Missing something from the past reminds me not to take today for granted, because what’s around us now will too be but a memory.
As we often do, I ran into agents I’ve known a long time on Tuesday Brokers Tour. When you’ve been a Realtor for over 30 years, you realize clients may come and go, but many of the agents you’ve come to know and work with (and negotiate against) routinely resurface. This particular day, seeing them brought to mind days past. I remembered joining TRI and getting my cubicle desk in ’94. TRI was then known as an “upper end, Pacific Heights-centered boutique office”. Debbie H. sat behind me, Carol Churchill was to the left of me, and Patti M. was behind her. What a great office that was. The next year I teamed up with Marcia Doty, and almost 11 years after I got my real estate license (1985), I finally started to have some fun in the business. Marcia and I would go to Gump’s to buy gifts for our clients. Stores we frequented, restaurants we ate at…many are long gone. San Francisco is different, all right, and I miss her. I still love her, but I miss her all the same.
As nostalgic as I can get about my past, I’ve come to notice that nostalgia doesn’t really sell when it comes to homes. By and large, the homes that get the “highest prices in the shortest time” are those that have been remodeled and updated to today’s standards. Whether it’s a lack of vision, ambition or want of convenience, buyers are willing to pay extra for homes they perceive to be in “move-in condition”. Fully functional but original bathrooms and kitchens, original unpainted wainscoting, original light fixtures and hardware, pristine as they might be, are viewed more so as “things that need to be replaced or redone”. It’s the main reason why staging homes has become the norm. Yes, it may be a great return on investment, but it’s still $5, 6, 10, 20+ thousand dollars sellers never had to think about spending, 20 years ago. You just removed personal photos, cut clutter and arranged the existing furniture the best way you could. Sellers still lived in the homes till they were sold, unlike the majority of today’s sellers, who often move out and let the stagers have their way.
Tomorrow, things we’re used to now may change again. In fact, you can lay odds on it. What won’t change is how we do our jobs and service our clients. As long as we’re in business, we plan to make the experience of buying and selling real estate as positive as possible, by being reliable, responsive, and present. You can lay odds on that, too.
Till next month,
Derek & Natalie and Geneva
by Patrick Carlisle, Market Analyst for Compass Bay Area
High stock markets, low interest rates, surging luxury home sales, limited inventory, a spring full of unicorn IPOs, and San Francisco – once again -hits new highs in median home sales prices.
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Did You Know?
DID YOU KNOW? Between 2007 and 2017, top-earning renters increased by 175%, while homeowners within the same income bracket exhibited a 67% growth rate. Out of the 43.3 million renters nationwide, 2.1 million are top earners according to the latest available U.S. Census data. Back in 2007, there were only 774,000 high-income renters. Which makes a strong argument to own high-level rental properties: the combination of low interest rates, lower prices in areas, more flexibility with negotiating combined with depreciation and strong demand – not to mention long term appreciation – could make for a solid investment. And….rents rise….
DID YOU KNOW? An analysis of multiple transactions involving iBuyers shows that their offers would net their customers, on average, 11% less than owners who choose to sell their homes on the open market, when fees and other costs are considered, translating to tens of thousands of dollars lost.
DID YOU KNOW? Target has joined Amazon and Walmart in same-day delivery service…..how will homes and buildings without a doorman or staffing adjust to this new instant-gratification? Expect most homes to be equipped with some form of remote controlled access to drop off packages. Will the home vestibule become the new Sub Zero-style must-have?
DID YOU KNOW? Discount broker Purplebricks said it would pull out of the U.S. market in the latest setback for the struggling British online estate agent which is already preparing to exit Australia. Purplebricks, which also operates in Canada, entered the USA in 2017 confident of replicating its performance in Britain. But in May, the company apologized to shareholders for its disappointing performance and said it had slashed U.S. marketing and other expenses and was reviewing whether it can run a “materially scaled back U.S. business” there.
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Compass is a licensed real estate broker (01991628) in the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed