For BuyersFor SellersReal EstateReal Estate Opinion June 23, 2010

Are Some Home Buyers More Demanding in Today's Real Estate Market?

Demanding home buyers? The New York Times had an article about home buyers being more demanding. I’ve seen it in action on Seattle’s eastside.

In recent home sales, not only do the buyers want a good price for the home, which is expected the way the real estate market has been, but some home buyers don’t want to buy a home unless the systems are all new or newer. Buyers have asked for a new furnace when the furnace worked fine and money to cover a future roof replacement that would not be happening in a condo complex for at least five years.  Buyers are asking for replacements for systems that are older, but still working.

Are you seeing the same thing happen with some home buyers?

For BuyersFor SellersReal EstateReal Estate MarketingReal Estate TipsSeattle real estate April 20, 2010

Photos Don't Tell Everything About a House, Go See It

Beautifully staged and photographed room

Professionally staged and photographed-photo by Layne Freedle, Staging by Pam of Staging for Charisma

Professional photography and staging are, without question, necessary to sell a home in today’s marketplace. We have our stager and photographer ready for our sellers when they’re needed.  I wouldn’t list a home for sale without professional staging or photography.

Empty room with a poor photo

The Same Room Unstaged and Not Professionally Photographed

There are many other good real estate agents who believe the same thing as there are a lot of blog posts about horrible house photos. This is not a new idea, but one that’s taken a strong hold among good real estate agents.

There are, of course, some homes which show beautifully and don’t need the staging, but we all know, even if we don’t admit it, staging and photography are necessary marketing tools to get a home sold.

Sometimes we forget, great staging and photography are only the start.  They’re not the complete story.  You’ve got to get out and see the house “in the flesh.” This advice, by the way, is both for Realtors and home buyers.  You can’t do an effective market analysis as a real estate agent or fall in love with a house as a home buyer unless you see it, smell it, and hear what’s going on in the neighborhood.  You need to “touch” the house in a variety of ways to determine its true value.

I was reminded of this very thing yesterday when my business partner, Angie Bondurant, previewed a home that’s strong competition to an upcoming listing.   The home looked gorgeous online, which it should in order to attract the most buyers, but two things were not apparent until Angie went to see the home.  It smelled and it was dark.  A smelly house, whether it’s that “old” smell, food smell, dog smell or something else, can be a total turnoff to a buyer, even if the home is gorgeous.

A dark house is the kiss of death in Seattle.  Of course, it rains 24/7 here as the world thinks, so light, airy homes are popular.  (In reality, there are a lot of gray days in Seattle, but it doesn’t rain all the time by any means)  A bright home is always a plus in this climate.

This home ended up with two strikes against it, both of which had to be experienced by seeing the home.  It was dark and smelly.  Granted it was finished beautifully and this will help it to sell, but the other factors may limit it’s market time and final sales price.

So besides the amount of light and odors, other things to consider that aren’t apparent when you see photos online:

  • How loud are the neighbors?  Come visit the neighborhood a few random times.
  • How loud is road noise with or without the windows open?  Stop by during rush hour.
  • How big are the rooms, really?  Wide angle lens accentuate room sizes in photos.
  • Check out the backyard for its true size.
  • What do you see from each of the home’s windows?  From the backyard?

What else should be experienced when viewing a home?

For BuyersFor SellersKing County Real EstateReal EstateReal Estate OpinionSeattle real estate April 8, 2010

Consider the Future When Making a Home Purchase

What may happen in the Seattle area economy in the future? Appraiser Richard Hagar spoke with John Maynard about this topic on KPLU the other day. The piece was geared to the glut of high end condos in downtown Seattle that are now selling with significant price cuts, but then Mr. Hagar shared more about what he sees in Seattle’s real estate future.  He wasn’t talking about the near term, but some significant issues to consider when looking at Seattle real estate in the next 5-7 years.

Some of the highlights from Mr Hagar’s talk:

Real estate prices have gone down in the past, even in the 30’s and the 70’s, but they’ve come back up both times.

Population in the Seattle area is increasing.  Last year there were 60,000 people new to the area, in ten years the projection is for a total of 600,000 people new to the area, all whom will need a place to live.

Builders are grabbing up land, finished lots for $35,000,  which is steal, in the south end locations Auburn, Kent, and Puyallup.

And lastly, “The Rich Get Richer” by planning ahead and making good buying decisions for the future, not just for now.

———————

Making good buying decisions is the key.  If you decide you to buy now, then make sure to consider the future in your decision. Look for areas with good growth potential:

  • good access to transportation.
  • Good schools.
  • Close to economic centers and jobs.
  • Close to shopping and other amenities  (check out walkscore and drive score)
  • Check out the neighborhood and make sure the homes are well maintained throughout.

Seattle is going to grow, which will be a benefit to all of us in terms of the economy in both jobs and the real estate market.  Consider this future growth in your buying decision. You’ll end making a better buying decision for the long term.

2010 Home buyer Tax CreditFinancingFor BuyersFor SellersReal Estate January 25, 2010

The Clock is Ticking on the Real Estate Trifecta

Who knows where the time goes? (“Who Knows Where the Time Goes”- written by Sandy Denny, but made famous by Judy Collins) Sometimes it seems like the past has gone in the blink of an eye.  Ironically, it feels exactly the opposite when we think of the future.  It’s human nature to think there’s all the time in the world, whereas the past seemed to happen in the blink of an eye.

We have the real estate trifecta here in the Seattle area right now and it could be gone in the blink of an eye. If you’re someone whose thinking of buying or selling, if you wait too long to act, the trifecta could be a thing of the past. The trifecta is a boon for both buyers and sellers.

So what’s today’s real estate trifecta?

  1. The home buyer tax credit.

Attention home shoppers!  The April 30th deadline for home buyers to find a home, be in contract, and receive the $6500 tax credit is coming fast, and it’s coming faster than you think. There’s less than 100 days to have an accepted offer on a home and obtain the home buyer tax credit.

home buyer tax credit

home buyer tax credit

Remember, the $8000 tax credit still exists for first time home buyers, but many people don’t realize almost all home buyers are eligible for a $6500 tax credit. This is an important deadline for home buyers and home sellers, not just the buyers.  Home buyers who are serious are out shopping and buying homes.

  1. Low interest rates.

The low interest rates, which are low,  won’t be here forever. Rates for a 30 year fixed mortgage dropped below 5% last week.

  1. Good number of homes for sale.

There’s a lower number of homes on the market in King County,  but there’s still a healthy amount of good homes to choose from. (Yes, home buyers,  there’s a number of great houses out there.)  It’s a more evenly balanced real estate market between buyers and sellers, which means some homes will sell right away if they are priced right and stand out from the competition and others will take longer to sell and will sell with more negotiation in price.

Number of King County Properties for Sale

Number of King County Properties for Sale, 1-18-10

So home buyers and home sellers get out there now and take advantage of the real estate trifecta.  April 30th is not far away.