I am pleased to announce that Kirkwood has now officially gone into escrow as of last week! As I had mentioned in my previous post, July has been a whirl wind of non stop work. We are able to get the house decluttered, staged, photographed, and into escrow in just over two weeks. Pretty impressive, right? I have to say that between this and other clients that are highly motivated to buy, I am beat! The good news is that I am a self proclaimed real estate addict and workaholic. You know how performers will often make a statements like, "I am at my happiest when I am on stage, in front of a camera, or posing nude for Hustler or Falcon" (you get the point)? I can put my own spin to that statement by saying, "I am at my happiest when I have a really amazing open house with a ton of great buyers and agents or am in the midst of a stable escrow with a buyer's agent I adore". Unfortunately, this comes at the expense of not having as much time to blog as frequently. I consider my blog an integral component to Rich Kids. When I don't have the time to update, I am a little hard on myself about it. Now that there is small amount breathing room, I am back up and running with new "Hot Props" on the way. I am also compiling data right now for a summer recap of the market: trends, buying patterns, areas that have shown most growth, and some predictions as to what we can expect for the fall (my crystal ball should be fully functional by late August).
Circling back to the topic at hand, I have a wonderful buyer in escrow right now with a terrific agent. The one thing about a real estate transaction (especially a fresh escrow) is that it is not over until it's closed and the buyer has been given their keys to move in. In this market, things can and often do change in the blink of an eye. With that said, I highly encourage anyone who has interest in the property to submit a back up offer. I've been in back up status recently and was ultimately able to get the property for my client (not to say I've haven't had some that didn't work out as well). I have had a lot of buyers wanting to submit just after the fact, so it's definitely worth the effort if you are really in love the property.
With every new transaction, there is always something new to learn and some pearls of wisdom gained to pass along to anybody who is interested. What I have learned from Kirkwood is that it 100% validated my view on buying and selling in this market. It's certainly not rocket science and I'm sure these will be no brainers to anybody who has worked with me , asked for advice, or just enjoys following the market. Here are the lessons to be learned:
Buyers:
1. If you find a home that is well priced and is exactly what you want - submit an offer! I had many people who fell in love with the property, but decided to wait literally 16 hours to write and lost out. It never hurts to get the ball rolling and it takes 20 minutes (OK more like an hour) to draft, sign, and submit.
2. If you have a buyer's agent, make sure that they specialize in the areas that you are interested in buying. This is not to shamelessly promote myself (well maybe a tad), but in all seriousness you need an agent who knows the comps, has personally previewed said comps, and knows the local market. Not just with this property but also with other deals I am working on, I am shocked at how little these agents know about the markets they are representing. I know your mom's best friend might be a top producer in Pasadena or even the Valley for that matter, but that doesn't mean (s)he knows WeHo, Hollywood Hills, etc. This can be a major detriment to you if you are seriously looking to buy (or sell) in a specific neighborhood. Just something to keep in mind.
3. As I mentioned above, don't be afraid to submit back up offers on properties that you are in love with. I sound like a broken record, but I want to reiterate that it is so worth your time to do so. You just never know in this market!
Sellers:
1. Look at the numbers, comps, price per square foot, and then go from there when establishing a listing price. There will always be special qualities/intangibles that each property has that will allow you to make adjustments, but it is key to listen to what the market is telling you. The climate of 5 years ago is taunting us with the reality that people were paying double what they are today and it's hard to let go of that idea. Especially in the 1 million and under sector, pricing is imperative. Price it well and you will get tremendous activity/quick offers as was the case with Kirkwood. Price it too high and you will quickly lose that initial excitement that the first two weeks generates. Often you will stand to make more off your sale when you start off on the right foot.
2. I say this all the time but keep it clean, chic, and the personal items to a minimum. I personally help all of my sellers declutter. To much "stuff" can divert attention from the house and place it on that huge Warhol Pop Art homage to yourself hanging over the fireplace. Minimal brings maximum.
3. If you can, update as you go. Even if you have no intentions of selling, when the pipes break, replace them with copper. When the roof leaks, check for mold and then replace it. If the paint is starting to look a little weathered, repaint. Handling these items as they occur will make all the difference in the world if you one day find yourself needing to sell quickly.
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