Looking to Sell For Over Asking? List Your Home in the Winter!

*Synced from Seattle and Real Estate Blog

Despite the long-held idea that winter is the slow season for residential real estate, new data based on a two-year study by Redfin shows that December through March could actually be the prime window for selling your home – and selling it quickly for more than your asking price. Surprisingly, Redfin says that February is the month to list if you’re looking to sell fast, as 66 percent of homes listed in February have historically sold in 90 days or fewer. Hoping for a multiple-offer situation that nets you more than your listing price? Try December. In 2012, the month of December saw the highest percentage of sales fetching prices over asking for the whole year. Redfin found that in many cities, including Seattle, sellers are most likely to sell their homes within 180 days if they list in the winter.
So, why, after years of preaching spring and summer as home-run months for sellers, has the tide turned toward winter? Nela Richardson, chief economist for Redfin, lists a couple of reasons why listing in the winter can work to your advantage. She stated in an article that while there may be fewer people overall shopping for homes in the winter, the ones who are out there looking are serious buyers. People who are casually searching for a home are most likely not going to brave the cold weather or disrupt busy holiday schedules to attend multiple open houses, so sellers are left with only the most motivated buyers.
Similarly, since summer has historically been considered the blockbuster season for selling, winter sellers generally have less competition. Those who are nervous about letting their home sit on the market all winter may pull it off the market, leaving one less home to compete with yours. So, if you’re planning on selling your home but were holding off on listing it until warmer months, it could be worth moving up your timeline to get it on the market sooner. If you are interested in selling your home in the Seattle area, contact your local real estate agent today!

Insurance Tips For First Time Home Buyers

*Synced from Seattle and Real Estate Blog
Searching for a home can be a job in and of itself, and home insurance often gets lost in translation of the to-do list for first time home buyers. There are so many factors to consider in the home search,  such as choosing the right mortgage company, and real estate agent. Finding the right home insurance, and factoring it into your home buying budget should also be a top priority. Our friends over at Zillow have put together great guidelines and insider insurance tips for first time home buyers. Here are some of the key take-aways:
Do your research, and shop around for the best rate between insurance carriers. You might be able to save yourself hundreds of dollars just by comparing a few different companies.
Your credit score matters – not just for your mortgage rate, but also for your insurance. Insurance companies utilize your credit report to determine the level of risk you’d be as a new policyholder. If you’re shopping for a home, you’re probably already making moves to improve your credit, but its important to know that your credit is also important in achieving an affordable insurance rate.
Consult with your current auto insurance or boat insurance company to discuss bundling options. You can often save on your premium by utilizing the same company for home and auto insurance.
Invest in substantial coverage plans. While you don’t want to overspend, home owner’s insurance is also something you don’t want to hold back on.  Be sure your policy covers your home from weather risks common to your area, and be sure your dwellings coverage is substantial enough to cover the structure of your home incase of serious damage or destruction. If you’re looking for a new home, and would like some inside knowledge on the Seattle real estate scene, contact your local real estate agent today.

October Trends: Higher Appreciation, More Homes Sold

*Synced from Seattle and Real Estate Blog
After months of single-family home prices in the U.S. growing by smaller and smaller percentages on a yearly basis, the market finally looks to be back on the rise. Prices in October grew by 6.1 percent compared to the previous October, whereas year-over-year gains for September were 5.6 percent, according to new data released by CoreLogic. They report that all states in the U.S. saw some percentage of yearly appreciation in October.
But despite this recent uptick, Sam Khater, deputy chief economist at CoreLogic, said in a statement that prices are only growing by half the pace they were in the spring of 2014, when the market was seeing double-digit growth. However, some markets such as Seattle and Denver are seeing higher appreciation than the rest of the country.
Nationally, the number of homes sold in October increased by 2.2 percent from October 2013. Redfin attributes the jump to low mortgage rates that are hovering below 4 percent, a drop in unemployment, slowing home-price growth, and higher median wages. They point out that median incomes increased in all but one (Orlando) of the markets that saw the biggest year-over-year jump in sales. Though Seattle was toward the bottom of the list, with only a 2.6 percent jump in number of homes sold (as a comparison, Tampa, Fla. saw a 19.7 percent increase) and only 1.9 percent more homes newly listed for sale, any increase is welcome in our market, which has seen extremely low inventory over the past year.
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Tis the Season: Top Reasons For Buying During the Holidays

*Synced from Seattle and Real Estate Blog
Although sales are historically down during the last few months of every year, there are certainly some noteworthy perks to the home search during the holiday season. Here are a few reasons a new home should be on your wish list for Santa this year.
Did you know home prices are generally listed lower in December, than they are throughout the rest of the year? There are several reasons for home affordability increasing this month, and low mortgage rates is another factor in your favor. Mortgage rates are around or just under 4%, and according to Zillow estimates, are expected to jump to 5% by this time next year. If you wait just one more year to purchase the same home, your monthly mortgage payment could increase significantly. This isn’t to say that you should buy a home now if you’re not ready; buying a home is a huge commitment, and  knowing when you’re ready and able to purchase is essential. It is also worth noting that if Seller’s are listing their home during the holidays, they are usually very serious about selling their home. Maybe they recently received a new job and need to relocate before the end of the year. Their lack of time is your gain – and you can also lower your tax bill for the year if you close on your new home by Dec 31st. For more information on homes for sale in the Seattle area, contact your local real estate agent today.