Want Top Dollar for Your Home? Great Photography is Key!

Burien, Des Moines, Normandy Park, Real Estate, West Seattle,

When you are ready to sell, one of the most important ways to get top dollar is to get the most buyers into your home. The best way to do that is through amazing, eye-catching photography. Here are some facts that you should keep in mind. In 2016:

  • 51% of buyers found the home they eventually bought via the internet*
  • 95% of buyers used the internet to search for homes*
  • 89% of buyers found photos to be a very useful website feature*

What is the most important information to glean from these stats? Buyers are much more likely to encounter your home online first and then decide whether it is worth an in-person look. And with so much of our time spent online, our decision making has sped up. People are swiping left and right, discarding information they feel doesn’t pertain to their needs at a faster pace than ever before. If your home isn’t photographed in the right light, at the right angles, and highlighting the right features, you may find that your home is left-behind.

Buyers are expecting great photography. Depending on your home, they may even be expecting drone photography, with photos of your home and the surroundings depicting new and unique angles. They may be expecting 3D renderings, video and more. They want to feel like they are touring your home without needing to step foot inside.

Here are the top visual elements you should expect from the agent who is listing your property:

  1. Professional HD photography with attention paid to lighting and vignettes. Only a photographer with training in real estate photographer is going to know what buyers are looking for. An artsy, up-close photo of a lamp that isn’t going to stay with the property isn’t helpful. Photography that showcases the functionality and beauty of a room is.
  2. Using as many photographs as allowed in the MLS. All too often I see listings that are not being served well with fewer than ten photos in the MLS. An agent worth his or her salt will use as many photos as possible to give potential buyers a clear picture of what your property is all about.
  3. Accurate and detailed photo labeling. Is this the same bedroom as the last photo? Does this door go out to the patio or back out to the driveway? Although you may have your floorplan memorized, it can be difficult for others to determine the flow of your home without some direction from the labels that are available in our MLS.

Don’t overlook the importance of great photography when it is time to list your home. I would be happy to provide you with samples of what you can expect when you work with me. Please give me a call or text: (206) 484-2777 or email me at karenwi@johnlscott.com.

*According to the National Association of REALTORS 2016 Profile of Home Buyers and Sellers.

2017 REAL ESTATE PREDICTIONS

Burien, Des Moines, Normandy Park, Real Estate, West Seattle, ,

Each year I take time to review what has happened during the year and to look forward to predict what is in store for real estate.  Below are my predictions for the 2017 real estate market, based on data that was available at the time this was written:

Median Sold Prices  – Home prices will continue to increase nationally by single digit numbers, about 5%. However, urban metro areas with high employment or that are in high demand by Millennials may still see increases at 10% or above. According to the National Association of REALTORS®, October’s national median price for existing single family homes was $232,200, which represented a 6.0% increase over October of 2015 (which was the 56th consecutive month of year over year gains). National inventory shortages coupled with high demand will continue in 2017.

Housing Inventory –  Although there are improvements in this category, it will take more than just a year for the situation to turn around. Our inventory shortage was caused by a shortage of housing starts that began during the recession. We will continue to see inventory challenges until new construction picks up even further. I predict that more buyers will be entering the market for a home as our economy is strong with low unemployment. According to the Bureau of Labor Statistics, the national unemployment rate stands at 4.6% for November, 2016, which is the lowest it has been since August of 2007. High demand and low new construction means a continued inventory crunch.

Housing Starts – Housing starts (the measure of homes that began construction) jumped from 900,000 in 2015 to 1.3 million in 2016. Although this is a welcome increase, it is still not enough to quench the demand. Our country needs about 1.5 million new starts per year to maintain inventory, but since 2009, we have been short a cumulative 5 million units. This is one of the primary causes of our inventory shortage and what is driving prices up – demand outweighs supply. In 2017, I predict that builders will finally surpass the 1.5 million start target and our inventory shortage will begin to wane by mid-2018.

Second Home Markets – Investment and vacation homes markets will continue to be strong in 2017. The passing of wealth from the Silent Generation (1925-1945) to the Baby Boomer Generation (1946-1964) is a strong driver of vacation home purchases. Investment properties are a hot commodity, especially in urban areas where rents are skyrocketing due to a shortage of housing.

Interest rates – The improving economy and almost full national employment is a sure sign that interest rates will continue to increase in 2017. The new rates will balance job growth and higher inflation rates. The Federal Reserve increased interest rates a quarter of a percentage point at its December meeting.  The federal fund rate has a significant effect on mortgage rates. I expect the 30 year fixed rate mortgage rate will reach 4.75% by the end of 2017.

I am excited for what 2017 has in store! For additional information and predictions on our local market or your specific neighborhood, please call or text: 206-484-2777 or send an email to karenwi@johnlscott.com.

 

 

Guide to Buying or Selling During the Holidays

Burien, Des Moines, Normandy Park, Real Estate, West Seattle

Here are a few things to keep in mind if you are buying or selling during the holidays:

Buyers:

  • It can be a great time to buy – With fewer buyers in the market and sellers ready to have closure by year end, there are opportunities to be had during the holidays.
  • Stick to your list of needs –Holiday décor and the smell of baked goods can make a property seem like a better fit than it truly is. Shop smart!
  • Timing –From federal holidays to people being out of the office on vacation, your closing deadline may be delayed. It is best to plan ahead and let your entire team know about your expectations and timeline so everyone can be on the same page.

Sellers:

  • It can be a great time to sell –Buyers are usually serious and ready to buy. There may also be fewer sellers to contend with because some will have taken their homes off the market for the holidays.
  • Going out of town can make home selling easy – It is easiest to show your home if you are not in it. Let me take care of the details!
  • Don’t go too crazy with the holiday décor – Avoid overwhelming clutter during the holidays. You want the space appearing bigger, not smaller.
  • Be clear about your timeline – Think about what a close date between Christmas and New Year’s means for your holiday plans.

If you are thinking about a move, let’s strategize now. Give me a call or text: 206-484-2777 or email: karenwi@johnlscott.com.

 

Cold Weather Ahead – Time To Protect Your Pipes

Real Estate, , , ,

With cold temperatures – and even some snow! – in the forecast, it’s time to make sure you and your home are prepared to weather whatever Mother Nature sends our way.  Seattle Public Utilities Offers these Tips

Prep Your Pipes

Freezing temperatures can burst water pipes around your home, potentially causing serious property damage and wasting large amounts of water. Follow these tips to prepare your pipes for the cold;

  • Insulate outdoor pipes and faucets to keep them from freezing.
  • Disconnect garden hoses.
  •  When the temperature hits freezing, open cabinet doors to allow heat to get to un-insulated pipes under sinks and near exterior walls.
  • Insulate pipes in your home’s crawl space, attic, or basement.

 

For more information on preparing for winter weather, visit Seattle Public Utilities at  www.takewinterbystorm.org. 

Seahawks and Real Estate?

Real Estate, , , ,

It’s football season and Seahawks Sundays are back! Many buyers are putting their Sunday home search on hold while they root for their beloved Hawks!  This may be the perfect time for motivated home buyers to visit open houses, check out new listings and submit their offers.  Buyers in our market still need every advantage they can get.

Go HAWKS!

seahawks-logo-2

Real Estate In The News…

Real Estate, , , ,

HERE’S WHAT WE’RE TALKING ABOUT:

-Will our historically low interest rates finally start to move upward?  The recent US jobs report, paired with European Central Banking news has some experts thinking the Fed will finally start to increase interest rates in December.

Housing inventory is slowly increasing throughout King County providing some relief to buyers. Local real estate agents have mixed feelings about the news. Some see it as a normal seasonal slow down others as a slight shifting in the market. Either way, we’re still one of the hottest markets in the country.

Residential rents are rising faster in Seattle than anywhere in the U.S. according to Zillow.  Neighboring cities including Shoreline, Burien, Renton and Vashon have also seen 10.5%-14% increases in rental prices since August of 2015.

Preparing Your Home For Fall

Burien, Des Moines, Normandy Park, Real Estate, West Seattle

I cannot believe that fall is upon us! Although we have had a wonderful summer, it is time to begin planning for fall maintenance on your home. The changes in the seasons can be tough for home structures, so to prevent surprises when your home is at its most vulnerable, take a day before autumn takes hold and prepare your home for the months ahead.

Roof and siding

The baking heat of summer can cause materials on your roof and siding to shrink and expand, leaving gaps. Although the solution to remedy these gaps may vary depending on the type of materials your roof and siding consists of, take note of any gaps you see between joints (at seams, between siding and window/door openings, at transitions from wall to roof, etc) or between roofing materials (around skylights, between shingles or tiles, around flashing, etc). These may be easy fixes or it may be time to call in a professional. Keeping water and bugs out and keeping heat in is the name of the game!

Gutters

While you or your roofer are up on the roof, take the time to check your gutters both for debris (which needs to be cleaned out) and structural integrity. Gutters that are in disrepair may not be able to channel water away from your roof and house, so making sure these are in good working order is imperative.

Weather Stripping

Weather stripping around doors also should be looked at in the fall. This is an inexpensive do-it-yourself chore that most people can tackle. Again, you want to keep toasty air in and pests out, so making sure your stripping isn’t too old to be up to the task is a must.

Chimney

Before you begin any fires, have your chimney inspected. According to the Chimney Safety Institute of America, a clean chimney not only helps prevent chimney fires, it also allows flue gases and smoke to travel freely up and out of your home. Chimneys should be inspected annually and clean and repair what is necessary.

Service Furnace

As we are winding down from summer, it may be difficult to think of your actually needing to turn on the heater, but preventative maintenance now is a lot cheaper than an emergency call on a frigid Friday night.

Maintaining your home and preparing it for the fall and winter months not only makes sense from a comfort point of view, it also can save you money in terms of utility costs and can keep the value up when it is time to sell. Please give me a call, text, or email to learn more: 206-484-2777 or  karenwi@johnlscott.com.

Appraisals – A Critical Part of the Transaction

Real Estate,

When a buyer takes out a mortgage or when a homeowner refinances their home, the lending bank or entity conducts an appraisal to verify the market value of the home. This protects the bank’s interest in the home and helps verify the percentage of equity the buyer or homeowner has or will have in the property.

It is important to know that when a buyer and seller agree on a price for a home, the appraisal may not reflect that same price. Especially in areas where prices have appreciated rapidly, it may be difficult for the appraiser to find comparable properties that have changed hands in the last three months which can help guide pricing on the current property, hence a low appraisal price.

If the appraisal comes in low it can be challenged if comparable data indicates the agreed-upon price can be substantiated. If that doesn’t work,  the price will need to be renegotiated and if any of the down payment is diverted into making up the difference between appraisal price and final sales price, the monthly payment may change due to private mortgage insurance being due if the loan to value ratio exceeds 80%.

According to the National Association of REALTORS, in April of 2016, 12% of terminated sales failed due to appraisal issues which also led to delayed closings (28% of closings that were delayed were delayed due to appraisal problems). Rest assured I have tools for working with appraisals should the need arise. Please give me a call, text or email: (206) 484-2777 or karenwi@johnlscott.com.