Happy Holidays everyone!
I have missed blogging, but this year has been so busy that its been difficult to keep up. Now however, I feel compelled and inspired to write because of something I witnessed over the weekend at an Open House. There was an open house in Alameda for a fixer that was in poor shape AND severely underpriced. While I understand why listing agents underprice (to get maximum interest and a possible bidding war), my heart went out to the droves of buyers coming through the property thinking they could purchase this home for anywhere close to list price. Two of my clients called me about this property, so I needed to take a closer look before giving them my feedback.
This house was listed at about 200K under market and needed at least $150,000 worth of work to take it to appropriate standards in roofing, foundation, electrical and plumbing. While I didn’t represent all the people coming through, I felt like stopping each of them to ask them if they were working with a Local Alameda Realtor. I wanted to save them from making a very costly or emotionally distressing misstep.
Why does it matter? Couldn’t they just call up a discount Broker and get it done? Well, if they worked with an Out of Area or Discount Broker (who likely isn’t familiar with the area or knowledgeable about up-to- date market conditions), they may save a little on commission or get some rebates. However, they would not be well prepared for the changes in the market, the current delays with contractors/other vendors or the recent changes in local schools. How about the local ordinances that need to happen by the close of escrow which could mean more money out-of- pocket? Buyers needs to be well informed and prepared for all that the purchase could entail.
I didn’t end up stopping strangers at the open house because that would be so wrong, but I did respond to my clients and told them exactly what I thought about the property: Underpriced and needs a ton of work.
When you or anyone you know need a local Realtor who truly cares, call me.
Happy Holidays to you and yours,