Weekly View » Real Estate Views with Deb Kent

Reaching Crossroads

Deb Kent — Thu, 12 Dec 2019 06:09:46 +0000

This weather has me hunkered down and working from home, surrounded by sweet, sleeping dogs and cats. I’m so lucky to have a career that allows me to work this way when I feel like it. But it wasn’t so very long ago that I sat in a sterile gray cubicle, watching the clock. My job was soul extinguishing. This is personal so it’s a little hard for me to write. But if I can help one person in a similar situation to the one I found myself in six years ago, it will have been worth it.
I used to be a freelance writer, self employed and widely published. But when 23 years of marriage to a tenured professor ended in divorce, I needed a stable job with health insurance. I landed a good position in marketing and worked my way up to director. Then my boss retired and I found myself reporting to a narcissistic bully and sexual predator. I resigned.
There weren’t many openings at my level. I was overqualified for everything. I edited my resume to downplay my accomplishments and managed to find a job as an assistant. I knew it wasn’t a good fit but at least I’d have health insurance. As I sat bored and useless in my depressing cubicle I told myself I was lucky to have a job, but dear Lord how I hated it. After a $50,000 pay cut, one unexpected bill could throw everything out of whack. A cracked heat exchanger meant a whole new furnace. Better put it on the card. The dog needs an emergency vet visit. Better put it on the card. Health insurance won’t pay for that dental work. Better put it on the card. Suffice it to say I was no stranger to the Coinstar machine.
The gods must have been smiling on us the night my best friend and wife Jamie suggested that we become real estate agents. It seemed like a nutty idea. She’s an artist, I’m a writer. What the heck are we doing? On the other hand, we were addicted to HGTV so why not give it a go? We both went to Real Estate school, got our licenses, and joined a brokerage.
Soon I was madly in love with real estate. I was never bored, I felt useful and productive, and, above all, for the first time in my life there was a direct correlation between how hard I worked and how much money I could make. After our first few busy months we asked ourselves: Do we stay at our jobs for the insurance or do we take the plunge and do real estate full time? MLK Jr. said “faith is taking the first step even if you don’t see the whole staircase.” If we had faith in anything it was in our ability to hustle. We decided we were ready.
The last six years have been metamorphic. We’ve helped hundreds of people buy and sell homes all over Indianapolis. We started our own brokerage. We’ve welcomed new agents to our team and now we get to help nurture their careers, truly a joy. The success has been a little surreal (in a good way).
We’re at a new crossroads today. Our small but mighty Gallery of Homes Real Estate is expanding and we are inviting agents (and agents-to-be) to join our supportive, collaborative, creative team. We offer generous splits and flat fee plans, lots of opportunities for learning, mentorship, and breakthrough technology. Some of our agents have done well enough to buy their first homes, pay off all their debt, and leave their own soul-crushing full time jobs. If you’re ready for a change and you’re wondering if even a part-time career in real estate might be right for you, let’s grab a cup of coffee and talk about it. Reach me at deb@debkent.com or at 317-225-2253.

Finding A House With Character

Deb Kent — Thu, 31 Oct 2019 05:09:55 +0000

You’re newly single and eager to start dating. You’ve always had a thing for older gents, so charming and old-fashioned in all the good ways. You decide to search for a new beau on Match.com. You fill in your various preferences from location to political bent. When you get to age, you hit 75+.
Bingo! The first gentleman that pops up seems to check all your boxes: He’s handsome, witty, loves piña coladas and getting caught in the rain. Best of all, he’s 97 years old! Just your type. You agree to meet at Jockamo’s. You’re thinking, if he’s anything like his photos, this could be the man of your dreams!
The big day comes and you get to the restaurant a little early and find a seat in the bar near the window. You catch sight of him slowly walking up the street and — OMG — he is just as appealing as his photos. Your heart is fluttering in your throat as he steps through the door and sits across from you. Your eyes lock. The conversation flows. By the time the server brings your check it’s clear that this man is The One.
Suddenly he reaches across the table to rest his hand gently on yours and says, “Full disclosure, my dear, I must tell you that I have arthritis. And this may be TMI but I must confess that my, um, plumbing doesn’t work as well as it used to.” He pauses, then points to his face. “And I’m sure you’ve noticed these wrinkles.”
Do any of these confessions surprise you? The dude is 97 years old. They shouldn’t.
I think you know where I’m going with this. Most houses in our neighborhood are old. With old age comes settling, uneven floors, cracks in the walls and ceilings, outdated plumbing, drafty windows, and maybe signs of bug damage, asbestos, and water in the basement. My sweet little house on Lowell had a 3” difference from one corner of the kitchen to the other. It never even occurred to me to worry; my inspection report indicated no structural problems. I made a profit when I sold it, to a buyer who wasn’t afraid of old houses, and this year she profitably sold it to another buyer who was equally unafraid.
The key is understanding the difference between normal old house issues and real problems. Arthritis is one thing, the Bubonic Plague is quite another.
High radon levels, black mold, weak foundations, termite damage, extensive wood rot and leaky roofs are the top deal-breakers but even then, remedies do exist, and many of these problems are found in younger homes (and as a Realtor living in Irvington, a young house to me is anything built after 1950!).
My advice to my buyers looking for something close to flawless, let’s shop somewhere other than in Indy’s vintage neighborhoods. I sell everywhere and I’m sure I can find you a new house with doors that actually close shut in the summer while mine are swelling.
But if you’re looking for an old house that was built when this city was a place of living history, when Lincoln’s funeral car chugged up the Pennsylvania Railroad tracks and a small-time crook named John Dillinger was sticking up corner drug stores, look here.
If you’re intrigued by vestiges of another time like coal chutes and laundry chutes, telephone niches, servant staircases and butler’s pantries, look here.
And if you want a house with kitchen cabinets made of actual wood, or magnificent Vitrolite glass tiles in the bathroom, or dignified columns and built-in bookcases, brick fireplace surrounds and arched entryways, and floors that creak (but boy do they glow golden in the midday sun), look here. I can help you find the perfect imperfect old house. I can also help you sell the old house you’re in. Call or text me anytime. deb@debkent.com 317-225-2253.

Local Real Estate Market Data

Deb Kent — Thu, 10 Oct 2019 05:09:25 +0000

There are lots of things I love about being a Realtor and brokerage owner. I love helping people at pivotal moments in their lives, whether they’re buying their first home, upsizing to accommodate a growing family, downsizing as the last of their kids heads off to college, or scrambling for a nice place to live after divorce.
As a marketing director and magazine producer in my former life, it’s probably no surprise that I’m also passionate about everything involved in the presentation of our listings, from the staging and photography to the words we carefully choose to describe everything lovable about our houses.
And as someone who chose this path in mid-life, I’m also passionate about launching and mentoring others in this interesting and rewarding (albeit stressful) career.
But the thing I love best? It’s the data (and I was an English major!). I love data because numbers do not lie, and in the case of East Side real estate, they tell a fascinating story about our neighborhoods.
Presented here, sales figures for Irvington and Little Flower, from Jan. 1 to Oct. 4 2019 and 2015 (in parentheses).
Irvington home sales: Now and Then
Number of houses sold: 170 (2015: 149)
Number of houses sold over $200,000: 48 (2015: 15)
Number of houses sold under $50,000: 3 (2015: 22)
Average list price: $159,557 (2015: $130,273)
Average sold price:$158,221 (2015: $128,000)
Least expensive property to sell: $20,500 (2015: $14,000)
Most expensive property to sell: $370,000 (2015: 358,000)
Average days on the market: 27 (2015: 71)
Number of houses sold in zero days: 12 (2015: 2)
Number of houses sold in one day: 10 (2015: 3)
Little Flower home sales: Now and Then
Number of houses sold in 2019: 71 (2015: 50)
Number of houses sold over $165,000: 7 (Zero!)
Number of houses sold under $50,000: 10 (14)
Average list price: $110,994 ($78,850)
Average sold price: $109,089 ($75,976)
Least expensive property to sell: $18,000 ($12,924)
Most expensive property to sell: $191,000 ($131,500)
Average days on the market: 35 (67)
Number of houses sold in two days or less: 14 (3)
Another indicator of positive change? We’re finally seeing higher prices on the main thoroughfares that buyers were once less-than-enthusiastic about. In Irvington, for instance, Ritter and 10th Street were the first major roads to begin attracting top dollar, followed by Arlington and, more recently, Emerson Avenue. In Little Flower we’re seeing growth move West and North, as more investors focus renovation efforts in those areas; one of our clients has had great success rehabbing his way up Bosart Avenue, transforming that street one house at a time.
Let me know if you’d like more detailed information about any particular neighborhood. And if you’re curious to know what your house is worth today, reach out anytime: 317-225-2253 or deb@debkent.com.

Real Estate Agent Confidential

Deb Kent — Thu, 08 Aug 2019 05:09:44 +0000

What if your real estate agent could tell you what they really think? I recently gave my colleagues around the country that very opportunity when I posed this question in an online group: What do you wish you could tell your clients (if professionalism, common sense and your pride didn’t stand in the way)?
Over 100 agents from New Jersey to California responded, some with sarcasm, most with frustration. All were glad to have the chance to vent under the veil of anonymity. Here are the best of the bunch:
Just because you watch House Hunters doesn’t mean you know how any of this works.
We want to be able to tell you that if you move here you’ll probably be stabbed to death but we’re not allowed to say that. Please check local crime statistics.
Once you’re under contract and if you own a mobile phone, turn it on and keep it on until closing. If you don’t own one, buy one!
Open houses help us more than they help you. Holding an open house probably won’t get your place sold, but your agent will meet lots of potential buyers.
We want to scream when we’ve spent a year consulting with you to get your house ready for sale, then discover that you’ve listed with another agent. We’re human beings. Our hearts get broken just like anyone else.
Just because you watch HGTV and DIY doesn’t make you a flipper.
We’re like ducks on the water. It may look like we’re running your deal smoothly but under the surface we’re paddling like crazy.
Your house isn’t selling because INSERT HERE (it smells bad) (it’s too dated) (it’s a cluttered mess) (it’s overpriced).
Our time and advice have value. Don’t use us for our suggestions, then hire someone else because he’s a friend of the family.
Don’t hire an agent just because they said they could sell your house for the highest price or lowest commission.
You don’t get to ask the seller to make repairs or replacements to bring it up to the equivalent of a brand new home just because you’re shocked that a 30-year-old house has thirty years of wear and tear.
Don’t suddenly switch agents because you’re embarrassed that you still haven’t found a house after 45 showings. We value your loyalty and expect it, especially after we’ve spent lots of time with you.
Don’t take your parents’ advice. The process and the market aren’t the same as when they purchased their one house in 1971. Things have changed!
Real estate is my career, not my hobby. If you have questions, don’t ask friends and family. Call me.
Trust us when we recommend a lender. The only benefit we receive is knowing that your financing will be handled professionally and smoothly. Agents don’t receive kickbacks!
Selling eight homes in a lifetime doesn’t make you a real estate expert. I sold eight homes last month!
Stop taking advice from your broke-a$$ friends. They’re renting, for God’s sake!
If you’re flipping a house, please don’t do a lousy job. My name is on that sign in the yard, not yours.
Your Realtor cares more than you think, stresses more than you know, and loses sleep over your transaction.
Get your house deep cleaned by a professional before you list it. Your place isn’t as clean as you think it is.
If something in your house is broken, your buyer will expect it to be fixed. You wouldn’t buy a car with a broken transmission.
I want to know if you’re pre-approved before I spend my weekend showing you homes. I know you’re excited about shopping but please respect my time.
The seller still lives in the house you’re buying. You can’t wander through the backyard whenever you’re in the neighborhood. It’s not your house until you close.
You’re an adult. Stop asking your father who bought a house 50 years ago for his advice. And Dad, stop acting like every loose screw means the house is about to collapse.
I don’t care how much those granny drapes cost back in the 70s. Ugh. It’s 2019. Take them down!
I know you’ve moved out but please keep some toilet paper in the house in case an agent (or buyer) needs to use the bathroom during a showing.
Go ahead with your “for sale by owner” but don’t call me asking how to do the paperwork, negotiate inspection, or arrange for closing.
Don’t feel like you need to underplay your enthusiasm about a house when you’re with me. I’m not the seller. I’m your agent and I need to know how you feel about this place.
If your kids are going to run through every house like savages, leave them at home.
Everyone thinks they own the Taj Mahal.
No you can’t have my commission. Yes, your house smells like dog butt and will affect your sales price. No those drapes aren’t fine. No, your parents don’t need to accompany you to every showing.
No, I can’t meet you at the house you found on Zillow 30 minutes ago. Make an appointment.
If your friend’s sister’s mom’s cousin’s neighbor who got her license in another state six months ago is giving you real estate advice, by all means you should listen to her.
No, I will not show you my listing just because you don’t want to bother your Realtor on a Sunday.
You’re going to wish you took that offer that was $3,000 below your list price (when you call me in a couple of months to drop your price even lower than the offer you’re turning away today.)
You want me to show you homes on Thanksgiving? Do you realize how many sellers are cooking all day and have a home full of guests?
Just because I love what I do doesn’t mean I’ll do it for next to nothing. What if your boss asked you to return half of your paycheck?
Good luck selling your $600K house that you listed with your dog walker who has done only one deal in the last eight years. Those cell phone photos look gorgeous, btw.
Seller, you said the roof needs to be replaced, the HVAC is 20 years old, the carpet is old. You’ve tried to sell with three other agents and had no showings. My research says the price should be $220,000 and you still want to list it for $269,000? Really?
Please don’t ask me to show you houses when your own home isn’t even close to listing. You’re wasting everyone’s time and you’re just going to be frustrated.
Everyone knows that Zillow Zestimates are worthless. If you want to know what a house is worth, ask me. I’ll run the numbers the right way.
If we walk into a house and you know it’s not for you, it’s okay to say so. We don’t need to spend a minute longer in a house you don’t want.
Don’t call me for advice when your discount agent isn’t doing a good job. You get what you pay for.
Those air fresheners just make your house smell like lavender cat pee. And no, it’s not a good smell.

Home Shopping with Your Head & Heart

Deb Kent — Wed, 03 Jul 2019 05:09:28 +0000

This is a story about birds, anxiety, and house-shopping. Bear with me.
A few years ago I showed houses to first-time buyers in their mid-30s. Bright, articulate and careful with their money, they were engaged to be married and were searching for an Eastside home with an office, sunny garden, big garage room for a workshop, and at least three bedrooms since they hoped to have a kid or two someday.
Our first stop was a renovated bungalow on Sadlier. Some flips are so dismaying; the houses look slick in photos but once inside you discover all the ways the rehabbers cut corners: shoddy trim work, sloppy paint, a mishmash of fixtures and flooring purchased cheap at a surplus store.
This reno was done expertly and it met all their must-haves: the garden, oversized garage, office, three bedrooms. BINGO!
I noticed one of my clients bending down to inspect some molding along the baseboard. Then she reached up and ran a finger along the wall, scrutinizing a seam in the drywall. Brow furrowed, she turned to me and shook her head. On to the next house. And the next. And the one after that. They finally decided not to buy. I’m not even sure they’re still together.
See, it was never about the molding or the seams in the drywall. Maybe it was the simple fact of buying a house and all its attendant implications and consequences: The commitment to place. The responsibility of a monthly mortgage payment. A transition to adulthood. The investment in one’s future.
In other words, buying a house involves the big stuff. Fixating on little things like molding or drywall seams can be a handy way of putting off big decisions.
I knew the feeling. When I was considering my first house, I obsessed about the fake white plastic brick on the living room wall, and a kitchen countertop made of tiny tiles I was certain would be a breeding ground for salmonella. Then I noticed that the tree in the backyard was full of birds. Blackbirds were perched on every single branch and twig. The cacophony was deafening. I stood in the yard and stared at the tree and was suddenly overcome with dread bordering on panic. Why is this tree full of blackbirds? What the heck is wrong with this house? Was there some kind of weird electromagnetic field surrounding the house? Was this a bad omen? Am I about to make the worst decision of my life?
It wasn’t the house. It was me. I was 25 years old, I was about to make the biggest financial decision of my life, I was moving away from family and friends, and this little brick Cape Cod represented an enormous investment in my future. This was a huge deal. I was nervous. Who wouldn’t be?
My advice to new home buyers would be this: Let yourself feel whatever it is you’re feeling about this big decision, this next big chapter in your life. But don’t let those feelings derail your progress toward finding a great new house. When you’re ready to shop for a house, try approaching the process with both head and heart.
For your head, make a list of everything you need in a house, and if you find something that meets 80 percent of that list, it’s a top contender. Save your worry for real problems: mold, standing water in the basement, a crumbling foundation, active termites, a rotten roof, or, say, the crack house next door. Also remember that once you have an accepted offer, it’s your home inspector’s job to find problems with the house.
As for your heart, look for a house that gives you, for lack of a more precise explanation, “the feeling.” It’s hard to put into words, but I promise, you’ll know it when you feel it.
Above all, don’t worry about the blackbirds.

Reality vs. HGTV

Deb Kent — Thu, 06 Jun 2019 05:09:16 +0000

If everything you know about buying or selling a house comes from HGTV, prepare to be surprised. Real estate TV shows bear only a passing resemblance to real life. Here are just a few reasons why:
Hardly anyone picks a house in 60 minutes. Sometimes it’s true love at first sight; a decisive buyer will know instantly that there’s no need to keep looking. But for the vast majority of house hunters, it can take weeks or months to find The One, and it’s my job to show buyers as many homes as they need to see before they’re comfortable making a decision. One study reports that the average buyer will see about 11 houses before choosing. That would constitute a mini series on HGTV and ain’t nobody got time for that.
People aren’t so cheerful in real life. When someone is snarky on TV, you can tell it’s contrived for the cameras. Real life is full of real drama: We see angst, grief, temper tantrums, power grabs, bullying and paranoid delusions especially after an inspector’s 50-page report makes a perfectly fine house seem like a rickety death trap. My goal is to get my clients to the closing table with minimal drama, maximum joy. A good Realtor is part therapist, part advocate, and part human Xanax.
Agents work their butts off. On TV, Realtors are mostly ornamental. In real life, I’m working resolutely behind the scenes to get the deal done. We’re doing comparative market analyses, projecting profits, arranging staging and photography, writing up listing descriptions, scheduling and conducting showings, negotiating price, running open houses, navigating inspection/repair, ordering title work, fielding calls from other agents, inspectors, appraisers — I’ve even driven my clients’ dogs around in my car during showings, repainted someone’s living room, held a tag sale for a hoarder, and babysat for a new mother who desperately needed a nap. I have yet to see an HGTV Realtor wipe dog vomit off a seller’s carpet.
Deals sometimes explode. In real life not all deals make it to the closing table. A buyer loses a job. A house doesn’t appraise and the seller won’t come down in price. The buyer’s offer is contingent on him selling his house and that deal falls apart. A seller refuses to make critical repairs to her house so the buyer walks. I may be an optimist by nature, but it’s my job to walk my clients through all the worst case scenarios so we can prepare for them.
It takes more than 60 minutes and a sledgehammer to renovate a home. I love helping buyers find fixer-uppers; it’s incredibly gratifying to visit the house a year later to see the transformation. But there is nothing simple about rehabbing, whether you’re doing it yourself or hiring experts. Finding honest, reliable, competent, sober contractors isn’t easy. As for DIY, even repainting kitchen cabinets or installing tile backsplash takes real skill if you want professional results. I keep a short but precious A-List of contractors and tradespeople that I share with my renovation-minded clients, and I’m always happy to help sellers figure out which repairs and improvements will likely net the highest return when they’re ready to list.
Realtors rarely look that good. Yes, we’re all beautiful in our own way but if I’m going to crawl down rickety steps in the moldy basement of a 90-year-old house, or get on my knees to lift up a floor register to see if there are hardwoods underneath that shag carpeting, I’ll be doing it in jeans and Chucks, not a skirt and stilettos.

How To Be a Buyer in a Seller’s Market

Deb Kent — Thu, 02 May 2019 05:09:51 +0000

At this writing, Indy’s East Side is in the midst of a bustling, mind-blowing, almost surreal seller’s market. Most of our listings have gone into multiple offers within hours of hitting the market and sell significantly over the original price. Buyers and realtors agree: It’s crazy out there.
Buyers need savvy strategies to make their offer more appealing than their rivals’, especially when the seller is considering several offers and has asked for “highest and best.” Try these:
Make it snappy. If you like to take your time with big decisions, contemplate, meditate, consult with family members, research neighborhoods, you are going to hate this: Be ready to write an offer sitting in your agent’s car in the driveway.
Come strong. Unless the house has been languishing on the market for weeks or priced eleventy thousand dollars above other properties in the hood, offer list price or a little more, especially it’s in a place where houses are moving like hotcakes. (I’m looking at you, Irvington and Little Flower!)
Go cash or conventional. Cash offers are the fairest of them all. With no lenders or appraisals involved, the process moves faster and more smoothly. Conventional loans are usually more attractive than other types because the appraisal process is less stringent. A VA loan, for instance, requires certain repairs made before closing. Sellers don’t like that.
Skip the extras. Pay your own closing costs. Buy your own home warranty. Don’t ask the sellers to include the patio furniture and porch swing. Don’t ask for a property survey.
Forget the contingencies. If you need to sell your house first before you can buy one, don’t even bother making an offer now. Get your house under contract first, then go shopping and avoid the heartbreak.
Be flexible. Let sellers pick the closing date, and let them stick around awhile. Normally buyers take possession at closing but these are not normal times. Your offer will be more appealing if you can give the sellers a few days after closing to move their stuff out.
Take the house as is. This one’s not for the faint-hearted and note that I never suggest skipping inspection. Promise sellers that you won’t nickle-and-dime them over repairs. Know that you can back out if the inspection turns up expensive major problems. Alternatively, the seller may be willing to drop the price to compensate for any big defects.
Write a sincere letter. Tell the seller why you are crazy about the house and how you are looking forward to giving it the love and care it deserves. All offers being equal, often the one with the heartstring-tugging letter gets the advantage. Just don’t mention your religion, race, political bent and don’t include any photos to avoid any sticky discrimination issues.
Now get out there and find yourself a house. Or if you’re thinking of selling, get off the fence. Now is the time.