Should I Buy A Home That Has A Crack In The Sewer Line? – Erica Tolin
On this episode of The Closing Table, we sat down with Erica Tolin!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Erica Tolin…
The conversation began with Erica introducing herself and sharing the many hats she holds outside of her real estate career. Most importantly, she proudly identifies herself as a mother of two daughters, who occupy the majority of her time when she’s not working. Additionally, Erica leverages her background in theater to teach part-time at Point Park University. In her rare moments of free time, she enjoys reading and watching movies, but she admits to being a perpetually busy individual.
Erica embarked on her real estate journey at the end of 2019, just before the onset of the COVID-19 pandemic. This challenging time brought significant changes to the real estate industry, with a surge in paperwork and a transition towards digital transactions. Despite these hurdles, Erica adapted and found her stride in the business during the summer of 2020. Her specialty lies in residential real estate, a domain close to her heart. She derives immense satisfaction from helping people find their homes, be it their dream home or a starter home that marks the beginning of building equity. Erica focuses on first-time homebuyers and single individuals, with a particular passion for aiding single women in their quest to own homes.
Erica’s journey in real estate has been marked by notable accomplishments, including her ability to thrive in the ever-evolving landscape of the industry. Her enthusiasm for her home city, Pittsburgh, is evident. Having moved there at the age of six, she proudly claims the title of a lifelong Pittsburgher. Pittsburgh’s heart lies in its downtown area, where the convergence of three rivers defines the city. Known for its strong sports culture, Pittsburgh boasts excellent museums, cultural venues, and educational opportunities. In terms of the real estate market, the city has seen significant activity.
The average sales price in recent months hovers around $342,000, remaining below the national average. The median sale price, on the other hand, stands at $227,000. Properties spend an average of 40 days on the market, reflecting a 14% decrease compared to the previous year. Despite varying trends, increased inventory, and slightly longer days on the market, the average sales price has experienced a noticeable upward trajectory across the board.
Erica believes that the Pittsburgh housing market has shown resilience despite the fluctuations in the overall real estate market. She attributes this to Pittsburgh’s unique demographic composition. Traditionally, the city has had a higher percentage of older residents. However, in recent years, Pittsburgh has experienced a surge in tech industry growth, drawing in a younger population. While this influx of younger residents has injected fresh energy into the community, many long-time residents are rightsizing or downsizing their homes. This trend contributes to Pittsburgh being perceived as a city that’s somewhat “ten years behind.” Erica acknowledges that there’s some truth to this perception, as Pittsburgh tends to prioritize practicality over trendiness. The local mindset leans toward what will work in the long term, rather than following fleeting fashion trends.
Erica once stumbled upon a client in the most unexpected of places – a dating app, Bumble, to be precise. A few years ago, during the early stages of the pandemic, she decided to explore the world of online dating. It turned out to be a fruitful endeavor in more ways than one. As she conversed with potential matches, the topic of her profession as a realtor naturally came up. To her surprise, nearly everyone she spoke to expressed an interest in buying a house. However, one gentleman stood out from the rest. They not only connected romantically but also found common ground in the real estate market. The relationship flourished, and together, they decided to buy a house. Remarkably, they are still together, and their journey from a dating app conversation to homeowners has been a unique and rewarding experience.
During the summer (May-July), Erica shared market insights for Brookline, PA: $229K average price, 30 days average days on market, 1 month supply of inventory. Erica then provides an update on the market in Brookline, a borough of Pittsburgh. During the summer, the average price for homes in Brookline stood at $229,000, with an average of 30 days on the market and a one-month supply of inventory. Since then, there have been notable changes in the market dynamics. The average price has seen a slight increase, now standing at $232,000. The days on market have notably decreased to 23 days. The supply of inventory has also grown, now at four and a half months. While Brookline remains a seller’s market, there is a noticeable increase in available inventory.
Following that, Erica reflects on a significant obstacle she encountered during a real estate transaction in 2021. The challenge revolved around a listing in a highly desirable area. While the house’s location was appealing, it required updates and was outdated. Despite these shortcomings, an offer was made on the property. However, during the inspection, a myriad of issues with the sewer system came to light. From sewer problems to unexpected complications related to previous bathroom renovations, the situation seemed complicated.
Luckily, the buyers’ agent played a crucial role in facilitating the process. The sewer was discovered to be infested with roots and had a crack right before the main, which was the homeowner’s responsibility to address. Consequently, numerous adjustments had to be made in the paperwork to accommodate these unexpected challenges.
Despite the setbacks, Erica’s client remained committed to the property, and the deal eventually went through. Erica emphasizes the importance of effective collaboration between agents, as it can help smooth out such complicated situations and make transactions work even in the face of unforeseen obstacles.
Next, Erica underscores the significance of being the first to place an offer on a listing, as it often signifies the buyer’s seriousness and commitment. She recalls a situation a few years ago when she represented a client interested in a home that had just hit the market. They were quick to view the property, liked it, and promptly submitted an offer, even going as far as offering 10% more to demonstrate their eagerness. This swift action and willingness to offer more clearly conveyed the client’s strong desire to secure the property, and their offer was accepted, leading to the cancellation of other showings. Erica believes in the power of being the first to act, as it demonstrates the buyer’s genuine interest.
In another instance, Erica’s offer was not the first on a property in a highly competitive market. The property generated intense interest, and the seller called for a “highest and best” offer situation. Erica’s client, a cash buyer, presented a compelling offer. However, what made the difference was the client’s willingness to handle any belongings left in the house. This unique offer stood out and ultimately secured the deal. Erica emphasizes the importance of open communication with the listing agent throughout the process, demonstrating genuine interest and willingness to accommodate the seller’s needs, which can make an offer stand out in a competitive environment.
When asked about the weirdest thing she’s seen at a property, Erica recalls a rather surprising incident during a property showing. She was visiting a modest ranch-style house in a nice neighborhood, priced at around $200,000 and consisting of three bedrooms. As they explored the house, including the rooms, their journey took an unexpected turn when they entered the garage. To her amazement, they discovered a Lamborghini parked inside. Not being a car enthusiast, Erica couldn’t discern whether it was a special or unique Lamborghini, but the presence of such a high-end sports car in an otherwise unassuming property was the last thing she expected to encounter.
South Hills is renowned for its educational institutions. Erica acknowledges the importance of proximity to schools, colleges, and universities in South Hills and its impact on property values. She has observed that neighborhoods with good schools experience an increase in property values and heightened competition among buyers. In Pittsburgh, known for its family-friendly culture, homes in areas with excellent public schools are particularly sought after. Additionally, the presence of colleges and universities in the region tends to attract investors, contributing to the local real estate landscape.
The conversation concluded with Erica sharing what approach she would take in owning a home knowing and using today’s resources. She is passionate about helping others achieve their dream of homeownership. Erica emphasizes the importance of boosting one’s credit score as a crucial first step. She suggests finding a realtor who can connect you with a reputable lender to assess your financial situation, offer guidance on improving your finances, and present various programs, especially those tailored to first-time homebuyers.
In cases where a lender might suggest that you can’t purchase a home at the moment or require a significant down payment, Erica recommends exploring “house hacking.” This strategy involves purchasing a duplex, living in one half, and renting out the other to cover the mortgage while building equity. Erica underscores that, unless you receive a home as a gift or buy one outright with cash, homeownership typically involves some degree of liability.
She also highlights that homeownership is not for everyone, and renting has its merits, especially if you anticipate moving soon, have financial constraints, or feel intimidated by home improvement projects. However, for those who aspire to own a home, Erica assures them that there is a viable path. She suggests looking for properties with “good bones” that may not be fully updated but offer substantial potential for improvement and can be purchased at a reasonable price. Erica stresses that your first home doesn’t have to be your forever home, allowing for flexibility in the homeownership journey.
Check out Erica Tolin:
Facebook: https://www.facebook.com/erica.highberg
Facebook Business Page: https://www.facebook.com/EricaTolinREALTOR
Instagram: https://www.instagram.com/erica_tolin_realtor
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