Coldwell Banker Global Luxury Blog and GenBlue

Hi Everyone!

I will keep this post short.

Just got back from an educational (and fun filled) week in Las Vegas for GenBlue! The highlights include:

– Certification from the Institute for Luxury Home Marketing
– Newly minted Coldwell Banker Global Luxury Agent
– Time spent meeting and networking with some of the best agents in the business all across the nation.
– Time spent with CB Danville Colleagues
– The full Coldwell Banker #GenBlue experience. Classes, shows (Penn & Teller/Goo Goo Dolls,) motivational speakers.
– Elite Event w/dancing at the Hakassan Night Club.

It was a wonderful week of spending time with people who will push me to be better. Special shout out to my wife, Stephanie Dunn, who stayed home and wrangled our 3 kiddos while I was away. Super mom/wife!

Last item I want to share:  Coldwell Banker Global Luxury has a blog updated constantly where you can view beautiful homes from around the nation.  In case you want to see some amazing homes, follow the link:   Global Luxury Blog

As always, if you have any real estate questions, contact me any time at Conor@dunn-team.com

Want to know how much your house is worth? Go HERE!

Conor

Don’t know? Don’t answer.

 

Hi Everyone,

 

In real estate, like any business, you are constantly learning and evolving as you go. You have to accept right away that you aren’t going to be perfect and in fact, you might not know everything. Once you accept this fact, you have to learn how to shut up.

When I first started in real estate almost 10 years ago, I always wanted to have all the answers and I wanted to have them right away. This seems a pretty logical practice but oftentimes I would get myself in trouble if I didn’t know a specific answer to a specific question right on the spot. I’d answer with, what I thought, was the right answer. In reality, I wasn’t 100 percent sure.   Yes, I am admitting that I have made mistakes in the past (I NEVER MAKE THEM NOW sarc.) Buyers and Sellers will have a multitude of questions for you, that is a given. This is completely appropriate and encouraged. Buying/Selling a house is a HUGE deal and it’s important to make sure that everyone is completely comfortable. What I had to learn the hard way was that, sometimes, that answer could come back to bite you.

 

Example:

 

Client: Conor, do you know if the HOA covers hazard insurance?

 

Conor: Yes (In reality I’m not 100% sure…more like 90%)

 

1 month later when client has moved in and finds out that hazard insurance is NOT included, I am in trouble. In my haste to answer a question immediately, I gave false information and made myself look bad in the end. Here’s how I handle this question now.

 

Example:

 

Client: Conor, do you know if the HOA covers hazard insurance?

 

Conor: (Stop and think) Typically the HOA covers hazard insurance but I am not sure on the specific property. Let me check on that and get back to you as soon as possible.

 

Here is the most important part: I take out my phone and write a note for myself to check into this when I get back to the office. If I don’t set a reminder, I’ll likely forget.

The craziest part is that it is getting harder and harder to shut up. Cell phones/twitter/internet make it insanely easy to access information immediately thus increasing my desire to give immediate answers. Luckily, on the flip side, access is super easy. Usually, if I don’t have the answer, I can grab my phone and find it in a matter of minutes.

In the end it’s always better to bite your tongue and give a correct (albeit delayed) answer. Believe me, I KNOW that this should be a given. I also know that there are plenty of people out there who’ve never made this mistake and I applaud you 😉 In my experience though, there are a lot more who’ve made the same mistake as I have and looking back on my conversations now, I can only shake my head. You can either learn from it or be doomed to repeat yourself. I choose to learn.

 

Conor

 

P.S.  What to know how much your house is worth?  Go HERE!

P.P.S. If you have any real estate related questions for me you can email any time at Conor@dunn-team.com

 

 

Sold! -8460 Valencia Street, Dublin

Hi Everyone!

STORY TIME.  

TL;DR (Don’t feel like reading? Scroll to the bottom for pictures!)

One of the busiest and most successful listings I’ve ever had was in Dublin this past May.  My clients called me to their home to chat about listing their property and what would need to be done to get it ready.  The reason that they wanted to get it ready was because they were a growing family and looking to get a bigger home.  The plan was to have their home completely ready to go so that if they found another home to their liking, we could put it on the market immediately.  Long story short, they found another home that they liked and we got them into contract (as buyers) contingent* on us selling their home in Dublin.

*Contingent meaning that they wouldn’t be able to close on their new home until they closed on their current home.

The race was on!  We had 3 weeks to get their home in contract or the sellers of the other property could back out of the deal…luckily my sellers were ready to go.  We got our stager over there to do some light staging, mostly declutter and adding a few accessories.  Touch up paint was used and the yards front and back were cleaned up.  Professional photographer came in and we had it on the market a week later.  Yes, I gave some direction, but the work and look of this house had everything to do with my clients.  They spent a lot of time and care over the years updating and maintaining their home and it showed.

THE WOW FACTOR: One thing I forgot to mention…Mrs. Seller is a landscape designer.  This neighborhood isn’t known for huge yards so given the space they had to work with, they had, without a doubt, the nicest, most welcoming backyard in the neighborhood.  The home was 1320 sq ft. but with this wonderful outdoor space, the home felt even bigger because you could spend your time out there any time of the year.

House was ready to go and we put it on the MLS.  I spent the next 5 days with my phone glued to my ear because buyers and agents were so excited about this house.  We had a twilight open house on Friday night followed by Open Houses on both days that weekend.  All said and done, we had over 200 groups through during the weekend.  Admittedly, we did list the home on the lower end of the value spectrum as we wanted to make it move fast but it wasn’t so insanely low that I could’ve prepared for this rush of interest.  We set a due date for offers and by the end of the day the following Tuesday, I had received 25 offers!  We had 3 offers that stood out above the rest and of those 3, one that stood out even above those.  Rather than send out counters, my clients wanted to be done with it. They accepted the highest and best and we moved forward.  I spent the next hour calling every agent back and letting them know how their offer fared in comparison to others.  This is something that I ALWAYS do.  If these agents have spent time writing an offer for their buyers, they deserve a phone call letting them know what happened.  It is always nice for agents to be able to call their buyers back and give them as much info as possible so they can be more prepared for the next one.

One last item.  Not mentioned above was the fact that seeing the look on our sellers faces when we showed them the offers was what made it all worth it.  Mr. Seller looked like he was about to pass out from shock.  This doesn’t happen often but when it does…I really do love my job.

We sold their home in 9 days (the buyers had all cash) and we closed on their new home in San Ramon  month later.  Amazing clients and I was so lucky to work with them.

TL;DR (Here are the pics!)

Details of the home:

Listed for $749,000

Sold for $852,000

4 Beds, 2 Baths 1321 Sq Ft with a 7,000 Sq Ft lot.

 

As always, if you have any questions, email me any time at conor@dunn-team.com

Want to know how much your house is worth? Go HERE!

Happy Friday!

 

Conor

 

Is the market around us slowing down…or speeding up? Yes.

 

*DISCLOSURE* What I write below is based on my opinion of the market that I serve, the East Bay Area (Tri-Valley)

 

 

If you still read the paper like I do (or the online paper) you are constantly seeing reports on the housing market. Most of the headlines go as such:

“Low inventory causing home prices to skyrocket!”

“Is the “Bubble” about to burst?”

“Housing pressure continues.”

When we are constantly bombarded with headlines like this, it is hard not to worry. The problem with what is being reported is that it is always just a little behind what is actually happening in the market place.   Yes, the inventory is low and yes prices are still high, BUT, we have actually seen a little bit of slow down in general activity. Why is that? There are multiple reasons I assure you, and plenty that I haven’t thought of, but based on conversations with fellow agents and my own personal experiences, here are a few:

 

  1. Inventory is low. Yes I just said that again, the same thing that you’ve read over and over. Basic supply and demand, when supply is low, demand is high…Econ 101. So while these homes are moving fast, there just aren’t a lot moving at all, because there are none to move. Does that make sense? If I tell you that 30 homes sell in my neighborhood in July and then only 15 sell in August, did the market slow down? Your first instinct might be to say yes but really, if there were 30 homes available to sell in August, then we would’ve seen 30 homes sell. Alas, there were only 15 available to sell…so that’s how many sold. This lack of inventory has caused a general sense of slow down in agent activity.

 

  1. Buyers are timid. When I meet with potential buyers, or just friends in general, the first question is always “How is the market?” The very next questions are typically, “Are we are the top of the market?” or “When is the market going to go down?” Right now, the interest rates on home loans have dipped back down to the low 4’s for a conventional (30 year fixed) loan. Given these rates, you would think that buyers would still be ready to jump in, but they aren’t. Buyers are so afraid of buying at the top of the market and experiencing what happened in 2008…that they have a real fear and believe me, I get it.  My counter is always this; if you think you are going to live in the home for at least 5 years, you will be fine. Of course this isn’t a guarantee but even after 2008…the prices around us (*see disclosure at beginning of article) were back up to their previous levels by 2013-14 and in many cases, earlier than that. Low inventory usually causes a larger buyer pool but the fears of a bubble burst have tempered that pool just a bit.

 

  1. Buyers are tired. When you’ve made an offer on 10 different homes and keep getting beaten out, it’s understandable to want to take a break for a little bit. I’ve seen and heard of this happening more recently with frustrated buyers.

 

  1. Time of the year. This one is a little harder to explain. September/October in the East Bay is normally a wonderful time to buy/sell a home. Looking back at my personal numbers, some of my busiest months have been in the Fall, but this year as been different. We always see a little lull right around Labor Day when kids are getting back to school or going on final vacations. Then we see it snap back the first few weeks of September with a new batch of inventory and folks back out on the streets. I feel like the factors mentioned above are slowing the typical amount of business that we see this time of the year.

 

Given these reasons, the question is, “Is this a good time to buy/sell?” The answer is always, “What will work best for you?” If you are going to be uncomfortable with the fact that the market could go down in the next few years and can’t get over that hump…might not be a good time to buy. If you need to sell your home but don’t know where you’ll be able to rent or buy? Maybe you should hold tight. Buying and selling a home are huge personal commitments on both sides so it’s really up to you.

Looking at a market perspective though, yes it’s a good time to sell and yes it’s a good time to buy. You shouldn’t have a trouble selling your home for a great (fair market) price with inventory at these lows. If you are looking to buy something that you plan on staying in for a long time, yes, go ahead and buy. The historical data will show you that you are safe.

So yes, the market is still warm (high prices) and yes activity has slowed in general.

 

If you made it through this entire post, nice work! If you ever have any specific questions on real estate and the market, contact me any time at Conor@dunn-team.com

Want to know what your home is worth? Start HERE!

Have a great week!

Conor

Facebook

Twitter

Google Plus

Follow Me on Pinterest
  • Create an armoire-- Add crown moulding, bun feet and 2 shutters to a bookcase

    Pinned: 30 Jan 2013
  • Black subway tiles

    Pinned: 30 Jan 2013
  • paint one side of a door to create a vibrant entrance #doors #home #design

    Pinned: 30 Nov 2012
  • pretty awesome dollhouse

    Pinned: 30 Nov 2012
  • light and bright #bathroom #design

    Pinned: 27 Nov 2012
  • This room looks like it might be part of a renovated barn. #home #decor #architecture

    Pinned: 27 Nov 2012
  • yellow and green #doors #antique

    Pinned: 27 Nov 2012
  • A great holiday idea for an old rake.

    Pinned: 27 Nov 2012
  • cobblestone heart in the patio

    Pinned: 17 Oct 2012
  • cauliflower bechamel pizza with no-knead dough

    Pinned: 28 Sep 2012