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Pros and Cons About Sleeping on Buying a Home in Sacramento
My amazing team member Amy McMullan, exclusive buyer’s agent extraordinaire, shared yesterday that her buyers had talked about sleeping on buying a home in Sacramento. She showed them a bunch of homes but they were not quite ready to commit. Sleeping on buying a home sounded like a good idea until they Googled it. Naturally, they found an article I wrote: 10 Ways to Know You’ve Found the Right House. They texted Amy to say yes, let’s write a purchase offer. How cool is that? Really made my day that I was able to reach out and touch these guys; help them make a decision.
It’s hard NOT to find an article I wrote about real estate and homebuying through Google because I produced a ton of material online over the years, early on and in great volume. Further, without tooting my own horn too much, readers find my voice connects with them. They also appreciate my sense of humor. I try to make my information easy to read. So it gets clicked on a lot, and that propels my articles to the top of Google searches.
In some ways, it is my legacy. That sort of content will always be managed by some corporation for profit so it won’t ever vanish.
But home buyers will continue, no matter what, to consider sleeping on buying a home. They come up with this idea because they don’t really know what else to do. Somebody once told them if they feel the same way after sleeping on it, it’s a good idea. Hogwash. You generally feel the same when you go to sleep as you do when you wake up. (Well, unless you’re tripping.) The only difference is you waited too long and now some other lucky home buyer snagged the house. There are zero pros to sleeping on buying a house except 12 hours passed.
I received an email from a buyer’s agent a few days ago about a home she had counseled her buyer to purchase. Her buyer loved the home. It was close to her work. Within her budget. It had everything she wanted except no garage. Since this is her first home and she wants to buy in downtown or Midtown, she’s not gonna get a garage, most likely. She needs to get over that. But she probably hasn’t realized that yet.
Her agent said, “She missed a good one. Could not make up her mind.” And that’s what tends to happen when buyers choose sleeping on buying a home in Sacramento. There is no upside to doing it. There is a lot of downside. So, I suggest you print out my article linked in the first paragraph of 10 Ways to Know You’ve Found the Right House and tick off each item after you think you’ve found “the one.” In this market of low inventory, there probably won’t be another for a while.
Trust your instincts.
How Long Did It Take to Sell a Southside Park Bungalow at 411 U Street?
Before I tell you how long it took to sell a Southside Park bungalow over on 5th and U Streets, I can share a few other details leading up to this. I know people see the days on market and wonder if they should go into Sacramento real estate. It all looks so easy. Although it is not that easy, and I suspect some people find it difficult to believe. They do not understand why the professional agents, those like me with four decades in real estate, can turn over inventory so fast. Couldn’t possibly be because we know what we’re doing, now could it? Must be because the market is so danged hot.
Well, I’ve got news for you. The market is not all that danged hot anymore. I keep saying it, but we are on the tail end of the seller’s market. Because I’ve weathered four decades of real estate and been through a dozen up-and-down markets, I know how to adjust to market conditions. My marketing is chameleon-like. It changes with the market movement. You know how chameleons change colors depending on their environment? If they land on green grass, they turn green. They become brown when crawling up a tree trunk. Well, that’s what I do.
I first started to work on this property last April when I was in Hawaii. In fact, continued to work on it when I made my next trip to Hawaii in June. We got the pest report, which was minimal, not even $500. Which is unusual for a Southside Park bungalow home built in 1927. The seller took meticulous care of this home. We made a number of trips to the house to advise the seller on preparation.
While looking over the comparable sales, I decided to advise the seller to increase the price he initially had agreed upon. We could get more money, given the competition at the time we went on the market. Sure enough, first day on the market, an interested buyer popped up. She has $100,000 to put down. But she spent too much time thinking about making a purchase. Enter a second buyer. Then a third buyer.
The third buyer, well, I thought we’d get an offer from that agent but in the meanwhile, the agent with the second buyer called. Of course, I let her know about buyers #1 and buyers #3. We could get an offer from either one of those buyers any minute. So she swooped in with an offer for her buyers and the seller accepted. Just as a courtesy, I let the other agents know the Southside Park bungalow is now pending.
This is how buyers lose a home. Not acting fast enough.
411 U Street, Sacramento, CA 95818 is pending after 5 days on market. Darn, I’m all out of listings again.
Because Real Estate Agents are Suckers and Low Hanging Fruit
Just ask Top100RealEstateAgents.com how much they think real estate agents are suckers. Because that group has got it figured out. Although, you can’t give them all of the credit. They simply borrowed ideas that worked well for other companies that collect statistics on top producers. I should clarify that a top producer doesn’t necessarily mean what you might think it means. You may think a top producer is cream of the crop, an agent who sells more than anybody else. But it depends on whose definition you lean.
If you lean on the definition of the Sacramento Association of Realtors Masters Club Members, those are people who have sold a minimum of 8 homes a year that total $5 million or more in sales volume. So basically closing one $625K house every 45 days. Eight sales a year can qualify an agent for Master’s Club. Once they suck you into membership in Master’s Club, an agent pays for a plaque or stickers or both. But that’s not the worst part.
That’s peanuts.
Not the worst part by far.
The worst part is when all the leeches come out of woodwork. By leeches I mean companies that profit by putting together their OWN lists of so-called top producers. This is why real estate agents are suckers. Because they can so easily be taken advantage of. If an agent wants to be recognized as a member of Master’s Club, then all of these news organizations and media publications expect the right to publish that name, but only in exchange for payment from the Sacramento Realtor.
They see this as win-win. I see it as since my name doesn’t get included unless I pay, well, that makes it extortion. I do pay for a couple of publications simply because I know my clients do not understand how this works. People in Sacramento still read the Sacramento Bee. They might wonder why my name is not included on a list it should be on. This is an irritation. But I refuse to pay every publication and I do draw the line.
Now the Sac Bee has decided it can make more money by getting agents to pay to be promoted as a Master’s Club member at different times of the year. Like over the 4th of July when nobody is reading the paper. Or, on Thanksgiving, LOL. I wish this would please, just stop. I say no. I won’t do it.
I also draw the line at real estate agent scams like Five Star Professionals, which seems like a big hoax to me. Top Broker Agent and Top Agent magazines are another example. They pretend you are a top agent and make you pay big bucks in exchange for publishing your air-brushed glam photo on the cover. Also, Real Trends has stopped bombarding me with spam to buy plaques, thank goodness.
But yesterday, I received a new example of how real estate agents are suckers. Some of those other real estate agent scam victims seem to work at Lyon Real Estate. I wonder, do they know they are being suckered or don’t they care? This is a new thing that supposedly ranks the Top 100 real estate agents, but only in certain areas. This company wants me to pay them $350.00 to “accept my award” of being named to that list.
On top of this, when I searched for a Sacramento agent on their website, the search for Sacramento turned up no results. Even if Sacramento agents were listed, I wouldn’t pay for this alleged privilege. On the home page, you can view the top 100 agents, of which there are only 57, LOL. Since I already rank in the top 10 agents in Sacramento, why would I want to be included in a top 100 list that only includes agents who pay for it? You’ve gotta ask Top100RealEstateAgents.com, how stupid do they think real estate agents are in Sacramento? I guess the answer is very.
Is it true that real estate agents are suckers? I have a dead ex-husband, a seminar hustler from Orange County, who firmly believed all real estate agents are suckers. He made a lot of money from agents.
Agents are always looking for innovative ways to promote themselves. But when the promotion companies that supposedly honor your achievements also demand payment to be recognized, you’ve gotta stop dead in your tracks. You should question this crap. Why is true that real estate agents are suckers? This stuff will persist as long there are real estate agent suckers to fund it. Here is the real kicker, those lists are not easily found by consumers. So, agents pay for zero return, zero branding.
Of course, there is also the possibility that some agents recognize the hoax and do not care. I imagine many “award” companies count on this attitude as well. They are no different, really, than the porn ransom email scam. Those crooks also attempt to extort money and give you nothing in return.
This is why I print my sales production directly from MLS and show it as proof to prospective clients. There is so much jaw-flapping going on in this industry, such puffery, it’s hard to tell who is telling the truth. Everybody wants to be a top agent. Few really are.
Sacramento Downtown Bungalow Ready for First Time Home Buyer
Who can resist this adorable Sacramento downtown bungalow? Built in 1927, this is in a row of vintage bungalows, close to Southside Park. Perfect for a first-time homebuyer or an investor. All fixed up and ready to move into.
The seller says the roof was installed in 2011. All the major work has been done on this home. It oozes curb appeal.
Look at all the cabinet space in the kitchen. And the cabinets are tall, they reach the ceiling. Newer vinyl flooring and a space opposite the cabinets for a breakfast nook.
The living room is very large as well. You can see part of the ceiling fan in this photo, under which you could set a dining room table, if you didn’t want to use the breakfast nook in the kitchen. Although the space in this Sacramento downtown bungalow is on the cozy side, it is very nice to have options, don’t you agree?
Both of the bedrooms sport picture rails and ceiling fans. Not only is there a closet in each bedroom but also storage above the closets. This bedroom sits toward the back of the home so it features an extra window.
You’ve also got a laundry room off the back porch with hookups for a washer and dryer, plus a window that lets in light. So much light in this home, despite being surrounded by trees. Look, there is a porch off the back laundry room, too, plus a storage shed!
Come see this row of bungalows on U Street for yourself. You can call Elizabeth Weintraub at 916.233.6759 for a private showing, or come to our open house on Sunday. 2:00 to 4:00 PM, July 15th, hosted by the incredible Barbara Dow from the Elizabeth Weintraub Team. See the virtual tour of this charming Sacramento downtown bungalow here.
411 U Street, Sacramento, CA 95818 is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $349,000. Clear pest report available.
Sacramento Agent to Agent Referral: Who Ya Gonna Call?
This agent to agent referral in Sacramento is a new occurrence for me. I mean, I have a small group of agents I consider if I ever need to refer a seller to somebody else. Which is rare. At times, there are some sellers we elect not to work with. But we would not refer those to a friend. Maybe a referral to an agent we don’t much care for. I spotted one of those agents today who listed a rejected listing. You know, the pushy, aggressive, so rude, how do they ever stay in business kind of agents. If I had thought of that agent when we rejected the seller, I would have referred the seller in that direction. However, the seller found the agent the seller deserved. Without any help from me. How win-win.
On the other hand, I have a good friend, an experienced agent, to whom I might refer a client who needs more than I have to give. Usually, these clients are extremely high maintenance. It is always about what the client deserves. But I have never called an agent I did not know out of the blue and offer up a Sacramento agent to agent referral. Lo and behold, that happened to me in reverse last week. An agent I did not know offered me a client who needs a change of pace. It’s a neighborhood I know well, and the home is a little bit challenging, but I thrive on challenges.
At first blush, I had to ask myself the hard question. The hard question was: am I getting this referral based on my solid reputation or was the agent handing the referral over because of an axe to grind. Like, was I the agent’s foe? I am a competitor, after all, but no, the answer to that was no. The agent wanted the best Sacramento Realtor for the job, and thought of me. Very flattering.
Cannot believe my suspicious nature wondered if this was a set up, LOL. It makes me feel good to know the agent has confidence in me to perform. The agent also wants what is best for the client. I don’t mind taking over somebody else’s listing. Not unusual for me to often end up listing homes that previously did not sell for some reason.
I figure out what it takes to sell that home, and then I do it. Therefore, I am very grateful for Sacramento agent to agent referrals, and I hope to avail myself to more.
