Market Update: February 2019

 Market Update: February

Hi ladies and gentlemen,

Below I'll be going into the existing supply of affordable housing, the current interest rates, and how demand is continuing to grow in our area.

Housing Supply:

“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we expect to see a solid spring market.” Mike Fratantoni Chief Economist at MBA.

Housing Supply 19'

Interest Rates Decrease:

Due to interest rates remaining low, and inventory increasing the Chief Economist at NAR, Lawrence Yun, the Chief Economist at Zillow, Aaron Terrazas, and Freddie Mac all agree that the supply and demand is leading us into an increase in existing home sales. New construction home sales are expected to remain flat. Existing home prices are continuing to appreciate, but it is at lower levels than the last few years. The market is not depreciating, but the rate of appreciation is decelerating.

Feb Interest rates 19'

Low Inventory:

Our biggest challenge is the availability of supply. Low inventory coupled with sustained demand creates an opportunity for sellers to capture a higher sales price due to less competition.

Best price to sell

2019 will be a great year to capitalize on your properties equity.

Keep more money when selling your property!

Fill in the information below to find out how much your house would sell for.

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All the best!

Market Update: January 2019

 Market Update: January

Welcome to 2019! 

Though changes are happening in the market, the year ahead is full of possibilities.  To paraphrase the Disney movie Up: Adventure Awaits!

Changing Prices:

More listings coming to market mean more competition. The dramatic appreciation left buyer's in sticker shock last year. Now that inventory is increasing, we are staring to see the price of available properties stabilizing. 

Average days on market

Slowing Appreciation:

Over the past 12 months, we have seen dramatic price spikes in King & Pierce county. Buyers were offering full price, and getting beat out by people paying far above asking price. Now the market is starting to shift. The chart below is the home price percentages appreciation projections from Home Price Expectation Survey, Zelman & Associates, Mortgage Bankers Association, Freddie Mac, the National Association of Realtors, and Fannie Mae.

Appreciation going forward

Preparing for Selling:

The rental market has been flooded, which has driven up the price of rentals. The rental price increase has caused people to rethink the cost of buying. Loan applications have increased to 5.5% in the past three months. This means renters have been saving and are starting to prepare to purchase. Demand for well priced houses is still in high demand.

The bottom line is that a changing market is not a bad thing. It is a sign that our economy is starting to stabilize. If you have been considering selling, now is a great time. There is a pent up demand for well priced, existing homes.

Do you have any questions about how these stats will be affecting you?

Fill in the information below, and I would be happy to help find a strategy that will fit your needs.

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All the best!

Let’s get a little personal

Let’s Get a Little Personal


This post is a little personal.

Today, I am sharing about my dad’s journey with selling his house. How he came to live with my family, what brought him to the decision to sell his house in California, and what having a multi generation household looks like for us.

See! It’s a little personal! But I’m not all business… so here goes.

How my dad came to live with my family

In 2016 my dad’s wife passed away. After 23 years of marriage, 7 kids and 10 grandchildren, a child’s death, and beating a typically fatal illness together, my step mom went home. Her being gone left my dad heartbroken, which led to some difficult circumstances and decisions. They were best friends and overcame a lot together.

Why he chose to sell

On December 27th of 2017, my dad fell and hit his head on the concrete so hard that he had 7 brain bleeds. After months of praying and treatment, he eventually woke up. He was getting stronger every day and it seemed best for him to leave the hospital and move in with one of us kids, so I flew down to Sacramento and drove him back to Washington! I had flown down 12 times in a 5 month period so I was glad to start finding some stability again.

After a few months of healing, he decided to go back to down to his house in California and spend some time. While he was there, he realized that it was time to sell the house and find a new adventure.

Our new normal

When he arrived back in Washington and let me know that his house was for sale, the reality hit me hard. I reviewed his listing contract and helped him sort through the different phases of a real estate transaction. This past week was so serious. We flew down to his house on Tuesday, and within 5 days we cleared out the accumulation of 5 generations. We are so grateful to friends and family for helping out! Needless to say, it was emotionally and physically exhausting.

The house just closed yesterday, and we are finalizing the paperwork and figuring out what it looks like to live together as 3 generations under 1 roof. Truth be told, he is a great house guest. He and I did not have much of a relationship while I was growing up so we are getting to know each other in a unique way.

Takeaway

2018 has been a difficult year. I have been stretched and wrung out more than I have ever experienced before. Family is a strange thing – we all view it differently and the titles of the different people in our life can stir up all sorts of different emotions and memories. My personal and professional skills have been tried every step of the way this year and I can honestly say my compassion and humility have grown far greater than it ever could have without the trials we have gone through.  Maybe that’s the “take joy” part of Romans 5.

It seems like life is just that way – trials WILL come. Situations WILL go wrong. But how we react to those realities is what refines us.  I heard this phrase and just love it:

When you squeeze an orange, you get orange juice

When you squeeze a lemon, you get lemon juice

And when you squeeze a human – whatever is stored up inside comes out.

 

This life will never be perfect. We are guaranteed to have valleys and mountains… but the choices we make every day are what make up the stuff that comes out when we are under pressure & being squeezed.

My goal is for compassion and truth to come out when I’m squeezed. I have a LOOOONNNNGGG way to go, but I’m closer every day. What comes out when you’re under pressure and are required to perform?

Market Update: December 2018

 Market Update: December

With the markets shifting again, and clients calling about where we are at in the market, it's a good time to look at the market overall.

Inventory:

Graph 3

Our inventory challenge is starting to change, which is great news for buyers… and is causing a shift in thinking for homeowners. Homeowners were seeing 6%- 12% appreciation over the last few years and that is starting to level out. Price is determined by supply and demand so as the supply increases, and the demand stays the same, the appreciation rate is going to stabilize.

Appreciation:

Graph 1

Over the past 12 months, we have seen dramatic price spikes in King & Pierce county. Buyers were offering full price, and getting beat out by people paying far above asking... but things have started to change. The chart above is the home price percentages appreciation projections from Home Price Expectation Survey, Zelman & Associates, Mortgage Bankers Association, Freddie Mac, the National Association of Realtors, and Fannie Mae.

Preparing:

Graph 2

The rental market has been flooded, which has driven up the price of rentals. This price increase, has caused a 5.5% increase in loan applications in the past three months. This means renters have been saving and are starting to prepare to purchase. Over the past two months, we can see the market starting to shift and more renters will be entering the home ownership market.

Do you have any questions about how these stats will be affecting you?

Fill in the information below, and I would be happy to help find a strategy that will fit your needs.

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Please check this field.

All the best!

Renovate vs. Move

Should I Renovate or Move?

 

I know what you’re thinking: I've been asking myself this question for months!! This time of year gets us all thinking about if our current space fits our current needs. I'm going to guide you through the myths, best practices, and help you nail down your next steps. You ready?

The Real Question:

Have you considered adding a room, or maybe changing your floor plan? Maybe you’re in need of a downsize because your property is just to much for you to maintain. It’s not easy to decide whether you should remodel or if it makes more sense to move…. but if you’re feeling stuck on this question, you should probably re-frame it. Here is what you should actually be asking:

“Does this property fit my current needs?”

Taking the time to renovate might fix the problem, but finding a property that already suits your needs could be more financially responsible. You and I both know that the only real way to get the best ROI (return on investment) is to know the numbers. 

Common Myths

Renovation Myth: Sticking to the budget will keep the project cost effective

McKenzie says to Casey "If we plan everything out beforehand, we can stay in budget!"

I am all about a good plan and budget! But any time you do a renovation, you quickly find out that there are always unexpected items. The problems happen when allocate $10 per square foot for tile, but fall in love with tile that's $25 per sq ft. Or you allow for $10,000 worth of appliances, but later Costco has the beautiful, higher end appliances right now. Or opening up that wall to make an open living space to find the support beam is rotten and your priorities change.

Selling Myth: I can list my house and just see what happens

Signing a listing agreement means that you have decided to sell your property. Being wishy washy about what your plan is could cost you hours of frustration and discouragement and your real estate agent hundreds of dollars.  Making an educated, informed decision is the best place to start. 

 

Best Practices

Ask yourself the hard questions. No one knows your needs better than you do. Putting pen to paper will help you clarify what really matters to you. Make sure you fully understand the pros & cons of both options.

To Do:

  • Write down you top 5 needs and wants of a property, in order of priority.
  • Create a detailed list of what would need to be done to make your existing place fit those top 5.
  • Get at least 3 bids per renovation project.
  • Speak with a professional and get a current market analysis to see how much equity you have.  
  • Compare monetary and emotional expense for selling vs renovating.

Click here to download your FREE Top 5 Needs & Wants guide.

Next steps!

Take the pressure off of selling vs. renovating debate. Instead,  refer back to the real question: “Does this house and property fit my current needs?” If the answer is no (you probably wouldn't be this far down if the answer was clear to you), then what are you going to do about it? I challenge you to honestly answers these questions, and fill out the Top 5 sheet …because after all, you have to live here every day! And it should be servicing your needs.

The Ultimate Seller's Checklist

Learn what buyers are looking for. This checklist will help you:

✓ Reduce the risk of inspection surprises

✓ Save Time by knowing what matters

✓ Increase market appeal

✓ Avoid mistakes by working with an expert

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How much is someone willing pay for your property?

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All the best!

Holiday Joy

Holiday Joy

 

 

The Holiday’s are such a loaded time of year. Our “To Do” list and priorities for the 4th quarter of every year add so much pressure to perform that it makes the Holidays extra emotionally confusing. While some of us are trying to lay aside our hoarder tendencies, others show love through gift giving. While some are warm and cozy at home, others are struggling just to put a roof over their head. Learning to balance it all can almost feel like learning to walk a tight rope… which would look like a joke for most of us. 

Read moreHoliday Joy