Seattle Real Estate BlogRecently posted or modified blog posts in the category - Buying a Homehttps://www.johnlscottballard.com/blog/Copyright JohnLScottBallard.com2024-01-03T14:01:46-07:00tag:johnlscottballard.com,2012-09-20:10534DECIDING BETWEEN A BUYING A CONDO OR A HOUSE?
PEOPLE OFTEN THINK THAT THE DIFFERENCE BETWEEN A CONDO VS HOUSE IS WHETHER THERE IS A YARD
In this post, I will go through the differences between a Condo Vs House.
Here is a hint it is not whether it looks like an apartment or if it has a yard.
Most of us can identify the typical multi-unit attached condo complex that looks similar to an apartment building. But you may struggle with the detached condo with a yard and fence.
Although I will do my best to explain the difference between <a href="https://www.themadronagroup.com/what-is-a-single-family-home/">a house</a> and a condo I am by no means an attorney and when in doubt check the title’s legal description.
The average price of a single-family home in Snohomish County is $763,441. The average price for a condo is $586,082 (January 2024)
#NWMLS
VIDEO VERSION OF CONDO VS HOUSE
What Is A Condo: <a href="https://youtu.be/N9VPZGNVmUU?t=57" target="_blank" rel="noopener">00:57</a>
Types of Condo: <a href="https://youtu.be/N9VPZGNVmUU?t=103" target="_blank" rel="noopener">01:43</a> - Attached Condo, Townhouse, Detached Condo
HOA: <a href="https://youtu.be/N9VPZGNVmUU?t=165" target="_blank" rel="noopener">02:45</a>
5 THINGS TO CONSIDER WHEN DECIDING BETWEEN BUYING A CONDOMINIUM OR SINGLE FAMILY HOME
1. PRICE: <a href="https://youtu.be/N9VPZGNVmUU?t=337" target="_blank" rel="noopener">5:39</a>
The most important factor when trying to decide between a condo vs house is the price. The average sales price for a home in Snohomish County is $550,867 A condo is $394,312 (August 2020 Infosparks NWMLS). A condo will come with HOA dues typically between $200-$500 month in Snohomish County. That will often time include water, sewer and garbage. The HOA dues go into a savings account and go towards fixing the big ticket items covered by the HOA, such as roof, siding, windows, foundation and fencing. Finally the annual taxes are generally lower on a condominium versus a house.
2. MAINTENANCE AND UPKEEP: <a href="https://youtu.be/N9VPZGNVmUU?t=363" target="_blank" rel="noopener">6:03</a>
The 2nd most important factor is the amount of maintenance and upkeep you are comfortable with. With an attached condo you generally will not be responsible for anything outside the walls of your unit. That includes landscaping, driveways, exterior painting, patios & decks and all the work you would responsible for with a house.
3. PRIVACY: <a href="https://youtu.be/N9VPZGNVmUU?t=384" target="_blank" rel="noopener">6:25</a>
If privacy is one of your top factors then a single family home may be the way to go. Attached condos and townhomes are going to be sharing at least 1 wall and up to 4 walls with your neighbor. And detached condos are generally zoned to be only about 5 feet apart.
4. RISK: <a href="https://youtu.be/N9VPZGNVmUU?t=412" target="_blank" rel="noopener">6:52</a>
Condos do come with a bit of risk in the form of Special Assessments, HOA Management and potential lawsuits.
5. RESALE VALUE: <a href="https://youtu.be/N9VPZGNVmUU?t=429" target="_blank" rel="noopener">7:09</a>
Single family homes tend to hold their resale value stronger than a condo.
WHAT IS A CONDO
<img width="1296" height="854" decoding="async" class="x-img x-img-thumbnail" src="https://www.themadronagroup.com/wp-content/uploads/2017/12/Condo_Image.webp" alt="Financing Your Home Purchase" title="People often think that the difference between a condo vs house is whether there is a yard" />
The first thing to understand is that the word <a href="https://www.themadronagrouphomes.com/results-gallery/?sort=importdate&status=A&proptype=VT%2CC" target="_blank" rel="noopener">Condo</a> refers to both a unit of ownership in a building and a legal form of ownership.
The concept of the Condo as we think of it today first appeared in Salt Lake City in 1960. In the 1960's and 70's Florida received a big rush of retirees. To take advantage developers there began to offer multi-unit buildings whose units could be owned outright, according to <a href="http://articles.latimes.com/2013/mar/01/business/la-fi-umberger-20130303" target="_blank" rel="noopener">Mary Umberger</a>.
'Condominium' refers to real property developments in which the property can be divided by lines on the ground like traditional real estate, but can also be divided with horizontal planes, like the floors of a building. The individual owners also each own an undivided (collective) interest in the common areas (i.e. offices, lobbies, elevators, hallways, parking garages, pools, etc.)<a href="http://www.condolaw.net/uploads/Condominium_Common_Sense_UPDATED_12.17.2010.pdf" target="_blank" rel="noopener">Condolaw.net</a>
In WA state condominiums created after July 1, 1990, are governed by the Condominium Act <a href="http://apps.leg.wa.gov/Rcw/default.aspx?cite=64.34" target="_blank" rel="noopener">Chapter 64.34 RCW </a>.
Before July 1, 1990, they are governed by the Condominium Act <a href="http://app.leg.wa.gov/rcw/default.aspx?cite=64.32" target="_blank" rel="noopener">Chapter 64.32 RCW.</a>
According to the new RCW, except as provided by the declaration:
The walls, floors, or ceilings are the boundaries of a unit, and all lath, furring, wallboard, plasterboard, plaster, paneling, tiles, wallpaper, paint, finished flooring, and any other materials constituting any part of the finished surfaces thereof are a part of the unit, and all other portions of the walls, floors, or ceilings are a part of the common elements.
Meaning that generally when you purchase a condo you own the walls, floor, ceiling, and air inside your condo. Everything outside of that area is the common area, that is collectively owned by all the individual owners of the units.
TYPES OF CONDO
Attached Condo
Townhome
Detached Condo
The attached condo is what most of us think of when we hear the word condo. It is a multi-unit building usually with units stacked on top of one another and sharing at least 1 wall.
In this form of ownership, you would own and maintain the walls, floor, ceiling, and everything inside the space. The exterior walls and all other common areas would be owned and maintained collectively by the whole of
<a href="https://www.johnlscottballard.com/property-search/results/?searchtype=2&searchid=1091540" target="_blank" rel="noopener">Attached Condo Example</a>
The Townhome is similar except that the units are not stacked on top of each other. They are condo units that share a sidewall.
Snohomish County defines Townhomes:
"Dwelling, Townhouse" ("Townhouse") means a single-family dwelling unit constructed in a group of three or more attached units in which each unit extends from the foundation to roof and has open space on at least two sides. The term includes a townhouse constructed as a zero lot line development and townhouse on single lot.
<a href="https://www.johnlscottballard.com/property-search/results/?searchtype=2&searchid=1091539" target="_blank" rel="noopener">Townhouse Example</a>
Detached condos are essentially single family homes in appearance. Generally, the owner is responsible for maintaining everything within the boundaries of the lot.
<a href="https://www.johnlscottballard.com/property-search/results/?searchtype=2&searchid=1091544" target="_blank" rel="noopener">Detached Condo Example</a>
HOA
The condo form of ownership includes an HOA or Home Owners Association.
The common areas, amenities, and utilities are managed collectively by the owners. When you buy your condo you purchase the unit and a share of the common area.
Most condo associations are created as corporations. They must have a declaration also known as the CC+R’s (Covenants, Conditions, and Restrictions).
The goal of the CC+R’s is to preserve the community investment. For example requiring that your lawn is mowed, or restricting the color that you can paint a building or fence.
In addition to enforcing the “rules”, they are also responsible for maintaining the common areas of the complex. This may be repairing or replacing a roof, the landscaping of common areas, driveways or parking lots, insurance, or garbage pickup.
In order to pay for the maintenance of the common areas, the HOA sets monthly dues that each owner of the complex must pay. A well maintained HOA should carry a surplus of funds in case of emergency.
Typical monthly HOA dues can range from $30-500 a month.
DIFFERENCE BETWEEN DETACHED CONDO VS HOME
CONDO VS HOUSE PROS AND CONS
Your searching for homes on our website, or some other website and find a house you like with a yard and a fence. Then you look at the category and see that it is a condo.
Why?
Because it has an HOA. Not necessarily single family residential homes often have HOA’s.
In most cases, it is because the city has a very specific requirement for lot sizes in order for a home to be classified as single family detached. If a developer wants to build more units in a space they can build them as condos.
As the <a href="https://www.themadronagroup.com/how-to-sell-your-home/">seller of the Condo</a> vs House the motivation is additional profit. But before you get to upset remember there is an upside for you as well. The detached condo is more affordable.
People will pay more money for a detached condo that resembles a house as opposed to an attached condo or townhome and the builder can build more units.
As a <a href="https://www.themadronagroup.com/buy/">buyer of a condo</a> vs house, you can get a nice size home with a small yard for less money because it is a "condo". Often with these types of developments, the monthly HOA dues are minimal.
Generally, with this type of detached condo, the owner will be responsible for the maintenance of everything within the border of the lot. Giving it the feel of a house, with a slightly lower price tag.
When trying to decide between buying a Condo vs House I think the most important factor is Price.
All things being equal a Condo will cost less than a house.
The HOA does not really increase the price of home ownership as it often includes utilities you will pay more for as a residential home owner. It also generally includes maintenance of big ticket items such as; roof, siding, windows, and balconies and decks.
In addition the property taxes are generally lower for condos vs houses.
Which brings us to the 2nd most important factor when deciding, Maintenance and Upkeep.
Generally speaking a residential home will include a yard that will need to be maintained along with all the big ticket items previously mentioned.
If you are concerned with maintenance and upkeep than you should consider a condo.
Money, time and effort are all on the side of the condo. Why would you buy a house?
I think the most motivating factor is Privacy. Buying a house will give you more privacy than a condo. An attached condo will share a minimum of one wall, up to 2 walls, the ceiling nd the floor with your neighbors.
A zero lot line detached condo will not share a wall. However, in some cases each unit only needs to be 5 five from the next unit.
Condos can come with a bit of Risk in the form of Major Assessments, delinquent dues and law suits.
Finally, you should consider Re-Sale Value. Generally, a stand alone residential house will provide the strongest long term Re-Sale Value.
SUMMARY OF CONDO VS HOUSE
The purpose of this article is to help clarify the difference between detached condos and houses.
Often times it is hard to distinguish whether a property is a townhome, condo or single family detached house.
You can generally tell by looking for the category on whatever site you are searching on, asking your real estate agent, or checking on the title legal description.
The main difference between a detached condo and a house is simply the legal classification. If the developer wanted to build more units in the amount of space they had to build they may have designated them condos.
When deciding which would better suit your needs you should consider; Price, Maintenance and Upkeep, Privacy, Risk and Re-Sale Value.
If you would like more information about the difference between Condominiums and Single-Family Houses contact Joe or Jason.
To see available Condo inventory in Snohomish County: <a href="https://www.johnlscottballard.com/property-search/results/?searchtype=3#latlng_48.08085743882549,47.57739964522747,-121.50629825679349,-123.29277074320652/maplvl_9,47.829935918191026,-122.3995345/listtype_2/" target="_blank" rel="noopener">Snohomish County Condos For Sale</a>
Although I have done my best to explain the difference between a condo and a house, I am not a real estate attorney. You should consult with an attorney before making any legal decision.
2024-01-03T13:48:39-07:002024-01-03T14:01:46-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:10473Credit Score Wisdom: Unleashing Your Financial Power in Seattle's Housing Market!“[Credit is a system whereby] a person who can’t pay, gets another person who can’t pay, to guarantee that he can pay.”― Charles Dickens
While Dickens humorously captures the perplexity of credit, in today’s real estate landscape, especially in the Puget Sound region, understanding the nuances of your credit score is vital if you’re considering buying a house through financing. Unless you are planning on buying your next house with cash you are going to want to know what makes your credit score go up and down.
The average price for a home in <a href="https://www.themadronagroup.com/snohomish-county-real-estate-market-analysis/">Snohomish County</a> is $733,369 (NWMLS 12/19/23). The average price for a home in <a href="https://www.themadronagroup.com/king-county-real-estate-market-analysis/">King County</a> is $984,294 (NWMLS 12/19/23). This means if you are considering buying a house in a <a href="https://www.themadronagroup.com/puget-sound-communities/">Puget Sound community</a> you will probably need to make sure your credit is going up.
Your credit score influences your home buying potential. A good score can get you a lower interest rate and that will give you more buying power.
FICO® CREDIT SCORES – YOUR FINANCIAL BAROMETER:
FICO® Scores are the credit scores used by 90% of top lenders to determine your credit risk. Credit scores range from 300 to 850, with 300 being the lowest and 850 being the highest.
Generally, the higher the credit score number the better the loan terms.
You have a credit score for each of the 3 major credit bureaus:
<a href="https://www.experian.com/" target="_blank" rel="noreferrer noopener">Experian</a>
<a href="https://www.transunion.com/credit-advice" target="_blank" data-type="link" data-id="https://www.transunion.com/credit-advice" rel="noreferrer noopener">TransUnion</a>
<a href="https://www.equifax.com/" target="_blank" data-type="link" data-id="https://www.equifax.com/" rel="noreferrer noopener">Equifax</a>
Your FICO® Scores are calculated using the information in your credit reports.
While you can get a credit score for free from many different websites and apps, most of these numbers do not reflect the actual credit score that your lender will see. Sites like, <a href="https://www.creditkarma.com/" target="_blank" rel="noopener">www.CreditKarma.com</a>, are good for getting a good idea of how your credit looks but are not a substitute for contacting a bank or <a href="https://www.themadronagroup.com/home-financing/">loan officer</a>.
<a href="https://www.themadronagroup.com/what-credit-score-do-you-need-to-buy-a-home/">What Credit Score Do You Need To Get A Mortgage Loan</a>?
WHAT MAKES YOUR CREDIT SCORE GO UP AND DOWN
<img loading="lazy" decoding="async" width="788" height="535" src="https://www.themadronagroup.com/wp-content/uploads/2017/08/The-5-Factors-Of-Your-Credit-Score.jpg" alt="The 5 Factors Of Your Credit Score" class="wp-image-3919" title="While Dickens humorously captures the perplexity of credit, in today's real estate landscape, especially in the Puget Sound region, understanding the nuances of your credit score is vital if you're considering buying a house through financing. Unless you are planning on buying your next house with cash you are going to want to know what makes your credit score go up and down." srcset="https://www.themadronagroup.com/wp-content/uploads/2017/08/The-5-Factors-Of-Your-Credit-Score.jpg 788w, https://www.themadronagroup.com/wp-content/uploads/2017/08/The-5-Factors-Of-Your-Credit-Score-768x521.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2017/08/The-5-Factors-Of-Your-Credit-Score-560x380.jpg 560w, https://www.themadronagroup.com/wp-content/uploads/2017/08/The-5-Factors-Of-Your-Credit-Score-100x68.jpg 100w" sizes="(max-width: 788px) 100vw, 788px" />
1. YOUR PAYMENT HISTORY – 35%
Late payments lower your score, so pay your bills on time
2. HOW MUCH YOU OWE – 30%
Keep your outstanding balances under 30% of your credit limits. Pay down your credit accounts to increase your score.
3. LENGTH OF YOUR CREDIT HISTORY – 15%
A short history is not a bad thing if you show responsible credit management. Having a few credit accounts is better than having no credit at all.
4. NEW CREDIT ACCOUNTS – 10%
Lots of new credit account inquiries can lower your score. Mortgage and auto loan inquiries are an exception; these count as 1 inquiry within a 30 day period.
5. TYPES OF CREDIT YOU HAVE – 10%
A variety of credit types — Like an auto loan, credit cards, and other credit accounts — could boost your score.
IMMEDIATE ACTIONS TO INCREASE YOUR SCORE
CHECK YOUR CREDIT REPORT
<a href="https://www.myfico.com/credit-education/improve-your-credit-score/" target="_blank" data-type="link" data-id="https://www.myfico.com/credit-education/improve-your-credit-score/" rel="noreferrer noopener">MyFICO</a>
Credit score repair begins with your credit report. If you haven’t already, <a href="https://www.myfico.com/crediteducation/questions/free-credit-report.aspx" target="_blank" rel="noopener">request a free copy of your credit report</a> and check it for errors. Your credit report contains the data used to calculate your credit score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct. If you find errors on any of your reports, dispute them with the credit bureau.Read more about <a href="https://www.myfico.com/crediteducation/rights/fixinganerror.aspx" target="_blank" rel="noopener">Disputing Errors on Your Credit Report</a>.
SETUP PAYMENT REMINDERS
Making your credit payments on time is one of the biggest contributing factors to your credit scores. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due. You could also consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account, but this only makes the minimum payment on your credit cards and does not help instill a sense of money management.
REDUCE THE AMOUNT OF DEBT YOU OWE
This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.
THE SUMMARY OF WHAT MAKES YOUR CREDIT SCORE GO UP AND DOWN
In the Puget Sound area’s real estate market, your credit score is more than just a number; it’s a reflection of your financial health and a key determinant in your home-buying journey. Understanding how it fluctuates and what impacts it can be your stepping stone towards securing the home of your dreams.
So, start today, be consistent, and watch how these changes positively affect your score and, in turn, your home-buying potential in one of the most vibrant housing markets in the nation.2023-12-21T15:05:41-07:002023-12-21T15:07:32-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:10358Does The Thought of The Homebuying Process Stress You OutWelcome to the adrenaline-packed world of home buying! It’s an epic journey – a thrilling blend of dreams, strategy, and a touch of drama. Think of it as the ultimate real estate adventure where you’re the hero, and your prize is the home of your dreams. But where do you start? Right here!
As your expert guides, we at <a href="https://www.themadronagroup.com/best-real-estate-agents/" data-type="page" data-id="2">The Madrona Group</a> are here to answer, Can You Explain the Homebuying Process? into simple, actionable steps. From nailing your budget to unlocking the door of your new home, we’ve got the insider tips, the market savvy, and the relentless energy to turn your home buying quest from a daunting maze into an exhilarating, straight path to success. Let’s make this happen!
Consider this surprising fact: in the greater Seattle area, more than 70% of first-time homebuyers initially underestimate the complexities of the home buying process.
This significant figure sheds light on a crucial aspect of real estate – purchasing a home extends far beyond just selecting the right property. It involves navigating market trends, understanding the legal intricacies, and making well-informed financial decisions. This guide delves into these often overlooked or misunderstood facets of home buying. It aims to equip readers with essential insights and knowledge, transforming what can be an overwhelming process into a manageable and informed journey towards homeownership.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header.jpg" alt="Can You Explain the Homebuying Process? In Seattle" class="wp-image-69645" title="As your expert guides, we at The Madrona Group are here to answer, Can You Explain the Homebuying Process? into simple, actionable steps. From nailing your budget to unlocking the door of your new home, we’ve got the insider tips, the market savvy, and the relentless energy to turn your home buying quest from a daunting maze into an exhilarating, straight path to success. Let’s make this happen!" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Can-you-explain-the-homebuying-process-header-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" />
GETTING STARTED BY UNDERSTANDING YOUR NEEDS AND BUDGET
The first thing most people do when they think about buying a new <a href="https://www.themadronagroup.com/seattle-housing-market-report/" data-type="page" data-id="2628">home in the greater Seattle area</a> is go <a href="https://www.johnlscottballard.com/property-search/results/#view_map/" target="_blank" data-type="link" data-id="https://www.johnlscottballard.com/property-search/results/#view_map/" rel="noreferrer noopener">online and start looking at listings</a>. Well, you have to start somewhere. Technically the first step should be to talk to a lender. Although, you can ask your real estate agent for a referral to a great lender. It is nearly impossible to know how much you can afford without being approved first. A great lender is going to walk you through the money borrowing process, evaluate your budget and walk you through the the loan programs and which one is best for you.
THE IMPORTANCE OF PRE-APPROVAL:
Before diving into house hunting, <a href="https://www.themadronagroup.com/home-financing/" data-type="page" data-id="1400">getting pre-approved</a> for a mortgage is a critical first step. It not only gives you a clear idea of your budget but also shows sellers that you’re a serious and prepared buyer. Pre-approval involves a lender examining your financial situation to determine how much they are willing to lend you.
CHOOSING THE RIGHT LENDER:
Finding the right lender is about more than just securing the lowest interest rate. It’s about finding a lender who understands your specific financial situation and home buying goals. This choice can significantly impact your overall home buying experience.
MORTGAGE BROKER VS. BANKER:
When it comes to sourcing your mortgage, you have options: a mortgage broker or a direct lender (like a banker). A broker acts as a middleman, shopping around to find you the best rate and terms from various lenders. A banker, on the other hand, offers products from their own institution. Each has its benefits, and your choice depends on your personal preferences and financial situation.
UNDERSTANDING PRE-QUALIFICATION, PRE-APPROVAL, AND BEING FULLY UNDERWRITTEN:
Pre-Qualification: A quick assessment by a lender that gives an estimate of the loan amount you might qualify for, based mostly on unverified information you provide.
Pre-Approval: Involves a more thorough check, including verification of your income, assets, and credit score, to give you a more accurate idea of the loan amount.
Fully Underwritten: This is the final step before loan approval, where all your financial information is thoroughly evaluated and verified. Being fully underwritten is as close to cash as you can get.
BUYING A HOME WITH CASH:
Some buyers opt to purchase a home with cash, bypassing the need for a mortgage. This can make your offer more attractive to sellers, as it often means a quicker, smoother transaction without the potential hurdles of financing.
THE MYTH OF THE 20% DOWN PAYMENT:
Contrary to popular belief, you don’t always need to put down <a href="https://www.themadronagroup.com/is-it-realistic-to-get-a-mortgage-without-a-20-down-payment/" data-type="post" data-id="6098">20% of the home’s purchase</a> price. Many loan programs allow for lower down payments, although this often means paying for private mortgage insurance (PMI).
UNDERSTANDING PMI:
PMI is typically required when you put down less than 20% on a home. While it’s an additional cost, it shouldn’t be viewed as an enemy. PMI enables buyers to enter the housing market sooner than they might otherwise be able to.
HOW MUCH HOUSE CAN YOU AFFORD?
Determining how much house you can afford isn’t just about the maximum loan amount you can get. It’s about understanding your overall financial situation, including debts, income, <a href="https://www.themadronagroup.com/renting-vs-buying-in-seattle/" data-type="post" data-id="68194">living expenses</a>, and future plans. A general rule of thumb is that your <a href="https://www.themadronagroup.com/real-estate-calculators/" data-type="page" data-id="1252">monthly home payment</a> shouldn’t exceed 28% of your gross monthly income.
FINDING THE RIGHT REAL ESTATE AGENT
THE VALUE OF LOCAL KNOWLEDGE:
In the ever-changing real estate market, local knowledge is invaluable. A good real estate agent knows more than just the properties in the area; they understand the community, local market trends, and the subtle nuances that influence home values. They can provide insights into <a href="https://www.themadronagroup.com/best-neighborhoods-in-seattle-to-live-in/" data-type="post" data-id="10896">neighborhood specifics</a>, from schools and amenities to future development plans, all crucial for making an informed decision.
BEYOND FINDING A HOUSE:
An adept real estate agent does far more than just find listings. They are your advisor, your negotiator, and your advocate throughout this complex process. They offer guidance on the viability of a property, help you understand the potential long-term value, and advise on how well a home aligns with your lifestyle and needs.
NEGOTIATION SKILLS ARE KEY:
One of the most critical roles of your real estate agent is as a negotiator. You want an agent who can advocate for your interests effectively, whether it’s negotiating the best price, advocating for favorable terms, or navigating through the challenges that may arise during the buying process. A skilled negotiator can make a significant difference in the overall outcome of your home purchase.
COMMUNICATION AND COMPATIBILITY:
Having an agent you can communicate with effectively is essential. Your agent should be responsive, attentive to your needs, and capable of explaining complex aspects of the buying process in understandable terms. Compatibility in communication style and overall approach can greatly enhance your home buying experience.
CREDENTIALS AND EXPERIENCE MATTER:
It’s important to consider an agent’s experience and credentials. Look for someone with a solid track record and expertise in buying and selling homes in your area of interest. Experienced agents can provide valuable insights and have proven strategies for various market conditions.
FINDING THE RIGHT FIT:
Finally, finding the right real estate agent is about finding a fit for you. Each buyer’s needs and preferences are unique, and the best agent for one person may not be the best for another. Take the time to interview potential agents, asking about their experience, approach to clients, and how they plan to help you find your ideal home.
12 STEPS TO THE HOME BUYING PROCESS
<img decoding="async" width="709" height="656" src="https://www.themadronagroup.com/wp-content/uploads/2023/11/12-Steps-to-Homebuying-Process.jpg" alt="Can You Explain the Homebuying Process? In Seattle" class="wp-image-69649" title="As your expert guides, we at The Madrona Group are here to answer, Can You Explain the Homebuying Process? into simple, actionable steps. From nailing your budget to unlocking the door of your new home, we’ve got the insider tips, the market savvy, and the relentless energy to turn your home buying quest from a daunting maze into an exhilarating, straight path to success. Let’s make this happen!" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/11/12-Steps-to-Homebuying-Process.jpg 709w, https://www.themadronagroup.com/wp-content/uploads/2023/11/12-Steps-to-Homebuying-Process-100x93.jpg 100w" sizes="(max-width: 709px) 100vw, 709px" />
To really answer, Can you explain the homebuying process? it’s essential to understand the 12 key steps involved in buying a home. From the initial stages of financial preparation to the joyous moment of receiving your new home’s keys, each step plays a crucial role in ensuring a successful and informed home purchase. Let’s delve into these 12 steps to gain a clear blueprint of what to expect on your journey to becoming a homeowner.
1. UNDERSTANDING TODAY’S MARKET STRATEGIES
In today’s dynamic real estate market, buying a home requires more than just a keen eye for properties; it demands a strategic approach, tailored to navigate the unique challenges and opportunities of the current market landscape. Here’s how you can stay ahead in the game.
UNDERSTANDING MARKET TRENDS:
Staying informed about <a href="https://www.themadronagroup.com/seattle-housing-market-report/" data-type="page" data-id="2628">current market trends</a> is crucial. Are you in a buyer’s or seller’s market? Understanding this can significantly influence your strategy. In a seller’s market, for instance, you might need to act quickly and be prepared to face stiff competition.
FLEXIBLE AND REALISTIC EXPECTATIONS:
Flexibility is your ally. In a competitive market, being too rigid in your home requirements may lead to missed opportunities. Be open to exploring different neighborhoods or property types that fit within your budget and still meet your essential needs.
THE ART OF QUICK DECISION-MAKING:
Homes can come and go off the market swiftly. This environment requires you to be decisive. Once you find a property that ticks most of your boxes and feels right, be prepared to make an offer quickly.
MAKING A STRONG OFFER:
In a seller’s market, your first offer might be your only chance. Make it count. An attractive offer isn’t always about the highest price; terms like a flexible closing date can also appeal to sellers.
EMBRACE NEGOTIATION:
Negotiation is more than haggling over the price. It’s about understanding the seller’s motivations and crafting an offer that appeals to both sides. A good real estate agent can be invaluable in this process, providing insights and negotiation skills.
CONTINGENCIES AND INSPECTIONS:
While it’s tempting to waive contingencies to make your offer more attractive, it’s important to balance competitiveness with caution. Home inspections, for instance, can save you from unforeseen expenses in the long run.
STAY RESILIENT:
The journey to buying a home in today’s market might include some setbacks. It’s important to stay resilient and positive, keeping your end goal in mind.
2. THE HUNT FOR YOUR HOME STARTS WITH NAVIGATING HOUSE SHOWINGS AND LISTINGS
Embarking on a home-buying journey in the Greater Seattle area, with its lush landscapes and vibrant neighborhoods, is an exciting endeavor. This region offers a diverse range of properties, from bustling urban apartments to serene suburban homes. However, navigating the house showings and listings in this competitive market requires strategy and insight. Here are some key tips to help you in your search.
UNDERSTAND THE AREA’S DIVERSITY:
The Greater Seattle area encompasses a <a href="https://www.themadronagroup.com/seattle-neighborhood-map-with-boundaries-and-local-information/" data-type="post" data-id="6800">variety of neighborhoods</a>, each with its unique character and lifestyle offerings. From the tech-centric hubs of <a href="https://www.themadronagroup.com/bellevue-real-estate/" data-type="page" data-id="4377">Bellevue</a> and <a href="https://www.themadronagroup.com/redmond-real-estate/" data-type="page" data-id="8083">Redmond</a> to the tranquil, family-friendly suburbs of <a href="https://www.themadronagroup.com/kirkland-real-estate/" data-type="page" data-id="1131">Kirkland</a> and <a href="https://www.themadronagroup.com/bothell-real-estate/" data-type="page" data-id="1122">Bothell</a>, it’s important to research and understand the distinct qualities of each area.
STAY AHEAD WITH TECHNOLOGY:
Leverage the power of online real estate platforms. Utilize apps and websites not just to find listings, but also to understand market trends and neighborhood data. Virtual tours are increasingly popular and can be a great way to preview homes before visiting in person.
PRIORITIZE YOUR NEEDS:
Given the range of options in the Greater Seattle area, it’s crucial to have a clear understanding of your priorities. Are you looking for proximity to tech campuses, easy access to outdoor activities, or a neighborhood with top-rated schools? Identifying your non-negotiables will streamline your search.
BE MARKET-READY:
The real estate market in this area can be fast-paced. Ensure you are pre-approved for a mortgage and ready to make swift decisions. This readiness can be a significant advantage in a competitive market.
MAKE THE MOST OF SHOWINGS:
When you attend a showing, look beyond the surface. Assess the property’s condition, think about potential renovations, and consider the long-term value. It’s also a good idea to visit at different times of the day to get a feel for the neighborhood.
DON’T COMPROMISE ON ESSENTIALS:
While flexibility is important, don’t compromise on aspects that are crucial to your lifestyle and happiness. Whether it’s a home office space or a large backyard, make sure your new home meets your essential needs.
ENJOY THE JOURNEY:
Finally, while buying a home can be stressful, especially in a competitive market like ours, remember to enjoy the process. You are not just buying a property; you’re finding a new place to call home.
3. MAKING AN OFFER AND NEGOTIATING THE BEST DEAL
Navigating the homebuying process brings you to one of the most critical stages: making an offer and negotiating. This region’s competitive real estate market demands a well-crafted strategy to ensure your offer stands out. Here’s how to approach this crucial step.
CRAFTING A COMPELLING OFFER:
To start, understand the local market conditions. Are homes selling quickly? Are they going above asking price? Your offer should be informed by these dynamics. It should be competitive, yet within your budget. Work closely with your real estate agent to determine a fair, market-driven offer price.
OFFER PREPARATION THE CONTINGENCIES AND EARNEST MONEY:
Contingencies such as home inspections, financing, and appraisal are common and protect you as a buyer. However, in a seller’s market, limiting these can make your offer more attractive. Be judicious and consult with your agent on which contingencies are essential for your situation.
Earnest money is a deposit that shows your commitment and seriousness. In our area, a larger earnest money deposit can make your offer more appealing, but it’s important to balance this with the risk involved if the deal doesn’t go through.
NEGOTIATION STRATEGIES FOR SUCCESS:
Negotiating in Seattle’s real estate market requires a balance of assertiveness and flexibility. It’s not just about the price; you can also negotiate terms, repairs, and closing dates. Understanding the seller’s motivation can give you an edge in negotiations. For example, a seller who needs to move quickly might value a shorter closing time over a higher offer price.
NEGOTIATING TERMS, PRICE, AND CLOSING DATES:
Negotiate terms that align with your needs and the seller’s. If the market is hot, be prepared to negotiate on price, but also consider other terms like lease-back agreements or waiving certain contingencies if you’re confident in the property.
Closing dates can be a significant negotiating point. Some sellers may prefer a quick closing, while others might need more time. Flexibility here can make your offer more appealing.
4. MUTUAL ACCEPTANCE A KEY MILESTONE
Reaching mutual acceptance is a pivotal moment in the homebuying journey, especially in our fast-paced real estate market. This stage occurs when the buyer and seller agree on the terms of the sale and signifies a formal agreement that propels the process into its final stages. Understanding what mutual acceptance entails and how to navigate it effectively is crucial for prospective buyers.
UNDERSTANDING MUTUAL ACCEPTANCE:
Mutual acceptance is achieved when the buyer’s offer (or counteroffer) is accepted by the seller, and both parties have signed the contract. This legally binding agreement outlines the terms of the sale, including price, contingencies, and the closing date. In our market where <a href="https://www.themadronagroup.com/choose-between-multiple-offers-selling/" data-type="post" data-id="5978">multiple offers</a> on properties are common, reaching this stage can be particularly gratifying.
THE IMPORTANCE OF TIMING:
Timing is crucial in the Seattle market. Once mutual acceptance is reached, the clock starts ticking on various deadlines, including those for inspections, appraisals, and securing financing. It’s essential to adhere to these timelines to ensure a smooth progression to closing.
REVIEWING THE TERMS:
Upon reaching mutual acceptance, it’s important to review the contract thoroughly. Ensure all agreed-upon terms are accurately reflected, and understand your obligations and those of the seller. This is the time to clarify any doubts or questions with your real estate agent.
HANDLING CONTINGENCIES:
Contingencies like home inspections, financing, and appraisals are common and must be met for the sale to proceed. In a competitive market, it’s important to address these promptly and efficiently. For instance, scheduling inspections as soon as possible is advisable due to the tight timelines.
PREPARING FOR THE NEXT STEPS:
After mutual acceptance, prepare for the upcoming steps such as the home inspection, finalizing your mortgage, and planning for the move. This is also a good time to start thinking about homeowner’s insurance and utility transfers.
COMMUNICATION IS KEY:
Maintaining open lines of communication with your real estate agent, lender, and escrow closer is crucial. They can provide valuable guidance and assistance as you navigate the post-acceptance phase.
STAYING FLEXIBLE:
While mutual acceptance is a significant milestone, it’s important to stay adaptable. In some cases, issues may arise during inspections or financing that require renegotiation of terms. Being prepared for this possibility can help manage expectations and reduce stress.
5. EARNEST MONEY DEPOSIT SECURING YOUR INTENTIONS
The Earnest Money Deposit (EMD) is a crucial element in the homebuying process, serving as a symbol of the buyer’s serious intent to purchase a property. This section of our guide delves into what earnest money is and its significance in the local real estate landscape.
WHAT IS EARNEST MONEY?
Earnest money is a deposit made by a homebuyer to show their serious interest in a property. It’s essentially a part of your down payment that is paid upfront when your offer is accepted, or sometimes when the purchase agreement is signed. This deposit is held in an escrow account and is applied towards the total purchase price of the home at closing.
PURPOSE OF THE EARNEST MONEY DEPOSIT:
An earnest money deposit acts as a good faith gesture, reassuring the seller of your commitment to the purchase. It’s a way to signal to the seller that you’re a serious buyer, which can be particularly important in a market where multiple offers on properties are common.
HOW MUCH SHOULD YOU DEPOSIT?
The amount of earnest money required can vary, but it typically ranges from 1% to 3% of the home’s purchase price in the Greater Seattle area. However, in a highly competitive market or for high-demand properties, a larger earnest money deposit might be necessary to make your offer more attractive.
THE ROLE OF EARNEST MONEY IN THE TRANSACTION:
When you make an earnest money deposit, you’re essentially securing your offer on the home. If the sale goes through, the deposit is applied towards your down payment or closing costs. However, if you decide to back out of the deal for reasons not stipulated in the purchase agreement, you may forfeit the earnest money to the seller as compensation for the time the property was off the market.
PROTECTION THROUGH CONTINGENCIES:
To protect your earnest money, ensure your offer includes contingencies such as financing, appraisal, and inspection. These contingencies allow you to reclaim your earnest money if, for example, the home doesn’t appraise for the selling price or significant issues are found during the inspection.
REFUNDING OF EARNEST MONEY:
If the deal falls through due to a failed contingency, your earnest money is typically refunded. However, if all contingencies are met and you choose to withdraw from the purchase, you may lose your deposit.
6. LOAN APPLICATION AND NAVIGATING THE MORTGAGE PROCESS
The loan application is a pivotal step in the homebuying process, particularly in our dynamic real estate market. Understanding the nuances of this phase can help you navigate it with confidence and clarity. This section will cover what the home loan application entails and how it differs from the initial pre-approval process.
UNDERSTANDING THE HOME LOAN APPLICATION:
The home loan application is the formal process of applying for a mortgage to purchase a home. It involves providing detailed financial information to a lender, who will use this data to assess your creditworthiness and ability to repay the loan. This application is submitted after you have made an offer on a home and the seller has accepted it. The lender needs to know what home you are trying to purchase before they can give final approval.
KEY COMPONENTS OF THE LOAN APPLICATION:
Personal Information: This includes your full name, Social Security number, date of birth, marital status, and contact information.
Employment History: Lenders will look at your employment history for the last two years to assess job stability.
Income Information: You’ll need to provide details about your income, including salary, bonuses, and any other sources of regular income.
Assets and Liabilities: This includes information about your savings, investments, debts, and other financial obligations.
Property Information: Details about the property you intend to purchase, including the sale price and type of property.
DIFFERENCE FROM THE INITIAL PRE-APPROVAL:
The initial pre-approval for a home loan is an earlier stage in the homebuying process. During pre-approval, lenders give a general assessment of your financial status and provide an estimate of the loan amount you might qualify for. This is based on a preliminary review of your financial situation and is usually valid for 60 to 90 days.
In contrast, the formal loan application is much more detailed and is submitted after you have a specific property in mind. It involves a thorough examination of your financial situation, including a detailed credit check, verification of income and assets, and assessment of your debt-to-income ratio.
THE IMPORTANCE OF ACCURACY AND COMPLETENESS:
Ensuring that all information on your loan application is accurate and complete is crucial. Any discrepancies or missing information can delay the process or negatively impact your loan approval.
THE ROLE OF A LOAN OFFICER:
A loan officer will guide you through the loan application process, helping you understand the various mortgage products available and advising on what might be best suited for your situation, especially in the context of the market you are purchasing in.
TIMELINES AND EXPECTATIONS:
The loan application process can take several weeks to complete. During this time, it’s important to avoid making significant financial changes, such as changing jobs or making large purchases, as these can impact your loan approval.
7. CONTINGENCIES HELP SAFEGUARD YOUR INVESTMENT
Contingencies are conditions within the purchase agreement that must be met for the sale to proceed. They offer a level of protection for buyers, allowing them to evaluate critical aspects of the property and the neighborhood. This section will explore key contingencies commonly encountered in the Greater Seattle area, including:
Financing Contingency: Ensures that the buyer can secure a mortgage loan for the property. If the buyer is unable to obtain financing, they can back out of the deal.
Inspection Contingency: Allows the buyer to have the property professionally inspected. If significant issues are found, the buyer can request repairs, negotiate the price, or withdraw the offer.
Appraisal Contingency: Ensures that the property is valued at a minimum specified amount. If the appraisal comes in lower than expected, the buyer can renegotiate or withdraw without penalty.
Title Contingency: Ensures that the property title is clear of liens, disputes, or other encumbrances. The buyer can back out if title issues are discovered and cannot be resolved.
Sale of Existing Home Contingency: Used when the buyer needs to sell their current home before completing the purchase of the new one. If the buyer’s home does not sell by a specified date, they can cancel the contract.
Homeowners Association (HOA) Contingency: Allows the buyer to review the HOA’s rules, regulations, and financial statements. If the buyer finds the HOA conditions unsatisfactory, they can withdraw from the agreement.
Insurance Contingency: Ensures that the buyer can obtain adequate homeowners insurance for the property. Difficulty in obtaining insurance, often due to location or condition of the property, can be grounds for withdrawal.
Environmental Contingency: Involves an assessment of environmental hazards or conditions on the property. This may include soil testing, checking for the presence of radon, lead-based paint, asbestos, or other environmental concerns.
Utility Contingency: Allows the buyer to verify access to essential utilities like water, sewer, electricity, and internet services.
Legal Compliance Contingency: Ensures the property complies with local zoning laws and regulations. If compliance issues are found, the buyer can either negotiate for their resolution or withdraw.
Feasibility Contingency: Often used in land purchases, this allows the buyer to assess the feasibility of the property for their intended use.
NAVIGATING CONTINGENCIES EFFECTIVELY:
<br />In a competitive market, it’s important to balance the need for protection with making your offer appealing to sellers. Working with a knowledgeable real estate agent can help you decide which contingencies are essential for your situation and how to negotiate them effectively.
8. HOME INSPECTION IS A CRITICAL STEP IN THE HOMEBUYING PROCESS
The <a href="https://www.themadronagroup.com/home-inspection-response/" data-type="post" data-id="1383">home inspection</a> is a vital component of buying a home, offering buyers an in-depth look at the condition of the property they are considering. This section will guide you through selecting an inspector, understanding the costs involved, and navigating the potential outcomes of an inspection, including how it relates to your earnest money.
CHOOSING THE RIGHT INSPECTOR:
Selecting a qualified home inspector is crucial. Look for a licensed professional with a strong reputation and experience in the Greater Seattle area. They should have a keen understanding of common issues in the region, such as moisture-related problems or foundation concerns due to the area’s terrain and climate. Referrals from your real estate agent or reviews from past clients can be helpful in making this choice.
UNDERSTANDING INSPECTION COSTS:
The cost of a <a href="https://www.themadronagroup.com/home-inspection-mistakes/" data-type="post" data-id="31007">home inspection</a> in the Greater Seattle area varies, typically ranging from $400 to $600 or more, depending on the size and age of the home. While this may seem like an added expense, it’s a crucial investment for understanding the property’s condition and avoiding costly surprises down the line.
THE INSPECTION REPORT AND YOUR OPTIONS:
<br />After the inspection, you will receive a report detailing the condition of the home, including any issues or potential repairs needed. Based on this report, you generally have three options:
Walk Away: If the inspection uncovers significant problems that are deal-breakers for you, and if your purchase agreement includes an inspection contingency, you can choose to walk away from the deal without losing your earnest money.
Renegotiate: Often, buyers use the inspection report to renegotiate the terms of the deal. This could involve asking the seller to make repairs, requesting a reduction in the sale price, or asking for a credit to cover future repairs.
Accept the Home As-Is: If the inspection doesn’t reveal any major concerns, or if you’re willing to take on the responsibility of any necessary repairs, you can proceed with the purchase as originally planned.
IMPACT ON EARNEST MONEY:
Your response to the inspection report can impact your earnest money. If you walk away from the deal due to issues found during the inspection and you have an inspection contingency in place, your earnest money should be protected. However, if you choose to walk away for reasons not covered by contingencies, you may forfeit your earnest money.
COMMUNICATING WITH YOUR REAL ESTATE AGENT:
Throughout the inspection process, maintain open communication with your real estate agent. They can offer valuable advice on navigating this step, interpreting the inspection report, and understanding how to proceed based on the findings.
9. APPRAISAL PROCESS OF EVALUATING PROPERTY VALUE
The appraisal process plays a pivotal role in determining the value of the property. This section will explore the appraisal process, differentiating it from a home inspection, explaining its importance to lenders, and discussing the implications of the appraisal coming in higher or lower than the purchase price.
DIFFERENCE BETWEEN APPRAISAL AND INSPECTION:
The home appraisal and inspection are two distinct processes in the homebuying journey. An appraisal is an evaluation of a property’s market value conducted by a licensed appraiser, whereas a home inspection assesses the physical condition of the property. The appraisal focuses on the value, considering factors like location, size, condition, recent sales of similar properties, and overall market trends. In contrast, an inspection provides a detailed report on the home’s structure, systems, and any repairs or maintenance issues.
PURPOSE OF THE APPRAISAL:
Lenders require an appraisal to ensure that the property is worth the amount of money they are lending. It’s a risk management tool for the lender to confirm that they are not providing a mortgage that exceeds the home’s value. In a competitive real estate market, this is particularly important, as bidding wars can sometimes inflate a home’s sale price beyond its actual market value.
THE APPRAISAL PROCESS:
An independent appraiser, appointed by the lender, visits the property to assess its condition and compare it with similar properties in the area. The appraiser considers various factors including the home’s location, size, features, and any improvements or upgrades made. The resulting appraisal report provides an estimate of the property’s fair market value.
OUTCOMES OF THE APPRAISAL:
Appraisal Matches or Exceeds Purchase Price: If the appraisal value is on par with or higher than the purchase price, the loan process typically proceeds smoothly. The lender has assurance that the loan amount is appropriate for the property’s value.
Appraisal Comes in Lower Than Purchase Price: This scenario presents a challenge. A lower appraisal means the lender will only cover up to the appraised value, not the agreed purchase price. This situation can lead to several outcomes:
The buyer can make up the difference in cash.
The buyer and seller can renegotiate the sale price.
The buyer can challenge the appraisal or request a second appraisal.
If an agreement cannot be reached, and the contract includes an appraisal contingency, the buyer may choose to walk away without losing their earnest money.
IMPACT ON THE HOMEBUYING PROCESS:
<br />The appraisal is a critical step in securing financing for your home purchase. In Seattle, where market dynamics can lead to rapid price changes, the appraisal ensures that both the buyer and the lender are making a sound financial decision.
10. LOAN APPROVAL AND SECURING FINANCING
This phase solidifies your financial backing and brings you closer to homeownership. This section will explore the loan approval process, including how it fits into the larger picture of buying a home in this region.
UNDERSTANDING THE LOAN APPROVAL PROCESS:
Loan approval is the process by which a lender formally agrees to provide you the funds to purchase a home. It occurs after the initial pre-approval and the submission of your loan application, once the lender has thoroughly vetted your financial situation.
STEPS INVOLVED IN LOAN APPROVAL:
Submission of the Loan Application: After your offer on a home is accepted, you submit a detailed loan application. This includes providing comprehensive documentation about your income, assets, debts, and credit history.
Processing of the Application: The lender’s loan processor reviews your application, verifying your employment and financial information. They ensure all necessary documents are in order and prepare the file for the underwriter.
Underwriting the Loan: The underwriter is responsible for assessing the risk of lending to you. They review the appraisal report, your credit history, and financial documents, and ensure the loan meets all necessary guidelines and criteria.
Addressing Underwriting Conditions: It’s common for an underwriter to request additional documentation or clarification. Promptly responding to these requests is crucial to keep the process moving forward.
Final Loan Approval: Once all underwriting conditions are met, the loan is finally approved. You’ll receive a commitment letter from the lender stating the terms and conditions of the loan.
LOAN APPROVAL IN THE GREATER SEATTLE CONTEXT:
<br />In a fast-paced market, being well-prepared for the loan approval process is essential. Properties can move quickly, and sellers favor buyers who have secure financing.
AFTER LOAN APPROVAL:
Post-approval, it’s important to maintain your financial stability. Avoid making large purchases, taking on new debt, or changing jobs, as these can impact your loan terms or even result in a revocation of the loan approval.
CLOSING THE LOAN:
Loan approval paves the way to the closing process, where you’ll finalize the mortgage and take ownership of the home. You’ll receive a Closing Disclosure form at least three days before closing, outlining the final terms of your loan and closing costs.
THE ROLE OF YOUR LENDER AND REAL ESTATE AGENT:
Throughout the loan approval process, maintaining communication with your lender and real estate agent is vital. They can provide guidance, help you understand the nuances of the process, and ensure you meet all necessary deadlines.
11. TITLE REVIEW AND ESCROW HELPS ENSURE A SMOOTH TRANSACTION
The title review and escrow stages are essential for ensuring a secure and legitimate transaction. This section will delve into what these steps entail and their significance in your journey to homeownership.
UNDERSTANDING TITLE REVIEW:
The title review is a thorough examination of the property’s title or legal ownership. The goal is to ensure that the title is ‘clear’ — free from liens, disputes, or legal issues that could affect your ownership rights.
Title Search: A title company or attorney conducts a detailed search of public records to trace the property’s history and confirm the seller’s legal right to transfer ownership.
Identifying Issues: The title search may uncover issues like unpaid taxes, judgments, or easements. Addressing these issues is crucial before proceeding with the purchase.
Title Insurance: Buyers in the Greater Seattle area are often encouraged to purchase title insurance. This protects you from future claims against the property’s ownership and covers the legal costs of defending your title if issues arise after the purchase.
NAVIGATING THE ESCROW PROCESS:
Escrow is a neutral third party, typically an escrow company, that holds all funds and documents related to the transaction until all conditions of the sale are met.
Opening Escrow: Once the purchase agreement is signed, an escrow account is opened. The earnest money deposit is usually placed into this account, signifying the buyer’s commitment.
Document and Fund Handling: The escrow agent safely holds all pertinent documents and funds, including the down payment and loan proceeds, until the closing.
Facilitating Communication: The escrow agent communicates with the buyer, seller, lender, and real estate agents to ensure all conditions of the purchase agreement are met. They coordinate the signing of final documents and the transfer of funds.
Closing Escrow: Upon fulfilling all contractual obligations, such as passing inspections and obtaining mortgage approval, the escrow agent releases the funds to the seller, and the property title is transferred to the buyer.
THE ROLE OF TITLE AND ESCROW IN THE GREATER SEATTLE MARKET:
The title and escrow processes play a vital role in protecting both the buyer and seller. They provide a structured and secure framework for the transaction, ensuring all legal and financial aspects are appropriately handled.
CLOSING CONSIDERATIONS:
During the title and escrow process, it’s important to stay in close contact with your real estate agent and lender. They can provide guidance and help you understand the timeline, requirements, and any documents you need to provide or sign.
12. SIGNING AND CLOSING IS THE FINALIZING OF YOUR HOME PURCHASE
The ‘Sign and Close’ stage is the grand finale of the homebuying process. This is where all the preparation and hard work culminate in the official transfer of the property from the seller to the buyer. This section will guide you through what to expect during this final phase, ensuring you’re prepared for this crucial step.
PREPARATION FOR CLOSING:
As you approach the closing date, there are several key preparations to ensure a smooth process:
Final Walk-Through: Before the closing day, conduct a final walk-through of the property. This is to ensure that the property is in the agreed-upon condition and that any required repairs, as per the purchase agreement, have been completed.
Review Closing Documents: You’ll receive a Closing Disclosure at least three days before the closing. This document outlines the terms of your loan, final closing costs, and any other fees. Review these documents carefully for accuracy.
THE CLOSING PROCESS:
The closing process involves signing a series of legal documents to finalize the purchase. Here’s what you can expect:
Signing the Documents: You’ll sign various documents, including the mortgage note, which is your commitment to repay the loan, and the deed of trust, which secures the mortgage note.
Closing Costs: Be prepared to pay closing costs, which typically include loan origination fees, appraisal fees, title insurance, and more. These costs can vary but generally range from 2% to 5% of the home’s purchase price.
Title Transfer: The deed will be signed over from the seller to you, transferring the ownership of the property.
ROLE OF THE CLOSING AGENT:
A closing agent, from the title company, will facilitate the closing process. They ensure that all documents are signed and recorded correctly and that the closing costs and down payments are paid and distributed appropriately.
POST-CLOSING:
Once all documents are signed, and the closing costs are paid:
Recording the Deed: The closing agent will record the deed with the county, officially marking you as the new owner of the property.
Receiving the Keys: You will receive your keys on closing day. By law the seller has untill 9pm to give the buyer the keys, but often an arrangment can be made to get them sooner if the home has closed and the seller’s have completely moved out.
Moving In: With the closing complete, you can now move into your new home.
CAN YOU EXPLAIN THE HOMEBUYING PROCESS? CONCLUSION
As we reach the conclusion of our guide to the homebuying process in the Greater Seattle area, it’s time to reflect on the journey you’ve embarked upon. Navigating the path to homeownership is no small feat, especially in a dynamic and competitive market like Seattle’s. This process requires diligence, patience, and often, a bit of resilience.
KEY TAKEAWAYS:
Preparation is Crucial: From understanding your financial standing to getting pre-approved for a mortgage, preparation sets the foundation for a successful homebuying journey.
The Right Team Makes a Difference: Partnering with knowledgeable real estate professionals who understand the nuances of the Greater Seattle market can be invaluable. Their expertise guides you through each step, from finding the right property to negotiating terms and navigating the closing process.
Understanding the Market: Seattle’s real estate landscape is unique, with its vibrant neighborhoods and varied housing options. A deep understanding of this market is essential for making informed decisions.
Navigating the Process: Each step, from making an offer to going through inspections, appraisals, and closing, requires careful consideration. Understanding these processes ensures that you are well-equipped to make decisions that are right for you.
Patience Pays Off: The Seattle market can be fast-paced and competitive, but patience and perseverance are key. Finding the right home may take time, but it’s worth the wait for a place that meets your needs and dreams.
Settling In: Finally, making your new house a home is the rewarding end to your homebuying journey. Embracing your new community and personalizing your space will turn this significant investment into a cherished home.
LOOKING AHEAD:
Buying a home in the Greater Seattle area is more than a financial transaction; it’s an investment in your future and lifestyle. As you settle in, the experiences and lessons learned during this process will serve as valuable tools for your future endeavors, whether in real estate or other aspects of your life.
In closing, the journey to homeownership is a unique adventure, filled with opportunities for growth and fulfillment. With the right approach and resources, this journey can lead to a fulfilling and enjoyable homeownership experience.
Congratulations on taking this significant step, and welcome to your new home in the beautiful Pacific Northwest.2023-11-28T13:48:07-07:002023-11-28T14:09:37-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:10289RENTING VS BUYING IN SEATTLE: A WISE INVESTMENT CHOICEAre you contemplating the classic renting vs buying in Seattle dilemma?
This blog post dives into the crucial aspects that make <a href="https://www.themadronagroup.com/buying-a-house/" data-type="page" data-id="15">buying a home</a> in Seattle not just a lifestyle choice but a wise financial decision. We’ll explore the benefits of homeownership, debunk common myths, and provide practical advice to guide you through this significant decision.
Did you know homeowners in the United States have a median net worth that is nearly 40 times greater than that of renters? This staggering statistic underscores the profound financial advantage of owning a home. In Seattle, where the real estate market is vibrant and promising, this disparity is even more pronounced.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header.jpg" alt="Renting vs Buying in Seattle: A Wise Investment Choice" class="wp-image-68195" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/11/Renting-vs-Buying-in-Seattle-header-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" title="Are you contemplating the classic renting vs buying in Seattle dilemma?" />
THE MEANING OF HOME EQUITY
Home equity is a term you’ll often hear in the real estate world, especially when discussing the financial benefits of buying a home.
EQUITY DEFINED
Simply put, home equity is the difference between what your home is worth and the amount you owe on your mortgage.
For example, if your home in Seattle is valued at $500,000 and you owe $300,000 on your mortgage, your equity is $200,000.
GROWING YOUR EQUITY
As you pay down your mortgage and as your property value increases, your equity grows. This is a key wealth-building aspect of homeownership.
Equity can be used in various ways, such as:
Securing loans for home improvements
Refinancing your mortgage
HELOC (Home Equity Line of Credit)
Even as a down payment for your next home
SEATTLE’S APPRECIATING MARKET
In Seattle, the real estate market has consistently shown a strong appreciation trend. This means that buying a home here is not just about having a roof over your head, but it’s about investing in an asset that grows in value over time.
BUILDING WEALTH OVER RENT PAYMENTS
Every mortgage payment is a step towards increasing your equity, unlike rent payments that offer no return. Over time, as you pay down your mortgage, you’re effectively building wealth, something renting can never offer.
STABILITY AND PREDICTABILITY
FIXED MORTGAGE PAYMENTS VS. RISING RENTS
With a fixed-rate mortgage, your monthly payments remain stable over the years, unlike rent, which can increase annually. This predictability in housing costs is a huge advantage for homeowners.
LONG-TERM SECURITY
Owning a home in Seattle provides long-term security and peace of mind. You have control over your living space, without the uncertainty that comes with renting.
LIFESTYLE BENEFITS OF OWNING A HOME
Homeownership in Seattle is more than just a financial milestone; it offers a myriad of lifestyle benefits that enhance your day-to-day living and long-term well-being.
PERSONALIZATION AND CREATIVE FREEDOM
Owning a home allows for unparalleled personalization and creative freedom. Unlike renting, where you’re often limited in terms of decoration and modifications, owning a home means you can paint, remodel, and decorate to your heart’s content. (Provided you are not bound by the rules and regulations of an <a href="https://www.themadronagroup.com/homeowner-association/" data-type="post" data-id="61917">HOA</a>) This freedom to create a space that truly reflects your personality and style is one of the joys of homeownership.
STABILITY AND SENSE OF BELONGING
There’s a deep sense of stability and belonging that comes with owning your home. This isn’t just a temporary dwelling; it’s your personal retreat, a place where memories are made and traditions are born. Homeownership fosters a strong connection to your <a href="https://www.themadronagroup.com/seattle-snohomish-county-neighborhoods-and-neighboring-cities/" data-type="page" data-id="1316">neighborhood and community</a>, allowing for deeper social ties and a sense of belonging.
HEALTH AND WELLNESS BENEFITS
Studies have shown that homeownership can have positive effects on health and well-being. Having a space that you can call your own reduces stress and provides a sense of security. Additionally, many homeowners take pride in their homes, leading to better maintenance and a healthier living environment.
A study from the University of North Carolina <a href="http://www.jchs.harvard.edu/sites/default/files/hbtl-04.pdf" target="_blank" rel="noreferrer noopener">documented</a> a variety of social benefits of homeownership. These benefits include:
Enhanced life satisfaction and psychological health
Lower exposure to crime
Higher rates of civic involvement
Better school performance among children who benefited from greater residential stability
UNDERSTANDING ASSETS VS. LIABILITIES
When making the decision between renting and buying in Seattle, it’s crucial to understand the difference between assets and liabilities. In simple terms, an asset puts money into your pocket, while a liability takes money out.
HOMEOWNERSHIP AS AN ASSET
Owning a home in Seattle is typically considered an asset because it tends to increase in value over time. As your home appreciates, so does your net worth. This is a key factor distinguishing homeownership from renting, where monthly payments contribute to a landlord’s asset, not yours.
RENTING AS A LIABILITY
On the other hand, renting is often seen as a liability. While it provides a place to live, it does not contribute to your financial growth. Monthly rent payments are an expense with no return on investment, especially in a high-demand market like Seattle.
RISING RENTS IN SEATTLE: A GROWING CONCERN
Seattle’s rental market is known for its consistent increases in rental prices.
ANNUAL RENT INCREASES
Statistics show that rents in Seattle have been increasing by approximately 3-4% annually. This steady rise can significantly impact renters’ budgets, making long-term financial planning challenging.
IMPACT OF RISING RENTS
For renters, these annual increases mean that what is affordable today may not be in the future. This unpredictability is a key factor driving many towards the more stable and predictable costs associated with homeownership.
TAX ADVANTAGES OF HOMEOWNERSHIP
TAX DEDUCTIONS FOR HOMEOWNERS
Homeownership comes with significant tax benefits. In Seattle, property taxes and mortgage interest are often tax-deductible, reducing your taxable income and saving you money annually.
MORTGAGE INTEREST DEDUCTION
This deduction allows homeowners to reduce their taxable income by the amount of interest paid on their mortgage. It’s a financial benefit renters simply don’t have.
WHY BUYING IN SEATTLE MAKES MORE SENSE NOW
Considering the rising rents, the growing equity in homeownership, and the distinction between assets and liabilities, buying a home in Seattle emerges as a financially prudent decision.
LONG-TERM FINANCIAL BENEFITS
The long-term financial benefits of buying a home in Seattle, including equity growth and stable monthly payments, outweigh the temporary convenience of renting.
INVESTMENT IN YOUR FUTURE
Owning a home is not just a lifestyle choice; it’s an investment in your future. It provides financial security and the potential for significant financial growth, something renting cannot offer.
A SMART INVESTMENT IN SEATTLE’S FUTURE
As <a href="https://www.themadronagroup.com/seattle-neighborhood-map-with-boundaries-and-local-information/" data-type="post" data-id="6800">Seattle</a> continues to grow and evolve, investing in a home here is more than a wise financial decision; it’s a step towards building a stable and prosperous future. The city’s strong economy, diverse communities, and vibrant culture make it an ideal place for long-term investment and personal growth.
ECONOMIC GROWTH AND STABILITY
<a href="https://www.themadronagroup.com/seattle-housing-market-report/" data-type="page" data-id="2628">Seattle’s economy</a> is a tapestry of flourishing tech industries, pioneering startups, and established corporations. This economic diversity not only drives the city’s growth but also contributes to the stability of the real estate market.
Investing in a home here means being part of a city with a strong economic foundation, one that can weather financial storms better than most.
TECHNOLOGICAL HUB
As a hub for tech giants and innovative startups, Seattle attracts a skilled workforce from around the world. This influx of talent not only boosts the local economy but also creates a demand for housing. As a homeowner in Seattle, you’re positioned in a market that is constantly fueled by the tech sector’s growth.
QUALITY OF LIFE
Seattle is not just about economic opportunities; it’s a city that offers a high quality of life. From the natural beauty of its surroundings to its vibrant arts scene, the city provides a balanced lifestyle. Homeowners enjoy access to top-notch education, healthcare, and a variety of recreational activities, making it an ideal place for families and individuals alike.
COMMUNITY AND CULTURE
The city’s diverse communities and rich cultural landscape are among its greatest strengths. Investing in a home here means joining a community where inclusivity, innovation, and sustainability are not just buzzwords but a way of life. The cultural vibrancy of Seattle, from its music and arts to its culinary scene, adds an intangible value to homeownership that goes beyond dollars and cents.
CONCLUSION: RENTING VS BUYING IN SEATTLE
In conclusion, understanding the financial implications of renting versus buying in Seattle is key to making an informed decision. By <a href="https://www.themadronagroup.com/buying-a-home-in-a-flood-prone-area/" data-type="post" data-id="58518">choosing to buy</a>, you’re investing in an asset that not only provides a place to live but also grows in value, builds equity, and contributes to your overall financial health.
As rents continue to rise in Seattle, the case for buying becomes even more compelling. Homeownership offers stability, predictability, and the opportunity to build wealth over time.
If you’re considering making the leap from renting to owning in Seattle, The Madrona Group is here to help. Our expertise and knowledge of the Seattle real estate market can guide you towards making a decision that aligns with your financial goals and lifestyle preferences. Contact us today to start your journey towards financial freedom through homeownership.
Originally Posted: <a href="https://www.themadronagroup.com/renting-vs-buying-in-seattle/" target="_blank">https://www.themadronagroup.com/renting-vs-buying-in-seattle/</a>
2023-11-13T16:39:13-07:002023-11-13T16:41:14-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:10175LENGTH OF TIME ON MARKET (CDOM): A CRUCIAL REAL ESTATE METRICIn the world of real estate, information is power. Whether you’re buying or <a href="https://www.themadronagroup.com/selling-a-house-in-wa-state/" data-type="page" data-id="732">selling a property</a>, having access to the right data can make all the difference in your decisions. One such critical piece of information is the Collective Days on Market, or CDOM. Or DOM Days on Market.
This metric holds valuable insights into the state of a property, the market, and the strategies both buyers and sellers can employ. In this guide, we’ll delve into CDOM and explore what it means for you, whether you’re a seller or a buyer. We’ll also discuss some strategies and general rules of thumb to help you navigate the real estate market more effectively.
UNDERSTANDING CDOM
Collective Days on Market, or CDOM, is a real estate metric that tracks how long a property has been listed for sale on the market. It’s a comprehensive figure, taking into account not only the most recent listing but also any previous listings the property may have had. In essence, it provides a complete view of the property’s journey to find a new owner.
Here’s a statistic that highlights the influence of CDOM on real estate:
In a seller’s market, properties with a CDOM of fewer than five days typically sell at or above their listing price. However, when the CDOM extends to 30 days, the final sale price often falls below the original listing price. This underscores the importance of acting swiftly in competitive markets and the potential for negotiating more favorable terms when a property has been available for an extended period.
To illustrate the practical application of CDOM, let’s consider a real-life scenario. Imagine you’re a buyer searching for a home in a competitive seller’s market. Most properties you’re interested in have CDOM figures in the single digits. However, one property stands out with a CDOM of 25 days.
Your first instinct might be to dismiss it as less desirable. However, don’t be too hasty. Investigate the property thoroughly.
Perhaps the longer CDOM is due to a high initial price that has since been reduced.
Maybe there’s a specific issue, like dated interiors, that’s holding it back.
It could have been under contract and fallen through due to financing or some other reason that is of no fault of the property.
This property could present an excellent opportunity, with the seller more willing to negotiate on price.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header.jpg" alt="CDOM" class="wp-image-66258" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/10/DCOM-header-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" title="In the world of real estate, information is power. Whether you're buying or selling a property, having access to the right data can make all the difference in your decisions. One such critical piece of information is the Collective Days on Market, or CDOM. Or DOM Days on Market." />
CDOM FOR SELLERS
For sellers, CDOM is a critical metric because it directly influences the perceptions of potential buyers. A property with a low CDOM often appears more attractive to buyers because it suggests a high level of desirability.
It can signify that the property is in good condition, priced appropriately, or located in a sought-after neighborhood. These are all elements that buyers value.
THE IMPORTANCE OF COMPETITIVE PRICING
One strategy for sellers is to keep a close eye on CDOM. If your property’s days on market are starting to accumulate, it could be a sign that the price is too high.
Pricing is a critical factor in determining how fast a property sells. If you’re in a <a href="https://www.themadronagroup.com/what-is-a-sellers-market-real-estate-faq-with-jason-fox/" data-type="post" data-id="6465">seller’s market,</a> where demand outpaces supply, you may initially set a higher price.
However, as the days on market increase, consider adjusting the price to attract more buyers.
USING CDOM AS A NEGOTIATION TOOL
On the other hand, if your property has an extended CDOM, you might be compelled to lower the price to spark interest. In a <a href="https://www.themadronagroup.com/what-is-a-buyers-market-real-estate-faq-with-jason-fox/" data-type="post" data-id="6469">buyer’s market</a>, this can be a key strategy for motivating potential buyers who are looking for a good deal.
An experienced real estate agent can help you decide on the best pricing strategy based on your specific market conditions.
WHY DOES A PROPERTY STAY ON THE MARKET FOR A LONG TIME?
If you’re a seller and your property’s CDOM is longer than expected, don’t panic. Several factors could be at play. It might not be a direct reflection of your property’s quality or appeal. For instance:
Overpricing: If your property is priced above market value, it could deter potential buyers. A price reduction might be necessary to attract more interest.
Market Conditions: Broader economic and market conditions can significantly impact CDOM. An economic downturn or a slowdown in the real estate market can prolong the selling process.
Property Condition: If your property needs substantial repairs or updates, it might stay on the market longer. In such cases, investing in renovations or staging could make a difference.
USING CDOM AS A BUYER
As a buyer, understanding CDOM can be just as advantageous. It provides insights into a property’s history and the seller’s expectations.
Here are some key ways CDOM can guide your decisions:
BEAT THEM TO THE PUNCH
In a low inventory market where competition is fierce, properties with a short CDOM (1-3 days) can be your saving grace. These are often newly listed properties that haven’t yet caught the attention of a horde of buyers. By targeting homes with a low CDOM, you might be able to put together a winning offer before the ulta aggresive bidding wars start.
IDENTIFYING POTENTIAL BARGAINS
On the other hand, in a seller’s market where homes are selling quickly, you can use CDOM differently. If a property has been on the market for a longer period (e.g., 10 days or more), it might be worth investigating.
This extended time could suggest that the property is overpriced or has issues that deter buyers or just did not get the promotion it deserved. However, it’s essential to evaluate these properties carefully and, if necessary, negotiate for a lower price.
ANALYZING MARKET TRENDS
CDOM isn’t just about individual properties; it can also offer insights into broader market trends. For instance, if many homes in a particular neighborhood have extended CDOM, it could indicate an area in transition. Conversely, if most properties have low CDOM, it might signify high demand.
MARKET TRENDS CASE STUDY:
Let’s consider a case study to illustrate these concepts. Imagine a buyer is searching for a home in a neighborhood with homes generally having a CDOM of 7 to 10 days. This suggests a healthy seller’s market. However, recently, there’s a noticeable trend with several properties in the area having a CDOM of 20 to 30 days.
FOR BUYERS:
Opportunity Spotting: This CDOM trend might indicate a slight shift towards a buyer’s market, where buyers have more negotiating power. The buyer can take advantage of this by considering properties with longer CDOM, knowing that sellers may be more open to price reductions or concessions.
FOR SELLERS:
Market Adaptation: Sellers in this area should be aware of the changing market dynamics. If your property’s CDOM is significantly higher than the local average, it may be wise to adjust your pricing strategy to attract potential buyers in this evolving market.
MARKET TRENDS AND CDOM STATISTICS:
Here are some additional statistics to consider:
In a market trending towards a buyer’s market, the CDOM can increase by 20% or more over a few months.
In a seller’s market, a drop in CDOM can lead to properties selling at or above the asking price.
A consistent decline in CDOM may indicate high demand and a potential price surge in the near future.
A sudden spike in CDOM across the entire market might signify external economic factors influencing the local real estate sector.
CDOM VS INVENTORY LEVELS
While the CDOM is a great tool to keep an eye on while buying and selling real estate as a real estate professional we pay more attention the inventory levels of specific area.
There is a correlation between the day’s on market and the inventoy level as you can see below:
Seattle Average Days On Market Over 5 Years
<img decoding="async" width="640" height="480" src="https://nwmls.stats.showingtime.com/infoserv/s-v1/W7tV-iQm?w=640&h=480" alt="Length of Time on Market (CDOM): A Crucial Real Estate Metric" title="In the world of real estate, information is power. Whether you're buying or selling a property, having access to the right data can make all the difference in your decisions. One such critical piece of information is the Collective Days on Market, or CDOM. Or DOM Days on Market." />
Seattle Months Supply of Inventory Over 5 Years
<img decoding="async" loading="lazy" width="640" height="480" src="https://nwmls.stats.showingtime.com/infoserv/s-v1/W7dB-UMf?w=640&h=480" alt="Length of Time on Market (CDOM): A Crucial Real Estate Metric" title="In the world of real estate, information is power. Whether you're buying or selling a property, having access to the right data can make all the difference in your decisions. One such critical piece of information is the Collective Days on Market, or CDOM. Or DOM Days on Market." />
You will typically see the average days on market increase as the inventory levels increase and vice versa.
RED FLAGS TO WATCH OUT FOR
In a seller’s market, a property with an unusually long CDOM could raise red flags. It may signal potential issues with the property, such as high pricing or significant flaws. In such cases, it’s crucial to investigate further and even consider the necessity of a price reduction before making an offer.
It is especially suspicous if the home has been in the pending inspection status and come back to market after a home inspection was completed. This is where have a trusted real estate professional representing you is critical.
It does not necessarily mean the house is flawed, or perhaps something that bothered one buyer does not bother you. This is also an opportunity to <a href="https://www.themadronagroup.com/buying-a-house-with-no-down-payment-and-no-closing-costs/" data-type="post" data-id="5897">negotiate the flaw be fixed</a> before closing or a price reduction in the value of the flaw be negotiated.
FINAL THOUGHTS
Collective Days on Market (CDOM) is a valuable metric in the real estate world. Whether you’re a seller or a buyer, it offers essential insights into property history, market conditions, and pricing strategies. By understanding the significance of CDOM and employing the right strategies, you can navigate the real estate market more effectively, make informed decisions, and achieve your real estate goals.
Remember, though CDOM is an important metric, it’s just one piece of the puzzle. When buying or selling real estate.2023-10-23T09:55:26-07:002023-10-23T09:57:56-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:9913THE COMPLETE FINAL WALKTHROUGH CHECKLIST FOR HOME BUYERSAs you stand on the brink of homeownership, the excitement is palpable. Your journey is almost at its end, yet an essential step awaits your attention—the final walkthrough. This last endeavor is your chance to ensure that the canvas of your dream home is painted perfectly before you claim it as your own.
Did you know that a staggering 96% of home buyers feel more at ease when they conduct a thorough final walkthrough? It’s not just about peace of mind; it’s about ensuring your future haven meets your expectations. Whether you’re a first-time buyer or a seasoned homeowner, the final walkthrough checklist will guide you through the process, helping you spot even the tiniest details that could make a difference.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header.jpg" alt="The Complete Final Walkthrough Checklist for Home Buyers" class="wp-image-61294" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/08/Final-Walkthrough-Checklist-header-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" title="Did you know that a staggering 96% of home buyers feel more at ease when they conduct a thorough final walkthrough? It's not just about peace of mind; it's about ensuring your future haven meets your expectations. Whether you're a first-time buyer or a seasoned homeowner, the final walkthrough checklist will guide you through the process, helping you spot even the tiniest details that could make a difference." />
WHAT IS THE FINAL WALKTHROUGH?
A final walkthrough, often referred to as the “final inspection,” is a critical step in the home-buying process that takes place just before the closing of a real estate transaction. It is the home buyer’s last opportunity to thoroughly inspect the property they are about to purchase, ensuring that it is in the agreed-upon condition and that any negotiated repairs have been completed.
During the <a href="https://www.bankrate.com/real-estate/final-walkthrough/#:~:text=What%20is%20the%20final%20walk,you%20agreed%20to%20buy%20it." target="_blank" data-type="link" data-id="https://www.bankrate.com/real-estate/final-walkthrough/#:~:text=What%20is%20the%20final%20walk,you%20agreed%20to%20buy%20it." rel="noreferrer noopener">final walkthrough</a>, the buyer, accompanied by their real estate agent, walks through the property to assess its overall condition and verify that all contractual terms have been met. This includes checking that any repairs or improvements requested as a result of the home inspection have been successfully addressed by the seller.
PREPARATION: ESSENTIAL TOOLS FOR A SEAMLESS WALKTHROUGH
Before you embark on this crucial mission, equip yourself with a few essentials that will serve as your compass through the walkthrough journey:
Phone/Camera: Beyond capturing the sights of your new abode, your device becomes your investigative tool, documenting any concerns that might arise.
Phone Charger: A charged phone is more than a luxury; it’s your testing tool for electrical outlets and more.
Notepad and Pen: A classic combination that will enable you to jot down notes, questions, and observations during your walkthrough.
<a href="https://www.themadronagroup.com/home-inspection-response/" data-type="post" data-id="1383">Home Inspection Report</a>: This valuable document will act as your reference point, reminding you of any flagged issues discovered during the inspection process.
Home Purchase Agreement: The cornerstone of your purchase, this legally binding agreement contains the terms that both parties have consented to.
List of Questions: Prepare a list of questions to ask your real estate agent or the seller, especially if there are any concerns you want to address directly.
Calculator: If you need to make quick calculations, such as estimating costs for repairs or renovations, having a calculator can be helpful.
Proof of Repairs: If repairs were agreed upon as part of the sale, bring any documents or receipts provided by the seller or contractors to prove that the repairs were completed as agreed.
Tape Measure: A tape measure can come in handy to verify whether furniture or appliances will fit in certain spaces, or to check dimensions for any potential modifications.
VITAL ASPECTS TO SCRUTINIZE DURING YOUR FINAL WALKTHROUGH
Cleanliness and Condition: Your new home should greet you with freshness. Ensure that it’s presented in impeccable, broom-clean condition. Delve further to confirm that all negotiated repairs have been meticulously completed, and the evidence is backed by receipts. Dedicate a moment to inspecting your included appliances; they should not only be present but operational and ready to serve.
Attention to Detail: Fixtures and Finishes: While often overlooked, these subtle elements play a pivotal role. Verify that doorknobs, cabinet handles, and other fixtures are in their designated places. For those stepping into the world of new constructions, employ a keen eye to spot defects and any cosmetic imperfections.
Doors, Windows, and Locks: A smooth transition between spaces is made possible by functional doors and windows. Open and close doors; ensure windows slide without resistance. Validate that locks secure firmly, upholding your sense of safety.
Indoor Climate Control: Heating and Cooling Systems: Regardless of the weather outside, put the heating and cooling systems to the test. Ensuring their functionality is a paramount consideration for your comfort.
Illumination and Connectivity: Lighting and Electrical Outlets: A well-lit environment sets the stage for contentment. Assess the performance of light switches, and leverage your phone charger to examine electrical outlets around the property.
Surfaces and Beyond: Walls, Ceilings, and Floors: Scrutinize the foundations of your future haven. Check walls, ceilings, and floors for any blemishes, dents, or mold, particularly in areas that were concealed by furnishings.
Appliances and Plumbing: Venture behind the scenes to evaluate the functionality of appliances and plumbing. Test the garbage disposal’s responsiveness and ensure that exhaust fans function as expected. Run faucets to unveil any hidden plumbing concerns.
Bathroom Beautification: Zero in on bathrooms, spaces of both rejuvenation and function. Uncover any traces of mold, leaks, or water damage. A simple flush can unveil potential plumbing hiccups.
Garage and Security Savvy: If applicable, engage with the garage doors and familiarize yourself with security systems. A well-functioning garage door and robust security measures contribute to your overall peace of mind.
GUIDED WISDOM: PARTNERING WITH YOUR AGENT
Your real estate agent is more than a companion during this phase; they’re a fount of knowledge and support. Lean on their expertise as you navigate your final walkthrough. Ideally, schedule this crucial step after the seller’s departure, allowing you to explore the premises at your pace.
PARTING WISDOM: ENSURING A THOROUGH EXPERIENCE
Remember, the final walkthrough is not a substitute for a professional <a href="https://www.themadronagroup.com/home-inspection-mistakes/" data-type="post" data-id="31007">home inspection</a>; it’s an opportunity to validate the agreed-upon condition of the property. Patiently explore every nook, embracing the chance to detect any unforeseen issues.
IN CONCLUSION: A SYMBOLIC TRANSITION
As your journey culminates, seize this moment to ensure your future nest aligns with your aspirations. The final walkthrough transcends a mere ritual; it’s your insurance against unwelcome surprises. With your agent’s wisdom and this exhaustive checklist by your side, step into your new realm with unshakable assurance.
ADDITIONAL FINAL WALKTHROUGH CHECKLISTING ITEMS
Bring a Friend: Having a second set of eyes can be incredibly helpful in spotting potential issues you might overlook.
Capture Everything: Take photos and videos during the walkthrough. This visual record can aid in discussions and serve as evidence if needed later.
Run All Appliances: Don’t just glance at appliances—run the dishwasher, washing machine, dryer, and oven to ensure they function as expected.
Check All Utilities: Turn on faucets, showers, and flush toilets while observing water pressure and drainage.
Check Windows for Proper Seals: Ensure windows are sealed properly to prevent air leaks and moisture intrusion.
Inspect Outdoor Areas: If your property includes a yard, walk around to ensure it’s in the condition you agreed upon.
Test Safety Devices: Check smoke detectors, carbon monoxide detectors, and security alarms to ensure they are operational.
As you absorb these additional insights, your final walkthrough transforms from a mere formality to a vigilant exploration. Each step is a brushstroke, transforming your new house into a masterpiece of comfort and security.2023-08-30T10:51:54-07:002023-08-30T10:53:17-07:00Jen Knoxtag:johnlscottballard.com,2012-09-20:9927HOME BUYERS ULTIMATE GUIDE TO A HOMEOWNER ASSOCIATION (HOAS)You’re on the brink of finding your dream home, and the excitement is palpable. But hold on, there’s a critical element that often goes unnoticed in the home-buying frenzy: The Homeowner Association, or HOAs.
These enigmatic entities can either be your best ally or a constant source of frustration, depending on your grasp of how they work. This guide is your compass to navigate the intricate landscape of HOAs, unravel their mysteries, and empower you with the knowledge necessary to make informed decisions regarding your future home. From eye-opening statistics to real-life anecdotes, we’ve got your back. So, fasten your seatbelt as we embark on a journey through the intricacies of HOAs.
Did you know that a whopping 74% of homes built after 2000 are part of an HOA? That’s a substantial slice of the real estate pie!
Let’s consider a real-world scenario: Sarah, an enthusiastic homebuyer, discovered her ideal condominium in a gated community. Everything seemed perfect until she received a notice imposing a hefty fine for painting her front door a shade different from the approved color palette. Frustrating, right? Yet, that’s just the tip of the iceberg. HOAs wield significant power, and without the right knowledge, you might find yourself in a similar predicament.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1.jpg" alt="The Ultimate Guide to a Homeowner Association (HOAs) for Home Buyers" class="wp-image-61920" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/09/homeowner-association-header-1-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" title="You're on the brink of finding your dream home, and the excitement is palpable. But hold on, there's a critical element that often goes unnoticed in the home-buying frenzy: The Homeowner Association, or HOAs." />
WHAT IS A HOMEOWNER ASSOCIATION OR HOA?
HOA, which stands for homeowner association, is a private organization and the governing body of a subdivision, condominium or townhouse complex, or any planned development. It is run by a board of volunteers who are residents of the community. The <a href="https://en.wikipedia.org/wiki/Homeowner_association" target="_blank" data-type="link" data-id="https://en.wikipedia.org/wiki/Homeowner_association" rel="noreferrer noopener">HOA</a> makes and enforces the rules for the properties and their residents, helps manage, organize, and preserve the community, as well as protects and increases property values.
If you become a homeowner in a neighborhood with an HOA, you automatically become a member. This means you’ll agree to their terms, owe them monthly or yearly payments, and be able to enjoy the shared amenities and services they provide.
HOW DOES AN HOA WORK?
HOAs usually form when a community is built. When a developer acquires land for a planned community, they create the homeowners association and then hand it off to the people who buy houses in that community. The homeowners vote for a board of directors to run the association.
The board:
Decides on the community’s features and services
Collects monthly, quarterly, or annual fees to cover the expenses
Sets community rules and standards
These rules are described in a governing document called a Declaration of Covenants, Conditions, and Restrictions or CC&Rs.
Although some states have statutes that govern how HOAs run, most states do not oversee or control how HOAs function. Instead, many homeowner associations are governed through voting and member participation.
CONDOS VS. STANDALONE HOMES FOR HOME BUYERS
When it comes to understanding the role of Homeowners Associations (HOAs) for home buyers, recognizing the <a href="https://www.themadronagroup.com/what-is-the-difference-between-a-condo-vs-house/" data-type="post" data-id="3046">difference between an HOA in a condominium (condo) and an HOA in a standalone home neighborhood</a> is crucial.
In a condo complex, the HOA predominantly focuses on managing shared spaces, external structures, and amenities, often providing a relatively low-maintenance lifestyle for condo owners. This means that condo buyers benefit from the HOA’s oversight of common areas, but they also pay higher monthly fees to support these services.
In contrast, standalone home HOAs have a narrower scope, typically managing individual houses and maintaining community-wide elements such as streets and landscaping. Homeowners in standalone neighborhoods have more control over their property’s maintenance but often forgo extensive shared amenities.
For home buyers, this distinction offers a choice between two lifestyles.
Condo living provides convenience, shared amenities, and reduced exterior maintenance, making it appealing for those who prefer a more hands-off approach to property management.
On the other hand, standalone homes within HOAs offer greater autonomy and control over property upkeep, often with lower monthly fees.
By understanding these differences, home buyers can align their preferences and priorities with the type of HOA that best suits their lifestyle and homeownership goals.
5 CRUCIAL THINGS TO KNOW BEFORE BUYING A HOME IN A NEIGHBORHOOD WITH AN HOA
Living in a community run by a Homeowner Association (HOA) has its own set of advantages and considerations. Here, we delve deeper into five crucial aspects you should thoroughly understand before you buy a home in an HOA-managed neighborhood:
1. UNDERSTAND THE CC&RS (COVENANTS, CONDITIONS, AND RESTRICTIONS)
Every HOA has a set of rules and regulations that residents are obligated to follow. These rules are often encapsulated in a document called the CC&Rs, short for Covenants, Conditions, and Restrictions. These CC&Rs dictate various aspects of life in the community, from permissible exterior paint colors to pet policies.
One of the first things you should do when considering an HOA-managed property is to request a copy of these CC&Rs and study them meticulously. Why? These rules can significantly affect your lifestyle and property use. For instance:
Pet regulations: There may be limitations on the type of pets, breeds, sizes, and the number of pets you can have. If you’re an animal lover with a penchant for exotic pets, these rules could thwart your plans. Similarly, if you aspire to own a house with a sprawling backyard for backyard farming, the HOA may have restrictions on such activities.
Parking regulations: HOAs often enforce rules about overnight street parking, leaving garage doors open for extended periods, or parking commercial vehicles, RVs, or trailers in driveways or on the street. These rules can impact you if you have multiple vehicles or need space for recreational vehicles.
Property modifications: If you plan to make changes to your property, like adding an extension or installing solar panels, HOA rules could require you to seek approval. In some cases, specific property modifications may not be allowed.
Leasing or renting restrictions: If you intend to rent out your property, some HOAs require you to gain permission from the HOA board or join a waitlist if a certain percentage of homes are already leased. This can be crucial if you plan to use your home as an investment property.
A comprehensive understanding of the CC&Rs can prevent future conflicts and surprises, ensuring that your homeownership experience is harmonious.
2. BUDGET FOR HOA FEES
Owning a home in an HOA-managed community means you’ll be financially responsible for your share of the HOA’s operational costs. These expenses are covered through HOA fees, which can vary significantly based on the amenities and services provided by the association.
It’s crucial to grasp the full extent of your financial obligations. Knowing how much the dues are, how frequently you must pay them, and what they cover can help you budget accurately. By factoring these fees into your overall monthly expenses, you can gauge whether they align with your financial capabilities and expectations.
Furthermore, assess the financial health of the HOA by reviewing their financial statements. Pay attention to their income, expenses, and reserve funds. A well-maintained reserve fund is vital as it’s used to address unforeseen expenses, such as major repairs and emergencies. You wouldn’t want to be caught off guard by unexpected special assessments that could strain your finances.
Additionally, read the minutes of recent HOA board meetings. These records provide insights into ongoing issues, planned assessments, and homeowner requests. Familiarizing yourself with the association’s financial stability can provide peace of mind as a prospective homeowner.
3. EXPLORE AMENITIES AND SERVICES
HOA fees are not a one-size-fits-all cost; they vary based on the range of amenities and services provided by the community. As a homebuyer, you’ll want to investigate these offerings to determine their impact on your membership and lifestyle.
Consider whether the HOA provides amenities such as a community pool, playgrounds, sports courts, or fitness centers. These facilities can enhance your daily life and contribute to a vibrant sense of community.
However, it’s equally important to scrutinize the quality and maintenance of these amenities. Availability is one thing, but it’s essential that these shared spaces are kept clean, well-maintained, and safe. Neglected amenities can diminish your homeownership experience and potentially affect property values.
Beyond amenities, examine the scope of services provided by the association. Some HOAs handle landscaping, trash collection, snow removal, security, and other maintenance and repair duties. Understanding the extent of these services can help you gauge the value proposition of your HOA membership.
4. UNDERSTAND HOA GOVERNANCE
HOAs function through governance structures that vary from one community to another. Typically, residents within the community elect board members who oversee the association’s affairs. These board members, often volunteers, make decisions that shape community rules, regulations, and spending.
However, some HOAs are professionally managed by private companies. In such cases, it’s essential to investigate the reputation of the management company. You’ll want to avoid investing in a property in a community whose HOA is notorious for frequent disputes and internal politics.
Ask your real estate agent or a community representative for the HOA’s contact information, allowing you to communicate directly with them. This extra step provides insights into the HOA’s communication practices, dispute resolution mechanisms, decision-making processes, and the extent to which individual homeowners can influence community policies.
Understanding the degree of transparency, inclusivity, and homeowner engagement can provide valuable context for your decision to buy into an HOA community.
5. BE AWARE OF ENFORCEMENT POWERS
One distinctive aspect of HOAs is their legal authority to enforce rules and regulations. Before settling in an HOA-managed neighborhood, it’s crucial to comprehend how these rules are established, enforced, and what penalties exist for violations.
HOAs can impose various consequences for rule infractions. These can range from fines to lawsuits and, in extreme cases, placing a lien on your property or foreclosing on it. While such measures might seem severe, they are within the legal rights of the HOA.
Understanding the enforcement process and the avenues for dispute resolution can help you avoid potential conflicts. It’s advisable to have a clear picture of how the HOA handles rule violations and what steps you can take to address any issues that may arise.
In essence, a comprehensive understanding of these five crucial aspects related to HOAs will empower you as a homebuyer. You’ll be better equipped to navigate the world of HOAs, ensuring that your choice aligns with your lifestyle, financial situation, and expectations. By making an informed decision, you can enjoy the benefits of living in an HOA community while avoiding common pitfalls.
IN CONCLUSION
Homeownership in an HOA-managed community brings both advantages and responsibilities. By delving deep into these five crucial aspects, you can make an informed decision and embark on your homeownership journey with confidence. These considerations are pivotal in ensuring that your experience within an HOA community aligns with your lifestyle and financial goals.
With this comprehensive understanding of HOAs, you are well-prepared to make the right choices for your future home. Happy house hunting!
Originally Posted Here: <a href="https://www.themadronagroup.com/homeowner-association/">https://www.themadronagroup.com/homeowner-association</a>2023-08-26T13:59:02-07:002023-09-05T09:50:41-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:9772Are You Thinking About Buying a Home in a Flood-Prone AreaYou have been searching for your dream home for quite some time now, and finally, you come across a charming <a href="https://www.johnlscottballard.com/property-search/results/#nearby_false,-1/listtype_1/beds_4/acreage_0.25/county_Snohomish/searchfeatures_BD197%2CBD195/" target="_blank" data-type="URL" data-id="https://www.johnlscottballard.com/property-search/results/#nearby_false,-1/listtype_1/beds_4/acreage_0.25/county_Snohomish/searchfeatures_BD197%2CBD195/" rel="noreferrer noopener">four-bedroom rambler with a huge backyard</a>, located in a vibrant neighborhood, and well within your budget. It seems like the perfect fit for your family. However, you noticed a mention of flooding in the area. Could your dream home be at risk of flood damage? As a real estate broker, I understand the importance of making informed decisions when purchasing a property, especially in a flood-prone area. Let’s explore what you need to know before buying a home in a flood-prone area.
<img decoding="async" loading="lazy" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area.jpg" alt="buying a home in a flood-prone area" class="wp-image-58519" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Buying-a-home-in-a-flood-prone-area-1184x344.jpg 1184w" sizes="(max-width: 2240px) 100vw, 2240px" title="You have been searching for your dream home for quite some time now, and finally, you come across a charming four-bedroom rambler with a huge backyard, located in a vibrant neighborhood, and well within your budget. It seems like the perfect fit for your family. However, you noticed a mention of flooding in the area. Could your dream home be at risk of flood damage? As a real estate broker, I understand the importance of making informed decisions when purchasing a property, especially in a flood-prone area. Let's explore what you need to know before buying a home in a flood-prone area." />
UNDERSTANDING THE FLOOD RISK
According to the Federal Emergency Management Agency (FEMA), almost every county in the United States has been impacted by a flooding event at some point between 1996 and 2019. With the increasing risk of flooding due to climate change, it is crucial to assess the flood risk of your prospective property. FEMA provides flood maps that indicate flood zones and the associated risks. There are two main types of flood areas: Special Flood Hazard Areas (SFHAs) with a 1% or higher chance of annual flooding, and Non-Special Flood Hazard Areas (NSFHA) considered low- to moderate-risk flood zones.
TIPS FOR BUYING A HOME IN A FLOOD-PRONE AREA
Research FEMA Flood Maps: The Federal Emergency Management Agency (FEMA) offers flood maps that outline flood zones and their associated risks. Visit FEMA’s Flood Map Service Center and type in the address of the property you’re interested in to understand its flood risk. These maps provide valuable information that can influence your buying decision.
Know the Flood Zone Types: Flood maps designate two main types of flood areas: Special Flood Hazard Areas (SFHAs) and Non-Special Flood Hazard Areas (NSFHA). SFHAs have a 1% or higher annual chance of flooding and a one-in-four chance of flooding during a 30-year mortgage. On the other hand, NSFHAs are low- to moderate-risk flood zones. Understanding these designations helps you assess the level of risk associated with a potential property.
Assess Past Flood History: Beyond the official flood maps, inquire about the property’s flood history. Request the seller’s property disclosure statement to identify any prior flood-related incidents. Keep in mind that federal statutes don’t require sellers to disclose flood risk information, but some states have enacted laws requiring such disclosures. Additionally, speak with neighbors and check local news archives to gather further insights into the area’s flood history.
Consider Flood Insurance: If the property is in a flood zone and you plan to secure a mortgage, flood insurance may be mandatory. Standard homeowners insurance doesn’t cover flood damages, so you’ll need a separate flood insurance policy. Explore both the government-backed National Flood Insurance Program (NFIP) and private flood insurance options. Factor the cost of flood insurance premiums into your budget to make an informed decision about affordability.
Consult with a Reputable Real Estate Agent: Work with a knowledgeable real estate agent who can guide you through the complexities of buying a home in a flood-prone area. While they may not be flood map experts, they can provide valuable insights into flood zones, risks, and flood insurance requirements. A reliable agent will help you understand seller disclosure forms and connect you with local floodplain managers for detailed information.
Evaluate Flood Mitigation Measures: Inquire about flood mitigation measures that may have been implemented in the area. Some communities invest in flood control infrastructure and measures to reduce flood risks. Understanding the efforts taken to protect the community can influence your decision.
Assess Property Elevation: Check the elevation of the property you’re interested in. Higher elevation may reduce the risk of flood damage. A property’s elevation relative to the base flood elevation can give you an idea of its vulnerability to flooding.
Consider Additional Costs: Aside from flood insurance, evaluate the potential costs associated with flood damage prevention and preparedness. These costs may include raising electrical systems, waterproofing, and implementing other flood-resistant measures to protect your investment.
Be Prepared for Future Risks: As climate change continues to impact weather patterns, the risk of flooding may increase in certain areas. Consider how this potential future risk could affect your long-term plans for the property.
Research Local Floodplain Management: Find out what measures the local government has taken to manage floodplains in the area. Understanding the community’s flood risk management plans can provide reassurance and insights into how prepared the neighborhood is for potential flood events.
Visit the Property During Rainy Season: To get a firsthand understanding of the property’s flood risk, consider visiting it during the rainy season. Observing how water accumulates and drains can help you gauge how prone the property is to flooding.
Verify Home Insurance Coverage: Even if the property is not in a designated flood zone, ensure your homeowners insurance policy covers water damage from internal sources, such as burst pipes or roof leaks. This additional coverage can be beneficial in safeguarding your investment.
Obtain a Home Inspection: Hire a qualified home inspector to assess the property’s structural integrity and identify any potential flood-related risks. They can detect signs of water damage, mold, and other flood-related issues that may not be immediately visible.
Familiarize Yourself with Evacuation Routes: If the property is located in a high-risk flood zone, familiarize yourself with the local evacuation routes. Knowing the escape routes in advance can be vital in times of emergency.
Conclusion: Purchasing a home in a flood-prone area requires diligent research, careful consideration, and expert guidance from a <a href="https://www.themadronagroup.com/best-real-estate-agents/" data-type="page" data-id="2">reliable real estate agent</a>. Familiarize yourself with FEMA flood maps, assess past flood history, and consider the additional costs of flood insurance and mitigation measures. Understand the flood zone types and evaluate the property’s elevation to gauge its vulnerability to flooding. Be prepared for future risks and research local floodplain management measures to ensure your chosen neighborhood is adequately prepared. Visiting the property during the rainy season and obtaining a home inspection can provide valuable insights into the property’s flood risk.
Buying a home in a flood-prone area presents unique challenges, but with thorough research and a well-informed approach, you can find the perfect home that meets your needs and ensures your investment is protected. Working with a reputable real estate agent will be your greatest asset in navigating the complexities of buying a home in such areas. Armed with knowledge and a reliable support team, you can confidently find the perfect home amidst the beauty and challenges of flood-prone regions in <a href="https://www.themadronagroup.com/moving-to-seattle-in-the-winter/" data-type="post" data-id="40029">Seattle</a>, <a href="https://www.themadronagroup.com/bothell-real-estate/" data-type="page" data-id="1122">Bothell</a>, <a href="https://www.themadronagroup.com/offices/john-l-scott-mukilteo/" data-type="rank_math_locations" data-id="52312">Mukilteo</a>, or <a href="https://www.themadronagroup.com/offices/john-l-scott-vashon/" data-type="rank_math_locations" data-id="52313">Vashon</a>. Happy house hunting!
Original Post: <a href="https://www.themadronagroup.com/buying-a-home-in-a-flood-prone-area/">https://www.themadronagroup.com/buying-a-home-in-a-flood-prone-area/</a>2023-07-31T08:53:29-07:002023-07-31T09:15:59-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:9760EMBRACE “LIVING THE DREAM” WITH A SMALLER SPACE: TIPS FOR DOWNSIZING YOUR HOMEAs life progresses and your family dynamics change, you may find yourself faced with the idea of downsizing your home. While owning a large, spacious house is a dream for many, there are numerous advantages to embracing a smaller space.
Downsizing can lead to financial freedom, improved well-being, and a more fulfilling lifestyle. In this comprehensive guide, we will explore various tips to help you navigate the downsizing process smoothly and make the most out of your new, cozier abode.
<img decoding="async" width="2240" height="650" src="https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner.jpg" alt="Tips for Downsizing Your Home: Embrace "Living The Dream" with a Smaller Space" class="wp-image-58030 entered lazyloaded" data-lazy-srcset="https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1184x344.jpg 1184w" data-lazy-sizes="(max-width: 2240px) 100vw, 2240px" title="In conclusion, downsizing your home can be a transformative experience, offering numerous advantages for empty nesters and retirees. By following these tips for downsizing your home and approaching the process with an open mind, you can truly "live the dream" in a smaller, more purposeful space." data-lazy-src="https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner.jpg" data-ll-status="loaded" sizes="(max-width: 2240px) 100vw, 2240px" srcset="https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner.jpg 2240w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-768x223.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1536x446.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-2048x594.jpg 2048w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1060x308.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-100x29.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-865x251.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2023/07/Tips-for-Downsizing-Your-Home-Banner-1184x344.jpg 1184w" />
1. ASSESS YOUR NEEDS AND PRIORITIES
The first step in downsizing is to assess your needs and priorities.
Consider your current lifestyle and how it may change in the future. Take note of the essential features you require in your new home, such as:
The number of bedrooms
Storage space
Proximity to amenities
Access to medical facilities
By knowing your must-haves, you can focus your search on homes that truly meet your needs.
2. CREATE A PLAN AND TIMELINE
Downsizing can be a significant undertaking, so it’s essential to create a plan and timeline for the process. Start early and break the process into manageable steps. Consider when you want to move and give yourself ample time to declutter, sort belongings, and find your ideal smaller home. A well-structured plan can alleviate stress and ensure a smoother transition.
3. DECLUTTER AND ORGANIZE
One of the most critical aspects of downsizing is decluttering and organizing your belongings. Go through each room and sort items into categories: keep, donate, sell, or discard.
Consider Marie Kondo’s philosophy of keeping only those items that <a href="https://konmari.com/marie-kondo-rules-of-tidying-sparks-joy/" target="_blank" data-type="URL" data-id="https://konmari.com/marie-kondo-rules-of-tidying-sparks-joy/" rel="noreferrer noopener">spark joy in your life</a>. Decluttering not only lightens the load for your move but also helps create a fresh and organized living space in your new home.
4. MAXIMIZE STORAGE SOLUTIONS
Moving to a smaller home doesn’t mean sacrificing storage space entirely. Embrace creative storage solutions to optimize every inch of your new space. Invest in furniture with built-in storage, utilize wall-mounted shelves, and make use of under-bed storage containers. By maximizing storage, you can keep your belongings organized and accessible without cluttering your living areas.
5. DIGITIZE DOCUMENTS AND PHOTOS
As part of the decluttering process, consider digitizing important documents and cherished photographs. Digital storage takes up less physical space, and you can access your files easily, even from a mobile device. Additionally, it provides an extra layer of security to safeguard precious memories and essential paperwork.
6. MEASURE FURNITURE AND LAYOUT
Before moving to your new home, measure your furniture and create a layout plan. This step ensures that your furniture fits comfortably in your new space without overwhelming it. By visualizing the layout beforehand, you can make informed decisions about which furniture pieces to bring and how to arrange them for optimal flow and functionality.
7. STAY CONNECTED TO YOUR COMMUNITY
Downsizing doesn’t necessarily mean leaving behind your beloved community. If you’re emotionally attached to your current <a href="https://www.themadronagroup.com/seattle-snohomish-county-neighborhoods-and-neighboring-cities/" data-type="page" data-id="1316">neighborhood</a>, consider downsizing within the same area. Alternatively, explore new neighborhoods that offer similar amenities and conveniences. Staying connected to your community can enhance your sense of belonging and ease the transition to a smaller home.
8. EMBRACE MULTI-FUNCTIONAL FURNITURE
In a smaller space, multi-functional furniture can be a game-changer. Look for pieces that serve multiple purposes, such as a sofa with storage, a dining table that can double as a workspace, or a Murphy bed that can transform a guest room into a home office. These versatile items optimize space utilization and add convenience to your daily life.
9. CONSIDER RENTING OR SELLING UNWANTED ITEMS
If you have valuable items that no longer fit in your downsized home, consider renting or selling them. Renting out items like extra furniture or recreational equipment can be a great way to make some extra income while preserving your belongings for the future. Selling unwanted items can also provide extra funds to invest in your new space or treat yourself to something special.
10. FOCUS ON EXPERIENCES, NOT POSSESSIONS
As you downsize, shift your focus from possessions to experiences. Embrace the freedom of owning fewer things and redirect your attention to creating lasting memories and pursuing your passions. Use the extra time and resources to explore new hobbies, travel, or engage in activities that bring you joy.
11. EMBRACE A MINIMALIST MINDSET
Downsizing offers an excellent opportunity to embrace a minimalist mindset. Letting go of unnecessary possessions can be liberating, allowing you to appreciate the beauty and simplicity of a clutter-free home. By curating your belongings and surrounding yourself with what truly matters, you can create a peaceful and harmonious living environment.
12. HOST A MOVING SALE OR DONATE TO CHARITY
As you declutter, consider hosting a moving sale to sell items you no longer need. A moving sale can be a fun way to engage with your community while earning some extra money. Any items left unsold can be donated to charity, giving your possessions a second life and supporting a good cause.
13. EXPLORE DOWNSIZING-FRIENDLY COMMUNITIES
Research downsizing-friendly communities in your area or in locations you desire to move to. Many neighborhoods now cater specifically to empty nesters and retirees, offering amenities tailored to their needs. These communities may have low-maintenance homes, social activities, and convenient services that foster a sense of community and well-being.
14. CONSULT WITH A REAL ESTATE SPECIALIST
Working with a <a href="https://www.themadronagroup.com/best-real-estate-agents/" data-type="page" data-id="2">real estate specialist</a> who specializes in downsizing can be invaluable. These experts understand the unique needs and challenges faced by empty nesters and can guide you through the downsizing process with expertise and sensitivity. They can help you find the perfect smaller home that meets your requirements while staying within your budget.
15. EMBRACE A NEW CHAPTER WITH GRATITUDE
Finally, as you downsize and embark on a new chapter in your life, do so with gratitude and excitement. Embrace the opportunity to create a more manageable and enriching living space that aligns with your current lifestyle. Embrace the freedom of owning less and the joy of experiencing more. Downsizing is not just about reducing physical space; it’s about making room for new adventures and treasuring the moments that truly matter.
In conclusion, downsizing your home can be a transformative experience, offering numerous advantages for empty nesters and retirees. By following these tips for downsizing your home and approaching the process with an open mind, you can truly “live the dream” in a smaller, more purposeful space.
Remember, downsizing is not about what you give up but rather about what you gain – the freedom to savor life’s precious moments and embark on new and exciting journeys. Embrace the change and cherish the possibilities that downsizing presents.2023-07-27T09:12:47-07:002023-07-27T09:15:15-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:9711WHY YOU SHOULDN’T MAX OUT YOUR BUDGET WHEN BUYING A HOMEWhen it comes to purchasing a home, it’s crucial to take a deeper dive into why you shouldn’t max out your budget when <a href="https://www.themadronagroup.com/10-steps-to-buying-a-new-home-video/" data-type="post" data-id="5138">Buying a home</a>. Staying in your means is essential for maintaining financial stability and pursuing other important financial goals.
In this comprehensive guide, we’ll explore several compelling reasons why stretching your budget to its limit when buying a home may not be the wisest choice.
BALANCE YOUR FINANCIAL OBJECTIVES
While finding your dream property is exciting, it’s important to balance homeownership costs with your other financial objectives. Buying a home that is less than what you can afford allows you to allocate funds for savings, travel, emergency funds, <a href="https://529.wa.gov/howgetworks" target="_blank" data-type="URL" data-id="https://529.wa.gov/howgetworks" rel="noreferrer noopener">college funds</a>, and retirement savings.
By avoiding the temptation to overspend on your <a href="https://www.themadronagroup.com/5-things-to-get-right-when-applying-for-a-mortgage/" data-type="post" data-id="52604">mortgage payment</a>, you can maintain the freedom and flexibility to live your life according to your aspirations.
PREPARE FOR LIFE’S UNCERTAINTIES
Maxing out your budget leaves little room for unexpected life changes. Job loss, pay cuts, car repairs, or medical emergencies can put significant strain on your ability to make mortgage payments.
To mitigate this risk, it’s crucial to keep your monthly mortgage payments affordable and maintain an emergency fund. Having financial resources readily available ensures you won’t face undue stress or financial vulnerability in case of unforeseen circumstances.
ACCOUNT FOR RISING COSTS
While mortgage payments may seem more fixed than rent, it’s important to consider rising costs associated with homeownership.
Factors such as:
Grocery bills
Energy costs
Homeowners association fees
Property taxes
Can increase over time. By leaving room in your budget for these potential increases, you can comfortably manage these expenses without feeling financially strained.
FURNISH AND DECORATE THOUGHTFULLY
Purchasing a home within your budget allows you to allocate funds for furnishing and decorating your space. Many homes come unfurnished, and acquiring furniture, appliances, rugs, blinds, and fixtures can be a significant expense. Staying within your means ensures you can afford quality items that align with your style and durability needs, creating a comfortable and personalized living environment.
PREPARE FOR HOME MAINTENANCE AND REPAIRS
Owning a home comes with the responsibility of maintaining and <a href="https://www.themadronagroup.com/home-renovations-that-dont-add-value/" data-type="post" data-id="46600">repairing the property</a>. Leaky pipes, pest infestations, tree removal, and gutter cleanings are common challenges homeowners may face. It’s essential to limit your spending during the home search to have extra funds available for maintenance and repair tasks as they arise. Building a cash cushion allows you to promptly address issues and keep your home in optimal condition.
AVOID BEING HOUSE POOR
Being “house poor” refers to spending a significant portion of your income on homeownership expenses, leaving little room for discretionary spending and financial flexibility. If your mortgage payment is too expensive and leaves you living paycheck to paycheck, the joy of living in your dream home may be short-lived. It’s crucial to find a balance that allows you to comfortably manage homeownership costs while maintaining a healthy financial lifestyle.
PLAN FOR FUTURE NEEDS
When buying a home, it’s important to consider future needs and potential lifestyle changes.
Planning for factors such as
Growing family size
Aging parents moving in
Possibility of remote work
Can impact your space requirements. By factoring in these considerations during the home search, you can make a wise investment that accommodates your evolving needs.
INVEST IN HOME INSPECTIONS
Investing in professional <a href="https://www.themadronagroup.com/home-inspection-mistakes/" data-type="post" data-id="31007">home inspections</a> before finalizing the purchase is a wise decision. Inspections can uncover potential issues, such as structural problems, plumbing or electrical concerns, or hidden damages. While it may require additional upfront costs, thorough inspections provide peace of mind and allow you to make informed decisions about the property’s condition and any necessary repairs.
In conclusion, avoiding the temptation to max out your budget when buying a home is vital for your long-term financial well-being. By purchasing within your means, you can maintain financial stability, pursue other important financial goals, and enjoy the benefits of homeownership without unnecessary stress. So, approach your home buying journey with thoughtful consideration, and make a wise investment that sets you up for a secure and fulfilling future.
Originally Posted On: <a href="https://www.themadronagroup.com/why-you-shouldnt-max-out-your-budget-when-buying-a-home/" target="_blank">https://www.themadronagroup.com/why-you-shouldnt-max-out-your-budget-when-buying-a-home/</a>2023-07-19T08:47:59-07:002023-07-19T08:50:09-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:8557What Do They Mean by a Single-Family Home on Home Searches?When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083035692-F7O886MC6IQ66LBWJ530/unknown.jpg?format=1000w" alt="what is a single-family home in real estate" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083035692-F7O886MC6IQ66LBWJ530/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
But when you enter the housing market as a prospective homeowner, you will find that you have many options for your possible dream abode.
Real estate listings often include:
Cozy condominiums
Lovely townhouses
The single-family homes you pictured when you were younger
Let’s look at the definition of this type of residential property, its pros and cons, and whether it is the type of home that best suits you.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083079062-6B5FCDNWM3KLBM62H731/unknown.jpg?format=1000w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083079062-6B5FCDNWM3KLBM62H731/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
While it seems self-explanatory, in legal terms, a single-family home is a structure maintained and used as a single dwelling unit. It is a freestanding dwelling set alone on its own piece of property.
The <a href="https://www.census.gov/construction/chars/definitions/" target="_blank" rel="noopener">U.S. Census Bureau</a>, on the other hand, states that single-family housing units can be fully detached or semi-attached, side-by-side structures such as row houses, duplexes, and even townhouses.
In general, a dwelling should have these characteristics to be classified as a single-family home:
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083072751-OOHCC9X6A01QXOQTJCWA/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083072751-OOHCC9X6A01QXOQTJCWA/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
No common walls: This home is a stand-alone, detached property that does not share common walls, roofs, or any spaces with any other dwelling.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083068715-BO5PAR8PLMULXJOAYAF0/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083068715-BO5PAR8PLMULXJOAYAF0/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
Land: Single-family homes sit on their personal parcel of land, and the area around the building is for the owners private use.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083064636-53OKYZKFTT4R8YGPQF6B/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083064636-53OKYZKFTT4R8YGPQF6B/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
Access to property: It has dedicated private entrances and exits and has direct access to the street or thoroughfare.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083060558-EV7XCWCMVYD29CA2WK5L/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083060558-EV7XCWCMVYD29CA2WK5L/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
Systems and Utilities: Only one set of utilities can service a single-family home and not be shared with other dwellings. This rule includes heating and AC systems, electricity, water, and other essential services.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083056381-GZZ4IOHGV1QKAZRHNV13/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083056381-GZZ4IOHGV1QKAZRHNV13/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
One owner: This home is built as the residence for one family, person, or household and is owned and maintained by the homeowner.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083050065-98TTOJNEE8LJ2BCEOVLL/unknown.jpg?format=300w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083050065-98TTOJNEE8LJ2BCEOVLL/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" />
Single kitchen: Last but not least, single-family homes only have one full kitchen. The definition of a full kitchen is as having an oven and stovetop. Although some may have kitchenettes, adding another full kitchen will alter the zoning classification.
For more clarity on the what defines a Single-Family home you can check out our post on: <a href="https://www.themadronagroup.com/what-is-the-difference-between-a-condo-vs-house/" data-type="URL" data-id="https://www.themadronagroup.com/what-is-the-difference-between-a-condo-vs-house/">Condo VS House Guide to Making the Perfect Decision</a>
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083044807-SOALX9TA255LLFYCKI7P/unknown.jpg?format=1000w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083044807-SOALX9TA255LLFYCKI7P/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
1. MORE PRIVACY AND LESS NOISE
Since a home like this is built on its individual slice of land and does not share walls, you will have some distance from your neighbors, giving you a high level of privacy. And while there’s always the possibility of having a noisy neighbor, the noise levels are substantially a lot less when you don’t have housing directly over or under your living space. You don’t have to worry as much about disrupting anyone if you want to crank up the music a little bit or vacuum late at night.
2. SPACE
Since single-family homes are typically bigger than multifamily dwellings, they also have more storage space. Whether that means more interior space, such as a spacious kitchen, more bedrooms, a basement, an attic, or exterior storage spaces, such as a garage, or shed, it certainly gives more elbow room to its occupants.
You also have a yard that’s yours alone, with a patio or a porch as a great selling point. You can also install other outdoor features like a swimming pool, a swing set, or a fire pit, as long as your municipality allows it.
3. OFFERS MORE FREEDOM AND FLEXIBILITY
Homeownership, especially that of a single-family home, provides more freedom and flexibility in general. It’s easier to modify your home to your preferred taste and style. Some neighborhoods have homeowners association or HOA, which has rules and regulations, especially for the exterior. Even with HOA governances, there is still more room to personalize your exterior and outdoor spaces. You also have more options for renovation and remodeling, so long as you are in line with local zoning laws.
4. COMES IN MANY DIFFERENT ARCHITECTURAL STYLES
As opposed to the typical straightforward design of many condos or townhomes, single family homes also come in different architectural styles. Whether you’re looking to buy a lovely ranch, a mid-century modern, a Cape Cod, or even a Colonial home, you’ve got options that will satisfy your love for architecture.
<img decoding="async" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083040814-WZ33QEZ0L8JNHQV7D8F8/unknown.jpg?format=1000w" alt="Real estate photo" title="When we were still kids, chances are we sketched our dream home as a square building with a rectangular door, a few windows, a triangle roof with a chimney, and a large yard with flowers and trees enclosed by a white fence. " data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1669083040814-WZ33QEZ0L8JNHQV7D8F8/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
1. NO COMMUNAL AMENITIES
Condos, townhouses, or multifamily homes usually include community amenities such as a gym, pool, or sports court. If you have grown accustomed to these, remember that you will unlikely have this access when you own a single-family home.
2. HIGHER PURCHASE PRICE AND OTHER EXPENSES
Although it can vary based on many factors, single-family homes often include a higher price tag than other dwelling types. <a href="https://www.nar.realtor/blogs/economists-outlook/existing-home-sales-drop-for-the-eighth-straight-month-and-decline-1-5-in-september-2022#:~:text=The%20median%20sales%20price%20of,condominiums%20rose%209.8%25%20to%20%24331%2C700." target="_blank" rel="noopener">Research</a> from the National Association of Realtors on existing-home sales data shows that the median sales price of single-family homes rose to $391,000 from September 2021. On the other hand, the median sales price of condominiums is $331,700.
Single-family homes are more expensive since you’re buying an entire lot. And with a higher purchase price comes the need for a larger down payment, closing costs, and recurring expenses such as property taxes and homeowners insurance.
3. MAINTENANCE AND RESPONSIBILITY
Even if you’re part of an HOA that takes care of a community’s shared spaces, being the owner of a single-family home means you’re solely responsible for all the home maintenance and upkeep costs. You are responsible for all yard maintenance, including mowing the lawn, cleaning the gutters, or shoveling snow on the driveway and sidewalk. It is a must to keep a maintenance budget just in case your home’s major systems require unexpected repairs to the roof, major appliances, and other emergency fixes.
WHO ARE SINGLE-FAMILY HOMES BEST FOR?
If you’re on the market looking for homes and you’re still undecided on what home type to buy, a single-family home may be a good fit if:
You have or want to start a family.
You want the luxury of more space and privacy.
You have the time and money for general maintenance and upkeep.
You want the freedom to renovate your home and landscaping to your preferred style since there are fewer restrictions.
Remember to talk to a local and trusted real estate agent about the features you want the most and what best fits your price range to find the type of home that suits your dreams.2022-12-29T11:22:08-07:002023-01-04T12:10:11-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:8144What To Know About Cash Offers When Selling Your HomeIf you’re considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443528511-TB7PJO4CGJFV17KKEHNW/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443528511-TB7PJO4CGJFV17KKEHNW/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
Here we will detail the basics of cash offers and the pros and cons of such deals to help you decide whether to sell your house for cash or stick with a traditional offer.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443562886-VAMBIGC1MN1V5QQ7JDCD/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443562886-VAMBIGC1MN1V5QQ7JDCD/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
WHAT IS A CASH OFFER?
A cash offer is when a potential buyer offers to pay for the entire cost of the house without using a mortgage loan or other financing. According to <a href="https://www.attomdata.com/news/market-trends/home-sales-prices/attom-data-solutions-q3-2020-u-s-home-sales-report/#:~:text=All-cash%20purchase%3A%20sale%20where,sale%20date%2C%20expressed%20in%20years." target="_blank" rel="noopener">research</a> by ATTOM Data Solutions, all-cash purchases accounted for 21.6 percent of single-family home and condo sales nationwide in the third quarter of 2020.
The number of cash offers you may receive can depend on many factors, including your local housing market, your home’s condition, or if you seek a cash offer online.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443554558-YJ10ONO6E5D4QIEKZRT5/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443554558-YJ10ONO6E5D4QIEKZRT5/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
WHO BUYS HOUSES FOR CASH?
Here are some of the typical cash home buyers you might encounter when selling your home:
Potential buyers – More and more average home buyers are bidding with a cash offer to stand out amongst the competition. This can be more common in a seller’s market, where inventory is tight, buyer demand remains high, and bidding wars are more likely.
“We Buy Houses” companies – These are companies advertising that they’ll buy your house for cash. Common claims include phrases like “we buy any home” and “we buy ugly houses.” These companies aim to make cash offers on homes that might be in poor condition. They buy them on the cheap, fix them up, and sell them again for a profit.
House flippers – House flipping, according to <a href="https://www.bankrate.com/real-estate/flipping-houses/" target="_blank" rel="noopener">Bankrate</a>, is when someone buys a property, holds onto it for a short time, and then sells it (the flip part) for a higher price. A house flipper may also take a fixer-upper and renovate it to make it market-ready. Either way, their goal is to buy low and sell high, earning a profit in a relatively short amount of time. Often flippers will make offers on homes before they get listed for sale to get a jump on the competition. If your home is more of a fixer-upper and you’d like to sell as is, you may receive a cash offer from house flippers.
iBuyers – An iBuyer, short for instant buyer, is a real estate company or real estate tech business that uses software to determine the value of homes and make instant cash offers on them. The programs and algorithms they use estimate your home’s value based on the information you provide and recently sold properties in the area. iBuyers often charge a fee for the convenience of selling your home fast, which is typically a percentage of the sale price. It’s also important to note they have strict purchase criteria, and may only be available in select markets.
Real estate investors – Those looking to turn houses into investment or rental properties may also bid with cash.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443548536-UNP53BS1VTD7W3H0RO9S/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443548536-UNP53BS1VTD7W3H0RO9S/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
ADVANTAGES OF ACCEPTING A CASH OFFER
1. Fewer contingencies
There are usually fewer contingencies with a cash offer. Specifically, buyers won’t need a financing contingency, which could derail the sale if they don’t qualify for a mortgage loan. There also won’t be a need for an appraisal that lenders require to make sure the home’s value matches its sale price.
Still, remember that every situation is unique. Some cash buyers may still ask for other contingencies, especially an inspection contingency, to protect their investment.
2. No need to do repairs or home staging
Selling the traditional way requires deep cleaning, decluttering, repairing, and even renovating, as well as staging your home. Not to mention that you have to keep your home clean throughout showings and open houses. This can be the most time-consuming, expensive, and stressful process of selling.
Accepting a cash offer means you can sell your home as-is since these buyers typically won’t require any repairs or updates to be made. Most of them are planning on doing the renovation themselves, saving you from putting money into a property you’re just trying to sell.
3. Shorter closing process
Since there isn’t a mortgage application and underwriting process to wait for, which can take up to 60 days, a cash transaction cuts down on the timeline. You may be able to close in as little as two weeks. However, this timeline can vary since you still need the buyer’s proof of funds and time to complete other closing requirements. But with a faster closing period, you’ll be able to get moving quickly and easily, especially if it’s because of a new job or any other commitment.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443543812-8O7LBI9MG681NWMOOH8M/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443543812-8O7LBI9MG681NWMOOH8M/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
THE DISADVANTAGES OF CASH OFFERS
1. You will likely get less money from the sale
Whether from an iBuyer, investor, house flipper, or even a traditional home buyer, the flip side of a cash offer is it may be lower than what you’d expect. It can also be hard to negotiate on price since their offers are typically take-it-or-leave deals. Many of these businesses follow the 70 percent rule in real estate, meaning that they may not offer you more than 70% of your home’s after-repair value. But if you’re looking for a faster and easier transaction, this may not be too much of a negative.
2. Lack of competition
The reality is that there are more traditional home buyers on the market than all-cash buyers or companies. You’ll still have a better chance of getting multiple competing offers, especially in a seller’s market, when you go through the traditional listing process. Dozens of other potential buyers are likely to come in with their best offer if you sell your home the old-fashioned way.
3. There’s a risk of fraud or scam, and the offer isn’t finalized until you’ve signed the contract
Lastly, use careful judgment and do your due diligence when selling your home for cash to any company or investor. The cash home buying industry can be a magnet for real estate scams. Scammers might try to take advantage of sellers experiencing financial difficulties and are looking for a quick cash sale. While not all of these companies are fraudulent, make sure you’re selling to someone reputable.
Another point to consider in an all-cash transaction is that despite the promise of a relatively quick and less stressful process, there is still no hard guarantee of closing until the deal is signed and you have the money in your hand.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443539236-OCVQ4WCMF1KSRHDX8ETL/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443539236-OCVQ4WCMF1KSRHDX8ETL/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
SHOULD YOU SELL YOUR HOUSE FOR CASH?
You think it’s the best offer for your situation.
You’ve inherited a home and don’t have the resources to either maintain it or turn it into a rental property.
You need to relocate quickly and need the money or your home’s equity to make a down payment.
Many of these cash buyers or investors are also targeting homes that are challenging to sell, especially those that could turn off other buyers in which no lenders will loan a buyer money to purchase the house, such as:
Homes with title flaws
Homes with large amounts of past due taxes and fees
Burned-out or storm-damaged homes
Properties with illegal conversions or code violations
Homes requiring major repairs
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443534478-FF5BLOAP1NBXZWBC7PQ2/unknown.jpg?format=1000w" alt="Real estate photo" title="If you're considering selling your home, you might have encountered the term “all-cash offer.” Or maybe as you’re driving around town or scrolling online, you’ve seen advertisements from businesses that say they “buy homes for cash.” What does it mean to be getting a cash offer when selling?" data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1663443534478-FF5BLOAP1NBXZWBC7PQ2/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
SHOULD YOU STILL NEED A REAL ESTATE AGENT?
<a href="https://www.themadronagroup.com/best-real-estate-agents/" data-type="page" data-id="2">Real estate agents</a> are licensed professionals who can guide you through the complicated process of selling your home. If you’re trying to sell for cash and want to work with a large real estate business, hiring an agent isn’t strictly necessary. But it doesn’t mean you should forgo having their expertise.
You can ask for their cash buyer recommendation, especially if they’re experienced with cash sales. They can also offer valuable advice and assistance during negotiations and help you avoid scams, which is the last thing you’d want when trying to sell your home. 2022-09-27T14:47:00-07:002022-09-27T14:49:26-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:7995Buyers, Beware of Making These Mistakes During The Home Inspection
After what could be months of browsing online, numerous home showings, and countless updates from your real estate agent about new listings, you're ecstatic to have finally found the home you want to buy. You put down an offer, and the seller has accepted. All the hard work is done, right? Not so fast! Before you make a significant financial commitment, it’s best to know exactly what you’re buying. And the last thing you’d want is to fall in love with a beautiful home that actually has major problems lurking beneath the surface.
This, is when the <a href="https://www.themadronagroup.com/home-inspection-response/" target="_blank">home inspection</a> should take place. Home inspections are among the most crucial aspects of the real estate process. The report can give you an in-depth examination of the property’s structures and systems, including the roof, electrical, plumbing, foundation, etc.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283713064-QK8NFRR1D9SA3C7ODSUK/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283713064-QK8NFRR1D9SA3C7ODSUK/unknown.jpg" data-image-dimensions="1000x940" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d8040352527b7d0facf" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283713064-QK8NFRR1D9SA3C7ODSUK/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
Since the results of the inspection can make or break a sale, it's extremely important to pay attention to this process, no matter how confusing and nerve-wracking it can be. We’re here to give you insight on some of the most common mistakes many buyers make when it comes to inspections and the best ways you can avoid them.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283756595-UXWJCKCIRFAL073WPIE9/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283756595-UXWJCKCIRFAL073WPIE9/unknown.jpg" data-image-dimensions="1000x387" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052daca5b1b73451ba5d32" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283756595-UXWJCKCIRFAL073WPIE9/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
Some home buyers are tempted to waive an inspection so they can get an edge on the competition, especially if they're in a hot sellers’ market where there are far more buyers than listings and homes are getting multiple offers. But no matter how flawless a home looks, it could secretly have a laundry list of issues that could go unnoticed by an untrained eye. The same goes even with a new construction home.
A home inspection is critical because it tells you the condition of the home and its issues. It can uncover potentially hazardous items on the property that can compromise your family’s health and safety. The last thing you’d want is to buy your dream home, only to deal with costly problems down the road, such as termites and other pests, structural issues, or even mold. When these major defects are noted in the inspection report, you’ll have the opportunity to walk away from a potential nightmare. And even if the home doesn’t have any major defects, you can still use the inspection report to negotiate repairs on any items or concerns listed.
Likewise, don’t skimp on additional inspections that might be needed for your specific property, including mold, radon, lead testing, sewer, or septic system inspection, among others.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283749767-DFAOIWVZXS2OR8FMLOJ3/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283749767-DFAOIWVZXS2OR8FMLOJ3/unknown.jpg" data-image-dimensions="1000x386" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052da571f8a317db863605" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283749767-DFAOIWVZXS2OR8FMLOJ3/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
Since buying a home is a huge financial burden, who wouldn't want to save money in one way or another? However, looking to save some dollars on a home inspection isn’t a bright idea. Not all inspectors offer the same level of service. Those who advertise very low prices could signal that they’re new and inexperienced or they are not utilizing the latest equipment on the job.
Of course, we’re not saying you should never opt for an affordable inspection. We recommend before hiring to do a little research. Aside from your experienced real estate agent, a trusted home inspector should be part of your team that will help you achieve your dream home. Read online reviews or ask for recommendations from friends, family members, and your agent. Then contact at least two or three inspectors so you can compare their fees, levels of experience, and service.
Ask potential home inspectors about their backgrounds, years of experience, and number completed. Verify their certifications and credentials, and make sure they carry the proper insurance. Moreover, find out what is and isn’t covered in the inspection and if they utilize the latest technology. You can also ask for a sample report so that you have an idea of the kind of home inspection report so you can compare the style and level of detail provided. Hire someone who is not only trustworthy and competent but whom you can be comfortable with when you ask numerous questions about your potential home.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283744023-MIM29N14S22NH909X418/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283744023-MIM29N14S22NH909X418/unknown.jpg" data-image-dimensions="1000x388" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d9fe1eb6d2a87810346" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283744023-MIM29N14S22NH909X418/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
While attending the home inspection isn't actually required, don’t be tempted to skip it and just read the report later. Even a detailed report with pictures is not the same as being present. So make every effort to be on-site during the inspection as this is a golden opportunity for you to learn more about the property, such as taking a closer look at the home’s systems and appliances and even find out where everything is located.
If you can’t be there during the entire inspection, at least be there towards the end so the inspector can sit with you to explain things and answer your questions. If you absolutely can’t make it, ask if you can schedule a time to meet in person or speak by phone to go over the report in detail.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283738214-00NHYX5Q4G6VCUEXXRS1/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283738214-00NHYX5Q4G6VCUEXXRS1/unknown.jpg" data-image-dimensions="1000x387" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d9997d653702ededaae" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283738214-00NHYX5Q4G6VCUEXXRS1/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
On the other hand, it's possible to be “too present” or “too involved.” Remember that if you tag along with your inspector, shadow them around the home and listen to what they discover. Do not get in their way by avoiding spending too much time chatting over cosmetic issues, as they might get distracted when looking at important areas of the home. Lastly, don’t try to do the inspector’s job in an effort to help, or do anything that might jeopardize your or the inspector’s safety.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283733655-8O2AJGYD7JYV0BPN0WI5/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283733655-8O2AJGYD7JYV0BPN0WI5/unknown.jpg" data-image-dimensions="1000x387" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d95bafba80d4d661781" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283733655-8O2AJGYD7JYV0BPN0WI5/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
Believe it or not, no home is perfect. There's not a property that comes with zero issues, even a new construction home. Since the home inspection report is very detailed, it uncovers a large number of flaws, both minor and major. Don’t be alarmed by these deficiencies, when in fact, flaws in a home are to be expected. The last thing you’d want is to be that buyer who demands that the seller fix even the smallest issue to make the home perfect. This could result in the seller rejecting your offer.
Once you’ve received the inspection report, the most critical thing to do is understand which problems require minor fixes and which will require extensive and expensive repairs. Try to focus on these major issues to make your potential home more livable and worth the investment. Your real estate agent can help you decide if and how to approach the sellers about making repairs or reducing the price of the property, but don’t expect the sellers to address every minor item on the list.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283728014-I92JQ779DWUVE0LIJFBH/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283728014-I92JQ779DWUVE0LIJFBH/unknown.jpg" data-image-dimensions="1000x387" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d8f439f502ae49b5bd1" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283728014-I92JQ779DWUVE0LIJFBH/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
The reason you hired the inspector is for their professional expertise, so don't be shy about tapping into it. Don’t be embarrassed to ask questions when there’s something in the inspection report that you don’t understand, and to understand the scale of each issue discovered, as it can help you plan out repairs in the future. Avoiding asking questions can make you uninformed about major issues that could greatly impact your home purchase.
Just remember: don’t bother asking for advice from your home inspector whether or not you should buy the property, because they won’t be able to answer that question for you. Instead, use the information provided in the report to make an informed decision. Besides, that’s where your experienced real estate agent should be able to help you with your biggest purchase.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283719929-58AGRTHEJP421TQ8MRID/unknown.jpg" data-image="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283719929-58AGRTHEJP421TQ8MRID/unknown.jpg" data-image-dimensions="1000x388" data-image-focal-point="0.5,0.5" alt="Real estate photo" data-load="false" data-image-id="63052d871200046cebbeb4fe" data-type="image" data-image-resolution="1000w" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1661283719929-58AGRTHEJP421TQ8MRID/unknown.jpg?format=1000w" data-uw-rm-ima="gn" />
Apart from requesting receipts to prove that repairs have been completed, take it further and have the negotiated repairs re-evaluated by your home inspector or another qualified professional. You want to make sure that the seller did the job correctly and not just a quick fix. Even if there's additional cost, following up with a reinspection will give you peace of mind to avoid paying to redo those repairs later.
2022-08-23T17:35:00-07:002022-08-23T17:37:32-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:7707Finding The One: 4 Ways House-Hunting is Like Dating
It’s love at first sight. The one that made your heart skip a beat. Maybe it was the charmer, the one needing a little bit of work, or even the one that got away.
No, we are not talking about a love match. We are talking about the house hunting journey. <a href="https://search.themadronagrouprealty.com/search/map?s%5Blocations%5D%5B0%5D%5Bcounty%5D=Snohomish&s%5Blocations%5D%5B0%5D%5Bstate%5D=WA&s%5Bpage%5D=1" target="_blank" data-type="URL" data-id="https://search.themadronagrouprealty.com/search/map?s%5Blocations%5D%5B0%5D%5Bcounty%5D=Snohomish&s%5Blocations%5D%5B0%5D%5Bstate%5D=WA&s%5Bpage%5D=1" rel="noreferrer noopener">Finding your perfect dream home</a> is similar to the elusive search for “The One”.
The more you think about it, the more you’ll see the similarities between finding the right person and the right property. Both take time, patience, effort, and even a few heartbreaks before you can settle down with your special one.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652903998990-VYAV0Z08JDTSM0M8N9LX/unknown.jpg?format=1000w" alt="Real estate photo" title="No, we are not talking about a love match. We are talking about the house hunting journey. Finding your perfect dream home is similar to the elusive search for "The One"." />
Here are a few of the similarities we’ve picked up on, together with some tips to help you find your most eligible candidate!
1. WHAT YOU SEE ONLINE ISN’T ALWAYS WHAT YOU GET.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652904021697-LU8N7N4EZEU4718ZFH51/unknown.jpg?format=300w" alt="Real estate photo" title="No, we are not talking about a love match. We are talking about the house hunting journey. Finding your perfect dream home is similar to the elusive search for "The One"." />
Whether it’s a home or a person, you can only tell so much from looking at photos. Listing photos are like online dating profiles—sometimes what you see isn’t always what you get.
There may be houses that look the best in photographs but may be disappointing in person. Whereas those with terrible pictures turn out to have incredible character and bones. The key is to keep an open mind and consider the potential in those with cosmetic flaws falling just a little short of perfection.
Likewise, carefully check the <a href="https://www.jasonfox.me/how-to-write-an-effective-property-listing-description/" target="_blank" data-type="URL" data-id="https://www.jasonfox.me/how-to-write-an-effective-property-listing-description/" rel="noreferrer noopener">listing descriptions</a>. They could offer hints and tips about the property that you might not be able to glean from the photos.
2. YOU’VE GOT TO DO YOUR BACKGROUND RESEARCH.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652904015436-RCY4ZO2BJBFC68X6PT3E/unknown.jpg?format=300w" alt="Real estate photo" title="No, we are not talking about a love match. We are talking about the house hunting journey. Finding your perfect dream home is similar to the elusive search for "The One"." />
Whether it’s a person or a property, you need to do some hardcore background checks once you’ve found a potential match. Don’t be deceived by their appearance alone.
Especially before buying a house, there are several ways you can do your homework. <a href="https://www.themadronagroup.com/seattle-snohomish-county-neighborhoods-and-neighboring-cities/" data-type="page" data-id="1316">Explore the neighborhood</a> at different times and days of the week. Visit <a href="https://www.themadronagroup.com/best-restaurants-in-edmonds-washington/" data-type="post" data-id="5130">nearby restaurants</a> and shops, talk to potential neighbors, and learn about the quality of schools. It is advisable to check the latest crime rates, and look up the history of the house.
If something feels off, talk with <a href="https://www.themadronagroup.com/roster/" data-type="page" data-id="7915">your realtor</a>: they will be your guide to guarantee you won’t be investing in the wrong property.
3. YOU KNOW WHAT YOU WANT, BUT BE PREPARED TO MAKE A COMPROMISE.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652904010548-ZONU78BPU4VVODCZO8F0/unknown.jpg?format=300w" alt="Real estate photo" title="No, we are not talking about a love match. We are talking about the house hunting journey. Finding your perfect dream home is similar to the elusive search for "The One"." />
When it comes to finding the one, you need to remember that no house or partner is perfect. You won’t find your 100 percent match. This is why it’s important to know and understand what you really need versus what you want.
You might be following a set of standards when you’re just starting to date—tall, dark, handsome, paired with a good sense of humor, etc. Dating someone for their looks alone might be fun at first, but without substance, the relationship won’t last.
The same is true when you’re looking for your next home. You might’ve fallen in love with a house because of its beautiful and spacious porch or a huge backyard, but it doesn’t have an extra bedroom or lacks the storage space you need for your family. If it doesn’t fit your needs, however beautiful it may be, you could end up regretting it later on.
This is why you must prepare your list of priorities even before <a href="https://www.themadronagroup.com/10-steps-buying-home-realtor-infogrpahic/" data-type="post" data-id="2092">buying a home</a>.
When a listing or property is at least 85 percent a match for your must-have list, you might need to compromise with the remaining 15 percent.
4. YOU CAN’T RUSH SUCH A BIG DECISION.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652904005263-GPHT67G02YRAQ287FUNY/unknown.jpg?format=300w" alt="Real estate photo" title="No, we are not talking about a love match. We are talking about the house hunting journey. Finding your perfect dream home is similar to the elusive search for "The One"." />
Like relationships, buying a house is a huge commitment. Unless your house hunt requires urgency, you shouldn’t rush such a huge life decision. The reality is that it’s most likely going to take time and effort to find “The One.”
For starters, <a href="https://search.themadronagroup.com/idx/results/Your-Requested-Puget-Sound-Listings?idxID=b045&pt=1&a_propStatus[]=Active&county[]=406&ccz=county&srt=newest" data-type="URL" data-id="https://search.themadronagroup.com/idx/results/Your-Requested-Puget-Sound-Listings?idxID=b045&pt=1&a_propStatus[]=Active&county[]=406&ccz=county&srt=newest">viewing properties</a> is very time-consuming, so patience will be your best ally.
In the <a href="https://www.themadronagroup.com/snohomish-county-real-estate-market-analysis/" data-type="post" data-id="2493">Snohomish County Market</a> and the <a href="https://www.themadronagroup.com/king-county-real-estate-market-analysis/" data-type="post" data-id="2530">Seattle Market</a>, homes are getting snatched up even before the listings are updated online. You might be able to send a purchase offer, but there is lots of competition among buyers sparking bidding wars.
This is why it is important to prepare yourself and not get invested too quickly, as it could lead to several house-hunting heartbreaks. There might not be as many fish in the sea because of the current low inventory, but trust the process.
If you’re strategic with your house hunt with the help of an <a href="https://www.themadronagroup.com/testimonials/" data-type="page" data-id="474">experienced real estate agent</a>, you’ll be able to find the right home at the right time.
2022-06-15T08:45:00-07:002022-06-15T08:47:36-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:7406Here's How to Deal with Things Sellers Leave Behind in Your New HomeOnce you’ve <a href="https://www.themadronagroup.com/what-homebuyers-should-expect-during-closing/" data-type="post" data-id="5704">closed the deal</a> and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind.
Unless the items have been part of the home purchasing negotiations, the general rule is that sellers are expected to take all of their belongings with them when they move out. But while it isn’t uncommon for previous homeowners to have forgotten a few items behind when they move, some leave with a house full of junk, which can be a nightmare to deal with.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137633429-6H70QXBYDQEVJ0CPLEF4/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137633429-6H70QXBYDQEVJ0CPLEF4/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
Staring at the sellers’ abandoned clutter surely isn’t what you thought you should be doing on your first night at your new place. You probably already have plenty of questions in mind:
Are you allowed to get rid of those piles of junk?
What could you have done to avoid getting this mess in the first place?
Dealing with this issue certainly isn’t enjoyable. However, there are steps you can take and even options to choose from when you find yourself in such a situation.
HERE IS HOW TO AVOID IT:
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137667299-P5WHUU1WYO6XNCZ6Y9RG/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137667299-P5WHUU1WYO6XNCZ6Y9RG/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
The best way to handle the problem of what if a seller leaves things behind? Think ahead and prevent it from happening in the first place.
Unfortunately, there’s not a standard provision in the purchase agreement that deals with the scenario where sellers leave items in the house after closing.
This is addressed in Form 22D in the NWMLS line 3 and 4.
3: Seller Cleaning. Seller shall clean the interiors of any structures and remove all trash, debris and rubbish from the property prior to buyer taking possession.
4: Personal Property. Unless otherwise agreed, seller shall remove all personal property from the property not later than the possession date. Any personal property remaining on the property thereafter shall become the property of the buyer, and may be retained or disposed of as buyer determines.
You could even allocate an agreed upon amount of money that will be deducted from the sale to cover the cost of removing all the abandoned items. You may also consider a penalty provision under which the seller could owe you monetary damages if all their belongings are not removed in time.
However, you have to anticipate that you may need to delay the closing or moving date, and/or file a small claims case for breach of contract if this occurs (which will be discussed further).
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137657863-3NYQ99YTM92TD842AADN/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137657863-3NYQ99YTM92TD842AADN/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
By completing a thorough walkthrough with your agent before becoming the new owner, you can ensure that the house is empty and move-in ready. Apart from checking that everything is in working order, you can also check to make sure that the sellers have removed all of their personal belongings.
Open all kitchen cabinets and drawers; even the bathroom vanity, closets, and all other storage spaces. It’s even recommended to take photos of anything that’s not supposed to be there, so your agent can present them at closing.
More often than not, the sellers are just as anxious as you are so they may have forgotten the items they were storing. A final walkthrough is your chance to make sure that the seller has upheld their part of the agreement. If not, there’s still time to let them know that the house needs to be completely cleared out before the moving date.
WHAT TO DO IF THE PREVIOUS HOMEOWNERS LEFT THEIR BELONGINGS:
If you’re already faced with the issue of having your house full of the previous owner’s junk, there are still a few ways you can handle the problem.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137652356-YSEWHNZVYOWG50BB2VU1/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137652356-YSEWHNZVYOWG50BB2VU1/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
As the official owner of the home, the abandoned items are now yours to deal with as you wish. There’s no need for you to contact the seller if you decide to throw them away. But if you want to resolve the issue amicably with the seller, you could reach out and let them know that their items are still on the property.
Sellers who may have accidentally left their items, particularly those high-value ones, might agree to pick up their belongings. However, be wary of vague promises or “I’ll get those next week” arrangements, especially from owners who intentionally left their debris.
If they didn’t show up after waiting for them to follow through, it’s a good idea to take photos of the items, get an estimate for the removal, and send them to the seller to pay.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137648029-8RTNPQZ4HA397FNMZJ1M/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137648029-8RTNPQZ4HA397FNMZJ1M/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
If you have issues with the previous owners not picking their belongings up or refusing to pay to have their things removed, you may now go the legal route. Consult with your attorney about state- and town-specific guidance regarding such issues. You may seek reimbursement for the cost of the junk at a small claims court based on a breach of contract.
Remember that these cases can take months and that there are no guarantees.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137642105-C9UYMI5Z3LZSWTUS87TY/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137642105-C9UYMI5Z3LZSWTUS87TY/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
Packing and moving your belongings is already stressful enough. It’s completely understandable if you don’t want to sort through someone else’s possessions and would prefer to have everything hauled away.
But if you’re motivated to make the most of what the previous owner left behind, you could keep or <a href="https://satruck.org/DropOff" target="_blank" data-type="URL" data-id="https://satruck.org/DropOff" rel="noreferrer noopener">donate the useful items</a>. Since buying and moving included some expensive upfront costs, maybe you could benefit from the free yet still functional furniture, home decor, or even kitchenware.
You could also donate items like old clothing to local charity shops or organizations. Whether you choose to donate, sell, discard, or keep these items— it’s already up to you.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137637731-SA33Q6V74BHWDYDYNZA1/unknown.jpg?format=1000w" alt="Real estate photo" title="Once you've closed the deal and got the keys to your new home, the next exciting part is bringing your belongings with you so you can finally settle in. But rather than finding your new place in a spic and span state and enjoying the fresh start, your left wondering what to do if the seller leaves things behind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1652137637731-SA33Q6V74BHWDYDYNZA1/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
Unfortunately, if the previous homeowners only left things that are practically worthless, irreparably damaged, or broken, you might not find anything worth keeping or donating. Your best choice is to hire a junk removal company specializing in hauling away trash, furniture, and other unwanted clutter. By getting rid of the unwanted things, you finally free up space in your new home so that you can start unpacking and settling in.
ORIGINALLY PUBLISHED ON: <a href="https://www.themadronagroup.com/what-if-the-seller-leaves-things-behind/" target="_blank">https://www.themadronagroup.com/what-if-the-seller-leaves-things-behind/</a>2022-05-17T15:59:00-07:002022-05-17T16:02:38-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:7319Expert Questions to Ask When House-Hunting with Pets in MindJust how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind.
A 2021 <a href="https://www.homes.com/blog/2021/07/do-pets-dominate-homeownership-and-housekeeping-decisions/" target="_blank" rel="noopener">homes.com survey</a> of 1,600 homeowners who are also pet owners showed that 68 percent of respondents who weren’t already living in a pet-friendly home said they have moved for the sole purpose of accommodating their pets.
Another <a href="https://www.rover.com/blog/emerging-dog-friendly-cities/" target="_blank" rel="noopener">joint survey</a> from Rover and Zillow found that 62 percent of pet parents consider moving to a new home to accommodate their dog. Likewise, listings that mentioned dog-friendly features such as fenced backyards, dog runs, and dog houses sold faster.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645223154-4BJRIFMQVR8ZG86ELJA0/unknown.jpg?format=1000w" alt="house hunting with a pet" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645223154-4BJRIFMQVR8ZG86ELJA0/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
House-hunting is no easy task. And house hunting with a pet and their needs in mind, it might be even more challenging. While there might not be what you can call a ‘perfect’ place, asking these five questions will hopefully get you close to finding the best home for your family and pets.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645249629-ZIL6U9D75C28TBGXRY5L/unknown.jpg?format=500w" alt="Real estate photo" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645249629-ZIL6U9D75C28TBGXRY5L/unknown.jpg?format=500w" data-ll-status="loaded" class="entered lazyloaded" />
1. WHAT ARE THE LOCAL PET LAWS
Every state, county, town, city, and even some neighborhoods, have specific laws and ordinances regarding pets. By reading up about local regulations before committing to a neighborhood and a home, you’ll be aware of important information such as:
Pet type and breed restrictions
Pet licensing and registration
Types of fences or other structures that you can install in your yard
The number of pets allowed per residence
Leash requirements
Vaccinations
Loose dogs
Spay and neuter guidelines
When local authorities can impound or euthanize your pet
If you are looking to move to a condo or community with a homeowners association, pet restrictions may be a bit tighter. Research the local rules beforehand so you won’t be caught off guard by unexpected regulations or expenses when you move in. Don’t forget to consult with your local real estate agent or the HOA to further your knowledge of the rules.
<img alt="Real estate photo" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645245278-LFZZ2CCM34V3EYRLJ08Z/unknown.jpg?format=500w" class="entered lazyloaded" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645245278-LFZZ2CCM34V3EYRLJ08Z/unknown.jpg?format=500w" data-ll-status="loaded" />
2. HOW CLOSE ARE THE PET SUPPLY STORES, VET CLINICS AND ANIMAL HOSPITALS
We treat our pets like family and want only the best for them. So when looking for a new home, you must check for the nearest veterinarian and the proximity of other pet services, including supply stores and animal hospitals. This may depend on how far you’re moving, so don’t be afraid to ask for recommendations from your current veterinarian. It’s especially crucial if you have a young or senior pet prone to emergencies.
Your real estate agent is your tour guide who can point you in the direction of the local hotspots, including pet-friendly cafes or restaurants, and dozens of other services catered to your pet’s needs.
<img alt="Real estate photo" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645241050-RE6DWT41N9NVW56S2NCQ/unknown.jpg?format=500w" class="entered lazyloaded" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645241050-RE6DWT41N9NVW56S2NCQ/unknown.jpg?format=500w" data-ll-status="loaded" />
3. ARE THERE ANY DOG PARKS AND GOOD WALKING ROUTES NEARBY
Speaking of your pet’s welfare, you may want to consider moving to a community with plenty of sidewalks and good walking routes. Even the most obedient dogs or cats can sneak out and wander about, so you may want to steer clear of busy streets and be aware of how heavy the traffic gets in your neighborhood.
Dog parks are another great amenity to search for when house-hunting with your pets in mind, especially if they need more room to play and exercise. It’s also a must not only for your pet but for you as well, so you’ll both be motivated to walk and exercise more often, especially during leisurely weekends.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645235452-1Q17LG4NVUZD2GN91N3H/unknown.jpg?format=500w" alt="Real estate photo" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645235452-1Q17LG4NVUZD2GN91N3H/unknown.jpg?format=500w" data-ll-status="loaded" class="entered lazyloaded" />
4. IS THERE ENOUGH YARD SPACE
After considering the location and making sure your potential neighborhood is pet-friendly, the yard, or lack thereof, is the second thing to look out for in your potential home. Is the backyard big enough for you and your pet? It’s important for dog and cat owners because even if you prefer to keep them indoors, it’s still a good idea to have a yard with room to roam.
A fenced-in yard is your best option to provide safety and security for your pets when they’re enjoying the outdoors. If there is already a fence, inspect it to ensure that it’s still in good condition and that it’s high enough that your dog can’t jump over it.
But if a fence is lacking, you may need to factor that cost into your budget. As long as you’ve done your research on local restrictions, it might be easier for you to consider the size, type, and material of the fence that’s allowed and works for your family’s needs.
<img alt="Real estate photo" title="Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans complete their house hunting with a pet in mind." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645230940-Q2GECXQ4Q5M0FSSCA6NY/unknown.jpg?format=500w" class="entered lazyloaded" src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1645645230940-Q2GECXQ4Q5M0FSSCA6NY/unknown.jpg?format=500w" data-ll-status="loaded" />
5. DOES THE HOME HAVE PET FRIENDLY FEATURES
The inside matters just as much as the outside when finding a new place for you and your pets here are some of the pet-friendly features to consider:
Durable and pet-appropriate flooring
Carpet isn’t the ideal flooring choice as they trap pet hair and can be difficult to keep clean. You may need the appropriate cleaning supplies to remove pet stains and odors, and they tend to wear out quickly. Hardwood floors usually fare better with pets, as they’re easier to clean and restrain. However, you may want to consider large rugs and runners to minimize damage.
While it all boils down to what fits your lifestyle and tastes best, some of the floorings most recommended by experts are vinyl plank and tile. They’re mostly durable, cost-effective, easy to clean, and scratch- and water-resistant, so they can withstand water bowl spills, accidents, or even skidding paws.
Adequate space
Always consider the size and number of your pets when touring homes. Extra space is a huge bonus, especially if you have indoor-only pets that need space to run and play safely. You also want to have a designated space where you can keep their bed, toys, crate, as well as food and water. This ensures they have a space of their own while making it easier to keep your home organized.
Washing station or space for clean-ups
Spaces that can be dedicated to pet cleanup have been gaining popularity. Doggie showers or washing stations located in entryways and mudrooms are just some ideal features that will make it easier for you to clean up your pets after playing outdoors. Other pet-approved upgrades, like doggie doors or built-in feeding stations, are beneficial to have included instead of having to add yourself.
Pet-friendly layout and design
Lastly, keep your pet’s age and breed in mind. Common features like stairs can become a problem when your pet’s mobility decreases as they age, or if they have certain health conditions. If a multi-level home is what you’re looking for, features like ground-level entryways and fenced-in areas may be beneficial to ensure that your pet doesn’t wander without supervision.2022-04-22T11:08:00-07:002022-04-22T11:17:14-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:7291How To Furnish Your New Home For LessYou’ve bought your first home—congratulations! It’s a huge milestone you finally accomplished after what could be years of saving up for the <a href="https://www.themadronagroup.com/is-it-realistic-to-get-a-mortgage-without-a-20-down-payment/" data-type="post" data-id="6098">down payment</a>. However, once you’ve moved into your new home, that’s when it hits you.
Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448760230-ALEQQ4HRLFQYFDSNK5FB/unknown.jpg?format=1000w" alt="furnishing a new home" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448760230-ALEQQ4HRLFQYFDSNK5FB/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
You’ve factored in other costs with <a href="https://www.themadronagroup.com/here-are-the-6-reasons-you-should-buy-a-home-this-year/" data-type="post" data-id="5755">owning a home</a>, including maintenance costs and even property taxes but how about your furnishing needs?
The last thing you’d want is to blow your entire budget and incur debts just to save your rooms from being lonely and bare.
If that’s a scenario you’d want to avoid, we’ve compiled some of the best tips to help you furnish your home without draining your bank account. By combining these thrifty ways with a little creativity and a whole lot of patience, you can furnish and decorate your home and make it uniquely yours.
TAKE INVENTORY AND REPURPOSE WHAT YOU ALREADY HAVE
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448800995-959HL08VSTN63HUXOHU8/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448800995-959HL08VSTN63HUXOHU8/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
As much as we would like to furnish our new home with fresh furniture and pieces to achieve similar looks from our Pinterest boards or Instagram feeds, for most of us, that might be unrealistic.
So before you buy anything, take inventory of everything you already own. Take a hard look at your existing furniture and decor and see if any can be refashioned or reused.
Likely, many of the items you already own are already nice pieces that will work in your new home. Or some of them just need a little bit of sprucing for them to match your new space.
Sit down and evaluate each item, and then make a “to keep” list, excluding items that are beyond repair or that you can’t stand the sight of any longer. Keep an open mind and decide where each item will be placed.
Just remember the most important thing: while you don’t have to use these pieces forever, it can be a great way to fill in spaces in your new home until you can afford to upgrade.
VISIT THRIFT SHOPS AND CONSIGNMENT STORES
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448796833-2K1L1TMJWQWEJKM0P63J/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448796833-2K1L1TMJWQWEJKM0P63J/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
Before buying anything new from pricey, high-end stores for furnishing a new home you may want to visit your local thrift stores and consignment shops.
They often sell high-quality items for lower prices, and there’s a huge chance you’ll find some great deals if you look hard enough.
The stigma of secondhand shopping is rapidly declining due to the popularity of sites like Facebook Marketplace, and online auction and swap sites like eBay, Etsy, Craigslist, and LetGo.
While some pieces may need to be refinished and may take a little elbow grease, they may end up being your favorite items because of their distinct character that can’t be associated with items from big furniture stores.
If you have concerns about the germs, stains, and even possible infestations from used items, it’s valid, especially during the time of Covid-19. That being said, there are items you definitely shouldn’t buy used.
Otherwise, second-hand items aren’t any more “germy” than brand new products. Just keep in mind to appraise these items thoroughly before taking them home. Check their material, durability, and whether they are fairly clean and free from bugs or insects.
And once you’ve guaranteed they’re still in decent shape, you’ll have a treasure you’ve saved from going into landfills.
OR SEARCH FOR YARD AND ESTATE SALES IN YOUR AREA
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448792305-0F0QKNHHYFLR64XLZJCR/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448792305-0F0QKNHHYFLR64XLZJCR/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
Aside from thrift stores, local yard sales, flea markets, and even estate sales are also a gold mine for affordable furnishings and other household items.
You can find great items from people holding a yard sale, such as curtains and blinds, wooden furniture like cupboards, coffee tables, or bookcases, and other home decor items.
As a rule, steer clear of items like electronics and appliances in garage sales. If something goes wrong with the TV or an old gaming console you bought, you won’t have any guarantee on the merchandise, unlike if you purchase them from reputable retailers.
WATCH OUT FOR SEASONAL SALES
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448786730-1HAAJFHFU9L1YWCO4Z6U/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448786730-1HAAJFHFU9L1YWCO4Z6U/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
Furniture is a huge purchase, but it isn’t impossible to catch a sale in one of your local stores or discount warehouses.
Look at multiple stores and keep an eye out for deals, especially after the holidays and whenever the seasons change.
For example, you might want to shop mid-winter (January and February) or the end of summer (August and September), as retailers will be discounting their old stock during these months to make room for new styles.
If you’re looking to find bargain outdoor furniture, fall can also be a great time to shop. People seldom shop for a patio set at the end of that season.
Likewise, you could also wait until holidays such as Memorial Day, the <a href="https://www.themadronagroup.com/edmonds-4th-july-celebration/" data-type="post" data-id="3034">4th of July</a>, or Labor Day, when there are usually great sales on furniture for furnishing a new home. Just be patient and remember that if what you’re looking for isn’t on sale now, it might be in a few months.
LOOK FOR FREEBIES
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448780194-94K7GK3U93D7H5L8EIG8/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448780194-94K7GK3U93D7H5L8EIG8/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
If you are trying to furnish your new home on a shoestring budget, it won’t hurt to use social media to look for freebies.
Depending on where you live, there might be people in <a href="https://www.themadronagroup.com/seattle-snohomish-county-neighborhoods-and-neighboring-cities/" data-type="page" data-id="1316">your community</a> or near your area that are looking to buy, sell, or give away items for free, especially on Facebook groups.
You’ll be surprised how much free stuff is on <a href="https://offerup.com/" target="_blank" data-type="URL" data-id="https://offerup.com/" rel="noreferrer noopener">Offer Up</a>, mostly furniture and other items that are still in good condition. You can even score name-brand stuff if you get lucky, and all you have to do is to pick it up and move it yourself.
GET CREATIVE WITH PAINT
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448775775-TVCNYOYHPKT1IFN8EC9O/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448775775-TVCNYOYHPKT1IFN8EC9O/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
Don’t be dissuaded if an item you like is a little worn or is the wrong color. You can give new life to these pieces, like a hand-me-down dresser or a side table, by using a <a href="https://www.sherwin-williams.com/color-of-the-year-2022?gclid=Cj0KCQjwjN-SBhCkARIsACsrBz4vZXOvT_S5xoFH5kQf6MhuUNIlxHEN2fcBlqqNImw41cU3Y_76a6MaAlzYEALw_wcB" target="_blank" data-type="URL" data-id="https://www.sherwin-williams.com/color-of-the-year-2022?gclid=Cj0KCQjwjN-SBhCkARIsACsrBz4vZXOvT_S5xoFH5kQf6MhuUNIlxHEN2fcBlqqNImw41cU3Y_76a6MaAlzYEALw_wcB" rel="noreferrer noopener">fresh coat of paint</a>.
There are plenty of websites with DIY tutorials where you could pick up unlimited ideas on how to turn drab but well-loved items into conversation pieces. Feel free to explore and experiment with colors that you love, and how you can incorporate them into your furniture or home decor.
REMEMBER TO SPLURGE ON CERTAIN ITEMS
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448771421-O2R85Y0GQXDHA7SM001O/unknown.jpg?format=300w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448771421-O2R85Y0GQXDHA7SM001O/unknown.jpg?format=300w" data-ll-status="loaded" class="entered lazyloaded" style="margin-right: 20px; float: left;" />
While you’re dedicated to spending less to complete your new home’s look, there are a few new purchases for which you should budget. Don’t skimp on items that you need to guarantee their quality and cleanliness.
For instance, if you’ve scored a sturdy and brand-new-looking bed frame from a garage sale. Splurge on a <a href="https://www.themadronagroup.com/meadowdale-high-school-mattress-sale/" data-type="post" data-id="10678">new mattress</a>, along with new beddings, linens, pillows, and pillowcases.
Don’t forget to also spend on a new sofa or any upholstered furniture, bath towels, knives, and non-stick cookware, among other things. The key is to know when it’s worth shelling out more bucks, especially if there are potential safety and health risks involved.
<img src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448767070-J0OBAFP6YYOETQK90F0W/unknown.jpg?format=1000w" alt="Real estate photo" title="Your house now requires far more furniture than the tiny apartment you rented. And furniture is expensive when furnishing a new home." data-lazy-src="https://images.squarespace-cdn.com/content/v1/611ecc95084d287e808b27be/1649448767070-J0OBAFP6YYOETQK90F0W/unknown.jpg?format=1000w" data-ll-status="loaded" class="entered lazyloaded" />
Everybody wants a nice and cozy home, and achieving that is probably every buyer’s goal once they get their keys. But remember that furnishing a new home is a work in progress — it won’t be completed overnight.
You have to be patient in accumulating the pieces you want, especially if you still need to save money. You may have to start with the essentials first, perhaps a bed frame and mattress.
Bringing your space to life is not a competition or a marathon. You can live there and entertain guests even if it isn’t fully furnished.
Embracing the process won’t only help you avoid making purchases that are way past your budget, but you’ll end up with a home that’s thoughtfully decorated. It will be filled with furnishings you really love and which speak highly of your taste, style, and work for you and your family best.2022-04-14T11:01:00-07:002022-04-14T11:05:02-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:6478Thinking About Moving to Seattle Tour These NeighborhoodsIf you’re moving to Seattle soon, you may be trying to figure out which neighborhood you want to call home. After all, there are more than 367,000 homes in the city alone. How do you decide on the best place to begin this exciting new chapter of your life?
Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home.
If you are not familiar with the locations of Seattle Neighborhoods we have created an interactive <a href="https://www.themadronagroup.com/seattle-neighborhood-map-with-boundaries-and-local-information/" data-type="post" data-id="6800">Google Map with 78 Seattle Neighborhoods</a>.
<a href="https://www.themadronagroup.com/fremont-real-estate/">FREMONT</a>
MEDIAN SALE PRICE: $850,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/10/Fremont-Real-Estate-Icon.jpeg" class="wp-image-7894 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="Best Neighborhoods in Seattle to Live In" height="219" width="219" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/10/Fremont-Real-Estate-Icon.jpeg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Fremont-Real-Estate-Icon-75x75.jpeg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Fremont-Real-Estate-Icon-100x100.jpeg 100w" sizes="(max-width: 219px) 100vw, 219px" />
If you want to live somewhere with an inclusive, artsy vibe, Fremont is the Seattle neighborhood for you.
This neighborhood is situated just north of the city center and is one of Seattle’s most artistic districts. You’ll find sculptures scattered throughout the area, and you can rub shoulders with fellow artists at any of Fremont’s cafes and hangout spots.
On Sundays, you can find art and antiques on display at the Fremont Market. The Burke-Gilman Trail offers outdoorsy sorts an opportunity to explore the beauty Seattle has to offer. And there’s certainly no shortage of job opportunities with the headquarters of Google, Getty Images, and Adobe Systems all located in Fremont.
<a href="https://www.themadronagroup.com/capitol-hill-real-estate/" data-type="URL" data-id="https://www.themadronagroup.com/capitol-hill-real-estate/">CAPITOL HILL</a>
MEDIAN SALE PRICE: $794,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2021/12/Capitol-Hill-scaled-e1639429963521.jpeg" class="wp-image-10897 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="Capitol Hill" height="300" width="298" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/12/Capitol-Hill-scaled-e1639429963521.jpeg" />
Capitol Hill is another of Seattle’s most inclusive neighborhoods, and you’ll find that this district blends the best of the old and the new. Older buildings provide a history and charm that beautifully balances their more modern neighbors.
Capitol Hill is also considered to be the center of <a href="https://www.gaycity.org/" rel="nofollow noopener" target="_blank">LGBT+ culture</a> in Seattle and has lots of gay bars and nightclubs for this community.
Capitol Hill is just northeast of downtown Seattle, making it an incredibly convenient location for professionals working in the city. Many college students also call it home thanks to its proximity to the University of Washington.
There are lots of music venues, restaurants, and cafes for you to explore as you settle into this neighborhood.
<a href="https://www.themadronagroup.com/belltown-real-estate/" data-type="URL" data-id="https://www.themadronagroup.com/belltown-real-estate/">BELLTOWN</a>
MEDIAN SALE PRICE: $728,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2021/12/Belltown-scaled-e1639430135914.jpeg" class="wp-image-10898 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="belltown seattle" height="218" width="218" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/12/Belltown-scaled-e1639430135914.jpeg" />
Belltown is a newer area of town that offers a fresh, modern spin on Seattle for those who are always looking towards the future.
Unlike some of the areas around downtown, Belltown wasn’t developed as a residential area until the 1970s. This neighborhood features a lot of glamorous high-rise condos, upscale restaurants, and fashion-forward shopping centers.
If you want to explore some of Seattle’s natural beauty, there are few better places to do so than in Belltown. The neighborhood offers amazing access to the Puget Sound and has amazing beach access for those sunny summer days. You can also explore the Olympic Sculpture Park to enjoy art and nature all in one trip.
<a href="https://www.themadronagroup.com/pioneer-square-real-estate/">PIONEER SQUARE</a>
MEDIAN SALE PRICE: $578,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2021/12/Pioneer-Square-scaled-e1639430260629.jpeg" class="wp-image-10899 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="pioneer square" height="299" width="299" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/12/Pioneer-Square-scaled-e1639430260629.jpeg" />
Pioneer Square is a gorgeous slice of history nestled in the heart of Seattle’s city center. This district is one of Seattle’s oldest neighborhoods, founded by some of the first white settlers in the area.
A few years ago, a revitalization project made this one of the most desirable neighborhoods in the city.
You won’t have to look far for entertainment in Pioneer Square – just walk around the neighborhood and take in the gorgeous Romanesque Revival architecture.
You can also enjoy an afternoon at the Waterfall Garden Park or grab lunch in one of the district’s many bistros. And on the first Thursday of each month, Pioneer Square hosts an art walk that has been going on for more than three decades.
<a href="https://www.themadronagroup.com/ballard-real-estate/" data-type="page" data-id="7310">BALLARD</a>
MEDIAN SALE PRICE: $835,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/09/Ballard-Community.jpeg" class="wp-image-7684 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="ballard real estate" height="218" width="218" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/09/Ballard-Community.jpeg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/09/Ballard-Community-75x75.jpeg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/09/Ballard-Community-100x100.jpeg 100w" sizes="(max-width: 218px) 100vw, 218px" />
Ballard has its roots in working-class fishermen and has grown into a cozy neighborhood with a great boho vibe. The craft brewing scene in Seattle has found its home in Ballard, with <a href="http://www.visitballard.com/ballardbrewed/#:~:text=You%20are%20on%20your%20way,a%20stamp%20at%20every%20location." rel="nofollow noopener" target="_blank">eleven different breweries</a> calling the district home. There are also tons of amazing eateries, bars, and cafes for you to explore.
As a former fishing community, Ballard has some of the best natural attractions in Seattle. You can see the salmon that Scandanavian fishermen used to make their living off of migrating through the Ballard Locks. And Ballard offers amazing waterfront views that you’ll love seeing every day.
Don’t forget to wave when you drive by the <a href="https://johnlscottballard.com/" target="_blank" data-type="URL" data-id="https://johnlscottballard.com" rel="noreferrer noopener">John L Scott Ballard</a> real estate office.
<a href="https://www.themadronagroup.com/downtown-seattle-real-estate/">DOWNTOWN</a>
MEDIAN SALE PRICE: $729,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/11/Seattle-real-estate-icon.jpeg" class="wp-image-7975 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="seattle real estate icon" height="220" width="220" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/11/Seattle-real-estate-icon.jpeg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/11/Seattle-real-estate-icon-75x75.jpeg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/11/Seattle-real-estate-icon-100x100.jpeg 100w" sizes="(max-width: 220px) 100vw, 220px" />
Of course, no <a href="https://www.themadronagroup.com/seattle-neighborhood-map-with-boundaries-and-local-information/">list of Seattle neighborhoods</a> would be complete without including Downtown. If you want to be right in the beating heart of Seattle, this is the neighborhood for you. Active, vibrant, and modern, downtown offers all the excitement of the big city with easy access to the natural beauty of the area.
Several of the neighborhoods we’ve mentioned fall under the umbrella of Downtown, including Belltown and Pioneer Square. Denny Triangle and Little Saigon are also popular neighborhoods within Downtown.
Living in this area, you’ll have easy access to museums, concert halls, shopping, nightlife, and much, much more.
<a href="https://www.themadronagroup.com/queen-anne-real-estate/" data-type="page" data-id="8044">QUEEN ANNE</a>
MEDIAN SALE PRICE: $758,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/11/Queen-Anne-real-estate-icon.jpeg" class="wp-image-7971 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="queen anne real estate icon" height="300" width="300" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/11/Queen-Anne-real-estate-icon.jpeg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/11/Queen-Anne-real-estate-icon-75x75.jpeg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/11/Queen-Anne-real-estate-icon-100x100.jpeg 100w" sizes="(max-width: 300px) 100vw, 300px" />
The Queen Anne neighborhood offers a perfect balance for those who want the amenities of downtown and the historic charm of Pioneer Square.
Some of the buildings in this district are more than a century old or more and are nestled among modern buildings. This neighborhood gives you easy access to the Space Needle and the Seattle Center, especially thanks to the ample public transit in the area.
If you’re looking for a stately Victorian home, you’ll find your place in Upper Queen Anne. Lower Queen Anne features the more modern apartment buildings designed with young professionals in mind.
And throughout the district, you can enjoy the artistic spirit present in so much of the Seattle real estate market.
<a href="https://www.themadronagroup.com/central-district-real-estate/">CENTRAL DISTRICT</a>
MEDIAN SALE PRICE: $730,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2021/12/Central-District-Fire-house-scaled-e1639431251762.jpeg" class="wp-image-10903 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="Central District Seattle" height="283" width="283" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/12/Central-District-Fire-house-scaled-e1639431251762.jpeg" />
Central District, oddly enough, sits on the east side of Seattle and has historically been the center of Black culture in Seattle. Although the neighborhood has changed some in recent years, you can still find dozens of <a href="https://seattlegood.org/support-black-communities/" rel="nofollow noopener" target="_blank">Black-owned restaurants</a>, shops, churches, and more.
There’s also a rich artistic culture in the region, including the Northwest African American Museum and the Langston Hughes Performing Art Institute.
You can find a variety of different apartment styles, ranging from classic older buildings to sleek modern construction. The neighborhood has easy access to public transit, which makes it easy to get around and reduce your carbon footprint. There are tons of local spots, cafes, and more where you can enjoy the unique heritage and culture of this area.
<a href="https://www.themadronagroup.com/greenwood-real-estate/" data-type="page" data-id="8032">GREENWOOD</a>
MEDIAN SALE PRICE: $610,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/10/Greenwood-Real-Estate-Icon.jpg" class="wp-image-7896 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="Greenwood Real Estate icon" height="203" width="203" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/10/Greenwood-Real-Estate-Icon.jpg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Greenwood-Real-Estate-Icon-75x75.jpg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Greenwood-Real-Estate-Icon-100x100.jpg 100w" sizes="(max-width: 203px) 100vw, 203px" />
If you’re trying to find a good spot for you or your family in Seattle, it’s hard to beat the Greenwood neighborhood. This district is laid out on a clean grid pattern and offers quick access to downtown for working people. However, the neighborhood itself is relatively safe and has a lot of community based attractions.
Greenwood is filled with restaurants, boutiques, and theaters that provide a great community atmosphere. Home prices are somewhat lower than in the rest of the city, making it much more affordable for people that may be on a budget. You’ll love the neighborhood’s eclectic vibe and wide variety of attractions including the world famous <a href="https://www.greenwoodcarshow.com/" target="_blank" data-type="URL" data-id="https://www.greenwoodcarshow.com/" rel="noreferrer noopener nofollow">Greenwood Car Show</a>.
<a href="https://www.themadronagroup.com/magnolia-real-estate/" data-type="page" data-id="8040">MAGNOLIA</a>
MEDIAN SALE PRICE: $929,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2020/10/Magnolia-Real-Estate-Icon.jpeg" class="wp-image-7906 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="Magnolia Real Estate Icon" height="237" width="237" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/10/Magnolia-Real-Estate-Icon.jpeg 300w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Magnolia-Real-Estate-Icon-75x75.jpeg 75w, https://www.themadronagroup.com/wp-content/uploads/2020/10/Magnolia-Real-Estate-Icon-100x100.jpeg 100w" sizes="(max-width: 237px) 100vw, 237px" />
Magnolia is a more luxurious area of Seattle that offers incredible access to the natural wonders of the area. In this neighborhood, you’ll find expansive waterfront views, as well as pristine beaches and forests for you to explore.
You can escape deep into the heart of the Pacific Northwest without ever leaving the city limits.
Magnolia is a more expensive district of Seattle, with <a href="https://www.themadronagroup.com/here-are-the-6-reasons-you-should-buy-a-home-this-year/">average housing prices</a> coming in over a $1 million. But the natural beauty and relaxed atmosphere will make that price more than worth it. You can visit the farmer’s market and the Summerfest during the warmer months and explore the region’s gorgeous sights on the free nature walk at Discovery Park.
<a href="https://www.themadronagroup.com/international-district-real-estate/">INTERNATIONAL DISTRICT</a>
MEDIAN SALE PRICE: $730,000
<img src="https://www.themadronagroup.com/wp-content/uploads/2021/12/International-District-scaled-e1639431372525.jpeg" class="wp-image-10904 sp-no-webp" title="Seattle has the perfect spot for everyone, no matter what your interests are. Read on to discover some of the best neighborhoods in Seattle and which one you want to call home." alt="International District" height="244" width="244" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/12/International-District-scaled-e1639431372525.jpeg" />
The International District is fondly known as “ID” by its residents and is the center of Asian American culture in the city. Walking down the sidewalk in this neighborhood, you’ll hear a tapestry of different languages, including Cambodian, Chinese, Japanese, and Vietnamese. You’ll also discover cultural food unlike any you may have had before in the United States.
In the International District, you’ll discover the best cheap food available anywhere in the city. From dim sum and pho to Japanese street food, you’ll be able to eat to your heart’s content on a dime.
You can also enjoy an afternoon at the Panama Hotel Tea and Coffee House or wind your way through a Japanese department store.
FIND THE BEST NEIGHBORHOODS IN SEATTLE
Seattle is an amazing city that offers the best of both modern culture and rugged natural beauty.
The best neighborhoods in Seattle are a blend of the historic and modern, maintaining the city’s thriving artistic culture. No matter whether you want historic charm, modern convenience, artistic inspiration, or the call of the wild, you can find it here.
If you’d like to learn more about the best neighborhoods in Seattle, check out the rest of our site at John L. Scott Real Estate. We’re here to help you discover the best Seattle has to offer. <a href="https://www.themadronagroup.com/contact-us/">Contact us today</a> and start placing your roots in the Pacific Northwest.
THIS ARTICLE ORIGINALLY PUBLISHED ON: <a href="https://www.themadronagroup.com/best-neighborhoods-in-seattle-to-live-in/">https://www.themadronagroup.com/best-neighborhoods-in-seattle-to-live-in/</a>2021-12-13T17:47:00-07:002021-12-13T17:48:38-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:57646 Benefits of Home Ownership
<br /><img loading="lazy" width="1269" height="975" src="https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership.png" alt="6 Benefits of Home Ownership" srcset="https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership.png 1269w, https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership-768x590.png 768w, https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership-1060x814.png 1060w, https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership-100x77.png 100w, https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership-865x665.png 865w, https://www.themadronagroup.com/wp-content/uploads/2019/02/6-Benefits-of-Home-Ownership-1184x910.png 1184w" sizes="(max-width: 1269px) 100vw, 1269px" />
THE BENEFITS OF HOME OWNERSHIP
I was sharing a meal with a Millenial not to long ago and they told me they had saved up enough money to buy a condo. I got excited, I thought he was going to ask me if I could help him purchase his first home.
He went on to to explain that it was between buying a condo or his dream car. No worries, he is going to choose a condo over a car… right?
He then explained that he had just purchased his dream car. The choice was made. The car had already won.
This left me perplexed. Is the American Dream of owning a home, dying?
Millennial buyers 22 to 30 years (Younger Millennials) and buyers 31 to 40 years (Older Millennials) continue to make up the largest share of home buyers at 37 percent
<a href="https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf" data-type="URL" data-id="https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf" rel="noreferrer noopener">NAR Home Buyers and Sellers Generational Report</a>
Good News. According to the NAR report referenced above this is an isolated case and not the norm. But I thought I would share some benefits of home ownership, none the less.
6 REASONS WHY YOU SHOULD BUY A HOME THIS YEAR
1. HAPPINESS
The feeling of owning your own home is unmatched. You can fix it up, make it your own, paint it, get a dog or three, plant a tree or take one down if you want. Doesn’t that sound exciting.
2. APPRECIATION
Home values have a well documented trend of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
<img loading="lazy" width="640" height="480" src="https://nwmls.stats.showingtime.com/infoserv/s-v1/X7WU-6eo?w=640&h=480" alt="X7WU 6eo?w=640&h=480 I was sharing a meal with a Millenial not to long ago and they told me they had saved up enough money to buy a condo. I got excited, I thought he was going to ask me if I could help him purchase his first home." />
3. EQUITY
Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principle balance on your loan. This builds your equity and acts a savings account.
4. TAX SAVINGS
The government rewards home owners by providing excellent tax incentives. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
In 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law, and with it many changes to the types of deductions homeowners can take advantage of.
Homeowners can still benefit from the mortgage interest deduction, although it is now capped and homeowners get to enjoy the exemptions to the capital gains tax when they sell their primary residence.
(be sure to speak to your accountant and/or a 1031 exchange attorney before making any final decisions)
5. ROOTS
People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
6. EDUCATION
Research shows that children of home owners earn higher test scores and graduate at a higher percentage than those of renters.
10 STEPS TO BUYING A HOME WITH A REALTOR
10 STEPS TO BUYING A HOME INFOGRAPHIC
<img loading="lazy" width="800" height="2480" src="https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House.jpg" alt="10 STEPS TO BUYING A HOuse in washington state" srcset="https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House.jpg 800w, https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House-768x2381.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House-495x1536.jpg 495w, https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House-661x2048.jpg 661w, https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House-100x310.jpg 100w" sizes="(max-width: 800px) 100vw, 800px" />
STEP 1 – REPRESENTATION
STEP 2 – NEGOTIATING YOUR OFFER
STEP 3 – PURCHASE AND SALE AGREEMENT
STEP 4 – THE HOME INSPECTION
STEP 5 – TRANSACTION PROCESS
STEP 6 – LOAN COMMITMENT
STEP 7 – THE APPRAISAL
STEP 8 – TITLE AND ESCROW
STEP 9 – FINAL WEEK OF CLOSING
STEP 10 – POST CLOSING SERVICES
Dig even deeper into the <a href="https://www.themadronagroup.com/10-steps-buying-home-realtor-infogrpahic/">10 steps to buying a home</a>.
Or, check out our <a href="https://www.themadronagroup.com/buy/">how to buy a home</a> page.
Or, start your <a href="https://www.johnlscottballard.com/property-search/results/?searchtype=3" data-type="URL" data-id="https://www.johnlscottballard.com/property-search/results/?searchtype=3" rel="noreferrer noopener">Seattle home search</a> now
2021-06-14T18:01:00-07:002021-06-14T18:10:57-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:5102HOW CAN BUYERS GET A DEAL IN A SELLERS MARKETWhen you buy a home, you want everything to be perfect. You want the home of your dreams. You want a great location and you want an affordable price. So how do you get the best deals on a home in a seller’s market.
It may not be easy to get everything you want, but it will be especially difficult in a seller’s market.
<br /><img width="1600" height="1067" src="https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market.jpg" alt="How buyers can get the best deals on a home in a sellers market" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market.jpg 1600w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-768x512.jpg 768w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-1536x1024.jpg 1536w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-1060x707.jpg 1060w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-100x67.jpg 100w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-865x577.jpg 865w, https://www.themadronagroup.com/wp-content/uploads/2021/03/How-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market-1184x790.jpg 1184w" sizes="(max-width: 1600px) 100vw, 1600px" />
A <a class="rank-math-link" href="https://www.rocketmortgage.com/learn/buyers-market-vs-sellers-market" target="_blank" rel="noopener">seller’s market</a> occurs when there are a lot of people looking to buy homes and not enough supply to meet the demand. As a result, several buyers will bid on one property escalating the price to well over where it should be. Interested parties can easily get edged out and may be forced to settle for properties that are not ideal, or they may decide to hold off on making a purchase until the climate changes.
However, with the right strategies, a buyer may be able to get the home they really want at an affordable price. Read on for tips on getting the best deal on a home in a seller’s market.
FIND OUT IF YOU’RE IN SELLER’S MARKET
Jasen Edwards is a real estate sales expert turned performance coach with more than 25 years in the industry. In addition to his other endeavors, he currently serves as the chair of the <a href="https://www.agentadvice.com/" target="_blank" rel="noopener">AgentAdvice.com</a> Editorial Board and became a published author with the recent release of his book The Top Producer Life.
“Before you even start looking at homes, you will want to determine whether or not you are in a <a href="https://www.themadronagroup.com/faq/" class="rank-math-link">seller’s market</a>. This will help you figure out what strategies you should be using when shopping around and making an offer.”
Jasen Edwards
One way to tell what type of market you are in is to use a market absorption rate calculator. This tool will ask you how many homes were sold in a certain area in the past 12 months. It will then divide that number by 12 and further divide the number by the number of current listings in the area.
<img width="512" height="341" align="none" src="https://www.themadronagroup.com/wp-content/uploads/2021/03/sellers-market.jpg" alt="sellers market" srcset="https://www.themadronagroup.com/wp-content/uploads/2021/03/sellers-market.jpg 512w, https://www.themadronagroup.com/wp-content/uploads/2021/03/sellers-market-100x67.jpg 100w" sizes="(max-width: 512px) 100vw, 512px" />
The end result gives you an idea of how many months it will take to sell the homes currently available in the neighborhood. If the number is low, you’re in a seller’s market.
We use the term Inventory or Monthly Inventory rather than absorption rate.
You can find the Monthly Inventory for <a href="https://www.themadronagroup.com/seattle-real-estate/" class="rank-math-link">Seattle</a> and <a href="https://www.themadronagroup.com/snohomish-county-real-estate-guide/" class="rank-math-link">Snohomish County</a> in our Monthly Real Estate Market Update Reports here:
<a href="https://www.themadronagroup.com/snohomish-county-real-estate-market-analysis/" class="rank-math-link">Snohomish County Housing Market Update</a>
<a href="https://www.themadronagroup.com/king-county-real-estate-market-analysis/" class="rank-math-link">Seattle Housing Market Update</a>
The sales price to list price ratio will also give you an idea of whether you’re in a seller’s market. Numbers in the 90’s and above indicate a seller’s market. Lower ratios constitute a buyer’s market. If you are still unsure, it’s best to ask your real estate agent.
MAKE YOUR BEST OFFER UP FRONT
In a buyer’s market, you will want your offer to be as low as possible. When buyers have an advantage, they can use it to try and get a deal on a home.
In a seller’s market, you will want to go with the opposite strategy making a high offer from the get-go. The idea here is to get the seller to go with your offer immediately hence avoiding a bidding war that could make the price rise even higher.
BE READY TO BID
Don’t be surprised if a <a class="rank-math-link" href="https://www.themadronagroup.com/how-to-win-a-real-estate-bidding-war-success-stories-video/">bidding war occurs.</a>
If you find your offer is being countered because other buyers are making offers, decide if you want to take the bait. It’s advisable to be prepared in advance by knowing what your highest offer will be.
Don’t let emotions get in the way by making an offer you can’t afford. Remember, you will be stuck with these payments for years to come. The last thing you want to do is get in over your head.
BE PREPARED TO SETTLE
When looking for a home, some are pickier than others. When it’s a seller’s market, you may not be able to afford to be picky.
Sure, you don’t want to settle for a home that you’re not happy with but forgoing walk-in closets and hardwood floors may be doable. Remember, you will have plenty of time to make upgrades in the future.
OFFER TO PAY CASH
Cash payments are appealing to sellers. It makes for faster closing, fewer closing costs and the seller won’t have to worry about the buyer backing out due to financing being denied. It also saves buyers on closing and interest costs.
Of course, not every buyer will have enough cash on hand to pay for the home but making a cash offer is likely to get you to the front of the line if there are other offers on the table.
OTHER WAYS TO MAKE THE SELLER’S LIFE EASIER
Buying a home comes with several contingencies that make the sale more likely to fall through. If you waive some of these contingencies, the seller may prioritize you over other buyers. Here are some you may consider overlooking.
<br /><img width="601" height="402" src="https://www.themadronagroup.com/wp-content/uploads/2021/03/ways-to-make-the-sellers-life-easier-e1615487995962.jpg" alt="ways to make the sellers life easier" />
INSPECTION CONTINGENCY:
After an offer is accepted, the buyer has a certain amount of time to conduct a home inspection. During the inspection, the house will be looked at to determine its condition. If the inspection reveals a lot of damage, the buyer can walk away from the sale entirely or they may negotiate the price based on the repairs that are needed. Forgoing an inspection contingency means the buyer won’t walk away due to the condition of the house and that the seller won’t be responsible for repairs.
APPRAISAL:
A buyer may also back out of a sale if the home appraises for less than its sale price. Most lenders require an appraisal so it will not be possible to waive the appraisal unless you are paying cash.
FINANCING:
The financing contingency says that the sale is contingent on the buyer being able to secure financing within a set amount of time. It protects the buyer if they are unable to get a mortgage. If you are paying cash, you will not need a financing contingency. If you are not paying cash, your lender may require it.
ADD A STRONG OFFER LETTER
It’s customary for buyers to submit a letter when they make an offer. This helps to personalize the offer so the seller learns about who is buying the house. In some cases, the letter will be more important to the seller than the amount put on the table.
For instance, if you add something in your letter about how much the house will mean to you, the improvements you will make and the way you will beautify it and add to its potential, it could make all the difference to the buyer. You can also talk about why the home is perfect for you or your family. Or you can mention how you will be an asset to the community once you move in.
In todays’ age of technology, some people send videos instead of letters. This adds a personal touch letting the seller get a complete picture of who is buying their home.
Although money often speaks louder than words, some sellers will be drawn in by a buyer letter causing them to choose the offer over any other.
HOW BUYERS CAN GET THE BEST DEALS ON A HOME IN A SELLER’S MARKET SUMMARY
Buying a home in a seller’s market can be challenging, but the tips in this article will give you a leg up on other buyers.
Offering cash
Making a strong offer
Waiving contingencies
Providing a strong offer letter
Can make you stand out from other buyers.
Good luck getting into the home of your dreams.
THIS ARTICLE ORGINALLY POSTED ON:
<a href="https://www.themadronagroup.com/how-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market/">https://www.themadronagroup.com/how-buyers-can-get-the-best-deals-on-a-home-in-a-sellers-market/</a>2021-03-12T10:43:00-07:002021-03-12T10:53:43-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:485710 Steps To Buying A Home
10 STEPS TO BUYING A HOME INFOGRAPHIC<br /><img src="https://www.themadronagroup.com/wp-content/uploads/2020/12/10-Steps-to-Buying-a-House.jpg" width="800" height="2480" alt="10 Steps to buying a home" title="10 steps to buying a home" />
Content Contributed By: <a href="https://www.themadronagroup.com/10-steps-buying-home-realtor-infogrpahic/">https://www.themadronagroup.com/10-steps-buying-home-realtor-infogrpahic/</a>2021-02-09T13:49:00-07:002021-02-12T12:53:16-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:4837Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/2905/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2021-02-04T13:43:00-07:002021-02-04T13:47:22-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:4835Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/2905/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2021-02-04T13:43:00-07:002021-02-04T13:47:34-07:00Jason Foxtag:johnlscottballard.com,2012-09-20:4834Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/2905/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2021-02-04T13:43:00-07:002021-02-04T13:47:28-07:00Jason Fox