WELCOME 

Happy Wednesday! I hope everyone had the best holiday celebration! I had a big party and it was fabulous, thank you for asking. But oh, my stars and stripes was it steamy out there! The party was on the hottest day of the year, but that didn’t dampen anyone’s enthusiasm. (Now if y’all were to ask if I had to do an entire outfit change mid-celebration because my underwear was so dang sweaty I couldn’t pull my shorts back up after using the restroom, I would plead the fifth here.)

Questions are our theme for this week. I hear so many of the same questions from everyone—buyers, sellers, those curious about the market, so today I’m going to address the most frequent ones. Interested to hear if it’s the same in your market, so here we go!

THE REALITY OF REAL ESTATE

Per TheRealDeal, those on the buy side of the NAR suit are spoiling for a little bigger bite of the apple that is the settlement. Specifically:

Buyers have filed their second appeal in less than a month to challenge the $626 million settlement, arguing that its approval could negatively impact their separate claims, Crain’s reported. The contention revolves around a settlement that, if approved, might also be interpreted to dismiss buyers’ claims in their own lawsuits. Attorneys representing homebuyers made a similar claim in early May when they sought an injunction against the settlement, which a judge subsequently denied.

Now, should the court side with the buyers, it’s going to delay the approval of the settlement. One of the plaintiffs has taken umbrage with the fairness and adequacy of the settlement, hence the appeal.

Like everyone, I’m interested to see how this shakes out, but in the interim, my best advice is just to keep moving forward. We can only control what’s in our control.

GLENNDA GAZETTE SURVEY

Tell Me What You Want (What You Really, Really Want)

Y’all, I need your help in figuring out exactly how I can make this newsletter more tailored to what you want and need! I would be tickled if you’d kindly click on the survey below and answer some easy questions.

What’s in it for you is A) my undying gratitude, B) an improved newsletter, and C) the possibility of winning a $500 gift card from Whole Foods!

So please click on the survey below!

STORY TIME WITH GLENNDA

Asked and Answered

I thought a fun change of pace today would be to share my most frequently asked questions, and, of course, my answers. Now, the number one question I get has an answer that might surprise you.

“How do I get into the luxury real estate market?”

Everyone wants to sell big-ass houses. The question no one ever asks me is, “How do I sell sh*tholes?” I’m not trying to be funny (okay, maybe a little bit), but that question is the real reality check. Anybody who’s only focused on the luxury market doesn’t understand that having a diverse portfolio of listings and buyers is critical to a sustainable business model.

Ultra-luxury typically takes a long time to sell. In Atlanta, there have been four houses that sold over $10M and two of those sales were off-market. So if you’re depending on one of those $10M sales to eat, you are in trouble.

What people don’t understand is that having a variety of business gives you the opportunity to work on what’s hot. I think back to a lady who used to call the $150,000 homes I was selling “dog houses.” Well, I sold ten of those a month back in 1992 and that was $1.5M in sales times twelve months a year. (My phone would bark every time I’d get a call from a buyer and I was happy to hear it.) Most people don’t grasp that every penny makes a dollar.

I certainly understand if you want to focus on luxury, but that is the toughest market to break into and the cost of doing business is so much higher. Doesn’t mean it shouldn’t be a goal, but you’d be shortsighted to forget that all money is green.

“How is the market right now?”

Honestly, it depends on whether you’re buying or selling, as well as where it’s located. The Atlanta market is robust right now, but I have friends in Florida and they are struggling between insurance companies pulling out and onerous HOA fees. If you can’t pay cash, you can’t buy a house with a mortgage because you can’t get home insurance.

What’s crucial to remember is that life goes on 365 days a year. Remember, divorce, diapers, diamonds, and debt dictate the market, no matter what happens. If you’re splitting up and currently share a home with someone you hate, you are not going to care a whit about your 2.85% rate, I promise you that.

“Is the market going to crash?”

Right now, homeowners’ insurance is the silent killer and we have yet to understand about how these changes are going to impact the market. One of my neighbors had a house go under contract and the only way the insurance company would cover it is if the roof were excluded from the policy. She got an estimate and it was $76,000 to replace it. She told me, “Glennda, I can buy a lot of buckets for $76,000.”

“What situation are you getting tired of running into?”

I am feeling real weary of condition intolerance. I’ve never seen anything like it before. Lately, people want to bring a suitcase and a toothbrush and that’s it. I am getting so much pushback about paint, flooring, light fixtures, granite, etc. They say, “Glennda, it’s just too much updating.” Guess what? Those are not updates; they are cosmetic upgrades. Cosmetic updates are FUN. Updating to me is plumbing, HVAC, infrastructure, capital improvements, all of which are NO FUN. Despite upgrading being a cosmetic issue, seems like no one wants to deal with trying to find the labor. If you want true move-in condition, it comes at a premium and you have to be prepared to pay more.

“What trends do you foresee?”

Mark my words, by January of 2025, everyone is going to be real damn tired of the whiteboxing of homes, meaning everything has been covered in white paint, from the walls to the cabinets to the trim to the family dog. (Okay, maybe not the dog.) All that white is clinical and sterile and I predict a return to wanting a home that’s cozy and soft and fluffy. We’re going to see champagne and pewter. Nothing is going to be all-white anymore.

“What are you telling your buyers and sellers?”

To my sellers, I’m saying, “You need to trade your price expectations for acceptance. Acceptance of the market will get your house sold, not expectations.” And for buyers, “Expectations of the housing market won’t get you the home of your dreams, but acceptance will.”

“If I have $10,000 as a seller, how do I invest it to get biggest bang for my buck?”

I tell sellers to make it crispy. Crisp it all up. We’re going for the best first impression here. If there’s an ugly brass chandelier in the dining room when we walk in, buy yourself an $8 bottle of spray-paint and cover it up. They’re probably going to change it anyway, but don’t let that first impression keep them from considering the rest of the property.

Look around and determine what’s not crisp. Is it the cracking driveway blacktop? Is it the dull hardwood floors? Are your walls beat to hell because you have three children under eight? Address those areas first because we want the pictures to pop. Think of this like putting on mascara. You could roll out of bed and not even brush your teeth, but if you slap on a coat of mascara, you look more awake, more polished. That’s the impression we want your house to give—like it’s refreshed and reimagined.

“What’s moving the needle right now?”

It keeps coming back to condition intolerance. We’ve become so spoiled by pushing a button and having groceries or toilet bowl cleaner or red-bottom shoes delivered to us. We’re conditioned to go to the plastic surgeon and having a couple of injections that make all our wrinkles go away. We want it right now, so if you’re a seller, make it easy for the buyer to get that immediate gratification. And if you’re a buyer, make sure you understand you’re gonna pay for that convenience.

Okay, that was fun! I always welcome your questions, so hit me up if y’all have burning questions and I’m happy to answer them!

@glenndabaker

I’ll admit… From time to time the caliber of these flips is shocking to me! #GlenndaBaker #RealEstate #AtlantaRealEstate #FixAndFlip #Inve… See more

GLENNDA’S GURU

Introducing Danielle Garofalo

I could not be more delighted to show y’all this interview with Danielle Garofalo. To say she’s an expert in marketing, digital, and agent strategy would be an understatement. When I saw her speak for the first time, I was so bowled over, I can’t even describe it. Her message is simple; it’s less about you and more about them. Friends, that statement is a mic drop moment. So please enjoy!

Thank you, Danielle!

GLENNDAISM

Words of Wisdom

GO HOMES.COM WITH GLENNDA

The band TLC was wrong—sometimes you should go chasing waterfalls, so I have just the home for you!

This backyard oasis boasts seven waterfalls. Seven! Plus, the home is refreshed and move-in ready, because I know what a hot button condition tolerance is. There are three finished floors, plus that coveted first floor primary suite. And there’s one of the largest, most private, and usable backyards in all of Vinings Estates. All you need to do is bring your suitcase, because I’ll even provide the toothbrush.

Now, don’t forget if you’re an agent, with Homes.com, it’s always your listing, your lead and what could be better than that?