Top Homeowner Regrets to Avoid

Posted on May 8, 2013 by ktiernan

We’re already in the thick of Spring house hunting season, and as many have come to find out, this year’s search is especially narrowed, as inventory is at a 12 year low. Many buyers will have to move fast on a home, but when it comes to searching and purchasing a home, moving too quickly without weighing out the positive and negatives might come with regrets. This spring, Trulia surveyed 2,130 adults about their biggest housing regrets, and they found some interesting results. Here are 18 of the top homeowner regrets:

Pictured home is for Sale and Lease

1) 17% of homeowners wished they had chosen a larger home

2) 14% wished they had done more remodeling when they bought the home

3) 11% wish they had more information about the home before they decided to purchase

4) 9% wished they had put more money down for the down payment

5) 8% wished they had been more financially secure before they decided

6) 8% wished they had chosen a neighborhood with a shorter commute to work

7) 7% wished they had more information about the neighborhood before they decided

8) 7% wished they had worked with a different real estate agent

9) 7% wished they had shopped around more for a better mortgage

10) 6% wished they had borrowed less against their home

11) 6% wished they had understood the cost of home ownership before taking the plunge

12) 6% wished they had chosen a smaller home

13) 5% wished they had chosen a neighborhood with less crime

14) 4% wished they had chosen a neighborhood with better schools

15) 3% wished they had rented instead of bought

16) 2% wished they had done less remodeling when they bought than they did

17) 2% wished they had put less money down for the down payment

18) 1% wished they had borrowed more against their home

Trulia also surveyed renters, who had similar regrets as the homeowners; many wished they had rented larger homes, with a shorter community to work, or lived in a neighborhood with less crime and better schools. The top regret though was wishing they had chosen to buy instead of rent, which 23% of renters expressed. If you’d like more information on selling or purchasing a home, contact your local real estate agent today.

Advice for Buyers, Sellers, and Owners in Today’s Marketplace

Posted on April 11, 2013 by ktiernan

We have established that housing is beginning to get back on track, so what are the best moves to make today? Here are some very useful tips for the buyers, sellers, and owners in today’s real estate market.

Homeowners are starting to gain confidence in listing their homes due to the rise in traffic of buyers, and the growing popularity of bidding wars, and buyers are finally able to start searching for the perfect home again with low mortgage rates. According to CNN Money, 92 of the Country’s 100 largest metro areas have seen an increase in home prices, with costs rising as high as 23% in some cities, and 69 out of 100 of the areas also saw an increase in sales volume.

If you’re in the market to buy a home, know that you’re going to have to be competitive. Inventory is low, and doing your homework beforehand, and having all of the necessary information ready to present an offer with your agent will put you one step ahead of the game. It’s also best to understand the days of making an offer 20% below the listing price generally will not work. Presenting your best offer first will sit best with sellers, and it also helps to have a few contingencies in place, and move fast as sellers aren’t keen on having to go through the process again and again. Being flexible on closing can also work in your favor, as many sellers are scrambling to find alternative housing at the same time you are.

If you’re looking into selling your home, you’re in luck because it’s finally looking like a seller’s market! In order to get your pricing right, it’s best to list competitively to your market, and keep in mind pricing above recent sales might not get you what you’re hoping for. Many homeowners think their broker’s suggested pricing is too low, but pricing within reason will grab buyers’ attention, and land you more offers. If you’re looking into downgrading, choose an agent that is keen on investment properties. And if you’re not thinking about selling your home soon, you still take advantage of the market by taking the opportunity to refinance. It’s possible in recent years, that you haven’t enough equity to refinance the mortgage at these record low rates, but it might be time to give it another try. Everyone can benefit in today’s market, and if you have any further real state related questions, contact your local real estate agent today.

Seattle Home Prices Take a Dip in December

Posted on February 26, 2013 by ktiernan

Washington Park Home

According to the Seattle Times, homes for sale in the Seattle area dropped .5% in December, right after reaching a two year high in November, (based on the Standard & Poor’s/Case-Shiller Home Price Index). This did not come as much of a surprise to those who have been watching for trends in the market for the past several years, as Seattle’s drop seemed to be due to seasonal factors- the holidays and end of the year in December are generally a slow time for residential real estate sales. When those factors were taken into account, the Seattle area actually rose .7% month over month last year, and prices rose 8.2% from December 2011. These calculations include the Seattle area within King, Snohomish and Pierce County.

Overall, the Times stated that the Seattle area’s Case Shiller score for December was 141.75, which is 41.75 higher than the score in January of 2000. Stay tuned for more updates in the Housing Market!

West Seattle Home For Sale: $2,250,000

Posted on August 2, 2012 by

This West Seattle Estate has breathtaking bluff views of the Olympics and the Northwest Islands! The beautiful grounds, including the garden out front have been well maintained and the deck out back practically sells the estate itself. This 5 bed, 3.25 bath has old world charm, with all of the amenities, a wonderful sun room, and the grace of a by-gone era. The living room and kitchen have huge bay windows looking out across the Sound, as do the majority of other rooms in this massive 6,350 sf space. For more information on this luxury home, or other properties in the surrounding Seattle area, visit Ewing & Clark Inc.

Status:	For Sale
Bed/Bath:	5/3.25
Price:	$2,250,000

FCPB Releases Simplified Mortgage Forms

Posted on July 10, 2012 by

If you currently have a mortgage, or have applied for one in the past, you know how difficult it can be to fully understand exactly what you’re signing up for. The Consumer Financial Protection Bureau has released redesigned forms that prospective borrowers will receive after applying for a loan, prior to closing on their home. These forms will be made available to folks at least 3 days prior to closing, and will be much more transparent than past forms.

According to the Seattle Times, the proposal aims to prevent costly surprises, and help consumers understand the actual cost of obtaining a loan. It also aims to protects consumers who’re taking out pricier mortgages. Most of the changes that were made to these documents were required by Congress under the 2010 financial overhaul law, which aimed to protect Americans from unaffordable mortgage loans, and any hidden costs. For over 30 years, federal law has required two sets of disclosure documents to be filled out by lenders, who could become confused when explaining them to borrowers because the documents were very similar in verbage, but needed to be filled out by two separate agencies. CFPB has tried to bridge that gap with the redesign of these new documents; one will describe the mortgage, and one will outline the costs of closing the mortgage. For the full article, please visit the Seattle Times.

Home Prices in King County on the Rise!

Posted on May 4, 2012 by

For the first time in a very long time, home prices in King County rose last month, and have increased significantly in the Seattle city limits. According to the Seattle Pi, the median sale price was $360,000 countrywide in April and was $425,000 in Seattle. Rates have risen 2.9% nationwide, and 10.4% in Seattle alone. There’s something to be said for the Northwest after all.

Of course, there are still areas within King County that aren’t seeing the same increase that Seattle is, such as South King County where activity was simply OK. Lender owned homes, which generally sell for less went up this month as well, and overall sales of homes and condos were up in Seattle, and nationwide 19.2%. Pending sales in our city have risen, indicating an increase in activity even though some of these don’t always close. It’s very promising that although the prices of homes are continually on the rise in Seattle and the surrounding King County areas, sales are just as high as ever. For listings in the Seattle area, click here.

Federal Reserve Bank Ready to Ditch the Old Downtown Building

Posted on April 18, 2012 by

The Federal Reserve Bank of San Francisco was ready to sell it’s old Downtown Seattle office space back when they closed in 2008, but their intentions were halted by historic-preservation advocates who demanded the building stand as is. The Bank has now found an outlet to dispose of the building by transferring the property to the General Service Administration, another federal agency to take care of the building. The Federal Reserve decided to move it’s office to Renton in 2008, and agreed to sell the building to a developer after city officials decided it didn’t qualify as a historic landmark. But just because the Bank is transferring the building over to GSA doesn’t mean the building will be preserved. According to the Seattle Times, a GSA spokeswoman agreed that “at this point there are no restrictions on the disposal of the property.” The building could be sold if no government agency wants it. Historic advocates could also challenge the use of the building and it seems they are already taking steps to make sure the building is in tact, as the building was recently nominated for the National Register of Historic Places by the state Advisory Council on Historic Preservation. For more information on the status of the building, visit the Seattle Times.

Seattle Residential Market

Posted on September 6, 2011 by Sarah Hill

Residential sales are hot in Seattle. For example, this King 5 article says this about the increase for multiple offers on Seattle homes:

According to Redfin’s data, multiple offer situations grew from 23.6 percent in the second quarter to 27.4 so far in the third quarter. In the hottest Seattle neighborhoods – Northeast Seattle, Capitol Hill-Montlake and Ballard-Green Lake – multiple offers jumped from between 30 and 35 percent to 45 and 50 percent. In Ballard, it jumped 51.4 percent.

This article from Komo News mentions low interest rates as one of the reasons the Seattle real estate market is so hot.

This articles seems to indicate that buyers have the upper hand based on a study. The article is not totally contradictory to the previous two articles, but it does take a different spin.

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