Tips to help you buy your dream home contingent on selling your old house.

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Today, I’m here to address the issue of buying a new home at the same time as selling your current one. If this is something you want to do, you most likely know that this can be a very bumpy process. Most people don’t have the money for two mortgages at the same time, so they decide to submit an offer that’s contingent on the sale of their current home. However, how do you make a contingent offer stand out and get accepted? There are three avenues you can try:

1. Make your offer more competitive. Your agent can help you figure out how to make this work for you, but you can try things like shortening the inspection period, giving the seller a rentback period, or giving them something else they want. The terms can make your offer more attractive to the seller.

2. Offer a higher price. This is an obvious option, but if you don’t want to do this financially, you can also offer more money in your earnest money deposit. When a seller is looking at offers, they look at the purchase price and how likely the offer is to close. Therefore, anything you can do to show your commitment will help your chances.

3. Use a bridge loan. Some companies will offer you money upfront to pay back your loan in a certain amount of time. This varies depending on which company you go to, so talk to your lender about your options. Still, this could truly help your chances and increase your options.

Overall, know that I highly recommend working with a real estate professional who has the experience to guide you through this process, especially if you’re feeling uncertain. They can make things a lot smoother and help you understand the risks and the pitfalls. Then you can know exactly what you'll go through each step of the process.

If you want help with this process or have any questions about your specific situation, please feel free to reach out to me. You can call or email me anytime, and I would be happy to help you.

The latest real estate news and data for our local housing market.

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As we head into May, it's a good time to take a look at what's going on in the real estate market. There are a few important factors to keep in mind if you're thinking of buying or selling a home.

First and foremost, let's talk about interest rates. Interest rates have been a big topic of discussion over the past year, as they were a key factor in the drop in home prices. The national average interest rate from Freddie Mac has been hovering just below 6.5%. This is something to keep in mind, as it will have an impact on the demand for homes.

On the other side of the equation is inventory. In King and Snohomish County, we saw a decrease in inventory last month. This is unusual for this time of year, as we typically see inventory building up until the summer, before it starts to come down again in the fall and winter. This slight decrease in inventory could lead to increased competition among buyers, which could drive prices up.

Days on the market is another important factor to consider. Currently, the average days on the market in King and Snohomish County is around 28 and 25 days, respectively. This means that homes are selling relatively quickly in these areas. If you're a seller, this could be good news, as it means you may be able to sell your home faster than you would have in the past.

If you're thinking of buying or selling a home in the current market, it's important to keep these factors in mind. Of course, every situation is unique, so it's always a good idea to speak with a real estate professional. Don't hesitate to reach out by phone or email if you have any questions or would like to discuss your situation in more detail. I’m always here to help.

The three areas that inspectors typically check during home inspections.

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A home inspection is a crucial part of the home-buying process, and it's something that both buyers and sellers need to take seriously. A home inspector is tasked with investigating every nook and cranny of the property, from the foundation to the roof, to find issues that might affect the property's value or could cost a lot of money in the future. Today, I’m sharing the three key areas that home inspectors focus on during an inspection:

1. The roof. This is one of the most critical parts of a home, and if it needs to be replaced, that can get very expensive. Inspectors check the roof for signs of damage and look for water damage inside the attic. They also check the insulation and skylights to ensure everything looks good.

2. The foundation. In Washington, most homes are built on crawl spaces, which means inspectors need to get underneath the house to check for moisture or signs of rodent activity. They also check the foundation for cracks that indicate loss of structural integrity.

3. The machinery. Inspectors will examine the machinery of the home, including appliances, electrical work, and plumbing. They check the electrical systems to make sure they're updated to the latest code, and inspect the plumbing for signs of leaks. They also test each appliance to make sure it’s in working condition, check the HVAC system to see when it was last serviced, and look into the age of the water heater.

All of these checks aim to ensure that you are aware of any expenses you may incur when purchasing or selling a home. By providing you with as much information as possible, the inspector can put you in the best position to make decisions about how to move forward.

This step is unique and depends on the house you're looking at. If you want more information or have any questions about real estate, please feel free to reach out to me. You can call or email me anytime, and I would be happy to hear from you. 

Information about appraisals that will help prepare sellers.

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What should sellers know about appraisals? An appraisal is an expert opinion of the value of a property. An appraiser will come to your house and estimate how much the property is worth, usually on behalf of a bank, and it can significantly impact the buying or selling process.

During a residential property appraisal, the appraiser will find comparable sales of similar properties sold within the past three to six months as close to the subject property as possible. They will also consider other characteristics of the house, such as its size and type, to find the most comparable properties. The appraiser will then take note of any differences that could affect the home's value, such as an extra garage or a different condition.

The appraiser will use this analysis to determine the property's value, which can impact the purchase or sale of the home if it differs from the actual purchase price. This affects buyers and sellers differently, as a gap between the appraised value and purchase price means someone will have to make up the difference. An experienced agent can handle this situation, and sometimes a low appraisal can benefit a buyer if handled correctly.

As a seller, you can negotiate for buyers to have a contingency in place to protect you if the appraisal comes back low. As a buyer, this kind of clause can make your offer stronger to potential sellers. Ultimately, it comes down to your specific situation and property. 

Appraisals can be a confusing part of the process for many people, so don’t hesitate to ask me any questions that you have. Call or email me anytime; I am here to be your real estate resource. I look forward to helping you through the selling process.

Three factors buyers and sellers need to know about in our housing market.

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How is the housing market changing as we approach March? There are three factors that I'm monitoring to gain insights into what the market is doing this spring. Typically, the market grows during this season, so I’m keeping a special eye on predictive growth indicators.

The first factor is the number of new listings entering the market. In both King and Snohomish Counties, there are significantly more new listings, and they’re up about 80% from December for both January and February. However, this has not resulted in more inventory, as the new listings are also being absorbed by the demand in the market. This is a positive indicator of where the market is going. 

The second factor is the number of homes for sale, which has continued to fall in King and Snohomish Counties by 10% and 15%, respectively. As a result, there is a very tight inventory, which means prices are likely to continue to rise.

However, the Federal Reserve’s interest rate recently rose to around 6.65% (the highest since November of last year), pushing against this trend. While it may bring down demand, it has not yet slowed the market.

Finally, King County has seen a small bounce back, with prices up by an average of 3% this month. While Snohomish County has been trending down recently, I think it is very likely to grow with King County as the market heats up. 

It's uncertain what this year will bring for buyers and sellers, as interest rates are rising and there's still much uncertainty about the future. The truth is that it depends on individual goals and what each person is trying to accomplish. If you're a buyer, it may be best to act quickly to avoid future uncertainty. If you're a seller, now may be the time to sell to maximize profits. If you want help with this or have any questions, please call or email me. I am always willing to help!

Three things you should do to successfully sell a fixer-upper.

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The selling process is already difficult enough, but when you add noticeable problems with the property into the equation, it can make the home sale even more complicated. Inventory is now increasing, and buyers have more options to choose from. Your home, which needs repairs, won’t likely be their first choice, and those who are interested in purchasing may make an offer that’s less than what you wanted to sell it for.

Selling a house with major issues takes a lot of work, and there’s never enough time to do it. The longer the home stays with you, the more expensive the costs of repairs and maintenance will be. If you don’t act soon, that property could end up becoming a liability. Fortunately, there are ways to reach the closing table and make a profit. To sell a fixer-upper, here are three things you should do:

1. Get a home inspection. You know the property is in a bad shape, but you’re not exactly sure to what extent. This is where a professional can help. A home inspector will locate the problems and give you a complete rundown of them. Once you’ve identified what has to be fixed, you can evaluate whether you can afford the repairs and replacements, or if you’ll just sell as-is. Also, remember that disclosing the issues of your home to would-be buyers is required by the law. You want to be as transparent as possible to avoid any legal repercussions later.

2. Consider selling to an investor or a bargain hunter. The worse the home’s condition is, the bigger the pool of investment buyers will be. Real estate investors don’t want to live in that house. They want to repair and upgrade it so they can sell and earn a profit. Typically, they will pay with cash and will buy the home as-is. Bargain hunters, on the other hand, are in search of their dream homes. They are willing to put in the elbow grease needed to make a property livable and will overlook a few flaws, as long as they love the location.

3. Be realistic with your price. Whatever market we’re in, pricing your home correctly will always be critical. This is especially true for homes that are not in the best condition. You have to set a reasonable price, one that is based on research and makes sense for the market. The best way to do this is by working with a real estate professional. An experienced agent can use their resources and connections to ensure that you get the best possible deal for your sale. 

It’s possible to sell a home that requires work. If you follow these tips, you will confidently get to closing. For more tips on how to successfully sell a fixer-upper, call or email me. I’m happy to be your real estate consultant!

These two developments signal a very healthy real estate market.

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Today I want to update you on what's happening in the market as we start the year 2023.

First, let's talk about interest rates since they're probably the most important factor in our market. We just got positive news from the Federal Reserve when they made their announcement—It really met the market's expectations, which is always good news. That means the interest rate will hopefully continue to come down a little bit, which is very good for the real estate market. Now we're sitting at just over 6%, which is as low as it has been since around October or maybe September.

This is excellent news because that means we'll likely see an increase in demand as affordability gets better; there will be more buyers coming back to the market. As I mentioned, people will also feel more comfortable because things meet their expectations. People will be more likely to buy, which means more demand. Sellers, this is good news for you. Buyers, this means it may get a little more competitive, but it's still not what we saw in early 2022 or 2021. It's not quite back to that market yet. So good news all around, we're entering a very healthy market, and I'm excited about it.

The second factor we're looking at is housing supply. Now in King and Sonoma County, the inventory has continued to fall. This follows the normal seasonal trajectory, where inventory comes down in the winter and goes up through the spring in the summer. I expect maybe another month of that coming down. So there is a lot of scarcity in the market, but then in March or April, we should see increases happen pretty quickly in the number of homes on the market. For sellers, that means that there's not a lot of competition out there, but demand hasn't come back yet. It's a give-and-take. If you wait until spring or summer, there may also be more competition and more buyers. That being said, on the buyer side, there are not a lot of choices right now, but the other buyers haven't quite come back. There may be opportunities to get houses before there are more multiple-offer situations. However, I am starting to see those a little bit more often, and it's still an excellent opportunity to get something before that competition starts to pick up and at a very good interest rate.

Of course, these are just a few factors that will affect the market. So if you want to talk about the specifics of your situation or area, give me a call or send an email. I’d love to connect with you.

These are the two main ways you can sell your home as fast as possible.

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Do you need to sell your home ASAP? There are plenty of reasons why a homeowner might need to sell their home immediately, whether they changed jobs, need their equity, or just want to skip the hassle of a sale. Whatever your reason is, what can you do to spend as little time selling your house as possible?

Home sellers who need to move quickly have two main options: using an all-cash offer program or listing with an agent who knows how to sell fast.

All-cash offer programs have no strings attached; they’ll take your home off your hands before you can blink. You don’t have to worry about long waiting periods, inspections, showings, appraisals, or anything else that might gum up a sale. Around 87% of buyers finance their home purchases, and while there’s nothing wrong with that, it leaves a lot of room for things to go wrong. An all-cash offer lets you skip the hassle entirely.

However, there are some cons to all-cash offers. Most of these offers come from investors, which means they’re trying to make a profit from your property. They likely won’t offer you full market value for your home; in fact, they may try to flip it as soon as you close. All-cash offers are as convenient as it gets—unfortunately, you may have to pay for that convenience in the final sales price.

If you need to sell quickly but want to receive the most money possible, working with an experienced real estate professional is your best bet. They know tons of tricks to help you sell as fast as possible with the least amount of work. While your sale might not be as fast as using a cash-offer program, many sellers are surprised by how quickly they can sell if they use the right strategy.

For example, one of the best ways to sell your home fast on the open market is to price it competitively. That means your agent might suggest pricing your property slightly below market value. It may sound odd, but the attractive price point will bring in lots of buyers, which will increase competition and naturally drive up the price. Plus, you’ll be more likely to receive a cash offer.

Your agent might also suggest cleaning, decluttering, and depersonalizing. The easier it is for buyers to picture themselves living in your home, the faster it will sell. Similarly, curb appeal is crucial. First impressions matter, so if you tidy up your yard, you’ll receive a better deal. Finally, buyers love financial incentives. Offering to help pay closing costs or a transferable home warranty could convince a buyer to close as soon as possible.

Whichever route is best for you, I would love to help. Just call or email me with any questions. I look forward to hearing from you!

How to calculate the amount of money you’ll keep after your home sale.

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The market has been changing lately, and many people have been wondering if it’s a good time to sell their homes. If that is you, one factor that will help you make that decision is knowing how much money you’ll get to keep after you sell. Too many people oversimplify this estimate and end up disappointed. I want to help you avoid that.

Start by using a home value estimate calculator. You can access mine here. This is a free tool that shows you an estimate of how much your home is worth. This is not a guarantee, so know that numbers will fluctuate. However, this will at least help you get a good ballpark figure to start with. 

After that, figuring out how much of the money from your home sale that you’ll get to keep is about more than just subtracting your remaining mortgage loan balance from the sales price. Many homeowners have unrealistic expectations because they don’t know how to calculate their net proceeds. That is the amount of money you receive from selling a home, after the expenses. It’s crucial to factor in the expenses of a home sale.

Here is an important calculation to use: take your home’s estimated sale price, then subtract the balance of your remaining mortgage loan, then subtract expenses—that’s how much money you’ll get to keep when selling your home.

Some common expenses that come with a home sale include staging costs, closing costs, title fees, attorney fees, transfer taxes, remaining bills, and moving costs. It adds up! That’s why it is very important to take them into account when calculating the amount of money you expect to keep after your sale.

However, know that there are ways to reduce those expenses. If you’re handy, you can DIY projects when possible. You could consider cost-effective staging, and get a professional opinion on what changes will actually make a difference in your final sales price. Lastly, it will benefit you to have help from an agent that is an experienced professional. Having a good agent will help you sell your home for the most money possible and greatly increase your net proceeds. 

I want you to be able to keep a lot of money after selling your home. If you want my help with selling, or if you have any questions, don’t hesitate to reach out! I look forward to hearing from you.

Crucial stats about where the housing market is trending in 2023. 

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Happy Holidays and Happy New Year! We are already at the last video of the year, which is crazy. For this last installment, I will update you all on what the market is doing as the year comes to a close.

To start, interest rates have been steadily declining from the peak in November of about 7%. Today, the rate for the national average is down to about 6.3%. I will keep an eye on where that number goes as we enter the coming year. 

Another thing that I've been following closely is inventory, which is about three times what it was this time last year. Therefore, buyers have a lot more options and things are a bit more competitive for sellers. That being said, inventory is still relatively low, and if rates continue to fall, there's going to be a lot of demand.

The third point that has changed recently is the average number of days that a property will stay on the market, which continues to climb. At the beginning of this year, that statistic was sitting at about one week, but the average days on market is now 30 to 35 days in our area. Therefore, transactions are taking a bit longer, and expectations need to continue to adjust to that.

Overall, the market is in a much healthier place. Things are down from the peak that came earlier this year, but that’s good news for the market. Now buyers don't have to waive all of their inspections and things that protect them from potentially large expenses when they first move into a house. At the same time, sellers are still getting very good prices for their homes.

If interest rates continue to decrease, the market may make some gains in the spring, and I will keep an eye on that. Still, as 2022 comes to a close, the market is looking very good.

Real estate is a very localized industry, and things are different from one neighborhood to the next, so feel free to reach out if you'd like to discuss your specific situation. Call or email anytime. Also, 2022 has been a great year, and I greatly appreciate your support in making that happen! I wish you a great holiday season and a happy New Year.