What is the most valuable piece of advice you could give your younger self today regarding building financial wealth?
For me it’s a no brainer “BUY DIRT”! Not only do I love that song by Jordan Davis and Luke Bryant the video just speaks to my heart and soul of what life is all about AND I have seen it repeatedly with many of my clients.
STORY TIME: in June of 2020 I sold the pictured home for $639,950. The buyers have since had a change of life plan and are moving out of state. Thankfully they have been in the home for 2 years as their primary residence so it will save them on the capital gains tax. WHEW! This month, April 2023, the home is now pending under contract and will be closing soon for around $900,000. That is a profit of around $260,000 in 2.5 years!!!! Do the math if you must and see the appreciation they received in this short time. I may be a Realtor and yes, this is my job but it’s a career I love and I believe very strongly the most solid way to build wealth and secure your future is to buy a home. Your own piece of dirt.
Inventory is still low, prices continue to go up, by the time the rate is where you want it, that price home won’t be what you want anymore, so you will have to spend more to get the same house. I always tell my buyers that it’s important to “marry the house, date the rate” Find the home you want in today’s prices and then when rates go down, refinance to save. If you wait for the rate to go down for 12 months or, more, and prices increase 5-10% during that time, what are you really saving? And, the main reason you are moving cannot be achieved if you stay put (need more space, closer to family, etc. )
You are investing in yourself when you purchase a home. We purchased our first home at 7.5% and that was normal!! Over time home values will always continue to rise, homes are a long term investment and let’s face it it’s better than paying the 100% interest you are currently paying on the rental you have.
Let me know if you want me to help you build your financial wealth!
There are so many good reasons for home improvement — even in a tough economy. You may want to boost your home’s future sales value, add livable space, refresh an aging room or feature. Or you may just want to enjoy your home more, especially if you wanted to move but the market didn’t cooperate. Find out which projects could bring you joy — and some cash back!
Is the kitchen the biggest project that will pay you back or the bathroom?
One thing is common among all properties that receive multiple offers these days: the home is in a good location. Location is nearly always what drives homebuyers in their search. Before considering price, number of bedrooms or size of home, a buyer looks for location.
If your home is on a busy street, not in the best school district or near a freeway on/off ramp, chances are you won’t receive the kind of activity that a well-located home would. In that case, work closely with your agent to price the home correctly.
Must be priced right
Buyers in any market look for perceived value. Homes priced 10 percent (or more) over their market value won’t get noticed. Pricing isn’t an exact science, and it’s nearly impossible to pin a precise number to a home until buyer and seller sign a contract and close. Then, the price officially becomes the home’s market value. Until that time, agents can provide sellers with a value range. Have a good location? Does your home show well? Are you in a strong sellers’ market? Price your home on the bottom of that price range and you’ll be sure to attract buyers — and possibly multiple offers.
Must show well
A generation ago, sellers simply did some deep cleaning and maybe some de-cluttering before their first open house. Presentation wasn’t as important then as it is today, given online listings. More buyers today develop an emotional connection to a home. They want to imagine themselves in your home and not feel like they’re a guest. What does that mean? Appeal to the masses. If you have a good location and you plan to price your home realistically, then you need to make sure you give buyers what they want. If you can afford it, make cosmetic upgrades; invest in some staging and work to turn your home into a “product.” Emotionally disconnect from your home and try to see it more objectively.
Plan on having the home in perfect condition for the photo shoot. A buyer’s first impression of your home likely will be via the Internet or an email from their agent. Make them want to step inside. The more buyers you attract to your home, the more activity.
Know your market
Don’t assume that national trends apply to your region, city or neighborhood. If you’re not in a strong sellers’ market or you spend a fortune on last-minute upgrades, you could be in for a giant surprise. Just because you hear about bidding wars and multiple offers on the news doesn’t mean that applies to your area. Home selling is like the stock market it is goes up, down and can have a bit of a lull when interest rates go up and what is happening in the news for your area and even around the world.
Work with a good Realtor and, no, not all agents are Realtors learn the difference. A local Realtor knows the area and what has recently sold as well as ones that have sold over the past six months to a year. Knowing those homes, having walked inside and personally knowing the agents who have sold them matters. This is market data that an outsider just doesn’t have access to. This knowledge empowers good local agents to educate their sellers.
In today’s whirlwind real estate market, houses are selling at astonishing speed – from sea to shining sea. Four years ago, the average house spent 39 days on the market. Two years ago, homes were on the market for about 24 days. Today, that number has dropped to just 17 short days. If you’re looking to sell your house quickly and on the best possible terms, today’s market can’t be beat. DM me to discuss how to secure a speedy, top-dollar sale for your house.
Trying something a bit unconventional! If you do not know how the Real estate market is right now I am going to take a quote from the MLS “The economics of scarcity are driving prices up at an unsustainable pace,” said Dick Beeson, managing broker at RE/MAX Northwest. “What will happen this spring and summer will likely be more of the same. The real estate vortex we’re in of depleted inventory and high prices is real and unrelenting.” “If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing,” suggested Beeson. “We’re feeling nervous about where this market is headed,” he said, adding, “Help is not on the way. Sellers are almost as rare as the dodo bird.” Although he noted the number of new listings coming onto the market has kept pace or even exceeded last year’s totals in some areas, (Not Snoho county) “new listings are immediately devoured by a plethora of waiting buyers.” The situation has buyers asking, “Am I paying too much?” and sellers asking, “Can we ask more?” That answer for both is “Yes,” says Beeson
Do you know Snohomish county does not even have 2 weeks of inventory? I listed a home in Marysville a few weeks ago and within 2 days I had 18 offers! Many waived everything and, I mean everything. The offer my sellers decided to accept? 140k over asking and covering the difference of a low appraisal! So why am I bothering you with this?We have 5 home buyers that we have been working to find homes and one family that currently has 7 family members living in the same townhome as they have special needs and we want to find them homes! We were just beat out of an offer that we put in for them. Our offer was 50k over asking and waiving all we could plus they would cover a 25k low appraisal. The offer that got it was $80k over listIn almost 11 years in Real Estate I have never experienced anything like what is happening. I rarely do not get my clients the home they want on the first try but, right now there are to many buyers, low interest rates and not enough homes on the market to sell. So I am trying to think outside the box. If you happen to know of anyone thinking of selling within these parameters can you PLEASE consider having them contact me? Believe me I have scoped out everything online, even FSBO, and so I am reaching out.
Local firefighterVeteran wanting to use his VA loan for the first time. They are approved for up to 500k. They would love a small rambler w/garage and a bit of a yard. Flexible on area. Currently looking in Lake Stevens, Marysville and Arlington. 3-bed, 1.5 bath. Home does need to be in good condition for VA financing but if something is called out and if a little something is needed to push I will do it!
Family of seven. Multigenerational family with one of the parents being confined to bed permanently. We are trying to find a home that has 2, or potentially 2, living arrangements. A split maybe for parents to live downstairs and the younger families up? They have 2 small pet goats so no HOA neighborhood. Underwritten approved to 675k.
First time home buyer with 2 small kids and need a home they can keep their laying hens with them. No HOA against chickens. 3 bed/ 1.5 bath with a garage detached or attached. Like homes with a bit of lot. Looking in Marysville, Granite falls, Arlington area. Underwritten approved to 500k.
First time home buyer couple. No kids yet but want to have a couple fur babies soon as they lost there two older ones in the last year. Underwritten approved to 570k, 3 bed, 2 bath. Like newer modern homes but not the zero lot line ones.
First time home buyer expecting their first baby in May. Underwritten approved to 425k. Flexible on location but prefer Everett and going east or north is okay. At least a 2 bedroom, 1 bath.
This is not something I would normally do or ask but I want to do the best for my clients and never hurts to try right?
Please reach out if you know of anyone, wanting or thinking, about selling. That could help my buyers or another family that is looking for a home.
Are you considering selling your home and retiring? Maybe somewhere warmer? We all know the main areas for retiring are Florida with many cities being ranked in the top 10. I was surprised to see Myrtle beach- SC, Ann Harbor MI, and Lancaster, PA in the top 10 and I did not see Arizona in the top 25. In fact it looks like they were #38 in the 2020 ranking. Times are changing for sure! Where do you think Washington ranked? We ranked 46 out of 50!
Over the years seeing Seniors in my church, neighbors and with my own parents I have seen many challenges as we age that make you decide to move. After struggling to help one family move that had many medical challenges I decided I need to learn more to help this population and is why I am proud to be an Seniors Real Estate Specialist (SRES). Helping those make a move that is more senior friendly and working with their family in taking the time they may need for their next adventure in life.
So where do you start when you are starting to consider a move and have lived in your current home for 20+ years?
1. Start with the easy stuff.
Eliminate anything that’s broken, damaged, or no longer wanted. Then, go to the out-of-the-way spaces like attics, crawlspaces, and garages. Progress in these “easier” parts of your home will help you build momentum and tackle the harder-to-decide areas.
2. Ask yourself, “If this disappeared tomorrow, would I run out and replace it?”
If you wouldn’t miss it or need to replace it, it’s probably not worth keeping.
3. Don’t be a storage unit for others.
If friends or relatives have left things for you to store, it’s time to ask them to pick up their possessions—or arrange to have them shipped. You may need to be tough and set a firm deadline, after which you will donate the items.
4. Ask for help.
Although you can do much of this work on your own, a family member, a good friend, or even a professional organizer can help make the job more manageable.
5. Decide what’s important.
Pretend you are moving overseas, but you can only take a severely limited number of items because it costs a small fortune to ship them. What items belong on your list? These are the things that matter most to you!
6. Is this something from a lifestyle I no longer have or want?
For example, if you have three cabinets full of plastic containers, but only cook for one or two people, it’s reasonable to eliminate a few plastic sets—and dishes, pots, and pans.
7. Schedule a regular time each week—or several days a week—to work on rightsizing.
Realize that rightsizing is a life-changing marathon, not a sprint. You didn’t accumulate everything overnight, and you won’t sort it all out overnight, either.
8. Value what you keep.
The fewer things you keep, the more you will treasure and enjoy what you have, instead of tucking items away in a closet or stacked among dozens of other things. These are the select, meaningful items worth having in your personal space.
9. Prevent new collections from forming.
Instead of material gifts, ask people to spoil you by sharing time, enjoying new experiences, and helping you indulge in luxuries (spa certificates, imported chocolate, a musical or other theatre production, gift certificates for dinner out, etc.). In other words, ask for special treats that you love and want, but don’t always buy for yourself.
10. Use age to your advantage.
Now is a great time to give items to family members that you eventually want them to have. Take a photo (preferably a digital one) of your recipients holding their treasured gifts and create a scrapbook of “next generation” memories. These images can serve as powerful reminders of your most cherished items moving forward into posterity with the most special people in your life.
It takes time once you decide you want to start making the steps for a move. The average time frame I work with Senior sellers that have decided to move is a few months to a few years. I had one couple that I worked with for 3 years! They had been in their home for 32 years. Raised their kids and finally decided it was time to move into a ground floor condo with no steps and then go see the world. It takes time to navigate and sometimes many meetings to help them make decisions and keep them on their path. I helped with so many referrals and even some of the heavy lifting before we did the heavy selling. 🙂
Want more information on what a SRES can do for you? Visit the consumer site to learn about the value of working with a SRES and content with topics to assist you like Senior housing options, adapting your existing home and more.
Here is the Snohomish County Homes Team’s home buyer checklist that we give to our buyers besides a side by side comparison sheet and other tips. For your own click here homebuyingchecklist Or better yet contact us and let us help you find a new home!
Every June, we recognize National Homeownership Month as a way to celebrate the many ways buying and owning a home is a solid step forward for American families.
The Snohomish County Homes Team loves to assist home buyers. Whether you are a first time home buyer, or have done this before, we are here to guide you along the way. Our knowledge as a Certified instructor for the Washington State Housing Finance Program has given us a wealth of information to help guide our buyers. Teaching home buyer classes in Snohomish, at Josh Taps and Caps, has been fun and we hope to do so again soon. As a Relocation Specialist I have helped many families move here and saving them money along the way.
Are you Military and relocating? With our Military lender and Homes For Heroes program. We have great bonuses in cash incentives for all Military plus Homes for Heroes also gives large incentives to Law Enforcement, Teachers, Firefighter’s, EMT and Healthcare too!
We have advanced education to serve and give our clients the best possible service and communication. Over 10 years in the industry has fine tuned our service and skills and all to make the path of home ownership successful and fun for you!
Take a moment this month to contact me about your housing goals and the questions you have. We can work together to help you achieve them.