agents agenda get a booster shot. The "My Buyer Just Bought" card:

Gets the buyers agent name out in the community.
Promotes their buying success (owners/sellers take notice too).
Eliminates the need to ask for listing broker permission.

So, to all you buyer agents out there--there's now another great way to get noticed for the hard work you do. Just a little imagination turns a Just Listed Postcard into just the right stuff.

Sunnyvale CA Homes vs. Fremont CA Homes

noreply@blogger.com (Museman) — Wed, 13 Aug 2008 06:50:00 +0000

I live and work in Fremont CA. I used to live in Sunnyvale CA for most of my years growing up. So, when I took a listing in the Parkmont area of Fremont in July of 07 and got 2 showings in one month, (very low), I got a bit involved in some unique statistic gathering.

I wanted to find out percentage of turnaround in competing areas. Percentage of turnaround is the number of homes that have been bought and sold within a measurable duration of time. It's important to know because this figure will tell us what areas are moving real estate. What's more, is that turnaround determines both supply and demand. Measuring the number of homes for sale on the market is one thing, but measuring the number of homes purchased within a unit of time reflects the demand for the area and completes it's economical circle.

Putting some of the math aside, the basic concept is to count all of the listings that have been listed within the last 3 months (this is the duration that I needed at that time). Out of those listings of homes for sale in Fremont (for example), you then need to determine how many have sold during that time. You now have the first part of the calculation, the difference between the two categories. Divide the difference by the number of total listings, and you will have a percentage of turnaround. I have the results below for competing areas of Fremont CA homes for sale and Sunnyvale CA homes for sale.

It turns out the Fremont CA homes turnaround during May 1st--July 31st, 2007 were measuring in at 14.7% (yuk). That means that out of 100 homes listed for 3 months, less than 15 homes sold in that time. The other 85 homes out of 100 sat on the market testing the patients of both seller and agent. As an aside, interestingly, the sellers viewed the agents as the first target for the blame. I was included in this, and it is understandable from a limited point of view. We realtors are the window to the real estate world for the clients. However, in short, Realtors were not the blame. Let's get back to the point. Sunnyvale came in at a whopping 47% turnaround. About half sold in 3 months and in 6 months, most of the rest were gone too. That's more than 3X more turnaround than Fremont--Sunnyvale kicked the pants off of Fremont. Were the realtors better in Sunnyvale? No. What made the difference? I have my suspicions.

My chief suspect is socioeconomic. Most of the homes purchased in Sunnyvale were surrounded by the demand for a location relative to the center of the technology industry. It's been the heart of the silicon valley since the 70's. It still is. Schools also played an important factor. Although Mission San Jose High School in Fremont is ranked in the top 10 nationwide, it only makes up a small geographic area within Mission San Jose High School's attendance map. Home prices tend to be inflated in the Mission San Jose area as well anyway due to homeowner perceptions of value relative to a school. Schools in Sunnyvale rank very high as well. Although it may not be safe to say that Sunnyvale just happens to have more "established," and "high tech" buyers than Fremont, conversations with other brokers in both areas tend to support this thought in part.

As a by product of the statistical study, we noticed that home prices stayed stronger in Sunnyvale and were not shaken in the negative direction by the economy. In Fremont, sellers and agents were quick to reduce home prices in order to create a demand and help bring in the buyer force. The sellers who reduced quickly, got their homes sold. The home in Fremont (the one from our office that prompted this study) did not reduce quickly enough. The seller did not feel it necessary to do so. Hence, it became a statistic of one of the 85% of homes that sat. In fact, it never sold. I did, however, sell one of its neighbors who reduced their price. I handed them their keys last week. For those in Fremont who reduced too little too late, Ouch.

O.M.G

noreply@blogger.com (Museman) — Wed, 13 Aug 2008 05:11:00 +0000

A week and a half went by after the close of escrow on the cat pee house in Fremont CA. I went over my turn in sheet for my lock boxes and found that my combo box was still listed as being on the house with the cat pee.

Well, I had to go get it. I was a little apprehensive about going to the house because I new the cat pee was going to be there in part. What if the new owner was there? I drove to the house and saw some activity at the front door. The new owner was discussing something with what it looked like to be a contractor of some sort. Was I going to just butt in and say, "Oh, excuse me. I was the one who warned you about the cat pee issue? I just came for my lock box. Oooh! Is that cat pee I still smell?"

I made my way up to the walkway, and--Oh My G*d--I was hit all over again half way up the driveway by the putrid and oh so familiar stench that we thought $4,500. could get rid of.

I saw that the new owner had even torn up the old floor, got new windows delivered and a new door (where my lock box was). The look on the new owners face was not very reassuring.

She got a new door, I saw that the new owner threw away my lock box with the old door. It was on the old door, but was I about to approach and ask for my lock box back? I thought not. I turned on my heels and headed right back to my car and was never seen again at the cat pee house. Thank goodness I disclosed in the manner I did. If you are ever in a cat pee home, please be sure to consider the verbiage "material fact."

Definition: A material fact in real estate is well-defined as a fact that, if known, might have caused a buyer or seller of real estate to make a different decision with regards to remaining in a contract or to the price paid or received.

Cat Pee :Material Fact?

noreply@blogger.com (Museman) — Thu, 07 Aug 2008 17:25:00 +0000

Most of us I'm sure have somewhat of a working knowledge about what to do about cat urine smells. Many good products are now available to help rid us of the ammonia smell that gives can pee it's notoriety. But what I am about to share with you here was so devastating that it had to become a matter of "material fact." And, for your amusement, this is how it all unfolded.

Some months ago, I got a call from a homeowner who needed to sell her home in Fremont CA and move out to Modesto. I arrived at the home in my suit and tie, and I was on my way to the front door when I was greeted by the Mr. "T" of cat pee smell. I hesitated, then knocked on the the door with the light-hearted (rat tatta-tat-tat tat tat). I thought perhaps the cat pee smell was from a stray cat lingering around the front door. Solutions to the problem were already being played in my head. "Ah ha," I said to myself. "The sellers were feeding a stray cat, so it keeps coming back and claiming it's territory by, well, peeing. Simple, remove the food, fix the problem, right?"

The door opened, and a nice elderly lady asked me to come in. I blinked (more of a twitch really) then paused, I had fully intended to oblige her request, but if I moved forward, I couldn't breath. The cat pee stench coming from inside the home had created a blockade so strong it was like a wall of fire. Amazingly, the seller seemed unaffected by the stink. Sinuses burning, I managed to lift my right foot then lean forward to enter into the pit of despair.

With what I thought was a smile on my face was probably more like a wince . I remembered that I would have to breathe in at some point after we were finished with the words of welcoming. It hurt a lot, when I breathed through my nose the first time. But, the alternative was not attractive either. If I breathed through my mouth, all that "vapor de cat" would go straight to my lungs without a filter of any kind. Which was worse? I had to breathe. I could only imagine the look on my face when that moment finally came. Turning away and wincing again as the poisoned air went through the nose, I managed to complete the next breath. Most of my thought was surrounded by the grim reality that the longer I stayed and breathed, the sooner I was destroying my bronchial system, and the seller, with destroyed sinuses was not phased at all. I did not want the listing. What I wanted was to get out.

But, as I listened to her story about wanting to be living with her daughter again, I felt as if I needed to help her. Twitching a bit more frequently from the smell and starting to get scared, I completed my walk through quickly and found evidence that four cats lived in the home. I also found evidence that they were actively peeing on the walls and not in the litter boxes. The 3 foot high plastic tarp on every inch of wall space was subtle, but I noticed it. What's more, standing floor fans blew in every room speeding the stench around the entire house, and to top it off, the air being blown about was humid which made it stick to your insides. "The house is extremely clean," she said. "we clean the floors every day. That's why we have the fans on to keep em dry." Clean perhaps to the naked eye, but in reality, I was truly trapped in a swirling cesspool of the strongest cat pee air ever known to man. I had to get out!

I imagined seeing visions of Fremont paramedics looking down on me from above lifting the air mask from me in relief saying, "He's coming out of it now. Give him a bit more oxygen." I closed my listing folder and left. I do not even remember what I said as I crossed back over the threshold. Fresh air began filling my lungs, and as I walked to my car, I found a new appreciation for life and my home. I immediately called my wife and told her I loved her and that I had to come home and change.

I called the seller from a safe distance some time later. I told her that the cat pee smell had to be remedied--which she quickly denied it was a problem. I gave her a list if items that had to be done. "We clean every day. There's no cat smell." She said. I deferred the issue, and she reluctantly completed most of the items on my list. Even though I did not want the listing, I took it. I wanted to help.

Speeding this story up a bit, the property was shown four times a week, and yes, I did receive some calls concerning the pee, not to mention the fans, the plastic, the cats and their unused litter boxes. Unbelievably, an offer was made that was enough money. I basically disclosed that the urine issue would have to be treated by an abatement company. And, in the TDS I had to add cat urine presence as a material fact--similar to disclosing about a meth lab. Even the general house inspector put it in bold type on the report concerning the cat urine odors. The seller felt it was not necessary to disclose cat the pee smell. We contracted a professional cat urine abatement co. for $4,500 to rid the home of the problem.

What was even more unbelievable was that it closed escrow, and the new owner moved in. It was all over! So I thought.

Check in tomorrow to read about a situation so embarrassing, I had to hop back in my car and leave my lock box as collateral damage.

How Long Does It Take to Wrap Up a Frog?

noreply@blogger.com (Museman) — Wed, 06 Aug 2008 16:00:00 +0000

Two months and three days to be exact.

For those of you who are wondering about the connection between frog and house, I'll divulge briefly. Our office listed a home for sale in Fremont CA. Because it was an average home for sale without the "distressed sale" factor, and we felt that it would be a good indicator of the recent real estate economy, at least for Fremont homes for sale anyway. A Tomato Frog is one of the most popular "indicator species" in our ecosystem (if you live in Madagascar). So, the home is the frog in a sense. Here's a quick redirect to the original article. We could have called the home a "canary" or attach a phrase to the project like , "let's raise that flag and see if anyone salutes it," but Tomato Frog just seems to have way more character than canary which is perhaps overused or the flag phrase which is patriotic, but not very fitting.

As of July 31st, the property has since closed escrow and now belongs to a new owner. Buyer and seller very happy. Did we do anything special? Not really. We did lower the price once from 508k to 481k. That's when the activity changed for the better. We received three offers over a brief period of one week. It sold for 460k. Most of the offers (2 others) were hovering at 450k. This was where we thought we were headed, but there was a last minute call from an agent who was on her toes. That last minute call was what we needed to create a demand and get 10k more for the seller and still be a fair market value.
So, to wrap it up, we feel that within the scope of this test, there is hope in this economy for motivated sellers. As for the shortsales, we have one in our inventory which has since received two offers and the lender is reviewing as we speak. We shall see.

Welome to The Price Is Right

noreply@blogger.com (Museman) — Mon, 07 Jul 2008 04:52:00 +0000

A while back, I wrote about my run-of-the-mill, non-short sale listing that I felt would be a good indicator of the current market. I called the post, "Consider the Tomato Frog."

At first, I thought there may have been a problem with my L.I.P., Listing Indicator Project, after I had a talked to couple who were interested in the property. They happened across my sign post after just two days of placing the sign post in the ground. Their interest in the property was welcome, but it threw everything off. I would have welcomed this problem with open arms, but alas, the fluke buyers could not stomach the idea of $3,000 a month payments. That would have been a surprising piece of luck.

Since the "DFT," (Deal Fell Through) We reduced the price from 508k to 481k. Things started to happen. Calls started to come in and within a few days an agent produced an offer after the first offer fizzled away. We were ready to enter into contract. The price was acceptable by the seller and the buyers were approved by a major lender. All was well.

Just as we were about to sign the an agreement (just hours from the deadline), I received a call from another agent who wanted to write an offer. Now, that's a problem I want to have. I informed the seller of the situation, and my opinion was to have her sit on the first offer until the second offer was reviewed. The second offer was significantly more than the first and offered just in time. Bingo!

Now, we are just a day away from the buyer removing their contingencies. Close of escrow is set for the end of the month.

So, I'm nearing the end of my L.I.P. As an listing agent, you and I have a fiduciary duty to the seller. Determining their listing price is up to them not us. But, once sellers acknowledge that the buyers market can only bear so much and sellers conform to true market values, according to the tomato frog--the offers will come.

Is That What I Sound Like?

noreply@blogger.com (Museman) — Fri, 13 Jun 2008 03:51:00 +0000

Do you like hearing your voice played back on tape? Well, I know mine could use improvement. After listening to myself, I am usually conscience of one thing--Is that actually a lisp I hear in my voice? I'm 45--"press 2 to rerecord." However, in all fairness to myself, I don't sound that bad. In fact, think I speak rather clearly compared to some.

However, I did hear a voice today that sparkled through the other end of my treo when I called on a listing to check on its availability (yes, I actually have a buyer). Listening to a far better voice than my own, I pressed my ear closer to the receiver to hear every nuance. For lack of a better description, it was like listening to Ricardo Montalban's voice mail greeting (if he even has one), a voice smooth as silk, yet flashy with just the right inflections. I was even tempted to call again just to hear that voice. I recently started podcasting, and so it was bad timing for my voice recording confidence to hear such magnificence just before recording my voice. I was supposed to create a podcast today. I blogged instead.

Humbled by Ricardo's voice still caressing my ear, I did a few sound takes anyway. Oh my. Having a long way to go on enunciation and meter, I feel that perhaps a few voice lessons wouldn't hurt me there.

But I am conscience of the fact that I need improvement. Better still, perhaps I should try watching myself speak on a video clip. I can see it now..."Cut Jeff! take number 23."

In conclusion, we or I should be more conscience about the way we communicate to our customer base. Most of us sound professional right? Yet, we do not have to sound like the voice I heard today to be successful. We sometimes just need to speak up and do so with some clarity, maybe even repeating our phone numbers at the end of message that we leave would improve our return calls. A little voice awareness goes a long way.

Do you want Ricardo's number?

Knot Just For Women

noreply@blogger.com (Museman) — Thu, 22 May 2008 01:25:00 +0000

P2P--(Person to Person) Another day winds down for me at the office, TriCity Real Estate Brokers. Perhaps after arriving at home, retreating to the study and selecting a good read and a glass of port to end the day? "Knot" quite.
Keeping office deadlines and real estate contracts at bay takes some effort, but recently I have found a good way to unwind that does not require port, knitting.
My wife started some time ago, and her testimony was that it helped her wind down from a day of teaching elementary school students. Hmmm... Go on...

I tried to cast on a row on a knitting needle while watching a Law and Order episode, (my one vice), and I actually caught on. Before long, I knit my first hat, then two, then four then on to knitting socks. I need wind down time. Can you tell?

Since the knitting bug bit, I have started Knotjustforwomen on Ravelry.com. We have members too.

Before all this, I had to first get over the stigma of men knitting, and like me, you may get a kick out of his vid clip; especially of the guy knitting a hammock with pool cues below on: "The Manly Art of Knitting." It helped me get over the stereotype that only women knit. Hence, knotjustforwomen.

Some will not reveal the fact they knit, but I have found at least three great things have come out of it.

It has helped me redefine what it can mean to relax. I still fish, but I can't always get away to do that.

My wife and I spend quality time knitting together and talking where before it was more of a rarity.

Got to meet a different circle of poeple whom I may have never met otherwise.

I'm sure there are more benefits, besides the socks. But, It's not important to write them all down here. The fact is, it's good to break into new ways of thought whether it be your profession or past-time.

Taking Care of the Frog

noreply@blogger.com (Museman) — Mon, 19 May 2008 03:49:00 +0000

B2B--Today I met with the buyers who saw me put out the "For Sale" sign in the yard 3 weeks ago when I posted "Consider the Tomato Frog." Remember them? They, came in and loved the property. The expectations I had were that they were going to write an offer this time. Do you see this coming? Too good to be true? It was.

They showed up on time, but after a minute or two in my office, they had shown a welling up of tears over the fact that they were not able to come up with the down big enough, so their love for the property was evident to say the least. We went over the net sheet several times and no go. Softy that I am, I have in CAR RPA Section. 25 that I am crediting "X" amount of dollars from my commission to go towards the closing costs. Still no go.

They picked up the broken pieces of pride from my desk and parted this afternoon. The bright side is that they are determined. They are hoping to come up with more funds somehow, work two jobs, etc. The drive is there and they deserve a nice property like this one. I wish I could do more but I have to let them work it out for themselves.

I called the seller and explained that the offer would not be written today and that the marketing efforts will continue forward. Optimism. But, it is always a bit concerning when you see the Realtor.com resource center visitor tally (the one with the red bars) for the listing drop steadily each week we are on the market. Like watching a balloon loosing its air.

Both the seller and I are still feeling good about our position, our feedback is good, we are staged well, we have great web presence, open houses often, ads, etc. Flyers are going like crazy. It's only a matter of time, but the real question is: How long?

Marinade Recipe for Open House

noreply@blogger.com (Museman) — Sun, 04 May 2008 18:43:00 +0000

B2B--In this slow market, we should be paying extra attention to all the marketing efforts we conduct in order to make sure they are being utilized to their fullest. Similar to preparing the roast or brining the turkey, open houses should have some prep time and exposure to a conducive environment before the unveiling. The city Fremont has rules regarding open house signs for realtors one of which is that signs can only be out for six hours (not enough time for a good marinade). Half of all the realtors seem to pay heed to the rules regarding the signage, and all realtors have good intentions but break the rules once in a while to get the job done. That's where the marinade comes in for us. This is how we do it.

First, we delivered color flyers the day before to all the residents living in the subdivision inviting them to attend. Next, we use the heavy, metal signs that allow us to place a flag in them and a rider up on top. On the rider we professionally printed the information "1pm to 4pm." Early in the morning after my run and still in my sweats, I place 6 or so of the open house signs out in full view early around 8am. Cars pass by for hours seeing that there is an open house, but, they see that it is starting at 1pm. These viewers can now make a mental note to return our way to visit the open house. Every bit helps, and it did.

The May 4th open house went very well with over 20 visitors. The feedback I received about the property was very good. Not to mention that my earlier sign post callers showed up around 2pm. I will follow up with them on Thursday the 8th to see where they are in the buying process. Four out of the twenty stuck around a bit and asked some good indicator questions.

Frog Follow Up

noreply@blogger.com (Museman) — Sat, 03 May 2008 16:57:00 +0000

Event 2: B2B--The couple who saw the for sale sign met with me in my office at 5:00pm sharp on Friday, May 2nd. I could tell that they were not ready to write an offer, and I actually would have been very surprised if they were.

They wanted more info, and to feel good about the decision that they may have already made in their minds. Even though the buyers spoke in ways that already had them moved in psychologically. "Our dog can run around the back yard."--very good signs, I wanted them to feel solid about their decision. So, I had prepared a home buyer presentation that included comparables, charts, graphs, spreadsheets (buyer net sheet), etc. I also compelled them to visit the open house I am going to have on May 4th from 1-4pm. Next, I suggested that we also look at other properties similar in size, price and location, so that they can gather more support with their decision whether it be yes or no.

I will let you know.

The next post will be a report on how successful the open house went.

Consider the Tomato Frog

noreply@blogger.com (Museman) — Sun, 27 Apr 2008 21:46:00 +0000

Broker to Broker post (B2B)--A few days ago, I placed a property up for sale, and many questions were going through my mind. Most of which were of small concern. Did you get the property staged? Yes. Is the marketing in place? Yes. Are the mailings going out? Yes. Custom painted? Yes. Open house preparations? Yup. I even scrubbed the terracotta stairs that lead to the front door to make sure we have a good first impression. Needless to say, there are many points to cover in the checklist, but there was one question still ruminating now and again that will take some time to settle. That question is, "Why?"

Why are you listing a property in the first place? Why sell a property that has possibly reduced in value over the last year by around $60-70k or even more? Maybe the owner/seller is in financial woes and needs to sell it to avoid bankruptcy. Or, what if they are being told the "f" word, foreclosure. I can assure you that it is none of these. The answer really is the simple fact that the owner is ready to relocate. It's just time.

Now that we know why, where does the Tomato Frog fit in you may ask? This property for sale is going to be my Listing Indicator Project, LIP. For those of you who are not familiar with the indicator concept, consider the Tomato Frog of Madagascar--

Definition: A kind of frog that is red and has a plump, squishy body.

Context: The tomato frog is considered to be an indicator species, meaning that it can be used to measure the health of an ecosystem. If the frog does not do well, it is an Indication that something is not well with its environment.

The townhome I am listing is neither red, plump, nor is it squishy. Rather, it is a cute townhome in Fremont CA in an area called Parkmont. It is 30 years old, but the property and the rest of the subdivision looks young because both are well maintained. The home has 2 bedrooms and 2 1/2 bathrooms. View complete property page here. So, because this will be a normal motivation to sell, we have a good unit, and we will market it as is expected, I believe these conditions will allow the property's progress through the listing period to be used in measuring the health of the recent real estate economy, a real estate ecosystem if you will.

We'll log the events that take place relative to the listing then report all the happenings to you on this blog as often as we can.

First Event: Saturday April 26th at 12:19p--Couple saw the signpost I placed out in the common area away from the other units (signs are not allowed on the subdivision, but I sneaked a sign in). I got the call on my treo. They wondered if there was going to be an open house; they wanted to see it. I explained that there was going to be an open house next weekend, however they are welcome to view it at any time. They came, they saw, they liked. We will be meeting in my office on Friday May 2nd. to consider an approach in making an offer.

My LIP now has a problem. The problem is I just got hit with an exception. You see, if in fact a transaction occurs too suddenly, it may be considered an exception to the rule (stick a sign in the ground and it sells). It would be like someone planted steroids in the Tomato Frogs diet, not a true indicator. Sigh.

I will let you know how Friday's meeting went along with other events that may occur in the interim.