Sam Shueh
Realty One Group
Campbell, CA 95008
I have to admit real estate can be rewarding. We are having the craziest year I have witnessed. Every one is buying when conventional wisdom suggests otherwise. Hitting $1,000,000 price tag homes had to meet certain criteria during previously years-good home design, ample upgrades, large acreage and they need in good schools. You need all the above to get people interested then.
Some local social media companies are going public. FB, Twtr. Things radically change local economy. A 32 year man has a net worth of $61,700,000,000.00 and he was a renter not long ago. What about his worker bees? Well, the 20 year college intern makes more money than an experienced law enforcement officer who risks his life. The 20 year old workers write or test social media interface and they look like they are having a good time. With this mad money coming from these easy money wages it kept driving up the demand for local housing. When homes in bad neighborhood sellers are demanding million dollars, something says it is not right. Was that $1,000,000.00 home near the neighborhood where HOA has warning signs all over the place? That was the neighborhood realtors get stopped in places with foreign languages signs that "No drug dealers will be tolerated"? A few years ago the entire neighborhoods were flooded as foreclosed homes.They had jail like-cages at front door and windows to keep people encroaching because they were in horrible neighborhood? Little changed except for home prices since the neighborhood has not changed much in a few years.
This year many past clients realize the time was due to unload these investment properties and they are happy to cash out their equity. A few will never sell as they expect home prices will reach heaven when they are six feet underground. Consequently, the seller agent role is relatively straight forward have the homes ready and put them on the MLS. Offers will pour in and most are serious as they have been turned down elsewhere. After a few days, put in pending status and bingo they are sold.
I have spoken to a few buyer agents they are showing and making offers everywhere. The odds are not to their favor this year with so many buyers are looking. They now realize the mortgage interest rate will move up more. By procrastinating they will never become home owners or investors. I have submitted a few offers for an investor. It is often a fraction of the listing price. I often it was crazy but she showed me she has gotten several homes and will work with me. To become a buyer agent is not rewarding. For one thing, it is frustrating to compete with so many other buyers. Buyers may not have the means to make up the difference between stellar sold price vs. appraisal value. Both buyers and agents get very tired.
Realtors can work hard and still play hard. I decided to accept a few assignments from lenders with residences on/off 17 Mile Drive in Pebble Beach, CA and in downtown Carmel. I pick one of the hottest day that I will enjoy the cool ocean breeze. The homes in Pebble Beach are near where the tourists are. I get inside the community for free. You see, I am a service provider. The people who live inside the community near the Pebble Beach golf course are not all that affluent. Some of the spec homes are bought with borrowed money. An ocean viewing home with $60,000 yearly property tax is small. One home owner snatched up last year now wanting $3 million more than what they paid in 2016 which was already overpaid.
Finding residential homes near Carmel town center is a challenge. There are no addresses posted on homes. Every home owner used a nickname-Chateau California. Who lives there? I was lucky some of the neighbors knew people's real name and helped me out. Hey, what is Clint Eastwood doing these days? Well, I saw him with another sweetie and other young children. Who is the present mayor of Carmel? I don't know. Client vetoed the ban on not serving ice cream cone and promoted adding more public toilets for the tourists. Well, in a small village there are not that many items on the city hall meetings.
On the way back I stopped to see an art show in the city park as this artist from the beach suggested.
At the park, someone recognized me: "Sam you are selling homes in Carmel now? Well, I am prospecting, just prospecting". Did you notice we had a Cinco de Mayo meetup? It was productive with clients and us all enjoyed it.
SOURCE:
Snopsis on Mortgage Interest Rate vs Affordability (Silicon Valley affordability)
How is my Silicon Valley home worth? (Silicon Valley Home Values)
Feliz Cinco de Mayo from Silicon Valley (Sam Shueh)
Sam Shueh Real Estate Blogs
Website - Sam Shueh Realtor SamShuehRealtor at Gmail.com
(Four O Eight) 425-1601
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