Buyers • Sellers • August 3, 2023

How to Avoid the Most Common Buying/Selling Mistakes

by Don Koonce

There’s nothing more exciting, rewarding, and fulfilling than buying or selling a home. However, it’s a complex transaction, and there are a number of steps along the path that can confuse even the most seasoned buyers and sellers. How can you avoid potential selling pitfalls and common buying mistakes? Look to your real estate agent for advice and keep the following guidelines in mind.

How to Avoid Common Mistakes in Real Estate

Common Buying Mistakes

#1 Review Your Credit Reports Ahead of Time

Review your credit report a few months before you begin searching for homes. You’ll have time to ensure the facts are correct and be able to dispute mistakes before your mortgage lender checks your credit. Get a copy of your credit report from Experian, Equifax, and TransUnion. Why all three? Because, if the scores differ, the bank will typically use the lowest one. Alert the credit bureaus if you see any mistakes, fix any problems you discover, and don’t apply for any new credit until after your home loan closes.

10 Important People in the Home Buying Process

#2 Get Pre-Approved for a Mortgage

Before getting serious about your hunt for a new house, you’ll want to choose a lender and get pre-approved for a mortgage (not just pre-qualified—which is a cursory review of your finances—but pre-approved for a loan of a specific amount). Pre-approval lets sellers know you’re serious. Most importantly, pre-approval will help you determine exactly how much you can comfortably afford to spend.

#3 Know What You Want

You and your real estate agent should both be clear about the house you want to buy. Put it in writing. First, make a list of all the features and amenities you really want. Then, number each item and prioritize them. Now, divide the list into must-haves and nice-to-haves.

#4 Account for Hidden Costs

In addition to the purchase price of the home, there are additional costs you need to take into consideration, such as closing costs, appraisal fees, and escrow fees. Once you find a prospective home, you’ll want to:

Get estimates for any repairs or remodeling it may need
Estimate how much it will cost to maintain (gas, electric, utilities, etc.)
Determine how much you’ll pay in taxes monthly and/or annually.
Learn whether there are any Homeowners Association (HOA) fees associated with the property

#5 Get a Home Inspection

Buying a home is emotionally charged—which can make it difficult for buyers to see the house for what it truly is. That’s why you need impartial third parties who can help you logically analyze the condition of the property. Your agent is there to advise you, but you also need a home inspector to assess any hidden flaws, structural damage, or faulty systems.

Home Inspection Guide for Buyers

A real estate agent advises his clients, a female interracial gay couple, about common buying and selling mistakes in real estate.

Image Source: Getty Images – Image Credit: svetikd

Common Selling Mistakes

#1 Avoid Getting Too Emotional About the Sale

Once you decide to sell your house, it’s time to strip out the emotion and look at it as a commodity in a business transaction. If you start reminiscing about all the good times you had and the hard work you invested, it will only make it that much harder to successfully price, prepare, and market the home.

Preparing to Sell Your Home: A Complete Checklist

#2 Make Repairs or Price Accordingly

Homes with deferred maintenance and repair issues can take far longer to sell and can be subject to last-minute sale-cancellations. These homes also often sell for less than their legitimate market value. If you simply can’t afford to address critical issues, be prepared to work with your agent to price and market your home accordingly.

#3 Don’t Overprice Your Home

Getting top dollar is the dream of every seller. But it’s essential that you let the market dictate that price, not your emotions or financial situation. Allow your agent to research and prepare a market analysis that factors in the value of similar homes in the area and trust those results. Overpricing your home often spells trouble and can leave significant money on the table.

#4 Use Quality Photos

The vast majority of prospective buyers today search for homes online first. In order to make a good first impression, you need a wealth of high-quality photos of your home and surrounding grounds. It’s also critical that you stage your home to generate maximum buyer interest.

The process of buying or selling a home can have plenty of twists and turns, but with some smart decision making, you can avoid the most common mistakes and pitfalls. Lean on your agent for guidance throughout the process. Connect with a local Windermere agent to begin your buying or selling journey:

Featured Image Source: Getty Images – Image Credit: jat306

Living • August 1, 2023

Wildfire Preparation and Evacuation Tips

by Don Koonce

Wildfires cause chaos for homeowners. Though they are destructive, with the right preparation, you can ensure that you and your household have a plan in case of an emergency. Many homeowners insurance policies cover damage caused by wildfires, but check with your insurance agent to make sure. The following tips are meant to inform your household’s wildfire evacuation protocol, whatever your evacuation timeline may be.

Wildfire Preparation: Immediate Evacuation

Evacuation orders come from local law enforcement agencies, but if you have not received an official evacuation notice and feel threatened by wildfires in your area, do not hesitate to leave. Take only essential vehicles on the road, this will minimize traffic and reduce the chance of gridlock when evacuating the area. Keep the windows rolled up to avoid inhaling smoke and tune into local radio for updates as you head toward safer ground. Don’t forget your masks and remember to bring the six P’s:

People and pets
Phones and personal computer
- Chargers, any additional computer hardware
Papers and important documents
- Birth certificates, passports, insurance, legal documents
Prescriptions
- Medication, eyeglasses, contacts
Pictures and irreplaceable keepsakes
Payment (credit & debit cards, bank cards, cash)

It helps to have a “go bag” or portable kit packed ahead of time if and when a wildfire breaks out. In it, you’ll want to keep a list of essential items in case you’re away from your home for a while. Include the following items in your go bag:

Face masks or coverings
Extra clothing
First aid kit
Toiletries
Tools
Flashlight
Batteries
Sanitation supplies
Copies of important documents
Three-day supply of food and water

Wildfire Evacuation Preparation

If you live in an area that is not being evacuated, there are steps you can take now to prepare your home and family, if and when the time comes. These tasks can help to discourage fires from spreading closer to your home and hopefully salvage some household items.

Create a “defensible space” by clearing your home’s surroundings of brush and vegetation
Turn off sprinklers and main gas lines
Clean out roof and gutters
Move furniture away from windows toward the center of the room
Remove flammable household items
Prepare your emergency kit
- Include essential items listed above

For more information about wildfires and indoor air quality, visit the Environmental Protection Agency (EPA) website. Be sure to check your local news and emergency alert radio stations and social media profiles for the most up-to-date information and helpful resources.

Wildfires are unpredictable. Knowing what to do both in preparation for and during an emergency evacuation will have your household prepared in the event that a wildfire spreads to your area, neighborhood, or home.

Featured Image Source: Getty Images – Image Credit: Daniiielc

SOLD • July 27, 2023

SOLD: Two Renton homes + Kent land listing

by Don Koonce

10115 SE 207th Street
Kent, WA 98031

Sold for: $750,000 (Sold for 15.4% over asking)
Listed For: $650,000

Beds: 3
Baths: 3
Size: 1,620 sqft

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.

2302 Blaine Avenue NE
Renton, WA 98056

Sold for: $590,000 (Sold for 50.9% over asking)
Listed For: $390,980

Beds: 2
Baths: 1
Size: 790 sqft

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.

10125 SE 207th Street
Kent, WA 98031
Sold for $150,000

Lot Size Area: 17,778.00 sqft
Water Source: Available
Sewer: Available

Fantastic opportunity to build your dream home in a private, peaceful location just minutes from every point on your live/work/play compass. 17,778 sq ft lot. Plenty of privacy! Create a forever-after magical estate you will enjoy for years to come. No HOA. Water, sewer in the street. No surveys or studies have ever been conducted. Buyer to do all feasibility investigations to their own satisfaction.

Living • July 25, 2023

5 Tips to Organize Your Closet

by Don Koonce

An untidy closet can clutter your mind. Organize your closet section by section and you’ll improve your morning routine, get rid of extra belongings, and clean up your home in the process. Before you begin your closet purge, it helps to visualize how you want it to look. Your closet’s size and dimensions will determine much of what you’re able to accomplish, but the goal is to get it nice and neat regardless of size. Here are a few tips to help you get started.

5 Tips to Organize Your Closet

1. Start From Scratch

Before you can build up the closet you’ve wanted, you have to empty out the old one. Start by clearing your closet of all your belongings and placing them in nearby storage. Take out all your hangers and any clothing bins that aren’t fixed in place. This allows you to take a step back and build from the ground up. It’s also an opportunity to clean the corners and hard-to-reach areas that don’t normally make it into your cleaning routine.

2. Add Shelves

Take measurements while your closet is empty to see what shelving can fit. When shopping for shelves, consider your wardrobe inventory. Do you have more pairs of shoes than pants? Which items take up more space than others? This will help you decide on the perfect set of shelves to address your needs. Keep in mind that the most commonly used items should go toward the front of your closet for easy access. Seasonal items like raincoats, snow gear, and bathing suits that you don’t use as often can go toward the back. Design your shelves to address these needs.

3. Maximize Space

Maximizing your closet space comes down to two main factors: design and storage. You can have the best closet design in the world, but if it doesn’t allow room for storage, then your wardrobe will be overflowing before you know it. Shelves with multipurpose storage and vacuum bags are two space-saving products that can make a huge difference in available space. A clothing rack is a useful tool, not only because it allows you to hang clothing neatly along the rod, but some products also come with underneath storage that can free up even more space.

A Caucasian woman buttons a shirt hanging on the door of her wardrobe. She has organized her closet with her pants and shirts neatly folded behind her.

Image Source: Getty Images – Image Credit; miljko

4. Use Corners

Yes, your closet walls provide a nice home for shelving, clothing racks, hanging rods and the like. However, they’re not the only space where you can focus your organizing efforts. Instead of missing out on the negative space in the corners of your closet, use them to your advantage. Search for corner shelves that fit within your dimensions and fill them with items you would have had to place elsewhere. You’ll be surprised at how much space they can save.

5. Curate Your Closet

Now that you’ve taken steps to organize your closet, you’re ready to curate it. Iris Miyasaki (wardrobebysaki.com) is an expert in closet curation. As she puts it, closet curation is a stylistic approach to organization; it’s all about looking at your wardrobe through the lens of how those pieces get used in your life and arranging from there. “When you can see all your clothes, shoes, and accessories, you’ll want to use them more. I focus on creating a visual palette for my clients, whether that means organizing by color, silhouette, or types of items. The idea is to create a closet they’ll want to ‘shop’ in,” says Miyasaki. Once your closet is cleaned out, you’ll have freed up the mental space to look at your closet with curation in mind.

For more on all things home décor and homeowner tips, head to the Living section of our blog:

Windermere Blog – Living

Featured Image Source: Getty Images – Image Credit: wip-studiolublin

Real Estate Listings • July 19, 2023

NEW LISTING: Early 1900’s Cape Cod Craftsman

by Don Koonce

10216 56th Avenue S.
Seattle, WA 98178
$675,000

Beds: 2
Baths: 1
Size: 1,490 sqft
Days on OneHome: 13
MLS #2134542

Everyone’s darling! Early 1900’s Cape Cod Craftsman all pin-tight and ready for new owners. Cheek-pinching-cute with covered porch entry, rich fir flrs, box-beamed ceilings, crown molding, orig doors & trim, window seats, firplc, forml dining, full natural light. Updated kitch has timeless subway tile, gas cooking, bulter’s pantry. Both bedrooms have multiple closets plus built-in storage, office has knock-out views of Lake Washington, mountains, Seward Park and Mercer Island. Basmt is ready to finish. H.U.G.E fenced/ pet-friendly lot has endless possibilities: Gardening, urban farming, lawn parties, future DADU(s)? Garage/shop for serious hobbies. Ideal location close to light rail, I-5, Upper Rainier Beach amenities, etc. Lots of ways to expand/add value!

Information provided as a courtesy only, buyer to verify. For more, go here.

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

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

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?

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?

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?

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

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

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?

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).

Housing Affordability 2023

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.

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.

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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.