Is it Time to Move into a Single-Story Home?

Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:

What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Contact me today if you’re ready to purchase the single-story home you need while homes are so affordable today.

SOURCE: Keeping Current Matters

8 Steps to Buying a Home

While buying a home may seem a bit daunting, you don’t have to do it alone! A little advanced preparation can simplify the process so that you can start your homebuying journey feeling confident.

While there is no “one-size fits all” approach to buying home, you’ll discover that all homebuyers have a few critical steps that they need to take on their transition to homeownership. Even in today’s landscape, where COVID-19 and social distancing have increased the reliance on virtual technologies—the key steps of your journey will likely remain the same. To help you get started, we’ve put together the following homebuying checklist.

Step 1: Understanding what you can afford

Before buying a home, you’ll want to understand your financial situation so you can properly budget for your home. Take inventory of your finances, including income, debts, savings and your monthly expenditures to assess how much you can afford.

Step 2: Down payments and PMI

Most people don’t realize that you have options when it comes to making the down payment on your home purchase. You'll want to talk with your lender about what makes the most sense for you, but qualified borrowers can put down as little as 3%. Don’t fall for the common 20% down misconception.

Step 3: Assembling your team

It’s important to have the right people by your side when you’re ready to buy a home. Consider reaching out to a housing counselor, real estate agent and lender to help you achieve your homeownership goals.

Step 4: Finding the right home

Be clear about your wants, needs and deal breakers before you get started on your house hunt.  Work with your team to find a home that will best suit your lifestyle and finances.

Step 5: Working with your lender 

Your lender will play a critical part in helping you determine how much home you can afford in addition to securing you the best mortgage option for your needs.

Step 6: Making the offer

Once you've found the right home, your real estate agent will submit an offer letter. Learn how to determine a fair price and negotiate within your budget.

Step 7: Inspection and appraisal 

Before you start the closing process, your team will likely schedule a home inspection and appraisal. These are important steps as both will give you a better understanding of the condition and value of your home so you’re informed before the keys are transferred to you.

Step 8: Closing your loan 

Once you loan is approved your lender will schedule the closing which is the final step in purchasing a home. During closing, all mortgage documents are signed, and the property is legally transferred to you.

As you can see, there are many variables in the homebuying timeline. While there is no simple answer to what your homebuying journey will look like, the more educated you are the more likely you'll be able to streamline the process.

SOURCE: Freddie Mac

How Robert's CNBC Interview can Help You!

Our Founder & CEO Robert Reffkin recently joined CNBC’s Squawk Box to discuss the strength of the real estate market and the key indicators of future demand. While every market is unique, here are some of the latest stats we're seeing that indicate national strength in the real estate market: Search traffic on our website is up 108% year-over-year, indicating strong forward buyer demand. National home prices are up 8% year-over-year, indicating stable and steady growth. Users are spending more time on our website overall, with the average duration of time spent up 19% from last year, showing that not only are there more buyers, but they're more serious about finding a property that meets their needs. The pandemic has changed the way we evaluate our homes. We’re noticing that certain features like outdoor space, home offices, and pools aren't just a passing trend — there’s real demand for these types of amenities that will extend into the fall. Would you like a curated look at how the market is moving in your neighborhood? I’d be happy to put together a custom Collection of homes in your areas so you can keep an eye on pricing trends throughout the fall. And, as always, don’t hesitate to reach out if you have any questions.  Click the link below to watch Robert’s full appearance on CNBC.  Watch Video Chris Doucet Founding Broker in Seattle M: 206.819.4663 O: Enter Office Phone chris.doucet@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information 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. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

Market Stats for August 2020 have arrived! Chris Doucet - Compass

The Real Estate Market is hot with these #MarketReports from the NWMLS. See how this year compared to last year.

#CompassConcierge #CompassPNW @compasswashington

King County Report

Snohomish County Market Report

Pierce County Market Report

Skagit County Market Report

Whatcom County Market Report

September Compass Luxury Trends with Chris Doucet

THE LUXURY DIVISION Recent significant sales  with Compass 555 N Tigertail Rd,  Los Angeles, CA 90049 7 Bed 8 Baths 1 Half Bath $16,500,000 Represented by  Jonathan Carr and  Ari Afshar 630 Spring Creek Rd,  Basalt, CO 81621 6 Bed 5 Baths 3 Half Bath $9,300,000 Represented by Doug Leibinger 887 Private Rd, Winnetka, IL 60093 4 Bed 6 Baths 1 Half Bath $5,500,000 Represented by Paige Dooley Compass luxury in the news $30 million Mediterranean-style mansion on the tip of Tiburon has jaw-dropping views over the bay The tiny, tony community includes homes in both Belvedere and Tiburon and given those high-end locales, it shouldn't be surprising that it's also home to the second-oldest yacht club in the country. It has less than 60 homes. Penthouse at Miami’s Porsche Tower Lists for $17.5 Million A futuristic penthouse apartment within Florida’s Porsche Design Tower, complete with a private car elevator and a four-car sky garage, hit the market Monday with a $17.5 million price tag. Christopher Plummer’s old Darien estate hits market for $11M The massive waterfront estate at 207-209 Long Neck Point Road is “the perfect escape for a New York family seeking refuge during the pandemic,” said Compass broker Yashmin Lloyds, who is listing the home with Shelly Tretter Lynch, also of Compass. Read more What we are hearing  in  the luxury space  The growth of wealth and the global luxury market are intertwined. In the 15 years running up to 2020, the world’s wealthy population grew in size almost continuously. As wealth grew, so too did the world of luxury. The coronavirus pandemic, however, has brought years of industry growth to a halt.  Ultra-high-net-worth owners of private jets, yachts, or art collections are different from one another. Private jet owners tend to be male, less wealthy and comparatively younger than the other two cohorts on account of many being in the business-building stage of their lives. Private yacht owners show the highest average net worth, while most art collectors are over 70 and show a much higher representation of  women, at 22%. The pandemic is changing the luxury habits of the wealthy.  The growth of online shopping and delivery, enabling luxury services to be provided in the privacy of the wealthy’s homes, will continue, while intangible assets – namely additional passports and on-demand healthcare – will remain a priority. To prosper in such times, luxury brands must be flexible, quick moving and as attentive as ever to the changing demands of their clientele. Source: WealthX Global Luxury Outlook 2020: A World of Changing Preferences  Continue reading Spotlight on luxury  across the country Napa, California Just a short drive from the country’s technology hub of San Francisco and the larger Silicon Valley lies a region perfect for viticulture and year round indoor-outdoor living. From Napa to Healdsburg, Northern California’s wine country has earned its reputation for easy living amidst rolling hills and vineyards. Read more Prestigious properties o n the market 15 W Dune Lane, East Hampton, NY 11937 Designed by Robert Stern the oceanfront property features an 8,000 sqft house with a waterside pool on 2.4 acres. Represented by  Ed Petrie and James Petrie.  14 Bed 15 Baths 1 Half Baths $75,000,000 1288 S Oakland Avenue,  Pasadena, CA 91106 This majestic mansion offers a once-in-a-lifetime opportunity for new owners to complete the interior of Pasadena's finest estate. Represented by  Sabrina Wu,  Aaron Kirman, and  Bryce Lowe.  16 Bed 16 Baths 3 Half Baths $39,800,000 435 Marina Boulvard, San Francisco, CA 94123 Juxtaposed against SF's most iconic backdrop, 435 Marina Blvd stands out as a showpiece of coastal modern design. Represented by  Camilla Moshayedi.  5 Bed 7 Baths  $25,000,000 See more properties Stay up to date with Compass' latest luxury listings and news at LuxuryAtCompass.com. Visit the site Chris Doucet Founding Broker in Seattle M: 206.819.4663 O: Enter Office Phone chris.doucet@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information 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. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.