Author Archives: Annette Smith

 

When I started selling real estate 20 years ago most people’s only Internet experience happened when their computer announced, “You’ve Got Mail!” Back then realtors were the only people who had access to information about houses for sell through the then-exclusive MLS (multiple listing service). If you wanted to buy or sell a house, you really needed an agent.

How things have changed! Now anyone with a Smartphone has all kinds of information at their fingertips via a multitude of real estate websites. You can instantly know when a property goes on the market, along with details such as sales price, square footage and photos of the master bath. With all this access to information, many people wondered if they still needed the services of a professional. They questioned paying hefty commissions when they could list and advertise their house directly to buyers online.

Of course, I disagree! The longer I am in this business, the more I realize how important knowledge, experience and personal relationships are to a successful real estate transaction. If you have doubts, here are my top five reasons why you need a real estate agent if you are selling a property:

1) We help you clarify and achieve your goals.
Why are you are selling now? What is your timeframe for closing and moving? Do you require any specific conditions or contingencies? What is your desired experience and outcome? By helping you define your goals, we can help you achieve them.

2) We analyze what’s special about your home and then target a buyer for it.
A home is more than the number of bedrooms, bathrooms and square footage. We identify what’s special about your home and then help you prepare and stage it to appeal to the person who will fall in love with it—and who will pay more than the person who merely likes it!

3) We help you price for your home to get you the most money.
Figuring out how to price your home is a balance of art and science.
Price it too low and you leave money on the table. Price it too high and you take the chance of it languishing it on the market. We can help you strike the perfect balance—considering both your goals and current market conditions.

4) You won’t save as much money as you think by selling your own home.
A typical real estate commission is 5-6% of the sales price of the house—but only half of that goes to the seller’s agent. It’s most likely that your buyer will have an agent who will expect to get paid, so you are really only saving half of the total commission. Also, costs like listing your property on the MLS, advertising it, lawyer’s fees to make sure your paperwork is in order, etc. add up. These are all the services that agents provide as part of the sales contract.

5) We are experienced negotiators.
Homeowners tend to be emotional about their houses, which doesn’t always bode well in negotiations, where last minute, trifling details can derail a sale. A good agent can help you navigate these problems with a clear head and bring the deal to a close that makes both buyer and seller happy.

Thinking of selling your home? Contact me and let me explain all the ways that I can help you.

Next week: Why Buyers Still Need Real Estate Agents.

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Q2 Menlo Park East of El Camino Real Market Update

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As a long-time resident and real estate agent specializing in Menlo Park properties, my neighbors often ask me, “How’s the market?”

This question can have vastly different answers according to the year, the season, and sometimes even the month in which it’s asked. I’m an optimist by nature and I always like to believe that the market is great. It’s wonderful to have the data to back me up.

For example, let’s look at the area of Menlo Park that’s east of El Camino Real, located between El Camino, Encinal Avenue, 101, and San Francisquito Creek. This area includes the following neighborhoods: Linfield Oaks, Felton Gables, Park Forest, Seminary/Vintage, Menlo Oaks, The Willows, Suburban Park, Flood Triangle, Lorelei Manor, and North Fair Oaks.

While the number of sales in this area remained about the same, in Q2 2013, the median price of a home rose to $1,250,000 compared to $1,025,000 in Q2 2010. That’s an 18% increase!

And while prices were rising, the number of days that a property stayed on the market has been cut in half—from 35 days in 2010 to 18 days in 2013. In the world of real estate with inspections, appraisals, loan approvals, and other steps involved before closing escrow, that is lightening fast!

Maybe most interesting is that although prices and demand are high, inventory is at its lowest point in three years with only 79 properties for sale during this time. In contrast, there were 102 properties on the market in Q2 of 2010.

As we enter the dog days of summer and interest rates start to creep up, we’ll most likely see a shift in the market. Things will start to slow down as buyers tire of the frenzy of the spring market and go on vacation.

If you’re a buyer, now might just be the perfect time to get serious and make a move while other buyers are lounging in the sun with a fruity drink. You’re likely to see less competition and fewer multiple offers on the house you want.

If you’re a seller, things are still in your favor. Inventory is low and demand is high. Although it might not be a bidding war bonanza, prices will stay stable and you’re still going to get a great price for your house.

A Great Second Quarter!

What a fantastic second quarter I’ve had! After representing three
successful buyers in Q1, the next quarter I listed and sold three great
Menlo Park homes:

Central Menlo

1255 Santa Cruz
Avenue, Menlo Park, a new 4bed/3.5bath, 2700 sf single level home. We
were on the market only 15 days when we received a great offer. I felt
our listing price was at the top of the market range at $2,390,000, but
we sold the home at $2,300,000.

The Willows

116
Blackburn Avenue, Menlo Park, a 3bed/1bath, 1170 sf home with  separate
studio including a full bath. We came on the market Memorial weekend and
sold 12 days later with four offers. I felt our listing price of
$1,150,000 was right on the mark but we sold it for well over the list
price.

Linfield Oaks

360 Linfield Drive, Menlo Park, a
3bed/1.5bath, 1718 sf home with a remodeled kitchen, new windows and
new recessed lighting. Again we were only on the market 12 days and sold
with four offers. We listed the property at $1,695,000 hoping to
attract several buyers and that is exactly what we did! This home too
ended up selling for over list price.

As we head into summer, we
generally see a slow down in the market and not much of an increase in
inventory. Many buyers become tired and will hold back on making offers.
If you’re in the market to buy a house I would continue to keep on it-
interest rates are creeping up slowly and buying sooner rather than
later could save you money in your mortgage payments.

Why I Love Central Menlo Park

Did
you ever watch “Leave it to Beaver” and dream about moving in next door? If so,
do I have the neighborhood for you!

Central
Menlo Park is just about as close as you can get to the quintessential,
traditional small town. Bordered by Valparaiso Avenue, San Francisquito Creek,
and Arbor Drive, the neighborhood is full of charming, family homes and has a great
sense of community and a friendly, down-to-earth feel.

You
often see people strolling down the wide, tree-lined streets walking their dogs
or on their way downtown for dinner. Kids ride their bikes to friends’ houses
or to one of the great local schools. (Oak Knoll Elementary, Hillview Middle,
and Menlo-Atherton High) In the summer, many of the streets shut down for an
annual, old-fashioned block party where neighbors share conversation and
potluck dishes.

Certain
blocks even have a 50s look to them, with their updated and remodeled ranch
style homes on spacious lots. It’s notable that the lots tend to be larger in
Central Menlo than in the rest of Menlo Park—12,000-16,000 square feet are
typical, and you can even find some lots that are as large as a half acre.
Central Menlo tends to be a “move up” neighborhood for families looking for
more space and a bigger yard and that’s good for resale value. There is a nice
mix of residents, including young families, families with high school age kids,
and people who’ve lived there for the last 50 years.

Central
Menlo has four local parks—Tinker, Jack W. Lyle, Nealon, and Fremont. Nealon
features a dog park, barbeque field, tennis courts, and a senior center.
Fremont Park hosts a free summer concert series where family and friends gather
on blankets to picnic and enjoy music and the lovely Menlo Park weather.

It’s
a fantastic location—close enough to walk or bike to restaurants, shopping, and
Stanford University. If you commute out of town, it is centrally located between
San Jose and San Francisco, and there is easy access to Highway 280, Los Altos,
and Woodside.

I have
a wonderful listing the just sold in Central Menlo. Listing Contact me with any questions on this home or any others in the area.

Why I Love Linfield Oaks!

Linfield Oaks is the kind of place where the kids are playing outside on a Friday
night, a neighbor offers you a glass of wine and, before you know it, there’s a bunch
of people ordering pizza and having an impromptu party. Is there any wonder why I
love my neighborhood?

When I talk about Linfield Oaks, it’s a little embarrassing how much I love it. I’m like
a blushing bride! Yet, I’ve been here twelve years now and the bloom is not off the
rose!
Linfield Oaks, How do I love thee, Let me count the ways:

Location
Linfield Oaks is located in Menlo Park, east of El Camino, next to Burgess Park and
the Community Center, bordered by San Francisquito Creek.

The location is so convenient that we rarely drive to dinner—there are so many
great restaurants within strolling distance in Menlo Park and Palo Alto. Everything is
so close that the kids ride their bikes everywhere—to school, friend’s houses, sport’s
practices, to grab a bite to eat. Kids have a great sense of freedom and independence; parents save time driving and it’s all good for the environment.

Community

In the middle of the bustle of Silicon Valley, Linfield Oaks really feels like a
community. For example, on our block, every year we decorate for the holidays.
Every Sunday after Thanksgiving, we get together and have a potluck and decorate
the street and trees with lights and ornaments. The younger families help the elderly
residents who might have trouble participating.

I know a family that has an older woman living across the street and they bring her
dinner most nights. You really have a sense of who people are and a feeling of care
for your neighbors that you might expect to see in a small town.

Family Ambiance
When I moved here we had 34 kids on our block! There were many babies and
preschoolers who are now in middle and high school. They’ve played together and
grown up together over the years and it’s great to see that sense of community and
friendship.
After 12 years in the neighborhood, we are now seeing some younger families move
in. I can’t wait to watch them grow up!
It’s little wonder I get a call every other week from a real estate agent with buyers
asking if I want to sell my house. Sorry, realtors, I love it here and I’m staying put!
As a long-time resident, I have the inside track on Linfield Oaks. If you are interested
in buying or selling in our neighborhood, I’d love to help you!

116 Blackburn Avenue, Menlo Park

Open House Sunday, May 25th 1:30 to 4:30

A
white picket fence invites you to this charming Willows home. Lovely 3/1 bath
main house with dual pane windows, plantation shutters and recessed lighting.
The remodeled study has a full bath, loft area, kitchenette and French doors
that open to a lovely tile patio with an amazing wisteria vine, perfect for
alfresco dining. Corner lot with large front yard and mature landscaping.

New Central Menlo Listing

1255 Santa Cruz Avenue will be on the market April 26th.  This is a completely remodeled 4 bedroom, 3.5 bath single level home with an open floorplan.  You will be surprised with all the natural light and the close proximity to downtown Menlo Park.  Stop by my first open house on Saturday, April 27th or Sunday April 28th from 1:30 to 4:30.

Anatomy of a Multiple Offer Win

Anatomy of a Multiple
Offer Win-Actually Two!

Last time I gave you my five top tips for winning the sale in
a multiple offer situation. This week, let’s look at a couple of real life
examples where I won for my clients in competitive, multi-bid scenarios:

House # 1:

My clients loved this house and were immediately ready to
make an offer. However, the selling agent told us that they weren’t taking
offers until the next Friday, so we waited.

Then I got a surprise call from the agent informing us that
another agent had just dropped off an offer at his office, so they had changed
their mind and were now looking at offers on Monday. OK. We sprung into action
and put together an offer to present to them on their timeline.

Then things changed again. The agent told us that the seller
had reconsidered and would now wait until Friday to consider all offers. This
is when a lot of agents might have lost their cool, thinking they were being
jerked around. (And, at this point, the first offer was rescinded.) I advised
my clients to remain calm and stay in the game. We extended the timeframe of our
first offer and waited.

In the end, the seller got six offers, including two that
were higher in price than ours. But, surprise again! The owner decided they
wanted to sell the house to us at the price we offered! They were impressed
with our presentation and grateful that we had followed all their rules and
stuck with them. While this might be rare, it shows that sometimes preparation,
professionalism and patience can pay off.

House # 2

This is a fun example that shows how important paying
attention and building relationships can be in a competitive situation.

While touring this house I had the opportunity to meet the
owners. We talked a little and I learned that they were big dog lovers. (For
the record, so am I!)

My buyers were also dog lovers and had two greyhounds. So
when I presented my offer, I brought in a big poster-sized photo of their dogs.
I explained that my buyers were living in a condo now and they were really
looking forward to buying this house and having a yard for their dogs to play
in. The sellers loved it!

In this case, we also didn’t have the highest offer, but the
agent came back and gave us the chance to submit another bid. We did and won
the house!

In this scenario, that’s exactly what you hope for—that the
seller’s agent will be willing to work with you and let you have another crack
at the deal if your buyers are willing.

Both cases demonstrate how selling a house isn’t just a
financial transaction; it’s an emotional one.

I always try to create a relationship between my buyers and
seller. I try to put a face on the deal. Sometimes I’ll bring in a photo of the
family. I’ve had my clients bake homemade cookies. It doesn’t always work, but
when it does, it’s magic.

If you’re ready to buy, call me and let me help you win the
deal for just the right house for you.

Top 5 Tips for Winning in a Multiple Offer Situation

Top Five Tips for
Winning in a Multiple Offer Situation

In today’s real estate market, with an abundance of buyers
and a shortage of inventory, many desirable properties are receiving multiple
offers—often over asking price. As a buyer it’s scary to think that you have to
compete in an auction to get the house you want.

So what do you do when you find a house you love and are
ready to buy, but find yourself in a multiple offer situation? How can you
improve your odds of making the winning offer?

In my 20 years of working as a real estate agent, I’ve been
through multiple offer scenarios many times—on both sides of the table. I know
what a seller’s agent is looking for and I also know how to present my buyer’s
offer to win the deal. Here’s a countdown of my best tips:

5.  Bid over asking price.

Many times a property will be
listed with a price that seems too good to be true. It is. The agent is pricing
the house low to attract a lot of “buzz” that will result in multiple bidders.
But in the current market, even houses that seem fairly priced are getting
multiple offers over asking price. The trick is to anticipate the level of
interest, know how much to bid and make sure that the seller’s agent is willing
to work with you if you need to go back and forth on price.

4.  Get your financing and paperwork in order.

In this fast-paced market, deals
wait for no lenders. Sellers want to be certain when they accept your offer
that your loan will go through and you can close escrow within their timeframe.
Make sure you are pre-approved and ready to go.

3.  Be prepared to have few or no
contingencies.

In many cases a seller will have
inspections done before they put the house on the market and expect you to
accept their reports. Of course, you can ask to have your own inspections done,
but this may make your offer less favorable than that of another buyer without
this constraint. If you want your own inspection, you can arrange to have it
done before you present your offer to avoid this.

And the contingency of selling
your current home before you buy is a thing of the past in this market. If you
need the cash from the sale on your existing home to buy the next one, your
best move is to sell it first or find some bridge financing.

2.  Don’t be difficult to work with.

If you or your agent exhibit signs
of being too demanding or high maintenance, the seller’s agent may advise their
client to take another offer to avoid the hassle. Make sure you are reasonable
and pleasant in all your interactions.

And the #1 most important tip to winning in a multiple bid situation…

Work with an experienced, respected agent with deep local knowledge in
the area where you want to buy.

An active, local agent knows the
inventory, knows the community and knows her fellow agents. She can advise you
how much to bid, recommend lenders to help you get pre-approved and tell you
what contingencies are important. The seller’s agent will have confidence that
she can move things along easily and quickly.

In this competitive market you
need an experienced agent who you can trust. My clients are made up of 85%
referrals from people I have helped happily buy and sell houses. Call me and
let me help you find the perfect home at the right price for you.

Next Blog: Anatomy of a Multiple
Offer Win—And We Didn’t Have the Highest Bid!