Pre-emptive Action

This from our Marketing Guru Leonard Steinberg, this morning, made me think of the countless clients whom I have represented who say the same thing once we have prepared their home for sale: "I love it and I wish that I had done this years ago. ". In fact, it happened to me this week. The seller liked her house a lot before but fell in love after some updates and minor staging. Luckily, lots of buyers are loving it too and we expect it to sell immediately. Seeing a home through our real estate broker lens is not always the way a client wants to live or can live in a home everyday but putting a different spin on furniture placement and accessories can enliven a whole home. A year or so ago, I helped a neighbor revamp a kitchen, paint the exterior and install railings and do some other basic updates to their home. They anticipated selling in 2020 and are enjoying the renovations now before they are ready to move on. Compass Concierge gives us many options to explore in helping sellers (or soon to be sellers) with this endeavor. Don't wait to get a refresh from your Compass connection before the holidays and be ready for a spring sale!

From Leonard:

Written by Compass Chief Evangelist - Leonard Steinberg

Saturday night I attended a rather memorable dinner party. One of the guests boldly proclaimed how she had had a facelift well before it became 'essential'. Not exactly the most politically correct or elegant words at a rather elegant dinner, but it made me think how too often homeowners - myself included - wait too long to refresh something in the house that may be better doing much earlier, BEFORE it becomes a real eyesore.

This post in no way is encouraging or even suggesting that anyone should get a facelift! I think doing so is a personal and private choice, and you should do whatever makes you feel good. This bold exclamation at dinner just made me think how often sellers think about renovating/upgrading to sell their homes when they could have done so sooner AND enjoyed the fruits of their labors for a few months or years. You know the seller who after cleaning up and fixing up their place for sale turns to you and says: "I want to buy this place now!" Wouldn't it be better and smarter to make our homes beautiful and desirable a lot sooner than the moment we decide to sell them? Keeping a home in pristine condition and current should be an on-going responsibility that is simply smart. It can also remove the panic (and potential additional costs) when things have to be done out of urgency.

The same applies to other things: cleaning up a desk or car before it becomes REALLY messy. Reaching out to your client-base well before you become less busy. Calling in a service for appliances before that odd noise turns into a breakdown. Addressing all these fix-its early and pro-actively can also be an effective stress reducer. Knowing you are prepared AND being able to enjoy your pre-emptive efforts fully are solid motivators to address things before they become urgent.

Credit Availability

Written by: Leonard Steinberg - Compass

These days many of us have to argue with our clients about why waiting for a recession to buy may not be wise: One of the most enticing and plausible reasons to buy now and not wait for a recession to hit the markets (if and/or when that may come) has a lot so with credit AVAILABILITY, not just rates or real estate prices. Right now bank lending standards are somewhat relaxed. Yes, some cash buyers could argue that waiting for great deals during a dip related to a recession is wisest, but for all of those seeking financing (the majority of buyers, about 77%) waiting for the lowest rate assuming that will happen during a recession may be unwise. Why?

* During a recession, interest rates drop almost certainly.
* During a recession, people's job security shifts. One of the key MBA corporate rules is to fire people the minute you smell a downturn: almost no bank will lend if you have no job.
* During a recession, banks become much more restrictive with their lending standards. They are far less willing to take on higher risk.
* During a recession, while prices may (or may not) come down further, those seeking financing under more difficult circumstances will be competing for properties with all-cash buyers: Do you know a seller who would choose a financed offer over an all-cash offer during tough economic times? I have yet to meet that seller....
* During a recession the volume of all-cash buyers matters: the more seeking bargains, the smaller the bargains, if they even happen. Right now the volume of cash accumulated and on standby is exceptional.

SO....waiting for an economic downturn in the hopes of lower pricing and cheaper financing may result in disappointment: Aside from the fact that most high-demand properties sell for a premium (or are withdrawn from the market), it's possible that even if you find that elusive bargain, your banker may not be there for you. Let's also not forget we all have to live somewhere: when fewer people are able to buy, rents often rise. If you are financing the purchase of a home, locking in that monthly payment when you are able to may be worth much more than some theoretical savings down the road.

Chris Doucet | July 2019 Monthly Market Report | The numbers are in!

The June numbers are in, and our latest #MiniMarketReport is out! Our takeaway: the “new normal” is here to stay. With the number of available homes up in most areas compared to a year ago, buyers have more options and are being more deliberate with their decisions. For sellers, pricing and presentation are the two most important factors. The good news? Housing demand in our region remains strong, and an experienced agent can help ensure you are positioned correctly in today's market. Call me to find out how I can help you be successful in achieving your real estate goals. #MakeYourMove #MarketLeaders

#Breaking News and Compass Quarter 1 2019 Wrap Up

It just gets better and better….

Compassed welcomed 2,775 agents and 446 employees.
We added 49 offices
We helped 8,659 clients find their place in the world
and we’ve only just begun.

The Condo Conundrum | So you have decided on a condo. Do you buy new or invest in a resale?

Written By Chris Doucet

The Condo Conundrum

New condo presales are springing up everywhere. The Seattle area has gone from only resale condo inventory for many years to a vast selection for those buyers willing to wait for buildings to be out of the ground or finished.

These new buildings are sexy and shiny and, for the most part, offer or promise to provide, a vast array of concierge services and enticing community spaces. 

As always, condos offer a wonderful option for the first time (often millennial)  buyer desirous of  a simplified solution in a residence; and with the aging of the baby boomers, empty nesters in hoards are looking to condos to downsize and free themselves from home maintenance and upkeep. 

So you have decided on a condo. Do you buy new or invest in a resale? 

Price is a major consideration. Buildings under construction are listed in the $1,500 range per sq ft in presale. Resale homes in urban Seattle and Bellevue are typically in the $800 to $1000 sq ft range. Older buildings may not have the latest in technology but they may have more living space. They may also have dated systems that may require updating with potential assessments and higher home owner dues. If price is a consideration, resale is more affordable.

It is always nice to live in a brand new dwelling. Like a vehicle with that new car smell, it can be intoxicating. Waiting for completion of that new project can be an issue. Is it worth the wait on a building that may not be ready when you are? Are you overpaying? What will the housing market appreciation be until then? Will the amenities be up to expectations? What about the developer warranties?

How about views? Since Seattle has become “crane city”, lots of condo views have been impacted. Be sure that the view that you are paying for will not get compromised. Seattle in Progress is a great site to research as are city sites on rezoning boundaries (Housing Affordabilty and Livability) and the LID (Local Improvement District) for upcoming Seattle city assessments to help fund our new waterfront park.

Do your research. Armed with the right information, you can make the best decision for your future condo home.