Is this a good time to buy real estate? YES if it’s the right time for you!! All opinions expressed are my own, not of Windermere Real Estate.
Sellers do not like offers with Inspection Contingencies in a strong Sellers’ Market! All opinions expressed are my own, not of Windermere Real Estate.
Buyers tips! See the homes right after they come on the market and if the seller has not provided an inspection, then have either a walk through inspection or a full inspection. All opinions expressed are my own, not of Windermere Real Estate.
I encourage my buyers to look at homes that have been on the market for more than 10 days, so their odds increase that the seller may offer some concessions, like paying for a 2/1 buydown toward their intersst rates for the first 2 years. The lender sets up an account for the funds for the 2/1 buydown. So if you get a 7% interest rate, the first year your payment would be based on 5% with the lender paying the difference with the fund set up for you for the first year. The second year you make your payment based on a 6% interest rate. All opinions expressed are my own, not of Windermere Real Estate.
To help you achieve success when submitting offers on homes where the seller has chosen to set Offer Review Dates, consider implementing the following Strategic Tips:
Obtain a Fully Underwritten Loan Approval: Partner with a lender who offers Fully Underwritten Loan Approvals (it’s the next best thing to a Cash Offer). This approval means the underwriter has given complete loan approval pending Address verification, Homeowners Insurance, and clear Title, boosting your credibility as a buyer.
Conduct Your Own Inspection: If the seller has not provided an Inspection Report, consider having your own inspection before submitting an offer. This will allow you to confidently waive the Inspection Contingency if the home is deemed sound, making your offer more competitive.
Review Available Documentation: If possible, review essential documents such as Home Owners Association docs, Form 17 (Sellers’ Disclosure), and Preliminary Title in advance. Familiarizing yourself with these details can enable you to waive those contingencies, strengthening your offer.
Importance of Earnest Money: A substantial EM showcases your commitment and seriousness as a buyer. If you include contingencies in your offer and legally exit the contract, you will get your EM back. In WA State, the Earnest Money goes towards your downpayment and closing costs.
Consider an Escalation Clause: Utilize an Escalation Clause to outbid competing offers effectively. This clause allows you to begin your offer at the asking price and incrementally increase your bid up to the maximum amount you are comfortable paying for the property. This addendum compels the Listing Agent to provide us with a copy of the competing offer that drove your bid over the asking price.
Additional Down Addendum: If financially feasible, consider using an Additional Down Addendum. This addendum enables you to contribute extra downpayment in case of a low appraisal. It provides security to the seller in case the appraisal comes in below the final purchase price.
Cautionary Advice: While exploring strategies for success, it is essential not to waive financing or forgo a home inspection.
Incorporating these strategies into your offer will position you as a strong contender in the King County real estate market. Remember, I am here to guide and support you throughout this exciting journey. Feel free to reach out to me for any questions or assistance; together, we will achieve your real estate goals. All opinions expressed are my own, not of Windermere Real Estate #realestate
Yes! This is a great time to purchase a home if it’s the right time for you! All opinions expressed are my own, not of Windermere Real Estate
New listings coming on the market in King, Snohomish & Pierce Counties are at all time lows (at least from 2006 when the data was tracked by Showing Time). All opinions expressed are my own, not of Windermere Real Estate #realestate
How to WIN when you are competing with other buyers when trying to buy a home! Buyers, get Fully Underwritten with your lender! Super important! All opinions expressed are my own, not of Windermere Real Estate
Wishing we had crystal balls so we could know where interest rates are headed! You can see the skepticism on my face as Dan suggests interest rates could come down🤣 Cause if they continue to go up, real estate prices will start to come down! I’ve already seen a softening in the data reflected over the past 5-6 Weeks or so.. All opinions expressed are my own, not of Windermere Real Estate
The main reason you should have an inspection is to have an experienced Licensed Inspector look in those areas that can’t be accessed by a normal tour of a home (ie.. the crawlspace and the attic). They will determine if there is any organic growth on the sheathing or if there are any roof leaks by going through the attic. They will also make sure all of the vents for the laundry, bathrooms, and kitchen exhaust fans are vented through the roof and not just into the attic. The inspector will also go into the crawl space to check for structural integrity, plumbing leaks, organic growth from excess moisture, rodent activity, presence of a vapor barrier and to look for any standing water. Inspectors are worth their weight in gold when it comes to purchasing a home. Even new construction should be inspected.. things get missed! All opinions expressed are my own, not of Windermere Real Estate.
I want to talk a little bit about inspections and why you should have one when you purchase a home or condo. Let’s start with definitions:
Pre-Inspection – An inspection conducted at Buyer’s expense prior to making an offer
“Routine” Inspection (by Inspection Contingency as part of an Offer) – An inspection conducted at Buyer’s expense after the Offer has been accepted by the Seller (Mutual Acceptance). Buyers can get out of the contract under the Inspection Contingency for any reason whatsoever (hence Get-out-of-jail-free Card). Sellers do not like Inspection Contingencies for that reason.
Seller-Procured Inspection – An inspection was conducted at Sellers expense prior to putting the home on the market and Provided to Buyers before they submit their offers
If we are in a marketplace where multiple Offers are the norm, like we are right now, then it is particularly helpful if the sellers’ provide a Seller-procured Inspection Report to the potential Buyers prior to the Offer Review Date. It gives the Buyers a chance to see if the home is in good enough condition that they could write an offer waiving the Inspection.
If no Seller-Procured Inspection is provided, then the best option for the Buyer is to have a Pre-Inspection conducted. You can choose to have the inspector conduct the inspection and then provide you with a full written report within 24 hours (at a cost of approximately $500-600) OR.. you can ask for a Walk Through Inspection for which the Inspector will take photographs and verbally go over the items of concern (and email you all of the photos for reference at an approximate cost of $275-350).
In the scenario where the home has been on the market for greater than 7 to 10 days or you are the only buyer making an offer on a particular property, you could anticipate the seller will likely accept an offer with an Inspection Contingency.
The main reason you should have an inspection is to have an experienced Licensed Inspector look in those areas that can’t be accessed by a normal tour of a home (ie.. the crawlspace and the attic). They will determine if there is any organic growth on the sheathing or if there are any roof leaks by going through the attic. They will also make sure all of the vents for the laundry, bathrooms, and kitchen exhaust fans are vented through the roof and not just into the attic. The inspector will also go into the crawl space to check for structural integrity, plumbing leaks, organic growth from excess moisture, rodent activity, presence of a vapor barrier and to look for any standing water. Inspectors are worth their weight in gold when it comes to purchasing a home. All opinions expressed are my own, not of Windermere Real Estate
I want to talk a little bit about inspections and why you should have one when you purchase a home or condo. Let’s start with definitions:
Pre-Inspection – An inspection conducted at Buyer’s expense prior to making an offer
“Routine” Inspection (by Inspection Contingency as part of an Offer) – An inspection conducted at Buyer’s expense after the Offer has been accepted by the Seller (Mutual Acceptance). Buyers can get out of the contract under the Inspection Contingency for any reason whatsoever (hence Get-out-of-jail-free Card). Sellers do not like Inspection Contingencies for that reason.
Seller-Procured Inspection – An inspection was conducted at Sellers expense prior to putting the home on the market and Provided to Buyers before they submit their offers
If we are in a marketplace where multiple Offers are the norm, like we are right now, then it is particularly helpful if the sellers’ provide a Seller-procured Inspection Report to the potential Buyers prior to the Offer Review Date. It gives the Buyers a chance to see if the home is in good enough condition that they could write an offer waiving the Inspection.
If no Seller-Procured Inspection is provided, then the best option for the Buyer is to have a Pre-Inspection conducted. You can choose to have the inspector conduct the inspection and then provide you with a full written report within 24 hours (at a cost of approximately $500-600) OR.. you can ask for a Walk Through Inspection for which the Inspector will take photographs and verbally go over the items of concern (and email you all of the photos for reference at an approximate cost of $275-350).
In the scenario where the home has been on the market for greater than 7 to 10 days or you are the only buyer making an offer on a particular property, you could anticipate the seller will likely accept an offer with an Inspection Contingency.
The main reason you should have an inspection is to have an experienced Licensed Inspector look in those areas that can’t be accessed by a normal tour of a home (ie.. the crawlspace and the attic). They will determine if there is any organic growth on the sheathing or if there are any roof leaks by going through the attic. They will also make sure all of the vents for the laundry, bathrooms, and kitchen exhaust fans are vented through the roof and not just into the attic. The inspector will also go into the crawl space to check for structural integrity, plumbing leaks, organic growth from excess moisture, rodent activity, presence of a vapor barrier and to look for any standing water. Inspectors are worth their weight in gold when it comes to purchasing a home.
Let me share a story from last weekend when my clients stumbled upon a charming split-level home in South Snohomish County. They were immediately drawn to the beautifully remodeled kitchen and baths. The sellers had set an Offer Review Date for Tuesday at 2pm. The sellers provided a Sellers Disclosure (Form 17) and a Seller-Procured Inspection Report. However, there was no sewer-scope report available, and considering the age and location of the home, it seemed wise to have the sewer scoped. After careful consideration, my clients decided to submit an offer that was 5% below the asking price and requested an inspection specifically for the sewer.
Just before 2pm on Tuesday, I reached out to the listing agent. It turned out there was one other offer on the table, and it was “at least full price”. Unfortunately, the seller accepted the other offer, which means my clients will have to resume their house-hunting journey.
King County Real Estate Market Update Sept 12, 2023 & New Construction Pricing Trends & Incredible Financing Programs!
As your experienced real estate broker in Woodinville, I am excited to provide you with a comprehensive update on the current state of the King County real estate market. Whether you’re considering buying, selling or simply staying informed about local market trends, this update aims to shed light on the tenor of the real estate market.
King County Market Update Sept 12, 2023
Months Supply of Inventory: Over the past few months, we’ve observed a gradual increase in the Months Supply of Inventory, which has now reached 1.3 months. This metric indicates the theoretical time it would take to exhaust the existing inventory of homes if no new properties were listed. While this increase suggests a slightly more balanced market, it’s important to note that King County remains in a seller’s market overall.
Seller Strategies: Offer Review Dates: 27% of King County sellers implemented Offer Review Dates in the previous week. This strategy allows sellers to potentially receive more than 1 offer, creating competition among buyers. By setting an Offer Review Date, sellers can potentially maximize their home’s value and get better terms.
A good Percentage of Home Sellers Continue to Get Under Contract Quickly: The pace of home sales continues to be fairly brisk, with 34% of sellers securing contracts within 7 days or less.Additionally, 51% of sellers successfully secured contracts within 14 days of listing their homes.
Some builders have started reducing prices significantly in Snohomish and King Counties! And are offering crazy financing programs including 2/1 buydowns and one builder is offering 4.75% 10/1 Arm – that’s a fixed rate for 10 years at 4.75%.. WOW is all I can say!! That’s amazing!
All opinions expressed are my own, not of Windermere Real Estate.
Timing the real estate market in Western Washington, as of 2023, is a topic of great interest to both buyers and sellers. As an experienced real estate agent, I’ll explain how timing can impact your decisions:
For Buyers:
1. Market Conditions Matter: The timing of your purchase can significantly affect your buying power. In a seller’s market, which has been prevalent in Western WA in recent years, there’s often strong demand and limited inventory. This can lead to higher prices and more competition among buyers.
2. Interest Rates: Keep an eye on interest rates. They play a crucial role in your affordability. Lower interest rates can make homes more accessible, while higher rates can increase your monthly mortgage payments.
3. Seasonal Patterns: The Western WA real estate market experiences seasonal fluctuations. Spring and summer tend to be more active, with more listings, but also more competition. Fall and winter may have fewer options, but sellers might be more motivated.
4. Long-Term vs. Short-Term: Consider your long-term goals. If you plan to stay in your home for many years, market timing might be less critical. However, if you’re looking for short-term gains, timing becomes more important.
5. Consult with a Realtor: To navigate the timing aspect effectively, work closely with an experienced realtor who understands the local market trends and can provide guidance based on your specific goals and circumstances.
For Sellers:
1. Market Conditions: Understanding the current market conditions is crucial. In a seller’s market, you might have the upper hand with higher prices and faster sales. In a buyer’s market, you may need to be more competitive with your pricing and property presentation.
2. Seasonal Selling: Timing can be essential when listing your home. Spring and summer are often favorable for sellers due to increased buyer activity. However, with the right strategy and presentation, homes can sell successfully year-round.
3. Local Factors: Western WA is diverse, and market conditions can vary from one neighborhood to another. Consult with a local realtor who has expertise in your specific area for the best timing advice.
4. Home Condition: The condition of your home plays a significant role in timing. It’s essential to prepare your home for sale, addressing any necessary repairs or upgrades to maximize its appeal to buyers.
5. Pricing Strategy: Work with your realtor to set a competitive and realistic price for your home. Overpricing can lead to a longer time on the market, while underpricing can leave money on the table.
6. Flexibility: Be prepared to adjust your timing based on market feedback. If your home isn’t generating interest, consider reevaluating your strategy.
In conclusion, timing the real estate market in Western Washington involves a careful consideration of various factors, including market conditions, interest rates, and your personal goals. It’s essential to work with an experienced real estate agent who can provide you with valuable insights and help you make informed decisions based on the current market dynamics. All opinions expressed are my own, not of Windermere Real Estate.
Always have the sewer scoped, if the home is older than 20-25 years, before purchasing that home. They run about $250-$500 and a lot of the Home Inspectors are capable of Scoping the sewer as well. All opinions expressed are my own, not of Windermere Real Estate.
How do things normally shake out this time of year in real estate? All opinions expressed are my own, not of Windermere Real Estate.
Real estate market in King County. Over the past six weeks, we have witnessed a gradual slowdown. The Months’ Supply of Inventory (MSI) has experienced a significant increase from 0.9 to 1.2 months. Other data seems to support the idea that the Tide has turned in King County.
From July 2nd to July 8th, 49% of sellers got under contract within the first 7 days on the market. This is a notable decline compared to late April, where 63% of sellers found buyers within that timeframe. Similarly, the percentage of sellers getting under contract within 14 days dropped to 54% (down from 68% in late April). Could this be a typical summer slowdown due to an increase in “summer listings” leading to higher inventory and MSI?
Interestingly, the number of homes for sale in King County has plummeted by a staggering 51% when compared to June 2022. New listings have also taken a hit, declining by 42% compared to last year. Moreover, closed sales have seen a dip of 35% in the same comparison. These trends can be attributed to consumers’ response to higher interest rates. The end result is there are fewer homes available for sale!
With the increased rates and current home values appreciating by 43% since June 2018, fewer individuals can afford to purchase homes.
So we have a scenario where there are both fewer homes on the market and less buyers… but enough buyers to sustain these elevated housing prices even at the higher interest rates!
Additionally, the overall shortage of inventory in Washington State, with approximately 250,000 housing units lacking, is likely to prevent significant long-term declines in housing prices. However, it is possible to witness a customary softening in late summer and fall, with a potential resurgence in winter to spring (typically starting in the second or third week of January). All opinions expressed are my own, not of Windermere Real Estate
Months’ Supply of Inventory is the Total number of Active Listings divided by the number of Pending Listings! All opinions expressed are my own, not of Windermere Real Estate
Purchasing a home? Home buying Step #2: Make a Wish List! Determine your priorities: # of bedrooms, # of bathrooms, size of garage, fenced yard, school district, commute distance to work, etc. All opinions expressed are my own, not of Windermere Real Estate.
Purchasing a home? Month house payments increase nearly annually, because property taxes and insurance premiums inevitably increase. All opinions expressed are my own, not of Windermere Real Estate.
Thinking about selling a home? Free home valuation:
Purchasing a home? Home buying Step 1: Talk to a lender and have your credit pulled from to see if there are any issues that need addressing and then get Pre-Approved! Get fully underwritten if the market is competitive for buyers! All opinions expressed are my own, not of Windermere Real Estate.
Step #3 in the Home Buying Process is Find a Knowledgeable Realtor! All opinions expressed are my own, not of Windermere Real Estate.
Step #4 in the Home Buying Process is House Hunting! All opinions expressed are my own, not of Windermere Real Estate.
Step #5 in the Home Buying Process is Making an Offer! All opinions expressed are my own, not of Windermere Real Estate.
Step #10 in the Home Buying Process is Moving into your new home! All opinions expressed are my own, not of Windermere Real Estate.
Home Buying Steps
Step 1: Get Your Finances in Order
Before you start house hunting, it’s crucial to get your finances in order. This includes:
* Checking Your Credit: Obtain a copy of your credit report, review it for errors, and work on improving your credit score if needed.
* Pre-Approval: Get pre-approved for a mortgage. This will give you a clear idea of how much you can afford and make you a more competitive buyer.
* Get Fully Underwritten if Appropriate
Step 2: Determine Your Budget and Priorities
Consider your budget and what you’re looking for in a home. This includes:
* Setting Your Budget: Determine how much you’re comfortable spending on a home, taking into account your down payment and monthly mortgage payments.
* Wishlist: Make a list of your must-haves and nice-to-haves in a home, such as location, number of bedrooms, and specific features.
Step 3: Find a Knowledgeable REALTOR (hint ME)
Choose an experienced REALTOR who specializes in Western Washington. A skilled REALTOR will:
* Understand the Local Market: They’ll know the neighborhoods, market conditions, and current listings.
* Advocate for You: Your REALTOR will work in your best interest, helping you find the right home and negotiate a fair deal.
Step 4: Start House Hunting
With your REALTOR by your side, begin your search:
* View Properties: Visit homes that match your criteria. Your REALTOR will arrange showings and provide insights into each property.
* Ask Questions: Don’t hesitate to ask questions about the homes you’re interested in, including their history, condition, and any potential issues.
Step 5: Make an Offer
Once you’ve found the right home:
* Negotiate: Your REALTOR will help you craft a competitive offer, taking into account market conditions and the seller’s situation.
* Include Contingencies: Contingencies protect you in case of unexpected issues, such as issues that come up during an inspection.
Step 6: Home Inspection and Appraisal
After your offer is accepted:
* Home Inspection: Hire a qualified inspector to assess the home’s condition. This can help you identify any necessary repairs or negotiate with the seller.
* Appraisal: The lender will order an appraisal to ensure the home’s value matches the agreed-upon price.
Step 7: Finalize Financing
Work closely with your lender to:
* Secure Financing: Provide any required documentation and fulfill lender requirements to secure your mortgage.
* Review Closing Costs on the Preliminary Settlement Statement: Understand and review your closing costs, including fees, taxes, and insurance.
Step 8: 1-5 days prior to closing
On closing day:
* Final Walkthrough: Inspect the property one final time to ensure it’s in the agreed-upon condition.
* Signing: Sign all necessary paperwork, including the mortgage, title documents, and more usually a day or 2 before actual closing.
Step 9: Day of Closing
* Funding: The lender will fund the loan, and you’ll provide the necessary funds for your down payment and closing costs.
* Keys: You will get the keys at or before 9 pm on the closing day
Step 10: Move In
Congratulations, you’re a homeowner! Now:
* Transfer Utilities: Set up utilities in your name.
* Change Locks: Consider changing the locks for added security.
* Enjoy Your New Home: Start settling into your new Western Washington home and make it your own.
Remember, having an experienced REALTOR by your side throughout these steps can make the process smoother and less stressful. They’ll be there to guide you and answer any questions you may have along the way. All opinions expressed are my own, not of Windermere Real Estate.
Conducting a final walk-through with buyers is a very important step when purchasing a home. The goal is to make sure everything is as it was when you originally toured the property. But you are also looking for recent leaks in plumbing, especially if the home has not been occupied for some time.
In this particular case, I really could not wait to see my clients faces as they walked through this home again. I literally have never seen a family so elated to get their dream home. The couple has been working double shifts for over a year to make this a reality! I’ve been working with them for over 4 years while they have gotten all their ducks in a row! And the icing on the cake .. the stager agreed to sell them nearly everything in the home! Wow! So much joy and happiness! All opinions expressed are my own, not of Windermere Real Estate.
In this particular case, I really could not wait to see my clients faces as they walked through this home again. I literally have never seen a family so elated to get their dream home. The couple has been working double shifts for over a year to make this a reality! I’ve been working with them for over 4 years while they have gotten all their ducks in a row! And the icing on the cake .. the stager agreed to sell them nearly everything in the home! Wow! So much joy and happiness! All opinions expressed are my own, not of Windermere Real Estate.
Timing the Market in Snohomish County
This chart shows the amount of home appreciation annually from the month of January through June each year 2012-2023. The average home appreciates 9.7% in Snohomish County. If you have the luxury of timing the market, now is a good time to buy historically and Spring is the best time to sell. This 9.7% equates to $79,512 more for the Average Home Sales Price in Snohomish County of $819,710. These are averages, but 8 out of the past 12 years saw increases of greater than 9% from January to June. Worth considering if you have the LUXURY to do so! Fun Real Estate Fact!
Obviously the best time to buy or sell is when it is the right time for you and your family!! All opinions expressed are my own, not of Windermere Real Estate.
I’ve got the best job! Nothing makes me happier than handing the keys to Buyers. This home in Arlington is gorgeous and knocked my buyers socks off when they first walked in. They loved everything so much, they even bought the furnishings. Congratulations Frank & Meggie! All opinions expressed are my own, not of Windermere Real Estate.
Timing the Market in King County
This chart shows the amount of home appreciation annually from the month of January through June each year 2012-2023. The average home appreciates 12.7% in King County. If you have the luxury of timing the market, now is a good time to buy historically and Spring is the best time to sell. This 12.7% equates to $143,326 more for the Average Home Sale in King County $1,128,558. These are averages, but 11 out of the past 12 years saw increases of greater than 10%. Worth considering if you have the luxury to do so! Fun Real Estate Fact!
Obviously the best time to buy or sell is when it is the right time for you and your family!! All opinions expressed are my own, not of Windermere Real Estate.
I was out showing in West Seattle, Seattle and Renton this weekend and there are some builders offering some pretty good concessions for buyers! One is willing to contribute up to 6% towards a 2/1 buydown, permanent rate buydown, etc. Call me for details! All opinions expressed are my own, not of Windermere Real Estate.
