Sylvie Zolezzi's Blog

Three Features That Aren’t Selling Marin County Homes Today

Sylvie Zolezzi (Decker Bullock Sotheby's International Realty) — Mon, 11 Jun 2012 19:21:04 -0700

There is no such thing as a ‘universal trend’ when it comes to residential real estate: a quick look through the current Marin County listings will confirm that. At the highest end, the most luxurious features will always attract some homebuyers, just as in the great majority of listings, practical value prevails. But some shifts in priorities do seem to be underway, perhaps because of today’s altered selling environment. Some features that used to help sell homes in Marin are no longer being emphasized – a sure sign that buyers aren’t asking for them.

Ross home with open floor plan

For anyone preparing a property for sale, it is important to observe clues that can prevent wasting time and effort. Some formerly popular elements are fading in today’s market:

1. Square footage and grandeur

There was a time (not very long ago) when buyers looked for the largest home they could financially support, with high-fashion accessories and embellishments that marked its expense and grandeur. The reality is people can no longer afford those luxuries, or, even if they can, are electing to shy away from some of the more showy features. The homes currently moving on and off the market with ease are for the most part small, comfortable homes with an open floor plan. Especially those with a high level of energy efficiency. There is a growing trend towards recycled materials, such as recycled wood and recycled glass tiles in both kitchens and bathrooms. Green features both inside the home and in the outdoor space –with native and sustainable gardens becoming more common--are gaining in popularity

2. Formal Living Room

When “big” was in, so were grand formal rooms. More of today’s buyers, however, tend to seek multi-purpose rooms with an open layout and seamless flow. They don’t want a sunroom, a formal entrance, a formal dining and/or formal living room: they want a kitchen that is functional, built to last, easy to clean, and one that opens onto the rest of the living space. I have to confess that, even when formal living rooms were in vogue, I usually could see the question in the back of most prospects’ minds, who ever uses that ‘formal’ living room, anyway?.

3. Whirlpool Tub

Once considered the gold standard in master bathroom remodels, the jetted tub has gone the way of the other more formal features as buyers shift to a more environmentally-friendly mindset. I can’t tell you how many homes with Jacuzzi tubs I have listed where the owner tells me, “I never use it – I don’t even know if it works!” If you are considering a bathroom remodel, the new trend is free standing bathtubs; I am noticing them in most of the recently remodeled Marin County homes, and I love them! I just saw one in a Ross home listed over ten million dollars last week (see photo). Another option you might consider is a larger shower -- currently a popular option with the baby-boomer crowd mindful of easy bathing access.

The takeaway? More of today’s homebuyers are passing up the grander features (especially energy-hoggers); instead gravitating to the listings that emphasize practicality and modern functionality.

If you are preparing your own home for sale, do contact me at 415-505-4789 or Sylvie@YourPieceofMarin.com. I’ll be happy to offer my input on the most direct course to today’s homebuyer.

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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I specialize in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge. Please visit my website at www.YourPieceofMarin.com.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs. I have an excellent track record as a successful, results-oriented negotiator and effective communicator. My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner. I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty. I know the neighborhoods, the schools, the amenities; I know where you want to live. I know and love Marin County!

I specialize in Luxury Homes in the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield, Ross, San Anselmo, San Rafael, Fairfax, and Novato.

The Best Women's Clothing Stores in Marin County

Sylvie Zolezzi (Decker Bullock Sotheby's International Realty) — Sat, 09 Jun 2012 20:34:04 -0700

I am known by my friends and colleagues as a real clothes horse. My fashion philosophy is to dress in a way that expresses my creativity and my mood on a particular day, and makes me feel confident. I spend a lot of time putting my outfits together, until I feel completely at ease in my clothes, and the accessories I pair them with, to make me look and feel my best.

It is a bit like staging, which is one of the favorite parts of my job as a REALTOR. I have a lot of fun using my creativity to help sellers prepare their property to go on the market and enhance the best features of their home.

I love to be stylishly and elegantly dressed, and I love to shop! And I shop exclusively in Marin’s classy boutiques for three reasons: first, I like to support our locally owned small businesses, I like to support women in business–and these boutiques are all owned and managed by women–and I love to wear unique pieces that I cannot find at Nordstrom.

Back in November, I had written an article about The Secret of Dressing Like a French Woman in which I had listed my favorite Marin County boutiques.

Some have unfortunately closed since then, and I have discovered new favorite ones. So here is my updated list of favorite spots to find my treasures in Marin County:

Lindissima – in Greenbrae’s Bon Air Center
Sandbox – in Greenbrae’s Bon Air Center
Blanc – carries many great imported labels, downtown San Anselmo
Collage – downtown San Anselmo
Ma Petite Folie – downtown San Anselmo
M Clothing – Old Corte Madera Square
Par Excellence – Town Center, Corte Madera
Gala – downtown Larkspur
Nicolette Boutique – downtown Larkspur
Embodies – Ecofiiendly boutique carrying stylish organic clothing – upper Magnolia, Larkspur
Carolina Boutique - downtown Mill Valley
Paparazzi - downtown Tiburon

So, if you need to update your spring wardrobe, please support these local shops and make sure to tell them I sent you!

Thinking of Selling Your Home? Plan Ahead - Way Ahead!

Sylvie Zolezzi (Decker Bullock Sotheby's International Realty) — Tue, 27 Dec 2011 16:05:38 -0800

If you are thinking of selling your Marin County home this coming spring, here are some tips to help you get started RIGHT NOW to prepare your home. If you need resources to assist you like an organizer or a stager, feel free to contact me at Sylvie@YourPieceofMarin.com or 415-505-4789.

Via Judy Klem, Home Staging, Senior Move Management, Fairfield/New Haven counties (Transition Stage LLC):

Thinking of Selling Your Home? Plan Ahead - Way Ahead!

Getting your home ready to sell? The basic equation goes something like this: Time + Effort + Money = Ready to Sell. It's very easy to underestimate the time, effort and money it takes to get your house ready to sell. Stint on the time element here, and the others go up. What does this mean? If you don't have much time, you'll need more effort, so bringing in helpers will be required, which will likely cost more money.

One way to illustrate how much time, effort and money is required to handle the necessary tasks is to have you visualize the last time you packed away everything in a bookcase.

You got a couple of boxes, and starting unloading the bookcase. Got a couple more boxes, more unloading, repeat as necessary. Unless you're great at estimating these things, you probably needed about 4 times the number of boxes you initially thought you'd require (with added cost if you bought them) and it took quite a bit longer than you estimated, depending on the size of the bookcase. Or closet. Or dresser.

What's my point? Since most people don't move very frequently, there is a tendency to forget the incredible amount of work that goes into just packing up the house. To get a home ready for sale, you'll need to do a fair amount of pre-packing to simply declutter.

Then, when you take a good look around, or have a home stager do it for you, you'll find that you have a very long list of repairs and tasks to refresh the look of your home. Few people can devote all their time to doing this work. So, unless you can call in a crew of helpers, or you're willing to hire a stager to act in your stead with her crew, you'll need to plan ahead. Way ahead.

Suggested Timeline

- A year ahead, determine the areas of your home that contain things you know you want to give away. Set aside several hours per week to purge those items, and get them right out of the house - give away useful items to charity, take broken and unusable items to the dump, etc. If you have a large amount of purging, you might want to get a dumpster, and set an absolute deadline for completion of this task.

- Six months ahead, make a master list of repairs and start tackling them every week. This is especially important if you have major outdoor repairs to your roof, siding, deck, or walkways. Remember that you'll probably need to hire people to do some or all of these repairs, and the good people are booked months in advance.

- Three months ahead, have a consultation with your agent and a home stager. Determine what needs to be painted, and make a plan for appropriate colors with your stager. Your stager can also give you a plan for which pieces of furniture and which accessories you should keep and which should either be put into storage or given away. Pre-packing begins in earnest here.

- One month ahead, there should be no more major repairs required. From here on, most work should be cosmetic. Your stager will help with every space, starting with your home's curb appeal.

- One week ahead, the final staging should be complete. Your home stager will provide a list of how to keep everything looking fresh. The agent's photographer should be booked, and your home photographed to show off its wonderful features on the MLS.

- The day of the open house, check that everything is clean and tidy. Lock up all valuables and prescriptions. Open the blinds and curtains to let in the light, and turn on lights in every room. Set the temperature to be comfortable for those coming to view your home. Take your family and pets away from the house for the day. Be available by cell phone so the agent can get in touch if necessary.

Benefits of a Longer Timeline

OK. Are you thinking this timeline is too long? Do you have a story to prove that you can do all of this in a much shorter time frame? I know it can be done; it just tends to be much more stressful and means late nights every night and working all weekend before getting back to "real work" on Monday morning.

Having a longer timeline means you really can sort out all that stuff you don't want to pack - and pay to move - only to stack it in the new garage or attic for sorting at a future time. Having more time means that you don't need to choose between spending time packing and fixing, or preparing that important presentation for work.

Getting things done way in advance means that you're not stuck having to pay for extra help at the last minute - or finding that even ready money can't hire anyone at the last minute, and you miss the opportunity to really showcase your home at the open house.

Very few of us live in an immaculate, minimalist home where preparing for a sale means arranging a few decorative objects. Planning ahead can save you money, stress, and time spent burning the midnight oil.

And it places your home ahead of the competition because it stands out from the crowd - inviting, organized, spacious, light - appealing to your buyers and bringing an offer sooner rather than later. Which is really the point of all this work, isn't it?

Thinking of Selling Your Home? Plan Ahead - Way Ahead!

Thanks so much for visiting!
Judy Klem

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Things to Ponder Before You Submit a Low Ball Offer

Sylvie Zolezzi (Decker Bullock Sotheby's International Realty) — Thu, 24 Jun 2010 22:55:39 -0700

Via Karen Crowson (Alain Pinel Realtors, Livermore, CA):

What was your first reaction when seeing this property?

Assuming that you’ve been there in person before writing an offer, the initial price must have been within your reasonable range, or you would have skipped it altogether. Was there something objectionable about the property supporting a lower price?

Is the home price overpriced or in step with the current market?

How does the price per square foot compare with others of equal size, location and condition? Is there a surplus of properties, or are inventory levels below average?

What kind of seller is in the equation?

If this is a foreclosed property it is likely priced below market value. The bank’s strategy is to get it off their books, and fast. Most times the house has been vacant for a substantial period of time and its condition can be less than ideal. If it’s seller owned, but a short sale, the listing agent may have priced it far below market to attract a quick sale to stave off foreclosure. That doesn’t mean that this low list price will actually be accepted by the short-selling bank. It’s simply a starting place to entice offers. If the home is an equity sale it may not be a distressed sale.

Are there many distressed properties comparable to this one?

One foreclosed property or short sale does not set a new price level for an entire neighborhood, although it may have altered buyer’s perceptions of such. If there are other regular sales in the vicinity, or a low percentage of distressed properties in the surrounding areas, that will carry more weight.

Consider the appraisal.(or BPO)

Let’s just say that you make a grossly below-asking-price offer and the seller accepts it. If the appraisal comes in higher, how likely is it that the deal will go through? If you’ve made a low offer that is supported by the appraisal, then you’re likely to have more bargaining power when returning to the seller for a price adjustment.

Is some recent home buying/selling experience influence your judgment?

If you recently sold a home and got beat up on price, you may feel justified in doing the same. If it was recently and in the same market, it may make perfect sense. But if this was a year or two ago, or in a completely different location, you may not be comparing apples to apples.

Do you love the house, and really hope you can buy it?

If your offer is deemed ridiculous, you take the chance of setting the tone with the seller, be it bank or otherwise, that you are not a serious buyer about this property, but just looking for a deal.

If your home was on the market and you received this offer, what would be your first impression?

Would you be angry, disappointed, insulted? Those are very often a seller’s first reactions. I’ve heard more than one state – I’d rather take it off the market than sell to these people. Perhaps you think it’s worth giving it a try and it very well may be. But…..

What do you imagine the seller’s response will be?

Accept it, counter it, or reject it outright? You may be expecting the seller to counter you, no matter how low the offer starts. However, it’s always good to play the what if scenarios, and determine what your reactions to each possible outcome would be.

How will you feel if you don’t get it?

Is this the house you want the most of all you’ve seen? How long do you expect to live there? It’s a good exercise to run numbers through your mind. “If I get it for $10,000 less, I’ll love it even more!” “If I paid $20,000 more over the next 5 years that I live here, would I be ok with that?” Just some food for thought…….

Claim Up to $18,000 in Combined Homebuyer Tax Credits

Sylvie Zolezzi (Decker Bullock Sotheby's International Realty) — Mon, 19 Apr 2010 20:58:16 -0700

California is poised to launch a new tax credit of up to $10,000 on May 1, 2010 to help buyers get off the fence. Championed by Gov. Schwarzenegger, the $200 million program, $100 million for the First Time Buyer Credit and $100 million for the New Home Credit, is expected to keep sales moving along post spring-selling season.

As a result of this new program, home buyers in California have a brief window of opportunity to benefit from up to $18,000 in combined federal and state homebuyer tax credits. Given the first-come, first-serve allocation of the state credit, the fortunate homebuyers who successfully “double-dip” will likely consume an important piece of the state credit. Time should not be wasted, and all bets will be off on May 1 when applications can be faxed in. Credit Suisse builder analyst Dan Oppenheim estimates the tax credit will benefit about 14,000 new-home buyers, lasting as long as four to five months. To take advantage of both tax credits, a first-time homebuyer must:

Enter into a purchase contract for a principal residence before May 1, 2010 (deadline for Federal Tax Credit of up to $8,000) and
Close escrow between May 1, 2010 and June 30, 2010, inclusive, (for the California Tax Credit of up to $10,000).

Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits, i.e. $6,500 Federal Move-up/Repeat Home Buyer Tax Credit and $10,000 California Tax Credit.

FEDERAL TAX CREDIT:

How it works:

1. Timeframe: Under the federal law slated to expire on April 30, 2010, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time homeowner may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.

2. Who qualifies:

a. First-Time Homebuyers (FTHBs):First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the First Time Homebuyer tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

b. Current Owners: The tax credit program gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

3. Income Caps: The amount of income someone can earn and qualify for the full amount of the credit is as follows:

a. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

b. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

4. Maximum Purchase Price: Qualifying buyers may purchase a property with a maximum sale price of $800,000.

5. How to Claim the Tax Credit: You claim the tax credit on your federal income tax return.

6. Tax Credit vs. Tax Deduction:It’s important to understand that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in your taxable income that would only save you $1,000 to $1,500 when all was said and done. Let’s look at an example: if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

For more information about the Federal Tax Credit, please visit the Federal Housing Tax Credit website. The Frequently Asked Questions Page of the Federal Tax Credit Website is a particularly useful resource.

CALIFORNIA TAX CREDIT:

Under the newly enacted California law, the legislation has allocated $200 million for more state tax credits—twice what was offered last year to 10,659 buyers of new, unoccupied homes. Under the newest housing stimulus, a homebuyer may receive up to $10,000 in tax credits as follows:

1. Timeframe:

a. These tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. The purchase date is defined as the date escrow closes. Taxpayers may apply for the tax credits if they have entered into a contract before May 1, 2010, as long as escrow closes on or after May 1, 2010.

b. Additionally, these tax credits are available for taxpayers who purchase a qualified principal residence on or after December 31, 2010, and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010

2. Who qualifies:

a. New Home Credit: Any home buyer (whether that buyer is or is not a first-time homebuyer) of a property that has never been occupied.

b. First Time Buyer Credit: A first time buyer of an existing home.

3. Limitations: These tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased.

4. Applications: Applications will be accepted by fax only beginning May 1, 2010 and will be made available by May 1, 2010.

5. Reservations: Taxpayers who qualify for the New Home Credit may, but are not required to, reserve a tax credit prior to the close of escrow. Reservations will become important, as the program nears the $100 million cap, for homes that may not close escrow before the cap is reached. The reservation will "hold the taxpayer's place in line" until 2 weeks after escrow closes.

6. Claiming the tax credit:

The taxpayer must receive a Certificate of Allocation from us to claim the tax credit on their California personal income tax return. The Certificate of Allocation will state the maximum amount the taxpayer can claim listed by tax year.
The taxpayer should refer to the 2010 New Home / First-Time Buyer Credit Publication for instructions on claiming the tax credit (the publication will be available by December, 2010).
Special rules apply to married/RDP taxpayers filing separately, in which case each spouse/RDP is entitled to one-half of the tax credit, even if their ownership percentages are not equal. For 2 or more taxpayers who are not married/RDP, the tax credit amount will have already been allocated to each taxpayer occupying the residence on their respective tax credit allocation letter.
If the available tax credit exceeds the current year net tax, the unused tax credit may not be carried over to the following tax year.
The tax credit may not reduce regular tax below TMT.
The tax credit is not refundable.
Any disallowance of the tax credit may not be protested or appealed.

For more information, please visit the 2010 Tax Credit for New Home/First Time Buyer State of California Franchise Tax Board Webpage or contact the California Franchise Tax Board at

888.792.4900 (press 1) or 916.845.4900 (not toll-free)

Email: wscs.gen@ftb.ca.gov. Please note that this is not a secure email address. Please do not send confidential information.

Please feel free to contact me at 415-464-3410 with any question about these programs or contact your tax advisor directly.