This is an oldie but a goodie handout. I like to give to my clients as they are going through paperwork when they are decluttering for us to sell their current home or home buyers when packing up for their move. We all have it lots and lots of paperwork! This time of year you may be done with taxes and have all the documents still sitting around or, you may be feeling like spring cleaning and wondering what documents you really need to keep and for how long. I hope this helps.
Tag Archives: Mill Creek Homes for sale
Are You and Your Home Prepared for Winter?
I have posted before but I think a great reminder that we are still in winter and storms happen. Take care of yourself and your home.
What is happening this fall in the Real Estate Market?
|Rate Update For the Week of 10/3/22|
|Last Week||This Week||Change|
|Fxd 30 *||6.7||6.79||Worse by .09|
|Jumbo Fxd 30*||5.95||5.85||Better by .1|
|5/1 ARM*||6.12||6.05||Better by .07|
|VA/FHA Fxd 30 *||6.25||6.55||Worse by .3|
|10 Yr US Treasury||3.741||3.801||Worse by ..06 (rates tend to go up when yield goes up)|
|5% 30 YR UMBS||97.5||97.781||Better by .281 (rates go down when the bond price goes up)|
|*From MND’s Rate Index|
Deals will hinge on negotiations this fall. Here’s how buyers’ agents win
‘There was no negotiation over the last couple of years,’ Max Stokes of Compass says. But that’s beginning to change — gradually. With a few tips, buyers can prevail at the negotiating table
It’s been a long couple of years for homebuyers and their agents.
The pandemic-fueled tornado of low inventory, tons of buyers flocking to the market amidst record-low interest rates and would-be sellers holding onto their homes for fear of being left out in the cold with no place to go, made for a brutal homebuying experience in many places.
“Last year, it was pretty much come in every house guns blazing, do whatever you could do to acquire that house,” Max Stokes of Compass in Northern New Jersey told Inman. “There was no negotiation over the last couple of years.”
But the tides are turning.
Volatile — and comparatively high — interest rates coupled with an uncertain economy are starting to shift the market’s balance. Sellers don’t have the hold on the market that they once did. And it’s time for buyers to start taking advantage of the shift.
As a balanced market comes into view on the horizon, here’s how buyers’ agents are changing their negotiation tactics to help their clients achieve some wins that were once impossible in the frenzied market of the last two or so years.
Ask the developer to cover closing costs on new properties
On new development properties in Manhattan, where Leslie Singer of Brown Harris Stevens works, the taxes folded into closing costs can be a lot to swallow. In the past few years, sponsors (another term for developers) have typically put the onus of mansion and transfer taxes on the buyer of the property.
On New York City properties priced below $500,000, transfer taxes are 1 percent and on pricier properties, that tax increases to 1.425 percent. Mansion taxes kick in on properties priced at $1 million or higher and range from 1 percent to 3.9 percent, depending on the exact price.
But in this market, Singer said developers are a lot more willing to negotiate.
“In these types of markets, sponsors may be more flexible on the backend, such as assisting with closing costs,” she told Inman.
Leverage different listings against each other
With inventory staying on the market a bit longer these days, buyers have the time to comfortably compare different active listings — and potentially leverage them against each other if a seller is really being a stickler when it comes to negotiating, Stokes said.
With properties that he has represented recently, Stokes said homebuyers have pointed out to him other similar properties in the same market, and why they might be a better offer than his own listing, lighting a bit of a fire under the seller.
“[They’re] pointing out the differences in the comparables that are on the market and trying to leverage three [listings] against each other,” Stokes said.
Marry the house, date the rate
With elevated mortgage rates, a lot of buyers are hesitant to get out into the market now. But Gretchen Rosenberg of Kentwood Real Estate in Denver said that she and her agents are encouraging homebuyers to get off the fence and commit to a home if they love it. Mortgage rates will be in flux for a while, so buyers should get the house they want now and keep refinancing for a better rate in mind for the future. In other words, “marry the house and date the rate,” Rosenberg said.
“We are out there talking rates and just reminding buyers again, hopefully this is a longtime purchase. It’s not a year, it’s not like you’re a renter, you’re going to be in it for a while, and so someday down the road — we don’t know when, we can’t promise when rates will come back down — you’re likely going to be able to refinance. You also might be able to buy down the rate now, depending on your position.”
Get more recent data to back up the best offer
In the past, Rosenberg said she might gather comps from the last six months of sales to inform her buyer’s offer on a property. But with the market changing rapidly over the last few months, in large part as a result of volatile mortgage rates, Rosenberg said data from six months ago is already out of date. To help buyers craft the best offer that’s most likely to succeed, her agents are digging into data from a neighborhood’s most recent sales.
“They’re diving more into the data,” she explained. “They’re saying, well, what have the last couple of sales been? Not the last six months of sales, which is what we would normally do to comp a house, but the last couple of sales in this neighborhood, and how many price reductions have there been in this neighborhood? What are the days on market now? What’s the percent original list versus final sale price in the last 30 days?”
Don’t waive your rights
Stokes is working with homebuyers now who also transacted a home earlier in the pandemic, and he said he had to make it clear to them that waiving things like a home inspection or appraisal were concessions they wouldn’t even consider this time around — even if he didn’t necessarily encourage it the first time.
“You don’t need to do that anymore,” Stokes said. “The market’s normalizing, if not turning, so keep your rights in the contract … there’s no reason to do it just to do it.”
“People were voluntarily waiving [inspections] and just doing escalation clauses,” Dawn Maddux of Engel & Völkers Western Frontier in Missoula said. “In the 11 years I’ve been in real estate, I’ve not ever seen that before … Now, we’re kind of getting back to writing normal offers, maybe at or a little below asking price based on what the market will bear and based on what comps show, where before, it was just a frenzy.”
Along the same lines, Maddux elaborated that homebuyers shouldn’t feel rushed to make decisions before they’ve done all their due diligence on a property, and buyers’ agents should actively encourage this to avoid regret later.
“They have time to do their research there — there’s not a frenzied competition,” Maddux said. “It’s honestly better for the seller because, what we’re seeing happen, is there’s a lot of lawsuits pending where buyers jumped into properties, they end up with buyer’s remorse, they [find] out something [about] the house that the seller didn’t disclose, probably because they didn’t know about it, and they didn’t get an inspection so they wouldn’t have had a way to know.”
In this market, when a deal isn’t as sweet as a homebuyer or the buyer’s agent feels it could be, under the right circumstances, there’s no shame in even stepping away from the negotiations for a week or two altogether.
That opportunity arose recently for Stokes and one of his buyers, who was interested in a fixer-upper that he thought was overpriced given how much money would need to go into renovating the property.
“I said, ‘Well, there’s not going to be many buyers out there that are going to be willing to take this on their shoulders right now,” and [the sellers] disagreed,” Stokes told Inman. “And I just told my buyer, ‘Just trust me — you’re one of the only buyers out here that would do this right now. Take a deep breath, sit back, and let’s just watch this for a minute.’”
The seller reached back out a week later, wondering if they were still interested, and Stokes said they were considering some other options. Another week after that, the seller reached back out again and said they would drop the price to match the buyer’s offer
If You Won The Lottery?
Must have a good location when selling your HOME
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.
Snohomish County monthly real estate stats
September 20, 2016| Snohomish County Homes INC.
Snohomish County Statistics as of August 2016
Active Inventory: +13% Aug 2016 vs. Aug 2015
2009 available homes currently on market -46 vs. last month.
Pending Transactions: Up 14% Aug 2016 vs. Aug 2015
2071 units +94 vs. last month
Sold Transactions:+7% Aug 2016 vs. 2016
1748 units +75 than last month
Days on Market
Snohomish County Active to pending 26 days vs. 35 a year ago up 2 days from last month.
Median home price in Snohomish County is at a record high of $395,000!!! +9% last year. Down $3,000 from last month.
Area price % based on last Quarter
Bothell + 11%, Edmonds/Lynnwood +7%. Everett/Mukilteo +7%
Snohomish/Monroe+ 13%. Lake Stevens/Granite Falls +6%.
Home services a Realtor’s referral list.
REFERRAL RECOMMENDATIONS FOR CLIENTS
An inspector I use, and highly regard, composed this list on tradesman he has used and trusts. If you click on the below link it will bring you a “tool box” in alphabetical order of almost every type of service, you could need in the Puget Sound area. Click here
Below are some that I (with the *) have used, recommendations from other agents and our area neighborhood recommendations.
General Contractors Handy Man
- *RM Landscaping and Renovation – Roland 206-818-5078. Small or large projects. Fences, decks, lawn care, lighting, roofs, waterfalls, ponds, concrete driveways, retaining walls and more.
- *We Honey Do.com http://www.wehoneydo.com
- Justin Powell (GA Powell construction) 425-356-9022. gapowellconstruction.com
- Classic Remodeling NW, INC- Ward Hampson- 425-224-2004; cell-425-530-6818 http://www.classic remodelingnw.com; firstname.lastname@example.org
- mrhandyman.com; 1-877-MRHANDYMAN (674-2639)
- Jim’ll Fix It- Handyman- 425-220-3749. http://www.jimllfixit.info/
- G-Versitile construction.Gymie Kelly 425-422-2101
- Jerry Green @ Image Fence 425-343-6604
- Josh Ross contractor/painter who likes to take on small remodels projects! Rosscontracting@zoho.com 206-225-1616
- *The Gutter Guys- Steven Alley; 206-595-0771; email@example.com
- *First Response Heating and air solutions 206-643-1525
- Solution Plumbing & Heating. Ryan Hurd 425-231-8599 solutionplumbingheating.com
- 411 Plumber Ambrose Herrera 206-229-4225
- Kings Heating – 206-361-1818
- Hamblen & Sons Heating Office: 360-658-0124 Mobile: 425-501-0123
- *CM Heating- furnaces, heat pumps, air conditioning, fireplaces (chimney sweep)
- *RM Landscaping and Renovation – Roland 206-818-5078. Fences, decks, lawn care, lighting, waterfalls, ponds, concrete driveways, retaining walls and more.
- King Landscaping 206-856-1267
- Lawn aerating-thatching Stewart Armour @ 206-214-5595 aerating-thatching.com/aeration.com
- *Patrick Kelley Kelley’s Cleaning & Restoration http://www.kelleyclean.com/ 425-303-8294
- *American Crawlspace- Brian 206-795-5844 or 425-308-1888
- *Stuart Ross 425-268-2299
- * Jim – architecturalcabinets.com 425-501-3642- Custom made and great prices!
House Cleaning Service
- *Jessica Shields 425-346-0485
- *King & Queen Cleaning and household services kingandqueencleaning.com 425-954-3337
- Alpine Cleaning http://www.alpineclean.com/
- *AA Advantage Pest Control- Stephen Gillis – 360-658-8811- aadvantagepest.com
- Eagle pest eliminators 425-398-7365 eaglepesteliminators.com
- Dad’z Electric in Mukilteo (425) 493-1541
- Left Coast Electric 360-920-8484 Toby Foulke
- Renfro electric. 425-923-5088
- *Allphase garage doors too. Kevin 360 651 7830
- *Jimmie Beam 206-261-1903. Jbeem@freedomsystemsinc.com
- Tri County Septic monitoring & septic services 360-659-7077
- Top Shelf Organizing. Jill 425 283 9265 topshelforg.com
- Davison Roofing Inc. 425-344-6151
- *Always Roofing in Snohomish firstname.lastname@example.org 425-345-5863
- All in 1 Tree Service 347.7253
- Evergreen Tree Care 800-684-TREE (8733)
Windows and glass replacement and insulation
- *Superior Weatherizationjayaskus@yahoo.com 425-350-1194
- Washington Energy Services washingtonenergy.com 800-398-4663
Have someone you would recommend to a friend? Let me know I am always looking for great people to recommend. As I love to recommend great people and services please remember me for your Real Estate needs or those of your friends and family.
I am never too busy for your referrals!
Jenifer Murrweiss REMAX Elite Realtor Consultant 425-422-7243
Monday’s Real Estate Update
The historic residences in Seattle’s Discovery Park that will soon be on the market have mountain and water views. I loved this place when I was a kid and will definitely be touring these homes.
Soon you’ll be able to buy one of the historic homes in Discovery Park
Snapshot of Snohomish and King County
In order below: County, New listings, total active, pending sales, closed sales, Average Price, Median Price. month of inventory and same time last year inventory. Read the full information from the NWMLS.
MORTGAGE & FINANCE news
How to buy a home when you can’t afford one
There are down payment assistance programs in our state too. Just ask me and I can direct you to many that may help. Remember however there are guidelines and income requirements.
REAL ESTATE news
Paul McCartney’s childhood home up for auction [VIDEO]
Home automation comes of age. Yes were heading towards the “Jetsons” age.
Meeting the World’s first luxury tiny house. I am not sure about these they look like a trailer to me. Thoughts?
Countdown to Christmas and spotlight on homes~ December 10th
One of my favorite little cities here in Snohomish County is our spotlight home today. If you have you eaten in the town center or been down there for one of the holiday events you know why. I love Azuls.. num, num.
Mill Creek -$269,950 Rare Mill Run end unit condo w/2 car attached heated garage that has been newly update. Enjoy cooking in your new kitchen w/cherry cabinets, granite counters & loads of storage options. The slated entry welcomes you into the great room w/wood burning fireplace & the dining area w/slider on patio w/private natured serene setting. The upper level offers 2 bedrooms w/attached baths, vaulted master bedroom & balcony. Walk to trails, Town Center, Central Market, Library & all Mill Creek offers!
If you are looking for great places to take the kids don’t miss warm beach and The Lights of Christmas. We have gone the last 5 years in a row and my kids love it! Close to home and right here in Snohomish County it is sure to please.
You just bought a $300,000 house so how much interest do you pay?
You have finally closed on your new home and with great rates and a beautiful home you can now relax all the hard work is over right? Not exactly. So get settled in and get use to a mortgage payment then, after a few months take a look on how you can get that mortgage down a bit faster.
Either right away, or in the future, there is a better way to pay that 30 year mortgage down quicker and build your equity faster. Here is a current payment schedule based on a approximate 4 1/8% rate. As you can see the first few years you are paying an astronomic amount in interest. Just think of what just one extra payment a year could do for you.
Here is a link to a great site I give to my buyers and sellers. While I am not a mortgage broker (I work with some great ones) I do believe all of us Realtors should provide better tools to our clients and be informed. After all, a home buyer, or seller, who understands the process is more comfortable with their home and their purchase.
Not only does this site have mortgage calculators. Check it out there is every kind of financial calculator you can think of. It actually is a bit addicting so have fun with it!
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.