Stay Safe While Selling Your Home With Our Seller’s Checklist

Staying organized while uprooting your life and moving from one home to another can feel impossible. Not only are you trying to get the best financial return on your investment, but you might also be working on a tight deadline. There’s also the pressure to keep your home clean and organized at all times for prospective buyers.  One thing you can be sure of when selling your home is that there will be strangers entering your space, so it’s important for you and your agent to take certain safety precautions. Like so many things in life, they can feel more manageable once written down, so we made this handy checklist.

 

  • Go through your medicine cabinets and remove all prescription medications.
  • Remove or lock up precious belongings and personal information. You will want to store your jewelry, family heirlooms, and personal/financial information in a secure location to keep them from getting misplaced or stolen.
  • Remove family photos. We recommend removing your family photos during the staging process so potential buyers can see themselves living in the home. It’s also a good way to protect your privacy.
  • Check your windows and doors for secure closings before and after showings. If someone is looking to get back into your home following a showing or an open house, they will look for weak locks or they might unlock a window or door.
  • Consider extra security measures such as an alarm system or other monitoring tools like cameras.
  • Don’t show your own home! If someone you don’t know walks up to your home asking for a showing, don’t let them in. You want to have an agent present to show your home at all times. Agents should have screening precautions to keep you and them safe from potential danger.

Talk to your agent about the following safety precautions: 

  • Do a walk-through with your agent to make sure you have identified everything that needs to be removed or secured, such as medications, belongings, and photos.
  • Go over your agent’s screening process:
    • Phone screening prior to showing the home
    • Process for identifying and qualifying buyers for showings
    • Their personal safety during showings and open houses
  • Lock boxes to secure your keys for showings should be up to date. Electronic lockboxes actually track who has had access to your home.
  • Work with your agent on an open house checklist:
    • Do they collect contact information of everyone entering the home?
    • Do they work with a partner to ensure their personal safety?
  • Go through your home’s entrances and exits and share important household information so your agent can advise how to secure your property while it’s on the market.

This post originally appeared on the Windermere Blog.

5 Dangers of Overpricing a Home

It is still a great time to be a seller, but the local real estate market has begun to soften. With significant increases in inventory, buyers now have more choices and less sense of urgency. If you are thinking about selling your home, pricing it correctly the first time is critical. Here’s why:

  1. If you overprice your home, it won’t show up in some search results.

    Buyers search for homes using the parameters they desire. Price range is one of the most critical. If you set an unrealistic price of $850,000 for your home, all the buyers searching for homes up to $825,000 will fail to see your property in their search results.

  2. An overpriced home attracts the wrong buyer.

    An overpriced home will not compare favorably with the realistically-valued homes in a buyer’s price bracket. If your home is missing the amenities, square footage or other features of homes within the price range you’ve placed it in it won’t sell.

  3. Overpriced homes linger on the market and risk becoming “stale”.

    The interest in a home is always highest when the listing first hits the market. When an overpriced home goes unsold for a long period of time buyers often wonder what is wrong with the property. When a buyer moves on from a listing they rarely come back, even if you drop the price.

  4. You run the risk of getting less for your home than if you priced it correctly the first time.

    A Zillow study showed that homes that linger on the market tend to sell for significantly less than their listing price. When a home sits on the market for an extended period of time, buyers feel they have lots of room to negotiate.

  5. The longer your home remains on the market, the more expenses you incur.

    Every month your home goes unsold you put out money for mortgage payments, utilities and other home expenses that you will never recover.

 

Setting a realistic price for your home from the start is critical. If you’re thinking of selling, our highly trained experts at Windermere Real Estate can provide you with a comprehensive pricing analysis based on current market conditions.

What You Need to Know About the US Luxury Housing Market

Posted in Luxury by Matthew Gardner, Chief Economist, Windermere Real Estate 

Photo courtesy of West Bellevue Partners | MLS # 1324889

Luxury homes sales across the U.S. continue to perform strongly, but I’m noticing some headwinds starting to appear that are worthy of a closer look.

It’s often thought that luxury real estate runs totally independent of the overall market, and while this is true in some respects, there are definitely correlations between high-end housing and the rest of the market.

The first similarity is that the luxury market has suffered from some the same inventory constraints that are almost endemic across all price points in the U.S. But, similar to the overall market, we are starting to see a rise in inventory, which should be good news for real estate agents and luxury home buyers alike.

Impact of rising inventory 

This increase in the number of luxury homes for sale has started to have a tapering effect on price growth, which again, is similar to what we’re seeing in the rest of the market. But as real estate professionals, we know full well that all housing is local and some markets are performing far better than others.

For example, luxury markets in Maui, Northern California, Colorado, and Sarasota, Florida, are all experiencing substantial price growth, while there are noticeable slowdowns in many parts of New York and New Jersey. Even Queens and Jersey City, which have continued to benefit from high demand, have seen price growth stall recently, indicating that those markets could be losing some steam.

Why the slowdown? 

The slowing of luxury sales in certain areas around the country piqued my interest, so I decided to explore why this is happening. The first thing I noticed is that cities with high property taxes are fairly prevalent on the list of slowing markets; this includes cities like Boston, Austin, New York City, and Chicago. It is likely that the federal tax changes limiting the deductibility of property taxes are the culprit for such slowdowns in these areas.

Something else that has undoubtedly impacted luxury home sales in markets, such as New York City and Seattle, is the significant decline in foreign buyers from countries like China and Canada. According to the National Association of Realtors, the number of purchases by international buyers fell by 21 percent between 2017 and 2018, amounting to a drop of $32 billion – the largest decline on record.  Foreign buyers spent $121 billion on 266,754 properties, making up 8 percent of the buyers of existing (previously lived in) homes.

My research tells me that foreign home buyers are pulling back amid political uncertainty in the U.S. Ongoing concerns about a potential trade war, combined with rhetoric against foreigners, have done their part to dampen some of the enthusiasm to invest in U.S. housing. Also playing a role in this slowdown is the Chinese Central Government which has started placing tighter controls on the ability to spend money outside of mainland China. And finally, rising home prices and a strong U.S. dollar are likely two other key factors behind the tumbling interest in luxury real estate from overseas buyers.

So how do I see the luxury market performing in 2019?

Luxury real estate sales in markets like Boston, Clearwater, Austin, and Alexandria, Virginia will continue to slow down for the reasons stated earlier, but in other parts of the country, home buyers will provide the demand needed to keep the market plugging along at a healthy pace.

The changes affecting mortgage interest deductions and property taxes will also continue to impact the luxury market in certain areas, but this will, to a degree, be offset by other tax changes that favor high-income households and increase their disposable income. Something else that will help keep the luxury real estate market afloat in the coming year is jumbo mortgage interest rates which remain remarkably competitive compared to historic standards.

On a whole, high-end real estate sales have been strong over the past few years. While I am predicting somewhat of a slowdown next year given the headwinds discussed earlier, 2019 will be remembered as a year where balance started to return to the luxury housing market.

Mr. Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K. 

This post originally appeared on the Windermere Blog.

Commute vs. Home Price Trade-Off: How Far Are You Willing To Drive?

Would you be willing to swap a longer commute time for a lower monthly mortgage payment? With prices of homes near city centers skyrocketing, many buyers are rethinking their priorities and choosing to “keep driving until they can afford it.”

Housing Search Trade-Off: Price vs. Commute Time

We examined active listing on the Northwest Multiple Listing Service and their drive-time proximity to downtown Seattle. Looking at homes within a 30-minute radius from downtown, the median home price was $1,612,500. Homes located within a 31 to 60-minute commute from downtown had a median price of $890,000–that’s 45 percent less. This means if you are willing to commute over an hour, the price of the average home in the area would be $1 million less than if you lived close to the city.

Search for Homes by Commute Time on Windermere.com

The Drive Time Search function on Windermere.com and our Windermere brokers’ websites allows you to customize the search criteria with your work address, time of day that you commute, and maximum amount of time you want to spend driving to and from work. The results will exclusively show homes for sale within your preferred drive time. 
Search By Drive Time
Are you ready to look for a home?
One of our qualified Windermere brokers can help you choose the right area, narrow down your criteria, and create a strategy for getting you the home you want at a price you can afford.

 

Preparing Your Home for Summer

The calendar may claim summer begins on June 21st, but for most of us, it’s already fully in gear. Kids are getting out of school, families are making summer vacation plans, and backyard barbecues are on everyone’s minds. This is also a great time of the year to get your house in order and ready for the summer season. The following are a handful of ideas and tips to help you with this process.

Outdoor Spaces

GardeningGardening– It’s not too late to start your garden!  If you’re thinking of getting your green thumb engaged, just make sure you use starts because many summer harvest vegetables won’t start from seed this late in the season.

Outdoor living– My home has an outdoor space that, like many, suffers in the grey of winter and the rainy spring. To get it properly in the summer spirit I need to get it prepped for hosting. This includes finding outdoor lighting options, updating the seating and cleaning up the barbeque.

BBQ- Make sure your grill is ready to go this season by making sure everything is clean and in working order before you fire it up. In the northwest that includes making sure the fuel lines are spider-web-free. Also, make sure you have propane or charcoal on hand for impromptu dinners.

Clean Windows- Now is a great time to clean your windows, inside and out. Sun shows more dirt and smudges.

Lawn care- Prepare your lawn for the months ahead. Depending on where you live this means different things. Check your sprinkler system to make sure it wasn’t damaged over the winter; upgrade your lawn care to ensure fuller greens, check for and remove moss to prevent dead patches and start your weeding regimen.

Pool prep- If you have an outdoor pool get this ready for a summer season of fun in the sun, (unless you are lucky enough to enjoy your pool year-round). Same goes for hot-tubs. Make sure your equipment has been serviced, chemicals are available and your pool is clean and ready to use. OR, head to the local hardware store and buy your kiddie pool now before they run out!

Summerize- Check or replace AC filters, window screens, and household fans to make sure these are all functioning and will help provide maximum circulation in your house. Consider installing an attic fan or vent to help pull heat out of your home all winter long. Pack away excess cold weather items such as heavy blankets, jackets, and other items so they aren’t in your way. Same goes for any sundry items you only use during fall and winter.

Inside Spaces

Lighten the Space- Though I likely won’t spend much time inside once the mercury rises, I want to keep the house as light and cool as possible. I have found that replacing the curtains with a lighter shade lets the light in, but also keeps the rooms from overheating from sun exposure. Summer always makes me want to lighten up with the accessories- lighter colors, more whites, bright accents and less clutter.

Rearrange – Freshen up spaces by rearranging some of your wall art. If you don’t have enough wall pieces to rearrange regularly it may be time to add to your collection. You can find inexpensive original art online at stores such as Etsy or in person at local galleries. You can always play with other items like framed images from books, vintage posters or record albums. Here are some terrific ideas for using what you have to add interest to a room.

SpringCleanupAir it out- Open all the windows, shake out the rugs and update home fragrances to fit summer moods (citrus, freesia, clean linen, coconut, melon, fruits and tropical, etc.). You can create your own diffuser with essential oils to distribute fragrance. This may be more symbolic than practical but it always makes me feel ready for summer.

Paint- If you have a room you really want to refresh, a three-day weekend is a good time to take on a project of scale, so you have plenty of time to prep, paint, dry, and clean up. Painting is one of the least expensive ways to really transform how a room feels. Need help picking colors and paint type? Here is some good advice.

Garage or Basement- Tackle a big space that makes a big difference. Our garages and basements often become year-long dumping grounds for seasonal decorations and clothing, items that don’t fit in cabinets, memorabilia and maintenance tools. Go through your items and sort by keep, throw out and donate/sell and then group your keeps by function. Make sure your tools are accessible for easy gardening and entertaining by making sure your tools are accounted for, ready to go, and easy to reach. Here is a useful video on garage organization.

Yard/Garage Sale- If you have overflow at your house, plan a yard/garage sale to get rid of items you no longer need or want. Just make sure to pack everything up and donate it at the end of the sale otherwise you are just letting the clutter back in!

Plan a party- Once your space is all cleaned up and redecorated you will want to show it off! Plan a summer BBQ, dinner party, pool party, picnic or any other gathering.

This post originally appeared on the Windermere.com Blog.