Buyers • October 26, 2023

Is Co-Buying a Home Right For You?

by Don Koonce

For some buyers, purchasing a home independently may be out of reach. Co-buying a home is an alternative approach to homeownership where two or more individuals purchase the property together and take on a joint mortgage. Get to know the benefits and drawbacks of co-buying a home before deciding whether it’s right for you.

How Does Co-Buying Work?

Just like a traditional home purchase, lenders use the buyers’ debt-to-income ratios and credit scores to determine their mortgage eligibility and formulate the terms of their loan. The lender will use the lowest median credit score to determine whether the co-buyers qualify. Before you purchase with a co-buyer, work with a real estate attorney to flesh out the details of the agreement including the distribution of shares, the responsibility of each party for the down payment and subsequent mortgage payments, and the home’s title. There are two main options for taking title to a home with a co-buyer.

Tenancy in Common (TIC)

When co-buyers hold a title as tenants in common, shares of the property can be divided equally or unequally. You and a co-buyer can decide to split ownership to reflect the amount invested. However, even if these amounts are unequal, no one individual may claim sole ownership of the property. If a co-buyer dies, their ownership passes along to their designated heir. With Tenancy in Common, a co-owner may sell their shares of the property at any time, without the need for approval from other co-owners.

Joint Tenancy

Joint Tenancy—or Joint Tenancy with Right of Survivorship (JTWROS)—requires that all co-buyers hold an equal interest in the property and that they all come into ownership through the same title at the same time. If one co-owner dies, ownership passes to the other co-owner—this is known as Right of Survivorship. Unlike Tenancy in Common, co-owners must receive approval before selling any property shares.

Pros and Cons of Co-Buying

Pros of Co-Buying

For those who don’t have the buying power to purchase a home on their own, co-buying presents an opportunity to combine assets and enter the market. Since lenders will be factoring in both of your incomes, you and your co-buyer will increase your chances of being approved for a mortgage and securing a low interest rate. Both of you will build equity over time as you pay back your joint mortgage. Even after the down payment and mortgage payments, there are a handful of costs that come with being a homeowner. Co-buying allows you to split these costs, saving money on bills, utilities, maintenance costs, and the like.

Cons of Co-Buying

Co-buying a home means you are relinquishing some control over the homeownership costs. At the end of the day, you can’t control your co-buyer’s finances. If a sudden life change leaves them financially unstable, the burden will fall on your shoulders, and you’ll have to make up the difference. Similarly, your credit score could take a hit if your co-buyer is unable to make their mortgage payments, even if you’ve consistently made yours.

Before entering a co-buying agreement, it’s important that you and your co-buyer are on the same page about the terms of ownership and your expectations as joint homeowners. Working closely together will help maintain the health of your finances, and most importantly, your relationship. For more information on purchasing a home, visit the buying section on our blog:

Blog – Buying

To begin your home buying journey, connect with an experienced Windermere Real Estate agent:

Featured Image source: Getty Images – Image Credit: AntonioGuillem

Living • October 24, 2023

5 Ways to Save and Reuse Water at Home

by Don Koonce

Think of all the ways you use water at home. Whether it’s meal preparation, laundry, or doing the dishes, we use a lot of H2O. In fact, the average U.S. household uses more than 300 gallons of water per day, with a majority of the water usage coming from three primary sources: the toilet, the shower, and the faucet. But there’s good news! Adopting more sustainable practices at home can cut down on wasted water and can save you money on your utility bills. Let’s take a look at some simple ways to use water more efficiently at home.

5 Ways to Save and Reuse Water at Home

1. Reuse Drinking Water

Dumping half a water bottle down the sink may not seem like a significant waste, but over time, discarding extra drinking water adds up. Use water from bottles and glasses to water plants or rinse a plate with it and give the kitchen faucet a rest. Water purifiers can help cut down on the amount of bottled water you purchase and ensure that you have a healthy water source available at all times.

5 Ways to Create a Sustainable Kitchen

2. Water Plants with Leftover Water

It takes a lot of water to get your pasta just right, or to wash your fruits and vegetables enough so they taste as fresh as possible. Can all this water go somewhere? Fortunately, yes! Reuse that pot full of pasta water to quench your plants in the garden. Collect the water used to wash your produce and shower your house plants with it. Instead of just pouring excess water down the drain and letting it go to waste, little methods like these give it a purpose.

How to Plant an Herb Garden

3. Use Barrels to Collect Rainwater

Check local regulations before setting up a rain barrel to collect runoff from your gutters. But once you have the green light, you’ll be surprised at how quickly your rain barrels will fill up, especially if you live in a rainy climate. Remember that water can get very heavy very quickly. It’s important to support your rain barrel with a solid foundation, using patio pavers, plywood, or cinder blocks to prop it up and make it easy to access the spout. And don’t forget to empty it before the freezing temperatures arrive.

DIY Projects: How to Install Patio Pavers

A rainwater barrel tucked in an outdoor corner of a house with wood siding. The barrel is lifted off the ground enough so the spout can drain directly into a watering can.

Image Source: Getty Images – Image Credit: Patrick Herzberg

4. Energy Star Appliances

Appliances are the true workhorses in a home, making our lives easier with how efficiently they tackle some of the most common household chores. However, some appliances are more efficient than others. Energy Star products are more efficient than other home appliances and are also held to a higher standard of efficiency by the U.S. Environmental Protection Agency (EPA). Next time you’re shopping for home appliances, look for the Energy Star badge on certified devices. These special products will help you save water with every cycle.

What Are Energy Star Appliances?

5. Garden Irrigation

Water is the lifeblood of a healthy, thriving garden, but there are ways to use water more efficiently in your garden beds. It starts with the plants you choose for your garden. Plants that are naturally acclimated to your local climate with thrive more easily. Group plants together based on the amount of water they need, so you don’t waste water running from one end of your garden and back with the hose running. Healthy soil is key to proper plant hydration, so it’s worth your energy as a gardener to focus on making your soil as rich and fertile as possible.

A Quick Guide to Urban Farming

For more information on sustainable practices, cleaning tips and more, visit the Living section of our blog:

Windermere Blog | Living

Featured Image Source: Getty Images – Image Credit: Erdark

Sellers • October 19, 2023

What Is Fair Market Value (FMV) in Real Estate?

by Don Koonce

You know your home is a valuable asset, but what is it actually worth? One of the most important figures to understand as you get ready to sell your home is Fair Market Value (FMV); it is key to a successful home sale. We’ll break down what Fair Market Value is and why it plays such a crucial role in the home selling process.

What Is Fair Market Value?

Fair Market Value (FMV) is the estimated price a property would sell for between a willing buyer and a willing seller, given that each party knows all the relevant information associated with the property. In other words, it’s the price your home is likely to sell for under the current conditions of your local real estate market.

Selling Your Home in a Balanced Market

The Important of Fair Market Value

Yes, you can research home prices on your own and get an idea of what your home is worth. However, accurately pricing your home requires a more in-depth approach. Your agent’s Comparative Market Analysis (CMA) will take into account the various factors that influence home prices using comprehensive data available to real estate agents on the Multiple Listing Service (MLS).

So, what’s the point of this detailed analysis? Pricing your home accurately is paramount. If it’s overpriced, you may deter potential buyers and it will lose value over time as it continues to sit on the market. If it’s priced too low, you might leave money on the table. FMV helps you strike the right balance.

You can also use Automated Valuation Models (AVMs) to see what your home could be worth. (That was the last acronym in this post, we promise!) These calculators give you a general idea of your home’s value, but AVMs are not 100% accurate. They’re a great starting point, but again, your agent’s resources will ultimately determine the right price for your home.

To get an estimate of how much your home is worth, try our Home Worth Calculator here:

Fair Market Value sets the stage for smooth negotiations later in the home selling process. With a solid price in place, you’ll get reasonable offers from buyers. You and your agent will discuss whether to accept or counter the buyer’s offer and how to handle their contingencies. Finally, FMV makes the home appraisal process easier. With an accurate valuation in place, you can proceed knowing that the chances of a mismatching appraisal are low.

A close up shot of hands across a table from one another in an office. On the left, the hands of the real estate agent calculate fair market value on a calculator. On the right, the hands of the client are writing notes with a pen.

Image Source: Getty Images – Image Credit: Perawit Boonchu

How Is FMV Calculated?

Several factors influence the Fair Market Value of a property. Comparable sales or “comps” play a significant role in determining FMV. Real estate professionals analyze recently sold homes in your area that are similar to yours, providing a benchmark for pricing your property. The property’s condition, its size, and location all factor into the math as well. Appraisers may also use a cost-based approach to determine FMV if they can’t find sufficient comparable homes in your area.

You can get a ballpark estimate of your home’s value by looking at tools online but determining a precise value will require the expertise of your real estate agent. To see what your home is worth, or for answers to all your home selling questions, connect with an experienced local Windermere agent today:

Featured Image Source: Getty Images – Image Credit: AzmanL

Design • October 17, 2023

9 Options to Remove, Hide or Play Down a Popcorn Ceiling

by Don Koonce

Don’t love your popcorn ceiling? You’re not the only one stuck with some unwanted stucco overhead. There are many options for moving on from it, but not all of them are equally effective—or equally easy. To help you decide how to address your popcorn problem, here are some top ways to remove, cover or distract from stucco ceilings.

How to Decorate Your Ceiling

A bathroom with a popcorn ceiling and decorative tile.

The Kitchen Source, Houzz

History of the Popcorn Ceiling

From the 1950s to the 1980s, so-called popcorn ceilings (with their prickly stucco texture resembling the popular movie theater snack) were a major architectural staple in America and many other nations. Eventually the asbestos commonly used in the application was found to be toxic, and demand severely dropped. However, a textured ceiling does have its advantages. It reduces echoes and hides ceiling plane imperfections, which is why it’s still used (in asbestos-free formulations) today, as shown in the bathroom here. Despite its practical uses, popcorn ceilings, for many people, are considered an unfashionable eyesore, especially with contemporary demand for “clean lines.” Also, popcorn ceilings can gather dust and be difficult to clean or repaint, which means they don’t always age beautifully. But don’t worry. You’ve got plenty of options.

A living room with a popcorn ceiling and traditional interior design with blue tile vases and lamps and a modern glass coffee table.

Gia Interior Design, Houzz

Ceiling Scraping

The good news is a sprayed-on stucco coating can be scraped off to reveal the original ceiling surface, a process usually known simply as “ceiling scraping” or “stucco removal.” A specialist typically does this because (here’s the bad news) the process can be somewhat costly at around $1 to $2 per square foot. It’s a messy, labor-intensive process, hence the high cost.

Also, in some cases, the results may not achieve the crispness of a ceiling that had not been stuccoed in the first place, especially if the stucco has been painted over, which greatly complicates the removal process. Even in the best cases the exposed ceiling will typically require at least some smoothing and patching to create a more even and crisp final product, which makes this an extensive and relatively challenging undertaking for DIYers.

While ceiling stucco no longer uses asbestos in modern applications, homes built before 1980 (or even in the early ’80s while old stucco products were still stocked) may include asbestos. If there is any doubt, a professional asbestos test should be conducted before any resurfacing, which could release heavily toxic dust.

Ceiling Replacement

One of the simplest alternatives to scraping is removing and replacing the ceiling drywall. Alternately, you can have the ceiling layered over with new drywall. The drop in the ceiling plane will often be minimal, and this method can encase asbestos rather than releasing it into the air, delaying the issue, if not resolving it. Re-drywalling a ceiling will cost closer to $4 to $6 per square foot, but the results will be more predictable.

Covering Stucco

Speaking of layering, there are many other materials besides drywall that can be installed over a popcorn ceiling, many of which add extra personality to a room. For more info, read Keep Your Cottage Cool.

Beadboard

Classic beadboard makes a charming ceiling treatment, and not just in a rustic cottage. Painted white, the subtle texture of beadboard paneling works well in traditional spaces or modern ones, adding a layer of depth in an unconventional place. Panels of beadboard often cost less than 50 cents per square foot, making this a very affordable option, especially for handy DIYers. For a contemporary twist, try finishing the ceiling in a gloss paint, as shown here. This slow-drying finish will take more labor to complete, but the results have incredible depth and elegance.

Spinnaker Development, Houzz

Warm Wood

If you’re not into painted beadboard, try multitonal wood for a rich, inviting treatment that’s great for a den or sitting area. Contrast it with white molding and crossbeams, or let the wood speak for itself. This approach works well with rustic decor, as a gentle touch in a modernist space or somewhere in between.

Bravehart Design Build, Houzz

Pressed Tin

Whether you use true pressed tin tiles or a fiber substitute, this classic ceiling look recalls speak-easy style and makes a great cover-up for a kitchen ceiling. You can paint it white or pale gray to keep the look breezy, or an inky dark hue (like charcoal or navy) for moody atmosphere. Or choose a metallic finish for extra sheen and drama. Many companies now provide faux pressed tin and other panel systems specifically designed to cover stuccoed or damaged ceilings. They typically cost $1 to $5 per square foot. To have a professional install these materials for you, expect to pay several hundred dollars extra.

The Morson Collection, Houzz

Other Options

Lighting: Sometimes the best way to deal with ceiling stucco is to de-emphasize it, and smart lighting choices can go a long way toward that. Notice how the lighting hitting this stucco wall emphasizes the texture. Great when the effect is desired. To avoid highlighting unwanted ceiling stucco, choose lights that aim downward, rather than upward or outward, so light is cast on beautiful surfaces below and not on your ceiling itself. Try pot lights, or semi-flush-mounts (or pendants) with an opaque shade to aim light downward rather than multiple directions.
Paint: Ultimately, the best way to deal with a popcorn ceiling may simply be to learn to live with it. Think about it: How many people do you know who live with popcorn ceilings? I bet you can’t specifically remember who has it or doesn’t, because unless a ceiling is highlighted, we don’t typically spend much time looking at it.

Try painting the walls and the ceiling the same color to blur the lines between them, and then create drama at ground level to draw the eye down. You’ll soon forget about your stucco altogether.

By Yanic Simard, Houzz

Featured Image Source: Getty Images | Image Credit: ucpage

Design • October 12, 2023

5 Features of Greek Revival Architecture

by Don Koonce

Some home designs reach way back through history. Greek Revival architecture is inspired by the principles of design formed in ancient Greece. These stately homes evoke a formal and traditional atmosphere akin to the feeling you get standing in the presence of the Parthenon. Let’s explore the history and features of these unique homes to understand what makes them so special.

5 Features of Greek Revival Architecture

1. Grand Entryways with Columns: The columns found in Greek Revival architecture are the defining characteristic of the style. Without these towering features, these homes simply wouldn’t feel the same. When used in a residential setting, columns help to create a feeling of grand stature by combining stories and stretching the verticality of the house. Columns were commonly found in important buildings constructed in ancient Greece, and today, they give Greek Revival architecture its timeless appeal.

Timeless Home Design

2. Large Front Porches: In a residential setting, ample porch space creates a natural connection between the home and the outdoors. For all their grandeur, the way these homes are designed, there’s still a connection between them and their surrounding environment. As Greek Revival spread throughout the United States in the late 18^th and early 19^th centuries, different variations of the style were adopted to fit needs of the homeowners in different regions. However, porch space remained a universal feature of homes created in this style.

7 Vintage Design Elements That Are Still Popular Today

A street-level view of an example of Greek Revival architecture. It is a white house with columns in the front, a second-story balcony, windows with shutters, and an overall formal appearance.

Image Source: Getty Images – Image Credit: tose

3. Decorative Windows: If the columns don’t give it away, the decorative dormer windows found in Greek Revival homes are a telltale sign of the style. These important features maximize natural light, which is perfectly displayed in the open layouts commonly found in these homes. The windows stretch vertically to complement the columns and give a very structured look to the exterior.

4. Ornate Details: Looking back at the most inspirational and renowned design works of ancient Greece, it’s no wonder that the opulent detailing of these magical buildings continued to be an important feature during the revival period. Intricate molding, ornate carvings, towering columns, and luxurious tile designs all reinforce the beauty of these homes. Marble was commonly used throughout these homes originally, inspired by the ancient Greeks’ preference for the rock in their building construction.

Timeless Tile Designs

A closeup view of a Greek Revival architecture house. The large front porch is straddled by tall white columns that reach up to the second story of the home.

Image Source: Getty Images – Image Credit: YangYin

5. Greek Revival Architecture Color Scheme: The dominant color in the Greek Revival palette is white. Yes, white marble was prevalent throughout temples in ancient Greece, but the preference for white amongst the designers behind the revival movement had just as much sway in how we see this style represented today. Many Greek Revival homes found today are constructed with wood or stucco and painted white. In terms of interior design, this typically whitewashed palette gives you a clean slate to decorate on top of. Primary colors and natural, organic hues pair well with these classic buildings.

Colorful Modern Design Trends for Your Home

To refine your taste in real estate and learn about different residential exteriors, explore our Architectural Styles page.

Featured Image Source: Getty Images – Image Credit: mtcurado

Buyers • October 10, 2023

Buying an Equestrian Property: Prioritizing House vs Land

by Don Koonce

Equestrian properties are unique. If you’re thinking about buying equestrian property, you have to weigh different aspects of a listing than you would for a typical single-family home purchase. As you look at properties, you will face the dilemma of whether to prioritize the property’s land or the house itself. In the end, the right equestrian property depends on your specific needs. The following information will help you along that decision-making process to find the right home for you.

Buying an Equestrian Property

It’s vital that you work with an experienced equestrian real estate agent as you go about the process of searching for a home. Your agent will be able to pinpoint listings that match your criteria and reach out to the listing agent representing the seller. Learning more about how an equestrian property creates value for its owners will inform your discussions with your agent.

Equestrian Property: The House

A well-designed house will enhance your daily life and provide comfort for your household. Features like a spacious kitchen, an open living room area, outdoor living areas, and modern amenities can maximize your enjoyment of your time at home. Flexible interior spaces with the ability to be converted into a home gym or home office may be more valuable to you, depending on your lifestyle. If these characteristics are a top priority, communicate to your agent that these features are must-haves.

Equestrian Property: The Land

The equine lifestyle requires a property to have more than just ample backyard space. Whatever your goals as an equestrian homeowner, your horses’ experience will be dictated by the land. Consider the facilities you plan on setting up. The quality of the land and its suitability for the kinds of training you have in mind are very important, especially if your livelihood and your equestrian activities are intertwined. Different equestrian disciplines require different footing; consider each property’s ability to accommodate your specific discipline.

Equestrian operations often expand over time, so it pays to think about each property’s potential in terms of how it could grow in the future. The same can be said for customization: purchasing land with the potential to build custom equestrian facilities allows you to tailor the property to your goals and the needs of your horses.

House vs. Land

Finding the balance between the right house and the right land is a balancing act, but with the right communication between you and your agent, you’ll find it. Prioritize your needs and consider your budget throughout the process to continue to narrow down the list of fitting listings. As with any real estate purchase, location plays a significant role, but as an equestrian homeowner, you’ll be thinking about the future of your horses, your business, and your equine pursuits. If a property isn’t able to meet these standards, it may not be the right one for you.

For more information on finding the right property and for answers to all your home buying questions, connect with an experienced Equestrian Advisor:

Windermere Equestrian Advisors

Featured Image Source: Getty Images – Image Credit: JamesBrey

Real Estate News & Information • October 5, 2023

How Low Inventory Is Affecting the Housing Market

by Don Koonce

Windermere Chief Economist Matthew Gardner demonstrates how the U.S. housing market is adapting to low inventory levels. He touches on the new construction industry, supply changes in large metro areas, median home sale prices, and more.

This video is the latest in our Monday with Matthew series with Windermere Chief Economist Matthew Gardner. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market.

Low Inventory Housing Market

Hello there, I’m Windermere Real Estate’s Chief Economist Matthew Gardner and welcome to this month’s episode of Monday with Matthew. As we are all aware, the housing market has softened considerably with the number of existing homes available to buy close to record lows. Today we are going to talk about supply, and how the market is starting to adapt to low inventory levels.

Housing Market Inventory

A bar graph showing the average number of homes on the market in the U.S. from 2000 to 2023. A line crosses through the bar graph showing months supply. inventory peaked in 2007 at roughly 3.5 million homes for sale. In 2023, inventory rose above 1 million for the first time since 2020.

This chart shows the average number of homes on the market by year. Although year to date we have seen a little bit of an uptick, it’s clear the country remains supply-starved. And with just over three months of inventory—as opposed to the normal four to six—the market is clearly out of balance. But even though inventory levels have risen nationally, as I’ve said many times before, not all markets are equal.

Housing Inventory Changes in Metro Areas

A scatter plot showing the changes in inventory levels of homes for sale in different metropolitan areas throughout the U.S. from Q2 2019 to Q2 2022. Only Austin, Texas had more homes for sale higher in the second quarter of this year than it had in the second quarter of 2019.

This chart shows how supply levels have changed. The data here is representative of the 100 largest metropolitan areas in the country. The horizontal axis shows the change in inventory versus the second quarter of 2022, while the vertical axis shows the difference and the number of homes for sale versus the second quarter of 2019. I think you’ll agree that the difference is stark. Although two-thirds of the metropolitan areas have seen the number of homes for sale improved versus the same period a year ago, just one (Austin, TX) had more homes for sale higher in the second quarter of this year than it had in the second quarter of 2019.

And even more stark was the fact that inventory levels in 53 of the 100 largest metropolitan areas were down by more than 50% compared to the same period three years ago.

Interestingly, on a percentage basis, smaller metro areas saw the greatest decline compared to three years ago. For example, in Hartford, CT, the average number of homes on the market in the second quarter was just over 900, down by 80% from the second quarter of 2019 where there was an average of over 4,400 units for sale. Supply levels were down by 78% in Stamford, CT; 75% in New Haven, CT; and 74% in Allentown, PA.

It is true that supply levels are generally higher when compared to a year ago, with the greatest increase being seen in select markets in Florida, Tennessee, Texas, and Oklahoma; however, other than in Austin, supply levels remain well below their long-term averages. So, how is the market adapting? The answer is rather interesting. Even with all the talk of escalating material, land, and labor costs, it’s the new home industry that has been taking advantage of the lack of housing supply.

New Construction Market Trends

A line graph showing the share of new construction homes compared to single-family homes being resold from 1983 to 2023. The most significant portion of the graph is the steady increase from roughly 5% in 2011 to nearly 35% in 2023. In conclusion, new construction homes have a growing market share.

This chart shows the share of new homes on the market compared to their resale counterparts—here we are just looking at single-family homes. Historically, new construction makes up roughly 10% of active listings at any one time, but as you can see here, that share has been rising not just since the end of the pandemic but for the past several years. Although off the high seen a few months ago, 30% of the single-family homes for sale this July were brand new. I find this particularly interesting because, historically speaking, a premium was paid in order to buy a new home rather than an existing one.

Median Sale Prices: New and Existing Homes

A double line graph showing median sale prices for new and existing homes from 1990 to 2022. The new homes line is consistently above the existing homes line. Both lines started around $100,000 in 1990 and in 2023, reached $455,800 for new homes and $392,800 for existing homes.

As you can see here, the spread in median sale prices, which was pretty stable from 1990 until the bursting of the housing bubble, grew significantly starting in 2011 and in 2022. The premium averaged 16%. But when we look a bit closer at the numbers, they gives us a somewhat different picture.

A double line graph showing median sale prices for new and existing homes from January 2012 to January 2023. The new homes line is consistently above the existing homes line. In 2023, the spread has dropped to just 6%. In June of this year the difference was only $1,000.

You can see here the spread has dropped to just 6%. And in June of this year, the difference was a mere $1,000.

With the share of new homes for sale holding at a four-decade high, the share of sales themselves is at a level we haven’t seen since 2005. But even though we know that there is demand for housing, shouldn’t sales be constrained by mortgage rates? Well, what is happening is that builders are attracting buyers through incentives, and here we’re talking about mortgage rate buydowns which are becoming increasingly prevalent across the country.

In fact, a recent survey from John Burns Consulting suggested that 30% of home builders reported using interest buydowns more in the second quarter of this year than they had previously. And this is attracting buyers to visit new development communities.

An example of these buydowns is the 2/1 program that DR Horton—the largest home builder in the country—is offering at some communities. This program gives buyers a mortgage rate that starts at 3% for the first year, rises to 4% in year two, and then goes to 5% for the balance of the 30-year term. That’s pretty compelling, given where mortgage rates are today.

The bottom line is that as far as I can see, the new home industry will continue to take an outsized share of the market for the balance of 2023 and likely through most of 2024. That said, once the market starts to normalize, I expect them to pull back from these incentive programs, making them more likely to start raising asking prices, and we will return to the traditional spread between the prices of new and resale homes.

Although it’s pleasing to see more homes being built, I still believe that the country will still be running a housing deficit when it comes to meeting demographic demand and this will continue to hurt first-time buyers who continue to be priced out of the market.

As always, I’d love to hear your thoughts on this subject so feel free to leave your comments below. Until next month, stay safe out there and I’ll see you soon. Bye now.

To see the latest real estate market data for your area, visit our Market Update page.

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 3, 2023

Here’s Your Fall Home Maintenance Checklist

by Don Koonce

The leaves changing color is a sign that you may have some fall home maintenance tasks to tackle. With summer in the rearview and colder temperatures ahead, being proactive now will keep your home in pristine condition throughout the autumn days and nights. We’ve compiled a list of several tasks to tackle around your home this fall.

Fall Home Maintenance Checklist

Clean Gutters

Water damage can spell serious trouble for homeowners. And with many climates experiencing additional rainfall this time of year, it’s time to prepare accordingly.

Start by ensuring that gutters and downspouts are functioning properly. (Don’t attempt this task yourself if you have a multi-story house with a steep roof; hire a professional instead.)
If your home is surrounded by trees, you may need to clean out your gutters a few times a year, especially in the fall. Check to make sure your gutters are flush with the roof and attached securely, repairing any areas that sag or sections where the water can easily collect and overflow.
Clean out the gutters and downspouts, checking that outlet strainers are in good shape, and are firmly in place. Finally, check that your downspouts direct water away from your house, not straight along the foundation.
If you haven’t already, you may want to consider installing gutter guards. Gutter guards create a barrier so water can get through to your gutters, but debris can’t, limiting gutter buildup (and the time you spend cleaning out your gutters). There are DIY installation kits available, or you can always hire a professional to install a gutter guard system.
If you have a sump pump under your house, now is a good time to test it. Run a hose to make sure draining water travels directly to the pump and that the pump removes the water efficiently and expels it well away from the foundation. For more information about how sump pumps work, go to howstuffworks.com.

Check for Leaks

The best opportunity to catch leaks is the first heavy rain after a long dry spell, when roofing materials are contracted. Check the underside of the roof, looking for signs of moisture on joints or insulation. Mark any leaks that you find and then hire a roofing specialist to repair them. Waiting for leaks to show up on your ceiling is a recipe for disaster. By then, it’s too late to act; insulation and sheet rock will have already sustained damaged, and you could have a mold problem on your hands.

Don’t forget the basement. Check your foundation for cracks, erosion, plants growing inside, broken windows, and gaps in the window and door weatherstripping. Make sure to properly seal any leaks while the weather is nice. This will ensure materials dry properly.

Fall Home Maintenance: Pest Prevention

Rodents are determined and opportunistic, and they can do tremendous amounts of property damage (and endanger your family’s health). As temperatures cool, take measures to prevent roof rats and other critters from moving in. Branches that touch your house and overhang your roof are convenient on-ramps for invaders, so trim back branches so they’re at least four feet from the house. If you do hear scuttling overhead or discover rodent droppings in your attic, crawl space or basement, take immediate action.

Tips for Home Pest Control and Prevention

Maintain Your Heating and Cooling Systems

Preventative maintenance is especially crucial for your home’s heating and air-conditioning systems. Fall is a smart time to have your systems checked and tuned up if necessary. Don’t wait for extreme temperatures to arrive when service companies are slammed with emergency calls. Between tune-ups, keep your system performing optimally by cleaning and/or replacing air filters as needed.

If you have a wood-burning fireplace, a professional inspection and cleaning will help prevent potentially lethal chimney fires and carbon monoxide poisoning. Even if you don’t use your fireplace often, always keep a supply of dry firewood or sawdust-composite logs so you have a backup heat source in an emergency.

Tips for Emergency Preparedness

Insulate & Seal Your Home

Insulating your home is a cost-efficient investment, whether you’re trying to keep the interior warm in the winter or cool in the summer. Aside from more major improvements like energy-efficient windows and insulation, there are some quick fixes and projects that you can tackle DIY.

If an exterior door doesn’t have a snug seal when closed, replace the weather stripping; self-adhesive foam stripping is much simpler to install than traditional vinyl stripping. If there is a gap under the door (which can happen over time as a house settles), you may need to realign it and replace the vinyl door bottom and/or door sweep. Air also sneaks inside through electrical outlets and light switches on exterior walls. Dye-cut foam outlet seals placed behind the wall plates are a quick and inexpensive solution.

For more tips on seasonal home maintenance, home repair tips and more, visit the Living category of our blog:

Windermere Blog | Living

Featured Image Source: Getty Images – Image Credit: svetikd

SOLD • September 28, 2023

SOLD: Homes in Renton, Bellevue, Seattle & Tacoma

by Don Koonce

SOLD REPRESENTING BUYERS

823 S 28th Court
Renton, WA 98055

Sold for: $749,000

Beds: 4
Baths: 3
Size: 2,220 sqft
Days on OneHome: 12
MLS #2156676

GARDEN GALA. This one is Special. Exquisitely remodeled & landscaped home enjoys vibrant sunsets. As functional as it is fun, lower level serves as apmt/MIL/flex space with bedroom, ¾ bath, over-sized utility & bonus rooms with STAIR-FREE side entrance. Curated perennial gardens bursting with year-round color feed the soul. Sprinklers keep lawn & gardens lush and fence keeps pets & little ones safe. Since 1988 owner has meticulously maintained & upgraded kitchen, all baths, added A/C, recently installed new roof/water heater/garage door opener. VP Park 3 blocks away with playground and trails. Elementary & Teasdale Park .6 mile away. Under 2 miles to Valley Medical, shops, pubs, eateries, Transit Center, 167, 405. SeaTac is 15 mins away.

1729 E 65th Street
Tacoma, WA 98404

Sold for: $399,990

Beds: 3
Baths: 1
Size: 1,360 sqft
Days on OneHome: 33
MLS #2140064

Back on Market with upgrades! Classic one-level home with a great floorplan! This 3-bedroom home features A/C, solar, all new carpet, laminate hardwoods & paint throughout. Spacious kitchen with eating area that opens to family room w/ fireplace. A bright Family room off entry offers 2nd fireplace. New roof & hot water heater & dishwasher. Large private and fully fenced yard. 2 car garage. Close to all the amenities and easy freeway access. A must see!!

1810 123rd Avenue SE
Bellevue, WA 98005

Sold for: $1,200,000

Beds: 3
Baths: 2
Size: 1,450 sqft
Days on OneHome: 6
MLS #2157959

Authentic midcentury ranch home on 18,000+sqft lot in popular Woodridge! First listing in 45+yrs, carefully maintained by long term owner & ready for your personal brush. Views of Bellevue skyline, sweeping circular drive, vaulted tongue&groove ceilings, orig. light fixtures, pretty millwork & blt-ins, classic tile bths, etc. Straight-forward design, easy living rm/dining rm/kitch connections, expansive gardens & patios for posh entertaining. Dedicated laundry/ mudroom space has secure entry to huge 2car garage. Gas heat & water, roof circa 2009. Stellar location, 2 swimming pools, sports courts, & trails w/i walking dist., lightning-quick access to I-90,405,Bellevue,Factoria. Ideal place to create your very own kind of fancy forever after.

12312 84th Avenue S
Seattle, WA 98178

Sold for: $729,950

MLS #2154704
Beds: 4
Baths: 2
Size:2,160 sqft
Days on OneHome: 6

Smart and crisp light-filled MidCenturyModern in excellent neighborhd w/ peek-a-boo Lk WA views! Built-to-last construction loaded w/ recent hi-end upgrades (many 2022-23), perfect for those who love to entertain. Vibrant open design lives large: Vaulted ceilings, brilliant natural light from expertly placed glass windows & drs, gleaming hardwds, granite & tile kitch w/ barely-unwrapped new appliances, new lighting, quality ext. paint, beautifully landscaped outdoor living spaces with a nod to gracefully hosting large gatherings. Finishd walk-out basmt has 2bedrms (1 non-conforming egress windw), recrm, 2nd firplc, new 3/4bath, ezy ADU. Remarkable gardens/patios/decks. Ideal location in the heart of SE Seattle-Renton compass. Just move in!

Design • September 26, 2023

5 Features of Traditional Interior Design

by Don Koonce

There is perhaps no other home décor style as comforting as traditional interior design. Rooted in the masterfully crafted Chippendale and Thomas Sheraton furniture designs and classic Queen Anne colors, traditional décor is one vintage style that stood the test of time. Here are five distinct features of traditional interior design.

5 Features of Traditional Interior Design

1. Dark Wood Finishes

Part of the reason for traditional design’s timeless appeal is its use of woodworking. With woodwork as a foundation, this design style feels classic but not dated. The dark, bold colors resemble the Victorian style, but traditional interiors are simpler and less ornate. The dark tones of the wood create a foundation for a more colorful decorative palette.

An example of traditional interior design: a classic living room with dark wood built in shelves, metal light fixtures, decorative candle holders, and a patterned carpet over hardwood flooring.

Traditional interior design living room with dark wood finishes | Image Source: Getty Images – Image Credit: IPGGutenbergUKLtd

2. Traditional Design Color Palette

Traditional design can handle a heavier color palette while still providing comfort. The darker wood tones allow for darker color to be used elsewhere throughout a space, such as dark window coverings. Floral, plain colors, and muted plaids are all common color schemes. Walls are often covered with patterned wallpaper, floral designs, or damask. In terms of designs, traditional interiors pair well with geometrics and small, striking yet understated patterns.

3. Hardwood Flooring

This design style is classic from the floor to the ceiling. You won’t find laminate or tile flooring in the common areas of a home that adheres to the principles of traditional interior design. Complimenting the surrounding woodwork, homes designed in this style have solid hardwood flooring. How to Choose the Best Flooring

An example of traditional interior design: a classic living room with dark wood features, traditional furnishings, wood cabinets with glass windows, and a patterned carpet over hardwood flooring.

Traditional interior design living room with hardwood flooring | Image Source: Getty Images – Image Credit: mikolajn

4. Traditional Decorations

The decorations used in traditional design help to reinforce its unique, classic-yet-comfortable ambiance. Table lamps and vases are typical of a traditional interior, often displayed in pairs to create symmetry. Though these accessories are bold, they are never too ornate or over-the-top enough to dominate the room.

5. Design Philosophy

Traditional design is calm and orderly. Whereas a more eclectic interior design style may offer more surprises throughout its spaces, a traditional interior is more predictable. Even the textiles used are subtle, with typical materials ranging from cotton and fur to velvet and silk.

For more inspiration and interior design tips, visit the Design category of our blog:

Windermere Blog | Design

Featured Image Source: Getty Images – Image Credit: irina88w