|I’m excited for our two new listings that will come to market this week – 6650 Colgate for lease (live on Tuesday) and 542 N Citrus for sale (live on Friday)! Colgate is a single story Spanish with a formal living room and dining room, charming kitchen with breakfast nook and laundry room, 3 beds + 2 baths, and a sweet private yard. 542 N Citrus is a character Spanish sitting on a knoll above quiet tree-lined Citrus Ave. It has 3 outdoor sitting areas – a front porch, a patio off the dining room, and a trellised al fresco dining area right outside the primary bedroom in the backyard. The living room has a barrel ceiling and a Bachelder fireplace and it opens to the dining room, which opens to the large kitchen with center island and breakfast area. There are 3 beds and 2 baths. There’s a 2 story detached structure outside – it’s a 2 car garage on bottom and a bedroom suite above it. The yard is private, landscaped, and zen. I’m excited to start to show both houses this week!
In a multiple offer situation we recently navigated, the winning buyer won because they: a) wrote their offer first b) wrote their initial offer 150,000 over the asking price c) were represented by an agent who called and texted repeatedly – our office, our client care coordinator, and me – to reiterate over and over again how much his clients were committed to buying this house because they searched for a while and this house appealed to them more than any other. Different buyers came in initially at the asking price with willingness to go up in price with a counteroffer. Very often, buyers like a house but they want to be thoughtful, deliberate, and act slowly, they don’t want to pay more than they absolutely have to, and they don’t want to commit too soon so they want generous contingencies. It sometimes turns out that these buyers would pay the final sales price or even more, but they’re reluctant to start at their highest and best price, they don’t want to commit without a counteroffer, they want to take more time, and they want to do lots of inspections and possibly negotiate credits. A buyer who confidently makes a bold and firm decision to engage – not too long after the property is listed, with an offer at an attractive-to-the-seller price with short contingencies, and direct communication through their agent communicating how much the buyers love the property – will often win a competition for eagerness and enthusiasm to transact.
I loved going to a real estate conference in Texas this week! It was interesting to talk shop with agents who run teams in Nebraska, Louisiana, Texas, NY, Florida, Michigan, Colorado, and all over the US. General sentiments in all markets is that inventory is slowly picking up and days on market is going up slightly too as the frenzy of so many multiple offers dies down a little bit. Interest rates shot up, which is making some buyers consider an ARM (adjustable rate mortgage) over a 30 year fixed mortgage because interest rates on an adjustable mortgage are lower. Forecasts say that house prices will continue to go up but slower and less than they did last year; where house prices rose over 20% last year, this year it’s predicted to rise less than 10%. Because demand in our area is so high, and inventory is always low, we always have less supply than demand and so houses that come up for sale in our area are always desirable, attractive, and continually appreciating in value. I marveled at the clean, pristine, manicured and lovely Dallas streets and sidewalks! But no city compares to our dry slightly breezy climate even on a hot day; our weather is hands down the best!
Shabbat was magical with our new son-in-law-to-be Mordechai. One highlight was Seth asking Mordechai for the ok to give him a blessing and a hug before Friday night dinner, as he does all our children; the experience was equally moving the first time Danny spent Shabbos with us. It was fun that Mordechai was a sport in tasting all new foods that he never tried before! As always, we love singing with harmony and it was fun that Mordechai does too! While I’m excited for the kids to set out to start adulthood and the next chapter of their lives, I’m so sentimental, emotional, and nostalgic about the transition to the next stage as our fourth child sets out to start a life of her own. I love the kids being around and their living far away is so hard for me! The juxtaposition of joy and grief is jarring!
I’m looking forward to the first Sunday open houses at 405 Fuller and 333 N Orange today from 2-5! 111 Gardner is open today too. Fuller is cool for people who value lots of house for a low price per square foot in a prime location in our area. Orange is cool for those who value a fully vacant duplex in move-right-in condition. People are drawn to Gardner for the attractive floor plan! I always wait to test my theory of buyers and sellers being similar to each other and as usual, I can’t wait to meet the buyers of each of these properties!
I’m looking forward to our block party this week on Wednesday night! We’ve lived on this block since 1997 and we can’t tear ourselves away because we’re too attached to our neighbors! My assigned job is setting out tables and chairs in our driveway for the food court and buying lots of marshmallows and skewers to roast over the bonfire!
Have an awesome week ahead!