Happy November!
The week before last, I toured a house in Berkeley that I thought would be an excellent match for my clients. It was in a neighborhood on their list and a duplex that could help them supplement their mortgage and later serve as a place their parents could move into. They saw the property and LOVED it! At more than 100 years old, the property needs work, has knob-and-tube wiring, and both an old furnace and roof, but my clients were ok with the condition and felt that they could take on the projects and repairs. So, in anticipation of writing an offer, I contacted four different insurance providers to help my clients obtain an insurance quote, and they received four rejections. We were told that the California Fair Plan policy provides an insurance option when no one will, but it does not cover everything, including liability insurance. We were told that to get complete insurance, one must have a California Fair Plan policy plus a wraparound policy to cover what the Fair Plan does not. But, due to the building being over 100 years old with knob-and- tube wiring and an old roof, none of the four insurance providers had a provider who would write a policy. We are still looking for an option for the wraparound policy, but insurance is becoming a real challenge.
Sellers need to consider not only how their house appears on the market to attract buyers but also the condition of their property – which is understood through pre-marketing inspections – done as best practice in order to facilitate the sale. Gone are the days when buyers were indifferent to a property's condition. Inspections are thoroughly vetted, and necessary repairs are carefully calculated as buyers decide whether to make an offer on a property and for what amount. When working with sellers, I conduct an initial review of comparable sales data when I take a listing to see what properties are selling for in the area. After we complete pre-marketing inspections, I conduct another review of the reports and share whether the findings impact the sale. Yes, with a softer market, one may want to do less pre-marketing work to prepare their home for the market, but with buyers more discerning than ever, pre-market investments can determine whether someone pursues your house or not. If they pursue it, the offer prices will reflect the condition and needed upgrades.
Last month, KTVU News had me on air to provide an update on the real estate market. Check out the full segment.
And just like that, we are headed into the holiday season. I am grateful to have the luxury of ordering my favorite desserts and rolls from local bakeries, as well as high-quality meats and groceries to make our family's holiday feast. But there are people in our community who are not as fortunate. If you know me, you know that I am a big foodie; great meals bring people together and warm our souls. One of the organizations I contribute to annually is the Alameda County Food Bank; no one should go to bed hungry, so in the spirit of the holidays, I am doing a virtual food drive! While you may be stretched thin caring for your own family, a small donation can make a difference to people in our community; click here to help feed our neighbors.
As this year is winding down, I am preparing listings for next year. While I have swiftly brought properties on the market, it is never too early to start an action plan – especially if you want to list in the Spring – historically the strongest selling season of the year. If you have questions about your property, please reach out; Nicole and I are here to help!
Enjoy the season of thanks!
