Toyota is Leaving the South Bay…

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Last month Toyota announced their plans of moving their headquarters from Torrance, California to Plano, Texas. Since then there has been a lot of buzz and concern for what this move will do to our South Bay real estate market. A lot of friends, family, and clients have approached me with what my thoughts and opinion are so I’ve decided to share some of them with you.

First, let’s lay out the facts:
-3,000 Toyota jobs will be transferring out of Torrance
-Back in 2006 when Nissan made a similar move to Tennessee only 42% of employees made the move
-Plans of completion of new campus will not take place until late 2016 or early 2017
-Toyota’s campus is approximately 2 million square feet of property

Things that I have heard (which may or may not be true):
-100 employees have already made the move
-Toyota is giving all of their employees incentives to move to Plano including an all expenses paid trip to visit the area, finances to help with the move which include closing costs for sales of homes and moving costs, and increase in salary
-Honda is also considering a similar move

What I think this will do to our real estate market:
Taking all things into consideration, my personal opinion is that we may see a little bit of an effect on our housing market but nothing too dramatic.  If half the employees make a move to Plano we are only looking at 1,500 moves and only a percentage of those Toyota employees live locally in the South Bay area. The 2 million square foot lot will most likely be replaced by either another large company or multiple small businesses which could potentially bring in new buyers from out of the area. Also, because Toyota will not make its final move for another two years the market could make another shift depending on other external factors like interest rates, loan restrictions, and the overall stability of local and national economy which may allow for more buyers to purchase. Prices have been increasing rapidly because of the high demand and low supply of homes but with this move we may see prices leveling out and possibly declining.
Of major concern is what this move may do to our local businesses. Many neighborhood businesses thrive off of the thousands of Toyota employees before, during, and after business hours. This may have a domino effect and if local businesses are affected, their employees will be too.  This could result in more moves or short sales and foreclosures.  Also, IF Honda decides to move out of the state, I would predict that we will see more of a major impact on our local housing market and businesses. However, I am hopeful that the impact will be minimal and that Honda will not follow in Toyota’s footsteps. I am also optimistic that buyers’ needs will be fulfilled with the new listings that may come up on the market. I am a South Bay lover and I honestly believe there will always be a high demand to buy and live here. With that said, I will be keeping my eyes and ears open for any information that may help my clients, friends, and family make decisions on their home purchases or sales. If you have any insight, questions, or comments please feel free to contact me directly or leave a message on my page.

Have a happy Weber Weekly Wednesday!

 

*Facts and statistics quoted from the LA times. Full article can be found here:
http://www.latimes.com/business/autos/la-fi-toyota-move-20140429-story.html

Moving Season is Here!!!

Hi Everyone!

Summer is quickly approaching and a lot of people are on the move (literally). This week I’ve included tips on how to make moving a little easier for you. Below is this month’s item of value that I send out to my friends and family on a monthly bases. If you would like to be on my mailing list please shoot me a message with your email address and I’ll be sure to include you.

On another note, interest rates have DROPPED! Can you believe it? Today, a 30 year fixed rate is offered at 4.05%! Looks like this summer is still a great time to buy. Please feel free to contact me with any questions or if you need help finding a home to rent, buy or sell.

Happy Weber Weekly Wednesday!

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Happy Client Tour – Carissa Woo

Happy 1 Year Anniversary of being a home owner to Carissa Woo!

Carissa is not only my best friend, but also an amazing photographer and client who purchased her first home last year. The coolest thing about her house is that it is also her work studio. The space was built brand new and specifically for a business owner like Carissa who runs her own photography business. Over the year, she has done a great job decorating her home and creating a fun and vibrant place to meet her clients. She also recently opened up a kids studio called Crissy Bear Studio and was kind enough to give us a look into her work space and home. Be sure to check out her website and blog at http://www.CarissaWooPhotography.com

You can also check out my full Real Estate website at http://www.LaurenTWeber.com

One big tip on how to get your offer accepted!

Great news, my most recent listing got multiple offers and all above asking price!

While reviewing offers with my seller I noticed a huge factor that some buyers may want to consider when submitting their offer.

If an agent has helped their seller to price and market their home correctly, they should receive multiple offers in today’s market. Because competition is tough, I have some of my buyers write a personal letter depending on the condition of the sale and who the seller is.  As a buyer’s agent I collect as much information about the property as possible and try to develop a good relationship with the listing agent. If they are wiling to share some information with me, I like to ask things such as:
-How many offers are on the table?
-At what price point are they at?
-When does the seller plan on reviewing offers?
-Are there any special conditions the seller is looking for in their offer? (ie 30 day escrow, no repairs, etc.)
-How long has the seller lived in the property for?
-Why are they selling?
With this kind of information, not only can I write up a clean offer to best position them, but I can also gage whether or not this may be an emotional sale to the seller. If so, a personal letter may make all the difference between two offers that are identical.

Below, I’ve included a sample letter of one that I would personally have written to my last listing in Gardena. However, every home is different and every buyer/seller is different. I would suggest to make your letter as personal as possible so that the seller can get to know a little more about you (and your family).

Dear Mr. Hashimoto,

My name is Lauren Weber and I am in love with your home at 1036 Magnolia Ave! I have been searching for the perfect place to call my own for the past month now and I am very excited to present my offer to you. I really appreciate that your property is located on the top level of the complex and has so much natural lighting.  Just to give you a little history about myself, I was born and raised in Torrance and grew up going to numerous events next door in Gardena, including eating many meals at Gardena Bowl. I moved away to attend college at San Diego State University, but upon graduating I returned back to the South Bay and since then I have an even bigger appreciation for this community and what it has to offer. I truly believe it is the best place to call home! It is has always been a dream of mine to one day purchase a place of my own. With hard work and years of saving, I am finally in a place where I can attain such a goal.  If chosen to be the new owner of your home I promise to work diligently to make escrow as smooth of a transition as possible for the both of us. Please do not hesitate to contact me or my agent if you have any questions or concerns. I look forward to hearing from you!

Sincerely,
Lauren

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Points to include:
-Genuine excitement and love for the property
Point out something specific like kitchen cabinets or the flow of the floor plan.

-Familiarity with the neighborhood.
This shows the seller that you are aware of the surroundings and are not likely to change your mind during escrow because of the location.

-Add a little background about yourself
Sellers that have lived in their homes for a long time want to see that their home is going to someone that is deserving and appreciative. Paint them a picture of your life so they can get to know a little bit about you. Let them know if you are a newly wed couple or if you have kids, what are their names and how old are they?

-Show stability
Tell the seller a little about your job or your reason to purchase at this time in your life.

-Show willingness to work with the seller
Every seller wants a smooth escrow. Ensure that you will be easy to work with.

-Include a photo!
A stack of offers are just names and numbers, some sellers appreciate being able to put a face to a name.

If you are thinking about buying at this time, get your letter together ahead of time so in case you find something you love you wont have to scramble last minute. Be genuine and include a photo!
I hope these tips help you compile a great letter. Happy Weber Weekly Wednesday~!