Housing Market Experiences First Growth in 4 Months

* Synced from the Seattle and Real Estate Blog
Bucking the national trend that saw home prices stay relatively flat from January to February, The Seattle Times reports that the Seattle-area market saw prices rise ever so slightly in February, according to the S&P/Case-Shiller 20-city Index. In the biggest monthly gain since July 2013, the average price of a home in King, Snohomish and Pierce counties rose by a whopping, wait for it…0.6 percent. While that may seem like a small number, annual gains tell a different story, showing prices rising 12.8 percent over the previous 12 months. However, we have 17.3 more percentage points to go to catch up with the market’s peak in July 2007.
Along with Seattle, Portland and San Diego round out the top three cities with the strongest price gains in February. Surprisingly, San Francisco appeared to show slowing monthly price growth, though its prices were up 23 percent from same time last year.
Stan Humphries, chief economist at Zillow, stated in the article that although the national housing market is showing signs of slowing in recent months, it is just a snapshot of a market that is slowly returning to normal. Nationally, prices rose by 12.9 percent from February 2013 to February 2014. The National Association of Realtors also reported that the number of pending home sales rose in March for the first time in nine months.

Mark Your Calendar: Northwest Green Home Tour This Weekend

*Synced from Seattle and Real Estate Blog
Hydronic heating, solar panels, and rain catchment systems are just the tip of the sustainable iceberg for the 35 homes and 12 “sustainability stops” featured in this year’s Northwest Green Homes Tour. If you’re curious about sustainable building practices, or just want to get a close-up look at some of Seattle’s most innovative green homes, print out a site map, jump in the car (or on a bike – we are talking sustainability, after all) and spend Saturday learning from builders, suppliers and homeowners about this growing industry.
The self-guided tour is completely free to the public and includes homes and stops all over Seattle, with a few as far north as Mountlake Terrace and North Creek. A sampling of the sustainability stops includes the newly remodeled Taproot Theater in Greenwood that is targeting LEED Gold certification; and RainWise, a South Park organization that is working on green approaches to storm water control. A wristband that you’ll receive at your first stop on the tour also gets you some great perks at two more sustainability stops that will be essential on your daylong tour- a free coffee drink at Equal Exchange Espresso Bar in Ballard and discounts on food and drinks at Hale’s Ales.
The tour runs from 11:00 a.m. to 5:00 p.m. Feel free to start at any home or stop you’d like, or meet at Hale’s at 11:00 a.m. for a 5.1-mile walking tour around North Seattle guided by Dave Ramsay of Feet First, an organization that promotes walkable communities in Washington.This is a great chance to see some stunning green homes around the city and connect with people in the industry, including the sponsors, the Northwest EcoBuilding Guild and Built Green. Visit the website for more info and a complete map of sites.

Great Tips For Spring Sellers

*Synced from Seattle and Real Estate
The flowers are starting to bud, and the sun is peaking through the clouds; Spring is in the air and For Sale signs are emerging around Seattle like crazy. How do you stay ahead of the game? As the housing market begins to heat up, sellers can take these extra steps to help stand out among the rest. At first glance, potential buyers are scrutinizing your property before they even step foot in the door, and having a clean entrance and yard can make a big difference for first impressions.  Adding a beautiful potted plant to the front porch, or staining the front deck could be relatively small projects that could add generous appeal to your home.
Staging your home is another great way to entice buyers to choose your home. Hiring professionals to arrange your home to appeal to a broad array of buyers could be the difference between a buyer choosing your home, or choosing one just down the street. Removing personal belongings helps buyers envision themselves living on the property- not you. Also remember to give your home a good cleaning before showings; a clean home feels bigger and more inviting. For more information on Seattle real estate, contact your local real estate agent today.

Tips For First Time Home Buyers

*Synced from Seattle and Real Estate
The process of buying your first home can be extremely daunting, and although buyers may feel overwhelmed with information, in a market where first-timers are often outbid by buyers with cash on hand, doing your research and being as prepared as possible are key.
First of all, figure out how much you can afford. Meet with a lender to review your finances and establish a realistic price range. You don’t want to begin looking at homes and fall in love with one only to realize the monthly payment is too high.
Shop around for a mortgage. If you would compare prices on groceries, it only makes sense to do the same for a purchase as significant as a home. Look up who has the lowest mortgage rates online first, then call lenders and ask for a written list of their fees so you make sure to get both the lowest rate and the lowest fees.
See if you quality for down-payment assistance. There are several of these programs offering services in King County. See here for more info.
Get preapproved for a loan. This will make your offer more attractive to sellers, as there is less likelihood your loan won’t be approved while you’re in escrow. Find out from your mortgage lender what kind of paperwork you need to submit to get preapproved. These often include W-2s, pay stubs, bank statements and tax returns. Get your credit report and make sure there aren’t any abnormalities that need to be addressed.
Get referrals from your family and friends to find a great real estate agent. Interview them to make sure you feel comfortable with them and to assess how knowledgeable they are. Don’t forget that if a particular agent isn’t meeting your needs, you don’t have an obligation to continue using them.
When do you find a home that you’re ready to make an offer on, take the market into account – if it’s a sellers’ market and the home is priced well, you’ll probably want to make an offer either at the asking price or possibly even a little above. If the seller knows they will get multiple offers, you want yours to stand out.
Just like everyone else who you employ in your home search, you are free to use a home inspector of your choice. Get recommendations from friends and family to make sure you’re getting a trustworthy inspector, not just one who is working to help the agent close the deal.
If you are interested in buying a home in the Seattle area, contact your local real estate agent today.

Useful Tips to Get Multiple Offers on Your Home

*Synced from Seattle and Real Estate Blog In regions with booming real estate markets, sellers may think getting multiple offers on their home is inevitable, but there are a few things you can do to increase your chances. The three must-haves for attracting multiple offers, according to Zillow, are location, price and presentation.

You’ve heard it time and again: location, location, location. Buyers often consider location before other factors such as price, number of bedrooms or home size, so a well-located home is a huge advantage. Homes on busy streets, near freeway on/off ramps, or in less-than-stellar school districts may not attract as much interest. Work with a real estate agent to price your home very carefully if it’s not in a prime location.
That brings us to the next factor: price. Zillow reports that homes priced 10 percent over their market value will not get noticed, so it’s important to be smart and realistic with your listing price. While you won’t truly know the market value of your home until a buyer closes on the sale, real estate agents can help you establish a value range based on factors such as whether you are in a buyers’ or sellers’ market, location, and how well your home shows. If you price your home at the lower end of that range, you can be pretty confident you’ll generate lots of interest.
While you can’t change your home’s location and prices can fluctuate based on any number of factors, presentation of your home is something you have more control over. In today’s online-focused market, photos are key, so make sure you put your home’s best foot forward before you have it photographed. Buyers want to make an emotional connection with a home, so removing your personal items, making cosmetic upgrades (if you can afford it), and staging will make a good first impression online and drive buyers to look at the home in person.
These factors, supplemented by the expertise of a local real estate agent who knows the other homes in the area and can help you make yours stand out, will give you an increased chance of getting what all sellers want – multiple offers. If you are interested in selling or buying a home in the Seattle area, contact your local real estate agent today.