Preparing Your Home for Sale

As you know, Seattle's housing market is hot right now.  If you have been thinking about selling your home, this is the perfect time.  Spring is almost here with trees budding and flowers beginning to pop. Buyers will be out looking for their future home as the weather warms up.  Here are some helpful tips for preparing your home for sale:

• Tidy up the grounds, porches and garage. Keep the lawn trimmed and edged. Make sure that your yard is clean and uncluttered. First impressions count! 
• Your front door adds to that first impression - be sure it is scrubbed or repainted if necessary. Wash windows and clean/dust window coverings. 
• If any decorating or painting is needed (especially in the kitchen), do it now!  Twenty dollars worth of paint will make a much larger difference in the sales price.  
• Bathrooms help sell homes. Make this room sparkle.
• Illumination is like a welcome sign. Replace bulbs and turn on the lights. 
• Wash dishes, make beds, put away clothes and straighten up. 
• Keep pets out of the way during showings – many people are allergic. 
• Leave the showing to the salesperson. The salesperson knows the buyer’s requirements and can best emphasize the features of your home. If possible, leave the house during a showing. 
• Don’t discuss anything about the sale with a potential customer. Let your agent discuss price, terms, possession and other details concerning the sale. Your agent is qualified to bring negotiations to a favorable conclusion. 
• Never apologize for appearance.  It either distracts the buyer and accentuates the problem. 
• Pack away valuables, store extra furniture, nick-knacks, guns and medicines. 

Look at your home objectively. Pretend you are seeing it for the first time, through a buyer’s eyes. Call or email me for recommendations on how to stage the property for presentation to prospective buyers. That is part of my expertise. I will be happy to walk through your home with you and help you “set the stage.”

Remember, my goal is to help you sell your home for the most amount of money, in the shortest period of time, with the least amount of inconvenience to you.

We only have one chance to make that good first impression!  

Elegance in Historic Seattle - Vacation Rental on Queen Anne

Elegance in Historic Queen Anne

Seattle, WA, United States

Enjoy our amazing, updated & modern design cottage, located blocks from many of Seattle's best sites! The house is surrounded by million $ homes w/ easy access to downtown. Located on Queen Anne Hi...

Vacation Rentals in Seattle

Charming beach house in the heart of downtown Edmonds. Light & bright w/ vaulted ceilings & lots of windows. Features include a large kitchen w/ eating space, views of the sound, gas fireplace, hardwood floors, loft, hot tub, new roof, & detached artist studio/office. Located on a corner lot w/ great outdoor spaces & beautifully landscaped yard. Enjoy short walks to downtown shops, restaurants, beaches & parks.

Features Include:
2 Bedrooms
1.75 Baths
$510,000
NWMLS: 795784

Amazon.com Continues the Building Boom in Seattle!

Amazon expects to have 10 million square feet of office space in Seattle by 2019, up from 5.5 million currently. It is growing so quickly that it needs developers to build 30 new residential buildings in and around downtown Seattle, with at least 200 units each, just to accommodate its employees in the coming years.


http://www.geekwire.com/2014/amazons-real-estate-chief-dreams-turning-companys-parking-garages-fulfillment-centers/ 

It's interesting, in Seattle the supply of homes for the month of October has changed dramatically since 2007. In 2008 through 2011 there was so much supply it was as though you couldn’t give a home away! Many home buyers were on the fence afraid or unable to buy.
Since 2012 it has been the opposite. Inventory has been low and homes have been selling fast. Now home sellers are on the fence waiting for values to improve or afraid to compete to purchase their next home.

With home interest rates remaining at historic lows this trend of high demand will likely continue. Money is cheap! When interest rates begin rising the demand should slow and the market will likely shift.
Until then, buying a home and taking advantage of the low interest rates is a good idea. Selling a home and transitioning to another is also a good idea. Although the transition of selling and buying a new home may be a challenge, you’ll likely be much happier doing it now because of lower monthly payment.

Also, working with an experienced Realtor can help make this transition go smoothly. There are a number of strategies that can be used to beat the competition and get you the home you want, which is a topic for another post. Until then contact me if you have questions or concerns about buying, selling, investing, or managing real estate.

In north Seattle, of the homes that sold in the last 6 months the median price was $530,000!

Just Sold in Magnolia!!!

Just Sold in Magnolia for $395,000!!!

A well built corner unit townhouse in a convenient Magnolia location. Features include a spacious living area w/ refinished hardwood floors in living rm, dining rm, 1/2 bath, and kitchen. Granite counter tops, custom cabinets and stainless steel appliances. Energy efficient radiant heat. 3 bedrooms w/ private baths. Private fully fenced patio w/ bamboo forest & 1 car garage. Walking distance to Lawton school & close to the Ballard Locks, Discovery Park & bike trials to downtown & The Ship Canal.

Located at 3410 22nd Ave West #B, Seattle, WA  98119

Thinking of buying, selling or investing real estate in Seattle?  Contact Andrew L. Parker at 206-930-8238 or visit www.SeattleHomeKey.com.

Micro-Housing

Micro-Housing is the modern day equivalent to a boarding house from the past.  Personally, I understand the draw of living in a vibrant neighborhood, but way not rent a house with a few friends? Living in a 192 square foot room would be too claustrophobic for me.

"Seattle is the pioneer of micro-housing—tiny, one-room dwellings that are in turn hailed as an affordable, sustainable alternative to the high cost of city living, and disparaged as an inhuman experiment in downsizing." 

Read more: http://www.politico.com/magazine/story/2014/10/seattle-micro-housing-boom-111874.html#ixzz3HTewOBeq

New Custom Modern Home in Green Lake Available for $930,000!!!

Open House Sunday 9/26/14 1 to 4 PM at 808 North 60th Street in Seattle!!!

New custom modern home built ‘Green’ and targeting LEED for Homes Platinum. Walking distance to Green Lake and Woodland Park Zoo! Professionally landscaped with outdoor sprinkler system. Fully insulated detached 1+ car garage/possible work space. Open floor plan with bamboo flooring. Kitchen with island and top of line stainless steel appliances and wine cooler. 3 bedrooms upstairs plus media/family room or 4th bedroom. Top floor master suite opens to deck with peek-a-boo views of Green Lake.  Availability for $930,000!

Contact Andrew L. Parker at 206-930-8238 for more information.

Real Estate Update for North Seattle

This graph tracks the supply and demand for homes in north Seattle.  If your price point is over 50% it is a seller’s market and if below it is a buyers.  The higher or lower the % the stronger or weaker the market is.  Looking at the red line most price points are favoring sellers except for homes price above $1.75 million.

Home values are on the rise compared to last year at this time.  When gathering all the homes that sold over the last six months and comparing them to last year, the average home value increased by $48,000 and the median home value increased by $54,000.  That’s an 11% increase!

2015 is looking to be another year of high demand and low inventory in Seattle.  Keep in mind, the real estate market is fluid, demand for homes changes from week to week and day to day.  So if you’d like to know what the market is doing right now contact me at 206-930-8238 or please visit http://www.SeattleHomeKey.com. Thanks for watching my video.  

Spring Reception - Magnolia Art Show

The Magnolia Art Show will be hosting a Spring Reception to feature the work of past art show winners. It will be held at Museum Quality Framing in Magnolia on May 5th from 5 to 8 PM. Featured artists include David Harrison, Lee Henrickson, John Marzulli, James McFarlane, Lisa Petit, Bruce Savadow, and Brom Wikstrom. Learn more about the Magnolia Art Show at www.MagnoliaSummerFest.org.

Northwest Seattle - State of the Market

When comparing February of 2012 to prior years more buyers have entered the market with 172 homes pending, and 82 homes closed. At the same time the number of active listings has steadily decreased from 467 in 2009 to 170 in 2012, and the average days on market for a home to sell was down to 57 days.

We are in a market where the number of listings available is way down while the interest to buy is way up. When comparing the number of active listings to the number of pending listings a ratio can be created. The ratio in February was at 101% and the ratio in the second week of March was 170%. 55% and up is considered a Seller’s Market. So as you see it is a hot Seller’s Market. For homes that are priced right it is not uncommon to see multiple offers and listing price to sales price ratios of over 100%.

Keep in mind, these statistics are averages. Some price ranges are more active than others. Currently the hottest price range is $350K to $400K, while is is slow over 1.25 million.

Now for some bad news…The median home price was down 9% to $415,500 when comparing February of 2007 to February of 2012. However, it is up from the low 2010 and 2011.

With home values lower and mortgage interest rates hovering around 4% the monthly mortgage payment for a home has become much more affordable. In King County it is cheaper to purchase and pay the monthly mortgage of the average home than it is to rent it.

Northwest Seattle includes the neighborhoods of Ballard, Fremont, Wallingford, Green Lake, Phinney Ridge, Loyal Heights, Sunset Hill, Crown Hill, Greenwood, Blue Ridge, Broadview, Bitterlake and more.

Queen Anne and Magnolia - State of the Market Update

When comparing February of 2012 to past years, more home buyers entered the market with 54 pending listings. This is up from 38 in January.

Month to month closed sales remained flat with 25 home closed. While the number of active listings moved up slightly from January but remains low when compared to prior years. The average days-on-market for a home to sell was 116 days. Up significantly from January. The absorption rate was at 4.92% making a 5 month supply of homes. Normal is 6 months.

When comparing the number of active listings to the number of pending a ratio can be created. This is a good indicator of what home buyers are doing and how active the market is. The ratio of active and pending listings in February moved up to 46%. The ratio for the 2nd week of March was 67%. This is a sign that the market is shifting from a Buyer’s Market to a Seller’s Market. The supply of homes on the market is low and the demand is on the rise.

Keep in mind, these statistics are averages. Some price ranges are more active than others. The hottest price range is $450,000 to $500,000. While the market is slow above $1.25 million.
In the last 6 years the median home price has moved down 15% to $475,000.

As I mentioned last month, home values and mortgage interest rates are low. The monthly mortgage payment for a home has become much more affordable.

Mortgages - Conforming Loan Limits and Jumbo Loans

In this video Andrew L. Parker with RE/MAX Metro Realty and Craig Walker with Cascade Mortgage discuss loan limits, jumbo loans and renting versus owning.

The type of loan one gets depends on the amount of the loan. In Seattle, Washington, a loan would be considered “Conforming” if the value is less than $417,000. It would be considered a “Conforming Jumbo” if it is valued between $417,000 and $506,000. While it would be considered a “Jumbo” if it is valued above $506,000.

With home interest rates and home values down, more buyers are entering the market. In King County is has become more affordable to pay the monthly mortgage payment for the average home than it is to rent the average home.

Home Mortgages and Refinancing

In this video Andrew L. Parker with RE/MAX Metro Realty and Craig Walker with Cascade Mortgage discuss home mortgage interest rates, refinancing a home, Fannie Mae, Freddie Mac, and refinancing a with second mortgage.

Home mortgage interest rates are currently hovering around 4% to 4.25% for most borrowers. Current and future rates are based on the value of mortgage backed securities. When economic data is weaker than expected bond prices typically move up and interest rates go down. When economic data is stronger than expected bond prices typically move down and interest rates go up. Rates will very week by week and day by day.

Refinancing a Fannie Mae or Freddie Mac loan tends to be straight forward, even if the loan to value (LTV) is at or is slightly above 100%. New mortgages with a LTV of over 80% will not need mortgage insurance with these programs.

On March 12th and 19th, 2012, the loan to value limit of Fannie Mae and Freddie Mac loans will be expanded to unlimited. Which means a home owner with a loan to value of over 100% will be able to refinance.

If a home has a second mortgage when a borrower wants to refinance the first, the second would need to become subordinate to the new first. Meaning it would need to remain in second position. If the lender holding the second will subordinate, it will need to be paid off.

Currently there are no programs to help home owners who want to refinance a home loan that is not backed by Fannie Mae or Freddie Mac. President Obama proposed giving relief to these homeowners in his State of the Union Address, but there is no help until it is put into law. To refinance there would need to be a LTV of 80% based on an appraisal of the home. There are programs available to refinance with a LTV of up to 95% but mortgage insurance is required.

Bio - Andrew L. Parker

Andrew L. Parker joined the Seattle office of RE/MAX in 2003 and offers both an outstanding level of real estate knowledge and an exceptional level of professionalism. Andrew is a licensed real estate broker and a regular top producer with over 12 years experience in the real estate business. He has participated in a range of real estate transactions, including residential properties, condos, rental properties, etc in King and Snohomish Counties. His relationships and local experience, combined with RE/MAX national resources, present an exclusive benefit to HIS clients.

Originally from Boise, Idaho, Andrew has lived in Seattle since 1986 and has a home in Queen Anne where he and his family relax and enjoy walking in the neighborhood and bike riding on the Burk-Gillman trail. He studied music at Cornish College of the Arts and received a degree in jazz performance in 1996. Although his career as a Realtor is his primary focus, Andrew continues to write and perform music. Boating is another way Andrew enjoys spending his time. Whether he is reefing the sails in some heavy weather or relaxing, being out on the water is Andrew's favorite place to be.

Navigating the multifaceted decisions needed in today’s real estate market requires an agent with dedication, experience, and professionalism. Andrew is devoted to service with an emphasis on accountability, reliability, and enthusiasm. Especially during shifting market cycles, Andrew provides his clients all the information they will need to help them make informed real estate investment decisions. 

The power of relationships and the experience to know how to get things done is the foundation of a successful real estate transaction. Andrew is well regarded by his peers and has created valuable working relationships with other professionals in the business, including title companies, attorneys, lenders and appraisers.

State of the Market in Queen Anne and Magnolia - January 2012

The real estate market in Seattle, Washington neighborhoods of Queen Anne and Magnolia appears to be shifting from a Buyer's Market to a Balanced Market. The supply of homes is low and the demand is rising. When comparing January of 2007 to January of 2012 the median home price is up 1%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home.

State of the Market in Northwest Seattle - January 2012

The real estate market in Northwest Seattle appears to be shifting from a Buyer's Market to a Seller's Market. The supply of homes is low and the demand is high. However, when comparing January of 2007 to January of 2012 the median home price is down 19%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home

Making an Offer on a Home

When making an offer to buy a home it is important to get yourself in the right mindset. This video was made to help coach home buyers with negociating stratagies for making a strong offer on real estate.

Home Appraisals

With every real estate transaction that is funded with a loan, an appraisal is ordered to justify the value.  This is to help protect the interests of the Buyer and the Lender.  An Appraiser is hired to look at the property and compared it to others that have sold recently in the area.  A value is then placed on the property.  Once complete, the appraisal is then sent to an Appraisal Management Company to review the appraisal and compare it to the MLS Listing and the County Records. 

All parties want an appraisal that is at or above the purchase price.  If the value of the appraisal is less than the purchase price, the Lender will not fund the loan.  In this case, the appraisal can be challenged if there is an error and the price adjusted.  Otherwise, the Seller will need to sell the home for less, the Buyer will need to pay a larger down payment, or the sale fails. 

Homeowners who remodel or update their homes significantly without getting the proper local permits may have difficulty selling.  The change may cause a red flag for the Appraisal Management Company who may not approve the appraisal.  At which point the Homeowner would need to get the updates permitted, or the home would need to be reappraised without the updates.  These two options are not ideal.  To save time and money it is best to get permits during construction.

Thank you, Craig Walker with Cascade Mortgage for help with this video.  Craig may be reached at 206-999-5600 or visit www.cascademc.com/content/cw.