Sellers • July 18, 2023

10 Important People in the Home Selling Process

by Don Koonce

Good news! Selling a home is not a solo endeavor. Your goal in selling your home is to get the best price in a timeframe that meets your needs. To do that, you’ll enlist a team of professionals. So, who are the parties involved in a real estate transaction? Let’s review ten important people in the home selling process so you can be prepared once you’re ready to sell your home. And to understand the process from the buyer’s side, check out 10 Important People in the Home Buying Process.

10 Important People in the Home Selling Process

1. Real Estate Agent

We’re starting this list with your real estate agent for a reason. The agent representing you is known as a listing agent, and they will be your personal MVP of the selling process. Not only will they conduct a Comparative Market Analysis (CMA) to set a competitive price for your home, but they also know how to market it effectively, they’ll negotiate on your behalf, and they’ll guide you through the process of finalizing the transaction. When searching for an agent, find someone whose professionalism you respect, someone who knows the local market, and most importantly, someone who cares about your goals.

2. Remodeling Contractors

Having your home in tip-top shape when you sell will help you boost its value and get the best price. If you’re thinking about selling, it’s a great time to complete remodeling projects that will help your home stand out amongst the competition. Yes, you have a significant pay day coming when you sell your home, but you want to focus your attention on high ROI remodeling projects that will get you the most bang for your buck. Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly.

3. Home Inspector

Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection. Getting the information in this report before you hit the market will help you schedule repairs quickly and shows buyers a level of transparency that informs their buying process. Even if you don’t get a pre-listing inspection, a home inspector will enter the fold eventually. But hiring your own professional early on will give you a better understanding of your property’s condition.

4. Home Staging & Real Estate Photographer

We’re combining a couple professionals in real estate marketing here, but both are critical to successfully selling your home. Home staging can boost home value and helps buyers more easily imagine themselves living somewhere new. And in today’s world, it’s more important than ever to represent your home well online. High quality real estate photos maximize your home’s appeal and differentiate it from other listings. Both a professional home stager and real estate photographer will help you attract buyer interest. And for the do-it-yourself crowd, consider our 7 Tips for Staging Your Home Yourself.

5. The Right Buyer

We’d be remiss if we didn’t mention the party on the other side of the transaction—the buyer! To find the right offer, it’s important that you communicate with your agent regarding your goals. There are multiple layers to a buyer’s offer beyond the price, so the better your agent understands what meets your needs, the quicker they can identify it and the better they can negotiate on your behalf. For more, read How to Negotiate as a Seller.

A young male home seller meets with his female real estate agent—one of the most important people in the home selling process—to discuss the sale of his home and sign paperwork.

Image Source: Getty Images – Image Credit: Drazen Zigic

6. Mortgage Broker and Mortgage Lender

Whereas a buyer’s agent helps them find and make an offer on your home, their mortgage broker assists them in securing substantial financing to actually purchase it. Once the buyer gets approved for a loan, their mortgage lender takes over the home financing process. Buyers may choose to work directly with a mortgage lender.

7. Home Appraiser

During the process of selling your home, the buyer’s lender will hire a professional appraiser to evaluate your home’s location, size, and condition along with recent sales of comparable listings to determine its appraised value. This is to ensure that the buyer isn’t overpaying for the property and that you’re not underselling it. Knowing the difference between appraised value and market value will help you understand how a home’s eventual sales price comes to be.

8. Title Company

A home sale isn’t official until ownership has been transferred from the seller to the buyer. To do this, you’ll meet with a title officer during the closing process to sign paperwork and transfer the deed. The title company will conduct a search of the property’s records to make sure it’s in good legal standing and is fit to sell.

9. Escrow Company

So, how does the buyer’s money actually make its way to you? That’s where escrow comes in. Escrow in real estate is a third-party company responsible for holding the funds while the deal is in motion and disbursing them once it goes through. Though you may not meet the person responsible for routing the money for your home sale, they’re a key part of the closing process.

10. Moving Company

Congratulations, you’ve sold your home! Whether it’s arranging utility service or updating your banking information, there are a thousand little things to do during this exciting time. Keep track of your moving timeline with our comprehensive Moving Checklist.

Thinking about selling your home? Start by finding the right agent, one of the most important people in the home selling process. Connect with a local Windermere agent to get answers to all your questions from list to closing.

Featured Image Source: Getty Images – Image Credit: SolStock

Design • July 13, 2023

5 Features of Mediterranean Interior Design

by Don Koonce

There’s so much beauty in the countries that border the Mediterranean Sea, it’s no wonder the design style derived from this area of the world has the same effect on a home’s interior. Mediterranean interior design, part of the larger coastal design family, creates interiors that harmonize with the outdoors. Here are a few of its most common features.

5 Features of Mediterranean Interior Design

1. Mediterranean Materials

This style borrows primarily from the longstanding traditions found in Greece, Spain, and Italy, with additional influence from Mediterranean countries like Morocco and France. People have lived in this area of the world for thousands of years, each civilization attaining high levels of achievement in art and culture. Accordingly, the common materials that make up this interior design style show a timeless appeal. Dark wood, marble, or terra cotta tile are popular flooring choices, while the walls are typically made of stucco or plaster.

Timeless Home Design

A Mediterranean interior design style bathroom with typical coastal design elements like marble tile, minimal accessories, and natural décor.

Mediterranean interior design bathroom | Image Source: Getty Images – Image Credit: FollowTheFlow

2. Mediterranean Color Palette

Prepare to be inspired. The colors found in a typical Mediterranean palette are tailor-made to make your interior come to life. Each hue is a rich variation of the colors we’re most familiar with in interior design. Golden yellows, olive greens, rich reds, and cobalt blues form the basis of the Mediterranean style. These colors all pop against a white stucco backdrop and evoke liveliness while being grounded in natural and organic elements like the sun, trees, and water.

Colorful Modern Design Trends for Your Home

A Mediterranean interior design style bedroom with typical coastal design elements like stucco and natural décor.

Mediterranean interior design bedroom | Image Source: Getty Images – Image Credit: amriphoto

3. Harmony with Nature

The ultimate Mediterranean interior is at one with nature; it’s somewhere you can walk around barefooted while a gentle breeze blows through the room. From its exposed wood beams to natural stone walls, everything about Mediterranean interior design embraces the outdoors and the elements derived from it. Open-air patios are often the central entertaining space, putting an emphasis on indoor-outdoor living.

5 Ways to Incorporate Nature into Your Home

A Mediterranean interior design style living with typical coastal design elements like exposed beams, a connection to the outdoors, and natural décor.

Mediterranean interior design living room | Image Source: Getty Images – Image Credit: Julieanne Birch

4. Mediterranean Decorative Elements

Overall, Mediterranean design takes a less-is-more approach to home décor. Relying on the natural beauty of its elements, its philosophies on design have more in common with mid-century modern interior design than, say, eclectic style. Common decorative items include textured walls, tapestries, mosaic inlays, and Italian-style pottery and art. The countries that form the inspiration for Mediterranean style all have their unique take on sculpture art, commonly found in historical buildings and traditional architecture. Accordingly, sculpted detailing is a fitting décor feature in this style.

5. Bringing People Together

At the end of the day, people are an important part of Mediterranean interior design. Family spaces are a priority, as are communal seating arrangements in areas like the living room, dining room, and outdoor patio. Once you design your home this way, you can’t help but invite family and friends over to celebrate together. The open spaces and natural elements create a welcoming environment that is meant to be shared. Happy hosting!

For more information on home décor, read our blog post on contemporary interior design and how it differs from the modern style:

Contemporary Interior Design

Featured Image Source: Getty Images – Image Credit: xavierarnau

Buyers • July 11, 2023

Buying a Second Home

by Don Koonce

Primary homes are associated with putting down roots. Maybe you have plans to remodel your home and sell it for a profit at some point down the road, but for the foreseeable future, primary homes are usually bought with the intention of living in them for quite some time. Second homes, however, offer several options to homeowners seeking to expand their property portfolios. The following information will help you get the ball rolling on your second home purchase.

How to Pay for a House

Buying a Second Home

The second home buying process starts with a question: What are you looking to get out of your second home? Is it a vacation home or an income-producing investment? Do you have visions of the property generating cash flow as a short-term rental? Or perhaps your long-term goal is to retire there. Whatever the case may be, you’ll need to prepare financially.

If you don’t plan to pay cash, purchasing a second home means you’ll have a new mortgage stacked on top of your existing one. To prepare for the uptick in homeownership expenses, it’s critical that you have a solid savings strategy in place and that you’re steadily making progress toward your goals. All the typical costs associated with buying a home apply here, except you’ll likely face higher interest rates this time when applying for a home loan. In general, second home loans pose greater risk to lenders, leading to higher interest rates than what homeowners typically see on their primary home loans.

Two of your greatest assets in buying a second home are your real estate agent and your mortgage broker. Your agent will share helpful information about the market where you’re buying, they’ll help find the home that best fits your needs, and they’ll help you craft a winning offer. Your mortgage broker will help you find the right home loan for you. In the meantime, you can do a little homework on your own to help you get an idea of what your second home purchase will look like.

Use our free Home Monthly Payment Calculator by clicking the button below. With current rates based on national averages and customizable mortgage terms, you can experiment with different values to get an estimate of your second home monthly payment for any listing price. Add the numbers to your current monthly mortgage costs to make a well-informed estimation of your total monthly mortgage costs.

A young Black man walks into the living room of his second home, a modern loft with a large deck. He is rolling his suitcase behind him and holding a carry-on bag on his shoulder.

Image Source: Getty Images – Image Credit: Giselleflissak

For more information on preparing to buy a second home, read the following blog post:

What to Consider When Buying a Second Home

Featured Image Source: Getty Images – Image Credit: AleksandarNakic

Living • July 6, 2023

6 Home Cleaning Tips to Eliminate Household Odors

by Don Koonce

A home that smells fresh feels fresh. But as all homeowners know, even after spending hours cleaning your home top to bottom, musty and unclean smells somehow find a way to hang around. We’ll take a look at some of the most common household odors and offer home cleaning tips to eliminate them room by room. Plug your nose, throw on a pair of rubber gloves, and let’s dive in!

1. Get Rid of Kitchen Odors

In many ways, the kitchen is the heart and soul of a home, but all that cooking and baking comes with a consequence: bad odors. From rotting food to stale air, the kitchen can easily whip up bad smells to combat. Start by emptying your refrigerator and use warm, soapy water to wipe down the shelves. Dispose of expired food products and clean up leaking food containers. Deep clean your dishwasher next, scrubbing those tough-to-reach spots in the back and clearing out the food traps. Next time you take out your garbage and compost, give the trash cans a quick wash with soapy water. Natural cleaning solutions can also help to supercharge your cleaning efforts. Baking soda can easily cut through grease, while lemon and salt can make a powerful mixture to eliminate odors. For more, read the following blog post:

6 Natural Cleaning Solutions for Your Home

2. Bathroom Cleaning Tips

The toilet and the shower are the main culprits in the bathroom for unwanted odors. Proactively cleaning and regularly maintaining your toilet can prevent bad smells and potential water damage from material buildup. Don’t let that toilet scrubber collect dust; regularly clean the rings in your toilet bowl and use toilet spray to maintain freshness. Your shower is a magnet for mold growth, especially around the ring of your bathtub and along the bottom of your shower curtain. Use a one-part white vinegar to four-parts water mixture in a spray bottle to clean your shower curtain, or simply throw it in the wash for a solo cycle next time you do laundry.

How to Prevent and Deal with Mold

3. Carpet Cleaning

Your carpet and flooring may not immediately come to mind as candidates for emitting household odors, but they are. It is generally recommended to clean all household rugs and carpets every six to twelve months. If you do not have a carpet cleaner at home, they are widely available for rent at local hardware and/or carpet cleaning stores. If you have hardwood floors, purchase a hardwood cleaning solution to mix with water. Consider picking up some knee pads, too!

How to Choose the Best Flooring

A young woman using home cleaning tips to eliminate common household odors. She scrubs her hardwood living room floor while listening to music.

Image Source: Getty Images – Image Credit: Publishing Group

4. Eliminate Pet Odors

You can’t live without your furry friends, but sharing a home with them means you have to deal with some extra smells. Most importantly, clean up pet accidents right away to prevent lingering odors and potential damage. Regularly cleaning all pet toys eliminates germs and leaves them smelling fresh. The same goes for pet bedding and blankets: regularly run these items through the wash to absorb pet odors. And next time you’re at the store, consider picking up a pet-specific cleaning solution to really zap that pet must from the air.

5 Pet-Friendly House Cleaning Tips

5. Improve Home Air Quality

All odors travel to our noses by air. Improving air quality improves the health of your household while helping to eliminate odors. Consider investing in an air purifier with HEPA filters to remove dust, pollen, mold, and bacteria from the air in your home. Crack a window when cooking to let air cycle naturally and prevent it from getting stale.

Protecting Your Home’s Air Quality

6. Bedroom Cleaning Tips

In the bedroom, bad odors usually stem from fabrics and dirty clothes. Consider storing dirty laundry in the laundry room to banish all smelly clothing and add in a fabric freshener cleanse to your seasonal cleaning methods. After all, the bedroom is where you’re breathing air for hours at a time each night, so it’s worth it to purify your surroundings as much as possible. Also consider adding candles or essential oils to really sweeten the air in the bedroom.

A Guide to Upgrading Your Bedroom

For more helpful home cleaning tips, learn how to get your appliances cleaner than ever:

7 Tips for Cleaning Your Appliances

Featured Image Source: Getty Images – Image Credit: PeopleImages

Real Estate News & Information • July 5, 2023

2023 Top 10 Predictions | Mid-Year Update

by Don Koonce

Windermere Chief Economist Matthew Gardner revisits his Top 10 Predictions for 2023. Reviewing his forecasts for home prices, mortgage rates, and more, he highlights recent changes in the real estate market and updates his predictions for the near future.

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.

Top 10 Real Estate Market Predictions 2023 | Mid-Year Update

Hello there, I’m Windermere Real Estate’s Chief Economist Matthew Gardner and welcome to this month’s episode of Monday with Matthew. You may remember that at the end of last year, I published my Top-10 Predictions for 2023 and, as we hit the mid-year mark, some of you have been asking me how well my forecasts have been holding up. So, I thought it would be interesting to take another look at them to see how accurate they have or have not been! These were the predictions I made last November, and they covered everything from my expectations for home sales and prices to shifting government policies.

U.S. Home Sale Prices

A line graph showing the year-over-year U.S. home sale prices from May 2022 to April 2023. The YOY price change drops from 15% to below 0%, while the MOM price change oscillates between roughly 4% and -4.5%, bottoming out in July of 2022.

My first forecast suggested that sale prices would fall in 2023; however, I was not expecting any sort of systemic decline in values. Here you can see that year-over-year prices are down by a bit less than 2%, but when you look at how prices have changed month over month, they rose by 3.6% in April and are up by more than 6% since the end of last year.

I stand by my forecast that the median sale price in 2023 will be modestly lower than the 2022 number; and the monthly increase in sale prices that we have seen so far this year also supports my forecast that we are not seeing any long-term decline in home values.

2023 Mortgage Rates

A line graph showing the mortgage rates so far in 2023, peaking above 7% in late February and late May. Otherwise, they have remained between 6% and 7%.

Although mortgage rates have broken above 7% eight times so far this year—the first time because of the banking crisis, and the second because of the looming debt ceiling—I expect them to become a little less frantic as we move through the second half of the year. That said, my call for them to drop below 6% this year is now likely to be inaccurate given where they are today. I still expect them to drop into the “fives” though, but not until early next year.

Is housing inventory increasing?

A line graph showing the inventory of homes for sale in the U.S. from January 2020 to March 2023. In million, the number has gradually decreased from just above 1.5 to just above 1.0, bottoming out between January and March 2022 at below 1.0.

Listing activity saw a very modest late spring bump, but for perspective, the number of homes for sale is running at about 40% of its long-term average, and I still don’t see much growth this year. Why? Well, by my calculations, there could be over 20 million homeowners with mortgage rates around 3%. Why would they move!

Is 2023 a buyer’s or seller’s market?

A line graph showing the months of inventory for homes between 2017 and 2023, and whether that value corresponds to a seller's market, a balanced market, or a buyer's market. Most of the data points are in the seller's market range for these years, and Matthew Gardner predicts it is unlikely that we'll see a buyer's market in 2023.

And with limited inventory, the market still “technically” favors home sellers. Now, this is a little speculative because what defines a traditional “buyer’s” or “seller’s” market varies by location, but with relatively few homes on the market and the share of homes with price reductions dropping and list prices rising again, I just can’t see a buyer’s market appearing this year.

Are home prices falling?

A line graph showing U.S. median list prices for homes between January 2022 and April 2023. Prices were roughly $330,000 in January 2022, climbing to almost $400,000 during summer 2022, bottoming out at below $370,000 around January 2023, and returning to $390,000 by April 2023.

Well, this doesn’t look to be meeting my forecasts, does it! Sellers have been pretty bullish so far this year, but I would add that this is not true across the whole country. List prices are still down significantly in markets such as Hailey, Idaho; Jasper, Alabama; and Elko, Nevada, where list prices for single-family homes are down between 30 and 50% from their peak. So, I admit that the country has outperformed my forecast for list prices.

Return to Office Statistics 2023

A graph and table showing the number of U.S. employees subject to newly effective return-to-office mandates. May 2023 has the highest value at nearly 600,000 employees. Matthew Gardner predicts more employees will get clarity on these policies in 2023.

As I had expected, the pace of workers heading back to the office has not been very robust. In fact, the share of people in the office full time dropped to 42% in the second quarter of 2023, down from 49% in the first quarter, that according to The Flex Report. Meanwhile, the share of offices with hybrid work arrangements hit 30% in the quarter, up from 20% the previous quarter. But I still expect to see more workers heading back to their offices, albeit very reluctantly.

New Home Permits and Starts Have Fallen

A line graph showing the number (in thousands) of U.S. single-family new home starts from January 2021 to March 2023. The numbers have almost entirely stayed in the 800-1,200 range, peaking above 1,200 in March 2021 and certain points between November and March 2022. In March 2023, the number of starts sat at just above 800,000.

With new home permits down 21% year-over-year, and new home starts off by 28%, I think its accurate to say that activity in the new construction sector has slowed. Builders continue to be hit by high financing rates as well as high material prices.

Are U.S. home prices dropping?

A map graphic showing 2023 U.S. home sale prices relative to their 2022 highs for select cities. Johnstown, PA has the greatest difference at -39.1% and Duluth has the least at -19.6%. Overall, Matthew predicts that the markets where home prices rose the fastest in recent years will experience a downturn.

As we all know, not all markets are created equal, and this chart shows how far below their 2022 highs some of the country’s metro areas are. On the opposite end of the spectrum, there are some markets where prices have already exceeded the highs seen last year (see map below).

A map graphic showing 2023 U.S. home sale prices relative to their 2022 highs, specifically some markets where prices have already exceeded the highs seen last year: Pueblo, El Paso, Hilo, and others.

Housing Affordability 2023

A line graph showing a homeownership affordability index from January 2020 to March 2023. The affordability line sits at 100. From January 2020 to May 2021, the trend line was above 100. It consistently dipped after that until January 2023, sitting just below 80.

Affordability has not improved, mainly due to home prices that remain out of sync with incomes as well as financing costs that remain well above the level that buyers had become used to. I still believe that this will not improve in 2023.

A power point slide showing recent changes in support of zoning changes including House Bill 1110, The New York Housing Compact, Florida SB-88, and the Make Virginia Home Plan.

And finally, I told you that governments would start to move to address the significant housing shortage that the country is experiencing, and they have. As you can see, in Washington State, Governor Inslee recently signed House Bill 1110 into law which allows the development of duplex up to six-unit buildings within any area zoned for single-family-only development. Additionally, jurisdictions in a significant number of states are either pursuing legislation to tackle this problem or have at least created task forces to look at the issue. It’s a good start, but more needs to be done.

Although it’s really cheating to grade one’s own work, I think that I have been pretty accurate with my forecasts. Yes, I was too pessimistic when it came to list prices and a little optimistic regarding the direction of mortgage rates. But other than those two items, the data seems to suggest that the housing market is headed in the direction that I had suggested.

What do you think? I’d love to hear your thoughts on this subject so leave your comments below. As always, stay safe out there and I’ll see you all next month. Bye now.

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

SOLD • June 29, 2023

SOLD: 4 homes in Seattle, Kent & Renton

by Don Koonce

6233 S 117th Place
Seattle, WA 98178

Sold for: $710,000
Listed for: $649,800
Sold for 9.3% over asking

Beds: 2
Baths: 1
Size: 1,250 sqft
Days on OneHome: 7

Model-quality MidCentury Rambler built in the heart of the era that Atomic Ranch fans fall in love with. All the authentic bells & whistles are here, the current owner is a true believer and has revived all the pure elements into a textbook MCM showcase: Gleaming oak hardwoods thru out, definitive sandstone corner firepl w/ hearth, original cabinets, lino, formica in kitchen, period light fixtures, and quintessential pink tile bath. The nearly 600sqft enclosed patio with firplc is outdoor living at its finest, fantastic for entertaining or comfortable “getaway” for quiet enjoyment. Gas cooking & heat, double-paned windows, new roof 2015. Ideal location, just min. toI-5, 405, Light Rail, SeaTac, Kubota Gardens, Redwing Bistro-everywhere!

3001 E Harrison Street #A
Seattle, WA 98112

Listed & sold for: $786,580

Beds: 2
Baths: 2
Days on OneHome: 7

Sweet Craftsman on level corner garden lot in Seattle’s treasured Madison Valley. Prized classic features & finishes all in top condition! Covered-porch entry, pretty honey-colored fir flrs, stained glass, orig. millwork, trim, etc. Stylishly updated granite kitch, Viking gas range, newer appl; bright & sunny breakfast nook easily expands for entertaining. Sunroom adds superb bonus/flex space & extra storage. More room in finishd basmt: Sep. entry, guest bedrm, 2nd office, bth, W/D hookups. Important upgrades: Fresh paint in&out, new hi-end appl., gas heat, insulated windows, walls & attic, heated flrs & jetted tub main bath, newer sewer connection. Madison Park shops, restaurants, Arboretum all 1/2mi +\~. Everything is ready-just move in!

PENDING:

10115 SE 207th Street
Kent, WA 98031

Listed at: $650,000

Stunning MidCenturyModern daylite rambler in exceptional private setting. Custom designed/built one-owner home, enchanting woodland lot, refined spaces w/top quality MCM finishes in pristine condition. Great floor plan! Formal liv rm, updated quartz & tile kitch w/family rm, 3 firplc, lots of windows & glass doors open to light, sky & the great outdoors, views from every room. Big deck for entertaining, updated privt bath off Primary bedrm. Walk-out basmt is a clear slate for finishing your way: 4th bath plumbed, more bedrms, recrm, etc. Huge workshop w/sep entry is already there. All this space, peace & quiet just min. to freeways, shops, Kent Station, SeaTac Airport, & more. A rare chance to own a uniquely personal, distinctive estate.

PENDING:

2302 Blaine Avenue NE
Renton, WA 98056

Listed for: $390,980

Beds: 2
Baths: 1
Size: 790 sqft
Days on OneHome: 7

Great opportunity to cinch a place in Renton’s cherished Kennydale neighborhood! Solid house built to modern construction standards is ready for new owner to take it to the next level. All the elements are here; refreshed attention, talent and energy will be rewarded with longterm benefits of homeownership in a superb Location, Location, Location! Easy one-level living for beginners or “right-sizers,” abundance of interesting architectural design features:soaring cathedral ceilings, well-designed room layouts, plenty of natural light. Oversized lot with mature flowering shrubs and roses is an inviting “Clear Canvas” for your creative landscaping plans. Minutes away fr 405, silly-easy access to all the best compass points for work and play.

Sellers • June 27, 2023

How to Negotiate as a Seller

by Don Koonce

Once a buyer makes an offer on your house, your goals as a seller are within reach. But before you cross the finish line, the selling process will enter a crucial stage: negotiation. Knowing how to negotiate as a seller will give you confidence as you and your agent work out a deal with the buyer. Various factors will dictate you and your agent’s strategy, but ultimately, you’re looking to get the best price with the best terms for your home.

How to Negotiate Home Price

The right offer looks different for everyone, so how should you negotiate with a buyer? It all starts with a fair market price. You can spend some quality time on your own researching home values to get an idea of what your home could be worth. But understanding the full picture requires professional expertise and the ability to conduct in-depth research—qualities you’ll find in your real estate agent.

Your agent’s Comparative Market Analysis (CMA) will competitively price your home based on comparable listings that have sold in your area recently, which sets the table for negotiations. Your agent will factor in the qualities that make your home unique and which selling points will help it stand out amongst the competition. Selling a home is a numbers game: the more interested buyers, the better your chances of getting the best offer for you. And the more interest you can generate, the better chance you have at starting a bidding war, which could drive up the price of your home significantly.

You have three possible responses to a buyer’s offer: accept it, reject it, or make a counteroffer. If you and your agent are on the same page early on, it will be easier to identify the right response to different offers. You’ll also want to connect with your agent regarding your flexibility on price. Remember that there are layers to each offer; there’s the price, of course, but there are also contingencies, moving timelines, and other additional factors at play. It’s the totality of a buyer’s offer that makes it the right one for you.

For example, one buyer may offer less than another but they are willing to waive contingencies to speed things up. A more streamlined purchase process may be more appealing to you, depending on how quickly you’re looking to move into your new home. In this scenario, that final number of the winning offer ends up looking a lot different than you may have previously thought, all things considered.

A real estate agent shows her female client how to negotiate as a seller. The agent is showing the clients charts of local real estate market conditions in a modern office.

Image Source: Getty Images – Image Credit: ChayTee

Real Estate Negotiation: Local Market Conditions

Your local market will also play a role in how you negotiate as a seller. If you’re selling your home in a balanced market, it’s important to approach negotiations with a realistic mindset. There probably won’t be a lot of competition among buyers and bidding wars aren’t as common. However, that’s all the more reason to make your home stand out amongst other listings in your area. Consider investing in projects that can boost home value like high ROI remodels. If you’re in the midst of a buyer’s market or a seller’s market, those conditions will determine who has leverage heading into negotiations, meaning you and your agent will need to work together to strategize accordingly.

Tips for Negotiating Real Estate

It pays to stay calm and remain flexible during this stage of the selling process. This helps to create a positive environment for negotiations and can better your chances of reaching an agreement that is mutually beneficial to both parties. And the best part is, your agent’s expertise takes the pressure off your shoulders; your availability and communication will help them get the deal done.

For more information on negotiating as a seller and preparing to sell your home, talk to a local Windermere agent today:

Featured Image Source: Getty Images – Image Credit: jacoblund

Living • June 25, 2023

Tips for Home Pest Control and Prevention

by Don Koonce

Any evidence of a pest infestation is a bad omen for homeowners. The last thing you want on your mind is the thought that critters could be crawling through your home, wreaking havoc as they go. Being proactive about home pest control can help you prevent an infiltration, and knowing what to do at the first signs of pest activity will help you limit the damage they cause.

Tips for Home Pest Control

Being a homeowner comes with the responsibility of protecting your property. Whether it’s a home security system to deter home burglaries, regularly cleaning to prevent mold growth, or testing for asbestos, you’ve got a lot on your plate. But these aren’t just nagging to-do-list items, they are important proactive steps that will help you avoid costly repairs. Preventing pests is no different; even the smallest bugs can do big damage. So, how do you stop them?

The best defense is a good offense, and keeping pests from getting inside will help reduce the damage they can cause. Though you may not be able to shut out every single bug, you can make it difficult for them. Cover holes with durable materials like steel wool and copper mesh to keep them out. Check all the seals and weatherstripping around your doors, windows, and on your roof, re-caulking as necessary to make them airtight, and patch up sections of torn window screens with new screen material. The gardener in you may enjoy the flourishing look of your plants, trees, and shrubs fully grown out, but if they’re touching your home’s siding or roof, it’s basically a highway express lane for pests headed indoors. Trim all landscaping away from your home to limit pest traffic and reduce your chances of them causing damage to your home.

A closeup of someone’s hands doing home pest control prep work by caulking a new seal below a window.

Image Source: Getty Images – Image Credit: StepPro

DIY Pest Control

Extra garbage, leftover food, and plumbing leaks will attract pests. Regularly take out your trash and dispose of compostable food scraps to keep the bugs at bay. If a leak springs, it’s like a magnet for certain pests looking to capitalize on the damage. This emphasizes the importance of taking steps to prevent water damage in your home and quickly repairing leaks when they happen.

If you plan to use pesticides in your home to deter ants, bugs, and other pests, do so safely. Visit the Environmental Protection Agency (EPA) online for tips on how to correctly use pesticides in your home.

You can also use common pantry items to deter pests. A mixture of water and an essential oil like peppermint, lemon grass, or cedarwood sprayed along windows and doorways is a natural way to repel bugs. A little apple cider vinegar with dish soap in a small cup will help you attract and catch fruit flies, whipping up a quick white vinegar-and-water mixture will quickly clean up messes pests leave behind, and the strong smell of coffee grounds is powerful enough to stop them in their tracks. Learn more about how these food products can help you get your home sparkling clean:

6 Natural Cleaning Solutions for Your Home

If pests have gotten in your home and started causing damage, it very well may be too late for DIY preventative measures like these. In these situations, it’s best to contact a local licensed professional to exterminate as needed. Depending on the extent of the damage, you may be temporarily displaced from your home. Be sure to plan ahead if that’s the case.

For more information on home maintenance, read the following blog post on preventing mold growth:

How to Prevent and Deal with Mold

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Sellers • June 22, 2023

How to Research Home Prices Before Selling Your Home

by Don Koonce

Thinking about selling your home? You’ve likely got a thousand questions swimming around in your head, but there’s one that tends to stick out in homeowners’ minds above the others: What’s my home worth? Your real estate agent will be your greatest resource in answering this question once you’ve decided you’re ready to sell your home, but knowing how to research home prices on your own beforehand will help to inform those conversations. Here are some of the ways you can make good use of your time before you put your home on the market.

What’s your home worth?

Automated Valuation Models (AVMs) are a great first step in understanding home value but aren’t nearly as comprehensive as your agent’s market analysis. They compare your home against other comparable listings in your area to estimate your home’s selling price. Windermere’s Home Worth Calculator evaluates your property and the surrounding market to give you an idea of what your home is worth. Try it here:

How to Research Home Prices

Though AVMs help you research home prices, to say they’re 100% accurate is one of the most common myths of the selling process. To fully understand what your home is worth, you need a real estate agent’s expertise. They’ll conduct a comprehensive Comparative Market Analysis (CMA) to accurately and competitively price your home. An agent’s CMA compares your home to similar listings in your area, sifting through tons of data on the Multiple Listing Service (MLS), a huge network where agents can share information regarding available listings. Here, your agent can maximize the visibility of your listing and easily connect with buyer’s agents to start a conversation about buying your home.

A Black woman real estate agent is showing research on home prices to her client who is looking to sell their home.

Image Source: Getty Images – Image Credit: kate_sept2004

Local Real Estate Market Conditions

Your local real estate market conditions should be a point of emphasis in your pre-selling research. Generally speaking, there are three types of markets you could be faced with as a seller: a seller’s market, a buyer’s market, and a balanced market. Each market will have different implications for how you and your agent approach negotiations, how you interpret buyers’ offers, and your philosophy regarding the terms of common real estate contingencies tied to different offers. And maybe of greatest relevance to you, knowing more about your local market conditions will help you understand a bit more about what price your home could sell for. To see the latest housing data on home prices, home sales, and more in your area, visit our Market Updates page:

Windermere Real Estate Market Updates

Finding the Right Agent

Besides all the number-crunching, some of the most helpful research you can do on your own is finding the right real estate agent. Getting referrals from family members or friends is a great starting point, but it’s still worth it to make sure the agent is right for you. Yes, their business acumen should be a priority, but remember that you’ll be together through all the ups and downs of the selling process, so it’s just as important that you connect on a personal level as well. If you’re looking for an agent with a specific specialty, identify professionals that have the certifications and designations to match.

Once you’re ready to sell your home, connect with a local real estate agent to begin your selling journey:

Featured Image Source: Getty Images – Image Credit: FG Trade

Design • June 20, 2023

DIY Projects: How to Install Patio Pavers

by Don Koonce

Homeowners are often on the lookout for DIY projects that are fun, simple, and boost curb appeal. Patio pavers create a focal point in the backyard. They set the stage for get-togethers and will give you endless ideas for different ways to entertain your family and friends. With a little planning and a few trips to the hardware store, a new patio can give your outdoor space a landscaping makeover.

How to Install Patio Pavers

A paver patio is a great way to unlock your inner landscape architect. It can handle heavy foot traffic and gives your backyard a refined, organized look that gives you a dedicated space to relax. This is a DIY home project that can be completed over the course of a weekend, but given its physical demands, you may want to spread the work out over multiple days.

Materials Needed

Your patio measurements will determine the amount of material you need to purchase. Once you’ve calculated your patio’s square footage, you’re ready to hit the hardware store. You’ll need to buy the pavers themselves, a paver base and sand for the bottom layers of your patio, plus additional paver sand to fill in the gaps once the pavers are set in place (like grout). You’ll also need to consider how you want to set the edge of your patio, which can be done with concrete or a metal or plastic edging to secure the pattern of the pavers. In terms of tools, you’ll need common toolbox tools (tape measure, shovel, level, broom, hammer, garden hoe, rake) plus job-specific tools like a tamper, chisel, stakes, and a wheelbarrow.

DIY Projects: Patio Pavers

To avoid running into problems during the project, check with a local professional that you won’t hit any lines buried in your backyard when you start digging. You’ll also want to make sure that your plans are in line with local code regulations and check whether a permit is required before you break ground.

Once you’ve measured your patio, plant stakes in the corners and wrap the stakes with string to frame the shape. Use your digging tools to create a level, excavated area for your patio. Most pavers are between 2 and 3 inches thick, so you need to dig down 7 inches or more, depending on how much gravel base you plan to use.
Add 4 inches of paver base, getting it slightly wet to make it more compact. Solidify and level the base with a tamper tool, then add a 1-inch layer of paver sand. Once the area is level, you’re ready to add your paver stones.
Configure your paver pattern one stone at a time. Once you make it to the final pieces, there will likely be some overlap with your borders. Use a hammer and chisel to cut the final stones down to size or consider renting a masonry saw.
Stake your edging to create a solid border for your patio. This ensures that the pavers stay fixed in place over time.
Fill the gaps with paver sand, using a broom and/or leaf blower to make sure all the sand gets wedged into the joints. Then, add water to activate the paver sand and wait for it to set completely per manufacturer instructions.

Once your paver patio is complete, it’s time to sit back, relax, and enjoy your backyard’s new centerpiece! For more DIY projects and backyard makeover tips, read the following blog post:

5 Design Projects to Improve Your Backyard

Featured Image Source: Getty Images – Image Credit: Joanne Dale