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The FAQ DIRT

Posted by John Hathorn on February 9, 2018
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Seems like the water cooler conversations never really change for me.

Here are the most common questions:

How’s the market?

Fortunately for those living North of Montana, prices are continuing to increase. Typically the Spring is the busiest time in the business, new “inventory” begins to come to the market, usually right after  Super Bowl Sunday. Last year I sold an East Coast Traditional, similar to one that I sold in 2012, both newly complete The 2012 property had 5 bedrooms and 4.5 bathrooms; approximately 4,817 sqft  and sold for $4,849,000. A similar home sold in 2017 with 5 bedrooms and 6.5 bathrooms; approximately 4,730 sqft sold for $6,400,000! New construction is still the most sought over real estate. Tear-downs/lot value properties are also still very popular for those that want to build.

What is the best way to get the most money for my home?

Properties show best when sellers stage their homes. Yes, it is costly, but staging has a high return on investment. Definitely clear any clutter. It’s best to make the home look as though nobody lives in it – fully furnished but vacant. To minimize surprises in escrow, I recommend getting the home professionaly inspected prior to marketing it for sale. Attending to some of the needed repairs will save you headaches, surprises and dollars later.

Will prices drop soon? Should I wait to buy?

Why  wait is my answer. What will cause prices to soften? Rising interst rate might cause prices to soften. But if you are getting a mortgage to buy the cost of capital (interest rates) will be higher and your purchasing power diminished. So, by waiting you are buying either a cheaper house but paying the same monthly payment or you paying with cash.  Neighborhoods like 90402 see very little decrease when interest rates rise.

Do you have any off market listings?

My answer is… always! Sometimes referred to as “pocket listings”. We do know about properties that are not listed in the mls and we do share some of them (not all)  with certain outside agents. If your Realtor doesn’t have an off market home that fits your criteria, I’m sure he knows someone who does.

What if I want to sell my house “as-is”?

All homes are sold “as-is.” All this really means is that after the escrow has closed, if something breaks, the Seller is no obligated to fix it. This does not absolve Sellers from disclosing all known defects, nor does it prevent the buyer from asking the seller to issue credits or make repairs. It simply means that the buyer cannot force the seller to make repairs or issue credits in lieu of repairs.

Once an offer is accepted, and the buyer chooses to have an inspection, and if issues are discovered, most buyers tend to try and renegotiate the deal. It is almost always in the seller’s best interest to negotiate with the buyer as the seller will be required to disclose the findings from the inspection report to the next buyer.

Want to talk specifics? Call me.

Three new listings and one re-listed property.

802 San Vicente Blvd- Brand new construction, listed for $8,500,000 by Pence Hathorn Silver. Well-crafted and designed Traditional- over 8,100 sq. ft. on a corner lot. 6 bedrooms, 7.5 baths on 3-levels with elevator, home theater and wine cellar.

346 Euclid Street- Listed for $3,795,000 this property has a 3 bedroom + 2 bathroom main house plus a 2-story 2 bedroom + 2 bathroom guest house. Unique “Ba Pueblo” architecture on a 7500 sq ft lot. I think I had this listing when it sold  in 1995 for $780,000.

428 25th Street- 1930’s Spanish Revival listed for $5,100,000. 5 bedroom + 5.5 baths; approximately 4,100+ sq. ft. on a 60 foot wide lot with pool. Charming details and some nice updating. I am pretty sure I had this listing when it  in 2002 for $1,960,000. If not the 02 sale it was the sale prior to that one.

229 19th Street Re-listed (yet again) for $6,495,000. Originally built in 2014 and listed brand new for $5,999,000. Having been on, and off, the market over the last few years, perhaps the threat of new zoning changes will help this property find the right buyer! 5 bedrooms + 6.5 baths; 5,000+ sq. ft. (all above ground- no basement) on an 8,931 sq. ft. lot. The size of this home could not be replicated under the new zoning restrictions. PHS sold this home when it was a tear-down 5 or so years ago.

No properties went into escrow this past week.

No closed sales to report.

I have a great little investment property that is not yet in MLS. A duplex can be had for under $3M. Plus a couple of upcoming attractions – including one on La Mesa, that are not yet listed in the MLS, priced from $1.9 million to $16 million.

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