What is Mosquito Fleet?
By Maria Kalafatich |
MOSQUITO FLEET Long before road systems were introduced in Western Washington, the only option for reaching Gig Harbor ...
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WHY GIG HARBOR IS A GREAT PLACE TO RETIRE
Why is Gig Harbor, Washington such a delightful place to spend your retirement years?
Gig Harbor is embraced as an idyllic haven for retirees in Western Washington, and it's not hard to see why! Nestled amidst breathtaking waterfront vistas and exuding a cozy small-town ambiance on the picturesque Olympic Peninsula, Gig Harbor boasts notably low crime rates. According to SmartAsset.com, approximately 24.6% of Gig Harbor's population are retirees, making it the 4th best place to retire in the entire U.S.
What makes Gig Harbor so special for retirees? Well, there's a plethora of attractions and amenities tailored just for you! Explore the rich maritime heritage at the Harbor History Museum, enjoy serene strolls at Skansie Brothers Park, or embark on scenic bike rides along the Cushman Trail. For those seeking a taste of local spirits, the Heritage Distilling Co. awaits with open doors. And let's not forget the Gig Harbor Yacht Club for those with a passion for sailing!
But it's not just about leisure; Gig Harbor offers essential services and facilities to ensure a comfortable retirement lifestyle. From the YMCA and Gig Harbor Senior Center to retirement communities like Heron's Key and Kensington Place, there's a supportive network in place. Plus, health care needs are covered with facilities like St. Anthony's Hospital and Pt. Fosdick Medical Center nearby.
When it comes to staying active, Gig Harbor has you covered with esteemed golf clubs like Canterwood Golf & County Club and Gig Harbor Golf Club. And for those who prefer a quiet night out, the Galaxy movie theatre offers discounted screenings for seniors every Tuesday.
For added convenience, transportation options abound, including city buses, Uber, and Gig Harbor Taxi. And if you ever need assistance with estate planning, clutter reduction, or legal matters, Gig Harbor provides access to professionals specializing in elder care.
So, why wait? Come join the vibrant community of retirees in Gig Harbor, where every day feels like a blissful adventure by the sea!
In March, the real estate market witnessed a slight uptick in both active listings and pending homes, heralding a notable shift in market dynamics. With more properties hitting the market and a surge in pending sales, our monthly supply soared to 2.32 months, signaling the further transition into a seller's market. This increase in supply, coupled with heightened buyer demand, has tilted the balance in favor of sellers, paving the way for potentially favorable outcomes in negotiations.
MORTGAGE RATES UPDATE
Mortgage rates saw a general decrease from November to April, staying steady this month. According to Mortgage News Daily, we saw rates drop from 7.69% on 11/01 to 7.05% on 04/01. Make sure to click the graphic above to hear about helpful loan programs at CCM!
TRAVEL & LEISURE
Discover secluded hideaways where crystal-clear waters meet pristine beaches, offering unparalleled luxury and relaxation. From the lush landscapes of Fiji to the exclusive retreats in the Caribbean, each resort in this blog promises an unforgettable experience tailored to your desires. Escape to paradise and read more here!
READ OTHER ISSUES OF MARIA'S LUXURY NEWSLETTER
Narrows Bridge History
By Maria Kalafatich |
NARROWS BRIDGE HISTORY The Tacoma Narrows Bridge, also known as "Galloping Gertie," was an engineering marvel that spanned ...
Read More 
Why is Gig Harbor Called Gig Harbor?
By Maria Kalafatich |
WHY IS GIG HARBOR CALLED GIG HARBOR? Incorporated in 1946, Gig Harbor is one of the most picturesque ...
Read More NEIGHBORHOOD SPOTLIGHT: RAFT ISLAND
Initially named Allshouse by Captain Wilkes in 1841, the name Raft Island was given since those at the time thought it looked like a "raft floating on the water".
The whole island was purchased back in 1928 by a Californian by the name of George O. Noble, a wealthy mining engineer, who had planned a personal estate with "a private wharf, stables for riding horses, roads, trails and terrace landscaping," the newspaper said. George actually had a 788 foot wood bridge built to access the island from the mainland. This aging bridge was replaced with a new bridge fairly recently in 2014.
Located just 5.5 miles from the city of Gig Harbor, Raft Island is roughly 160 acres in size (at high tide) and surrounded by the mainland with views to the west of the Olympic Mountains and Cutts Island to the south. With its protected location, this is a fun island to kayak and paddleboard around. The water is warm (relatively) in the close-by inlets, which makes it a good place to boat, ski and swim. There are two neighborhood stores, each within 2-5 minutes from the bridge on the mainland.
There are roughly 200 homes total on the island. Those who own homes on the island become members of the Raft Island Improvement Association (RIIA) and have access to 2 community beaches. One is on the south end next to the bridge and includes a boat launch, dock, kayak racks and picnic tables. The second park is on the north end of the island facing the Olympic Mountains. There are also tennis courts in the middle of the island that are currently being rebuilt and improved.
This stunning waterfront home was recently listed on Raft Island. With breathtaking views, thoughtful updates, and possibly the longest dock with deep water moorage in all of Gig Harbor, it is no wonder it went under contract in just a week!
Take a tour around the island and see what it's all about. You may fall in love with it!
ARCHITECTURE & DESIGN
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Explore the cutting-edge innovations and stylish trends shaping the heart of your home. Whether you're planning a renovation or simply seeking inspiration, these top trends are sure to elevate your home to the next level of sophistication and comfort. Get inspired here.
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LUXURY LISTINGS
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Curious about the newest luxury listings around? Explore these stunning homes, and possibly discover your dream home today.
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SHREDDING EVENT & FOOD DRIVE
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Are you drowning in old paperwork? Need to clear out the clutter? Join us on May 18th at our Soundview office in Gig Harbor for our complimentary shredding event! Simply drive up to the shred truck, dump your papers, and be on your way. We will also be collecting non-perishable food donations for the Gig Harbor Fish Food Bank, so while you're shredding, why not clean out your pantry and bring along a few items to help those in need?
Join us for a day of community, convenience, and charity. Hope to see you there!
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HOME VALUATION TOOL
Interested in maximizing the value of your home? Homebot is a financial technology platform that allows you to make informed decisions about your mortgage, home equity, and overall financial situation. By providing tailored market trends, property values, and mortgage rates, Homebot can help you manage your finances more effectively. Whether you are looking to refinance, tap into your home equity, or optimize your mortgage payments, this is an essential tool for all homeowners. Sign up here for free!
For additional information or any questions with regard to the current market or if you are interested in a no obligation valuation of your home, please feel free to contact me anytime and as always, I appreciate your referrals!
MOSQUITO FLEET
Long before road systems were introduced in Western Washington, the only option for reaching Gig Harbor and other towns along the waterways was by way of the Mosquito Fleet steamships. Starting in 1836, this fleet of ships carrying passengers and freight ran all along the Puget Sound and nearby waterways and rivers stopping at every waterfront dock.
By the late 1920s, automobiles and highways were the preferred method of transportation. A new Tacoma Narrows bridge was built, which from our last article did not survive, and was named "Galloping Gertie." Between the time when Galloping Gertie collapsed and when the second bridge was completed, a state-run ferry service delivered drivers directly into downtown Gig Harbor. Remains of the ferry dock can still be seen just outside the mouth of the harbor at the southeast end of Harborview Drive.
The only two Mosquito Fleet vessels still in existence are the Virginia V, now listed on the National Register of Historical Places docked in South Lake Union, and the Carlisle II, a passenger-only ferry built in 1917 which still runs between Bremerton and Port Orchard.
For more in-depth information, try "Mosquito Fleet of South Puget Sound (Images of America)", a great book by Jean Findlay and Robin Paterson.
January inventory in the luxury market is down 1% over last month, however, sales increased 6% with the average price per sq. ft. up 3% over this time last year. With 94 homes for sale in Pierce County (over $1.2M) and 27 under contract, the ratio is 29%, suggesting a solid "buyers market".
MORTGAGE RATES UPDATE
Mortgage rates saw a general decrease from September to February. According to Mortgage News Daily, we saw rates drop from 7.08% on 09/01 to 6.63% on 02/01.
TRAVEL & LEISURE
Escape the cold and embrace the sun with this curated list of 11 warm-weather vacations to take this winter! From the pristine beaches of Cabo and the vibrant atmosphere of Florida to the lush landscapes of Kauai and the serene shores of Bermuda, these destinations promise unforgettable experiences under the sun. Dive into this blog to discover the perfect winter getaway that suits your taste and budget, and start planning your dream vacation today!
READ OTHER ISSUES OF MARIA'S LUXURY NEWSLETTER
Why is Gig Harbor a Great Place to Retire?
By Maria Kalafatich |
WHY GIG HARBOR IS A GREAT PLACE TO RETIRE Why is Gig Harbor, Washington such a delightful place ...
Read More
Narrows Bridge History
By Maria Kalafatich |
NARROWS BRIDGE HISTORY The Tacoma Narrows Bridge, also known as "Galloping Gertie," was an engineering marvel that spanned ...
Read More
Why is Gig Harbor Called Gig Harbor?
By Maria Kalafatich |
WHY IS GIG HARBOR CALLED GIG HARBOR? Incorporated in 1946, Gig Harbor is one of the most picturesque ...
Read More NEIGHBORHOOD SPOTLIGHT: SHORE ACRES
The Gig Harbor neighborhoods of Shore Acres and Reid Drive stand out as distinctive pockets, characterized by their suburban and coastal charm and boasting valuable waterfront real estate. With high-end view and waterfront homes within established neighborhoods and located just minutes above downtown and a short drive from Uptown, these neighborhoods are highly coveted for their proximity to Gig Harbor's amenities and easy access to Hwy. 16. Stunning views of orcas, eagles, abundant marine traffic, and Mt. Rainier add to the allure. Access to the Cushman Trail from these areas is convenient, offering residents the opportunity to walk or ride bikes for miles.
Residents in the Shore Acres/Reid Rd. locales enjoy an upper-middle-income status, rendering it an above-average income neighborhood. Almost 50% of the working population holds executive, management, and professional occupations, contributing to the neighborhood's notable efficiency in commuting, with the majority spending under 15 minutes commuting one-way—one of the shortest commutes nationwide.
Remarkably, the Shore Acres neighborhood hosts a higher percentage of people with Norwegian and Croatian ancestry than almost any other neighborhood in America.
Overlooking the Shore Acres/Reid Rd. is the Olympic Village which was established in 1990 as a clean and modern one-stop shopping center. A notable anchor within is the popular Cutters Point coffee shop, featuring indoor-outdoor options, great coffee and a welcoming atmosphere. The village houses essential businesses and diverse food options, including Asian cuisine, fast food, a gas station, a beauty supply, massage, an auto shop, Mail Plus, Ross, Ulta, Bartell Drugs, Goodwill, and newcomers like the Stretch Zone.
Adjacent to Olympic Village are the Rush Buildings, comprising two three-story office buildings hosting various professional businesses such as physical therapy, dentistry, orthodontics, orthopedic surgery, financial companies, and Windermere Professional Partners. Further down the street lies the new Original Pancake House, a popular breakfast spot in the area.
A spectacular waterfront house recently listed at $2.375M just sold after only 4 days on the market in the Reid Dr. neighborhood. View the listing here for more details and to see the incredible views that many homes in Shore Acres get to experience.
ARCHITECTURE & DESIGN
Step into the world of seamless indoor-outdoor living with this captivating blog featuring 20 stunning spaces that invite the sun to illuminate your home. From expansive glass walls framing picturesque views to chic patio setups perfect for lounging under the sky, these spaces seamlessly blend the comforts of indoor living with the beauty of the great outdoors. Whether you're seeking design inspiration or simply craving a breath of fresh air, explore this curated collection and reimagine your living spaces with a touch of sunshine.
STAY TUNED
Keep your eyes open for an exciting event coming your way this May (date TBD)! Windermere Real Estate is hosting a free shredding event, where you can securely dispose of your documents while enjoying a fantastic BBQ. It's the perfect opportunity to declutter your space and enjoy some delicious food with the community. Mark your calendars and get ready for a day of shredding and savoring!
For additional information or any questions with regard to the current market or if you are interested in a no obligation valuation of your home, please feel free to contact me anytime and as always, I appreciate your referrals!
NARROWS BRIDGE HISTORY
The Tacoma Narrows Bridge, also known as "Galloping Gertie," was an engineering marvel that spanned the Tacoma Narrows strait. Opening in 1940, it gained infamy for its dramatic oscillations in windy conditions, which eventually led to its collapse just months later. The bridge's failure became a pivotal moment in engineering history, prompting a reevaluation of design principles and aerodynamics.
Decades later, the documentary "700 Feet Down" revisited this tragic event, delving into the bridge's construction, its spectacular demise, and the lessons learned from this engineering catastrophe. Through archival footage, expert analysis, and personal accounts, the film sheds light on the human and technical factors behind one of the most iconic failures in structural engineering, offering valuable insights into the pursuit of safer and more resilient infrastructure. Watch the documentary here!
January inventory in the luxury market is down 1% over last month, however, sales increased 6% with the average price per sq. ft. up 3% over this time last year. With 94 homes for sale in Pierce County (over $1.2M) and 27 under contract, the ratio is 29%, suggesting a solid "buyers market".
MORTGAGE RATES UPDATE
Mortgage rates saw a general decrease from September to February. According to Mortgage News Daily, we saw rates drop from 7.08% on 09/01 to 6.63% on 02/01.
10 DREAMY AMALFI COAST TOWNS TO VISIT IN ITALY
From the pastel-hued houses perched on cliffs to the azure waters of the Mediterranean Sea, each town along this picturesque coastline holds its own unique charm and allure.
Discover hidden gems like Positano with its winding streets and vibrant bougainvillea, or explore the historical treasures of Amalfi and Ravello.
Whether you're seeking seaside relaxation, cultural immersion, or culinary delights, this curated list promises to inspire your wanderlust and guide you to unforgettable experiences in this breathtaking Italian paradise. Explore more here.
Why is Gig Harbor a Great Place to Retire?
By Maria Kalafatich |
WHY GIG HARBOR IS A GREAT PLACE TO RETIRE Why is Gig Harbor, Washington such a delightful place ...
Read More
What is Mosquito Fleet?
By Maria Kalafatich |
MOSQUITO FLEET Long before road systems were introduced in Western Washington, the only option for reaching Gig Harbor ...
Read More
Why is Gig Harbor Called Gig Harbor?
By Maria Kalafatich |
WHY IS GIG HARBOR CALLED GIG HARBOR? Incorporated in 1946, Gig Harbor is one of the most picturesque ...
Read More NEIGHBORHOOD SPOTLIGHT: WAUNA, WA
Looking for affordable waterfront with spectacular South Puget Sound views? Wauna, WA is one of the best values in waterfront & view properties, just 10 miles from downtown Gig Harbor!
Located just across the Purdy Bridge with a population of 4,689, this rural community has more to offer than meets the eye. Enjoy intimate beach side dining at Massimo's Italian Restaurant providing nightly sunsets overlooking Henderson Bay or get together with friends at the popular Beer Vault with live music & game nights.
Wauna also has some of the best beaches and parks in all of Gig Harbor with a rural feel including 360 Park and the Purdy Sand Spit which provides front row seating to the orca whales, sea lions, migratory birds and the top location in all of Gig Harbor for fly fishing. The public schools in Wauna are highly rated, and easy access to Hwy 16, Costco, Home Depot and the YMCA!
This elegant estate was recently listed in the Wauna community of Bel Mar 1. With sweeping, southerly views of Mt. Rainier and the sparkling Puget Sound, this beautiful home is the epitome of the picturesque neighborhoods and stunning nature views you can come to expect living in Wauna.
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LUXURY PORTFOLIO NEWSLETTER
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Looking to stay up to date on all of the current luxury trends? Luxury Portfolio International's newsletter offers the latest news in luxury design, travel, lifestyle and real estate. Click here to subscribe!
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HOMEBOT: BUILD WEALTH
Interested in maximizing the value of your home? Homebot is a financial technology platform that allows you to make informed decisions about your mortgage, home equity, and overall financial situation. By providing tailored market trends, property values, and mortgage rates, Homebot can help you manage your finances more effectively. Whether you are looking to refinance, tap into your home equity, or optimize your mortgage payments, this is an essential tool for all homeowners. Sign up here for free!
For additional information or any questions with regard to the current market or if you are interested in a no obligation valuation of your home, please feel free to contact me anytime and as always, I appreciate your referrals!
More Telecommuters Might Want to Move to the Harbor
An interesting article came across my path from the Seattle PI.
“Zillow” found that 75% of Americans working from home due to COVID-19 would prefer to telecommute at least half of the time once the pandemic subsides, and 66% said they would consider moving if their job allowed them to continue telecommuting.”
This means if you are debating moving or downsizing, this may be the time!
Many of my clients live in the Washington State Peninsula. Our homes will be in top demand if more Seattleites or Bellevue dwellers decide to step away from the rat-race. They can buy a better, bigger home in Gig Harbor or Ollala and still be a ferry ride away from the city.
This was the quote that made my heart skip a beat: “Moving away from the central core has traditionally offered affordability at the cost of your time and gas money. Relaxing those costs by working remotely could mean more households choose those larger homes farther out, easing price pressure on urban and inner suburban areas,” said Zillow senior principal economist, Skylar Olsen.
Did you read that? LARGER HOMES FURTHER OUT?? That means our neck-of-the-woods may be store for a buyer boom.
And here is what I believe will be a big deciding factor: “More people will leave San Francisco, New York, and even Seattle, some for nearby towns like Sacramento and Tacoma that are close enough to support a weekly office visit.” Think about this… yes many may move south to Pierce County, but Tacoma isn’t that different from Seattle.
Gig Harbor though…that is another planet. A stunning, green, quiet heavenly planet. So while they may start looking in Tacoma, the traffic and rat-race mentality will eventually lead them to our paradise.
And if you are selling, get ready for a prime opportunity.
When people realize that their future commute might include a monthly Ferry Ride and taxi drive, they will start salivating at the possibilities that the Peninsula offers.
And that might make some sellers salivate at their options.
Call me, and we can talk about strategy! This may or may not be for you…but if you don’t call, you’ll never know.
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.
*photo credit: cward360
Quick market update on our favorite city- Gig Harbor
Hey friends!
I want to give you a quick update on the Gig Harbor real estate market. If it seems like houses are for sale all over our beloved city…it’s because THEY ARE! Once people visit and see the views, the green surroundings, and quick access to everything, they want to live here!
January 2020 was quite active for a winter month. The median sale price was $380,000 and the average price was $330,000. These amounts are an increase of just over 1% for the month and 13% for the year. Yes, you read that right- 13% increase for the year!
Just over 800 homes sold, and almost a thousand homes went on the market. That is an active winter month.
The average time on the market was just under five weeks. This time on the market is down 35% for the year. So, when homes pop up in Gig Harbor, they sell FAST!
Currently, there are two sellers for every buyer. My guess is that number will change pretty dramatically over the next few months as people come out of their homes, see their shadow, and start thinking about moving. Spring is always a great time to sell as the winter funk starts to fade.
So- with all of this in mind, what should you do?
Great question… first of all, if you are thinking about ANY real estate issues, make me your first call. I live with my finger on the pulse of the entire region and I can help you discern between a good idea and a great idea. And when it comes to real estate, the difference between good and great can be thousands, if not tens of thousands, of dollars in your pocket.
If you are debating selling your home…call me! I’ll take a look at your home and give you great options to ensure you get the top dollar for your home.
If you are debating buying a new home…call me! My eyes are scouring the available listings daily! Nothing makes me happier than finding a house that is underpriced or in a distressed selling situation and calling one of my clients! This creates quick transactions that help both the seller and the buyer.
Thanks for reading! I love Gig Harbor and I REALLY LOVE handing keys over to people whose lives are about to get better.
Hope to talk to you soon!
Maria
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.
Driveway
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.
Roof
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
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.
Exterior
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.
Front Door
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!
Maria Kalafatich
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.
(Crickets)
And so they dropped the price.
(Crickets)
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!
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