Midtown Sacramento Realtor
CMA’s – Comparative Market Analysis for Sellers. This is an article written by Elizabeth previously, for another website. She breaks this term down beautifully for a reader. I notice lots of agents say “CMA” when talking with clients. This sounds as though everyone understands our slang terminology. You will understand what a CMA is about after you read this article,
Enjoy, — JaCi
“I don’t always prepare a full-blown CMA package for listing presentations. Sometimes, the seller already has a handle on the market and knows what is for sale and which homes have sold. Besides, for sophisticated sellers, they really don’t need to read all that miscellaneous data that often accompanies CMAs. For them, I print out a portrait CMA that shows the last six months of activity, including current inventory, days on market and median prices. Print and go.
Just before I went to Hawaii for 3 weeks in March, I got involved in selling a highwater bungalow in Midtown. The seller called to ask if I would stop by his home to visit. He explained that he had been interviewing other Sacramento real estate agents, including a discount agent who works for peanuts. For some reason, he wasn’t happy with the selection or maybe he just wanted confirmation that he was one the right track. You never really know as a Sacramento Realtor whether the seller is interviewing you because he actually wants your opinion and to possibly hire you. He could just want to feel like he’s completed due diligence but has already settled on a different Realtor.
But I see these as opportunities to showcase what I can do and explain my skillset. Typically, even if the seller might have originally considered a different agent, they do decide to hire me afterward. So it’s not a waste of my time. I like meeting new people and talking about what I can do to help sell their home.
The trouble with this particular story of selling a highwater bungalow in Midtown is the fact all of the other agents gave the seller much lower estimates of value. They were off by $40,000 to $50,000. That’s enormous for a small one bath home under $500,000. My job, the way I saw it, was to convince the seller I was correct and everybody else was wrong. Which is kinda hard when you don’t even know the person you’re talking to.
It’s a risk, the seller could think oh, she’s crazy, or she’s just telling me that to get the listing. Because they don’t know me, either. They don’t realize that is not something I would ever do because it’s unethical and lacks integrity. Now, I don’t know if another agent could sell the home at the same price that I suggested because I use different marketing than many other agents. But I know what I can do.
I suggested he call my stager and do a scaled down staging and make a few repairs, and then I left for Hawaii. My team member put on a lockbox and let the photographer inside. Once in Hawaii, I uploaded the photographs and set the listing to go live in MLS at a predetermined time. Ten days on the market resulted in our offer. From a brand new agent who could not get his digital files to work correctly. He was so frustrated that in inadvertently sent me his buyer’s email addresses by mistake. He tried a number of times to get the paperwork signed and could not.
Finally, I put his buyer’s email addresses into DocuSign myself and sent off the paperwork for signature with a CC to the agent to receive the executed version. I know I’m not supposed to do that, but I just did it. Just lucky I guess because the agent was grateful. I do what it takes. Then I helped to guide the agent through the steps of escrow. He did a fabulous job, too. The buyer’s agent told me yesterday this was his first transaction. Like I didn’t know it, LOL. Hey, everybody is new once.
My seller made a lot of money, much more than he ever thought possible. $50,000 richer than he would have been with some other agent. Even though his home was built in 1910 and the reports were what I called “grim,” the seller did not make any repairs, not give credits, nor renegotiate. I guess selling a highwater bungalow in Midtown really doesn’t get any better than that. I’m so glad he chose me. I know he is feeling it as well!
1500 24th Street, Sacramento, CA 95816 sold at $485,000 and closed April 30th, 2018.
Look no further than Sacramento for a Midtown high-water bungalow. The inner-city blocks between 24th and 26th and O, P and Q Streets contain many a high-water bungalow — homes typically built between 1900 and 1915. The reason the year 1915 is significant is because that’s the year the levee was built in Sacramento. Before then, a homeowner’s best defense against flooding was a high-water bungalow.
This is a 1910 Midtown high-water bungalow. First, you spot the terrazzo steps flanked by brick. Followed by an inviting front porch from which to watch passersby. However, when you enter the home, it’s delightful to find a floor-to-ceiling column and additional closets in the entry.
Look at the high curved ceiling with picture rails. The owner of a
Craftsman bungalow in Woodland
Given our strong seller’s market in Sacramento, many home buyers today are finding themselves closing escrow but not being able to move into their new homes due to the free seller rent backs. Part of the reason for the free seller rent backs is to induce the seller to accept an offer over another offer without the holdover possession. It’s also because many sellers are not moving up. At least not in my listing inventories.
Sellers are either a) a successor trustee or trustee of a trust; b) moving out of the area; c) selling an investment rental or d) buying a brand new home. They are not coming to me and asking to sell their home so they can buy a bigger, nicer home in a different neighborhood, which would be a normal Sacramento real estate market. But these are not normal times. We need to remind ourselves that much of what is happening today is NOT NORMAL. We can’t get complacent.
Ordinarily, buyers are sometimes a bit timid about offering free seller rent backs. This is a new concept to many home buyers. They don’t understand why they can’t collect rent from the seller, nor do many feel the full impacts of the craziness in limited inventory neighborhoods, but it is a fact of Sacramento real estate today. Sellers expect it and buyers will agree or the seller will sell to somebody else. It’s that simple.
To protect all of the parties, though, we do ask for signatures on a Seller in Possession addendum. This legal document was prepared by C.A.R. lawyers to protect all sides and state who is to continue paying for things such as utilities.
Three of my recent closings involve free seller rent backs. One was for 45 days. Another 3 weeks, and yet another a couple of weeks. In the last transaction, the seller was worried. Now I could understand a buyer’s reluctance, but a seller exhibiting hesitance was unusual. Why, I asked, would you fret over the free rent back when you’ve already closed escrow? Not to mention, you have your big ol’ pile of money, and you get to stay put until you’re ready to go. Doesn’t this exhibit peace of mind for you?
Because what if I broke something, the seller responded. Hmmm . . . you’ve lived in the property for 7 years, have you broken anything yet? No, but I might. OK, good point, let’s discuss.
But for everybody else, it’s a super great deal for sellers, even if buyers have to wait a little.
Because Lyon Real Estate is one of the oldest and well respected real estate companies in Sacramento, we often get invited to tour new projects before the public hears much about them, including the new luxury condos in downtown Sacramento, . In fact, a woman from outside of Sacramento called a month ago, demanding to tour luxury condos in downtown Sacramento, and apart from the units at 500 N Street, we had to tell her there aren’t any. Yet. Yet being the operative word.
Well, there have been a few, but there are none for sale now. The condos at the top of the Marriott come to mind, the Penthouses at Capitol Park, but those sold out. Lots of false starts and promises on other projects, but now that we have the Golden 1 Arena, downtown Sacramento is suddenly burning red hot.
The Sawyer Residences, located at 660 J Street, offers 45 luxury condos consisting of one to three bedrooms, above the 16-story Sawyer Hotel. We hear the penthouse is reserved at $4.1 million, and the HOA is about $1.28 per square foot. Definitely luxury condos for downtown. These units feature all the bells and whistles, including Kimpton Hotel amenities, doorman, valet, concierge services, a private lounge and an outdoor pool.
The Sacramento Kings and their developers asked us not to talk about these luxury condos until after April 11th. No way do we want the Kings mad at us Sacramento Realtors.
One of the buyer’s agents on the Elizabeth Weintraub Team is a downtown specialist, and I’d like to introduce you to Josh Amolsch. Josh has his ear to the ground when it comes to luxury condos downtown Sacramento and all of the new projects. He’s our go-to-guy for all things downtown Sacramento. Josh is an exclusive buyer’s agent, working solely for buyers, never for sellers.