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Real Estate
e-Newsletter
by Cynthia S. Radom
Award-winning Certified Seniors Specialist REALTOR® - Specializing in Listings and Trust Sales
Since 1994
Coldwell Banker Realty - Beverly Hills CA
| | NEWS & ISSUES for BABY BOOMERS to GOLDEN-AGERS | | |
The National Association of REALTORS® suggests that a home Seller ask these questions when selecting a listing agent. As a Sellers' agent for 30+ years, I have included my answers.
Q. What types of services can you provide? A. Whatever is needed or wanted, including pricing to sell, negotiating the transaction, marketing for maximum exposure and preparing each room for photography and showings. Also, sharing my vendor team to move, donate, clean, sell or remove belongings. And more...
Q. Are you familiar with my area?
A. Absolutely. If the sale is outside of my purview I will partner with a local expert, at no added fee, and remain the primary contact.
Q. What is included in the listing contract? A. During our initial meeting, Sellers receive a multi-page list of my responsibilities that establishes the worth of my fee. Numerous listing forms cover a variety of topics that we discuss for understanding before signing.
Q. How did you arrive at a suggested asking price? A. Read Pricing to Sell in this Newsletter.
Q. How do I attract potential Buyers? A. Price to sell, that's the carrot for receiving multiple offers. The asking price is key and can never be too low. If the home is worth more, the offers will exceed the asking price.
Q. How will you market my home? A. Digital marketing is used to reach today's Buyer featuring property photos and specs on numerous websites, locally and overseas. Hosting open houses until sold and marketing the listing to thousands of local agents at other Brokerages. Pricing is #1.
Q. What do I need to get my home ready? A. When we walk through every room and space, inside and outside the home, the answer will be given. Basically, clean, free of clutter, counters and table tops cleared, etc. As for repairs, it's best to let the next owner handle, unless it is a safety issue.
Q. How will you vet potential Buyers? A. When a Buyer calls about a specific listing I ask, what are you looking for in a home? Then I describe the features of that property which fill their desires. Also, at the viewing, Buyers receive a list of items to include with their offer such as proof of funds or a loan approval letter.
Q. Do you have references?
A. Every Seller gets a list of testimonials from past clients. I supply their phone or email, with permission.
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Every property has a Buyer. The key to selling is the asking (or listing) price. There is much to be said about first impressions; a Buyer can ascertain a Seller's motivation by the listing price. Is the property priced to sell, or is the owner being unrealistic? A proven fact is that Buyer interest in a new listing declines after two weeks on the market. Here is how I prepare to help a property owner determine a saleable price:
Pre-Client Meeting: Numerous websites are used to research details and information about the subject property. Then, basic criteria are placed in the MLS to search for comparable area homes, e.g., size range of the lot and structure, bedroom and bathroom count, pool, etc. Next, a report is generated of homes on-market, pending sale, sold and expired within the past six months to a year. Also, off-market sales are obtained from a title company.
Each sold listing is scrutinized. Discussions with listing agents to confirm the structure's condition; updates, teardown, unique features and amenities. Also, lot features are considered. Is it a hillside with an up or downslope or is the pad flat? Is the shape irregular, or a flag lot (a flag and pole shape with a long, narrow driveway from the street to a rectangular pad)? No matter the property type, or a lease, the same pricing process is used, but different criteria.
Subject Property: Walking and examining the subject property throughout is essential. It is necessary to ask the Seller about any additions, improvements, permits, repairs or current/past problems during ownership. Also, to confirm any open loans or liens.
Reviewing the Facts: The Seller is provided the reports that include detailed listing sheets of each comparable property, a map of the search area, a list of Active homes for sale (i.e. competition) and Expired homes that didn't sell.
A listing price is determined with the Seller by comparing the details of the subject property to each property sold. Also, a discussion about the state of the local market and what happens when the property is overpriced. If an owner presses for an unreasonable asking price, every listing agent will decide if it is worth their time and effort.
| 25th out of 6,600 - click here to read. | | |
When a home Buyer submits a purchase contract they state an
initial deposit amount, which will be sent to escrow if the offer is accepted. The deposit amount is usually 3% of the final purchase price (I suggest Buyer depositing on the next business day after acceptance when escrow opens). The money is applied to the purchase price or the Buyer's closing costs.
The deposit is also used for liquidated damages and is essential if the Buyer defaults by not closing the sale. Which principal is awarded the deposit money is to be determined. If arbitrated, the Seller must prove how the Buyer’s cancellation harmed them. Should the Seller default, all deposit money is automatically returned to the Buyer. Allocation of funds must be agreed and signed in writing by the principals.
Some Buyers want to stand above and offer more than a 3% deposit. They may also agree to release their deposit, fully or in part, as non-refundable to the Seller when all contingencies are removed. However, the Liquidated Damages clause in paragraph 26 of the Purchase Agreement states, that if a Buyer defaults and fails to complete the sale, the Seller can only retain no more than 3% of the purchase price (initial deposit). Any excess will be returned to the Buyer. It is also possible that a non-refundable deposit could be returned to the Buyer. The Buyer’s deposit is not automatically given to the Seller.
Activating the Liquidated Damages clause requires both principals to initial in the contract. If a Buyer or Seller does not initial, the terms do not apply. When a mutual agreement cannot be reached, the next step to determine who gets the deposit money is Arbitration of Disputes, as long as both have initialed that contract clause. Otherwise, a lawsuit ensues.
Buyer's Intent: If a Seller is leery that a Buyer may try to renegotiate before the closing, consult your agent about skipping paragraph 26 when signing the purchase contract, or before acceptance.
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Too Much Stuff
I can't move, I've got too much stuff! If hoarding or saving is an issue, this article may help. Share it with someone who "collects".
| NOTE: Anti-price gouging rental prices have been extended through July in some zip codes. | |
Who's Buying Homes and Who's Financing | | | |
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A National Assn. of REALTORS® report, 2023 vs. 2024, states that Baby Boomers have overtaken Millennials to become the top generation of homebuyers. Boomers account for 42% of all Buyers, while Millennials fall to 29%, down from 38% in 2023. Generation X Buyers held steady at 24%.
- Multi-generational home buying is on the rise, with Gen X leading the trend.
- Half of older Boomers (70-78) and 40% of younger Boomers (60-69) are purchasing homes with all cash.
- More than 90% of Buyers (under 44) financed their home purchase.
- A total of 40% of Buyers (26-44) cited a down payment gift from a relative or a friend.
- First-time homebuyers (younger Millennials) dropped to 24%, down from 32%.
- Older Millennials are now repeat Buyers, upsizing to newer and bigger homes.
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Gen X leads all generations with a median household income of $130,000.
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Gen X (the sandwich generation) are buying multi-generational homes to accommodate aging relatives, children over the age of 18 and for cost savings.
- Almost 90% of all Buyers used the expertise of a REALTOR® for their transaction.
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What REALTOR® qualities will you consider when hiring an agent to sell your home? Or, what did you value the most in your last agent?
1. Referral from someone
2. Former agent
3. Works the local area or building
4. Top-producer
5. Has a team of agents
6. One-agent personalization
7. Rapport, communication
8. Industry knowledge
9. Presentation package info
10. Commission fee discounts
11. Impressive agent website
12. Stays in touch: calls, mailers
13. Vendor referrals for staging, escrow, title, repairs, clean out
14. Past client testimonials
15. Well-known Brokerage
16. Discount Broker, Seller does the showings
17. Marketing strategy and plan
18. Has an assistant for showings
19. Follow-through
20. One-stop service for whatever you need
21. Other: i.e., Seniors Specialist
Please let me know which number(s) correspond with your most essential criteria. You can click here to reply. All answers are kept confidential.
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Tidbits of News!
- Mega Sales: The owner of 1028 Ridgedale Dr. in BH sold it for $60M, then he bought 630 Nimes Rd. in BA for $110M, the highest sale in 2025; Holmby Hills' 375 & 391 Carolwood Dr. sold together for $86M.
- Gutter Replacement: Dean Sharpe, KFI-radio's The House Whisperer, recommends installing BrandGuard vents since flying embers destroy 80% of homes starting inside the structure.
- Beverly Hills Fire Risk: A new map identifies part of the BH flats as a very high fire hazard severity zone. The area runs from south of Sunset to Elevado and east to west.
- Ensure Insurance: The Purchase Agreement includes a 17-day contingency for obtaining property insurance. A Buyer must begin investigating a policy before or once the offer is accepted to approve the premium cost and remove the contingency.
- What Sells? Digital marketing promotes every listed property worldwide. What sells a property is the asking price and value.
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When a property owner wants a tenant to vacate, without cause, an agreement called a Buyout must be mutually approved. A Buyout, dubbed Cash for Keys, is a private agreement between the tenant and landlord in which the landlord pays the tenant cash or other consideration to vacate the apartment voluntarily. This is not an eviction, but rather a legally permissible no-fault request to move out.
For example, when someone purchases an occupied duplex with plans to move into one of the units, a Buyout contract is required. Each City has a fee cost chart based on bedroom count and tenancy tenure subject to the rent stabilization ordinance which regulates the Buyout. The more bedrooms and the longer tenancy, the higher the cost. Also, the owner must comply with only a few allowable reasons to remove a tenant and these limitations vary among areas.
In a Buyout negotiation, the tenant has the upper hand. Replacement costs for a long-term tenancy will be much higher, because normally rent increases don't keep pace with market values. The Buyout fee can be as high as $40,000 in Santa Monica. A tenant must consider their moving costs and higher monthly rent. However, a Buyout can be whatever terms the tenant and landlord find mutually agreeable. As a landlord or a tenant, each must know their legal rights.
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Savvy Seller
In 1965, Jeanne Calment, a 90-year-old French widow, sold her apartment to an attorney in a life estate transaction. The Buyer agreed to monthly payments toward the purchase price for as long as she lived, while still residing in her home.
A great deal, the attorney calculated, based on the Seller's age. However, the Buyer paid Calment $180,000, twice the value of the unit and never lived in the apartment because the Buyer died before the owner. Calment lived to be 122 until her passing in 1997 and is believed to be the world's oldest person on record.
| | How would a first responder get into your home if you're unable or unavailable? The only choice is to break open a window or a door for access. As a result, your home would be left vulnerable until the broken entry was fixed. If you or someone you know wears or uses an emergency alert, consider placing a combination lockbox with a key on the front door of your home. Then, call the local fire station/paramedics and provide your address with the location and combination of the lockbox, in case it's needed. | |
ULA Modification
The ULA tax, a.k.a. Mansion Tax, generates income from estate sales in the City of LA to build housing for the homeless. As of June 30th, a revised ULA threshold takes effect for the second time in two years. A 4% tax will be charged on all property sale prices from $5.3M to under $10.6M; above $10.6M a 5.5% tax will be applied. The LA Council is also trying to divert the ULA funds to pay for the January fire damage instead of housing, without voter approval.
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New Landlord Laws
CA implemented two laws this year requiring a Housing Provider (HP), a.k.a. Landlord, to take added steps during a property inspection. Owners or property managers must document the structure's condition and anything a tenant could damage with photographs or a video before a move-in and after a move-out, but prior to any repairs or cleaning for which the HP can claim and deduct from the security deposit.
When the tenant vacates, a photo or video file must be created in a "timely fashion" certainly before the 21 days when the rental deposit must be returned to the tenant with an itemized statement. The purpose is to prove, without a doubt, that out-of-the-ordinary from normal wear and tear is cause for charging the tenant for repairs.
This photo file process should also be completed by the tenant during the same time periods. Especially if a pet or small children are included in the lease. Read more.
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Respecting your privacy and confidentiality, names and e-mails will only be used for providing pertinent material from Cynthia S. Radom and will not be shared with any other organization.
©2025 Coldwell Banker Real Estate LLC. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Account. Equal Housing Opportunity. Owned By a Subsidiary of NRT LLC. This is not intended as a solicitation if your property is already listed.
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