The sooner you figure out what that is, the easier your journey will be.
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The personal stories of one realtor’s battles and triumphs in the highly-competitive Bay Area real estate market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
Cliff and I used to own a motor boat, primarily because it was part & parcel of our Fallen Leaf Lake cabin purchase a few years back. Like most boat owners, we didn’t use it enough to justify the expense of docking fees, tax and licenses, insurance, or storing it through the winter. In fact, we had a tough time giving the boat away once we discovered the downside of being boat owners, which is probably why the Sellers had no problem including that old jalopy in the sale. (They knew better.)
The truth is:
- I like boats; I just don’t like being a boat owner.
- I like pools, but I don’t like maintaining a pool.
- I like sporty, little convertibles, but you can’t fit a family in them.
- I like cats, but prefer dogs . . . (you get my drift).
Life is a series of choices.
Defining what works (and what doesn’t), is not only a huge part of the home-buying process, it’s a critical life skill as well. Consequently, the sooner you figure out “what floats your boat,” the easier your journey will be. My best advice: eliminate what doesn’t serve you well, and focus on what does.
It goes without saying (although I’ll say it) that identifying what’s non-negotiable when it comes to a home, isn’t necessarily an easy task; it requires a fair bit of footwork, introspection, and compromise on the Buyers’ part. Those who dedicate themselves to the process, will likely find a property fairly quickly. Those who don’t, will, unfortunately, continue to sit on the sidelines while more motivated Buyers step up and successfully negotiate the deal.
For those of you looking, be aware that we have a bifurcated marketplace here in the East Bay where the high-end continues to soar, while the low-end is often chasing the market down. (Higher interest rates affect starter-home Buyers far more than those with means.) So not only do you need to get out and tour regularly, you need to start noting where things trade, how many offers came in on a particular property, what you like, what you don’t, AND then you need to let your Agent know your preferences. (The more input we have, the better.) Understand that the more properties you see, the more context you’ll have, and that’s half the battle.
The other half is being fully underwritten and approved so that you’re in a position to compete. Don’t bother writing lukewarm offers that won’t prevail. If you’re not willing to go to the mats, move on and wait for the next opportunity, but DO get your lender all the documents they will need to secure the loan. If you’re in a position to pay cash, do so, and finance the home AFTER the close of escrow. While cash offers don’t come with a discount, the cash component will likely encourage a counter should your offer fall short.
Finally, make sure to align with a LOCAL Agent. On Sunday, I had several unrepresented Buyers ask me at the Open House if I’d represent them on the sale of 29 Vista Avenue, assuming that would give them a leg up. As Sarah and I already represent the Seller, the short answer was: “No, it’s an inherent conflict of interest, but I will happily refer you to a licensed colleague.” (And so I did.)
It should be noted that it’s not necessarily in the Buyers best interest to be represented by the Selling Agent(s). That’s because our fiduciary duty lies with the Sellers, not the Buyers. As Buyers, you want, and need a dedicated Agent for your side of the transaction; one that successfully works in the marketplaces you’ve identified.
Nor is it strategic to work with an out-of-area Agent. Certainly, they can draft your offer, but you’ll be missing the inside track, which can make a huge difference in heavy competition. At the risk of offending your newly-licensed friend, uncle, or mother, your Agent should be a business decision – not a favor. Look at the track records of the Agents, and let that guide your choice. DO feel free to interview several Realtors® if you’re uncertain.
“Can we represent ourselves?”
You can, but you don’t want to. Again, a local Agent will know the lay of the land, the other players, and the activity much better than you ever will. Moreover, they may also be aware of properties that are selling off-market that you’ll never hear about. AND since the Sellers are still absorbing the cost of the Buyers’ Agent (nearly 99% of the time), why not use an expert to navigate the complicated real estate process instead of driving the boat alone? You’ll be in a far better position to manage the choppy waters. (See how I did that?)
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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