Tag Archives: Realtor

Covid 19 and Real Estate

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

We all find ourselves in an extraordinary time with the COVID-19 virus. During the past few weeks things have moved so quickly that it is hard to keep up with the daily reports about the virus and its effect on our way of life. Many are wondering how this pandemic will affect the real estate market.

These are difficult times right now for so many and there will be substantial economic fall out for a lot of people during this health crisis.  But we must keep in mind, this is a health crisis – not a housing crisis like we saw back in 2008. Immediately prior to the virus outbreak, the spring housing market was heating up quickly. Housing inventory was limited and buyers found themselves already having to compete when making offers to buy. The pandemic has definitely slowed our market down but it is still moving forward. The Governor has deemed real estate an essential business as many people are still in need of housing.  Our industry has implemented new business practices and strict guidelines in order to keep everyone safe.

I believe that real estate is a strong long term investment and I’m confident we will recover from this and our economy and our communities will thrive again.

If you are in need of real estate services right now, please reach out.  I can help you.

If you can, I hope you’ll stay home and stay safe.

The Holidays are a GREAT Time to Buy or Sell

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

Many sellers take their homes off the market for the holidays and buyers who have been out looking all year may take the rest of the year off. So why would it be a great time to buy or sell if there are fewer buyers and sellers in the market? For a lot of reasons:

Less competition for both buyers and sellers – Less competition benefits both buyers and sellers. Fewer homes on the market means homes that are listed will be noticed by buyers (which is great for sellers!). And with fewer buyers in the market, that means less competition for those homes (which is great for buyers!). Especially in markets with very high buyer demand coupled with multiple offers, a holiday lull may be just the break that buyers need to make an offer and get a house under contract.

Motivated buyers and sellers – People who buy or sell during the holidays have a different mindset. They aren’t looky-loos or sellers just trying to test the market. Buyers and sellers have a goal and are serious about the process. Take a look at it from both sides: if you are a seller, wouldn’t you want to work with a buyer who is pre-approved, knows what market price is and ready to buy? If you are a buyer, wouldn’t you prefer to work with a seller who has priced their home at market and is ready to negotiate?

Buyers are pressed for time – Searching for homes can take a lot of time! But competition for that time from other holiday activities means that home searches are usually much more efficient and buyers are ready to make a decision quicker. Both sides may be less willing to drag negotiations out for fear of interfering with holiday plans.

Getting your next move squared away before the end of the year – The looming New Year’s date is often a great motivator on both sides as people want to have their plan in place before the calendar changes to a new year.

Holiday décor – Some homes show best when all decked out for the holidays! Full of light and greenery, homes that exude coziness can really stand out to nostalgic and motivated homebuyers.

Everyone is motivated to close – From lenders, inspectors, closers and more, getting your transaction done by the end of the year (if possible and as per the purchase and sale agreement) is important to all involved! And, with fewer transactions competing for their time, the fewer hang-ups there may be!

 

 

Preparing to Sell in a Fast Market

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

Our real estate market is currently chock-full of opportunities for sellers. Shorter days-on-market, high list to sales price ratios and growing sales prices may have you thinking about your next move. If this sounds like you, the time to begin preparing is now:

STEP 1 – CONTACT ME! Because each neighborhood, style of home, and price point is different, it is important to learn just how hot the demand currently is for your home. If the demand is currently at a very high level this may adjust how much needs to be done to prepare your home and get it on the market. In addition, I want to know where you are moving to which will allow us to strategize and determine what selling and buying looks like financially and timing-wise.

STEP 2 – CLEAN AND POLISH. We will determine together if there are any larger projects that need to be done to get your home on the market, but decluttering, giving your home a deep cleaning, and touching up the curb appeal is critical in ANY market!

STEP 3 – ESTABLISH LISTING WEEK STRATEGY. The week that your home goes on the market will be a very busy one. I will have photos done and once the home is on the market, there may be a number of showings and people through your home. Depending on the anticipated demand for access, you may want to simply leave town for a few days, stay at a friend’s home or even at a hotel. Consider it a mini-vacation!

STEP 4 – DETERMINE PRE-INSPECTION OPTIONS. If demand for your home is going to be strong, some buyers may waive the inspection contingency (the inspection contingency would allow them to back out of the contract if agreement cannot be met on what needs to be fixed ahead of time). Therefore, some buyers may ask to do a pre-inspection before they write an offer. This is done at the buyers’ expense. We can discuss the pros and cons of allowing pre-inspections before we put the home on the market.

STEP 5 – OPEN HOUSE. Depending on where your home is located, an open house allows for a number of potential buyers through at the same time and is a great tool to generate excitement about your home. If I anticipate that the open house will be very busy, I will enlist the help of another agent to assist in crowd control.

STEP 6 – OFFER REVIEW DATE. If I anticipate there will be multiple offers, we can discuss the pros and cons of having a date that lets buyers know when they need to submit an offer by.

Generally speaking, selling your home in a fast market can go much quicker than you might think, so preparing for your move ahead of time will make life much easier when it is time to sign on the line. If this has you thinking, let’s talk! Give me a call or text: 206-484-2777 or email: karenwi@johnlscott.com.