How To Buy A Home In A Sellers Market

Buying A Home In A Sellers Market Seattle, WA

With the Seattle real estate market defying every housing market trend – a huge problem remains: there are more people looking to buy homes than there are homes available for sale.

With Seattle’s population rapidly growing recently thanks in part to large homegrown businesses like Amazon and Starbucks.

Home values in King County, which is where Amazon is located, have appreciated twice as fast as the national average.

Notwithstanding that the current Seattle market has remained a seller’s market for some time now, Seattle homeowners are still hesitant to sell.

So, what’s a home buyer to do when the market offers them no relief?

There are a few strategies that a potential home buyer can do to not just set them apart from their competition, but help them land the home they dream of.

Follow these home buying best practices and own the home meant for you:

1. Timing is key

a. If you are able to be flexible with your timeframe, let the seller know that you are willing to move as quickly — or as slowly — as they need. If the seller is looking to close their home within 30 days, they won’t be very interested in an offer from someone who won’t be ready to move for 60.

b. Do anything you can do to speed up the buying process and make it easier for the seller. This includes getting a pre-inspection.

c. Get prequalified by a home lender. Pre-qualifying yourself for a loan demonstrates to the seller that you have been vetted financially and details how much mortgage you can afford.

2. Add an escalation clause to your offer
If you want to compete with multiple offers on a home, the best weapon you’ll have in your offer will be using an escalation clause. This will help the seller measure how much more you are willing to pay over another competing offer.

3. Make it personal
When a home seller faces multiple offers, receiving a personal letter from a home buyer can help set that offer apart. Yes, many sellers will just go for the highest bid. However, if the home seller has an emotional attachment to the home, pulling at their heartstrings might just help you land the property.

4. Cash still talks
Make your offer irresistible by contributing more money up front in the earnest money deposit. Earnest money is cash provided by the buyer, ranging from 1% to 5 % of the purchase price, that gets held in escrow until the sale finalizes. Earnest money usually acts as insurance for the home seller in case the buyer backs out of the deal.

Were you able to purchase a home in a seller’s market? Share your experiences in the comments below!

 

Posted on June 13, 2018 at 8:00 pm
Jill Judy | Category: Buying A Home | Tagged , , , , , , ,

3 Tips To Downsize Your Home

3 Tips To Downsize Your Home

Whether you’re a senior, empty nester, or simply looking to live in a smaller space, once you’ve made the decision to downsize your home, the first step is usually the hardest — getting rid of your stuff.

Here are three tips to successfully downsize your home and live comfortably in a smaller, cozier place.

1. Plan ahead with your new lifestyle in mind

– Will you have room for your existing furniture in your new space?
– What belongings will you be moving with you to your new home?

Don’t wait to make decisions and begin planning your downsizing early. Set timelines with goals. Think about what lifestyle you’ll want to embrace as you move forward and build a solid plan to make that happen.

2. Declutter your space
One of the most difficult decisions you’ll make while you begin your downsizing process is deciding what to keep and what to donate or discard. It’s perfectly normal to gain an attachment to your things- after all, they’ve occupied a place in your home for some time. Begin this journey by compiling a list of your wants, needs, and what you won’t be taking with you in your new space. Once you have completed your lists, remain committed to them. It’ll be easy to deviate from your plan but remember, you put the items on a list for a reason.

3. Make decisions with quality and purpose in mind
Remain conscious about what you let into your mind, life, and new environment. Choose furniture that can be utilized for different purposes, instead of trying to squeeze too many pieces into a single room. A great rule of practice is to choose furniture with good storage and space solutions. Think quality over quantity.

Lastly, allow someone to help in sorting and packing your belongings. It could be incredibly hard for you to let go of certain items that would just clutter your new space. If you find yourself stuck on a certain decision, ask for an objective opinion.

Bottom Line

Downsizing doesn’t have to be a nuisance or a terrible experience— although, it may feel like it temporarily, think about the life and space you’ll get in exchange for all of the “stuff” you’ll be giving away.

 

 

Posted on May 29, 2018 at 6:26 pm
Jill Judy | Category: Downsizing, Home Sale | Tagged , , ,

5 Reasons To Use A Realtor

Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to do it on their own.

In today’s market: you need an experienced professional!

The field of real estate is filled with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

Here are five reasons why you still need a Realtor:

Experience

They are well versed and experienced in the real estate market, home purchase process, and the best home sale methods.

Paperwork

Real estate is a heavily regulated profession, filled with many contracts, agreements, and duties. A missed deadline could potentially mean losing the home of your dreams. Don’t leave your future up to chance, choose a professional.

Negotiation

Negotiating a home purchase or sale can be a stressful and challenging process. Having someone on your side that not only understands the disclosures necessary but the best negotiation approaches can be priceless.

Market Knowledge

Understanding the current real estate market conditions could potentially guide you purchase in the best possible home for you or help you sell your home fast in a struggling market.

Pricing

Setting a competitive price for your home starts with knowing what comparable homes are selling for. Pricing a home too low or too high could essentially hurt your home sale timeline and profits. The same can be said about bidding price for a home, don’t lose what could’ve been the home of your dreams because of your lack of market knowledge.

 

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

 

 

 

Posted on January 12, 2018 at 4:34 am
Jill Judy | Category: Buying A Home, Estate Sale, Home Sale, Home Staging Tips, Real Estate, Selling A Home | Tagged , , ,