Tam O’ Shanter Real Estate Update

If you have been thinking of buying or selling real estate in Tam O’ Shanter, knowing the current market conditions is crucial to a successful sale, regardless of whether you are buying or selling. As a seller, knowing what is happening ensures you don’t overprice your Tam O’ Shanter real estate and it sits and grows stale. If you are buying, you can rest assured that you aren’t overpaying for real estate in Tam O’ Shanter. With the inventory at an all time low, buyer demand at an all time high, prices continue to go up and this month is no different. Take a look!

Both the average and median home sales price increased compared to last month and last year! The average went up 20% and is now sitting at $813,675 while the median is up 12.6% at $690,000 for Tam O’ Shanter real estate. Closed sales went up 7.9% while pending sales went up 15.6%. The month supply is still incredibly low at 1.1. In order for a market to be balanced, we need a 6 month supply. A 1.1 month supply for real estate in Tam O’ Shanter obviously makes it very clear that our current inventory is very limited. As a seller, this basically means that your chances of listing and getting multiple offers very quickly are incredibly high. As a buyer, this essentially means that if you want to lock in an offer on real estate for sale in Tam O’ Shanter, your best bet is to work with a qualified local realtor.

For more information on real estate for sale in Tam O’ Shanter, give me a call!


Posted on June 30, 2017 at 9:31 pm
Rayme Teders | Posted in Uncategorized |

Bellevue, WA East Real Estate Update

Good news for sellers in Bellevue, WA! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Bellevue real estate specialist, there are certain categories I follow closely that allow me to keep my finger on the pulse of the market.

If you are thinking of selling your Bellevue, WA real estate, now is a fabulous time. Both the median AND average home price were up compared to this time last year. The median is at $660,000 (up 16.8% compared to last year) and the average was up 17.1% compared to last year at $718,760. This means that if you have been thinking of selling your real estate in Bellevue, WA, the value has gone up compared to both this time last year AND just last month. Percentage of list price is also up 2.8% at 102.8% which means homes are going for over the asking price. In my experience with selling real estate in Bellevue, WA, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Bellevue, WA goes from active to pending) is 7 days.

Pending sales were also up 0.6% and closed sales were actually down 3.6% which is due to the low inventory. Buyers are having a hard time getting into a home for sale in Bellevue, WA due to the low inventory of homes available. Both the median and average price per square foot is up. The median is up 13.3% at$341 and the average is up 14.2% at $354.

Now let’s discuss the stat that has decreased. The month supply is at a low 0.90!! Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Bellevue, WA real estate specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Bellevue, WA Realtor. If you are looking to buy or sell Bellevue, WA real estate, give me a call. I would be happy to assist!


Posted on June 1, 2017 at 2:12 pm
Rayme Teders | Posted in Uncategorized |

Tam O’ Shanter Real Estate Update

Good news for sellers in Tam O’ Shanter! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Tam O’ Shanter real estate specialist, there are certain categories I follow closely that allow me to keep my finger on the pulse of the market.

If you are thinking of selling your Tam O’ Shanter real estate, now is a fabulous time. Both the median AND average home price were up compared to this time last year. The median is at $690,000 (up 12.6% compared to last year and $5,000 just from last month!) and the average was up 20.4% compared to last year at $676,369. This means that if you have been thinking of selling your real estate in Tam O’ Shanter, the value has gone up compared to both this time last year AND just last month. Percentage of list price is also up 2.8% at 102.8% which means homes are going for over the asking price. In my experience with selling real estate in Tam O’ Shanter, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Tam O’ Shanter goes from active to pending) is 7 days.

Pending sales were also up 14.2% and closed sales were up 6.3%. Both the median and average price per square foot is up at around 10% and both numbers are around $350.

Now let’s discuss the stat that has decreased. The month supply is at a low 1.1. Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Tam O’ Shanter specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Tam O’ Shanter Realtor. I personally have connected more off market buyers and sellers in the last two years than any other Tam O’ Shanter realtor. If you are looking to buy or sell Tam O’ Shanter real estate, give me a call. I would be happy to assist!


Posted on June 1, 2017 at 2:04 pm
Rayme Teders | Posted in Uncategorized |

5 Offer Mistakes To Avoid When Buying

If you are buying Tam O’ Shanter real estate in this current market, you may feel like you are hitting some road blocks. Low inventory can be a frustrating obstacle for buyers. Whether you are dealing with being outbid or a brand new listing goes pending before you can even see it, be sure to check out these tips if you are not having luck with purchasing a home for sale in Tam O’ Shanter.

Don’t delay

This is not the time to move slowly. If you take your sweet time when trying to buy a home for sale in Tam O’ Shanter, you could lose out on the perfect home for you. Time is of the essence in this market so get everything ready and try to be the first one in the door after a listing hits the market.

Don’t submit a lowball offer

Lowballing can back fire in a big way, regardless of the market. Our current conditions are resulting in over asking bids and multiple offers so this is not the time to play hard to get. Make an offer based on market value, otherwise you could offend the seller and turn them off completely from countering. If you are serious about buying Tam O’ Shanter real estate, be respectful of the sellers and discuss a good offer with your Tam O’ Shanter realtor before submitting.

Don’t make an offer for the pre-approved amount

Speaking of offers, smart buyers know that getting pre-approved is the best way to prove to a seller that you are serious. However, using the document to come up with an offer amount could work against you. In this market, seller’s want to know that they have wiggle room. If your offer is the exact pre-approval amount, they may feel like they have no room for negotiations.

Don’t waive inspection

Yes, waiving as many contingencies as possible is a great way to get your offer on Tam O’ Shanter real estate offer accepted. However, the inspection should not be one of them. You want to make sure the home doesn’t have a bunch of expensive repairs lurking below the surface that could cost you later on. When you waive inspection, you also run the risk of losing your earnest money if you decide to back out of the deal later.  The only time this could be acceptable is if you are a maintenance expert or a contractor and can do the work or repairs for cost. Even then, think long and hard about this one, and as always, consult your Tam O’ Shanter realtor.

Don’t misrepresent yourself

If you are serious about buying Tam O’ Shanter real estate, make sure you look great in the eyes of the seller. This market is competitive, and sellers usually prefer a buyer who is going to be the easiest to do a deal with. So be sure to avoid being too picky, making high maintenance requests, questioning the seller’s décor decisions and overall being hard to deal with.

As always, be sure you have a qualified Tam O’ Shanter realtor working on your side. Having a long time, local expert working on your behalf ensures you not only have the best representation, but also the upper hand in a multi offer situation. For more information on real estate in Tam O’ Shanter, give me a call.


Posted on May 29, 2017 at 8:58 pm
Rayme Teders | Posted in Uncategorized |

Buying Real Estate? Mortgage Rates Historically Low Yet Again!

If you are in the market to buy or sell Tamo O’ Shanter real estate, you likely are keeping an eye on the mortgage rates. After all, even the littlest change can impact your buying power. Interestingly, the past couple months saw hikes as the Federal Reserve raised the interest rates. This created pressure for buyers as they were already feeling the stress of being in a sellers market. Add in a higher mortgage rate and some folks were left wondering if renting was going to be their only option for the next year or two.  If you are in the market to buy Tam O’ Shanter real estate, the latest change in mortgage interest rates is likely good news. For the first time in months, rates are back down below 4%. This drop comes after experts predicted a hike in interest rates. If this news causes you to feel like you can press pause on buying real estate in Tam O’ Shanter, don’t get too comfortable. There are two more interest rate hikes on the horizon for 2017, so getting in on a historically low rate again isn’t expected to be the standard for the next year. Of course, inventory is a struggle for several buyers out there as this particular Bellevue, WA real estate neighborhood has a month supply of 0.9. Which means even if you locked in a historically low rate, you will still have your work cut out for you this spring and summer season as homes are currently getting multiple offers within days of being listed. As the local Tam O’ Shanter Realtor, I am aware of off market homes and have been able to successfully connect buyers and sellers without the hassle of a bidding war and extra competition.

You may be wondering what exactly is going on that would cause the rates to drop below 4% again. In a nutshell, while mortgage interest rates are influenced by the short term interest rates set forth by the Federal Reserve, they are mostly impacted by the 10 year U.S. Treasury bond market. Investors consider mortgages and bonds safer in comparison to the stock market. When stocks increase, investors get nervous and put their funds into bonds. When bonds are up, mortgage interest rates go down. Currently, the U.S. stock market keeps climbing so investors are looking for safe places to put their money.

The littlest change in an interest rate can be a big change for someone looking to buy Tam O’ Shanter real estate. It changes how much you can spend, especially if your budget is strict. When you have a lower monthly mortgage rate, you have a lower monthly payment. As there is no way to predict how long the existing rates will last, it is best to take advantage of the current opportunity soon. If you are looking to buy a home for sale in Tam O’ Shanter, call me and I will happily guide you through this exciting process.


Posted on May 1, 2017 at 6:44 pm
Rayme Teders | Posted in Uncategorized |

Tam O’ Shanter Real Estate Market Update

Good news for sellers in Tam O’ Shanter! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Tam O’ Shanter real estate specialist, there are certain categories I follow closely that allow me to keep my finger on the pulse of the market.

If you are thinking of selling your Tam O’ Shanter real estate, now is a fabulous time. Both the median AND average home price were up compared to this time last year. The median is at $685,000 (up 13.7% compared to last year and $20,000 just from last month!) and the average was up 19% compared to last year at $806,703. This means that if you have been thinking of selling your real estate in Tam O’ Shanter, the value has gone up compared to both this time last year AND just last month. Percentage of list price is also up 2.9% at 102.9% which means homes are going for over the asking price. In my experience with selling real estate in Tam O’ Shanter, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Tam O’ Shanter goes from active to pending) is 7 days.

Pending sales were also up 19.8% and closed sales were up 11.8%. Both the median and average price per square foot is up at 11.5% and both numbers are $350.

Now let’s discuss the stat that has decreased. The month supply is at a low 0.9. Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Tam O’ Shanter specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Tam O’ Shanter Realtor. I personally have connected more off market buyers and sellers in the last two years than any other Tam O’ Shanter realtor. If you are looking to buy or sell Tam O’ Shanter real estate, give me a call. I would be happy to assist!


Posted on May 1, 2017 at 6:32 pm
Rayme Teders | Posted in Uncategorized |

What To Expect When You Are Inspecting

Your home for sale in Tam O’ Shanter has an offer-congrats! However, don’t get too carried away. After all, you have another step to get through: the inspection. This is a contingency that is included in almost all offers. This basically allows buyers to back out of the purchase without losing their earnest money if the inspection comes back with a negative report. If a buyer really wants to buy your house, this can open you up to negotiating repairs or selling your Tam O’ Shanter real estate for less than you had originally anticipated. This is a big part of the home buying process so it is crucial that you prepare for this step.

First, you should know that in almost all situations there will be an inspection. A lot of sellers are actually doing pre-inspections prior to listing their home for sale in Tam O’ Shanter so that they know what condition their home is in and can make changes accordingly. This is also a benefit to buyers as it means the inspection is already on file and removes this step from the process. Now if your Tam O’ Shanter real estate is going to be a tear down for the buyer, they may not care about an inspection and forgo it in the hopes of having their offer considered the most ideal in this competitive market. However, a buyer who is planning on living in your soon to be former home will want to know what they are getting themselves into. Since the home inspection results can give buyers peace of mind and a possible bargaining tool, chances are they will not be skipping this step.

So what exactly happens at a home inspection? Well, an inspector will come to your home for sale in Tam O’ Shanter and look at everything. Their checklist has 1,600 items. So long as they can physically get to it, anyway. Here are the areas they will be looking at and why:

  • Structure: Inspectors want to make sure the foundation has integrity and isn’t rotting
  • Grounds: Standing water, faulty grading, sick or dying trees and shrubs, crumbling paths and walls are all things that will eventually need to be handled so this will be checked out.
  • Roof: This area will be inspected for defects in shingles, flashing, and fascia, chimneys and skylights as well as loose and hanging gutters.
  • Exterior: If your real estate in Tam O’ Shanter has cracks or rot, dents or bowing in vinyl, blistering or flaking paint, your new buyers will likely want this fixed.
  • Window, doors, trim: Inspectors will look for rotting frames, peeling caulk, damaged glass.
  • Interior rooms: These rooms will be inspected to make sure there are no water-stained ceilings and that there is proper insulation and sufficient heating vents.
  • Kitchen: This room will be checked out for proper venting, no leaks and that all cabinets and fixtures operate correctly.
  • Bathrooms: Toilets flushing properly, shower pressure, and securely fastened tubs will be the point of focus in this room.
  • Plumbing: Drains flowing properly; water has the right temperature and pressure will all be checked.
  • Electrical: This is huge. Electrical is not only a spendy fix, but can be dangerous if left unrepaired. Inspectors will make sure electrical panels, light switches and outlets are working properly.

So what can you do in order to pass the home inspection short of making a bunch of repairs yourself? Which we should note, you should not do at all unless you actually know what you are doing.  There are a few ways to prepare.

Clean and de-clutter your home. You have to do this before you list anyway. The inspector isn’t there to look at your things, however if you remove the clutter you make their job easier by allowing quick access to the spaces they need to get to.  Plus this allows you to figure out what you are going to keep (and pack!), toss, donate, etc.

Get all your paperwork together. This is another thing you should do for the sake of your buyers. For any repairs or maintenance you have done at your home, create a binder or a folder with all the paperwork. This proves you have handled any problems that have come up as well as any warranties that come with current items in your home.

Allow easy access. This is huge regardless of if it is for the buyer or the inspector. Whether it is a shed or a garage, have complete transparency and don’t keep anything off limits.

Other things to consider when getting a home inspection is to leave. Let the inspector do their thing. If you need to point out some previous repairs or some trouble areas, do so before they get started. Also, don’t take anything personal. Real estate in Tam O’ Shanter is likely to have some things come back. After all, your home is a well loved home which can result in some wear and tear over the years. Buying and selling Tam O’ Shanter real estate is a business transaction between both the buyer and the seller. The seller wants the most money while the buyer wants to spend the least. Don’t get upset with the inspector if the list of fixes comes back longer than you expected. Hash it out with your Tam O’ Shanter realtor and the buyer. A bad inspection report isn’t a deal breaker, but this is where a qualified Tam O’ Shanter realtor earns their paycheck. They will know how to handle the report, which repairs are necessary and which ones could be fixed with a simple price negotiation.

For more information on real estate in my neighborhood, give me a call. I would be happy to share the current market conditions with you.


Posted on March 31, 2017 at 9:42 pm
Rayme Teders | Posted in Uncategorized |

Buying A Home in Tam O’ Shanter

Buying real estate in Tam O’ Shanter isn’t as easy as a game of Monopoly. Although, how fantastic would that be? Not only could you simply hand over some cash and get a home, you’d also likely get to bypass one of our biggest issues: low inventory. However, buying real estate in Tam O’ Shanter is not a game. In fact, it is one of the biggest financial decisions you will make in your life. So how exactly should you go about it? I broke down the process in 10 steps.

1: Choose a qualified Tam O’ Shanter realtor.

This is absolutely the most important first step in buying a home for sale in Tam O’ Shanter. As the local neighborhood specialist, I am able to tell you what the current market conditions are, which is pertinent information that guides your buying decision. I also know of seller’s who have homes for sale in Tam O’ Shanter that are not listed. When you choose someone who is not familiar with the area, you risk not getting the correct market information as well as potentially missing out on being connected with a seller that simply hasn’t put their home in the NWMLS. Also, be sure you are picking someone who has your best interest at heart, is honest and timely in their communication. Your Realtor is your advocate.

2: Find a lender

Once you have chosen your Tam O’ Shanter realtor, you need to find a lender. Your realtor will likely have some recommendations as we work closely with mortgage brokers and title companies. This part is important as the company you select is overseeing the financial part of this transaction. You want someone who is competitive with rates, can communicate effectively and is available. You do not want to feel like just another file.

3: Clean up your credit

Ideally, this is something you have been working on for a year or so prior to getting serious about buying Tam O’ Shanter real estate. However, if you haven’t, your lender can offer guidance on any issues with your credit score. Whether it is big or small, they can let you know how others have repaired their score with situations that are similar to yours. The better the credit, the better the loan and interest rate. Interest rates are on the rise, but you still have time to get a good loan within the year. Make this a priority if you are serious about buying real estate in Tam O’ Shanter.

4: Apply for mortgage pre-approval

Once your credit is good to go, get pre-approved. This is different from pre-qualified in that you actually are approved and know how much you can spend on a home for sale in Tam O’ Shanter. Sellers will also consider you a serious buyer and consider your offer over someone who is simply pre-qualified. With this competitive market, the median days on market for our neighborhood is 7. The buyer demand is high, so if you come prepared and ready to go, you stand to have a higher chance of getting your offer accepted compared to someone who still doesn’t know what their actual home buying budget is.

5: Create a wish list

This is not the same wish list from your Pinterest board. This is based on your actual NEEDS like bed, bath, how many levels, proximity to certain schools, amenities, etc. You can create another section for wants, but these are areas you are willing to compromise on. This helps you narrow down your choices. With today’s seller market, if it has the beds you want in the neighborhood you want AND it is in your budget? Don’t wait. In a buyer’s market, these lists are really helpful. As you may feel like you have too many choices.

6: See what is out there

Home shopping is exciting so this part is fun! This is where your Tam O’ Shanter real estate agent gives you a list of active homes that fit your criteria and you get to go tour them to see if they really fit your needs. Be sure to jot down notes and pros and cons of each home you visit.

7: Make an offer

Once you find a home you like, your realtor will guide you through the process of making an offer on the home. This includes paperwork, an earnest money check (this is an act of good faith to the seller letting them know you are serious) and any contingencies. There will likely be negotiations so be sure to discuss competitive offers with your Realtor in Tam O’ Shanter.

8: Get a home inspection

Do not do a disservice to yourself and skip the inspection in order to close faster or make your offer more appealing. This could cost you more in the long run if the home has faulty wiring, needs a new roof or has other spendy repairs lurking below the surface. Knowing if the home has some fixes actually gives you negotiating power and can lower the purchase price costs if the home owner doesn’t want to do the repairs himself.

9: Get final mortgage approval

After the offer is accepted by the seller, your lender will work with you to get the final approval for the closing date. This process may require that you pay property taxes or homeowners insurance for the first year at closing. It is important to note that when you are in escrow, it is definitely not the time to make any big purchases. One, it can affect your debt to income ratio which impacts your LOAN. Not to mention, closing costs aren’t cheap.

10: Closing time

This is the final step where the deed to the home is transferred. Most transactions vary, but there is usually a lot of paperwork with someone guiding you through the process. Next step is keys and voila- welcome home!

For more information on real estate in Tam O’ Shanter, give me a call. I would be happy to discuss how both the buying and selling process works.


Posted on March 31, 2017 at 8:50 pm
Rayme Teders | Posted in Uncategorized |

Selling? Here Is The “Early Bird” To Do List

If you are thinking of selling your Tam O’ Shanter real estate, you will want to read this blog. Typically, sellers come out full force in the spring, however there are a few things you can do to get your home ready for peak buying season. After all, if you wait until the weather is a little more desirable, your home for sale in Tam O’ Shanter may not be ready for market until later on.  Here is a list of “to dos” before you list:

Find a Tam O’ Shanter real estate specialist

This is the most important step. Before you even start on the updates and repair, find a local Tam O’ Shanter real estate expert to advise you on the sale of your home. You could potentially waste a lot of money making unnecessary repairs with the hopes it will improve your home’s value when you don’t even need to. Here are the traits to look for:

  • You want someone who is a local expert. Ask them how many listings they have sold in the area recently. I personally have sold over $18 million just in Tam O’ Shanter in the last two years.
  • Ask them how quickly the homes sit on the market. My listings sit on the market about 7 days before accepting an offer.

Let people know you are selling

When you find a Tam O’ Shanter realtor early on, they can start marketing via word of mouth. It also gives them time to prepare your home. I personally have a list of vendors I use to get a home for sale in Tam O’ Shanter ready for market. From the painter to the roofer to the stager to the professional photographer, it takes a village. However, it is so worth it. Not to mention, a majority of the homes I have sold in Tam O’ Shanter have been sold off market simply because I know who is looking to sell and I know who is looking to buy.

When making repairs, focus on the interior

Once you have spoken with your Tam O’ Shanter realtor, start taking the necessary steps to get the interior ready. Curb appeal is crucial, but it doesn’t make sense to make any repairs or upgrades until bad weather is a thing of the past. Instead, follow your realtors guide and start working on the small repairs like that leaky faucet or getting the HVAC appliances serviced. If you would like to make bigger upgrades, such as repainting or reflooring, I have service providers I have worked with in the past and would be happy to share their information.

Declutter!

Speaking of interior, clutter is a HUGE turn off to buyers. If you have a lot of stuff taking up space in your home, it is hard for serious buyers to really gauge how much space your home has. Experts have also stated that buyers are more receptive to a neutral home, which means less of your personal items. So pick a room every couple of weeks and go through the items you want to keep and put in storage, what needs to be tossed and what needs to be donated. This is also important as I personally spend about $2,500 on professional staging for every single one of my listings. This helps homes sell faster and for more money. My stagers personally prefer a “clean slate” so they can do their job and get the best results for you.

For more information on selling your home in Tam O’ Shanter, give me a call. I would be happy to assist you with this process.


Posted on February 27, 2017 at 7:36 pm
Rayme Teders | Posted in Uncategorized |

Tam O’ Shanter Monthly Real Estate Update

Good news for sellers in Tam O’ Shanter! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Tam O’ Shanter real estate specialist, there are certain categories I follow closely. They go as follows.

If you are thinking of selling your Tam O’ Shanter real estate, now is a fabulous time. Both the median AND average home price were up 17% compared to this time last year. The median is at $665,000 and the average was up $767,448. This means that if you have been thinking of selling your real estate in Tam O’ Shanter, the value has gone up compared to this time last year. Percentage of list price is also up 2.2% at 102.2% which means homes are going for over the asking price. In my experience with selling real estate in Tam O’ Shanter, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Tam O’ Shanter goes from active to pending) is 7 days.

Pending sales were also up 17% (this percentage seems to be the magic number for our area this month) and closed sales were up 14.2%. Both the median and average price per square foot is up. Median is up 12% at $333 and the average is up 10.2% at $347.

Now let’s discuss the stat that has decreased. The month supply is at a low 0.90. Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Tam O’ Shanter specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Realtor. I personally have connected more off market buyers and sellers in the last two years than any other realtor. If you are looking to buy a home for sale in this neighborhood, give me a call. I would be happy to assist!


Posted on February 27, 2017 at 7:15 pm
Rayme Teders | Posted in Uncategorized |

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