April 17, 2024 Weekly Market Watch with Chris Doucet

As the market moved into a second week of Spring Break vacations, overall the market remained strong as optimism with rates declined due to rising rates. Buyer activity continued to increase from the week prior in King County, along with showings per listing, and a significant decrease in the days on market. The median sale price remained stable from the week prior with our 15 week steady incline as the median active price decreased slightly. Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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6 Surprising Home-Selling Habits To Ditch—Before They Sabotage Your Sale

SOURCE: Realtor.com

Even when houses get offers within days of hitting the listing pages, selling a home is a long, complex, and stressful process. It’s easy to get confused, overwhelmed, or too attached to how you imagine your home sale should go.

The many moving parts of a real estate transaction might even have you unwittingly using some home-selling tactics that could backfire and ultimately kill the deal.

With the spring market heating up, we asked real estate agents how some home sellers self-sabotage by neglecting crucial aspects of the selling process.

Here are the bad habits the pros say you should give up and what to do instead to successfully sell your home quickly for the most money.

Self-sabotage No. 1: Rushing the process

Jen Turano, a real estate agent at Compass in Greenwich, CT, saw countless deals fall apart in 2023, partly due to the frenzy surrounding the home’s initial listing.

“Buyers stepped up with little time for their own diligence, made rash offers, had second thoughts, and backed out for one reason or another,” says Turano. “The home was back on the market weeks later, losing some of its early momentum.”

Seller solutions: Take a breather, and scrutinize those multiple offers. Start vetting the buyers, their level of interest, and their loan qualifications.

“Thoughtful consideration benefits you greatly and leads you to the best, most certain deal,” says Turano.

Self-sabotage No. 2: Forgoing concessions

When the market favors sellers, they can afford to be a little stingy with concessions, as eager buyers are less likely to ask for seller concessions to make their offer stand out.

But with today’s elevated home prices and high mortgage rates, buyers need a little more wooing. Seller concessions can help seal the deal by taking the sting out of all the money a buyer has to shell out.

Seller solutions: “Offering concessions is not a deal breaker; it’s a chance to negotiate and build rapport,” says Fran Lisner, a real estate agent with Daniel Gale Sotheby’s International Realty on Long Island, NY. “By being flexible and open to compromise, you’ll attract more serious buyers and increase your chances of sealing the deal.”

Self-sabotage No. 3: Overpricing your home

We get it. You’ve invested a lot of time and money into your home and want the asking price to reflect that. The trouble comes when your ego and pride enter the formula and you set the price too high.

“Overpricing is a buzzkill for potential buyers,” says Lisner. “It’s like offering a glass of water for the price of a vintage wine.”

Bottom line: Listings get the most action in the first 30 days. When a house is priced too high, buyers ignore it and you lose precious momentum. Buyers might think something is wrong with the house. If it languishes longer, buyers might think you’re desperate and present lowball offers.

Seller solutions: “Do your research, consult professionals, and set a realistic price that aligns with the current market,” says Lisner. “By pricing it right, you’ll attract more serious buyers, generate healthy competition, and increase your chances of a successful sale.”

Self-sabotage No. 4: Staying stuck on selling as-is

If you don’t have the time or money to spruce up your house, or you inherited a house and want to dump it for a quick profit, you might be tempted to list it as is.

That doesn’t necessarily imply the house is falling apart at the seams. It simply means the property is being listed in its current condition without making any repairs.

“As is” can seriously limit your pool of potential buyers, as they might not be able to secure financing if the property is in poor condition.

“I recently had a client who was purchasing a home as is, but the lender went back to my client to tell him that the roof was in bad shape and they wouldn’t finance the property unless it was repaired,” says Lauren Reynolds, an agent at Forte Team at Compass.

Seller solutions: While you might not want to invest a lot of time or money into a property, addressing essential repairs that could hinder financing, such as fixing a faulty roof or structural issues, will widen your pool of potential buyers.

Self-sabotage No. 5: Not listing when the market is hot

Historically, spring is the best time to sell your home. The weather is better, and buyers are eager to get into a new house before the summer or a new school year starts.

We get it. You might be thinking of selling but are not quite ready to move. But you might be missing out on selling your home for top dollar.

Turano says that unless there is a rational reason to hold off on listing your home, you should consider listing it now to take advantage of the current market conditions.

Seller solutions: To help you get a clearer picture of when to list, you and your agent should monitor the market and strategize to determine the ideal time to sell.

“If we experience a market turn, it may be beneficial to list when most buyers are active,” says Turano.

Self-sabotage No. 6: Leaving your pets at showings

Though most people understand pets are part of the family, potential buyers probably don’t want your overly excited pooch jumping on them or triggering their allergies. Plus, your pets could bolt for the door and escape.

“You want potential buyers to focus on your home and its merits, and not rush through to evade a pet,” says Turano.

Seller solutions: Take your pets when you have a showing. If you can’t, keep them in a comfortable spot in the home and give your agent the heads-up on what to expect. If you’ve been neglecting cleaning the pet areas, do that before every open house. And don’t forget the yard. Stepping in dog poo leaves a really bad first impression.

SOURCE: Realtor.com

CURATED • APRIL 2024 HOMES ACROSS THE STATES WITH CHRIS DOUCET

APRIL 2024 Welcome to Compass Curated, a collection of our most prestigious properties across the country, delivered to your inbox each month.

FEATURED PROPERTY 6 Betty Lane, Atherton, CA View Property

ARIZONA Phoenix, Scottsdale, Paradise Valley, Greater Arizona Explore Arizona CALIFORNIA East Bay, Greater Los Angeles, Greater Palm Springs, North Bay, Orange County, San Diego, San Francisco, Santa Barbara, Montecito, Central Coast, Silicon Valley Explore California COLORADO Aspen, Boulder, Denver, Snowmass, Telluride, Vail Explore Colorado CONNECTICUT Greenwich, Darien, New Canaan, Stamford, Westport Explore Connecticut DELAWARE Greenville, Lewes, DE Beaches Explore Delaware District of ColumbiA Greater Washington DC Explore DC FLORIDA Greater Miami, Greater Fort Lauderdale, Greater Palm Beach, Southwest Florida, Central Florida,Tampa Bay, Florida Panhandle, North Florida, The Keys Explore Florida GeorgiA Greater Atlanta & North Georgia Explore Georgia Hawaii Greater Hawaii (Big Island, Kauai, Oahu, Maui) Explore Hawaii Idaho Idaho Explore Idaho Illinois Greater Chicago (Chicago, Northwest Suburbs, North Shore, Western Suburbs) Explore Illinois IndianA Indianapolis Explore Indiana Kansas Kansas City Explore Kansas MARYLAND Annapolis, Baltimore, Bethesda, Chevy Chase, Potomac Explore Maryland Massachusetts Cape Cod and Islands (Cape Cod, Martha's Vineyard and Nantucket), Greater Boston Explore Massachusetts Minnesota Minneapolis Explore Minnesota Missouri St Louis & Kansas City Explore Missouri NEVADA Greater Reno, Incline Village Explore Nevada NEW HAMPSHIRE New Hampshire Explore New Hampshire New Jersey North Jersey, Southern, Central & Jersey Shore Explore New Jersey NEW YORK New York City (Manhattan, Brooklyn, Staten Island, Queens), Long Island, The Hamptons, Westchester & Mid Hudson Valley Explore New York North Carolina Charlotte, Raleigh Explore North Carolina PennsylvaniA Greater Philadelphia, Pittsburgh Explore Pennsylvania Rhode Island Rhode Island Explore Rhode Island TennesseE Nashville Explore Tennessee Texas Austin / San Antonio, Dallas - Fort Worth, Houston Explore Texas VIRGINIA Central Virginia, North Virginia (Alexandria, Arlington, Ashburn, McLean, Reston and Springfield) Explore Virginia WASHINGTON Washington Explore Washington Wisconsin Wisconsin Explore Wisconsin Wyoming Jackson Hole Explore Wyoming New development Prestigious properties represented by Compass Development Marketing Group. Explore New Developments

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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April 10, 2024 Weekly Market Watch with Chris Doucet

With the first wave of Spring Break's occuring last week, the market in King County remained relatively stable and balanced from the week prior with a slight drop in pendings and an increase in active listings, with a significant drop in closings. The days on market continue to lower dropping 25% from the week prior while the median active and sale price remain stable. Contact me today to set up a consultation in person or virtually to learn more about market conditions, Compass Concierge, and how I can leverage our nationwide network to source buyers to sell your home for more money.

Chris Doucet Founding Broker in Seattle M: 206.819.4663 chris.doucet@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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What You Should Know About Buying a Condo

SOURCE: Freddie Mac

As you explore your homebuying options, you may find that a condo is the perfect fit for your lifestyle, budget and homeownership goals. But what exactly is a condo, and how does it differ from other property types? Here is everything you need to know before buying a condo.

A condo is an individual unit within a larger residential development in which residents own their units rather than rent them. A condo can be any architectural style: garden-style, a townhouse, a high-rise, or a detached home.

For some buyers, condos combine the benefits of apartment living, such as convenient amenities and fewer maintenance responsibilities, with wealth-building opportunities and the stability of homeownership. Condos can also be more energy-efficient, saving you money on utility bills.

Things to Consider Before Buying a Condo

There are a few important things to keep in mind when exploring the idea of a condo purchase.

• Condo association: Most condos have a condo association, which is similar to a homeowner’s association (HOA), that oversees the financial management and the upkeep and maintenance of shared areas.

• Condo association fees: Fees will vary depending on what services and amenities are included. Make sure you factor this cost into your homebuying budget.

• Rules and regulations: In addition to maintenance, the condo association is also responsible for enforcing any rules and regulations that property owners must follow.

• Long-term plans: Even if you plan to live in the condo for a long period of time, it’s a good idea to think ahead about your options when you are ready to move out. Will you keep it as a rental property? Will you sell it? What improvements can you make to increase the property value?

The Buying Process

• Mortgage pre-approval: Before you buy, you’ll want to compare several mortgage lenders and choose one you’d like to work with. Your lender will help you complete a loan application, determine if you qualify for a loan, and issue a pre-approval letter detailing the amount of money they are willing to lend you. This is an important step as it will help you determine the price range for your search.

• Finding the right condo: Once you know what you can afford, work with your real estate agent to discover available properties that match your housing needs. Do your research on the property to make sure you have a full picture of what you’re buying.

• Making an offer: When you’ve found the right place, your real estate agent will help you determine an offer amount, submit and negotiate your offer, and finalize the contract.

• Review the resale package: Once you make an offer, check to see if a Resale Disclosure Package is available. The information contained in the package will help you to determine if the condo is financially sound.

• Inspection and due diligence: An inspection and appraisal will help ensure the amount you pay is aligned with the home’s value.

• Closing the sale: The final step in securing your new condo is closing. On closing day, you’ll pay closing costs and sign documents to make the sale official and get the keys to your new home.

Depending on your situation, purchasing a condo could be the right choice as you explore your next homebuying opportunity. If you are in the market for a condo, building a trusted homebuying team and exploring available resources can help you navigate the process with confidence.

SOURCE: Freddie Mac