San Francisco Real Estate with Matt Fuller and Friends

What makes a bedroom? A bed? A closet? A window? This week on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about the requirements that a room needs to meet to be considered a bedroom.

[01:15] Some think that a room needs to have a closet and a window, but what are the official requirements set by the city building code? We've seen a lot of interesting spaces being marketed as bedrooms, some of which may be considered "illegal". San Francisco has a rich architectural history and layouts have changed significantly over the years. How do Victorian layouts compare to today's ideas of what a bedroom is supposed to be? Listen to our Open Concept Thanksgiving! episode for more on this topic.

[06:08] So, if it's not a bedroom what is it? How do we define these extra spaces? The extra nooks and crannies are often marketed by developers as +1, but what does that really mean?

[09:06] To wrap up, we explain why we believe it's always better to under-promise and over-deliver.

Thank you for joining us for this week’s episode. We hope you enjoyed tuning in and join us again next week for more San Francisco real estate stories!

Hosted on Acast. See acast.com/privacy for more information.

Prices are up, volume is down, buyers are exhausted and sellers are...? A smaller pie can cause some awful table manners, and all of this is causing some agents to behave very badly indeed. Welcome to this week’s episode of Escrow Out Loud, our San Francisco Real Estate podcast.

[00:20] House prices continue their rise in 2018. The median sale price has doubled since 2013 and now sits at 1.61 million dollars. Doing the math, this means that in order to afford a mid-priced home in SF one needs to have a down-payment of 300k and an annual income of about $300,000. However. Let’s not forget that in the current market a 20% down payment regularly gets beat by much larger down payments or all cash offers. This is a difficult market for buyers. So difficult in fact, that we know at least one agent who currently only works with sellers.

[03:08] So, what is some advice we can share? Most importantly, be realistic, and do not engage in magical thinking! That reminds us of one of our previous episodes: Opportunity or Offal, Off-MLS Sales in San Francisco. Buying a home is a very personal, emotional journey. It is understandable for buyers to want to fall in love with, what will potentially become, their new home. But in this market, the competition is fierce and sometimes there will be disappointment. So, try not get too attached.

[06:26] With properties always selling for figures well above the asking price. What is the right way to price properties? If the advertised price is set artificially low, trying to guess what that real figure will be can be infuriating. We discuss the arguments for pricing realistically vs pricing for an assumed markup on the advertised price.

[10:30] This is one of the great things about being a team, where agents can have an honest conversation about listings and offer an additional perspective when trying to gauge property values. This brings us to our next point and this is one we have dedicated a previous podcast episode to: Agents Behaving Badly. With so many sellers leaving and there being a limited amount of business to go around at the moment, agents are perhaps engaging in behaviors they wouldn’t otherwise. An example of this are pre-emptive offers. Do we have to present all offers if get them? Find the answer to that question in Ep15: Discriminating Sellers: Sell Only to Short People or Offers Anytime? This also ties into the Agency Disclosure episode.

Thank you for joining us for this week’s episode. We hope you enjoyed tuning in and join us again next week for more San Francisco real estate stories!

Hosted on Acast. See acast.com/privacy for more information.

For the last three months just about all anybody has been talking about in San Francisco is the upcoming mayoral election. So naturally, this week on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about politics!

[00:20] What an eventful year it has been so far. We kick things off with Aaron Peskin, his recent criticism of the San Francisco’s Fire Department, and the role he played in getting London Breed deposed as the interim mayor.

[02:08] So who are the candidates for San Francisco mayor? There are eight in all, with the front-running four being: London Breed, Jane Kim, Mark Leno and Angela Alioto. Because most people in San Francisco fall somewhere on the progressive liberal political scale, identity politics often come into play during election time. But is this going to be the defining factor? The big question of the race is: Will identity politics win out over policy? According to the latest polls, the favorites to win are London Breed and Jane Kim. In the event of a close race, San Francisco uses a ranked choice voting; how does this work?

[08:26] Some of the big issues that people will be voting on are housing, municipal services and homelessness. It seems that being a ‘flaming lefty’ is the easy route to take in San Francisco, but is this approach the answer to everything? Britton explains what her reasons for supporting London Breed are, including the fact that she is smart, realistic and has the right motivations in undertaking such a challenging role. The increase in homelessness and a growing sense of disconnect in the community are just some of the changes we’ve seen in the city, so there is a lot on the plate for whoever takes up the position next.

Thank you for joining us for this week’s episode. We hope you enjoyed this episode and join us again next week for more San Francisco real estate stories!

Hosted on Acast. See acast.com/privacy for more information.

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we pick up where we left of last week for part 2 of Matt’s interview with Britton’s Mum Micki.

[00:20] Micki has had a lot of great real estate experiences over the years, but she does recall one occasion that was just awful. While trying to sell their house in Austin, Micki and her husband came across a snake oil salesman masquerading as a real estate agent. Having already singed a contract with a particular brokerage, the manager refused to let them out of their contract, but luckily, after voicing their complaints, they had a new agent assigned to them and she was brilliant – she managed to rebuild trust and humanized the whole experience. Is it a coincidence that she was previously a nurse?

[04:40] There are many different parts to a real estate process. Different agents can excel at different parts but the stand outs, they are good at most or all of it. It is also what makes Matt and Britton such a great team - they complement each other bringing their particular strength to the table.

[06:51] How has the real estate experience changed over the decades? We have come a long way in some ways. Did you know that not so long ago, the income of a female of a child-bearing age wasn’t taken into account for a mortgage application?

[08:37] Collecting rubber bands and porcelain animals! Britton had some interesting hobbies growing up, but what discouraged her from her childhood dream of becoming a veterinarian? To wrap it all up, Micki shares some personal stories about Britton.

Thank you for joining us for this week’s episode. We hope you enjoyed this interview and join us again next week for more San Francisco real estate stories!

Hosted on Acast. See acast.com/privacy for more information.

Britton’s mum Micki joins us this week on Escrow Out Loud, our San Francisco Real Estate podcast. Similarly to Matt’s parents, Micki and her husband Bill moved across the country on several occasions to explore interesting opportunities at work. In part one of Matt's interview with Micki, she shares their home ownership journey from Marin, to Austin and all the adventures in between.

[01:02] We start the journey back at the beginning. The year was 1971 and, after looking at some options in San Francisco (SF) - their preferred location, Micki and her husband decided to venture out to Marin County where the housing was more affordable. They met a fantastic agent at an open house in Gough Street and he recommended another great agent who worked with them in Marin. However, after an exciting job opportunity beckoned Bill to Anchorage, Alaska, they decided to do the unthinkable and sell their house without an agent!

[04:34] With two full-price offers on the very first day, they had no trouble selling the house. In fact, they found the perfect buyers. Not only did they love the house, but they also bought their car and even adopted their cat, Sebastian – who would have hated Anchorage. What a great story! With things moving so quickly, Bill moved to Alaska ahead of the family and Micki entrusted him to find their next home with just these simple instructions: “You know what I don’t like”. Some years later, the family was on the move again, this time to Larchmont, New York. They spent many years here and Britton attended high school, grammar school and middle school in Larchmont. But soon enough another job offer called and Bill moved out to Austin ahead of Micki to look for their next home. He found a house according to the same instructions as he had previously.

[09:45] For most people, buying a house can be an overwhelming and somewhat scary experience. A great agent can make the whole process less stressful. What’s more, the best agents take interest in their clients as individuals and often friendships can develop. So how did Britton go from being a high school English teacher to a real estate agent and what role did Micki play in making that happen? Also, is it true that former teachers make the best real estate agents? Because the focus of a great realtor is to help people, the theory/philosophy that the best realtors come from helping professions such as teaching, and nursing makes a lot of sense.

[15:09] It is unsettling to see, that sometimes, as people get older and go through significant changes in their lives, it can leave them vulnerable to being taken advantage of. A trend we often see in SF is people downsizing and moving back to the city, looking for smaller homes with better access to amenities, most importantly because human interaction is so important at any age and it can rejuvenate people who were lonely and living alone once they are surrounded by people again.

Thank you for joining us for this week’s episode. We hope you enjoyed part one this interview and join us again next week for part two!

Hosted on Acast. See acast.com/privacy for more information.

This week on Escrow Out Loud, our San Francisco Real Estate podcast, we pick up where we left off last week for part 2 of Matt’s interview with his dad.

[00:20] For sale by owner in Gallup, New Mexico! It took some time upon moving to Gallup to find the right property, but one day while out exploring, Mr. Fuller spotted a for sale sign. Like most of their properties, the house in Gallup underwent some renovations before it truly became a home. Fortuitously, due to a new high school being built, the area they purchased their property in became more desirable over the years. Coupled with the renovations they completed, it meant the Fullers were able to sell for a profit when they decided to move again, this time to Albuquerque.

[03:13] In Albuquerque, after an unpleasant experience with their first realtor, the Fullers reached out to Matt for some recommendations on finding a good one.

Polybutylene piping, home improvements, and refinancing options. What adventures did Albuquerque have in store for the Fullers? It is interesting to consider how much quicker a property appreciates in San Francisco (SF) nowadays, compared to some of the other areas of the US – it takes a month in SF rather than years or decades that it might take in areas where supply and demand is more balanced.

[07:57] We look back at how much things have changed in real estate over the years. As we have previously discussed (listen to the interview with Matt's Mum here), technology and the internet, in particular, changed certain aspects of the process. Everything happens a lot faster and in some cases with just a click of a button! Also, there was a positive change in the representation of the buyer’s interests. Realtors now have a duty to the buyer — ie., buyer agency vs. being a sub-agent of the seller.

[10:30] To wrap up, Mr. Fuller's points out how not all realtors seem to stay on top of all aspects of the process. It is rare to find a team, or person, who does it all and does it well. What was it like for Matt to make that leap from the corporate world to real estate 16 years ago?

Thank you for joining us for this week’s episode. We hope you enjoyed this interview and join us again next week when we chat with Britton’s mum!

Hosted on Acast. See acast.com/privacy for more information.

Last week Matt’s mum joined him on the podcast and shared her real estate experiences with us. Every story, like every real estate purchase or sale we've been a part of, has at least two sides – and often a lot more! This week on Escrow Out Loud, our San Francisco Real Estate podcast, Matt talks with his dad to get another perspective on their family's experiences buying and selling homes over the decades.

[01:28] The Fuller’s first home in Boise, Idaho was a great buy. Even though the turnaround between buying and selling their house there was unforeseeably quick, the profit they made from it really set them up down the line in terms of home ownership. The economic environment back then in the 70’s seemed to be more favorable for various programs that enabled buyers to come up with the funds for the down payment on a home, particularly for first-time buyers.

[06:35] Work relocation took the Fuller family to Denver. Upon arrival, they quickly found a real estate agent through Mr. Fuller's colleague and she helped them find their new home where they remained until leaving the state. While the house was busy appreciating, the family was knee-deep into soccer. There was a star player, a coach, a referee and a state board member – and Matt the not-soccer player! Over the years, the family remodeled the home and housing prices appreciated so by the time the Fuller’s sold their house and left Denver for Michigan, they were able to net a nice profit.

[10:48] What are the things home buyers need to consider when deciding on a property? Choosing the right neighbourhood is often just as important as choosing the right house and, in fact, the two often go hand in hand. Most people have a list of requirements for their ideal neighborhood. For a family like the Fullers, this included things like good schools, recreational facilities, and access to shopping.

[12:17] We finish up part one of this interview in Michigan. The cold weather? Bats in the attic? Michigan was quite a change for the Fuller family. While they ended up finding a really nice house with a beautiful backyard often visited by deer in all seasons and fireflies on warm summer nights, in hindsight Dad regrets what they paid for that property. The realtor they used was working strictly for the seller and the Fullers felt their interests were not the priority. Agency laws vary by state and have changed over time..?

[18:21] Before moving back to New Mexico, the Fullers moved once more, this time to a small town in Michigan, where they loved the Realtor and the commute, but beyond that…. scandalous! Join us again next week, for part two of the interview, when we pick up the Fullers' trail in Gallup, New Mexico!

Hosted on Acast. See acast.com/privacy for more information.

A house in Idaho, a house in Colorado, a house in Michigan, and a house in New Mexico! Matt’s parents', (the Fullers) home journey of the Wests: Northwest, Midwest, and Southwest. This week on Escrow Out Loud, our San Francisco Real Estate podcast, Matt interviews his mom about her real estate experiences from the first 1977 property purchase to the present home.

[00:21] The Fullers bought and sold their first house in Boise, Idaho all within a 4-month time period – AND netted a profit. The quick turn because of a work re-direction back to Denver.

[03:48] The Fullers arrived in Denver with a whole weekend to find and buy a home. Fortunately, a great real estate agent was connected via Matt's Dads work. In 1977, to get on the property ladder of home ownership, the Fuller’s needed a 20% down payment. While they had most of the money in savings, family helped a little too. Family gift money continues to be allowed within certain parameters today with required disclosures.

[07:50] Next stop: On the Midwest and home in Michigan! The Fullers found that the houses were often dark  and scoured for a property with numerous, large windows and lots of natural light. Light is only possible when it exists which it doesn't in the winter; the Fullers couldn’t wait to get out of Michigan. An opportunity to relocate to New Mexico was a quick decision to move toward the sun!

[13:54] Settling first in Gallup, New Mexico; a small, rural town surrounded by the Navajo and Zuni reservations. The reservations prevented expansion of the town creating a competitive real estate market. Once the next Fuller home was identified, it was a quick sale from the owner. For Sale By Owner (FSBO) was also the Fullers choice when their travels took them to Albuquerque. So, how did this process turn out?

[16:24] What are some of the things to look out for in a realtor. Matt’s mom shares some of the good and the bad experiences while Matt reveals what exactly ‘cute’ means in “realtor” talk.

[20:10] From the first purchase in the seventies to the latest one in the new millennium, how much have things changed over the years? The process of buying and selling a house remains fundamentally the same, however, real estate has evolved with the internet and modern connectivity. To wrap up, we share two perspectives on this, the buyer vs the realtor.

Thank you for joining us for this week’s episode. We hope you enjoyed it and join us again next week for more interesting stories!

Hosted on Acast. See acast.com/privacy for more information.

Amazing shoe collections, a toilet in a closet, and steel reinforced doors are just some of the unusual things we see in this business. Some amazing, others…not so much. This week on Escrow Out Loud, our San Francisco Real Estate podcast, we focus on the things we wish we could un-see.

[01:34] Britton and Matt share stories of some of the more unpleasant things they have come across working in real estate. We hear about the time Britton showed a house that could have been a good set for the show “Hoarding: Buried Alive” and Matt’s experience seeing a home he wasn’t allowed to see!

[05:07] Occasionally, there were listings where you can only see the inside of the house once your offer is accepted, i.e., make your offer subject to inspections. This leads us to ponder a question. With marijuana now legal in California, how does it affect things? Will there be more grow houses in San Francisco, or fewer?

[05:57] Circling back we continue to share some more stories featuring cats, toilets in places they shouldn’t be, as well as indoor barbeques.

We hope you enjoyed this week’s episode and join us again next week for more interesting stories!

Hosted on Acast. See acast.com/privacy for more information.

Britton, Britney, Britanny? What's in a name…? This week on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about some commonly mispronounced place names in San Francisco, many of which have been named after notable people.

[01:20] We discuss different pronunciations of Noe Valley, Gough, O'Shaughnessy, Phelan Avenue, Duboce, Bernal Heights, Marin County, San Rafael and more.

[6:09] Pronunciation of some street/place names in SF seems to be perpetually debated. So, what is the right way and who's in charge of pronunciation anyway?

We hope you'll enjoy this week's episode and join us again next week!

Hosted on Acast. See acast.com/privacy for more information.