Blog

KIRKLAND, Washington (January 6, 2022) – Severe shortages of inventory, record-low temperatures and snow restrained December housing activity around Washington state beyond expected seasonal slowdowns, according to a new report from Northwest Multiple Listing Service.

Summary statistics from the MLS show the volume of new listings added area-wide dropped 12.3% during December compared with the same month a year earlier. Year-over-year inventory, pending sales, and closed sales all fell by double digits. Only prices rose – up 17.4% overall for homes and condominiums that sold across the 26 counties in the report.

The median price for last month’s closed sales was $572,900, up from twelve months ago when it was $488,000. Prices for single family homes (excluding condos) surged nearly 17.5%, from $502,247 to $590,000. King County was one of only three counties where the single family price change was under 10%; prices there rose from $740,000 to $810,000. A dozen counties had price jumps of 20% or more.

KIRKLAND, Washington (October 7, 2019) – Northwest Multiple Listing Service brokers reported year-over-year gains in pending sales, closed sales and prices, but its report summarizing September activity also showed an 18% drop in inventory compared to a year ago.

“The transition into the fall housing market creates opportunities for homebuyers,” suggested J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Although there are fewer listings than what buyers find during peak summer months, there is also less competition” for the available inventory, he added.

With autumn here and summer behind us, you might find yourself thinking of your summer vacation and thought to yourself, “I wonder what it would take to buy a vacation property there?” Buying a second property, whether for extra income, enjoyment, or both, is a step that many decide to do in their lifetime. In fact, according to the National Association of REALTORS®, in July of 2019, 11% of all property sales were by vacation and investment buyers.

Of course, the financials are something you will need to take into consideration with your mortgage lender (and I would be happy to put you in touch with great local lenders). The key question you need to consider as you are dreaming of the sun and/or surf is are you going to be using this property exclusively for your family’s use or do you intend to rent it out? Generating income by renting it out (such as listing it for rent on AirBNB or VRBO) while you are not using the property is a good way to offset expenses. Here are a few things to keep in mind:

• Not all areas allow short-term rentals. Condo associations, HOAs, and even some cities have restrictions on short term rentals, so it is a good idea to learn about the local ordinances so you don’t buy something and plan on relying on income that you can’t actually receive.

• If, for tax purposes, you are treating this rental as a business, know the usage rules. Offsetting your expenses via the tax code can be another way to minimize expenses (and perhaps even receive tax benefits). However, you are limited to only using your property for enjoyment to 14 days per year. Additional occupation is allowed if you are doing reasonable maintenance and repairs. Talk to your tax professional for more information.

• Make sure your lender knows you plan on using it as a rental. Some mortgages stipulate that a property can only be used as a primary or secondary residence, but that clause can be changed if the lender knows what you intend to do. Sometimes the interest and fees are higher for a rental. Let your lender know upon application your intent to avoid surprises later.

• Make sure your insurance agent knows you plan on using it as a rental. Ensuring you are covered for renter injuries, liability, and possibly for loss of use will bring you peace of mind. I advise having a meeting with your insurance agent so her or she understands the scope of what you are planning on doing.

• You need someone to guide you through the process and provide local insight. If you plan on purchasing a vacation home outside our area, let me find you someone who would be a great local resource. I have connections with great agents all over the country who I can call on to help you.
Owning a vacation property can be enjoyable and lucrative, but it pays to do your homework up front. I have a few more things for you to think about, so let’s talk about your summer rental dreams and make a plan!

Articles taken from nar.realtor

The kitchen is one of the most-used rooms in the house and one that can be most difficult to keep clean. But with a little planning and deep-cleaning up front, you can keep the mess at bay. Here are ten recommendations for getting and keeping your kitchen in tip-top shape when it is listed:

1. Cabinets  – Reducing clutter in cabinets is essential for making your kitchen seem spacious to potential buyers. I recommend that you first get rid of everything that isn’t coming with you to your new home such as old spices, broken dishes, and duplicate spatulas. Then only keep what you will need for the next 90 days.
2. Cabinet Facing – If your cabinet doors are a little worn or just greasy, first give them a cleaning as appropriate for their finish. If they need a little sprucing up, call in a cabinet refacing expert. It will be much cheaper than replacing and the results usually look amazing!
3. Countertops – Depending on the material your counters are made of, give them an appropriate cleaning. Make sure the seams between pieces are clean and re-caulk if needed.
4. Oven – The oven should get a good cleaning on the self-clean cycle. Also give the stovetop a deep clean, restoring it to new condition with the best of your ability. This is also a good time to clean the filters in the range hood.
5. Fridge – Staging for the Refrigerator? Yes! First make a concerted effort to declutter by, again, throwing away everything you aren’t taking with you. Old cheese, ketchup packets, and random condiments need to be disposed of. Then give the shelves and drawers a good cleaning. Do a similar treatment to the freezer
6. Dishwasher – Although this does a good job of cleaning itself, clean the filter, clean the bottom and run a cycle with white vinegar if appropriate for your model.
7. Garbage – The area around the garbage can can get a little messy. Give it a good cleaning and clean the garbage can while you are at it – inside and out. Same with any recycling containers.
8. Sink – For your sink area, make sure the drain is sparkling clean, detail around the faucet, replace the sponge often, and run some citrus or vinegar down the drain to clear grease and smells.
9. Dishes and Glasses – When you clean your cabinets, you may find that your dishes are chipped and you are ready for a new set. A fresh set of matching dishes and glasses can be just the ticket for breathing new life into your cabinet, but don’t include more than a set of eight.
10. Pots and Pans – Determine your three to five most-needed pots and pans and pack up or get rid of the rest. If they are in rough shape, resist the urge to use a pot rack or store them on the cooktop. Find a handy cabinet and stack neatly.

A kitchen will usually be the make or break point for a potential buyer, so take the time to make this room shine and make it sparkle for the duration of the listing.

When was the last time you thought about your home’s lighting? Probably about the last time you had to change a lightbulb, right? Lighting in a room is as important as paint color and furniture and it is critical for whatever function the room dictates. However, many people don’t consider changing the lighting, especially if it includes built-in such as recessed lighting or flush-mount lightboxes in the center of bedrooms.

You don’t have to settle just because something is installed. Here are six ways you can be innovative and make adjustments:

1. Adjusting Recessed Lighting – We are starting with this one because it is arguably the most difficult to change. But depending on what you have installed now, remodeling may be less work than you may think. New drywall, texture, and paint may be involved, but you may also find it is as easy as changing outdated cans for new, more energy-efficient and brighter options…and ones that have not yellowed with age. And if you still have fluorescent flickering light in your kitchen there are much better solutions!

Continue reading →

Very few people actually read their homeowner insurance policy from cover to cover. Unfortunately, not knowing what you are and are not covered for can lead to big surprises if something unfortunate were to happen. Even if you were happy with your coverage when you first got it, insurance companies are notorious for making changes – and usually not in a way that benefits you.

My advice? Ask your insurance agent for a full copy of your current homeowner insurance policy. Read it and make notes in the document. Then I encourage you to make an appointment with your agent and ask questions, ask for definitions, and don’t be afraid to ask “what if” as in, “What if a rain storm knocks out the power and then a power surge shorts out all my appliances?” Continue reading →

Most home buyers in Washington covet a good garage space. They key to making it as efficient as possible is to get organized. Here are ten improvements you can make to your garage to make the space work for you and maybe even make the neighbors jealous:

1. Storage racks or cabinets – Do you prefer a clean and streamlined look with things tucked away? If so, cabinets with doors may be the answer. However, sturdy racks generally cost less, are moveable, and labeled bins will make easy work of finding camping or sporting equipment.
2. Overhead storage – If your garage has some height, continue that storage all the way up! You can even get ceiling-mounted shelves and sliders for bins.
3. Recreation equipment pulleys – Homeowners are also taking advantage of vertical space by lofting their bikes and kayaks up and above head and car levels with pulleys.
4. Tool rack – Regardless of whether you are a gardener in need of a hanging system for your rakes and shovels or a handyperson who needs a place to easily access a hammer, drill, and tape measure, having a peg board (which comes in plastic, metal, and hardboard) with hooks and/or a large tool hanging system is the way to go. You can even get small wire bins for storing things that don’t quite hang on a rack.
5. Lighting – If your garage is woefully lit with a few 60W lights, that is no way to light up a workspace. Upgrading your lighting in the garage is easy, can be done by visiting a home improvement store and possibly hiring an electrician.
6. Epoxy floor – Once a cement garage floor has been sealed and epoxied, it is much easier to clean and it is less likely to get stained. Plus, it looks great!
7. Work space – Do you need a flat surface to take on those tasks that are better suited for a garage than the kitchen table? If so, consider a moveable work cart that allows you to lock the wheels in place for security, and can work both in the garage and in the driveway!
8. Ventilation – If you use paint and solvents that need ventilation, make sure you include a fan plan!
9. Designated car space – If you park in the garage, mark your car clear areas with heavy reflective tape. Family members will be less likely to leave something where it shouldn’t be.
10. Upgrade your garage door – Not only will this really enhance your curb appeal, garage doors that let in some light will make the garage a lighter place to be!

If you are short on ideas as to how to implement this or need some visuals for inspiration, just do an online search for garage organization and you will be amazed at what people have come up with. If you have collection of a certain type of item – say fishing poles, a lot of different kinds of tape, or even bats and balls, there are plenty of ingenious ways to corral those items.

In my experience, a well-organized and bright garage goes a long way when selling. Make this your #summer project and you will thank yourself when it is time to sell.