The housing market of 2024 mirrored some striking similarities to 1995, marking the lowest existing-home sales in nearly 30 years. However, the real estate landscape has changed dramatically.
Flashback to 1995 in the Housing Market vs Today
Category Archives: Buyers
90% of Markets Saw Home Price Gains in Fourth Quarter
Home prices finished 2024 strong, NAR data shows. But in the last five years alone, median home prices have jumped 50%.
Property owners are getting richer as home prices prove resilient against lower home sales. Nearly 90% of metro areas registered home price increases in the final quarter of 2024, according to the latest housing data from the National Association of REALTORS®. Fourteen percent of the 226 metros NAR tracks posted double-digit price gains, up from 7% in the third quarter.
The Biggest Perks of Buying a Home This Winter
Waiting for perfect market conditions often means missing out. Because what you may not realize is, if you’re ready and able to buy, this time of year could actually give you an edge. Here’s why. As the weather cools down, the housing market can too – and that works in your favor.
3 more Designations from the National Association of Realtors
I recently completed 41 hours of continuing education and attained 3 more Designations from the National Association of Realtors to better serve my buyers and sellers!
Accredited Buyer’s Representative®
For most homebuyers, purchasing a home is the largest and most complex financial endeavor they may ever undertake. As an ABR®, I have the education, experience and skills to anticipate your needs and guide you through the home buying process. My goal is to get the best results for you, the buyer. I will help you find a home that fits your needs, style, and budget, all while providing best-in-class service.
Seller Representative Specialist
As the premier credential in seller representation, this designation is designed to elevate professional standards and enhance personal performance. As an SRS, I demonstrate the knowledge and skills essential for seller advocacy, and represent a global community of REALTORS® who use their advanced training and expertise to go above and beyond their seller’s expectations.
Seniors Real Estate Specialist®
Navigating the real estate market as a senior has unique challenges and opportunities. Whether downsizing, relocating, or adjusting to new life circumstances, an SRES® can make a significant difference. I bring specialized knowledge tailored to the over-50 market, ensuring your transaction is handled with expertise and empathy.
Changes in Median Closed Sale Price
This graph shows how the price of homes have evolved over the last 30 years in a few key counties in the Pacific Northwest.
For many years, NWMLS has been tracking a variety of metrics each month in counties within its service area. One of these monthly metrics is Median Sale Price, which is the middle point in the price distribution of homes sold that month, meaning half of the sold properties were priced higher, and half were priced lower. Median Sale Price is considered a more accurate representation of the market than average sale price, as it is less affected by outliers.
10 Pointers for Packing and Moving to a New House
Moving marks the end of a chapter, and the start of an exciting new one. The anticipation of living in a new home brings endless possibilities – but the process to get there can feel overwhelming.
Here are 10 pointers to help make the moving experience as smooth and stress-free as can be:
1. Book movers in advance
Once your move-in date is set, secure a moving company as soon as possible. Booking early will avoid the hassle of having to make last-minute arrangements and give you a better selection of options that suit all of your moving needs.
2. Notify utility providers
Inform your utility providers about your move in advance to ensure essential services like water, electricity and Wi-Fi can be used in your new home starting day one. This will also prevent you from being charged for utilities at your old address after you’ve moved out.
3. Declutter before you move
Evaluate the layout and size of your new home and decide what items you truly need. Moving is the perfect opportunity to do a purge of possessions you don’t use or want anymore. You’ll be surprised by how much you choose to donate or throw away. Purging pares down the volume of things that need to be moved, and also sets the stage for a fresh start in a well-organized, clutter-free space.
4. Start packing early
Packing usually takes more time than anticipated, so starting early is essential. Begin by packing lesser-used items and tackle the task room by room. Breaking it down into manageable chunks and packing a little each day will help you stay organized and on schedule, making the entire process more efficient.
5. Label boxes clearly
Properly label each box with its contents – and make note of the room into which it will go. This will make unpacking and sorting much easier, ensuring everything ends up in the correct place.
6. Pack boxes strategically
To ensure your belongings stay safe and secure throughout the move, pack heavier items at the bottom of boxes to create a stable base and prevent lighter items from being crushed. Make sure each box is filled to capacity to avoid shifting during transit. Choose boxes of the right size for your items and use packing paper or crumpled newspaper for cushioning to provide extra protection.
7. Keep the essentials accessible
Consider setting aside a dedicated bag or suitcase for daily essentials you’ll need right away, such as toiletries, work supplies, electronics, and a change of clothes. This will make your first few days in the new home more comfortable, enabling you to settle in while you finish unpacking.
8. Create a special plan for delicate items
Carefully wrap valuable, breakable, or delicate items with materials like bubble wrap and towels for extra padding, and make sure to mark these boxes as “fragile.” Use smaller boxes for delicate items to minimize potential damage. If you’ve hired movers, inform them that these boxes require special handling, or consider transporting these items yourself to ensure they arrive safely.
9. Organize important documents
Keep vital documents like birth certificates, passports and checkbooks secure in an easily accessible place. And, store important papers in clearly labeled files within a container.
10. Reflect and celebrate
Your home is more than just four walls and a roof – it’s a special place filled with memories from a meaningful chapter of your life. Moving means saying goodbye to the past while welcoming new experiences and opportunities.
Take some time to reflect on your old space. Consider hosting a farewell dinner with loved ones, or simply have a quiet moment of reflection and gratitude before you embark on the exciting journey of moving into a new space.
Ready to start your next chapter in a new home? Contact me today!
5 Questions to Ask When Buying a Fixer-Upper
When purchasing a property that could use a little (or a lot of) work, make sure you’re truly prepared to take on the task.
Buying an outdated, or even dilapidated, property can be exciting for those with a DIY mindset and creative vision. For many, it provides a chance to own a home that has more square footage, is situated on a bigger lot, or has a sought-after location. Plus, with properties like these, the purchase price is often lower than market comps, which can mean lower monthly mortgage payments.
An early 2024 survey from RE/MAX found that of consumers looking to buy a home this year, 56% were interested in considering a fixer-upper as a creative way to achieve homeownership amid changing (and sometimes challenging) market conditions. Of those who were open to the option, more than half were willing to do so based on location.
Don’t be fooled, however, by reality TV shows that gloss over the details in what can be a complex process – projects like these often require abundant time and resources, with costs adding up along the way.
Here are five fixer-upper questions to consider:
1. How much can you afford for renovations?
Cost will lay the groundwork for all plans pertaining to the renovation process – and setting a budget ahead of time will help you prioritize what to fix. It’s generally better to overestimate the potential costs to account for unexpected situations that might pop up along the way. Ultimately, the budget depends on your personal financial situation, as well as location, property type, renovation goals, and more.
Some people work with a lender on financing solutions, like home improvement loans, if they meet qualifying criteria.
2. What was the outcome of the home inspection?
A home inspection is an essential step when buying any property – and it’s extra important with a fixer-upper. A professional inspector focuses their examination to the home’s physical structure and major systems. They’ll look closely at the foundation, as well as the structural integrity of floors, walls, ceilings, and the roof. They’ll also check the functionality of windows, doors, HVAC system, electrical, and more.
With fixer-uppers, there’s a higher likelihood of some of these features being compromised. Costs for repair and restructuring can vary depending on the issue and the severity of damage or wear.
3. What scale of renovation does the place need?
You may hear people saying a house has “good bones.” Essentially, if a house is structurally sound and just needs some cosmetic upgrades, it’s a very different process than if it requires larger-scale demolition. Before you take on a fixer-upper, consider the scale of the necessary renovations to determine the feasibility of your plans.
It’s important to also think about who would be doing the work. Hiring contractors can be much more costly than going true DIY. It’s also critical to identify health hazards that may be present, like asbestos, mold, lead paint, and more – and always hire professionals to remove toxins like these in a safe manner.
4. What permits will be required to complete the project?
Each city and town has regulations and restrictions on residential construction. Some places, for example, allow grandfathered property rights or adhere to strict rules that limit the current-day building potential of structures and footprint additions. Many larger-scale home repairs require permits and inspections during the process.
As you determine what fixes need to be made, check with the local government to make sure your plans are legally compliant before starting any form of demolition.
5. Can you wait to live there until renovations are completed?
Priorities will likely take shape based on the condition of the home. Some people buy a fully functioning house that simply has outdated style, prompting them to make cosmetic upgrades. In cases like these, many choose to space out renovations over time and slowly update the place room-by-room while living there.
For those who go with a more dilapidated structure, the fixing of essential features – like foundation, roof, HVAC, etc. – will likely take priority over aesthetic changes, and need more urgent attention before the space becomes habitable.
Whether you’re looking for a fixer-upper or move-in-ready home, contact me! I’ll be happy to help you get the process started!
Back to Basics: The ABCs of Achieving Homeownership
Buying a home is the largest transaction most people will make in their lifetime. It’s an exciting milestone, but the process can be complex.
In honor of National Homeownership Month this June, people getting ready to dive in can heed these helpful tips – the ABCs of achieving homeownership.
A: Align yourself with a trusted advisor
Working with a real estate agent you trust can make a world of difference when buying a home – especially if you’re a first-timer. A trusted advisor will go through the process with your best interests in mind, explain essential industry terms, help determine your priorities, negotiate on your behalf, and do so much more.
Experience is a top quality to consider when you’re choosing which agent to work with. (And look for a full-time professional, too. Your purchase is too important for a part-timer.) Experience can be quantified in a few different ways – like years in the industry, real estate specialties, and neighborhoods they conduct business in. What’s helpful: Not only do RE/MAX agents have the experience to get the job done in today’s market, but they also average more sales than other real estate agents.
Another important component of the trusted professional you choose to work with is their communication style. It’s smart to align with someone who is communicative and easily accessible, and who also outlines their preferred methods of contact during the homebuying process upfront.
B: Be sure your finances are in order
Ultimately, your home purchase is a financial transaction, so it’s best to analyze your financial situation – and get things in order – before you find a house you want to buy. Unless you’ll be paying cash (and if you are, congratulations!), you’ll be working with a mortgage lender who considers factors like credit score, debt-to-income ratio, and more to determine what kind of financing you qualify for.
These factors will be helpful in the pre-approval process, too, where the lender estimates how much house you can afford. This provides a framework for setting a budget and establishing your price range. In this step, make sure to budget beyond the down payment and monthly mortgage payments for the ongoing expenses of homeownership, like maintenance.
C: Consider your options
Before shopping for a house, start by making a list of wants and needs. This can help keep priorities straight as you begin looking at prospective properties that fit your lifestyle and income.
Consider what you need when it comes to space, storage, and outdoor functionality – and be realistic about which locations work for you, and which don’t. That way, you can focus your time and energy touring places that have a higher likelihood of being your ideal match.
Housing inventory and home prices will look different in every market. Curious about current housing market conditions around the U.S.? Check out the latest RE/MAX National Housing Report coverage.
Contact me for a complimentary in-person or online consultation!
6 Factors That Set RE/MAX Agents Apart
When real estate consumers set out to buy or sell a home, they can benefit from working with a professional who has the experience to get the job done – and does so with compassion and heart. That’s why so many choose to work with a RE/MAX agent.
Curious what makes RE/MAX agents stand out? Here are six distinguishing factors.
1. RE/MAX agents are trusted by consumers
Trustworthiness is an essential quality in a real estate professional. After all, agents are helping consumers navigate one of the largest transactions they’ll likely ever make.
RE/MAX is a leading choice when people are seeking out an agent they trust the most. For years, shoppers have voted RE/MAX as the brand with the #1 Most Trusted Real Estate Agents in the USA* and Canada**.
2. RE/MAX agents outperform the competition
Production matters – and RE/MAX agents average more sales than other real estate agents.
Multiple surveys revealed that RE/MAX agents, on average, outsell other agents by more than 2 to 1 at large brokerages, based on 2022 transaction sides***. In one of these surveys – the RealTrends 500 – 2023 was the 13th consecutive year RE/MAX had earned this recognition.
This edge in agent productivity is featured in the latest RE/MAX vs. the Industry report – which ranks the results of national full-service brokerage brands in the U.S. – along with several other relevant metrics.
3. RE/MAX agents in the U.S. and Canada have access to top tech at no additional cost
In today’s tech-powered world, it makes sense that the most productive industry professionals are using innovative technology tools to organize, promote, and drive their business.
When aligned with RE/MAX, agents have access to some of the industry’s top tech platforms. For example, MAX/TechSM powered by kvCORE – which includes the brand’s exclusive CRM – puts everything an agent needs in one spot and enables them to design marketing pieces, build campaigns, monitor their sphere, track resulting leads, and more. The platform is available to RE/MAX agents in the U.S, and Canada at no additional cost.
4. RE/MAX agents meet consumers where they are with marketing
A key reason many agents join RE/MAX is for the unparalleled brand power, strengthened over more than 50 years. In their marketing, RE/MAX agents harness the power of the RE/MAX brand itself and customize high quality social media graphics, advertisements, and more, created by RE/MAX for affiliate use.
RE/MAX recently debuted its 2024 National Advertising Campaign, a comprehensive mix of content that highlights the value an experienced real estate agent brings to a transaction. The materials promoted by RE/MAX – and placed in the hands of agents – includes commercials, social media, and other creative concepts geared toward digital connection.
Having an ever-expanding toolbox of digital assets at their fingertips means RE/MAX agents can market consistently and stay in-front of existing and future customers.
5. RE/MAX agents have a worldwide network of referral opportunities
RE/MAX has a presence in more than 110 countries and territories – so agents aligned with the brand are a part of an extensive network (comprised of more than 140,000 professionals) bustling with referral opportunity.
All year round, RE/MAX agents can take advantage of the RE/MAX Global Referrals Platform, which seamlessly tracks a referral from start to finish and uses an algorithm to help connect users with potential business partners. Plus, the tech hub auto-translates referrals into 50 local languages.
Another coveted international networking opportunity is the annual RE/MAX R4® convention, where agents from around the world come together for connection and education. One can’t-miss aspect of the event is the Global Referrals Exchange, a gathering where affiliates from different countries throughout the RE/MAX network celebrate their cultures and form friendships that span across borders.
6. RE/MAX agents care about their communities
In a profession rooted in community, RE/MAX agents are committed to giving back to the places they live and work. Throughout the year – and especially during the annual Global RE/MAX Week – RE/MAX agents, teams, and offices find unique ways to raise funds for those in need, partake in community clean-up initiatives, feed those who are hungry, and so much more.
Many agents support Children’s Miracle Network (CMN) Hospitals through the RE/MAX Miracle Home and Miracle Property Program, where participants make a donation on behalf of their client after a closed transaction. Best of all, the money stays local, benefitting the affiliate CMN Hospital in their area. Since 1992, RE/MAX affiliates have donated nearly $200 million to CMN Hospitals across the U.S. and Canada.
*Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark® American Trust Study, years 2022-2024 and 2019.
**Voted most trusted Real Estate Agency brand by Canadian shoppers based on the BrandSpark® Canadian Trust Study, years 2019-2024 and 2017.
***Source: Based on 2022 transaction sides cited in three surveys of the largest participating U.S. brokerages. The 2023 RealTrends 500 includes data for 1,561 brokerages with at least 500 transaction sides each. The 2023 RISMedia Power Broker Top 1,000 and the 2022 T3 Sixty Mega 1,000 each include data for the 1,000 brokerages with the highest sales volume.
Proposed Settlement by the National Association of REALTORS®
Many of you may have heard about this over the last week. Sadly there is A LOT of misinformation out there. I’ve given it a lot of thought and think that the NWMLS’s statement summarizes it best for the majority of Washington State:
“NWMLS is owned by its member real estate firms and not affiliated with NAR.
Beginning in 2019, and continuing in 2022, NWMLS made changes to its rules, forms, and processes that address the issues raised by the national litigation and outlined in the proposed settlement agreement. NWMLS’s changes enhanced transparency, consumer choice, and negotiation opportunities related to broker compensation.
NWMLS’s most recent efforts, in cooperation with Washington REALTORS®, culminated in revisions to the Washington state “Agency Law” that were effective January 1, 2024. As a result, Washington law already requires brokers to enter into a services agreement to represent a buyer, which is one of the primary “practice changes” in the proposed settlement agreement.
While NWMLS’s system of rules and forms, together with the revised Agency Law, provide both buyers and sellers with complete transparency, choice, and control of broker compensation, NWMLS and its members will continue to take advantage of every opportunity to enhance the quality of real estate brokerage services in the Northwest.”
Watch this 30 second video that highlights what Washington REALTORS® recently did to advocate for more transparency in real estate.
4/23/24 Update: Judge Bough granted the Plaintiffs’ Motion for Preliminary Approval of this agreement, which means that the settlement agreement is preliminarily approved.
Don’t hesitate to call or contact me with any questions!
Managing The Real Estate Details 