After a glorious one-week vacation in Cancun, this week I hit the ground running and put 516 Whitewood Drive on the market in Terra Linda. Over the years I’ve sold several homes on Whitewood, including 568 Whitewood which I closed for $1 million back in December. The market has changed dramatically since then, with buyers going crazy over whatever comes on the market, acting like caged lions fighting over scraps of meat.
516 Whitewood Drive is getting a lot of attention. Yesterday I held a Brokers Open and had a lot of people come through. I used to say, if I get one buyer who comes though a Brokers Open we will likely do well. There was a revolving door of buyers coming through the Brokers Open yesterday, so I’m feeling pretty good about our sales prospects next week when we look at offers. What makes 516 Whitewood so attractive?
First and foremost, the price is right at $949,000. What else are you going to get under $1 million in Terra Linda in 2022? Yes, it needs some TLC and has deferred maintenance, but there is a definite market for these types of properties. I’ve had contractors and regular home buyers call me and ask if I’d like to represent them, on this property and other listings. I know with some Realtors dual agency makes a difference, and buyers believe they can get the inside track when working with the listing agent. That’s not how I do business, and since I got my license in 2004, I have not personally represented a buyer and seller in a multiple offer situation. I don’t plan on starting now either. As a listing agent I work with the same buyer agents throughout Marin on a regular basis, and I wouldn’t want them to think I was stacking the deck against them in any way, shape or form.
There is a way to represent both sides as an agent in a multiple offer situation that is acceptable in Marin. Sometimes listing agents will work with one buyer, and they’ll instruct all offers be sent to an office manager who reviews the offers with the seller. My preference is not to go this route. I like to be there with my sellers when we are reviewing offers so they can get my take on which offer to choose. I also feel like the sellers hired me, and not my office manager, to advise them on offer day.
I believe we will receive more than one offer on 516 Whitewood Drive. The biggest question, which nobody knows now, what will it sell for? Fixed up I wouldn’t be surprised if the house could resell for $1.4 or more. That means there is definitely a margin for prospective flippers. The preference is not to get a flipper though, because often buyers who are going to live in and not flip houses often will make the highest offers. Those buyers aren’t looking for margins, they are looking for a place to call home.
By this time next week, we will hopefully have an accepted offer on 516 Whitewood Drive and be on our way to a successful close of escrow. Stay tuned.