Q ~ When the real estate market was hot, properties had disclosure
packages and pictures online. Now that the market has cooled,
many listings have few or no pictures and inspections.
What happened?
A ~ Counter-intuitive, isn’t it? One would think that if sellers and/or
their licensee engaged in the process of selling a home, they
would bring everything to bear in order to make that sale happen.
Not so in this cooler market. Many sellers and their reps seem to
start with the attitude that the home might not sell at all.
Unfortunately, the sellers who could “save” hundreds of dollars in
inspections often wind up repeatedly reducing their list price
by the thousands. These sellers actually help the competing
fully-inspected homes sell first, for top dollar.
Seller inspections promote a sale, limit surprises and expensive
renegotiations, thus keeping the transaction together while avoiding
the likelihood of subsequent litigation.
Also, such short-sighted sellers usually hire licensees who won’t
be posting pictures, virtual tours or disclosure packages on the
internet. It’s not unusual for these licensees to then “work” open
houses repeatedly until their listing agreement period expires,
only to claim later, “I knew that property wouldn’t sell.”
Saturday, February 9, 2008
Do you have a question for the new real estate Q&A Market Wise column in the SJMN? If so, please email them to: info@SiliconValleyBroker.com
Description: The number one mistake made when negotiating a residential real estate transaction is when participants lack understanding of the responsibilities of all of the parties and their representatives. Learn how to negotiate a state-of-the-art sales transaction from A to Z.
A mere 3 hour investment, but what dividends:
Negotiating & Issue Spotting
Hiring Agents & Inspectors
Why You Need Contingencies
Inspections, Reports & Repairs
Maximizing Results with Opposing Interests
State-of-the-Art Transactions from A to Z
Pat obtained his real estate license in 1987 and his brokers license in 1997. He writes monthly for the column “Market Wise” in the Saturday San Jose Mercury News.
Real Estate Attorney Jonathan Bishop and Real Estate Broker Pat Kapowich will educate you on the intersecting practical and legal details surrounding the complexities of residential sales.
Q: We made an offer on a property just hours after one had already been accepted. The listing agent really pushed the idea of us being in a backup position should the first buyer falter. Although our agent was not thrilled with the idea, she still prepared all the proper paperwork, including a printed backup addenda.
We signed this addenda and resubmitted the offer to the listing agent for seller signatures. This agent, who initially promoted the backup offer aggressively, instead dragged his feet and never had our offer signed by his sellers. He gave one excuse after another to our rep, until finally he just stopped responding to e-mails and phone calls.
The property is still listed as a pending sale all over the Internet and includes his declaration “backup offers welcome.” This was a complete waste of our time. In retrospect, why would anyone want to enter into a backup position?
A: You got me. The reason your agent frowned on the idea is that your backup offer would likely increase the chances of the first buyer’s sale being successful. Backup offers simply hold the first buyer’s feet to the fire. This listing agent sounds just like the type who would tout your offer a lot.
Ideally, when someone narrowly misses out on a sale, a savvy buyer’s rep will repeatedly inform the listing agent that his/her client wants to be notified should the sale begin to fall apart. This preferred technique keeps negotiating power in your corner, not the listing agent’s.
1-2-10
E-mail questions to Pat at
pat@siliconvalleybroker.com
The July 2010 Completed Sales Report for SunnyvaleSingle-Family Homes saw a closing of 66 sales receiving 99.42% of list price. These closings represented a median price of $797,000 and an average price of $806,859. There were 99 new listings reported reported for July. Total Sales: $53,252,710
The July 2009 Completed Sales Report for SunnyvaleSingle-Family Homes saw a closing of 69 sales receiving 97.81% of list price. These closings represented a median price of $790,000 and an average price of $784,661. There were 87 new listings reported reported for July. Total Sales: $54,141,660
The July 2010Completed Sales Report for Santa ClaraSingle-Family Homes saw a closing of 41 sales receiving 99.35% of list price. These closings represented a median price of $550,000 and an average price of $594,031. There were 97 new listings reported reported for July. Total Sales: $24,335,308
The July 2009Completed Sales Report for Santa ClaraSingle-Family Homes saw a closing of 56 sales receiving 100.42% of list price. These closings represented a median price of $557,500 and an average price of $588,735. There were 78 new listings reported reported for July. Total Sales: $32,969,188
The July 2010Completed Sales Report for Campbell Single-Family Homes saw a closing of 30 sales receiving 98.27% of list price. These closings represented a median price of $681,500 and an average price of $725,263. There were 31 new listings reported reported for July. Total Sales: $21,757,915
The July 2009Completed Sales Report for Campbell Single-Family Homes saw a closing of 24 sales receiving 98.21% of list price. These closings represented a median price of $672,500 and an average price of $635,292. There were 35 new listings reported reported for July. Total Sales: $15,247,020
July 2010~ SunnyvaleCondos/Townhouses had 14 closed sales receiving 198.38% of list price. These closings represented a median price of $518,750 and an average price of $531,950. There were 51 new listings reported for July. Total Sales: $7,447,300
July 2009~ SunnyvaleCondos/Townhouses had 45 closed sales receiving 104.64% of list price. These closings represented a median price of $530,300 and an average price of $543,218. There were 37 new listings reported for July. Total Sales: $24,444,849
July 2010~ Santa ClaraCondos/Townhouses had 14 closed sales receiving 100.62% of list price. These closings represented a median price of $370,000 and an average price of $421,285. There were 39 new listings reported for July. Total Sales: $5,898,000 July 2009~ Santa ClaraCondos/Townhouses had 25 closed sales receiving 99.32% of list price. These closings represented a median price of $340,000 and an average price of $412,248. There were 30 new listings reported for July. Total Sales: $10,306,200
July 2010~ Campbell Condos/Townhouses had 3 closed sales receiving 94.80% of list price. These closings represented a median priceof $430,000 and an average price of $412,666. There were 19 new listings reported for July. Total Sales: $1,238,000
July 2009~ Campbell Condos/Townhouses had 7 closed sales receiving 98.83% of list price. These closings represented a median priceof $505,000 and an average price of $519,571. There were 14 new listings reported for July. Total Sales: $3,637,000
July 2010~Single-Family Homes in Sunnyvale had an average of 54 cumulative days on market (CDOM). Condos/Townhouses had an average of 49 CDOM.
July 2009~Single-Family Homes in Sunnyvale had an average of 68 cumulative days on market (CDOM). Condos/Townhouses had an average of 96 CDOM.
July 2010~Single-Family Homes in Santa Clara had an average of 47 DOM. Condos/Townhouses had an average of 91 DOM.
July 2009~Single-Family Homes in Santa Clara had an average of 80 DOM. Condos/Townhouses had an average of 58 DOM.
July 2010~Single-Family Homes in Campbell had an average of 53 DOM. Condos/Townhouses had an average of 77 DOM.
July 2009~Single-Family Homes in Campbell had an average of 66 DOM. Condos/Townhouses had an average of 78 DOM.
KAPOWICH REAL ESTATE derives many benefits from its memberships in the National Association of Realtors, the California Association of Realtors, the Silicon Valley Association of Realtors, and the Santa Clara CountyAssociation of Realtors. Not the least of which is their statistical information on real estate transactions.
KAPOWICH REAL ESTATE is a leading real estate brokerage for buyers and sellers in Silicon Valley, providing an unparalleled level of research, education and service. The father/son team has extensive experience in single-family and townhouse/condo buying and selling. Their specialty is “move-up” and “down-size” transactions for clients who wish to sell a home and buy a replacement simultaneously.
Q: I’m a homeowner and have been thinking this is a good time to trade up. While visiting open houses to get a feel of home values and neighborhoods, I’m amazed that often the hosting agent are just plain mean. I’m well dressed, smile and say “hello,” and most of the time the agent will look me up and down and proceed to be rude. I’m not sure if it’s the color of my skin or that I look young for my age. Do you think their sellers know how these listing agents treat visitors at these events?
A: Not likely. Sellers have no idea how a listing agent treats guests at their open house. Nor do they and their listing agents understand that should a prospective buyer feel slighted in any way, they will proclaim to their agent, “We would not buy that house if they gave it to us.” Even worse, the sales manager and/or broker/owners of these offensive agents are also clueless. Visually sizing up consumers is the mark of an amateur. Not only could he/she lose the sale or the listing, his/her license could be revoked. The pro knows that an older gentleman who pulls up to an open house in a beat-up truck could very well own a baker’s dozen of rental properties.
9-5-2009
Do you have a question for the new real estate Q&A Market Wise column in the SJMN? If so, please email them to: pat@SiliconValleyBroker.com
The July 2010 Completed Sales Report for Los GatosSingle-Family Homes saw a closing of 33 sales receiving 98.70% of list price. These closings represented a median price of $1,230,000 and an average price of $1,332,275. There were 69 new listings reported reported for July. Total Sales: $43,965,100
The July 2010Completed Sales Report for Monte SerenoSingle-Family Homes saw a closing of 4 sale receiving 92.25% of list price. These closings represented a median price $1,522,500 and an average price of $1,765,000. There were 8 new listings reported reported for July. Total Sales: $7,060,000
The July 2010Completed Sales Report for SaratogaSingle-Family Homes saw a closing of 25 sales receiving 95.56% of list price. These closings represented a median and an average price of $1,650,000. There were 50 new listings reported reported for July. Total Sales: $44,923,307
July 2010 ~ Los GatosCondos/Townhouses had 10 closed sales receiving 95.91% of list price. These closings represented a median price of $582,000 and an average price of $615,345. There were 15 new listings reported for July. Total Sales: $6,153,450
July 2010 ~ SaratogaCondos/Townhouses had 3 closed sales receiving 98.71% of list price. These closings represented a median price of $446,000 and an average price of $460,000. There were 5 new listings reported for July. Total Sales: $1,380,000
KAPOWICH REAL ESTATE derives many benefits from its
memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR), the Silicon Valley
Association of Realtors, (SILVAR), and the Santa Clara County
Association of Realtors, (SCCAOR). Not the least of which is
their statistical information on real estate transactions.
Q: We are selling our house and the buyer’s home inspector is recommending further inspection of the sub-area by an appropriate professional. We don’t feel this is warranted, as our pre-sale inspection noted basically the same observations and comments. Should we grant an extension to the buyer for the inspection of the foundation of a 48-year-old house in the suburbs? It’s an as-is sale.
A: Location, location, location? Consumers especially sellers, should follow this rule: Disclose. Inspect. Disclose. Buyers file the majority of lawsuits, many of which are often referred to as Bad House Cases. What sellers feel e.g., basically the same observation is moot. Until buyers are completely satisfied inspecting a home (often to the dismay of the agents involved), a seller should not sell them their house.
Foundations are the most neglected area of residential sales. Sub-areas should be inspected and maintained every seven years. This is news to the real estate community and consumers alike. But consider: downspouts and sprinklers annually dump gallons of water against the house. Insist on a foundation inspection report, plus an estimated cost of renovations that shall be delivered to all parties. Only then let the buyer proceed with the sale, or, conversely, let the buyer cancel the transaction. Either way, you’ll greatly reduce the likelihood of interviewing real estate attorneys
7-18-08
by Pat Kapowich SiliconValleyBroker.com, owns Kapowich
Real Estate in Sunnyvale. E-mail questions to him at
pat@siliconvalleybroker.com
The January 2009 Completed Sales Report for Zone 2, Santa TeresaSingle-Family Homes saw a closing of 16 sales receiving 97.81% of list price. These closings represented a median price of $471,500 and an average price of $503,125. There were 33 new listings reported reported for January. Total Sales: $8,050,000
The January 2010 Completed Sales Report for Zone 2, Santa TeresaSingle-Family Homes saw a closing of 12 sales receiving 101.34% of list price. These closings represented a median price of $494,500 and an average price of $493,833. There were 29 new listings reported reported for January. Total Sales: $5,926,000
The March 2010 Completed Sales Report for Zone 2, Santa TeresaSingle-Family Homes saw a closing of 22 sales receiving 101.52% of list price. These closings represented a median price of $430,000 and an average price of $481,032. There were 46 new listings reported reported for March. Total Sales: $10,582,718
The July 2010 Completed Sales Report for Zone 2, Santa TeresaSingle-Family Homes saw a closing of 17 sales receiving 101.93% of list price. These closings represented a median price of $505,000 and an average price of $525,761. There were 37 new listings reported reported for July. Total Sales: $8,937,950
The January 2010 Completed Sales Report for Zone 3, EvergreenSingle-Family Homes saw a closing of 49 sales receiving 100.85% of list price. These closings represented a median price of $540,000 and an average price of $619,283. There were 89 new listings reported reported for January. Total Sales: $30,344,900
to
The January 2009 Completed Sales Report for Zone 3, EvergreenSingle-Family Homes saw a closing of 32 sales receiving 97.18% of list price. These closings represented a median price of $498,500 and an average price of $593,281. There were 108 new listings reported reported for January. Total Sales: $18,985,000
The January 2010 Completed Sales Report for Zone 13, Almaden ValleySingle-Family Homes saw a closing of 16 sales receiving 99.67% of list price. These closings represented a median price of $797,500 and an average price of $843,681. There were 35 new listings reported reported for January. Total Sales: $13,498,900
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The January 2009 Completed Sales Report for Zone 13, Almaden ValleySingle-Family Homes saw a closing of 5 sales receiving 92.28% of list price. These closings represented a median price of $760,000 and an average price of $846,000. There were 42 new listings reported reported for January. Total Sales: $4,230,000
January 2009~ Zone 2 Condos/Townhouses had 11 closed sale receiving 96.99% of list price. This closing represented a median price of $275,000 and an average price of $274,263. There was 37 new listings reported for January. Total Sales: $3,016,900
January 2010~ Zone 2 Condos/Townhouses had 5 closed sale receiving 99.66% of list price. This closing represented a median price of $358,000 and an average price of $352,800. There was 2 new listings reported for January. Total Sales: $1,764,000
March 2010~ Zone 2 Condos/Townhouses had 1 closed sale receiving 101.09% of list price. This closing represented a median price of $278,000 and an average price of $278,000. There was 18 new listings reported for March. Total Sales: $278,000
January 2010~ Zone 3 Condos/Townhouses had 18 closed sales receiving 98.51% of list price. These closings represented a median price of $382,500 and an average price of $373,486. There were 31 new listings reported for January. Total Sales: $6,722,754
to
January 2009~ Zone 3 Condos/Townhouses had 12 closed sales receiving 97.59% of list price. These closings represented a median price of $337,500 and an average price of $385,743. There were 20 new listings reported for January. Total Sales: $4,628,925
January 2010~ Zone 13 Condos/Townhouses had 2 closed sales receiving 93.87% of list price. These closings represented a median price of $544,000 and an average price of $544,000. There were 4 new listings reported for January. Total Sales: $1,088,000
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January 2009~ Zone 13 Condos/Townhouses had 0 closed sales. There were 6 new listings reported for January. Total Sales: $N/A
January 2010~Single-Family Homes in Zone2 had an average of 81 days on market (DOM). Condos/Townhouses had an average of 46 DOM.
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January 2010~Single-Family Homes in Zone 3 had an average of 93 DOM. Condos/Townhouses had an average of 65 DOM.
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January 2010~Single-Family Homes in Zone 13 had an average of 21 DOM. Condos/Townhouses had an average of 97 DOM.
KAPOWICH REAL ESTATE is a leading real estate brokerage for buyers and sellers in Silicon Valley, providing an unparalleled level of research, education and service. The father/son team has extensive experience in single-family and townhouse/condo buying and selling. Their specialty is “move-up” and “down-size” transactions for clients who wish to sell a home and buy a replacement simultaneously.
