selling a home in elk grove
Digital Communication Key to Home Sale in Elk Grove
Communication. Communication is a tricky thing. My husband says, “Turn right at this corner, go down to the next corner and turn right again, then get into the left lane because you’ll be turning left at the next corner.” Me, to make sure I have understood him correctly, says, “OK, you want me to turn right after my right here and then go left?” He, completely certain that I have misconstrued his explicit directions, says, “No, that’s not what I said. I said . . . “ and he repeats exactly what he said.
That’s because he speaks Chicawgoan, and I speak English. We often misunderstand each other. The upside to that is we often understand each other when we speak Vulcan, for example. Or, when walking past the hotel lobby bar after listening to Leo Kottke perform at Yoshi’s, I ask, in my best New-Riders-of-the-Purple-Sage-voice, “Can I buy ya a drink?” He gets the reference to Dim Lights, Thick Smoke and Loud, Loud Music. I don’t have to illustrate for him. And, after all of these years of marriage, I have learned not to argue over whose driving directions are more clear. Besides, he is edgy enough on the road, which gets worse when his wife is driving.
It’s communication. You see, being a Sacramento real estate agent, I have have had to learn how to communicate with all kinds of people, even though I speak only English — and a little Vulcan and Pig Latin, but not one of those languages has ever come in handy. That’s because Sacramento is one of the most diverse cities in the United States. People come from all over the world to live in Sacramento, although I have no idea why. There are better places to live. San Francisco, for example. OK, it’s much less expensive to live in Sacramento.
One such person called me last month to ask if I would stop by her home in Elk Grove and tell her how much it was worth. I could barely make out what she was asking me to do, but then again, this woman speaks two languages and I barely speak one. I was just getting out of my car at another listing appointment in Elk Grove, so I asked if she would wait for me, and that I could be there in two hours. When I showed up, she was sitting in her car, and I felt terrible. Here, I thought she lived in the home and was waiting in air conditioned comfort, maybe watching TV. Not sitting in her car, in front of a dismantled for rent sign, staring at her cell phone.
I have a home listed down the street from her rental home, which is where she got my name. Plus, she said she’s seen my name on signs around the neighborhood. Probably because I do list and sell a lot of homes in Elk Grove. I told her that her value was probably around $240,000, but I’d have to run the comps.
The next day I emailed her the comps, which substantiated a price of $240,000. The problem with examining the comparable sales for a home sale in Elk Grove is they don’t really mean very much in this market. Homes are selling too quickly and way over list price, so if list prices are based on the comps, the comps are worthless when trying to determine market value. You can’t really base them on the pending sales either, since we don’t know what all of them are and some agents refuse to disclose. Pricing a home in Elk Grove is almost like throwing darts at a board blindfolded.
The seller emailed that she wanted at least $280,000. She had paid almost $400,000 in cash for this home 8 years ago. OK, we list at $285,000. I found a couple more comps outside of our half-mile radius that would hold up in an appraisal.
Our complete communication between the two of us consisted of email and text messages. We had no further phone or in-person communication. That’s because I do not know any Chinese dialect. Chinese, in itself, you know, is not really a language. Although, tell that to my late mother who took Chinese as her language course at the University of Minnesota in the 1960s. She walked around the house, talking into a tape recorder in a sing-songy voice. But I never learned any of it, and now I regret it.
But, hey, we have email. I shot photos, tweaked them in PhotoShop, uploaded them to MLS and other websites, along with my marketing description. It looked pretty good! Within 2 days, we received a full-price offer, and another offer for $300,000, both with financing contingencies. My seller accepted the offer for $300,000. Less than four weeks later, we closed at $300,000. That’s over a $60,000 jump from the comps from four weeks ago. It equates to a 25% increase.
Granted, my client had owned a highly desirable home. It featured four bedrooms, a single story, beautiful Grapia wood flooring and an open floor plan, in the popular Marchado Dairy subdivision. This combination is covetable in Elk Grove. We could get away with being a little wild in the pricing.
After it closed yesterday, my client sent me an email to thank me for my “great job” and to say she will send me referrals and was “glad I called you a month ago.” I don’t think she was glad to have sat in her car for two hours waiting for me, though. I still feel awful about that. But at least we had email to communicate and we reached a successful conclusion to our transaction. If you need an Elk Grove agent, especially to get you to your home sale in Elk Grove sold quickly and efficiently, please call Elizabeth Weintraub at 916.233.6759.
Pushing Up Values for Homes in Elk Grove
A few years ago seems so ancient when I recall how first-time home buyers back then were complaining to this Elk Grove agent that they were getting beat out by cash investors. Home buyers began to wonder if prices were moving up when prices were still pretty flat. I predicted then that the appreciation push would happen when cash buyers bid against other cash buyers. Because offers are dependent upon appraisals when there is financing involved, and the appraisers typically do not appraise a home for more based on pending sales. They look at the comparable sales. Without cash offers, the comparable sales generally won’t move upward. This is not 2005.
Sure enough, I see that happening in Elk Grove now. In fact, an agent in my office had pointed a finger at me and said one of my equity sales in Elk Grove was establishing a new record, and it was my fault. This real estate agent lives in that particular neighborhood in Elk Grove. She saw I had listed a home on a cul-de-sac that was absolutely gorgeous. This was one of those homes that when you walk into it, you automatically know that buyers will be clamoring for it. As an Elk Grove agent who sells a lot of homes in Elk Grove, I know it when I see it. This was one of those.
The sellers had purchased this home as a short sale several years ago. It had a open floor plan, was a single-story with granite counters in the kitchen. Trying to figure out the list price was difficult because although many homes had sold in that area, few were not a short sale and none matched this square footage. Based on the median sales price and adjusting for square footage, I figured it would comp about $235,000, maximum. If we got an appraisal. And given the way prices were moving in Elk Grove, coupled with the extreme desirability of this particular home, I figured we could easily shove that price another $10,000.
But I don’t choose the sales price. The seller chooses the sales price. Always. It’s their home. All I can really do is give the seller what they are paying me to give them, which is my professional opinion from almost 40 years in the business. It’s up to the seller to take this information, digest it, and decide upon a list price.
These sellers chose the list price of $245,000. I then positioned this home to receive multiple offers and began to market it. We received more than 30 offers. The highest offer was cash at $275,000. The sellers accepted the offer with a fast closing. A few days later, that buyer’s agent confessed that she had written several offers and her buyer now wanted to cancel the transaction. Her excuse for what can be considered unethical behavior was my seller had 30 offers and her buyer did not enjoy that luxury. If you’re nodding your head in agreement, you’re probably not a real estate agent and, if you are a real estate agent, that nodding head probably ought to be hung in shame.
We then chose the next 3 highest bidders in line, whom the seller would consider. The seller asked each of these buyers to make a highest and best offer. They bid against themselves, and we sold the home for $268,000 cash. It closed last month in 3 weeks. Almost 14% over market value. That’s the value of a full-service listing agent. You would think the real estate agent in my office would be happy that we’re pushing up the value of her home in that neighborhood. But this is how homes price can go up in Elk Grove. If you’re thinking about selling a home in Elk Grove, call this Elk Grove agent at 916.233.6759.