Category Archives: Sellers

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Sold Out: These 10 U.S. Cities Have the Biggest Housing Shortages

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It’s a parched, scorching desert out there for many U.S. home buyers. For the past 28 months, the housing market has been defined not just by demand—which remains sky-high in many parts of the nation—but also by the shrinking number of available homes for sale. So what are the signposts of a tighter-than-tight marketplace? Buyers are jumping on realtor.com® listings within seconds of their initial postings. Wanna-be homeowners are burrowing themselves into ever-scarcer, ever-busier open houses and going a little mad trying to get in the first bid. Real estate agents are knocking on hundreds of doors just to squeeze out one more listing.

And who are the biggest losers in such a skintight, depleted market? First-time buyers with limited budgets, of course.

Read the article on realtor.com® and see where Seattle ranks…

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More Buyers and Sellers Think RE/MAX

most-thought-of-national-brand

Brand awareness matters. It determines what neighbors recommend to one another, the name consumers enter into search engines, and who people trust as their guide when making big life decisions – such as buying or selling a home. Which is why when a study shows RE/MAX is the real estate brand that comes to mind most, it’s a big deal.

Brand power – just part of the full package of experience and service RE/MAX agents bring to the table.

Contact Jennifer to put the RE/MAX brand power to work for you!

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Open Floor Plan Still Popular

Front Door

Open floor plans continue to reign. Eighty-four percent of builders say that in the typical single-family home they build, the kitchen and family room arrangement is at least partially open. Fifty-four percent say it’s completely open, according to responses from a September 2016 National Association of Home Builders/Wells Fargo Housing Market Index.

“Completely open” essentially means the two areas are combined into the same room. Partially open signifies areas separated by a partial wall, arch, counter, or something less than a full wall.

Seventy percent of recent and prospective home buyers say they prefer a home with either a completely or partially open kitchen-family room arrangement; 32 percent say they prefer the arrangement completely open, according to an NAHB survey.

Only 16 percent of buyers say they want the kitchen and family rooms in separate areas of the house.

As demand continues to increase for open floor plans, homeowners of existing-homes are also looking to open up their kitchen and family room areas. Professional remodelers report that 40 percent of their projects involved making the floor plan more open by removing interior walls, pillars, arches, etc., according to first quarter of 2016 data in the Remodeling Market Index.

Source: “Builders Satisfy Demand for Open Floor Plans,” National Association of Home Builders’ Eye on Housing blog

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Small-Cost, Big-Impact Updates for Your Home

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Consider making some of the following updates before listing your home. It could add to your confidence when putting your home on the market, and possibly bump up the sale price as well.

  1. Do a walk-through of your home

Visit each room and make a checklist of items that need to be repaired or replaced – and be objective while doing so. Keep an eye out for outdated styles, bold patterns and colors, dated fixtures, unfinished projects, and over-cluttered closets and cabinets – these items all need to be considered to showcase your home in the best light possible. After making your checklist, develop a budget and establish dates on your calendar to complete these tasks.

  1. Incorporate today’s styles and trends

Our homes and our styles are as individualized as we are. So although you may love an ultramodern or country cottage look, the majority of buyers may not. Choose transitional styles if you need to replace your lighting, hardware, appliances or flooring. And don’t be afraid to ask your local suppliers for help during the selection process.

  1. Remember: First impressions count

It takes just 15 seconds to grab the hearts of potential buyers – or leave them completely unimpressed. Make those 15 seconds count! Fresh sealant on a driveway, vibrant and healthy plants on the front porch, a clean rug and a nice fragrance in the entryway, clutter-free hallways – these all make a huge impact but require little effort.

  1. Focus on the kitchen and baths

Kitchens and bathrooms are some of the most frequently used areas of any home, so put in some extra effort to freshen them up! Things like stained shower stalls and toilets, broken grout, leaky faucets or dated cabinet hardware are easily replaced at little cost. Or, instead of replacing tubs or shower stalls, consider having them professionally resprayed for a fresh new look. A small investment goes a long way in these spaces. And when it comes to hardware and supplies for kitchens and baths, consider shopping online. Many online suppliers don’t have a middleman in the process, so they can sell their items for much less than local hardware retailers.

  1. Let’s talk paint

Paint is a minimal investment, especially if you have the skills to do the painting yourself. From walls to doors to cabinets to fixtures (and even tile), paint can drastically transform spaces. Keep your selections neutral and universally pleasing. Cover bold colors with neutral ones, making the home move-in ready.

Here’s a checklist for small investments with big impacts:

  • Paint or replace brass or dated light fixtures
  • Update bathrooms and kitchens with brushed nickel, chrome or oil-rubbed bronze fixtures and hardware
  • Replace switch plates and outlets with Decora-style devices
  • Paint walls and trim using a neutral palette
  • Refinish worn hardwoods by applying a fresh coat of stain and sealer
  • Remove wallpaper, borders, decorative decals and patterns from walls
  • Power spray your home’s exterior

Keep these items in mind when making improvements to your home and you’ll enter the selling process with confidence. Don’t hesitate to contact me for all your real estate needs!

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The 5 Real Estate Trends That Will Shape 2017

2017

We won’t pretend to know everything that 2017 will bring—heck, 2016 sure surprised us—but we’re pretty certain there will be changes. A lot of them. And while the surprise triumph of Donald Trump in the presidential election won’t alter the fundamentals shaping the 2017 real estate market, its impact is already being felt.

We’ve seen interest rates jump since the election, a movement that’s likely to affect the youngest generation of home buyers.

Just like last year, realtor.com®’s economic data team analyzed our market data and economic indicators to come up with a picture of the key housing trends for 2017. As we prepare to bid farewell to 2016, it looks like we’ll be saying goodbye to the last of the record-low interest rates of the past few years, too. Interest rates have shot up 40 basis points, or 0.4 percentage points, since Trump’s election.

Read more…

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Fed Hikes Rates: The Mortgage Impact

Time to Buy

The Federal Reserve hiked short-term interest rates recently, in a move largely predicted by economists. So, what does this mean for mortgage rates and buyers?

First off, the Fed does not set mortgage rates. Short-term rates are different from long-term rates. Mortgage rates typically follow long-term bond rates, such as the 10-year U.S. Treasury note. Longer-term rates typically adjust before the Fed makes a move.

Indeed, mortgage rates have risen near to 60 basis points since the presidential election. More than twice the quarter-point increase that the Fed voted on Wednesday.

The Fed announced that it expects to raise short-term rates three times next year by a total of 75 basis points.

“That means rates like we’ve seen for most of the past five years are indeed history,” writes Jonathan Smoke, realtor.com®’s chief economist, in his latest column. Mortgage rates in the 3 percent range are gone.

“Mortgage rates will move higher before the Fed acts again, so if the Fed carries out its three planned hikes in 2017, we could come close to 5 percent on 30-year conforming rates before the end of next year,” Smoke notes.

On Wednesday, the average 30-year conforming rate was just under 4.2 percent.

Smoke believes that rates are more likely to move in the month ahead of each key Fed policy meeting. As such, the important meetings to note are in March, June, September, and December 2017.

How big of an impact could rising rates have in the coming months? A median-priced home would be $978 per month payment at Wednesday’s rate of 4.2 percent (and assuming a 20 percent down payment), realtor.com® notes. Take that rate to 5 percent, the monthly payment jumps up to $1,074, nearly $100 more.

“If you intend to buy next year and finance the purchase with a mortgage, acting sooner rather than later will cost you less,” Smoke says is the message to home buyers.

Source: RealtorMag

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10 Reasons to Sell Your House This Holiday

Thinking of selling your home, but planning to wait until spring? There are many reasons to list your home now! Watch this video…

reasons-to-sell-your-house

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Virtual Reality in Real Estate

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The day many tech lovers have been waiting for is here: Google Daydream View is now available in stores. The new virtual reality headset connects with a smartphone (specifically, Google Pixel) to immerse users in their favorite games, movies or even the latest news story. And at just $79, Daydream is making VR technology more accessible to consumers than ever before.

But the uses of virtual reality technology go beyond entertainment. Here are a few ways VR is making its way into real estate.

1. Open houses

Virtual reality headsets, about the size of a scuba mask, can provide 360-degree virtual reality property tours of homes. The headsets completely fill the user’s field of vision with a view of the home, allowing them to look up, down and from side to side. Developers are working on adding more tactile features to the experience, so users can do things like see their own hand opening a door, reports the New York Times.They’re even developing smells. One day Realtors might be able to add the smell of virtually baking cookies to their virtual open house.

2. Long-distance shopping

Virtual reality home tours give out-of-town buyers (and local buyers, too) another tool to help narrow down their choices of homes they’d like to physically visit in a limited amount of time.

3. Staging

More affordable than hiring a pro to stage your home, several virtual options allow you to add furniture and decorations to vacant rooms using computer technology. It can help buyers envision a property with different furniture and paint.

There’s a lot more to a real estate transaction than VR goggles can replace. When you’re ready to buy or sell your home, I’ll be happy to help!

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RE/MAX is Now 110,000 Agents Strong

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When something’s great, people want to be part of it. And that’s why more than 110,000 agents now call RE/MAX home.

The global network, in over 100 countries and territories, has grown every quarter for four straight years. That growth means more yard signs, more homes sold, more satisfied clients and more top professionals working together to serve buyers and sellers.

It’s another reminder that RE/MAX is the right choice for agents who strive to be great – and for clients looking to work with the best.