Every year after Labor Day the real estate calendar turns to our second selling season. Though not quite as robust as the spring, it’s still a prime opportunity for buyers and sellers to make their moves. As mortgage interest rates remain below 7% and the Fed is poised to finally begin rate cuts, we are likely to see more buyers in the market. Without a corresponding increase in inventory, it could be another rough ride navigating multiple offers for buyers.
Complicating matters, by mid-August any Realtor showing property to buyers is supposed to have a buyer broker agreement in place. Theoretically buyers won’t be able to bounce from Realtor to Realtor, they’ll need to pick their partner for the dance and stay together until the music stops or they finally find the house they’ve been seeking. This is a true paradigm shift, as throughout my career the majority of buyers I’ve met have been happy only to commit verbally to a Realtor they are using, and not put a ring on it. It didn’t take me long to learn that many buyers will use one Realtor to show them property on nights and weekend that would otherwise could be spent with family, only to use another Realtor when it comes time to write an offer. I’ve never been down with that, as early as 2006 I stopped working with most buyers.
Over the years I’ve developed a reputation for only working with sellers. It’s not entirely true, as 5-10% of my transactions are representing buyers. Of my 59 transactions recorded on the MLS since the beginning of 2020, only 4 were with buyers. I work with buyers who are friends, family and referrals. Occasionally I’ll work with a buyer who reads my blogs and newsletters. But mostly I work with sellers who I come in contact with through my blog and newsletters. A few of the buyers I’ve worked with have been people I represented as sellers and who needed replacement homes, but most of my sellers are trustees selling their family homes, or people cashing out of their Marin properties. In the new real estate landscape, I may be more inclined to work with buyers, but I don’t know. I highly value my nights and weekends.
This Week in the Water
Speaking of which, this week a high quality, long period south swell hit our shores. Bolinas was the hot place to be. During the peak of the swell I don’t know what was more challenging, finding a parking spot or catching a wave that didn’t already have three people on it. One thing I know for sure, as surfing is California’s official sport, it’s only getting more popular and it will never be less crowded in the water (or the parking lots) than it is today.
Getting out of the water the other evening, I spotted a decaying sea lion on the beach with a bit sized chunk taken out of its side. Having surfed Stinson the week before with a herd of eight tightly knit seals, that had formed as protection against predators, I’ve got to say things are getting pretty sketchy in the water. During this sharky time of year, it’s not so bad surfing in a crowd. Your odds are better. This is one lottery you don’t want to win.