About Me
I earned an MBA from the Stanford Graduate School of Business, and hold a degree in Economics from the University of North Carolina at Chapel Hill and a degree in Computer Science from the University of Missouri. I am a licensed Real Estate Broker and Realtor, and an active member of the Urban Land Institute and California Association of Realtors. I am a seasoned professional with over 7 years of project management experience in the fields of real estate, management consulting, and software development. Most recently, I worked as a Project Manager for Regis Homes of Northern California – one of the largest home builders in the Bay Area with over 200 multi-family and single-family homes developed each year. Currently, I am pursuing my dream of self-employment by buying, renovating, and selling homes in the Bay Area, as well as working as a project management consultant on projects for local developers.
** Please email me if you are interested in having me as your broker for the purchase or sale of your home.
** Please email me if you are interested in having me as your broker for the purchase or sale of your home.
My Q&A
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Josh Hohman's Answers (22)
Josh Hohman answered:
I compiled some data on San Ramon back in August. San Ramon is an interesting beast in the Bay Area, since the interstate divides the town in two, and results in a reasonable representation of Contra Costa county as a whole.
I pulled comps for 92 properties that have sold in San Ramon from April 1-August 5, 2007. I only pulled comps that were sold between $700,000 and $850,000. San Ramon varies widely depending on which side of I-680 the property lies.
The average list price (again, within the range of $700k and $850k) was $788,677, the average sales price was $777,549, for an average price of $11,127 BELOW list (1.41% below list). The most that a home sold ABOVE list was $36,000, and the most BELOW list of $72,500.
Here is some data for June 2007 versus June 2006 for the two San Ramon zips (data courtesy of DQNews.com):
Zip: 94582 (aka "Great" San Ramon zip)
Median Sales Price: 871,500
Change in Median Price: -1.0%
Zip: 94583 (aka "Ok" San Ramon zip)
Median Sales Price: 711,000
Change in Median Price: -11.7%
The discrepancy between the 2 zips is representative of what is happening across Contra Costa county. The higher priced areas are faring well relative to the lower priced areas. The subprime, and larger credit markets, crunch is affecting the poorer areas first but will undoubtedly take a toll on the higher priced market in the months to come. So, what does this mean for negotiating prices? If you are looking in the lower priced areas of San Ramon, now may be the time to buy - as inventory is up and the data is there to support more aggressive negotiating tactics with sellers. If you are looking at the higher priced areas, it makes sense to wait a few months for an even better buyer's market.
I pulled comps for 92 properties that have sold in San Ramon from April 1-August 5, 2007. I only pulled comps that were sold between $700,000 and $850,000. San Ramon varies widely depending on which side of I-680 the property lies.
The average list price (again, within the range of $700k and $850k) was $788,677, the average sales price was $777,549, for an average price of $11,127 BELOW list (1.41% below list). The most that a home sold ABOVE list was $36,000, and the most BELOW list of $72,500.
Here is some data for June 2007 versus June 2006 for the two San Ramon zips (data courtesy of DQNews.com):
Zip: 94582 (aka "Great" San Ramon zip)
Median Sales Price: 871,500
Change in Median Price: -1.0%
Zip: 94583 (aka "Ok" San Ramon zip)
Median Sales Price: 711,000
Change in Median Price: -11.7%
The discrepancy between the 2 zips is representative of what is happening across Contra Costa county. The higher priced areas are faring well relative to the lower priced areas. The subprime, and larger credit markets, crunch is affecting the poorer areas first but will undoubtedly take a toll on the higher priced market in the months to come. So, what does this mean for negotiating prices? If you are looking in the lower priced areas of San Ramon, now may be the time to buy - as inventory is up and the data is there to support more aggressive negotiating tactics with sellers. If you are looking at the higher priced areas, it makes sense to wait a few months for an even better buyer's market.
Josh Hohman answered:
Investment properties just so happen to be my specialty. I am an active investor as well as a licensed Broker and Realtor. Let me know if I can be of any help.
Josh Hohman answered:
Jim - The higer priced zip is faring better in terms of median home price. I made no distinction between the 2 zips in San Ramon for the analysis of LP/SP. Sorry for the confusion - I wasn't very clear on my post...
-Josh
-Josh
I want to clarify the stats that I pulled (I had to go back and look at them to confirm for myself...)
The stats on SP/LP were not split out by zip. I pulled comps for a certain price range to look at the relationship b/t LP and SP for that price range across all of San Ramon since April 1.
The year over year data for the 2 San Ramon zips only showed the delta in median sold price.
The stats on SP/LP were not split out by zip. I pulled comps for a certain price range to look at the relationship b/t LP and SP for that price range across all of San Ramon since April 1.
The year over year data for the 2 San Ramon zips only showed the delta in median sold price.
Josh Hohman answered:
Wow, Janice, it is incredible what a difference 10 miles makes - I'm in Lafayette, and it is a different world of real estate a few miles down I-680. I knew Antioch was getting hammered, but I didn't realize it was that bad: "20+ months of unsold inventory and around 30% of owners needing to acomplish a short pay transaction or loose their home to forclosure". I totally agree that under these circumstances, it is better to get help from the professionals and get it quick.
As judged by the plethora of heated emails I’ve received recently, it seems I hit a nerve with my esteemed colleagues in the real estate profession by suggesting that a homeowner can sell a home by themselves and obtain positive results.
The question of whether or not to choose the FSBO route is not as cut and dry as some agents would have consumers think. The people I run into in the San Francisco Bay Area are graduates (and post-graduates) of Berkeley, Stanford, and the like, and I feel confident these individuals (and similar demographics across the country) are literate enough and computer savvy enough to sell their own home with better results than an agent. Historical and current real estate data is easy to find online, as is marketing collateral, marketing strategies, negotiation strategy, etc. Despite what some agents would have you think, selling a home is not rocket science that only seasoned agents are able to navigate.
I've run into more than my fair share of agents that don't do their clients justice for the 3% commission on a 900k house in the San Francisco Bay Area. As such, I would recommend any savvy individual to attempt to sell their property themselves if they are so inclined. I believe part of the problem lives in the misaligned incentives of the agent and seller. Agents care little about the last 20-30k in sales prices - as it has little effect on their commission at the margin. The agent wants the home sold quickly while the seller wants to weigh the risk of prolonged carry costs against the prospect of a higher sales price.
However, I totally agree that not everyone (or even a majority) of people should attempt to sell a home by themselves. Agents serve a valuable purpose to a majority of home buyers and sellers, but it is inaccurate to insinuate that everyone attempting to navigate the home selling process on their own is heading for disaster.
Josh
The question of whether or not to choose the FSBO route is not as cut and dry as some agents would have consumers think. The people I run into in the San Francisco Bay Area are graduates (and post-graduates) of Berkeley, Stanford, and the like, and I feel confident these individuals (and similar demographics across the country) are literate enough and computer savvy enough to sell their own home with better results than an agent. Historical and current real estate data is easy to find online, as is marketing collateral, marketing strategies, negotiation strategy, etc. Despite what some agents would have you think, selling a home is not rocket science that only seasoned agents are able to navigate.
I've run into more than my fair share of agents that don't do their clients justice for the 3% commission on a 900k house in the San Francisco Bay Area. As such, I would recommend any savvy individual to attempt to sell their property themselves if they are so inclined. I believe part of the problem lives in the misaligned incentives of the agent and seller. Agents care little about the last 20-30k in sales prices - as it has little effect on their commission at the margin. The agent wants the home sold quickly while the seller wants to weigh the risk of prolonged carry costs against the prospect of a higher sales price.
However, I totally agree that not everyone (or even a majority) of people should attempt to sell a home by themselves. Agents serve a valuable purpose to a majority of home buyers and sellers, but it is inaccurate to insinuate that everyone attempting to navigate the home selling process on their own is heading for disaster.
Josh
I'm not going to make any friends on this forum with other agents, but I am a real estate broker and Realtor, and I whole-heartedly believe you can and should sell your house by yourself. I have done so in the past, prior to getting my license, and had much success. One caveat is that you should get help if you are not able to generate traffic and offers on your own within the first month or so.
My reasoning is this: 1.) the agent doesn't care too much between selling your house for $250k versus $200k. At the margin, the commission to the agent doesn't change too much, so the agent is mostly concerned with selling fast and moving on the next property. Obviously, this is not always the case, and there are a lot of good agents out there. But the reality is that the barriers to entry in becoming a real estate agent are low, and most agents are not as competent as I would personally like. My blog recently had a post on how to sell without an agent - here is an excerpt from the blog post:
Disclosure: I am a licensed real estate broker and Realtor (though that isn't what I do for a living).
Despite what you've read all over the place (Trulia Voices included), you can sell your home without the help of an agent.
Before I moved to California, and before I got my real estate broker's license, I successfully sold a home in St. Louis without the help of a broker. I read plenty of articles telling me that trying to sell a home without professional help is crazy, and that my house would sit on the market indefinitely until I got smart and crawled back to my agent to bail me out. If you feel confident that you can negotiate well, and are reasonably adept with Google searches and the like, there is no reason you shouldn’t give it a go just like I did – at least for the first few weeks on the market. Here are the steps I recommend:
1.) Bite the bullet and get the house listed on your local MLS. You can usually pay a discount service a fee ($500-800) to get the property listed on MLS. Get the property listed on MLS the cheapest way you can find. If you list on MLS, expect to pay 3% to the agent that brings you a buyer. Unfortunately, Realtors are the gatekeepers to buyers in a lot of areas, so you may, at a minimum, have to pay the buyer's agent, but at least you can save 3% on the selling end of the transaction. You are going to have a hard time avoiding this 3% commission if you want any agent to show your house to potential buyers.
2.) Most buyers start their search for a home on-line, so post a listing wherever you can: Zillow.com is the place to start. Then do a Google search for real estate and start checking out the sites and see where you can post an ad. Don't skimp on this step - make sure you get the word out on the web before you waste time anywhere else.
3.) Get a decent looking sign printed for the front yard, and have professional looking flyers available for people driving by to stop and pick one up. Make sure to by a sign rider than mentions OPEN SUNDAY 1-4. You can buy these at your local Realtor association (even without being a member). Obviously, put your cell phone number prominently on the sign.
4.) Ads in the newspaper may be effective where you live, but they are not the best value in Northern California, and are not really effective at driving traffic out here. This may not be the case at all where you live, so if the cost is not prohibitively expensive, then place an ad.
5.) If you do post an ad in the paper, advertise the OPEN HOUSE dates prominently in the ad.
6.) Hold Open Houses often. Open Houses are not the most effective way to sell a home, but this is your best shot since Brokers cannot just stop by with buyers.
7.) This one is obvious, but answer every call and return every message immediately. Be ready to show the house to buys on extremely short notice.
You can sell the home by yourself if you are focused and diligent. But remember, if the house doesn't sell quickly, then get help before the property sits on the market and becomes 'stale' in the eyes of the buyers. Worst case is that you have to bring an agent on board and you are out 2 weeks of debt service. The upside, in my opinion, is worth the risk so give it a shot. Best of luck to you!
My reasoning is this: 1.) the agent doesn't care too much between selling your house for $250k versus $200k. At the margin, the commission to the agent doesn't change too much, so the agent is mostly concerned with selling fast and moving on the next property. Obviously, this is not always the case, and there are a lot of good agents out there. But the reality is that the barriers to entry in becoming a real estate agent are low, and most agents are not as competent as I would personally like. My blog recently had a post on how to sell without an agent - here is an excerpt from the blog post:
Disclosure: I am a licensed real estate broker and Realtor (though that isn't what I do for a living).
Despite what you've read all over the place (Trulia Voices included), you can sell your home without the help of an agent.
Before I moved to California, and before I got my real estate broker's license, I successfully sold a home in St. Louis without the help of a broker. I read plenty of articles telling me that trying to sell a home without professional help is crazy, and that my house would sit on the market indefinitely until I got smart and crawled back to my agent to bail me out. If you feel confident that you can negotiate well, and are reasonably adept with Google searches and the like, there is no reason you shouldn’t give it a go just like I did – at least for the first few weeks on the market. Here are the steps I recommend:
1.) Bite the bullet and get the house listed on your local MLS. You can usually pay a discount service a fee ($500-800) to get the property listed on MLS. Get the property listed on MLS the cheapest way you can find. If you list on MLS, expect to pay 3% to the agent that brings you a buyer. Unfortunately, Realtors are the gatekeepers to buyers in a lot of areas, so you may, at a minimum, have to pay the buyer's agent, but at least you can save 3% on the selling end of the transaction. You are going to have a hard time avoiding this 3% commission if you want any agent to show your house to potential buyers.
2.) Most buyers start their search for a home on-line, so post a listing wherever you can: Zillow.com is the place to start. Then do a Google search for real estate and start checking out the sites and see where you can post an ad. Don't skimp on this step - make sure you get the word out on the web before you waste time anywhere else.
3.) Get a decent looking sign printed for the front yard, and have professional looking flyers available for people driving by to stop and pick one up. Make sure to by a sign rider than mentions OPEN SUNDAY 1-4. You can buy these at your local Realtor association (even without being a member). Obviously, put your cell phone number prominently on the sign.
4.) Ads in the newspaper may be effective where you live, but they are not the best value in Northern California, and are not really effective at driving traffic out here. This may not be the case at all where you live, so if the cost is not prohibitively expensive, then place an ad.
5.) If you do post an ad in the paper, advertise the OPEN HOUSE dates prominently in the ad.
6.) Hold Open Houses often. Open Houses are not the most effective way to sell a home, but this is your best shot since Brokers cannot just stop by with buyers.
7.) This one is obvious, but answer every call and return every message immediately. Be ready to show the house to buys on extremely short notice.
You can sell the home by yourself if you are focused and diligent. But remember, if the house doesn't sell quickly, then get help before the property sits on the market and becomes 'stale' in the eyes of the buyers. Worst case is that you have to bring an agent on board and you are out 2 weeks of debt service. The upside, in my opinion, is worth the risk so give it a shot. Best of luck to you!
Josh Hohman answered:
Sanjay,
Here are some numers to help you in your quest. I pulled comps for 92 properties that have sold in San Ramon since April 1, 2007. I only pulled comps that sold between $700,000 and $850,000. I'm sure you know that San Ramon varies widely depending on which side of I-680 you are, as well as how far up "the hill" you are - so these numbers don't necessarily mean a lot out of the context of thwe individual properties, but will hopefully give you some idea of what you are dealing with.
The average list price (again, within the range of $700k and $850k) was $788,677, the average sales price was $777,549, for an average price of $11,127 BELOW list (1.41% below list). The most that a home sold ABOVE list was $36,000, and the most BELOW list of $72,500.
Here is some data for June 2007 versus June 2006 for the two San Ramon zips (data courtesey of DQNews.com):
Zip: 94582 (aka "Great" San Ramon zip)
Median Sales Price: 871,500
Change in Median Price: -1.0%
Zip: 94582 (aka "Ok" San Ramon zip)
Median Sales Price: 711,000
Change in Median Price: -11.7%
The discrepancy between the 2 zips is representative of what is happening across Contra Costa county. The higher priced areas are faring well relative to the lower priced areas. The subprime, and larger credit markets, crunch is affecting the poorer areas first but will undoubtedly take a toll on the higher riced market in the months to come. So, what does this mean for negotiating prices? If you are looking in the lower priced areas of San Ramon, now may be the time to buy - as inventory is up and the data is there to support more aggressive negotiating tactics with sellers. If you are looking at the higher priced areas, it make make sense to wait a few months for an even better buyer's market.
I know it is an extreme long-shot, but are you by any chance the Sanjay that works in venture capital in the city?
-Josh
Here are some numers to help you in your quest. I pulled comps for 92 properties that have sold in San Ramon since April 1, 2007. I only pulled comps that sold between $700,000 and $850,000. I'm sure you know that San Ramon varies widely depending on which side of I-680 you are, as well as how far up "the hill" you are - so these numbers don't necessarily mean a lot out of the context of thwe individual properties, but will hopefully give you some idea of what you are dealing with.
The average list price (again, within the range of $700k and $850k) was $788,677, the average sales price was $777,549, for an average price of $11,127 BELOW list (1.41% below list). The most that a home sold ABOVE list was $36,000, and the most BELOW list of $72,500.
Here is some data for June 2007 versus June 2006 for the two San Ramon zips (data courtesey of DQNews.com):
Zip: 94582 (aka "Great" San Ramon zip)
Median Sales Price: 871,500
Change in Median Price: -1.0%
Zip: 94582 (aka "Ok" San Ramon zip)
Median Sales Price: 711,000
Change in Median Price: -11.7%
The discrepancy between the 2 zips is representative of what is happening across Contra Costa county. The higher priced areas are faring well relative to the lower priced areas. The subprime, and larger credit markets, crunch is affecting the poorer areas first but will undoubtedly take a toll on the higher riced market in the months to come. So, what does this mean for negotiating prices? If you are looking in the lower priced areas of San Ramon, now may be the time to buy - as inventory is up and the data is there to support more aggressive negotiating tactics with sellers. If you are looking at the higher priced areas, it make make sense to wait a few months for an even better buyer's market.
I know it is an extreme long-shot, but are you by any chance the Sanjay that works in venture capital in the city?
-Josh
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