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.
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!
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.
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.
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.
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.
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!
Just because temperatures have cooled down does not mean that Tam O’ Shanter real estate has! In fact, homes for sale in Tam O’ Shanter are considered highly desirable due to all the wonderful amenities this neighborhood has to offer. While inventory is very low right now, buying a home in the winter is a great time to snag a home for sale in Tam O’ Shanter without all the competition that spring and summer brings. But that isn’t the only reason. Read below to find out why you shouldn’t wait until spring and summer to buy real estate in Tam O’ Shanter, Bellevue WA!
Prices are only going UP! CoreLogic’s recently released their Home Price Index and it showed that home prices have gone up 6.3% just in the last year. In Tam O’ Shanter, the median home price has increased 17.7% while Bellevue in general has gone up 15.2% compared to last year. The same reports also state a predicted increase of 5.2% for the United States over the next year. By waiting to buy, you could be priced out of a home for sale in Tam O’ Shanter.
Home prices aren’t the only thing on the rise either. Mortgage interest rates have also gone up and they aren’t coming down anytime soon. They are still historically low which means you could get into that home for sale in Tam O’ Shanter with a great rate. After all, the littlest increase can impact your monthly mortgage payment a lot.
You are paying a mortgage regardless so it may as well be your own. Mortgage payments are like a forced savings. When you pay your mortgage on time every single month, your Tam O’ Shanter real estate gains equity that you can tap into later if you need.
Let’s take away the increase in home prices and mortgage rates for a second and look at why you are buying. What is your motive? Is it to be closer to Microsoft or freeway exits? Is it to be in the award-winning Bennett Elementary school district? Is it for an investment? Ask yourself these questions and then sit down with me to discuss your scenario. As the local neighborhood specialist, I know what is happening in my neighborhood. A good Bellevue, WA realtor will have your best interest at heart and advise you per your situation. For more information on buying real estate in the Tam O’ Shanter neighborhood in Bellevue, WA give me a call.
If you are buying Bellevue, WA real estate, you probably hope to get the best price on a home for sale in Bellevue, WA. In most markets, winter is considered “The Buyer’s Market” due to less demand and lower prices. Given that King County is one of the hottest real estate markets in the United States right now, that is not exactly the case for us. Homes for sale in Bellevue, WA are in high demand due to low inventory, rising interest rates and home prices. If you are looking to purchase Bellevue, WA real estate this winter, be sure to check out these tips!
Expecting A Screaming Deal
In the winter, prices are usually a little lower, the sellers are typically motivated and bidding wars only happen in the summer……right? Not quite. While historically this has been the case, and may still be in certain areas, this summer’s tight inventory kept a lot of buyers from getting into a home for sale in Bellevue, WA. Which means there are a lot of serious buyers still looking to purchase Bellevue, WA real estate. If you are a buyer, do not underbid hoping that a motivated seller will settle and take it. We are no longer in that kind of market and the last thing you want to do is offend a seller and lose the house you were hoping to purchase.
In this market, you need to channel your inner yogi and be flexible. When a home for sale in Bellevue, WA within your search parameters comes on the market, run! Don’t walk! Seriously, as a Bellevue, WA realtor, I know the feeling all too well of simply wanting to go home and kick my feet up after a long day. With today’s current conditions, you could miss out on a home if you don’t strike while the iron is hot. So if that means running to a new home during your lunch break or at night when your favorite show is on, do it.
Ignoring Your Imagination
Speaking of being inflexible, try to use your vision when it comes to searching for real estate in the area. So the property isn’t “Pinterest perfect”. It may have heinous wall paper, shag carpeting or a sad looking yard. Don’t write it off! If it has the desired beds, baths and is in your dream neighborhood within your price point, think about the possibilities. Most yards don’t look great in the winter and cosmetic stuff can be done over time. By looking for the already perfect and not looking at the potential, you could miss out on a fabulous real estate opportunity.
From Halloween to January 2nd, you may feel like all you are doing is swiping the plastic and you are not alone. From gifts to purchase and outfits to wear to parties, the holidays are a very expensive time. If you are purchasing Bellevue, WA real estate, you should keep an eye on how much you are charging. Even if your credit is perfect, a high debt to income ratio can have a bad impact on your approval. Either set a strict budget or pay things down as quickly as possible to make sure there are no last minute changes to your loan.
Not Paying Attention To Closing Delays
In life, things rarely go as planned and real estate is no different. When it comes to closing delays, keep a close eye on tasks that need to be finished or completed so you can move ahead per schedule. There are certain things that could pop up, such as repairs that can’t be done during heavy rain or snowfall. Pay attention so that you aren’t dealing with a delayed closing.
For more information on buying or selling real estate, give me a call at 425-829-8778.
If you are in the market to buy a home for sale in Tam O’ Shanter, you may be hoping to get a great deal. After all, the winter months are known for being the “Buyers’ market”. However, with the current low inventory, the rising interest rates and rising home prices, this winter’s Tam O’ Shanter real estate market is unusual. It is still a sellers’ market, making it harder to save on the bottom line. If you were one of the buyers who waited for colder weather in the hopes of saving some money, you aren’t out of luck. While you may not save money on interest rates or the Tam O’ Shanter real estate price, you could save on the closing costs. Check out these tips!
- Ask your financial institution if they have a loyalty rewards program. Some banks offer existing clients reduced fees or cover closing costs on homes for sale in Tam O’ Shanter. You should be shopping for your loan anyway so it doesn’t hurt to ask.
- Ask the seller of the Tam O’ Shanter real estate that you are purchasing if they will help cover the closing costs. Most loans allow sellers to contribute up to a certain amount that is tax deductible. You will likely have to pay full price on the home for sale in Tam O’ Shanter but given current market conditions, you will likely be doing this anyway.
- Schedule your closing at the end of the month if you can. By doing this, you save on prorated association dues, interest and taxes.
- If you are a part of the military or a union, ask what home buying benefits they offer. Sometimes they help with the closing costs.
- If all else fails and you don’t want to be out of pocket on closing expenses, you can wrap closing costs into the loan. Lenders usually charge more for this, but it is an alternative if you were not prepared for the closing costs associated with buying Tam O’ Shanter real estate.
If you are interested in buying or selling real estate in Tam O’ Shanter, let me know how I can help. As a long time resident and the local neighborhood specialist, I would be happy to assist you with your Tam O’ Shanter real estate needs.
I have discussed the importance of using a Tam O’ Shanter realtor when selling your home in past blogs. Using a qualified neighborhood realtor is truly important regardless of whether you are a buyer or a seller. Bellevue, WA real estate is quite the journey and, while exciting, can present some obstacles. Having a qualified Tam O’ Shanter realtor in your corner when it is time to buy or sell is more important than ever now that higher mortgage rates and home prices are on the horizon. So just to recap, here are some important reasons you should not go it alone when it comes to one of the biggest financial investments a person can make.
If you are selling, it is crucial for your home to be priced correctly from the start. If you are buying, you don’t want to overpay for Bellevue, WA real estate. So how do you know that the price is right? By using a qualified Tam O’ Shanter realtor that knows the market. Per the National Association of Realtors, an average FSBO home sells for $185,000 while an agent assisted home sells for $245,000. That is a difference of $60,000! Not to mention, there is a lot of news about what is going on the real estate industry across the country right now. Home sales and prices may be up in one area and could be down in another. You need someone who has their finger on the pulse of the local Bellevue, WA real estate market.
Every single state has different rules and regulations when it comes to the sale of one’s home. These are constantly changing too. Whether you are buying or selling, you need someone who is in expert not only in the local market, but can walk you through the appropriate forms necessary to execute a successful real estate transaction.
Some real estate experts state that there is a possibility for OVER 230 possible steps that could take place during a successful real estate transaction. That is a LOT of steps. This is also proof that Tam O’ Shanter real estate is so much more than simply putting a for sale sign in the yard or just writing an offer and having it get accepted with no stipulations or negotiations. You need a qualified Bellevue, WA realtor who not only knows these steps, but can guide you through each one intuitively.
Just because you can talk down a car salesmen or get a screaming deal on a piece of furniture does not make you an expert negotiator. Negotiating goes WAY beyond just one party. You have a list of people to deal with from the appraiser to the home inspector. Your offer could have been accepted, but these are the people that can make or break your deal. Working with a qualified Bellevue, WA real estate agent who knows how to work with the vendors will make your closing a lot smoother.
In all things, we trust the experts. When you are sick, you go to a trusted doctor. If your car needs repairs done, you go to a trusted mechanic. Real estate is no different. When making a big financial decision like buying real estate, you should pick a trusted Tam O’ Shanter real estate expert. For information on buying or selling, give me a call.