Sellers • June 13, 2024

Staging for Home Selling Success

by Don Koonce

The benefits of staging a home are well documented. Numerous studies show that staging helps sell a home faster and for a higher price. Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, it also helps them imagine living there. Homes that are professionally staged look more “move-in ready,” which makes them far more appealing to potential buyers.

Ready to get started?

If you’re ready to put your house on the market and want to try your hand at staging, here are some concepts to keep in mind:

Aim for Cohesion

Make the inside match the outside. For example, if the exterior architectural style of your house is mid-century modern, the interior should be primarily outfitted with mid-century modern style furniture. Prospective buyers who like the exterior style of your home are going to expect something similar when they step inside. If the two styles don’t agree or at least complement each other, there is likely going to be an immediate disconnect for the buyer.

There is always room for flexibility. Not all your furnishings need to match, and even the primary furnishings do not need to be an exact match to the architectural style of your home. To create cohesion, you simply need to reflect the overall look-and-feel of the exterior.

Neutralize and Brighten

Every home is a personal expression of its owner. But when you become a seller, you’ll want to look for ways to make your home appeal to your target market. Keep in mind, your target market is made up of the group of people most likely to be interested in a home like yours—which is something your agent can help you determine.

A good strategy to staging your home is to “neutralize” the design of your interior. A truly neutral interior design allows people to easily imagine their own belongings in the space—and to envision how some simple changes would make it uniquely their own.

Paint over bold wall colors with something more neutral, like a light beige, warm gray, or soft brown. The old advice used to be, “paint everything white,” but often that creates too sterile of an environment, while dark colors can make a room look small, even a bit dirty. Muted tones and soft colors work best. Likewise, consider removing wallpaper if it’s a bold or busy design.

Lighting is key. Replace heavy, dark curtains with neutral-colored shear versions; this will soften the hard edges around windows while letting in lots of natural light. Turn on lamps, and if necessary, install lighting fixtures to brighten any dark spaces—especially the entry area.

Clean and De-Clutter

To further inspire buyers to imagine the space as their own, make sure every room—including closets and the garage—is clean and clutter-free. You may even want to hire professionals to give your home a thorough deep clean. Remember, the kitchen and bathrooms are by far the two most important rooms in a house when selling, so ongoing maintenance is important.

Family photos, personal memorabilia, and collectibles should be removed from the home for your safety. Closets, shelves, and other storage areas should be mostly empty. Work benches should be free of tools and projects. Clear the kitchen counters, store non-necessary cookware, and remove magnets from the refrigerator door.

The same goes for furniture. If removing a chair, a lamp, a table, or other furnishings will make a particular space look larger or more inviting, then do it.

You don’t want your home to appear cold, un-loved, or unlived-in, but you do want to remove distractions and provide prospective buyers with a blank canvas of sorts. Plus, de-cluttering your home now will make it that much easier to pack when it comes time to move.

Where to Start

If you’re concerned about the additional cost of staging, rest assured. Even a relatively small investment of time and money can reap big returns. There are even things you can do yourself for little to no cost. Contact your agent for advice on how to stage your home most effectively or for a recommendation on a professional stager. While the simple interior design techniques outlined above may seem more like common sense than marketing magic, you’d be surprised at how many homeowners routinely overlook them. And the results are clear: staging your house to make it more appealing to buyers is often all it takes to speed the sale and boost the sale price.

Buyers • Sellers • June 11, 2024

Why Buyer Representation Should Matter So Much to Sellers

by Don Koonce

In today’s rapidly changing real estate landscape, understanding the critical role of buyer representation has never been more essential for home sellers. With the pending NAR settlement on the horizon, many sellers may not fully grasp the significant impact these changes will have on their transactions. The urgency to adapt is real, and overlooking the necessity of paying a buyer agent commission could expose sellers to unforeseen risks.

Currently, home buyers are not allowed to roll their buyer agent compensation into their loan. This means they must bring cash to the table to pay their agent (if the seller is not offering buyer agent compensation).

Unrepresented buyers should be considered more than a minor hiccup—it can lead to a cascade of complications that jeopardize the entire deal. To safeguard your investment and ensure a smooth transaction, it’s crucial to recognize the invaluable support a buyer’s agent provides.

What value does a seller receive if the buyer has professional representation? Let us list the ways:

Lender Connections: Buyer agents connect their buyers with well-vetted (and typically local) lender partners who have proven time and again that they can close a transaction, and on time.

Documentation Management: Buyer agents ensure that buyers have delivered all necessary documentation to the lender to ensure full underwriting.

Market Analysis: Buyer agents provide comparable market analysis reports (CMAs) to help buyers understand the market value of the home and support a reasonable offer price.

Contract Guidance: Buyer agents guide their clients through the purchase and sale agreement, ensuring that they understand the terms and conditions and their ability to fulfill their commitments.

Contingency Explanation: Buyer agents explain all contingencies to buyers, ensuring they understand the risks and rewards, especially when waiving contingencies.

Earnest Money Handling: Buyer agents ensure that earnest money funds are delivered to escrow on time.

Transaction Deadlines: Buyer agents ensure that their client and their lender observe and adhere to all deadlines to keep the transaction flowing smoothly and closing on time.

Inspection Access: Buyer agents provide access to home inspectors and help their buyers understand the reports. This is critical as most MLS associations require an agent to be present whenever a door is opened. If the buyer doesn’t have representation, the listing agent must give access, exposing them to inspection findings and forcing them to disclose on behalf of the seller.

Appraisal Assistance: Buyer agents give access to appraisers and typically provide reports of comparable properties to support the purchase price, ensuring the property appraises at value.

Negotiation Support: If the appraisal report comes in less than the purchase price, the buyer agent will help negotiate and collaborate with the listing agent to ensure a mutual agreement is reached by all parties.

Transaction Coordination: Most importantly, the buyer broker helps keep their client and all parties on track to ensure closing, and crucially, on time.

The value a buyer agent brings to the transaction is indispensable. Their expertise not only facilitates a smoother process but also protects all parties involved from potential pitfalls. By ensuring the buyer has professional representation, sellers can avoid significant risks and secure a successful transaction. In the evolving real estate market, investing in buyer agent compensation is a wise decision that benefits everyone involved.

Cassie Walker Johnson is a Managing Broker at Windermere Real Estate in Seattle, WA. This blog originally published on Inman News on 5/21/24.

Community News & Information • June 6, 2024

Seattle Identifies 24 Neighborhoods for Housing Growth

by Don Koonce

In line with Seattle’s Comprehensive Plan – essentially a road map to growth over the next two decades – Mayor Bruce Harrell is proposing 24 “neighborhood centers” across the city, including several in southeast Seattle.

The proposal would allow for apartment buildings of three to six stories to be built within a couple blocks of key intersections, supplementing longstanding “urban villages” (like the mini downtowns of Ballard or Columbia City, for example). The centers would offer denser housing close to shops and services, creating more “15-minute” neighborhoods where residents could meet basic needs by walking or biking not more than 15 minutes from home. See the map of selected neighborhoods here.

Anticipating resistance from neighborhoods that have already opposed greater density, such as Wedgwood, Harrell’s proposal targets spots that already have some apartments or stores, so the expanded development wouldn’t be perceived as such a drastic change.

Harrell’s plan splits the difference between Seattle’s status quo strategy, which could produce 80,000 new homes by 2044, and a more aggressive approach called Alternative 5, which could produce 120,000 units. The current neighborhood center plan predicts adding at least 100,000 homes. Harrell’s ideas are more conservative than Alternative 5 in that apartments would be added directly along arterial streets like 35^th Avenue Northeast (instead of within walking distance of frequent transit routes), and instead of creating 40 centers with a radius of about 1,000 feet each, the mayor’s plan would create 24 that extend about 800 feet.

In drafting the proposal, officials looked for intersections near frequent transit, shops and services, with opportunities for new apartments and in areas less likely to displace lower-income residences. Many of the sites that made it to the final round were already identified by the city in 1994 as places to anchor services and housing. To that point, Matt Hutchins, a pro-density architect, believes these centers could unlock the development potential of areas where growth should have already occurred and could support more rent-restricted housing in the coming years.

Harrell’s draft plan is under a 60-day comment period, which wraps up next month, after which revisions will begin.

The 24 proposed neighborhoods are:

NE 130th Street
23rd & Union–Jackson
Admiral
Aurora–Licton Springs
Bitter Lake
Columbia City
Crown Hill
Eastlake
Fremont
Green Lake
Greenwood
Lake City
Madison–Miller
Morgan Junction
North Beacon Hill
North Rainier
Othello
Rainier Beach
Roosevelt
South Park
Upper Queen Anne
Wallingford
West Seattle Junction
Westwood–Highland Park

This post was based on information found on Seattle Times.

Design • June 4, 2024

What Defines Houseboat Architecture?

by Don Koonce

Waterfront living appeals to many homeowners who seek the sights and sounds that only water can provide. Maybe you dream about hearing the waves hitting the shore as you fall asleep or being mere steps away from your own boat launch. The possibilities are endless, but for the ultimate waterfront property, houseboats are made for those who truly love the water.

Though it’s possible to live on a boat, houseboats differ from traditional water-borne vessels in a few key ways. For instance, they are moored in one location and, even though some have motors, they aren’t usually easily moveable from place to place. For the purposes of this article, we’ll focus on non-cruising houseboats—or as they’re also known, floating homes.

Houseboats are real property

If you choose to make a houseboat your home, you can expect many of the same responsibilities of a traditional home. You’ll need access to utilities, and you may pay property taxes. Houseboats are often moored in marinas or on docks that require moorage fees and for homeowners to join homeowners association organizations. Because houseboats are often quite literally floating single-family homes, they aren’t easily relocated, so the location of the houseboat is an important factor to consider.

Houseboats are typically modest in size

Most houseboats in the Western United States are relatively small compared to traditional houses. This is because many of them started out as shanty houses in the early 20^th century for boat builders and fishermen who needed places to live.

Though you can find luxurious houseboats whose size and amenities rival land-based luxury homes, most houseboat owners get around the limitations of the small footprint by building up instead of out, adding second stories and rooftop decks.

Houseboats are ideal for minimalist living

Due to their size and lack of storage, houseboats are best suited for small families, empty nesters, or single occupants. What they lack in space, they make up for in the perks of being so close to nature and the rhythms of the water. And while living on the water brings different home maintenance responsibilities than living on land, you can say goodbye to chores like mowing the grass.

Houseboats are as diverse as traditional houses

Just like homes on solid ground, houseboats are built from a wide variety of materials and can range in style from mid-century modern to cozy cottage. And while they might lack land, many houseboats have outdoor living spaces and rooftop patios that allow for further enjoyment of the natural landscapes surrounding them.

SOLD • May 29, 2024

SOLD: Brand New Columbia City Home + Custom, Like-New Home in Burien

by Don Koonce

5907 44th Avenue S
Seattle, WA 98118
$910,000

MLS #2206014
Beds: 4
Baths: 3
Size: 1,920 sqft
Days on OneHome: 41

CHARMING BRAND NEW 4Bd/3Ba Listing in Columbia City! Fully Fenced & Gated Oasis in the City w/Covered Front Porch, Back Deck, Lawn & Garden spaces. Refreshed Liv & Din Rms w/Laminate Floors plus 1Bd/1Full Bath on Main w/NEW Kitchen w/Espresso Cabs, Quartz Counters, Full Tile Backsplash, SS Appliance Package w/Large Island which opens to Private Outdoor Living Space w/New Deck. Upper Primary Bd w/En Suite Full Bath w/Custom Tile + 2nd Bd. Fully Finished Basement w/Sep Entry, 2nd Kit w/Quartz, Tile, SS, Dining, Fam Rm, 1Bd/1 Full Bath w/Custom Tile + Laundry Rm. Rare 1-Car Garage + 1-Car Off Street Parking Space. Remodel Includes: NEW Windows, Roof, Insulation, Furnce, Lighting, Appliances, Floors, Finishes & White-Painted Millwork & Doors.

UNDER CONTRACT FOR BUYERS

11423 12th Avenue SW
Burien, WA 98146
$769,950

MLS #2233399
CLIP #7641486981
Beds: 3
Baths: 3
Size: 1,710 sqft

Welcome to this custom, like new home tucked away in the heart of Burien. This 3 bed, 2.5 bath home boasts over 1,700 sq. ft. w/ primary bed on the main floor w/ ensuite & walk-in closet. Open concept living consists of custom wood fireplace & open concept kitchen & vaulted ceilings flooding w/ natural light. Next, you’ll find an oversized mudroom/utility room w/ built-ins & plumbing for utility sink. Home consists of oversized 1-car garage @ over 600 sq. ft. Upstairs you’ll find loft area for flex space & 2 bedrooms w/ a full bath. Outside’s a great sized yard & patio. Heat pump for all year heating & cooling & recirculating water heater for instant hot water. Close to shopping, downtown Burien, & more, you’ll love calling this place home!

Real Estate News & Information • May 28, 2024

NEW LISTING: MidCentury Modern Vibes in Prized Marine Hills Neighborhood

by Don Koonce

29824 8th Avenue S
Federal Way, WA 98003
$598,950

MLS #2240991
CLIP #5224374523
Beds: 3
Baths: 3
Size: 2,260 sqft

MidCentury Modern vibes ideally located in prized Marine Hills neighborhood, known for its large private lots in serene settings near the shores of Puget Sound. Long term owner’s pride and joy, polished MCM finishes thru-out. Soaring vaulted ceilings, oak hardwoods, corner fireplace open to living/dining, eat-in kitchen, custom glass windows and doors for max. exposure to sunlight, towering evergreens & scenic flowering landscape. Three spacious bedrooms/1.75bths main floor incl. private bath off primary bedroom. LL: Recroom, 2nd fireplace, office, 1/2bth. GIGANTIC garage and workshop, lovely private outdoor spaces, patios and gazebo. Metal roof, gas heat and water heater, new septic 2022. Easy stroll to Redondo Waterfront, MH Swim Club, short hop to Dash Point. Great Buy!

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

Real Estate News & Information • May 23, 2024

Area Rents Still Rising

by Don Koonce

Slowly but steadily, rents are rising, and they’re going up faster than last year. In Q1 2024, Seattle rents grew 2.2 percent compared to 1.3 percent during the same quarter last year, according to new data from Apartment List.

This local increase in rent comes despite the U.S. rental market cooling off as a whole. Nationally, annual rent growth has remained negative since last summer. By contrast, in March 2024, Seattle’s rent prices grew 1.4 percent over the previous March.

While rental rates are inching up as opposed to skyrocketing, the outlook for renters is far from rosy. In March, Seattle had the 16th highest median rent – $2,019 – making it one of the priciest cities in the country for renters.

Much of our region has seen rents increase year over year as well. Bellevue, Issaquah and Sammamish have had annual rent hikes of 5 percent, 5.4 percent and 6.4 percent, respectively. Stunningly, if comparing the median two-bedroom rent in Sammamish to the largest cities in the country, this sought-after suburb would rank fifth most expensive, just behind San Francisco.

Mill Creek in Snohomish County has a median one-bedroom rent of $1,878, reflecting year-over-year growth of 1.5 percent. Auburn has a median one-bedroom rent of $1,320, representing a 2.2 percent jump from last year. During Q1, Puyallup saw its rents increase 2.4 percent from the same time last year, while Redmond saw rents grow by 2.6 percent.

This post was based on information found on Seattle Met.

Design • May 21, 2024

How to Eradicate Bamboo without Toxic Chemicals

by Don Koonce

When we bought our house 22 years ago, there were several clumps of black bamboo planted in various spots around the property. For 15 years, the clumps sat seemingly well-behaved. On year 16, some of them really took off running and I started to find it coming up far from the original clump.

It quickly grew past my fence into the alley, which potentially could be in the right of way, and I found myself knocking down new growth daily.

I tried to dig it up, but it was like trying to dig in cement. Finally, I contacted a bamboo removal company that quoted me $7,500 and said that I would have to remove my fence and replace it when they were done.

No, thank you!

I did some research and found the following method which has so far worked.

First, I want to mention that it is not chemical free, but it is poison free. The fertilizer and the heat from the sun will burn the bamboo rhizomes. If it can’t photosynthesize, it will die.

I don’t like using any chemicals on my property, but I feel that this fertilizer will just add nitrogen to the soil when it breaks down. The nitrogen will also help the clump of rhizomes decompose.

Good luck!

Cut down all bamboo as short as possible.
Soak the entire clump with water.
Cover clump with a thick layer of a high nitrogen chemical fertilizer.
Lightly sprinkle water on the fertilizer taking caution not to wash it away.
Cover with thick, clear plastic sheeting and weigh it down with rocks or bricks so that the wind will not catch it.
You shouldn’t get any sprouts if you apply the fertilizer heavily enough the first time, but if you do, just peel back the plastic sheeting, cut the new sprouts and add more fertilizer to the area where the sprouts grew.
If you see any sprouts outside of the main clump, you can either dig up the runner and cut it off, or just keep the sprouts cut down.
Leave the plastic on until you no longer see any sprouts. Depending on the amount of bamboo, this process can take up to three seasons.
Once you remove the plastic, you may need to wait a season or two for the nitrogen to dissipate.
I recommend testing the area with an expendable plant before planting a valuable one.

Now, on to the next clump!

Real Estate News & Information • May 16, 2024

Local Market Update – May 2024

by Don Koonce

Local Market Update – May 2024

Our local real estate market is exhibiting seasonal strength, with most areas seeing month-over-month and year-over-year sales gains. Despite continued interest rate increases, which can constrain both buyers and sellers, the number of closed transactions in King and Snohomish counties has risen for three straight months. This suggests that both sides of the table are figuring out how to adjust to the higher interest rate environment.

In King County, both home and condo prices soared again last month. The median residential sold price of a single-family home was $980,000, up 12% from April 2023. Despite the rise in interest rates and in light of low inventory, 70% of the country’s home sales closed at or above list price. King County condo prices also rose last month, with the median sold price up 15% from a year ago, to $580,000.

Seattle saw a drop in residential inventory last month, continuing to spur competition among homebuyers for the best listings. The median sold price of a single-family home within the city limits was $997,900 in April, up 13% year over year, and 68% of closed transactions sold at or above the list price. Seattle condo prices rose again, to a median of $599,000, even with 51% more units in play than a year ago.

Eastside single-family home prices rose to $1,677,500 last month, up 16% compared to a year ago. Nearly three-quarters of those sales closed at or above list price, likely driven by a 33% year-over-year drop in available supply, which stood at just 0.7 months of inventory by month’s end. Eastside condo prices rose 17% year over year, from $620,000 in April 2023 to $722,500 last month.

Last month, Snohomish County saw a high rate of closed residential transactions – 76% – that sold at or above asking price. With the number of active residential listings down 10% compared to last year, competition among homebuyers was quite strong. The median sold price of a Snohomish County single-family home rose to $799,500 in April, up 4% from a year prior. Conversely, Snohomish County median condo prices dropped by 4% year over year, to $525,000 last month.

In this market, buyers who find a home they love will need to be ready to compete and willing to stomach rising interest rates. There is some market optimism that the next four to six months will see higher levels of for-sale inventory that will have an impact on stabilizing price levels. In the meantime, prospective home and condo sellers will likely continue to encounter strong interest and offers from buyers, along with fast market times.

Whether you’re waiting on the sidelines for the perfect moment to jump into the market or have taken the plunge and are actively seeking to buy or sell, your Windermere broker will provide valuable insights to help you best navigate the spring and summer market ahead.

More.

Buyers • May 14, 2024

Simple Steps to Saving for a Down Payment

by Don Koonce

Whether your dream home just came onto the market or you’re thinking ahead for a purchase down the road, coming up with the money for a down payment can feel daunting. Don’t fret! There are steps you can take now—both large and small—that will add up over time to help you secure the funds you need to make that offer.

Determine how much you need

First things first, set your goal. The answers to these questions will help you determine what you’ll need to budget for the down payment:

What do homes cost in the area you where want to live?
How soon are you looking to buy?
Do you qualify for buyer-assistance programs in your area? Where have interest rates been going (up or down) lately?

Don’t forget about closing costs when calculating how much you’ll need!

Start a high-yield savings account

It’s difficult to keep track of how much you’re saving if you’re putting all your money in the same account you pay for living expenses with. Your down payment fund deserves its own savings account.

Look for high-yield savings account options at your current bank or find a new bank that offers one. Many banks today offer a 3-5% annual yield that will compound quickly.

Eliminate unnecessary expenses

No, you don’t need to stop eating avocado toast or give up your hobbies. Even simple changes can quickly add up.

Go thrifting instead of buying new clothes.
Get your library card rather than buying new books.
Cancel subscriptions to publications or services you rarely use.
Prepare meals at home a few times a week instead of dining out.

Though cutting back can sometimes feel like an inconvenience, these adjustments are temporary and don’t have to change how you live too drastically. Even while you’re re-prioritizing your spending, you can still simultaneously save for things like travel, and all the provisional adjustments will feel worth it when you’re enjoying your new home.

Don’t dip into emergency funds

Though it can be tempting to look at your retirement account balances or emergency savings account and daydream about barbeques in your new back yard, don’t give in. The tax implications of cashing out a 401K or IRA almost always outweigh the benefits of the quick money, and many retirement accounts require paying them back relatively quickly, likely before you’ll have built equity in your home. And your emergency fund is there for just that: emergencies. Life can be unpredictable and having at least six months’ living expenses stored away offers peace of mind is priceless.

Automate your savings

If you haven’t already, arrange to have your paycheck automatically deposited into your bank account, and then designate a percentage of it to go directly into savings rather than checking. This helps ensure that you’re putting the cash away before you use it on other expenses. By depositing directly into your savings account you’re less likely to think about it when making a purchase.

Other ways to automate savings include taking advantage of programs that will round up any purchases you make from checking and put the difference directly into your savings account. Check to see if your bank offers this or look into available applications in your app store. You can also use a credit card that offers cash back on a percentage of what you spend and save those rewards in your separate savings account. Just be sure to pay the bill completely each month!

Take advantage of windfalls

If you get a raise, bonus, or inheritance, put the extra money right into your high-yield savings account and stick to the budget you had before the windfall. You won’t feel a difference in your lifestyle, but even an incremental increase will help chip away at your goal.

Ask for help

Weddings, graduations, new babies, and other major life events are great opportunities to ask for cash in lieu of gifts. Be sure to document any gifts appropriately, and as long as it is a gift and not a loan, money from family and friends can help put you in a home you’ll all be able to enjoy together soon.

Buying a home is likely to be the largest financial transaction you’ll make in your life, and saving enough for a down payment can feel overwhelming. But with some dedication and smart money choices, you could be ready sooner than you think. Good luck, and happy saving!