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The One Tool a Sacramento Real Estate Agent Needs
Besides a charming personality, which certainly helps a Sacramento real estate agent to get along with people, the number one tool an agent needs is a cellphone. But it goes beyond that. You can’t just buy a cellphone and stay in business. To stay in the business, you’ve got to actually answer your phone. It sounds so simple, so easy to do that people might scoff at this and believe anybody can answer the phone, even a trained monkey can answer the phone, and they would be wrong. There are many real estate agents who don’t answer the phone.
I know this because when potential clients call this Sacramento real estate agent, the first thing they say is: “Am I talking to a real person?” or “I can’t believe I have a live person on the phone.” For that reason alone, I’m getting the business and not some other agent in Sacramento. I’d like to think that people are working with me because I’m witty, fun to be around, smart, I’ve got years of experience, and I care about them, but no. They work with me because I answer my darn phone.
Yesterday, I held 6 open houses in Sacramento. It’s hard enough to believe that I have six homes for sale in Sacramento that have not yet sold, but five of those have not been on the market for very long. It was National Open House Weekend. It was also Lyon Real Estate’s Extravaganza Sunday. Ordinarily, open houses do not sell houses but they don’t hurt the sale process, either. It’s good to let people know the inventory is there.
Two hours before an open house was scheduled to begin on a brand new listing that just hit the market on Friday, the agent called to say she was sick. Because she was so ill, she couldn’t hold open the house. My commitments conflicted with the Open and could not be changed, but I would be danged if I would let down a client to whom I promised the home would be open. None of my Elizabeth Weintraub Team members could do it because they already had open houses scheduled. If push came to shove, I decided, I would find a way to be in two places at once. But first, I called my back-up open house agents, those who are eager to meet and greet the public.
I called 21 real estate agents. Of those, 3 answered the phone. A fourth called me right back because she was with a client at another open house and could not answer her phone. Another returned the call a few hours later when she noticed that a person had hung up who had called her, and she wondered who it was. I left messages for four of them and not one returned my call. The 3 who answered the phone had other commitments themselves that afternoon, but I noted the fact that they answered their phone. If I’m ever in this pickle again, they are the agents I will call.
The fourth agent who was busy with a potential client is the agent who agreed to hold the home open. She finished her early open house just as mine was about to start. She rushed over and there were already people on the front porch waiting for her to open the door. I will call her again, too. She has all the marks of going far in this business. In my book, she’s my go-to open house agent. The one you can count on in an emergency. When you need something done, you call a busy person. When that busy person answers the phone, you’ve come to the right place.
If you’re looking for a Sacramento real estate agent, call Elizabeth Weintraub at 916 233 6759. I’m a busy agent who answers her phone.
Buying and Selling a Sacramento Home at the Same Time
If this were a different type of real estate market in Sacramento right now, my advice would be completely different about buying a selling at the same time. The following advice applies only because this is a seller’s market in Sacramento. Sellers who want to move up or move down in a buyer’s market would have an easier time of it. What your agent might not tell you is trying to buy and sell a home in a seller’s market is almost impossible.
It doesn’t mean you can’t do engage in buying and selling simultaneously; however, it could be very difficult. The reason is we have very little inventory in our Sacramento metropolitan area. People try to equate this particular market of Spring 2013 to the Spring 2006 market, and they are not the same. Back then, in 2006, we had a lot of homes for sale.
This is what the numbers looked like in March of 2006 for all Sacramento counties combined:
- Active Listings (Homes for Sale): 6,488
- Pending Listings (Homes in Escrow): 1,479
- Sold Listings (Closed Home Sales): 1,425
Here are the numbers for March of 2013 for all Sacramento counties combined:
- Active Listings (Homes for Sale): 1,378
- Pending Listings (Homes in Escrow): 1,371
- Sold Listings (Closed Home Sales): 1,835
What is particular startling about these two comparisons is the fact that despite the fact that active listing inventory dropped by 78.8% — meaning we have 5,110 fewer homes on the market in 2013 than we did at this same time in 2006 — we sold 30% more. Moreover, national average interest rates were at 6.47% in March of 2006. Today, interest rates are unbelievable low. Yesterday, the rate offered by a major local mortgage broker was 3.5%. This is huge, and these facts are what is driving the market.
It’s why it’s to be buying and selling at the same time. As a seller, you are in the driver’s seat. As such, for some sellers, the only way to buy and sell at the same time is to sell and rent back for a few months. Because if you could ever in your lifetime make that kind of demand of a buyer for your home, now is the time to do it. Or, sell and move into temporary quarters. Or, sell and delay the closing for a few months. Because you really need to have the cash in hand to make an offer to buy.
Put on your other hat, your buyer’s hat. Now, you are probably one of 20 offers for the same house. Your offer is contingent on selling your home. It doesn’t matter if your home is already in escrow, it is still contingent. It is contingent until that puppy closes. And most sellers do not want to take a contingent offer, not when they see investors and home buyers waving cash in their faces or buying their home without a contingency on selling a home. Having a contingency to sell in your offer makes you unattractive to many sellers.
Having said that, I will say I have done it. But I do warn my sellers that if they want to buy a home and sell a home at the same time, they will have a much easier time of it if they have the cash and financial means to buy without selling. Or else, wait until their home is sold to buy another home. It doesn’t mean I won’t try to do both sales concurrently for them, but the odds are against that happening.
If you want to buy or sell a home in Sacramento and need a good Sacramento real estate agent, please call Elizabeth Weintraub at 916.233.6759. Put almost 40 years of experience to work for you.
Magnificent Remodeled Home is Open Today
You might have never considered moving into this neighborhood until you come to see this home at our open house in Sacramento. I promise, once you step foot inside this magnificent remodeled home, you will want to own it, every inch of it. You will squeeze yourself every morning when you wake up because you will not be able to believe that you actually were able to afford such a beautiful home — that’s how gorgeous this home is, not to mention, it is very affordable!
It’s a 3-bedroom, 2-bath with a one-car garage and an extra bonus with a carriage house in the back yard. The carriage house is ready for overnight guests or it could be a retreat or a children’s playhouse. Next to it, is a peaceful, bubbling water fountain. Often, you will find water features in a yard to disguise noise, but this is fairly quiet location.
Most of the floors in this home are Brazilian cherrywood. They glisten! The kitchen and baths have beautiful porcelain. You’ll also find limestone and travertine and tumbled stone finishes on walls and counters. The light fixtures are glamorous. There is also an extra room between the bath and the garage that can be used as a den. I’m telling you, and I don’t steer you wrong, you will love this open house in Sacramento.
You’ll find granite counters in the kitchen, and all of the appliances stay. Stainless steel sink with a crystal light fixture overhead. The chandelier over the dining room table is so unique, I can’t decide if it’s made up of commas and semi-colons or musical notes. There is something special in every room, and all of the baths feature vessel sinks.
Come see this home today, Sunday, April 14, 2013. This open house in Sacramento is held from 2 PM to 4 PM.
6800 Bismarck Drive, North Highlands, CA 95660, offered at $215,000, by your Sacramento Real Estate Agent, Elizabeth Weintraub, 916.233.6759. Lyon RE.
Going to a Sacramento Open House Without an Agent
There is a reason why a Sacramento real estate agent might be reluctant to talk about mortgages. It’s not that we don’t know anything about mortgages, because we know a great deal; it’s because we are not a mortgage broker, and what we don’t know about mortgages can be very important to a buyer. Same thing when the tables are turned. Most mortgage brokers know a lot about real estate, but the things about buying real estate that could be very important to a home buyer, a mortgage broker might not know.
I have the utmost respect for Michele Dillingham at Big Valley Mortgage. She writes about mortgages and finance for the Sacramento Bee. However, her piece this Saturday contains a confusing error. She basically told home buyers that they should not go to an open house. She says: “The problem is that if you don’t tell the agent at that house that you already have your own real estate agent, then your agent may lose out on the deal — and you lose out on having your own agent. The agent who has the property listed would be representing both buyer and seller.”
It’s not true. Not true how a Sacramento open house works. It’s true that not telling the open house agent that you have your own agent could cause bickering among agents, but you are under no obligation to write your offer with the listing agent or even with the agent who is holding that Sacramento open house. You can go to an open house without your own agent, and you’ll be OK. If you have an agent, it’s a good idea to tell the host or hostess of the open house that you are working with an agent, but that’s more for your own protection. If open house agents know you have representation, they probably won’t ask for your personal information, nor will they be likely to hound follow up with you.
Moreover, many of the agents who hold an open house are not the listing agent. That’s because many listing agents do not actively represent buyers themselves. They might prefer to focus their business on seller representation. In that event, they would allow an agent on their team or in their office to hold the home open. That way, the agent holding open the house can also pick up some residual business from home buyers. They can try to represent the open house guest by writing an offer on that home or maybe they can show the buyer other homes. But you, as an open house guest, have no obligation to work with the open house agent nor the listing agent.
The only exception to this is new home sales. Don’t even think about stepping foot on a new home subdivision or new home sales office without your agent. If you are considering a new home, call your agent FIRST. But resales and previously owned homes are a completely different story.
If you are looking for an agent to represent you, going to open houses is a good way to meet a variety of real estate agents and, in a casual way, figure out whether you might want to work with any of them. If you do, then ask that agent to be your own representation. Be prepared to sign a Buyer’s Broker Representation agreement, which is a legal agreement, a two-way-street, between you and the agent’s brokerage.
But whatever you do, don’t put off going to a Sacramento open house just because you are worried that the agent will have dibs on you. Nobody can have dibs on you without your express written permission.
Here are a few of my Sacramento open houses that you might want to visit this weekend:
- Saturday, April 13th, 2013, 6800 Bismarck Drive, remodeled for $215,000.
- Sunday, April 13th, 2013, 3627 T Street in Med Center, Craftsman for $225,000.
- Sunday, April 13, 2013, 1620 Sutterville Road, Land Park, 5 Bedrooms, for $519,000.
- Sunday, April 13, 2013, 6800 Bismarck Drive, remodeled for $215,000.
- Sunday, April 14, 2013, 576 4th Avenue, Land Park, w/addition for $375,000.
Your Sacramento Home Might Be Worth More Than You Think
Talk about a home that might be worth more than you think. Although I sold a ton of short sales last year — more than 100 — I also sold a bunch of regular equity sales in Sacramento, too. This year, I am selling more equity sales, which is a good sign. It’s probably not so much that the homes are necessarily worth a lot more than they were last year as it is buyers are willing to pay more for them. You see, what a home is worth and what a buyer will pay are really two different things. A smart Sacramento real estate agent spots these opportunities and capitalizes on them.
Why, I just sold a home for $65,000 more than it would probably appraise for. This is just one example of a home that might be worth more than you think; I have plenty more. When I first talked to the sellers of this particular home, which we will leave unnamed, it was apparent they needed to do a short sale. I collected the usual paperwork, their tax returns, bank statements, payroll stubs and we worked on the hardship letter together. Tweaked it, refined it, cleaned it up a little bit until the hardship letter was perfect. They had the property management company send me the keys.
When they had initially called, they said they were undecided about either listing with me or perhaps listing with their property management company. Now, this property management had admitted it had little experience in real estate and none whatsoever in negotiating a short sale, but for some reason, perhaps loyalty, the sellers felt that they should consider listing with the property management company. I simply pointed out the error with that kind of thinking and showed them what life could be like if they listed with an experienced short sale agent. So, they chose me, and may I say they made a wise choice.
I figured the home was worth, maybe $130,000. I studied the comps within a 1/4 mile. The street was known as a busy street, so that suppressed the price a bit more as well. But when I got out to the house and looked at it, I could not believe that such a structure would be worth only $130,000. My gut said it didn’t seem right. I don’t care what the comps reflected; it wasn’t a true picture. We have a hot market, and a three bedroom, two bath, two story with all kinds of updates should not be selling for $130,000. Plus, the street was a lot quieter at that end of town. Why, an investor would pay a lot more than $130,000. In fact, an investor might pay, say, $195,000.
I looked at the payoff to the lender on the seller’s first mortgage. After paying all the costs of sale, including commission, plus late fees, several months of interest, the seller would net about $500. But it would mean no short sale. No ding on the credit from a short sale. The mortgage would be paid in full. I quickly called the seller and asked if they wanted to try it. I suspect they thought I was nuts, but they agreed and we listed the home at, say, $195,000.
It closed at $195,000. What a long shot that paid off.
This isn’t my only story like this in Sacramento. If you are wondering whether your home might be worth more than you think, and if you’d like to avoid a short sale, call me. Even if the sold comps don’t support your value, this Sacramento real estate agent might be able to sell it anyway without doing a short sale. Call Elizabeth Weintraub at 916.233.6759. Put almost 40 years of experience to work for you!
