Monday's With Matthew • Videos • December 7, 2020

Matthew Gardner Weekly COVID-19 Housing & Economic Update

by Phillipa Leseberg

Every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market.

Update #1 – 3/23/2020

Update #2 – 3/30/2020

This week he discusses what it really means for the economy and housing to be in a COVID-19 induced recession (hint: it’s not all bad news).

Update #3 – 4/6/2020

In the latest episode of “Mondays with Matthew”, Windermere Chief Economist Matthew Gardner dives into part one of his two-part series analyzing the mortgage market. Today’s focus is on the substantial impact COVID-19 has had on jumbo mortgages. Check back next week when he’ll discuss conventional mortgages and provide his latest interest rate forecast.

Update #4 – 4/13/2020

This week on “Mondays with Matthew” Windermere Chief Economist Matthew Gardner discusses the impact of COVID-19 on 30-year-mortgages and gives an updated 2020 interest rate forecast.

Update #5 – 4/13/2020 Mondays with Matthew: Conforming Loans + Interest Rates

In this week’s episode of “Mondays with Matthew” Matthew Gardner tackles part two of his series analyzing the mortgage market. Today he turns his focus to the conforming mortgage market and the recent volatility of interest rates. He also provides an updated 2020 interest rate forecast.

Update #6 – 4/20/2020 Mondays with Matthew: New Construction Market

This week on “Mondays with Matthew” Windermere Chief Economist Matthew Gardner analyzes the past two decades of the new home construction market and then discusses his predictions for this segment of the market going forward.

Update #7 – 4/27/2020 Mondays with Matthew: Are we heading towards another housing bubble?

This week on “Mondays with Matthew”, Matthew Gardner addresses the growing concern that the housing market is heading towards a repeat of the 2008 meltdown. He uses data to illustrate how we are in a very different place than when the housing bubble burst.

Update #8 – 5/4/2020 Mondays with Matthew: Let’s Discuss Mortgage Forbearance

On this week’s episode of “Mondays with Matthew” Matthew Gardner discusses mortgage forbearance and whether it will help or hurt the US housing market.

Update #9 – 5/11/2020 Mondays with Matthew: My 2020 Job Market Forecast

Job growth is critical to the health of the housing market, so on this week’s episode of “Mondays with Matthew”, Matthew Gardner analyzes the effect of COVID-19 on employment and what we can expect for the duration of the year.

Update #10 – 5/18/2020 Mondays with Matthew: Will COVID-19 Impact Where Buyers Want to Live?

In this week’s episode of Mondays with Matthew, Windermere Chief Economist Matthew Gardner kicks off a series of episodes in which he answers questions from his followers. The first deals with how COVID-19 will impact buyer behaviors, especially in more urban markets.

Update #11 – 6/1/2020 Mondays with Matthew: What’s Happening with Mortgage Rates

Now that things have settled down somewhat following the initial impact of COVID-19, Matthew dives into the topic of mortgage rates. Will they go below 3%? Matthew discusses this and the factors that have formed his updated 2020 and 2021 mortgage rate forecast.

Update #12 – 6/8/2020 – Mondays with Matthew: What’s Happening To Home Prices?

In this week’s episode of “Mondays with Matthew”, Matthew Gardner analyzes post-COVID 19 home prices and offers his prediction for whether or not they will end the year in the positive or negative.

Update #13 – 6/15/2020 – Mondays with Matthew: Mortgage Forbearance Update

On this week’s episode of “Mondays with Matthew”, Matthew Gardner provides an update on the mortgage forbearance program and what type of effect we can expect it to have on the US housing market.

Update #14 – 6/22/2020 – Mondays with Matthew: What’s Happening To Home Prices?

Update #15 – 6/29/2020 – Mondays with Matthew: Housing Affordability?

On this week’s episode of “Mondays with Matthew”, Matthew Gardner discusses housing affordability and how he believes that despite the impact of COVID-19, affordability issues will remain and may actually get worse as we move forward.

Update #16 – 7/06/2020 – Mondays with Matthew: Why Aren’t More Millennials Buying

On this week’s episode of “Mondays with Matthew”, Matthew Gardner discusses what is needed to motivate more Millennials to buy and the important role they play in the long-term health of the US housing market.

Update #17 – 7/13/2020 – Mondays with Matthew: How Housing Has Fared Amid COVID-19

On this week’s episode of “Mondays with Matthew”, Matthew Gardner analyzes several aspects of the housing market to see how it has fared over the past 16 weeks amid COVID-19.

Update #18 – 7/20/2020 – Mondays with Matthew: How Do Consumers Feel About Buying & Selling Right Now?

On this week’s episode of “Mondays with Matthew”, Matthew Gardner dives into the most recent National Housing Survey results which tell us a lot about consumer confidence both pre- and post-COVID and whether or not they feel this is a good time to buy or sell a home. The results might surprise you.

Update #19 – 7/27/2020 – Mondays with Matthew: Updated 2020 Housing Forecast

On this week’s episode of “Mondays with Matthew”, Matthew Gardner provides his updated 2020 housing forecast and analyzes the National Association of REALTORS’ June Home Sales Report.

Update #20 – 8/3/2020 – Mondays with Matthew: Case Shiller Home Price Index

On this week’s episode of “Mondays with Matthew”, Matthew Gardner analyzes the latest Case Shiller Home Price Index numbers and explains some of the lesser known (yet, still important) aspects of the report.

Update #21 – 8/10/2020 – Mondays with Matthew: Homeownership Trends Throughout the Decades

This week on “Mondays with Matthew”, Matthew Gardner analyzes homeownership trends over the decades, breaking it down by age, race, household income, and median home price.

Update #22 – 8/24/2020 – Mondays with Matthew: Understanding the U.S. Household Debt & Credit Report

On this week’s episode of “Mondays with Matthew”, Matthew Gardner shares some reflections from his vacation and explains why the relatively unknown U.S. Household Debt & Credit Report is one we should all be paying more attention to.

Update #23 – 8/31/2020 – Mondays with Matthew: Going Beyond the Headlines

On this week’s episode of “Mondays with Matthew”, Matthew Gardner looks at last week’s real estate and economic news and goes beyond the headlines so that you can not only stay on top of the issues that affect you and your business, but also get more detail than is generally offered by the media.

Update #24 – 9/14/2020 – Mondays with Matthew: Mortgage Forbearance Update

On this week’s episode of “Mondays with Matthew”, Matthew Gardner revisits mortgage forbearance, bringing you the latest in light of some recent headlines.

Update #25 – 9/21/2020 – Mondays with Matthew: An Analysis of the Latest Economic Data

On this week’s episode of “Mondays with Matthew”, Matthew Gardner analyzes the most recent economic and real estate data, including retail sales, consumer sentiment, and the housing market index which is published by the National Association of Home Builders.

Update #26 – 9/29/2020 – Mondays with Matthew: Housing Continues to Lead Economy Amid COVID-19

On this week’s “Mondays with Matthew,” Matthew Gardner analyzes data released last week about existing home sales, new home sales, and mortgages, demonstrating the housing market’s resilience in an economy mired by COVID-19.

Update #27 – 10/05/2020 – Mondays with Matthew: Housing Continues to Lead Economy Amid COVID-19

This week on “Mondays with Matthew” with Windermere Chief Economist Matthew Gardner, he covers last week’s top economic headlines. Watch here for updates on the latest Case-Shiller and Consumer Confidence indexes.

Update #28 – 10/12/2020 – Mondays with Matthew: Forecasting Mortgage Rates & More

On this week’s episode of “Mondays with Matthew,” Windermere Chief Economist, Matthew Gardner, takes another look at mortgage rates and forecasts what we can expect in the coming months for rates, affordability, and inventory.

Update #29 – 10/26/2020 – Mondays with Matthew: What You Need To Know About The Latest Housing Data

In today’s episode of “Monday with Matthew,” Matthew Gardner dives into three of the latest housing market data releases and gives context to their historical significance.

Update #30 – 11/09/2020 – Mondays with Matthew: Analyzing the US Job Market Report

On the latest episode of “Monday with Matthew,” Matthew Gardner analyzes the surprisingly strong U.S. Job Market Report from October. This video was recorded on Friday, November 6.

Update #31 – 11/23/2020 – Mondays with Matthew: The Latest US Homes Sales Data

On this episode of “Monday with Matthew”, Matthew Gardner takes a deep dive into the latest US home sales data and what it means.

Update #32 – 12/7/2020 – Mondays with Matthew: My 2021 US Housing Forecast

In our final episode of “Monday with Matthew” for 2020, Matthew Gardner looks to the year ahead in his 2021 U.S. Housing Forecast, including his predictions for mortgage rates, sales, forbearance, and more.

Living • November 19, 2020

Simple Kitchen Makeover Ideas

by Phillipa Leseberg

Kitchen makeovers sit atop many homeowners’ wish lists, but they can be stressful and costly. However, there are simple projects you can tackle that will give your kitchen the look and feel of a total overhaul without breaking the bank.

Simple projects

Backsplash: Giving your backsplash a makeover can do wonders for your kitchen. Get creative with colors or patterns that accentuate your home. Subway tiles are a common choice for a clean look. For homeowners looking to make more of a statement, mirrored and metallic finishes have become more popular in recent years. If your kitchen is in need of color, look to your backsplash project as an opportunity to brighten it up.
Lighting: Lighting is the gateway to changing the mood of your kitchen in an instant. Experiment with new light switch covers that emphasize your kitchen’s color palette. If you’re looking for a new centerpiece, linear pendant lights will deliver that coveted farmhouse feel. For a more regal look, explore chandeliers for a classy feel.
Freshen up your colors: Adding color is an affordable way to liven up your kitchen. Look for vibrant cookware and dinnerware and use open shelving to give some color splashes at eye level. Because of their large surface area, kitchen islands are a great place for color. Try painting around the exterior or the countertop to turn it into an eye-popping feature.

Organization

Drawers and cabinets: Look for simple solutions that will work in your newly made-over kitchen. Drawer dividers can do wonders for creating space and staying organized. The insides of cabinet doors make a great home for spice racks. Set aside time to dig through your drawers and cabinets. Sort out what you need to get rid of and what will stay as you declutter.
Overhead storage: A common space-saving tactic in restaurant kitchens is to hang pots and pans. This keeps heavy hardware organized, frees up cabinet space, and brings a touch of décor to your kitchen. Explore the different styles to fit the look of your kitchen including stainless steel, wood, copper, and more.

Things to keep in mind

If you’re looking to incorporate some bigger projects into your kitchen makeover, be sure to keep the following tips in mind to stay on budget and on schedule.

Buying cheap can be costly: When it comes to appliances, flooring, cabinets and other fixtures of your kitchen, it may be tempting to say yes to cheaper options. However, cheap materials and appliances can break easily and often require extra maintenance, which can lead to greater costs in the long run. If something is slightly more expensive but still fits in your budget, know that the higher quality will likely pay off.
Choose your appliances early: It’s easy to direct your attention to cabinets and countertops in the beginning stages of your remodel. However, the last thing you want to have happen is to pick those out first, only to discover that they don’t leave enough room for your dishwasher or refrigerator. Be sure to select your major appliances first, then build around them.
Consult professionals when applicable: For homeowners who are passionate about their home, it can be easy to get a little obsessive when it comes to remodeling. If you are unsure about how to proceed at any point in the process, consult a professional to guide you in the right direction. It may be helpful to seek the opinion of multiple experts and compare their answers to find the best solution.

These ideas offer simple ways to freshen up the heart and soul of your home. Whether your household is big or small, choose your projects, set a budget, and have fun improving your kitchen.

SOURCE: Windermere Blog

Regional Market Update • November 11, 2020

Local Market Update – November 2020

by Phillipa Leseberg

The number of people who can work remotely may be changing the way we view our homes, but one trend has not changed. The local housing market in October remained unseasonably hot. And that doesn’t show signs of changing any time soon.

October saw continued low inventory and record-level sales, with the number of sales exceeding that of 2019 year-to-date.

While new listings are on the rise, they are being snapped up quickly and many homes are selling in a matter of days. In King County there were 38% fewer single-family homes on the market as compared to a year ago. Snohomish County had 59% fewer listings. A four-month supply of homes for sale is considered a balanced market, but King and Snohomish counties currently have less than one month of supply.

With supply unable to keep up with demand, home prices are escalating at double-digit rates. The median single-family home price in King County rose 14% over a year ago to $745,000. Prices in Snohomish County jumped 17% year-over-year to a record high of $579,972. About half the homes that closed in October sold for over the asking price as compared to about a quarter of the homes the same time last year.

The real estate market here is uncommonly resilient. Growing employment in major tech industries and an enviable quality of life have made our region one of the fastest growing areas in the country. With interest rates remaining at record lows, we may well skip the traditional slowing in the winter market altogether.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

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Buying • November 11, 2020

A Guide to VA Loans

by Phillipa Leseberg

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Image source: Shutterstock

VA loans provide a path toward homeownership for active service and veteran personnel and their families. The following serves as a guide to understanding what they are, who they are available to, and what types of loans are available to them.

VA loans can be confusing, so talk with your Windermere agent as you prepare to discuss your options with your lender. “Even people in the military have misconceptions about (VA loans),” said Windermere agent and Veteran Gervon Simon in a recent episode of our “Ask An Agent” series.

What are VA Loans?

The VA loan program was established by the United States Department of Veterans Affairs (VA) to help active service members, veterans, and surviving spouses become homeowners. VA loans are backed by the federal government yet provided by private lenders such as banks and mortgage companies. VA loans can be used to buy, build, or improve a home, or to refinance a current home loan.

How do VA Loans work?

VA loans have appealing characteristics for homeowners including lower-than-average mortgage rates, zero down payment on the purchase price, no-prepayment penalties, limited closing costs, and no Private Mortgage Insurance (PMI). They are typically easier to qualify for than standard home loans. With VA-backed loans, they guarantee a portion of the loan from a private lender. This means less risk for the lender, often resulting in more favorable terms for the homeowner. You do not have to be a first-time homebuyer to receive a VA loan. VA loan limits vary by county, so be sure to work with your Windermere agent to determine the limit in your area.

Which loans are available?

Purchase Loan

VA-backed purchase loans may be used to buy a single-family home, condo, manufactured home, or land. They also may be used to make energy-efficient changes to your home. Additionally, you can use a purchase loan to build a new home.
They offer no down payment, as long as the home’s sales price does not exceed its appraised value.
There is no need for PMI or mortgage insurance premiums (MIP).

Native American Direct Loan (NADL)

For Veterans who are either Native American or have a Native American spouse, the NADL can help to buy, build, or improve a home on federal trust land.
Beyond basic requirements of eligibility and credit standards, to be considered for the loan your tribal government must have an agreement—or Memorandum of Understanding (MOU)—with the VA. For more information on MOUs, visit this page: MOU Info

Interest Rate Reduction Refinance Loan (IRRRL)

The IRRRL is a refinancing tool for those with VA-backed home loans that are looking to reduce their monthly mortgage payments.
The IRRRL replaces a current loan, giving homeowners the ability to stabilize their repayment plans.
A VA funding fee may be required. Loan interest and closing fees will be charged by your lender but including these costs in your IRRRL will help you avoid paying the costs upfront.

Cash-out refinance loan:

The cash-out refinance loan allows homeowners to take cash out of their home equity or refinance a non-VA loan into a VA-backed loan.
In addition to your Certificate of Eligibility (COE), you’ll need to provide additional federal income tax information to your lender.
A home appraisal will be ordered by your lender. Similar to an IRRRL, a VA funding fee may be charged at closing. Follow their closing process and pay all closing costs.

For more information on the different types of VA Loans, eligibility, and more, visit the Veterans Affairs website here: VA Loans

Regional Market Update • October 27, 2020

Q3 Western Washington Real Estate Market Update

by Phillipa Leseberg

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please reach out anytime, I am happy to help!

REGIONAL ECONOMIC OVERVIEW

Employment numbers in Western Washington continue to improve following the massive decline caused by COVID-19. For perspective, the area shed more than 373,000 jobs between February and April. However, the recovery has been fairly robust: almost 210,000 of those jobs have returned. Unemployment levels remain elevated; the current rate is 8.2%. That said, it is down from 16.6% in April. The rate, of course, varies across Western Washington counties, with a current low of 7.2% in King County and a high of 11.2% in Grays Harbor County. The economy is healing, but the pace of improvement has slowed somewhat, which is to be expected. That said, I anticipate that jobs will continue to return as long as we do not see another spike in new infections.

HOME SALES

Sales continued to improve following the COVID-19-related drop in the first quarter of the year. There were 25,477 transactions in the quarter, an increase of 11.6% from the same period in 2019, and 45.9% higher than in the second quarter of this year.
Listing activity remains woefully inadequate, with total available inventory 41.7% lower than a year ago, but 1.6% higher than in the second quarter of this year.
Sales rose in all but two counties, though the declines were minimal. The greatest increase in sales was in San Juan County, which leads one to wonder if buyers are actively looking in more isolated markets given ongoing COVID-19-related concerns.
Pending sales—a good gauge of future closings—rose 29% compared to the second quarter of the year, suggesting that fourth quarter closings will be positive.

HOME PRICES

Home-price growth in Western Washington rose a remarkable 17.1% compared to a year ago. The average sale price was $611,793.
When compared to the same period a year ago, price growth was strongest in Mason, Island, and San Juan counties. Only one county saw prices rise by less than ten percent.
It was even more impressive to see the region’s home prices up by a very significant 9.4% compared to the second quarter of 2020. It is clear that low mortgage rates, combined with limited inventory, are pushing prices up.
As long as mortgage rates stay low, and there isn’t an excessive spike in supply (which is highly unlikely), prices will continue to rise at above-average rates. That said, if this continues for too long, we will start to face affordability issues in many markets.

DAYS ON MARKET

The average number of days it took to sell a home in the third quarter of this year dropped two days compared to a year ago.
Snohomish County was the tightest market in Western Washington, with homes taking an average of only 16 days to sell. All but two counties—Lewis and San Juan—saw the length of time it took to sell a home rise compared to the same period a year ago.
Across the region, it took an average of 36 days to sell a home in the quarter. It is also worth noting that it took an average of 4 fewer days to sell a home than in the second quarter of this year.
The takeaway here is that significant increases in demand, in concert with remarkably low levels of inventory, continue to drive market time lower.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

High demand, favorable interest rates, and low supply clearly point to a seller’s market in Western Washington. As such, I am moving the needle even more in favor of sellers.

As I suggested earlier in this report, although the market is remarkably buoyant, I am starting to see affordability issues increase in many areas—not just in the central Puget Sound region—and this is concerning. Perhaps the winter will act to cool the market, but something is telling me we shouldn’t count on it.

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Living • October 22, 2020

Modern Design Trends

by Phillipa Leseberg

Image source: Shutterstock

Modern design can tie your home together while making a statement. Getting to know the modern farmhouse, mid-century modern, and industrial design trends will help to determine which is best for your home.

Modern Farmhouse

Bringing country living to wherever you call home, modern farmhouse is a style marked by sleek lines, vintage touches, and natural textures that still delivers a comfortable feel. Widespread use of the term “modern farmhouse” did not pick up steam until the mid-2010s, only gaining in popularity since.

In your home:

Color: A defining characteristic of the modern farmhouse is a whitewashed palette, which offers a satisfying contrast to the use of natural wood. Cream is also a popular choice. Floral accents are typically used to add depth to the whitewashed backdrop.
Features: Exposed beams, antique items, and rustic décor form the makeup of a modern farmhouse-inspired dwelling. Barn lighting and gooseneck lamps are the most fitting lighting choices. Round out your modern farmhouse look with shiplap wherever you see fit, board-and-batten siding, and Shaker cabinets for your kitchen.

Mid-Century Modern

A movement begun in—you guessed it—the middle of the twentieth century, mid-century modern (MCM) took shape in a post-war America that saw a migration to urban areas, thus influencing design of the era to be more mindful of smaller living spaces.

In your home:

Philosophy: Mid-century modern is as much an artistic movement as a design trend. MCM designs are simple in form, emphasizing function and organic influences, and are meant for everyone to use. Consider these characteristics when planning your décor.
Color: The color palette most commonly associate with MCM is earthy tones. If you’re looking to add more pop but want to stay true to the earthy palette, experiment with pastels.
Furniture: Typical MCM design features in furniture include juxtaposing larger pieces with skinny legs, peg legs, the use of lighter-colored woods such as teak, and fun geometric shapes. Beloved favorites include credenzas, dressers, and egg chairs.

Industrial

Inspired by warehouses, factories and unexpected materials such as shipping containers, Industrial design brings home the raw, hardwearing aesthetic typically associated with spaces like reclaimed yards, hangars, and ports. Customization is popular in Industrial design, and like mid-century modern, simplicity is emphasized.

In your home:

Color: The Industrial color palette is predominantly neutral. Texture is a more defining feature than color, which gives you flexibility when it comes to decorating. With neutral colors, it is easier to keep your home’s color palette aligned and complimentary.
Materials: How do you make your home feel like a warehouse? Materials go a long way in accomplishing this. Industrial go-to materials for furniture and beyond include wood, aluminum, copper, steel, stone, and tin. Avoid soft materials like plush that would take away from the hardworking feel inherent in Industrial.
A touch of nature: Due to its emphasis on recycled and reused materials, plant life and nature-centric accents are fitting compliments to Industrial design. Indoor plants, cactus, and flowers are popular items for sprucing up an Industrial space while adding an appropriately placed touch of color.

Although these trends vary in style and application, they all share a statement-making capability. When incorporating them into your home, know that any of these features will definitively shape the look and feel of your home.

Regional Market Update • October 22, 2020

LOCAL MARKET UPDATE – OCTOBER 2020

by Phillipa Leseberg

While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range.

There just aren’t enough homes on the market to meet demand. King County had about half the inventory of a year ago. Snohomish County had 63% fewer available homes. On the other hand, the number of condos on the market in King County jumped by 24% over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose 8% in September and pending sales — the best indicator of current demand — shot up 36% over the same period last year.

The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. King County saw the third consecutive month of record-setting values. The median home price hit $753,600 in September, a 14% jump over last year. Prices in Snohomish County soared 16% from a year ago to $569,997, just shy of its all-time high of $575,000. For both counties, half the homes sold for over list price in September as compared with just a quarter of the homes a year ago.

The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 32% in King County and 29% in Snohomish County. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot.

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Selling • October 8, 2020

10 Steps to Selling Your Home

by Phillipa Leseberg

Image source: Shutterstock

Navigating everything involved with selling your home can seem intimidating. Breaking the process down step by step will keep you organized and ready to work towards a successful home sale.

1. Choose an agent

A lot goes into choosing the right agent. If you’re unsure where to start, get referrals from trusted friends, family, and neighbors. Although the ultimate goal is the sale, think about your compatibility outside of the transaction. Their ability to connect with you on a human level through the ups and downs of a home sale is just as important as their expertise and knowledge of the market.

2. Set a timeline

Depending on your local housing market conditions, your timeline for selling your home may vary. However, a timeline is valuable in that it will keep you organized throughout the selling process and allows you to adjust if circumstances change. Your agent will work with you to build the ideal timeline.

3. What is your home worth?

The key to selling quickly is correctly pricing your home from the first day it hits the market. In particular, overpricing can lead to serious complications in the selling process. Your agent can provide you with a Comparative Market Analysis (CMA) to better determine the best price of your home. CMAs provide information on comparable home sales in your area, both pending and sold, within the past six months.

4. Repair & upgrade

Now it’s time to get to work on the house! This is the perfect time to tackle any and all outstanding projects or repairs. Create a list separating which repairs can be done yourself and which need professional attention. This is the time to consider a pre-sale home inspection to identify structural and mechanical problems before your home is on the market.

5. Make the best first impression

Making an impactful first impression goes a long way in the minds of buyers, so roll up your sleeves and prepare to check off that to-do-list. Start by cleaning up the garden and lawn, clearing out gutters, and adding color to your flower beds. Apply a fresh coat of paint anywhere you spot peeling or cracked paint. A great way to make an impact is by staging your home, with the goal of making each room feel as spacious and welcoming as possible.

6. Show your home

Your local pandemic-era regulations will dictate the ability for agents to conduct in-person showings and open houses. Discuss virtual home tour options with your agent and other ways to generate maximum buyer interest. For in-person showings, it’s best that you leave the premises so the buyer can freely ask their agent questions and visualize the home as their own.

7. Offers & negotiation

If you are in a seller’s market—defined by low inventory and high buyer competition—it is likely that you will receive offers at – or above – asking price. You can respond to an offer by a) accepting the offer, b) making a counteroffer, or c) rejecting the offer. Counteroffers should always be made in writing and provide a short window of time for the potential buyer to respond. If you are selling in a buyer’s market, you may have to be more open to negotiation. Discuss negotiation strategies with your agent to work toward a satisfying final price.

8. Prepare for closing costs

There are costs throughout the selling process, and as the close date approaches, that remains true. Be sure to budget for your real estate agent’s commission, and other common seller’s costs like title insurance, recording fees, and government transfer tax, among others.

9. Home inspection

Buyer offers are usually contingent upon a professional home inspection. Ask your agent for a home inspection checklist, so you know what the inspector is looking for ahead of time. They typically inspect the home’s foundation, structure, roof, plumbing and electrical systems, floors, windows, doors, and more for signs of damage and weathering.

10. Closing time

Congratulations! Your home is sold, but there are still some final steps before the deal is done. This is the time to ask the buyer to release any contingencies, sign the title, and close escrow before handing over the keys. Consult your real estate agent for any questions about legal documentation and settlement costs.

Windermere Community • September 29, 2020

The Seahawks and Windermere Team Up Again to #TackleHomelessness

by Phillipa Leseberg

As the “Official Real Estate Company of the Seattle Seahawks,” all of us at Windermere are proud to kick off our fifth season of partnering with the Seahawks to #TackleHomelessness. For every defensive tackle made at a Seahawks home game this season, Windermere will donate $100 to Mary’s Place in support of their mission to provide safe, inclusive shelter and services that support women, children, and families on their journey out of homelessness. Mary’s Place has provided resources, housing and employment services to the homeless in the greater Seattle area since 1999.

Thanks to the Seahawks’ defensive efforts last year, we were able to donate $30,000 to Mary’s Place, bringing our grand total to $128,200 raised over the past four seasons. We look forward to raising even more this year!

Our partnership with Mary’s Place is in harmony with the mission of the Windermere Foundation—to support low-income and homeless families in the communities where Windermere operates.

Regional Market Update • September 15, 2020

LOCAL MARKET UPDATE – SEPTEMBER 2020

by Phillipa Leseberg

August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to new highs.

With pending sales outpacing new listings, inventory continues to shrink. King and Snohomish counties each have about a two-week supply of available homes. Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers.
The region saw the second consecutive month of record-setting price growth with home prices experiencing double-digit increases as compared to a year ago.
Fierce competition among buyers has made multiple offers the norm. In King County, 46% of home sold for more than the list price. Last August that number was 24%. In Snohomish County, 58% of homes sold above list price as compared to just 28% the prior year.

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