Dear Michael: My house is listed and my agent is not doing open houses every Sunday as I would have expected. Should he be doing an open house every Sunday?
Answer: Your agent can only be in one place at a time. He may have other listings where sellers are also requesting open houses. Ask your agent if he can have another Realtor “sit” your open house.
With limited inventory there are plenty of agents who would like to sit open houses. In this fast- moving real estate market, an open house is a method to accommodate and expose your home to buyers. It also allows buyers to preview as many homes as possible at a set time: usually on Sunday’s between 1 to 4 p.m. The most important part of showing your home is to make it available when an agent wants to show it.
Dear Michael: The square footage of my home is listed at 1,200 square feet on the tax roll. I believe it is 1,500 square feet. How can I find out the exact amount? I want to list my home and don’t want to advertise the wrong square footage.
Answer: Go to city hall and ask for the permits on your home. All records should be kept from the time it was built. If any additions were made to your home and completed with permits, city hall will have them on record.
If any additions to your home were done without permits you will not be able to add this addition to the total square footage of your home. You can define an unpermitted room as a “bonus room,” but it must be listed as a separate room from the house and square footage must be excluded. You can also hire an appraiser to measure your home.
I suggest you disclose the square footage of your home exactly as it is. The buyer’s appraiser will also measure your home when appraising it.
Dear Michael: We have been searching for a home for the past three months. We have made offers on four homes but are unable to purchase these homes as we keep on getting outbid.
Do you see any easing in the near future with this multiple offer frenzy that is going on at this time?
Answer: Low inventory is taking a toll on buyers. Currently there are 16 homes for sale in the Culver City area compared to 47 a year ago. Short supply and high demand has turned this real estate market in favor of sellers.
If you are a buyer trying to compete, you will need to be creative. Some sellers can be very emotional about selling their homes. Write a kind letter to the seller describing your family and why you fell in love with their home, include a family picture. This often helps. You may have to make some sacrifices: you may have to pay over asking price, you may have to settle for a smaller house, a smaller bedroom or one less bedroom.
Ultimately, cash is king. The more you cash you put as a down payment the stronger your offer will show. If you can pay all cash with a strong offer, chances are that the home will be yours.
Michael Kayem is a Realtor with Re/max /Execs serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to him at: homes@agentmichael.com