In all the news, you may have heard that Seattle Real Estate is going crazy again.
You might be wondering why this got me so excited about being a realtor focusing on Gig Harbor, Port Orchard, Olalla and Purdy. This article from Seattle Times from earlier in the month caught my attention. The parts in italics are direct quotes.
Blame the coronavirus pandemic…
Prices are on the rise. Homes are selling faster than they have since early 2018. Bidding wars abound. And fewer homes are for sale than any time in recent memory, new data from the Northwest Multiple Listing Service show.
In King County, there were 47.5% fewer homes for sale in June than the same month in 2019…The drop in inventory is driving up prices and sending homes flying off the market in days. In King County, a typical home sold last month for $725,000, a 4.3% bump from last year, and a 7.9% rise from May.
Meanwhile, months of inventory — a measure of how long it would take to sell all the homes on the market at the current level of demand — dipped to just over one month in King County.
First, if this coronavirus taught us one thing, its that many more people can work remotely than we previously thought.
Second, as home prices rise and demand falls, more and more people who live in King or Snohomish County will take this chance and sell their homes to move to a more affordable place.
Or…they will realize Gig Harbor is the perfect place to live and work remotely.
All because coronavirus taught them that they could work from anywhere.
As people realize they can work from home or at least work more from home, they will start to look around to decide where they really WANT to live. My guess is, they will deduce that Gig Harbor is 90-minute, BEAUTIFUL ferry ride to Seattle, and an hour drive to Tacoma. If you are only going into the office once a week, these commute times are very workable.
Then for the rest of the week, you can live in the most beautiful city in the state.
OK… I might be slightly biased. But I’m not wrong.
So if you are looking to buy, give me a call because over the next six months, prices will start to climb. Or, if you are looking to sell, this is a great time to cash-in on your equity.
Either way, I can help you get the most out of your next real estate transaction.
Some quick tips on the new reality:
Who would’ve thought six months ago that everyone in your work world would have seen the inside of your home? Or that a wandering baby would be more interesting (and necessary) than the presentation you worked for weeks to make perfect?
Welcome to life 2.0 and working from home.
As a Realtor, I’ve been working both from home and from an office for years. But I know this reality is new and scary for a lot of people. Allow me to give you some tips that have helped me…
- Have a designated space. Since I am a house-lover by trade and by choice, you knew I’d start there. This is easy if you have a room already dedicated, but if you don’t, have some peripherals to signify when you are working and when you are not. That may be a desk with a larger monitor if you have a laptop. Make sure your chair is comfy and adjustable. Having a second monitor is a great plus if you have the space. Keep desk clutter to a minimum as well. If you do frequent ZOOM calls, you’ll want to have a neutral backdrop to video yourself. And…if you need a home that makes working from home more productive…call me!
- Have a designated schedule. Keep yourself tied to a set schedule. This will train your brain to focus better when you are working and relax better when you are not. Your family will also respect boundaries better if they see you sticking to your schedule. My newborn isn’t so good with boundary setting yet, but that is part of their joy.
- Have designated breaks and take them. Don’t work through your lunch or coffee breaks. Get up, and don’t eat at your desk. Rest, relax, take a walk. This will help you focus during work if you can decompress during your breaks.
- Have a designated phone number or ring. If you can get a cell just for work great, but if you can’t, assign a different cell ringtone for work calls. This will keep you from checking every ring if you know your boss and mother sound different.
- Designate some rituals. Make sure your morning routine, lunch routine and even changing out of work clothes become a mental roadmap. This will help you keep work and life in their own lanes.
Did you notice a theme? Yes, DESIGNATE! Be empowered! This may not be ideal for you, but when you take mental charge of your time and life, you will feel that you are strong enough to tackle anything life, work, COVID or your newborn can through at you.
Because…you are strong enough.
I wasn’t kidding about contacting me if it’s time to buy a new home or list your home. People are moving out of King County in droves, which always heats up the surrounding market. This means there will be people wanting to move into Gig Harbor since more people are…working from home.
Would love to talk about your buying options with you.
Zillow is a very popular Real Estate estimation service…but does popularity mean accuracy?
As a real estate agent, I love helping people find, improve, sell or invest in real estate. I think I have the best job in the world. Every day, I get to walk alongside people who see a preferred future and have asked me to help them get to that preferred future.
Along the way, I get to answer many, many questions. And questions about Zillow are usually the first ones I get to answer.
Let’s clarify a few misconceptions about Zillow…
Since I am a positive person, I’ll start with Zillow’s positive attributes. Zillow brings together a ton of information in one place. If a buyer wants to make a first glance at the homes for sale in a given area, Zillow is thoroughly adequate. If someone wants statistics on how prices have changed in a zipcode over time… than Zillow works.
If a buyer wants a quick look at square footage, room numbers and age of a home than again, Zillow gives some great information.
Zillow’s proprietary calculations look at the LAST SALE price of a particular home and compare that price with CURRENT sale prices of similar homes in the area. From here, Zillow calculates their Zestimate.
Oh, one other good point about Zillow is they clearly state that this is an estimate and not an actual value.
Now, let’s talk about the reality. Zillow can not know if you have spent $60,000 on home improvements. Likewise, Zillow can’t tell if you have significant water damage, a crack in the foundation or an old roof.
This is where real estate agents like myself come into the picture. We spend our days looking at and evaluating the values of a home. We are able to take into consideration the up-keep of a home. We are able to actually look at see that the shag carpet hasn’t been replaced since 1960. We look at comparable sales of homes in the neighborhood to give a true context to the prices that are requested.
Also remember that Zillow is funded by ad revenue. Over inflating someone’s home value is a sure way to get people to bring their eyeballs back to a site. The more eyeballs Zillow delivers, the more money they can charge advertisers.
Pricing your home for sale or knowing what price to pay for a home is what real estate professionals spend all our time discussing. When the right time comes, give me a call and we will sit down and make sure your next real estate transaction is your best real estate transaction.
COVID-19 has been a scary time for all of us. If you’re thinking about buying or selling, you may have some questions. I’m going to answer the ones I’m hearing most frequently.
Can I still buy a house during the COVID – 19 Crisis?
Yes, you absolutely can still buy a home during this crisis. There are just a few extra precautions that are implemented for sellers and buyers when showing a home-like: wear a mask, wear gloves, use hand sanitizer, and 2 people in a home at one time.
What do I do if I am in the middle of a move and house hunt?
House moves are still happening, movers are essential types of business. You can search for homes online, then when you find a home you want to see your agent makes a showing appointment for you both to see the home, use Marco Polo video to view the home, or face time.
Are you keeping regular business hours?
Yes, I am. 8am-6pm and answer phone up until 8pm. 7 days a week.
Are there special assistance programs available for purchasing homes?
You need to get a pre-approval from your lender or I can refer you to a few great people I work with that will go over all the loan programs, payments, rates, etc.
Are you still showing houses?
Yes I am.
Can you help me find a place to rent while I wait this out?
The Rental Market is very tight but you can check on Zillow rentals, Spinaker Property Management, & HCS Property Management.
How are you making sure the houses you show are clean and safe for my family?
When making showing appointments for buyers I ask the agent if the home has been cleaned and if there are masks, booties, hand sanitizer and I carry it all in my car in a showing basket that we can use before and after a showing.
Any community resources you know of?
I’m following the Governor’s recommendations, the NWMLS & CDC for the COVID-19 disease.
I am always here to help in any way that I can, don’t hesitate to give me a call if you need help selling or buying a home during the pandemic.
Why is ‘Curb Appeal” such a big deal in getting your home sold? I’m glad you asked. This blog is a short primer on why the outside of your home matters almost as much as the inside!
While HGTV gets great ratings on shows that talk about staging the INTERIOR of your home… I want to raise a quick flag about making sure the EXTERIOR of your home is equally considered when selling your home.
Sadly, people do judge books by their covers. And buyers will PRE-judge your interior before ever seeing inside if they are taken back by the exterior. So let’s talk about some essentials.
First, let’s agree on what exactly is curb appeal. In its most straightforward form, curb appeal is a subjective appreciation for a physical asset. Specifically, this refers to the level of attractiveness one may feel for a property when viewing it from the street. The house presents itself well, and all of the typical components are in place: the yard is well-kept, the paint is vibrant, the siding looks good, the roof is intact, and things are in order. Curb appeal sets expectations. Prospective buyers are more inclined to look inside if they like what they see on the outside.
Everyone wants their home to have a “wow” factor… but let’s be honest; not every home will have that “wow” factor. But, at a minimum, your property shouldn’t turn off a vast majority of buyers. So, in many regards, our job here is to minimize any negative elements.
Don’t be overwhelmed…most of these improvements aren’t too difficult.
Driveways full of weeds or cracks won’t present your property in the best light. Fixing this can be as easy as a bottle of weed spray and twenty minutes of labor.
Few features will either turn away or attract prospective buyers more than a home’s roof. If the roof is old and has only a few years left, you will receive a positive return on your money by replacing it and trying to sell the home for a higher price. If the buyer doesn’t get a HUGE discount, they won’t want to spend to replace the roof. It is an option for the seller, but I like to keep my clients getting top dollar even if it requires them investing some money before the sale.
Landscaping improvements can be as simple or as complex as you want to make them. Start with the grass and go from there. Then you should focus on the area immediately nearest to the house. A fresh layer of mulch can completely transform a property’s exterior. My advice to get a full picture of the home’s curb appeal, drive down your street, and take note of the first thing that stands out upon pulling up. These items are what others will notice, as well.
In addition to the roof, you also should look at the siding and exterior of the property itself. A dirty exterior is something that should not be ignored. Power washing a deck or the siding of your property won’t take very long but will have a significant impact.
Instead of replacing the door entirely, start by seeing if a fresh coat of paint will be enough to give it an updated look. If you are looking for a more permanent fix, a new door is certainly money well spent and will come with an impressive ROI.
So, this was a quick primer on Curb Appeal. I’m not a fan of working with buyers who are always trying to low-ball my sellers. A small amount of effort on your home’s curb appeal will pay off where it matters most: your profit!
A great article came across my desk the other week about the home featured in the mid-eighties movie “Money Pit.” This was the hysterical movie with Tom Hanks and Shelly Long who were two yuppie home buyers who decided to buy a fixer and …well, fix it! Every home-fixer on the planet laughed until they cried at their never-ending parade of disasters. Of course, the reason the laughter turned to tears is we all remember the tears we’ve shed working on a ‘fixer-upper.’ This article focused on the fact that the same house used in the movie was recently sold for a huge LOSS. The couple who purchased the house set out to remodel, and spent close to $6 MILLION fixing up the home they purchased for just over $2 million.
Eventually, our owners decided to put the home on the market and asked a cool $12 million.
And so they dropped the price.
And…dropped it again. And again… until they finally sold the property for $3.5 million dollars.
So what is the moral of this story? I’m glad you asked.
Remodeling is a two-edged sword. The upside is you invest money to get the home that meets your needs and hopefully satisfies a few desires. The downside is, something you may love might not be something a potential home buyer may even like. The experts looking at this story all agree the couple spent too much money on their very personal, very ornate tastes. They added en suite bedrooms, an elegant pool (complete with a pool house), stunning fireplaces, and a modern, open kitchen. Plus, their desires were to create an over-the-top entertaining
palace that would reek excess and elegance. Sadly, the experts agreed that they over-developed for the time and for the area.
How then does a couple know what they should remodel and how much should they spend? They should make sure to have a friend like me in their corner.
As a rule, bathrooms and kitchens are safest, but be sure that your remodels don’t push your price above what your neighborhood can sustain when your home goes for sale. And, when it comes to return on investment, pools sink your return on investment to the bottom. I’d love to talk to you before you remodel if you are thinking of making a few changes before you list! I
spend all my days looking at homes like yours and seeing how buyers respond. Before you make any changes- give me a call!
Thank you for reading…and keep me in mind if you are looking or thinking of listing. I’d love to make the
whole process easier and make sure you get the best financial result!
A couple of articles came across my desk this week that I found… interesting.
Redfin, a Seattle based Real Estate brokerage did some research and the Wall Street Journal expanded it into an article.
Their research showed them that home ownership has increased from an average of eight years to around thirteen years! This average increase has increased in just the last nine years.
If this five-year increase happened over a few decades, no one would notice much. Or, they would have attributed the change to an aging demographic. But this increase was five years occurring over a period of around nine years. A homeownership change like this has created a marked decrease in the available homes for sale!
Redfin Chief Economist Daryl Fairweather told The Wall Street Journal: “If people aren’t moving on, there just are fewer and fewer homes available for new-home buyers,”
As I suspected, Baby Boomers ages 67 to 85 are not moving. Freddie Mac blamed this reality for creating a shortage of 1.6 million homes
While I haven’t personally done similar research in the Pacific Northwest, I would concur that this is also happening here. More and more first-time buyers are finding it harder to find a home that is affordable. If you are a ‘statistic junkie’ like I am, you’ll love the info at the bottom of this post.
Now…don’t take this new reality as all bad news.
First, this information shows that the long-term investment in homeownership is stronger than ever. People who consistently pay off their homes will make their strongest investment!
If you are looking…don’t despair. You are on the right path and I would love to help you start making equity that will benefit you for decades.
But…if you’ve been in your home for a while… this would be a great time to at least test the waters. If you can downsize, or if you are thinking about moving somewhere new, now is a great time to call me and we can look at some comps and evaluate your possibilities.
In the real estate world, bad news to some people can be GREAT news to you…as long as you have a real estate agent who knows how to navigate the process.
I’d love to talk and weigh out some options. A tough time for buyers can be the perfect situation for someone wanting to maximize their selling price!
Contrary to popular belief- buying homes in the Fall and Winter can be the best times if you know what to look for…and what to avoid.
Fewer Buyers Mean More Motivated Sellers!
This time of year, usually means the families with kids are already situated. Those owners of homes that didn’t sell will be extra motivated. Find a few homes you like and start the discussion. As your realtor, I can make sure you are negotiating from a place of strength to maximize your budget!
The year-end clock is ticking!
Many sellers will want to have their home sold by year-end! Tax considerations for the seller are a very real financial issue.
For a buyer, ‘Auld Lang Syne’ should be your theme song. Certainly, jump on the house you love at the price you can afford…but if you have a little flexibility in your timeline, waiting till the clock strikes twelve is to your advantage!
Winter Exposes Many Flaws
It’s easy to make a home look perfect when the grass is nice and green. But no leaves and drab gardens will give a buyer some more information and negotiating room. If the seller has been watching their home go from glorious Summer to drab-and-dreary Winter, they may start to panic a bit.
‘Days on Market’ Mean Dollars Off Price
Memorial Day…Mother’s Day…Father’s Day…Fourth of July… as those Holidays go buy and Thanksgiving and Christmas approach, a seller may get nervous. Especially as the Calendar says December and January.
If you have time on your side, you can score an amazing value if a seller has to get out from under their property. As your realtor, I’ve been watching homes age on the market and can inform you of when a great time might be to offer an extra-low price. This means you’ll either get more home or pay less for the home you want.
While most people are thinking of Football, Turkey and Mistletoe…we can be thinking about snagging the Real Estate bargain of the year!
Send me an email and we can start talking!
Nestled away in a private setting at 15348 SE Rosemary Loop, Port Orchard WA 98359, this welcoming residence is ready to become your very own vacation-worthy forest retreat! If you’re looking to get away from the hustle and bustle of the city, then you’re in luck—this comfortable haven is surrounded by five acres of land and scenic greenery. With 4 beds and 2.5 baths spread over a generous 2,119-square-foot layout, this 2-story home is listed for $479,000.
Charming and eye-catching, the covered front porch beckons and offers the perfect spot to kick back, relax, and drink a glass of iced tea as you take in the peaceful setting that surrounds. Step inside, and the open floor plan seamlessly blends kitchen space with a dining area and family room. There’s ample room to spread out in, and the main floor is just waiting for your creative touch! Arrange stools around the kitchen island for a casual dining option, and find plenty of space for a dining table and room for comfy furniture in the living area. An elegant fireplace promises cozy evenings spent gathered around a warm fire with loved ones, while wide windows offer scenic views of your backyard!
From the main level, access the backyard through the sliding glass doors. Framed by mature emerald trees and natural foliage, this outdoor oasis is a nature-lover’s delight! The backyard is yours to design, and the possibilities are endless. Consider installing a fire pit for evenings spent roasting hot dogs and s’mores, transform the space with an expansive patio (featuring a grilling station, of course), cultivate a vegetable garden with a green house—whatever you envision, there is plenty of space for it all! Plus, a 3-car garage is full of room for more than just your vehicles—you might choose to use it for storage, or build yourself a workshop.
Upstairs, double doors make a sweeping entrance into the master suite, a luxurious haven showcasing stunning vaulted ceilings and plush carpets. Spacious and boasting spa-like amenities, the bathroom features a large walk-in shower, a soaking tub, and plenty of counter space all in a calm neutral color palette. The dreamy walk-in closet ensures there’s room to keep everything organized in. Additional bedrooms and a full bathroom can be found upstairs as well, offering loved ones and guests alike plenty of privacy.
Living in Port Orchard & the Olalla Community
Located in Kitsap County, the City of Port Orchard is tucked away in the Puget Sound area of Washington. Boasting close proximity to beautiful scenery and city amenities alike, Port Orchard is a popular location for those who need to be close to Highway 16 or ferry options for commuting, but still love being away from the hustle and bustle of it all. At 15348 SE Rosemary Loop, Port Orchard WA 98359, you’re just a 9-minute drive from Highway 16, making it easy to head south towards Gig Harbor and Tacoma or north up to Bremerton and the Seattle to Bremerton ferry.
Interested in learning more about this listing? Contact REALTOR® Maria Kalafatich online here or give her a call/text at (253) 376-5559!