Category Archives: Normandy Park

Heating Home Options

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

Brrr!!! It has been a chilly winter! If your heater has worked overtime this year and is on its last legs, it might be time to consider a replacement. But what is the best home heating solution for you? Let’s examine the most popular options:

  • Furnace – Furnaces heat air utilizing natural gas, propane, heating oil, or electricity and distribute it through the home through a system of ducts. Furnaces are usually between 59-98.5% efficient depending on a number of factors including the age of the unit. They usually last between 15-30 years.
  • Boiler – A boiler heats water and provides heat or steam as heat which is distributed through pipes to radiators or radiant floor systems. Boilers are between 50-90% efficient and also last between 15-30 years. They can be fueled with natural gas, propane, heating oil, biodiesel, and electricity.

Central furnace or boiler efficiency is measured by AFUE, or Annual Fuel Utilization Efficiency. This allows consumers to evaluate the efficiencies of the different models and fuel types. The AFUE is the ratio of annual heat output compared to the annual fossil fuel energy consumed. For example, a rate of 93% means that 93% of the fuel used becomes heat for the home while the other 7% escapes or is otherwise used to make that 93%. New high-efficiency heating systems can have between 90%-98.5% AFUE. One thing to note when you are considering the different system options is if you don’t have a system of ducts or radiators in place already, retrofitting these into the home will be expensive.

  • Heat Pump – Heat pumps are units that are placed outside and pull heat from the surrounding air to warm the home. One big benefit of a heat pump is that it can also be used to cool a home in the summer. The efficiency is measured in HSPF (which measures the ratio of BTUs of heat output to watts of electrical energy consumed and stands for Heating Season Performance Factor) and these units are rated between 6.8-10. Heat pumps are usually fueled by electricity but some utilize geothermal energy. Heat pumps last an average of 15 years.
  • Active Solar Heating – This is an up-and-coming technology which works with the sun. The sun heats water or the air to either deliver heat immediately or it save it for future use. Depending on the area, a second system may be required in the event that not enough heat is stored. However, if you are a fan of solar energy, the energy used to power any of the above units can come from solar panels!

There are also single room heating and cooling options that you might come across. And remember! Many local utilities offer financial incentives to upgrade your unit or change fuel types, so check into those available rebates when replacing your unit.

Questions about what buyers are looking for in terms of heating options and efficiencies? Let’s talk! Give me a call: (206) 484-2777or send an email: karenwi@johnlscott.com.

 

Source: https://energy.gov/articles/energy-saver-101-infographic-home-heating

Seller Strategies for Evaluating Multiple Offers

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

If you are considering a sale in our market right now, depending on the price point, area, and property amenities, you may receive multiple offers for your property. Although price will likely be at the top of your list of variables to measure, there are a number of other items that may be included in the offer that should be evaluated:

  • Price – Although this is the primary concern for most sellers, there is more at stake than just money. Read on!
  • Escalation Clause – Savvy buyers may include an escalation clause which allows the price to inflate to a certain amount dependent on what other buyers have offered.
  • Earnest Money – Buyers include earnest money which represents the buyer’s ability to complete the transaction as outlined in the contract. In the event the buyer defaults, the seller would be able to keep this money.
  • Sale of Buyer’s Current Home – Do the buyers have to sell their home before buying yours? When there are other buyers and sellers in the mix and your home sale can be affected by their financial soundness and ability to close, this needs to be taken into consideration.
  • Financial Position – Sellers are picky about the price of the home and how the home is paid for. There are a number of things to consider in this category such a how much of a down payment the buyers are coming up with or if they are paying cash, what financial institution is the financing through, and what type of loan are they getting.
  • Appraisal – If the buyer is getting a loan from a bank, the bank will require an appraisal done on the property to make sure their financial interest is protected. But what happens if the appraisal comes in lower than the purchase price and the bank won’t loan the full amount expected? How submitted offers address this situation need to be evaluated.
  • Inspection and Requested Repairs – Did the buyers get a pre-inspection or do they plan on having one after the offer is accepted? What will happen if the buyer finds items that they want to negotiate to be repaired? Different buyers have different comfort levels when it comes to these issues and this is a top variable to evaluate and determine the parameters that are most advantageous for you.
  • Additional Items – Do the buyers want the chandelier in the dining room? How do you feel about that?
  • Closing Date – How does your preferred closing date concur with theirs?
  • Rent Back – If you need more time to move out after closing and get your next home transaction in order, will the buyer allow for a period of time to rent back the home for a few weeks up to a month or two?

As you can see, there is so much more than price to consider when evaluating offers. If this has you overwhelmed, don’t worry! I will be there to help you evaluate the offers and determine the best course of action for you. Please contact me to discuss further at 206-484-2777 or karenwi@johnlscott.com

Hot Off The Press

Burien, Des Moines, Normandy Park, Real Estate, West Seattle,
  • Seattle’s not the only place with increasing home prices. Record rising home prices have hit the suburbs. The median single family home price in Southwest King County (Burien, Tukwila, Des Moines, Normandy Park, SeaTac, Federal Way and West Kent) increased 11.2% last month compared to February 2016. North King County (Shoreline, Lake Forest Park and Kenmore) median home prices rose by 16.6%, according the Northwest Multiple Listing Service.
  • Did Seattle’s population just hit 700,000? According to Mayor Murray in his State of the City address, 67 people per day moved to Seattle in 2016. If true, this pushed the city population over the 700,000 mark. You can’t help but wonder what these people think about all our rain?
  • The cost of a parking spot: A designated spot in the Park Slope Garage in Brooklyn New York is on the market for $300,000. That’s the same price as a condo in other parts of the neighborhood.   The Associated Press as printed in the Seattle Times.

 

Home Seller Q & A

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

Here’s a Few Frequently Asked Questions by Sellers:

How much notice am I given if an agent wants to show potential buyers my house?

In our area, one – two hours is typical, but if you need to be given more time, we can specify this in the listing information. However, when agents are touring buyers, they may be looking at several homes in a row. The agent will do the best he or she can to arrive at your home in the provided window, but if the tour goes quicker or longer than expected, they may arrive at your home either before or after they have specified. I know it can be difficult, but try to be as flexible as possible.

My baby naps between 10:00-12:00 noon and 3:00-4:30 pm each day. I would prefer to only have my home shown after 4:30 to not disrupt his schedule. Is that possible?

That is possible, but I do recommend having an alternative napping situation on the weekends when many buyers may be out wanting to see properties. You don’t want potential buyers having to skip seeing what could be the perfect home for their buying needs because it doesn’t fit into Junior’s schedule. The more limited the showing schedule, the fewer potential buyers, the smaller the buyer pool, which generally means a lower selling price.

What if I want to take the chandelier in the dining room and kitchen sink faucet with me when I move? Is there something special I need to do?

You have two options – replace these fixtures now before the home goes on the market or designate that these come with the house. In my experience, removing the fixtures you intend to take before the home goes on the market is the best way to avoid misunderstandings and conflict later.

What if I don’t have extra money to fix anything that the buyer has listed to be fixed after the inspection?

Fixes after the inspection can be negotiated. However, my advice is to read the request for repairs from the buyer’s point of view and keep an open mind. There may be small fixes – or even big structural repairs – that must happen before the home is allowed to change hands. Sometimes, these fixes can be paid out of your net proceeds, meaning you don’t have to come up with that money before the sale closes. The challenge with simply indicating that no changes will be done may cause the buyer to walk away and if the buyer walks away, now you have knowledge of your property’s flaws which will need to be disclosed to the next buyer. So keep an open mind and remember, we have options.

Do you have questions about the buying or selling process? I would love to address them for you! Send an email, text, or call: karenwi@johnlscott.com or (206) 484-2777.

Getting a Jump On Spring By Listing Now? Here’s a few tips!

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

If you are considering making a move this year and plan on listing in the next few weeks, I have some great tips to make your potential buyers feel more at home. The challenges of winter are many:

·       The sun is lower in the sky and therefore light comes in your home at sometimes-unflattering angles.

·       Deposits from snow, ice, and rain can make the entrance dirty and uninviting.

·       Plants that are dead or dormant can be a challenge for curb appeal.

·       Heating and air intake grates may have a constant flow of air and may be dirty.

·       Homes that have great outdoor spaces may not show as well during cold, dark, or rainy days.

These are just a few issues that can make selling during the winter a challenge. However, there is a lot that you can do to counteract these:

·       Make sure all your windows and outdoor glass is squeaky clean and streak-free. This way, when the sun is low in the sky, light streams through those flawless windows, illuminating the space.

·       Hose down or sweep walkways and decks. Keep them free of excess sand, gravel, and moss.

·       Plant boxwoods or other evergreens to provide curb appeal and mask perennials that won’t look fresh again until spring. Trim back perennials and pull out dead annuals to make your landscaping look neat and trim. Also rake the beds and get rid of all dead leaves.

·       Keep all air grates clean by vacuuming every few weeks. Change your furnace filter. If your home is getting that burned-dust smell, have your ducts professionally cleaned.

·       Maximizing outdoor spaces, even when it is cold and rainy, is a great way for prospective buyers to be excited about the seasons to come and your home’s outdoor living potential. Make sure pots are brimming with evergreens, light outdoor lanterns and landscape lighting, and get some blooming plants in the ground (crocuses, heathers, hellebores, and primroses are good go-to winter bloomers). These steps will make your outdoors showtime-ready.

·       You can also accentuate the warm and cozy aspects of your home by turning on the fireplace, draping an accent throw over the arm of a couch or the back of a chair, drape a throw at the bottom of the bed, and put plush towels in the bathrooms.

·       Make sure the lights are on both inside and outside your home for every showing. Pull back the curtains and open the blinds. Yes, you may be spending more on heating your home with windows uncovered, but you don’t want your home feeling dark and drab.

There are opportunities to be had selling now. Interest rates have started to creep up, so buyers who were disappointed and decided to take some time and regroup may be back in droves, trying to buy before the interest rates increase even more. Questions about your selling strategy? Give me a call at 206-484-2777 and let’s chat. 

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.