What Would YOU Do to Get That House?

What Would YOU Do to Get That House? [INFOGRAPHIC]

Great Infographic here.

Empty nesters - tips on what to do when the kids (finally) move out!

My husband and I are not quite there, but we are getting closer to being empty nesters.  We have 6 children, three have recently graduated from college, two are still in college and our lone minor is a junior in high school.  Still, it never hurts to start thinking (dreaming) about having the entire home to ourselves! Here is a great article with advise from Danielle Galland that I thought was worth sharing.  Enjoy!

Design Advice on Reconfiguring an Emptying Nest, Part 1

In this sketch, Danielle Galland suggests one way to freshen up a child's former bedroom with a nod to their childhood: pullout sofabed, with a  few pieces of the child's artwork or other ephemera grouped along one wall.

By THE NEW YORK TIMES

Published: August 7, 2013 4 Comments

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This week’s expert, Danielle Galland, an interior designer, is answering readers’ questions about two kinds of living transitions that many baby boomers face: the semi-empty nest, with children leaving for college but returning during breaks, and the empty nest geared toward retirement.

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Danielle Galland, interior designer

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Ms. Galland started her own firm in New York City, Danielle Galland Interior Design Inc., in 2004. Since 2011 she has taught classes in hand drawing and rendering at the New York School of Interior Design. Previously she taught at Parsons the New School for Design. She received her M.A. in the history of the decorative arts from the Cooper-Hewitt National Design Museum Program.

Here is part 1 of her answers.

Elevators in Houses

Q. We are empty nesters thinking about keeping our two-story 3,400-square-foot house for the duration. High-equity, low-property tax basis, and simple familiarity and comfort is a driver here. The only way it might work is installing an elevator as an elder “fail safe.” The issues, and cost, of installing a residential elevator would be of great interest to read. — Rick, Yorba Linda

A. Dear Rick: the installation of a residential elevator in an existing house is no small bit of renovation or expense. To have the elevator installed usually requires the work of multiple trades, each bringing their own skill sets. They include a licensed architect, who can file any relevant building permits and verify that the structural detailing proposed will meet local building codes. More important, they are there to ensure that the work will not adversely affect the structural integrity of the house. Then you need a general contractor to prepare the space for the elevator. Finally, you need an elevator company, which provides the equipment, installs and maintains it, but also works with the general contractor and architect to make sure they have built the space to the required specifications.

Scott Wallace of Accredited Home Elevator Company, which builds and installs elevators in the New York, New Jersey and Pennsylvania, advises that the cost varies greatly based on your location and building type. Issues that affect the cost include the structural makeup of your home, the foundation upon which your home is built, the local building code, which can run from very lenient to heavily restricted, and local labor rates.

That said, in gross general terms, elevator cabins can cost around $20,000, but again, that can vary significantly depending upon how many floors are serviced by that one elevator.

A less costly option would be a stair lift; while certainly not as aesthetically pleasing, it can be of great benefit to aging residents. A stair lift would require a minimum stair width of 36 inches; structural integrity to your staircase; and an electrical outlet at the top or the bottom of the run of the stair. This alternative has an associated equipment cost in the realm of $3,000 for the mechanical parts only.

Rethinking the Role of Childhood Bedrooms

Q. Move forward. Downsize ,and live your life. Your children don’t need or want a memorial to their childhood when they come home. They want and need to see you happy and productive. Sleeping arrangements are secondary. — mlg56, Vermont

Q. Mine is about to fly the coop, and my intention is to store most of the childhood paraphernalia, and make over the room into a really welcoming guest room, which I hope she and our friends will enjoy frequently. She won’t need a closet full of clothes — long-term keepers can go into storage, so that opens a lot of space. We will keep many of her beloved books, artwork, and still leave room for the new adventures and memories when they come. — Constance, Oregon

A. A couple of readers commented on the role of childhood bedrooms once the children were out of the house. Generally I agree with mlg56’s instinct to “Move forward,” and Constance from Oregon’s plan to store away her daughter’s keepsakes so she can create a beautiful inviting guest bedroom. Keeping the childhood bedroom intact is not necessarily a benefit to the child or the parent, as eventually it becomes a cleanout that must be dealt with, and time only makes the task at hand look more unappealing to execute.

That said, I think freshening up a current or former child’s bedroom with a nod to their childhood can be a sweet way to commemorate their place in the home while decluttering and possibly dispensing with those decorating phases that were not your favorite to live with as a parent. I would suggest taking a few select artworks, awards, photos and other ephemera and framing them in a series of cohesive frames, and then hanging them along one wall in a grouped composition. It’s fun, it allows for recognition of your child, but also removes the question of whose space it is meant to cater to in the future.

On a more personal note, I recall when I first went to my future in-laws home while dating my husband-to-be when we were in our early 20s. Staying in his childhood bedroom with all the trophies and posters and his twin bed, while enlightening, was definitely a less than comfortable and a slightly awkward experience. As we grew into our late 20s, his twin was changed out for a queen bed, and the room was redecorated. I think he and I both slept better in the room knowing it no longer housed the vestiges of those strange teenage years.

Q. Thinking of turning one of my kids’ rooms into a fitness room with a TRX and stretching areas. What do you think? How would you design it? I don’t need cardio equipment and this is a small bedroom. Thanks. — CPS, Colo.

Home Improvement Marketplace Event, August 24th in San Carlos

Thinking of remodeling your home?  If so, you will not want to miss this event!

Good Living Home Improvement Marketplace, brought to you by the San Carlos Chamber of Commerce and the City of San Carlos, is an exciting event making its debut on the Bay Area home improvement scene on August 24, 2013, 10 am-4 pm.

An unprecedented gathering of businesses displaying and selling items for use in building or remodeling homes will assemble at San Carlos Industrial Park (outdoors) on Saturday, August 24th from 10am-4pm. With unique product displays and demonstrations, music, family activities, food trucks, microbrew and wine vendors, this event will appeal to architects, contractors, designers, homeowners and others interested in improving their living environments.

Building construction and materials businesses (kitchen and bath remodeling, cabinetry, plumbing, flooring, marble, tiling, etc.) represent the largest commercial segment in the city, with over 300 businesses in San Carlos alone. Collectively they contribute nearly 30% of the city’s sales tax revenue. These businesses, along with landscape services, architects, designers and other related services are featured.

“San Carlos is a central location for the strong residential construction industry our Peninsula enjoys. There are a large number of construction related material suppliers in San Carlos, which makes “one stop shopping” a convenience for our customers. In this competitive industry, the Home Improvement Marketplace event gives us each an opportunity to show why customers should choose our products and services.”
Don Mancini, President, Pioneer Millwork

Shakespeare in The Park 2013 - Redwood City

San Francisco Shakespeare Festival brings it's performance of "Macbeth: to downtown Redwood City this month! 

Shakespeare in the Park 2013 (website) Saturday, August 10, 17 & 24 • 7:30pm Sunday, August 11, 18 & 25 • 2:00pm Sequoia High School Campus (map) Celebrating its 31st year, San Francisco Shakespeare Festival brings its performance of “Macbeth” to Downtown Redwood City for 3 weekends in August! Kenneth Kelleher returns  to direct Macbeth. Generally regarded as one of the Bard’s major tragedies (along with Hamlet, Othello, and King Lear), this is the first time SF Shakes has produced it for Free Shakespeare in the Park. Macbeth is memorable for its suspenseful plot and thrilling scenes of witchcraft and swordplay. Audiences will recognize Macbeth’s famous soliloquies, including “Is this a dagger which I see before me?” and “Tomorrow and tomorrow and tomorrow”, as well as the witches’ rhymes “Double double toil and trouble, fire burn and cauldron bubble”, which have become an ingrained part of English-speaking culture. Shakespeare in the Park will offer 3 evening shows on Saturdays and 3 afternoon shows on Sundays while providing an opportunity for everyone to see high quality, professional theater in the relaxing setting of Sequoia Campus, free of charge. Free Shakespeare in the Park began in 1983, with its debut production of The Tempest in Golden Gate Park, San Francisco. It is now one of the major free Shakespeare programs in the nation. Free Shakespeare in the Park provides an opportunity for everyone to see high quality, professional theater at no cost.

Strategy for a Multiple Offer SItuation

It is definitely a buyer’s market out there in San Carlos, so if you want to buy a home, chances are, there will be a lot of other buyers right behind you. If you think you have found the home of your dreams, what can you do to guarantee that you will get it over someone else?


You have to remember that there simply is no guarantee. There are many factors that go into putting a bid in on a house.

First off, work with a reputable, savvy agent. Have have them determine what the fair market value of the home is.  Review the disclosures so you are familiar with the condition of the home. Talk it over and decide what you are comfortable paying for the home.

A good agent will get as much information as possible from the listing agent so that your offer will be as strong as possible.  In addition to price, it is helpful to know what the ideal terms for the seller would be (close date, rent back, items to include/exclude, etc...) so they will be included in the offer.

If you are working with a lender, it is always helpful if it is a well known reputable one.  In addition to writing a pre-approval letter to submit with the offer, have them call the listing agent before you present the offer to let them know how highly qualified you are and confirm the terms.

If this is your dream home and you want it at all costs, then perhaps investing in inspections prior to writing the offer so that your offer does not need an inspection contingency.  If you have the means, you may also consider an escalation clause. (See my previous post on escalation clauses.)

As always, try to work with an experienced and trusted REALTOR®, who can ease the process for you. They can work with the seller, and hopefully, you can all come to a deal that will leave everyone happy.

We are experienced, trusted and happy to assist you!

Kelly Clarke MBA
Realtor
The Clarke Team
650-489-5399

What Is an Escalation Clause and When Should You Use One?

As real estate markets across the country heat up, competitive buying situations and bidding wars are becoming the norm. In many cities, the majority of new listings are receiving multiple offers. Real estate inventory continues to be extremely low, and growing buyer demand seems to be keeping pace with new homes coming on the market.
Home buyers in competitive situations are looking for any advantage that might win them their dream home over a competitor’s offer. Writing personalized home-buyer letters can create an emotional connection with sellers. Showing a clear picture of financial strength, whether through a strong pre-approval letter or proof of cash funding, can strengthen a buyer’s image.
Often, though, it all comes down to the final price. What a buyer is willing to pay for a home, versus a competing buyer’s offer, will be the deciding factor for the vast majority of sellers. When you’re deciding on what price to offer for a home, the situation may call for a single price or, in some cases, an escalation clause.
What Is an Escalation Clause?
An escalation clause is a real estate contract, sometimes called an escalator, that lets a home buyer say “I will pay x price for this home, but if the seller receives another offer that’s higher than mine, I’m willing to increase my offer to y price.”  In theory, an escalation clause is fairly simple. In practice, there are a lot of details involved.
How Does an Escalation Clause Work?
While escalation clauses vary significantly, the general escalation addendum has a few basic components:

• What is the original offer of purchase price?
• How much will that price be escalated above any other competitive bid?
• What is the maximum amount that the purchase price can reach in case of multiple offers?

For example, buyer Brown offers $100,000 for a home. Her Realtor adds an escalation clause that, in the case of a higher competing offer, will increase Brown’s offer in increments of $2,000 above the competing offer. Her escalation clause goes up to a maximum of $110,000.
If no other offers are submitted, Brown’s offer remains at $100,000. If buyer Green offers the seller $103,000, then Brown’s offer would automatically escalate to $2,000 above that, bringing Brown’s offer to $105,000. If buyer Orange offers $111,000 for the home, then Brown’s maximum of $110,000 will be eclipsed, and Orange will have the top offer.
Will the Seller Accept an Escalation Clause?
Some home sellers simply state that they will not accept an offer with an escalation clause. They would prefer that every buyer submits exactly what they’re willing to pay. Sellers sometimes prefer this method because it motivates buyers to outbid one another on the first try. It also streamlines the paperwork and the decision-making process.
Will There Definitely Be Multiple Offers?
Escalation clauses should only be used when the buyer is fairly confident that there will be multiple offers, or when the buyer expects to pay an escalated price. If a buyer submits an offer with an escalation clause, they’re laying all their cards on the table: The seller knows immediately how far the buyer will go to secure the home.
If that offer ends up being the only offer submitted, it technically remains at its original price. A Realtor representing the seller will know, however, to counteroffer to the buyer at a higher, escalated price, since the buyer is clearly willing to pay more. While there’s no guarantee that the buyer will agree to the higher price, it is likely that they will. A buyer gives up a lot of negotiating power and potentially leaves money on the table when using an escalation clause that goes unmet by a competitor.
Has the Seller’s Agent Clearly Stated a One-Day Review or Multiple Rounds of Offers?
In hot markets, there’s a wide variety of offer-review processes. Some state that the property is going on the market on Friday, and all offers will be reviewed the following Thursday. The seller and their Realtor will make a final decision that day. This situation can be ideal for the escalation clause, when a buyer knows it’s an all-or-nothing offer.
Other sellers take a back-and-forth approach. They may collect offers from buyers for one week, and then respond to a handful of the best offers by saying “Send us your highest and best offer.”  This technique is particularly disliked by many consumers and professionals for its lack of clarity, but it’s important to know that it exists.
Before writing an offer, a buyer’s Realtor can inquire to feel out the details and make sure the buyer is prepared for the situation. Writing an escalation clause on the initial offer in a multistage situation could put the buyer in a weak position during the second round. It’s perfectly legal for a seller’s Realtor, with the seller’s permission, to reveal to all potential buyers what the top initial offer is and to ask everyone to beat it. In this case, the escalation clause would flesh out that buyer’s maximum, and they would lose a competitive edge.
Bid With Careful Confidence and Know That Each Situation Is Unique
If you’re considering an escalation clause, your Realtor is probably knee-deep in researching the circumstances around the seller’s process of reviewing offers. The Realtor’s knowledge of normal practices and probable outcomes in your market will make your offer much more likely to succeed.
Escalation clauses can cause a lot of stress for home buyers, but when they’re boiled down to the basics, they’re fairly straightforward. Remember to be realistic, to be comfortable with how much you’re willing to offer, and to confidently go after a home at that price. Buyers shouldn’t be tempted to escalate their purchase price above what they are comfortable paying. At the same time, they should realize that inventory and interest rates are low, and aggressively pursuing a good home at a good price is necessary to winning in a competitive market. Potential buyers who are only looking to get a steal often end up not being buyers at all.
Sam DeBord is a Realtor® and managing broker at Coldwell Banker Danforth & Associates. Find him on SeattleHome.com.