Ah fall. Leaves changing, hot chocolate and cheering on your favorite football team. An October classic is a visit to a pumpkin patch, but unless you drive by one, you may not realize how many options are out there!
Check out this link: https://www.parentmap.com/article/pumpkin-patches-and-corn-mazes-in-the-south-sound for a rundown on some of the area’s best farms for cool fall day outings. When my kids were younger, we went to Spooner Farms or Maris Farms for pumpkins and the corn mazes. Carving pumpkins, and drinking apple cider on the porch are still some of our fall traditions.
I hope that you enjoy this changing season with your friends and family. If changing your address is in your future, I’d be glad to help.
The leaves are changing (or simply falling), rain is in the forecast more often here in Pierce County, and pumpkins fill fields and grocery stores. Before winter creeps in, there are a few things you should check off your home maintenance fall checklist. The full article, complete with some how to’s and step by step directions can be found at this link, but the short list of fall tasks is below. For our rainy falls, the first one (cleaning your gutters) is especially important!
Get your mind in the gutters. Inspect and clean gutters and downspouts.
Button up your overcoat. Seal gaps and cracks around windows and doors with weather-stripping and caulk.
Get on top of roof problems. Inspect your roof for damaged or curled shingles, corroded flashing, or leaky vents.
Walks the walks (and drives). Take steps to repair damaged sidewalks, driveways, and steps.
Chill out. Drain and winterize outdoor faucets and irrigation systems.
Freshen your filter. Clean or replace dirty furnace filters.
Give your furnace a physical. Have a professional inspect your heating system.
Gather round the hearth. Check fireplaces for soot or creosote build-up. Better yet, schedule a visit from a reputable chimney sweep.
Keep the humidifier humming. Clean the plates or pads to ensure efficient operation.
Head-off gas problems. If you have a gas-fired room heater, have it inspected by a pro. Also, perform any routine maintenance recommended by the maker.
Keep the wood fires burning brightly. Wood stoves are making a comeback. To avoid a deadly situation, be sure to inspect yours before firing it up.
Keep your family safe at home. A home safety check should be an annual ritual in every household. Test smoke and CO monitors, inspect (or install) fire extinguishers, review fire escape plans, and rid your home of old newspapers and other fire hazards.
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. Below 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. Areas in Seattle, and King County in general are experiencing huge demand with little supply, and at a greater rate than we are here in Pierce County. Even within Pierce County, some areas have a larger supply available than others. Listing a property for sale when the demand is high is a good market strategy, but know that it alone does not guarantee a quick sale. Many other factors go into getting an offer, such as the price. The higher the price of the property, the fewer the number of potential buyers looking in that price range. As with other aspects of real estate, let me know if you have any questions…we can work together to figure out how to best position your home for sale in the current market.
I was talking to someone in the grocery store checkout line recently, and mentioned that I was a Realtor. They replied “Oh, we’d love to buy a house, but I don’t think my credit score is high enough.” Unsurprisingly, a lot of potential buyers feel this way, or worry that they don’t have enough money for a down payment. So many of us have heard for so long that you need to put at least 10% down and have a credit score of 750 to qualify for any type of loan.Luckily for my grocery line companion, that’s not the case anymore. Check out the great graph below 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 if you have any questions!
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?”
The buyer may request a laundry list of things to be done before closing in order for them to move forward (For the 10 most common inspection issues, click here. It’s important to remember, none of these requests are a commentary on you personally. Think of it as a wish list, and you can grant or deny any of the wishes you want. Just keep in mind, if you don’t agree to everything the seller requested, your revised list goes back to the buyer. They can either agree with your changes, or they can terminate the contract and not proceed with buying your property. Cathy will talk through the requests with you so that you understand what is being asked for so you can make an informed decision.
One more aspect of home inspections that is often forgotten…some of the things the home inspector notes (and the buyer may then ask for), are relevant to the home appraisal as well. VA and FHA loans, which are commonly used, want the purchased home to be in “turn-key” condition. Other loans might be a little looser, but all have standards on what condition the home must be in. So for some things the inspector asks for, it might be easier to fix at this earlier stage in the game rather than waiting until the appraiser asks for it…which may delay the funding of the loan and ultimately affect your closing date.
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.
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.
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 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.
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.
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