Tag Archives: selling a home

I’m an SRES

What’s an SRES you may ask. It’s a Seniors Real Estate Specialist. As a SRES, I have received extensive education in working with people aged 50 and older in preparing and selling their home. I have the knowledge and expertise to counsel you through the major financial and lifestyle transitions involved in downsizing, relocating, and selling the home you have owned for decades. I offer you the opportunity to complete your real estate transaction with the patience, professionalism, and expertise you deserve.

For many people, they know it’s time to sell their home but the thought of moving and selling is overwhelming physically and emotionally. Here is where an SRES can step in and help. I have access to resources to help you with this major transition and will be there with you through all steps of the selling and moving process.

There are many reasons that you may be considering a move.

  • The cost of maintaining your home has become too high.
  • You want to be closer to your children and grandchildren.
  • Your home no longer meets your accessibility needs.
  • Your home is more home than you currently need.

Whether you’re looking to move to an active 55+ community, a senior-supported living situation, a smaller house, or a condo, I am here to help. I have worked with many sellers who have made such moves and understand how difficult this can be.

Give me a call at 206-790-0081 or email me at Jamie@JamieFlaxman.com and let’s talk about how I can be of help.

 

A Downsizing Story

Pete and Jody contacted me early this summer about selling their family home on Phinney Ridge. I’ve known Pete and Jody for many years as we were former neighbors and they wanted to work with someone they knew.

Jody and Pete’s Phinney Home

When I say family home, I mean it. Pete’s parents had bought the house about 80 years ago, and approximately 40 years ago Pete bought it from his parents. Pete and Jody raised their family in this lovely craftsman. They had made many updates over the years, and had particularly loved designing the beautifully landscaped yard and the 2-car garage where in his free time Pete worked on his cars.

But it was time to downsize. The house had too many stairs and was too much work to maintain. The property tax bill had become too high for retirees on a fixed income and they no longer wanted to live in Seattle.

Pete and Jody went exploring where they wanted to live and found a 55+ community in Mount Vernon that met all their needs. It was quiet. It was new construction. It was all on one floor, no stairs to even get into the house. The yard allowed for Jody to continue her love of gardening but was not too large. The house they wanted was already completed, but they would need to sell their Phinney home before they could purchase in Mount Vernon. I was able to negotiate with the seller of the Mount Vernon home for a longer closing period, to give Jody and Pete time to sell their Seattle house.

Jody and Pete’s Mount Vernon home

I recommended some minor repairs to their Seattle home before listing and we had the house staged. Jody and Pete worked hard at packing up 40 years of life, giving many items away, and having a mega-garage sale. It was hard work, but they had the house ready almost a week before our target list date. Jody and Pete’s Phinney home came on the market on August 5, and by August 11 we had two offers.

Both homes closed last week, Phinney on Thursday and Mount Vernon on Friday. Pete and Jody will be moving into their new home over the next few weeks. It was such a joy to call Jody and Pete on Friday and tell them that they were the owners of the home in Mount Vernon. Congratulations!!! May you have many, many years of love and laughter in your new home.

Home Facts

Phinney home, listed for $895,000, sold for $890,000, 6 days on market

Mount Vernon home, listed and sold for $459,900, 79 days on market

Shift in the Market?

We are seeing a shift in the market, but it’s not a cause for alarm. This shift is a balancing. We have reached the point where prices have hit the top and now they’re settling down. A recent article from CityLab.com explains it well:

“Housing prices are cooking. Across the nation, the price of homes is rising faster than the rate of inflation—in some places by a factor of three. That’s true of high-cost cities such as Seattle and San Francisco and lower-cost cities such as Charlotte and Tampa alike. And the overheated market for homes is costing the middle class the American dream.

Nationwide, the price for homes is approaching the zenith seen in 2006, just before the market fell into a foreclosure crisis and the economy sank into the Great Recession. . . 

But there are key differences between the housing peak in 2006 and the housing peak today. This surge in housing prices is not necessarily evidence for a bubble—much less any indication that a bubble is about to burst.

Late in July, the S&P CoreLogic Case–Shiller U.S. National Home Price NSA Index tracked a 6.4 percent annual gain in home prices for May 2018. This index has recorded year-over-year increases of at least 5 percent every month since August 2016—a sign of the strength of the recovery. . . . in Seattle, which saw a year-over-year price increase of 13.6 percent for May, home prices are already well above the 2006 high-water mark.

But since most workers aren’t earning 6 percent raises year after year, eventually this party has to come to an end. (Indeed, for four-fifths of privately employed workers, wages are actually falling.) Housing prices will stabilize or soften because they have nowhere else to go. The prevailing trend is unsustainable. “If something can’t go on forever, sooner or later it will end,” says David Blitzer, managing director for S&P Dow Jones Indices. With mortgage rates and prices rising, sales in both new homes and existing homes are starting to slow. ‘Either buyers have gone for the summer, because it’s too hot to look at housing, or they’re pausing to see what’s going on,’ Blitzer says. ‘If the pause continues, you’ll see sales go down.'”

And this is what we’re now seeing in Seattle. Most homes are not selling in 7 days and significantly above list price right now. I’m seeing a significant increase in price reductions and less multiple offer situations as well.

What does this mean for you? If you’re a buyer, this is all good news. It means you may be able to get into the market without a bidding war and having to look at homes significantly below your price point.

If you’re a seller, it’s not a time to panic. This shift is actually creating a healthier market. You probably will get less for your home than if you listed 6 months ago. But you probably will still have significant profits if you sell as prices are at record highs. We still have a significant shortage of housing so even with the increased inventory, demand still outweighs supply. Inventory levels are still under 2 months which means it’s a seller’s market – a balanced market would be 4-6 months, and a buyer’s market would be greater than 6 months.

As I’ve said often, there’s no crystal ball in real estate. In my predictions for 2018, I said price increases would slow down. In fact, year over year prices are still up about 11%. I also predicted interest rates would hit 5% before year-end; we have already hit this number which is reducing buying power for buyers.

If you’re thinking of buying, this is the time to get pre-approved and start your buying process. If you’re a seller, I’d be moving quickly to get your home on the market while prices are still at the peak. Please call me at 206-790-0081 or email me at Jamie@JamieFlaxman.com for a complimentary market analysis for your home.

Marketing Plans

This morning I’ve been working on marketing plans for two different sellers, so I thought I’d share with you what goes into a plan.

First, no two plans are identical. Price range, location, timing, features of the home – all of this comes into consideration.

It all starts with pricing. I will do a market analysis to determine a recommended price range for your home. I don’t rely on automated values, but look at actual listings and sales, market activity, and market conditions. If we don’t price your home properly, no matter how great the marketing materials, it probably won’t sell. With our current market, you definitely don’t want to overprice your home.

The first thing I look at is if your home meets the criteria for Coldwell Banker Global Luxury. This is based on zip code and condition/features of the home. If your home qualifies, it will be included in Coldwell Banker’s luxury marketing materials.

Are staging and landscaping necessary for your home? We want your home to show at its best. All homes I list will have high definition professional photography, and then depending on many factors, some form of video. That video might be a video tour, a live walk-through video, a 3-D Matterport video, and/or a neighborhood video. Most listings will have drone photos as well.

The photos and video will be used for all the online marketing, including the listing itself and its syndication, social media, and websites. Photos will also be used for print marketing such as home flyers/brochures and mailings to neighbors and targeted buyers.

Most listings will have 3-4 open houses during the first week on market. I also network to my local sphere of real estate brokers.

Want to know what a marketing plan for your home might look like? Give me a call at 206-790-0081 or email to chat.

Most Homes Sell At or Above List Price

Hot off the press, here are some highlights of the May housing market:

  • The median sales price for a single family home in Seattle in May was $802,000. For condos it was $529,500. Combined, we saw a 17.3% increase in the median sales price from May 2017.
  • Inventory improved in May and for the first time in a long time, we have more than 1 months supply of housing (1.1 at the end of May). There’s still a long way to go to get this to the 4-6 months necessary for a balanced market.

The most impressive statistic for May is this one – 84% of properties sold at or above list price! (26% sold at list, 58% above.) That tells us that it is likely that 6 out of 10 listings received multiple offers.

If you’re a seller, it’s the time to sell. If inventory continues to increase, we may start seeing smaller increases in sales prices and less competition. If you’re a buyer,  let’s get you into a home.

Give me a call/text at 206-790-0081 or email Jamie@JamieFlaxman.com and let’s talk about your real estate needs.

How Many Offers Does it Take?!

It’s a tough market out there for buyers. With demand for housing seriously outweighing supply, buyers are competing on most listings, and losing out on many.

The most offers I’ve had to write for a client was 2 years ago, when it took 8. I’ve heard of buyers who have submitted in the double digits.

Right now I have 2 sets of buyers who are on the offer roller coaster. One set has submitted 4. The other 2 (and we’re waiting to hear on the 2nd). It’s frustrating. You find a house you love and want to buy, but end up competing with 26 other offers (yes, last week buyer set 1 was one of 27 offers). You move on, but then you go through it again. What to do? Here are some tips I offer to buyers:

  • Know the numbers. You know what your maximum you can spend is. But also know the market numbers. If homes are selling 10-20% above list price, you should be looking at properties listed 10-20% below your maximum.
  • Have your financing lined up, and make sure your lender has taken you all the way through underwriting (except for a property address). Have a local lender who is available on the weekends.
  • Look at homes that have been on the market for more than 10 days. These are less likely to receive multiple offers. In this case, you might be able to look at homes at or slightly above your maximum as you might be able to get an offer accepted below list price.
  • Think about what you can compromise on. Could you go a few miles farther out? Is having a garage more important than getting a house? Don’t restrict yourself to fenced yards, you could put a fence in yourself.

For more ideas on how to compete or to talk about the real estate market, please call/text me at 206-790-0081 or email me.

April Inventory Report

Spring is here and there are more homes coming on the market!!! While we did see an increase in listings in April over April 2017, we still have a severe shortage of properties for sale. If you’re considering selling, now is the time to talk. Give me a call/text at 206-790-0081 or email and find out what your home is worth today.

Moving Tips

 

 

 

 

 

I’m going to be putting together a handout on moving tips. There are so many steps to moving besides packing the boxes, from changes of address to preparing your new home for your pets.

This week I’m going to share the experience of a friend who moved recently. Don’t pack your important documents in a box – instead carry them with you!

This friend finished her move on a Saturday and then realized she was missing some boxes. She looked everywhere including driving back to her old place and could not find those boxes anywhere. The missing boxes included copies of her tax returns and boxes of checks, among other things. She was freaking out because if someone took her boxes, they might be able to steal her identity. Important documents such as credit cards, checks, financial records, passports, wills, etc. should be carried with you for the move, not placed in the truck.

My friend got lucky, someone found her boxes and put them in a safe place. She got them back unopened, after having a sleepless Saturday night.

Moral of the Story: Important documents such as credit cards, checks, financial records, passports, wills, etc. should be carried with you for the move, not placed in the truck. Also, inventory your boxes so you know how many went into the truck and how many came out.

Do you have a moving tip or story to share? Email it to Jamie@JamieFlaxman.com and it might make the Moving Tips Handout or show up on the Blog.

 

Getting to Sold!

Next week, on Wednesday, April 4th, I will be teaching my popular class, “Getting to Sold,” at the Greenwood Senior Center. The class is open to everyone and is not targeted to any one age group.

Getting to Sold is for anyone who is thinking about selling a home or condo. It’s a great opportunity to learn what’s going on with the real estate market and why now might be the right time to sell. I also provide tips on preparing your home for market. And we also talk about how to purchase a new property while selling your current one.

Class is April 4th, 6:00-7:30pm. Please reserve your spot by emailing me at Jamie@JamieFlaxman.com  or calling/texting 206-790-0081.

Download flyer: getting to sold flyer 2018

Getting to Sold – Seller Classes

This April I will be hosting two “Getting to Sold” classes for those considering selling a home. In Getting to Sold you will learn valuable insights about the current home selling market including:

  • key steps to prepare your home for market and receive top dollar
  • options for buying a new home while selling your current one
  • why it might be in your best interest to sell sooner rather than later.

The two classes are open to anyone interested and there is no fee to attend.

Wednesday, April 4th, 6:00-7:30 pm will be at the Greenwood Senior Center

Friday, April 13th, 1:30-2:30 pm will be at the Wallingford Senior Center.

Questions and reserve your spot by calling/texting Jamie at  206-790-0081 or by email: Jamie@JamieFlaxman.com.