Wineing About Real Estate

Wineing Intro

March 23, 2022 Nicolette Virgilio
Wineing About Real Estate
Wineing Intro
Show Notes Transcript

Welcome to our podcast intro! We are just getting started on bringing you no fluff Silicon Valley Real Estate knowledge! 

Welcome to whining about real estate. This is our initial podcasts where we're going to be talking about real estate and enjoying some great wine. Cheers. Cheers. Today was a nice bottle from metadata, which we enjoyed recently up in Napa. And we want to thank them for. Beautiful wine. It was delicious. We liked it. Del blotto. Yes, we were Del blotto. Anyway, we're here. We're going to be talking some, no fluff, authentic conversations. Combining our 48 years of top producing real estate experience wants you to grab some wine yourself and let's talk about proven strategies, confident actions. Current local markets and all you'll need to embark on your path to using real estate as a tool to financial freedom. As a father, daughter team are committed to helping you build legacies, build wealth and promoting good in the world. Now let's talk about wine and some real estate. Awesome job. So let's talk about market conditions. Yeah, well, as everybody probably knows the market is freaking on fire. You know, with a huge, huge opportunity for sellers to take advantage of a tremendous, strong market for them. And the downside of that of course, is buyers have to compete to get into a property. Let me talk about some markets. Statistics is currently three yesterday and we're using March 22nd as our. Because I think it's important, you know, when we're actually starting this recording and real quick, just because I know we're going to be really famous and it's not going to be super hyper local. So what areas are we talking about? So for the rest of the world, we are in Santa Clara county, California, and currently there's 1043 homes for sale actively on the multiple listing service, which includes condos, single families in town. And there are approximately 1,575 homes, condos, townhomes included that are in contract month to date. So from March 1st until March 22nd, we have sold 969 properties in our county. And that includes again, all single families, condos and town homes. And what's really kind of crazy is that the average sales price rose homes is$1,876,000. Yeah, what's even crazier is that's 115% over what the asking price was on average. But, you know, it's great for sellers and 10 days on market, that's the average. So let's list your home and let's get it sold in a week. So we ourselves have experienced some tremendous interest and, and, and, and struggles, trying to get our buyers into contracts, but getting our sellers as well. Our most recent listing 21 offers. And what did it go for over asking 300,000 over? Yeah. And you know, that means that there was 20 people that didn't get that house. Very sad people. And what's really crazy is those 20 people, even, they were all strong offers and, you know, they really put their best foot forward. A lot of people who are first time home buyers that you know, were doing their best to get into that property. Yeah. You feel, you feel, you feel crappy for them? I do because there's 20 of them that are still out there looking for homes. I like to use that example of the current real that's out where the ladies jogging on the treadmill to the wine. There's beautiful properties out there and you're just trying to get to it. And only one can though. So yeah. And our are your most recent buyer? How many times did we try to get them in for contract? Seven times seven times. And we were bidding four and five and$600,000 over asking price for this particular client, which, you know, in a lot of places in the country, that's more than they'll pay for a house. You know, the average, I think the average home price right now in the United States is like 340 or$45,000. And we're bidding twice that over the asking price to try to get this our client house, thankfully we're in contract. And they're going to be closing shortly and enjoy their wonderful home. The struggle with that is how aggressive we are in the search process for our buyers. Luckily. We've put our time into this market and multiple markets. Obviously with our combined years within the business, we adjust our strategies based on the markets. So, you know, we're very aggressive in our approach and proactive and making sure that we find properties for our buyers. And even with that being said, we still we're at seven offers before we got them. I can only imagine the struggle on newer agents that aren't as familiar with the industry or have the relationships. I mean, we have relationships with hundreds and hundreds of our local realtors that we've known for many, many years and share information with and share what's coming up and what's not coming up. And you know what it's going to take to get into a property. It's just, I mean, in our business, as much as you know, the internet has impacted how people buy. It still comes down to relationships, not just with our clients, but with the people that we do business with as well. Well, just like we do on our listing side, we want to make sure that we're helping our sellers choose the best, not only the best offer, but also the cleanest, the most successful for closing. So I'm on the same side with the buyer's agents. You know, we have a proven system of closing our transactions and doing good business for a long period of time, which really helps. To get into contract, but definitely you know, it's a tough run. If you say, how are you doing in the market right now? It depends what side of the fence you're on. If you're a buyer you're probably getting kicked in the teeth a bit. I think clearly educating and going in well, knowing what's going to happen and knowing that you're probably not going to get the first proper. That's easier said than done. We all get emotionally attached to a property. That's why you're willing to put your best foot forward is because you can see yourself living in that space and you've already pictured your kids there or whatever it may be. You've driven past the home 77 times. You know, it's hard not to get emotionally attached, but you have to realize that the odds of you getting into contract. Probably slimmer. Yeah. Well, and again, it's just setting realistic expectations upfront. I think that's the most important thing and it kind of tempering what the buyer hopes it's going to happen. Right. Okay. We'd love to have that happen. However, this is more likely to happen, especially with how competitive things are and how much cash is in the marketplace, you know, in cash doesn't mean a whole. To us as, as agents, you know, because you know, a buyer, doesn't a seller, doesn't get a loan, they get the, all the cash at the end of the day. Right. So a lot of times people think, oh, I've got a cash offer and it makes it more strong than anything else. Well, if you're, if our buyers, which they always are fully, fully underwritten, fully approved that's cash, that is, that's just like cash. Most of the time that I've seen is when a cash offer comes in, they're trying to get a deal. So it's, you know, they're not always the most competitive offer out there. They're trying to, whittle the dollar amount down because they know that the seller's going to see a sure shot can close and you know, under a week. Yeah. So they're taking the gamble on that with the cash and that's not always the best case scenario. A lot of times it's clean and green and who can provide the best. Well, the number that people pay for the house, it's just one of the features of the offer. You know, I talk all the time to all of our clients about it's terms. So it's not just what you're paying for it. It's, you know what other terms are involved. And it's certainly a quick close helps a lot of people, but not all, not all sellers are interested in getting out of her house in seven days or 14 days. They have to find a place to live too, and or they have time to move. So a fast close is not always the most important thing to a client. Close. And actually the seller was like, well, can we have five more days? Like, that's great. We need blocks. So really finding out what the seller's needs are too, is a huge part of determining what. Offer is going to be, and that goes back to the relationships and talking to the, the agent that is listing the property with, for the seller and or agents that are buyer's agents that are coming to us at our listings. That's just where that relationship thing comes really, really into play, I think. And she's, we were well-liked every agent loves us and more than likely her because I'm kind of grumpy. So. Anyway. So, you know, in our, this podcast that we're hoping to be able to bring lots of topics that we can enjoy with you and share with you as well as looking for feedback from you, our listeners, our viewers, as to what exactly you want to hear from us. Questions that you'd like to have answered topics you'd like to hear about. And we've got a whole list of topics that I'm going to go to my list because I am old. We're talking about different things. We'd love to talk about in here and also bring in guests that can talk to so many subjects, like for example, on trusts and probates. And we've got some great trust and probate attorney partners that we'd like to bring in and talk to everyone about. What's important about having a trust and what's important if you don't have a trust, what it takes to have a geothermal probate. Oh my gosh. You know, it's just so much so, so important to be able to hear what options you have in that. You know, I'm buying in today's market. We're kind of touching on that today. I'm selling in 20, 22 and maybe beyond what's important to timing the market. And we've got yeah. Yeah, because I think that there's going to be a big conversation on people that are looking to sell within the next two years versus the next, you know, Plus years. And there's a gap in kind of figuring out your goals too. So it's never too early to be planning what you think you're going to do. Yeah. The hardest part with that is we get the question a lot is, you know, what's the market going to do well, you know, we, I can tell you what it's going to do today. And I can tell you, it's probably going to do two to three months. I think after that our crystal ball gets a little cloudy. And I'd love to be able to say, yeah, hang onto your property for two more years, because you're going to double your value. But none of us know what's going to. You know, and that brings up the next topic of interest rates, how that's going to affect the market. We've got all kinds of things that we want to talk about interest rates you know, what goes on behind our transaction and what we do, what our team does, you know, what our, what our partners in our team help us get our, how we do things so well. You know what Katrice adds to the, to the picture who runs our transaction team. You know, people are renting right now. Why are you renting? Should you be renting? You know, the, the market, if it's cooling, isn't market cooling, I don't know. Is it right now? Not today, not today, you know? Yeah. The water, the noodle strainer, when that fills up is when the market might store. That's great. I like that. Yeah. That's a good one. And you know, we go back to earlier, we say there's a thousand homes for sale. I mean, normal hackleback door. When was normal, I go back 10 years. Normal was like maybe not 10 years. It was normal. Well, that was probably. Mortgage crisis, but like 6,000 and 4,003,000 homes. I mean, we haven't seen them, you know, those kind of numbers in, in, in decades. And, and really at that, that's really kind of a scary thing for the buyers and for sellers, of course. It's awesome. Prop 19. Yeah, that's one that for folks who are inheriting property and also trying to move out of the area if you have rental property, what it means to leave it to your kids or your errors, what happens then if they don't move into it. And I mean, prop 19 was great for folks who are leaving the area or trying to take your load prop 13 tracks tax base with you. But it has some flaws. It has some things that they had to give up to get to that point statewide. So there's some things to talk about. How about retirement living in Santa Clara county? Know, we have a great, great opportunity out here at the villages which is a 55 and older community, which keeps you in close to me, perhaps your kids, your grandkids, and you're gonna have great private community golf course living. We'll talk about some of that the life of a realtor. That's when we'd like to see what are we do? Not just here, not selling sunset. I'll tell you that selling sunset that's show, everyone thinks that her life is now selling such. It's like the the bougie real estate. And now everyone wants to get licensed. Yeah. And you know, it's really interesting, you know, everyone thinks it's easy. What we do is easy. We make it look easy. You know, that's the thing I tell people all the time real estate transaction is one of the most complicated. Difficult things to, to, to maneuver through. And when someone says to someone, oh, it's easy to sell your house. Well, you know? Yeah. It looks easy when you do it the way we do it. And also all the illegal oh yeah. Just goes on and on. You know, it's funny because when we talked to our sellers, you know, when we talk about what we were going to do for them we, I tell them, you know, it's, you're not gonna know how good we are until. Because you're going to go through it. Wow. That was easy. We made it look easy. It's not easy. It's not easy at all, but we certainly do our job well, and I'm not trying just to brag on us. I just know that there's a perception of you just put a sign on the ground and it sells well, it's not quite that way. So much goes on so much goes on. What else do I have here? The life a realtor. The renting. I think we got all kinds of things. Oh, that's a great one. That's really, really important. There's some phenomenal. Software that we have now, too, that if you were to tell us well, ADU, what is that? That's an accessory dwelling units. Yeah, I got granted. It was good. Yeah. Well, you know, it's, you know, if you want to put a, you know, a building behind your property there's all kinds of opportunities, not just for rental income, but for multi-generational families to stay together. He might need to put one on his back patio for, yeah, well that ain't happening, but if I'm gonna put it on my back patio, it's going to be for my dog or something. I don't know. But the, the, the, you know, the opportunity to not only just improve the value of your property by. But to create additional housing and everything else. I mean, housing, such a shortage in this valley. It's crazy. Now kids are staying home till 40, so you need to have somewhere to escape. Not my kids, no way I'll take the grandkids first. So, but you know, we're sure, hoping that this becomes an opportunity to connect with a lot of people, not just here in Santa Clara county, but across our state and across our country and to kind of share. Yeah. And this really came from, you know, at the end of the year, we always review our last year's business, our goals for the new year, we really try to connect with our clients on an individual basis and ask them, you know, what would help them? What would empower them through learning about what we do and what the properties they own, or the they're not there yet, but they want to be there cause they're currently renting and. Most of the people that I connected with, that'd be fun to hear us on a podcast. So a little bit out of her comfort zone, but he could be on TV tomorrow. We'd be ready, but you know, we're excited. We think that we have a lot to bring to the table. We have some fantastic people that have already raised their hands. Get on this with us. So we're super excited to bring you guys some really valuable stuff. Don't drink wine. If you're listening to us in the car, that's the disclaimer at the bottom. So we'll be drinking wine, but don't drink wine if you're driving home from work or something. Yeah. And it'd be nice if you find this interesting, and you find this entertaining that you share this with your friends and your family so that other people can enjoy what we have and how we can share that. Absolutely. So I think for our first one, not too shabby, we're going to keep it, you know, short and sweet, no fluff to it. Not a lot of front. I was listening to a podcast this morning. I was laughing at all. I felt like I needed to buy into the video. Who's that cash guy? No, that real estate guy. Oh the guy on television. I buy homes guy. Yeah. Well, we're going to do those. We're going to give Joe Rogan a run for his money. thanks for joining us guys. Make it a great day till the next time.