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Positioning Your Home for Sale in the Current Market
In a previous post, Understanding Market Reports for Single-Family Residential Homes, I talked about the difference between a sellers market and a buyers market. This is a great graph that shows a sellers market and buyers market in terms of supply and demand (on a national level). Please note, although Washington state is coded as a very strong buyer demand outpacing seller supply, this statistic is taking to account the entire state.
Slaying home buying myths
Check out the great graph that outlines average credit scores for different types of loans, average down payments, and the trend interest rates have taken through the decades. Call or email Cathy Morris, Windermere Pierce County Realtor 253-740-3531, if you have any questions!
Why do I need a Home Inspection when selling?
You’ve listed your property for sale with your Realtor, Cathy Morris. You’ve filled out the paperwork, staged the home for photos, and do your best to keep everything clean between showings. Then you get the desired call… “We have an offer on your property!” YAY! You go over the paperwork with Cathy and she explains that the buyers are asking for time to do a home inspection. You think to yourself, “If I agree, are they going to ask me to fix a bunch of things?”
Understanding Market Reports for Single-Family Residential Homes
On my webpage, under Resources, Market Reports, you’ll find a graph that looks like this…
What does it mean?
Some of it is self explanatory (the month/year is across the bottom, the number of homes is on the vertical axis). This graph uses data for residential homes only (no condos or vacant land). The light green bar represents the number of properties (number listed at top of bar) that are currently for sale as of the end of the month, and the dark green bar is the number of properties (number listed at the bottom of the bar) that sold in that month. The red line with the triangles represents the number of properties that are under contract by the end of that month. But what does this mean for you?
Let’s take a closer look at the dates across the bottom. We can use this to compare this year’s activity to last year’s activity. In June of 2015, more homes were available on the market, but fewer homes had sold when compared to June of 2016 (and more homes are under contract). This helps you look at the trend across time…overall, fewer homes are on the market, but more people are buying.
If you want to do a little math, you can find the “Months of Inventory”. The months of inventory is an estimate of how many months the current market can support the number of potential buyers looking to purchase property. Think of it as supply and demand…it can give you an idea of how long the supply will meet the demand. Now for the math to get there: Take the number of homes for sale (the light green bar number) and divide it by the number of homes sold (the dark green bar number). For June 2016, that would be 2329/1445=1.6. So there is enough supply to meet 1.6 months at the current demand for houses.
One last thing to leave you with: A market with 3 or less months of inventory is considered a sellers’ market (more favorable conditions to sell a home). A market with 6 or more months of inventory is considered a buyers’ market (more favorable conditions to buy a home). 3-6 months of inventory is considered a neutral market. Keep in mind, though, this is all an overview of all of whichever county you select to look at. Contact me for more specific information about the market and how we can leverage that to sell (or buy!) your home.
Why do I need a Home Inspection?
Buyers Edition
You’ve looked at different properties with your Realtor, Cathy Morris, and you found one that is your perfect next home. YAY! Cathy advises you ask for time to do a home inspection (and explains that you’ll be the one paying for it). You think to yourself, “I didn’t see anything that looks concerning. Why should I ask for an inspection? That’s just one more moving expense”
When you meet with a home inspector, he or she will look for a large variety of things, inside, outside, and underneath the home. A more complete list is available here, but think of it like a routine physical at the doctor’s office. An inspector will check the “bones” of the house to be sure it’s solid, there is no evidence of pests, weaknesses, leaks, or anything else that could cost you money later on. The inspector will also check all of the systems (heating, cooling, fireplaces, etc), all the light switches, and even the outlets to be sure everything is in good working order.
Yes, you could attempt to do this yourself; however, you are likely to miss something. You may feel comfortable putting a band-aid on a cut, but you would probably go to the doctor for stitches or surgery. One of the most common problems that inspectors find is faulty wiring…would you be able to identify that? So why not trust a professional, trained and licensed, to look for any potential issues. (For the 10 most common inspection issues, click here.
A home inspection is a highly recommended upfront expense that will definitely give you peace of mind. It may save you from an expensive fix later, and at the least, will let you find out more useful information about the place you are about to call home.
Home Buying: Realty vs Realty TV
Reality TV Show Myths vs. Real Life:
I have friends that love watching all the house shows on HGTV. I think we all know that even “reality tv” isn’t quite reality. This article from Keeping Current Matters does a great job at outlining the differences in what you watch on TV and what you will experience in your own home search. I’m available if you have any questions about your expectations versus what reality might be in the current market.
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV‘show hole’*? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Flip or Flop,” “Property Brothers,” and so many more, just in one sitting. When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but more often than not the process of buying a home means touring more than three homes.
Myth #2: The houses the buyers are touring are still for sale.
Truth: The reality is being staged for TV. Many of the homes being shown are already sold and are off the market.
Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.
Myth #4: If you list your home for sale, it will ALWAYS sell at the Open House.
Truth: Of course this would be great! Open Houses are important to guarantee the most exposure to buyers in your area, but are only a PIECE of the overall marketing of your home. Just realize that many homes are sold during regular listing appointments as well.
Myth #5: Homeowners make a decision about selling their home after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their home and move on with their life/goals.
Bottom Line
Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!
*Show Hole – A side effect of binge-watching. Symptoms include a sense of emptiness and depression brought on by realizing you just wasted a good portion of your life watching several seasons of a TV show or an entire movie franchise all at once when you could have managed your time better.
Pierce County
Pierce County Market Report for residential single-family Homes.
Note: Doesn’t include condominiums! But, I have those reports too!
Curious about the market stats for a specific area in Pierce County? E-mail me! This market graph is updated MONTHLY, so please bookmark and visit again!
***When looking at the data remember that 6 months of inventory is balanced and stable. Less than 6 months is leaning toward a Seller’s market and more than 6 months is leaning on a Buyer’s market.
South King County
King County Market Report for residential single-family Homes.
Note: Doesn’t include condominiums! But, I have those reports too!
Curious about the market stats for a specific area in King County? E-mail me! This market graph is updated MONTHLY, so please bookmark and visit again!
***When looking at the data remember that 6 months of inventory is balanced and stable. Less than 6 months is leaning toward a Seller’s market and more than 6 months is leaning on a Buyer’s market.
Discover Eatonville
Eatonville, Washington
Eatonville, Washington is found in Pierce County, sitting along State Route 161 and U.S. Highway 7. With slightly under 3,000 people, Eatonville is home to stunning views of nature’s beauty. Known for its small-town feel and family friendly atmosphere, residents enjoy what the area has to offer. Don’t let the charming atmosphere fool you, there’s plenty to do in Eatonville to keep you coming back for more!
Incorporated in 1909, Eatonville is tucked in the foothills of Mount Rainier. As the highest mountain in the state of Washington, Mount Rainier is a site to see! Located just 54 miles southeast of Seattle, the active stratovolcano attracts visitors year round to experience its natural beauty. While it’s considered one of the most dangerous volcanoes in the world, it is a true experience for residents and their visitors.
At the top of Mount Rainier, there are three named summits- Columbia Crest, Point Success, and Success Cleaver. Those who are brave enough to climb to the summit require planning and at least two to three days to reach it. If you’re an outdoor enthusiast, you’ll enjoy a visit to Mount Rainier Park.
Attractions
If you’re looking to discover Eatonville beyond Mount Rainier, there’s a whole list of places to see and things to do right there at your fingertips.
Northwest Trek Wildlife Park
The Northwest Trek Wildlife Park is dedicated to conservation, education, and recreation by providing and displaying several native northwest wildlife for the public. Whether you decide to take the Discovery tram tour, walking tour, zip wild adventure courses, or animal encounters, you’ll be fully immersed in what this great attraction has to offer to you and your loved ones. This unique experience is completed with various nature trails and education programs giving several opportunities for fun and learning for the entire family.
Alder Lake Park
Alder Lake is known to locals as “The Best Dammed Lake in Washington!” Alder Lake Park offers numerous campgrounds and access to Alder Lake in Pierce County. Though they’re closed from December 20th through January 1st, the rest of the year is open for your enjoyment. Alder Lake Park offers 161 acres of nature, wildlife, and fun for the whole family. Whether you’re a seasoned camper or one who prefers more of the comforts of home, Alder Lake Park has traditional tent camps to grounds with water, electric and sewer hookups.
Staying or visiting Alder Lake Park also provides you with quick and convenient access to the boat launches. The main boat launch is located near the entrance to the park and the other at the upper end of the lake. For those staying on land, Alder Lake gives access to a swimming beach, playground, open lawn areas, picnic shelter, and 45 picnic sites complete with tables. There are even grills and a bathhouse.
Pioneer Farm Museum & Ohop Indian Village
If you want to travel back in time and experience homesteading in Washington state in the early 1880’s, visiting Pioneer Farm Museum & Ohop Indian Village is right where you need to be! This hands on experience will leave you and your family with an experience to remember. There are multiple activities designed for adults and children and there are even opportunities to make your stay and overnight one.
Children can experience what life was like in the 1880’s complete with chores, dressing up as pioneers, and leave them feeling grateful for what they have now. Located just north of Eatonville, Pioneer Farm is open during the entire week during the summer months and on weekends from mid-March through mid-June. After Labor Day, Pioneer Farm is open until Thanksgiving. Don’t hesitate to give this fun adventure a try for the whole family.
Deep Forest Challenge
If it’s excitement you’re after, consider experiencing the Deep Forest Challenge. More than just a zipline course, the multi-level challenge course is designed for people of all ages and experience levels. If this is right up your alley, make sure you visit and take part in the Deep Forest Challenge today.
Whether you decide to visit one of the major attractions or one of the local community events, Eatonville’s charming feel will have your visitors wanting a piece of Eatonville property.
Homes for Sale in Eatonville
For more information on living in Eatonville or buying a home here, please do not hesitate to contact me. I would love to show you available properties in Eatonville and have you join this wonderful community. Continue to browse my site for more information on surrounding areas and what I can do to help you find your perfect home.
The Washington State Fair
Central Washington State Fair
The Washington State Fair, known as the Puyallup Fair to the locals, is the largest attraction held annually in Washington. It is also consistently ranked in the top ten for fairs in the United States, making it an excellent choice to visit if you’re in the area.
The Washington State Fair started back in the 1900’s when the Puyallup Valley community decided to join and create the “Valley Fair.” It was created in hopes of advancing the interest of agricultural, horticultural, dairying, stock raising, and mining industries of Puyallup.
The first dates of the first Valley Fair ran from October 4-6, 1900, and the fairground was located just west of where Pioneer Park is now located. Admission to the fair was $1 per family for all three days, equivalent to approximately $30 today. The first Valley Fair was such a hit that the second Valley Fair was extended one day longer than the first one and was situated on a larger 10-acre lot.
Here are some key historical events and interesting facts about the Washington State Fair that you may not have known:
- Parking lots were established in 1902 with the invention of the automobile. People were travelling from all over to come to the Fair. Parking a buggy or automobile cost 25 cents.
- Tacoma merchants offered their support to the Fair by closing their stores on Tacoma Day and the Puyallup Merchants Association also lent their support by closing their stores in the afternoons.
- In 1913, the “Valley Fair” was re-named The Western Washington Fair Association.
- After the war, the Fair became even more prosperous. By 1919, the Fair’s attendance was up to 75,000 people, and the Fair was held on 30 acres.
- In the ’20s, the main attractions for the seven-day show included: chariot racing, daredevil horse riding, 15 acres of exhibits, new horse stables, and racing horses.
- In 1922, attendance was at a record high of 130,000.
- Entertainment varied during this time. Native Americans who lived in tepees for the duration of the fair (as they also did in 1917) offered ponies for racing, presented war dances, and held parades.
- Many food concessions began in the ’20s.
- Earl Douglas brought in the first carousel in 1923 on a horse-drawn wagon base, steam powered and featuring a Wurlitzer band organ.
- By the mid-30’s, the rides were much more advanced than the carnivals in the past.
- Another key feature at the Fair in the ’30s was the Dance Hall which is now located on Grand Ave. and Premium Blvd.
- Attendance by the late ’30s was close to 400,000.
- Even though the Puyallup Fair survived the first World War, the Fair directors had no choice but to close the Fair during World War II.
- Shortly after the 1941 Fair, the federal government took over the Fairgrounds.
- During the month of May in 1943 the Fairgrounds became a relocation center for Japanese-Americans. The fairgrounds became the Puyallup Assembly Center, a temporary shelter for 7,390 Japanese-Americans.
- The first postwar Fair took place in September of 1946. People were eager to get out and enjoy themselves again in the family atmosphere that the Fair provided. As a result, the Fair set the record for a single day’s attendance at 100,000 people in 1946.
- The roller coaster ride was thirty-five cents.
- Because of the war recession, the Fair didn’t celebrate its 50th anniversary until 1953.
- A bigger Ferris wheel was added in 1955 standing 55′.
- Early Sunday morning on June 14, 1970, the Fair had its one and only fire. Many restaurants, the grandstand, part of the roller coaster, the Art and Floral Buildings, and some concessions were destroyed or damaged. The loss was estimated at $1.25 million and only $803,000 was covered by insurance.
- Horse racing at the Fair ended with the 1977 Fair.
- In 1978, the Fair was expanded from a 10-day fair to a 17-day fair. At this time, the Fair was occupying 46 acres.
- In attendance, the numbers fluctuated between 1.1 and 1.2 million until 1989 where it jumped to 1.3 million.
- The Fair grew into 125 acres of successful land.
- As a result of the attendance peak in 1991 (1,414,487), the Fair was the sixth largest fair in the United States.
- For the 1992 Fair, a $13+ million dollar Fairgrounds renovation project was completed in the south end of the facilities.
- In 1991, the Puyallup Fair was the first major fair in the United States to feature bungee jumping. 2,055 Fairgoers jumped from the crane at the Fair.
- Music great, Frank Sinatra was the opening day headliner on the 1993 grandstand stage. He sang to a sold-out crowd.
- The rides have become even more sophisticated. In 1999 the Extreme Scream thrill ride, a 20-story attraction was added.
- The decade finished with an attendance of 1,238,029, making it the fifth highest attended fair in the country.
- The Fair covers 160 acres.
- The Puyallup Fair celebrated it’s the 100th anniversary of its start, Sept 8-24. Over 1.3 million guests made the Fair a tradition during the centennial celebration.
- The new century marked the perfect time to celebrate 100 years since the Puyallup Fair first started. It was a celebration of the century, with 1,312,332 guests, our eighth highest attendance.
Visiting Washington
Today, the fair attracts more than a million patrons yearly and continues to bring in new attractions and fair events. If you’ve been thinking of visiting the great state of Washington, consider coming to one of the best fairs in the country! Contact me for more information on the Washington State Fair or the area in general. I would love to help answer any questions you may have.
