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If You’re Renovating Your Home, This Guide is for You
The Kari Haas Real Estate Team has a genuine desire to help you achieve your real estate goals while negotiating smartly to protect your best interests. Connect with us today to learn more!
Home renovations can be exciting and rewarding, but they can also be overwhelming. There are so many things to consider when planning one, from the budget to the timeline to finding the right contractors. Today, the Kari Haas Real Estate Team walks you through everything you need to know about home renovations, from start to finish.
Home Renovation Options
There are nearly limitless possibilities when it comes to home renovations. Some common types of home renovations include:
- Kitchen renovations: Limitless Renovations points out that a new kitchen can add both value and functionality to your home. When planning a kitchen renovation, be sure to consider the layout, appliances, countertops, and backsplash.
- Bathroom renovations: A bathroom renovation is a great way to update an outdated space or add an extra bathroom to your home. When planning a bathroom renovation, be sure to consider the layout, fixtures, tile, and lighting.
- Whole-house renovations: A whole-house renovation is a big undertaking, but it can completely transform your home. When planning a whole-house renovation, be sure to consider the layout of each room, the flow of the house, and how all of the spaces will work together.
The Need for a Home Warranty
It’s important to get a home warranty when your renovation is complete. But does the cost of a home warranty pencil out? This type of insurance will cover repairs or replacements of items in your home that break down due to normal wear and tear. This can save you thousands of dollars in unexpected repairs down the road, overriding the initial cost of the insurance itself.
You only need some basic information to determine what the costs are to add a warranty to your home, like the square footage and the plan type you’re interested in. Factor this cost into your overall budget to protect yourself after the remodel.
A Home Office Addition
One popular type of home renovation is adding a home office. With more and more people working from home these days, it’s no surprise that this is a popular trend. When adding a home office, be sure to consider the layout, furniture, and storage needs. And don’t forget about lighting! Make sure your office has plenty of natural light so you can avoid eye strain.
Your Contractor Is Your Ally – Choose Wisely
One of the most important things you can do to ensure that your renovation goes smoothly is to find a reputable contractor. A good contractor will be able to take your vision and turn it into reality while also staying on budget and on schedule. Furthermore, a reputable contractor will be honest and transparent, letting you know if there are any potential problems with your plans. Finally, a good contractor will have a strong team of experienced workers who will be able to complete the job quickly and efficiently.
Clearly Conveying Your Ideas
One of the most important things you can do during a home renovation is communicate your ideas clearly with your contractor (or contractors). Be as specific as possible about what you want — and don’t be afraid to ask questions if you’re unsure about something. After all, it’s your home, and you should love the final result!
Budgeting for Your Home Renovation
One of the most important aspects of any home renovation is budgeting — Houselogic.com notes that you need to know how much money you have available to spend on your project. Estimating costs can be tricky, so be sure to get multiple estimates from different contractors before making any final decisions. You should also factor in unforeseen costs like permits or materials that end up being more expensive than expected.
Take the time to set up a digital filing system. You’ll find that it helps you to keep track of your budget, schedule, contact information, warranties, and anything else that comes up during your renovation. Once you have the files digitized, you can easily combine them using a free merge tool; you can use this to combine PDFs in just five quick steps.
Negotiating a Timeline
Once you’ve settled on a budget and estimated costs, it’s time to establish a timeline and schedule for your project. Be realistic about how long it will take and factor in buffer time for unexpected delays or setbacks. You should also coordinate with your contractor(s) to ensure that their schedule works with yours. The last thing you want is for your contractor(s) to show up when you’re not ready!
Essential Contractor Apps
Last but not least, let’s talk about contractors — specifically, the apps or software they use during construction projects (like yours!). Some common apps or software used by contractors include: project management software, accounting software, communication tools, time tracking software, and scheduling software. These can all lead to a better overall remodel experience.
What If You Decide to Sell?
Once you’ve finished your renovations, you might decide to sell. Or maybe you’ll even enjoy the process so much that you’ll decide to get into house-flipping. Obviously, location matters a great deal, so research your local market to get a feel for how lucrative this new venture can be!
Move Forward with Purpose
Now that we’ve gone over some key things to expect during a home renovation project, you should have some peace of mind as you begin planning your own project. It can seem like a lot, but with the right attitude (and contractor!), you can achieve a successful remodel.
Image via Pexels
This post was written by Michah Norris for the Kari Haas Real Estate Team blog.
How Smoking Can Affect a Home’s Value and How to Mitigate This
Smoking in the US has hit an all-time low in recent years, but millions continue to smoke to this day. Most smokers in America use around six to ten cigarettes daily. With smoking in public laws becoming much stricter across the country, more smokers are choosing to smoke at home. However, this convenient solution has negative impacts not only on health but on houses as well. Cigarette smoke can linger in the interior of your home, decreasing its value and making it harder to sell. Here’s how smoking can affect a home’s value and how to mitigate this:
Why smoking devalues a home
Persistent stains and smells
Constant smoking in the home leaves behind yellow stains on walls, carpets, and furniture due to cigarette tar and nicotine. This dramatically affects your home’s value as many people would be less likely to purchase a home with an unsightly look from smoking, especially if they will be forced to pay extra for the renovations. The smell of smoke also lingers in rooms for a long time, affecting air quality and the home’s living environment. The build-up of smoke can even get into your home’s ventilation systems and may need to be replaced if too damaged. Potential buyers may not be happy about your home’s condition, which can keep property value low and drive people away.
Health risks
The effects of smoking in your home don’t go away even if you sell the house. Insights from the National Insititute on Drug Abuse highlight that chemical residue from smoking can linger on surfaces even after smoke has cleared; this phenomenon is called thirdhand smoke, and it still poses many health risks to people who may inhale fumes or touch stained parts of the property. These issues can turn potential buyers off from purchasing your home, especially if lingering toxins can complicate existing health issues and affect new house residents. It also takes a lot of time, effort, and money to replace and repair contaminated items, which is both a hassle to you and the buyer and increases the liability of the sale.
How to preserve your home’s value
Try smokeless alternatives
If you still want to get a dose of nicotine in your home while preventing stains and smells from worsening, smokeless and tobacco-free nicotine products like patches, gums, and pouches are a great alternative to cigarettes. Nicotine pouches tucked between the gum and upper lip are one of the newer alternatives to hit the US market, with brands such as ZYN growing in popularity. Prilla’s deep dive into ZYN pouches outlines how they are tobacco-free and are made with food-grade fillers, nicotine salts, flavorings, and artificial sweeteners instead. You also have the option to choose from flavors like mint, citrus, and coffee and pick from different nicotine strengths like 3mg and 6mg to suit your preferences. Nicotine lozenges are similarly new products and are increasingly available on store shelves. Perrigo’s coated mint nicotine lozenges have recently gained FDA approval, allowing for more convenient options to keep your house smoke-free.
Maintain cleanliness
Cleanliness is crucial for any home and keeps stains and smells at bay. While it may not get rid of them completely, routine cleaning will help ensure your house doesn’t get too damaged and devalued. Cleaning your furniture, walls, floors, and ceilings should be done as much as possible; you can use ingredients like white vinegar or dish soap and baking soda solutions to scrub these areas spotless. You can also enlist the help of professionals to get a deeper cleaning now and then. Our Ultimate Spring Maintenance Checklist post notes that checking your HVAC systems and inspecting your windows and doors are good to do every year. However, you may want to do that more regularly if you’re a smoker to ensure these aren’t too damaged.
Quit smoking
Without a doubt, one of the best things you can do for your house and health is to quit smoking. You can clean your home as often as you want, but it won’t be effective if you continue to smoke. By reducing the smoke in the house, you can prevent stain and smell build-up and minimize harmful toxins. These things can stay in a property for a long time, but quitting smoking can ensure you don’t worsen these issues. Kicking the habit also improves your health drastically and will increase the chance of potential buyers purchasing your home.
If you have any questions about maintaining your home and it’s value or how to mitigate smoke damage or other types of damage, give Kari a call. We are here to help!
This post was written by Samantha Wise for the Kari Haas Real Estate Team blog.
June 2023 Real Estate Market Update
The more frenetic activity of a typical spring real estate market has certainly hit our area, with buyers out in droves looking for homes. What they’ve found, however, is high competition and scant listings. The region’s low housing inventory has been a constraint that has resulted in fewer closed sales than we’ve seen in recent spring markets.
According to real estate experts, housing supply and interest rates are the defining obstacles for buyers at the moment. On the Eastside, active inventory is only 32% of the 10-year average, and new listings are off 34% year-to-date. This is driving prices up, while interest rates put a damper on what buyers can afford. While recent demand has been strong, experts expect that demand will taper off as interest rates approach the 7% mark.
However, because inventory is so scant, sellers who adequately price their homes are seeing success in this market. As an example, around 44% of properties on the Eastside are selling above their asking price, at an average of 5% over list. Anecdotally, the homeowners who are most likely to sell at the moment are those who purchased before the historic low-interest rates of the pandemic or have paid off their homes and are thus mortgage-free. Buyers in this market also have some negotiating power, having successfully negotiated pre-inspections, homeowner warranties, and seller-paid closing costs to mitigate the high rates.
In King County, with just shy of one month’s inventory, competition in the area is fierce, and buyers will need to be ready to negotiate when the right listing comes along. The county’s median sold price for a single-family home dropped almost 9% year-over-year, from $998,888 in May 2022 to $910,000 this year. However, that’s still an increase from April’s median of $875,000.
Seattle had a similar low inventory, at one month’s supply. The median sold price for single-family homes rose from $886,000 in April to $905,125 last month. While there’s been continued monthly price growth so far this year, May’s median sold price was still down 11.7% from the median of $1,025,500 in May 2022. Although residential inventory is tight, buyers in the city may have more luck with condos, which are both more affordable and plentiful. The Seattle condo market currently has almost two months of inventory and a more reasonable median price of $550,000.
Like Seattle, the Eastside has just one month of inventory at the moment. However, higher interest rates are being felt a little more in this pricier area, as May’s median sold price for a single-family home did not change from April’s median of $1,450,000. This is down 8.8% from the median of $1,590,000 in May 2022. The supply of Eastside condos is lower than the residential supply, with just .8 months’ inventory. At a median sold price of $582,000 last month, condos may be a slightly easier path to homeownership for those searching on the Eastside.
Finally, Snohomish County saw month-over-month price gains in May, landing at a median sold price of $780,000 for a single-family home, up from $767,500 in April. May’s median price was down 8% from $782,000 in May 2022. The county’s more affordable price points may allow for better appreciation in the area, despite the continued higher interest rates that have stifled other local markets. With just two weeks of inventory, the Snohomish County condo market is the tightest regional market at the moment. The median price for condos in the area is $544,900, down less than 1% from $550,000 in May 2022.
As buyers and sellers navigate continued low inventory and high-interest rates, they both must be comfortable negotiating terms to achieve the best possible outcome. Buyers should be ready to move fast and bring as much cash as possible, while sellers should be cognizant of the burden higher rates can create and price their listings accordingly.
If you have questions about these housing market trends or real estate, please give the Kari Haas Real Estate Team a call.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
May 2023 Real Estate Market Update
As the weather warms, so too does our real estate market, it seems. With dwindling inventory and climbing prices, the housing market is on an upswing, even if it’s a small one. This places sellers back in the driver’s seat, with buyers forced to compete against multiple offers and in the face of higher interest rates than last spring.
The evidence for the market’s positive growth can be found in higher median closed sales prices, an increased percentage of multiple offers, and a higher median percentage paid above the original asking price. At this point, the primary constraint on the market is a lower number of active listings. Many sellers are reluctant to part with their historically low-interest rates from the pandemic years, and with volatile interest rates, it’s an understandable predicament.
The lower number of available homes on the market has contributed to rising prices as buyers compete for a limited pool of properties. This trend often leads to multiple offers and bidding wars, further increasing prices.
For those buyers who do decide to jump into the fray, interest rates remain a key factor in determining their buying power. For the last few months, activity in the market has ticked up when rates dip, but some buyers are willing to face higher interest rates with the plan of refinancing when rates settle.
Even with that in mind, interest rates can have a huge impact on a buyer’s price bracket. For example, the median Seattle home price has declined by about 13% ($133,950) year-over-year. However, the increase in interest rates has offset this reduction. As a result, the median monthly mortgage payment remains around $5,507, which is comparable to the payment amount from a year ago — despite a lower median sold price.
Although home prices in our region may be lower year-over-year, prices have generally been increasing each month this year. In King County, April’s median single-family home price was $875,000. That’s down 12.6% from last April’s $995,000 but up from a median of $840,000 in March. A single month of available inventory means competition for homes is tight throughout the county.
In Seattle, April’s median price for a single-family home was $886,000 — down quite a bit from the same month last year, when the median price was $1,019,950. However, prices were up from a median of $869,975 in March, and a low inventory of just over a month’s supply means demand is still high, and prices are likely to keep inching upward. Condo prices in the city were actually up year-over-year, with a median sold price of $539,000 in April, compared to $512,500 in April 2022.
The Eastside also saw month-over-month price growth in April, with the median price for a single-family home landing at $1,450,000. This is up from $1,411,500 in March. Despite a 15% decrease in year-over-year prices, the current monthly price growth trend is notable. It’s likely we will not see the exponential price increases of the pandemic again anytime soon, making slow, steady growth the norm once again. The Eastside also has about one month of inventory for single-family homes, making it once again a competitive market.
Finally, Snohomish County saw month-over-month price growth in April as well. The median price of a single-family home was $767,500, up from $724,000 in March. With less than one month of available inventory, the housing market in Snohomish County is trending warm-to-hot. Condos in the county had the tightest inventory of any market, with less than two weeks’ supply. That, combined with April’s median sold price of $544,900, makes the Snohomish County condo market a competitive market for buyers to break into.
If you have questions about these housing market trends or real estate in general, please reach out to Kari (206)719-2224
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Q1 2023 Western Washington Gardner Report
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to Kari Haas (206)719-2224.
REGIONAL ECONOMIC OVERVIEW
The pace of employment growth in Western Washington continues to slow. The region added only 90,340 new jobs over the past 12 months. That said, the annual pace of employment growth was a respectable 3.6%. Three counties have not recovered completely from their pandemic job losses: Whatcom, Skagit, and Snohomish. However, they are short by just under 10,000 jobs, which should be recovered by this fall. Regionally, the unemployment rate in February was 4.1%, marginally above the 3.8% level of a year ago. The employment outlook has improved modestly, with the likelihood of a recession in 2023 down to about 50%. That said, I expect the pace of job growth to continue to slow as businesses remain concerned about a contraction in consumer spending and facing tighter credit conditions following recent bank failures.
WESTERN WASHINGTON HOME SALES
❱ In the first quarter of the year, 10,335 homes were sold. This was down 30.9% from the same period in 2022 and 18.9% lower than in the fourth quarter of 2022.
❱ Lower sales activity was more a function of the limited number of homes for sale than anything else. Listing activity in the first quarter of 2023 was down 43% from the final quarter of 2022.
❱ Home sales fell across the board compared to the same quarter of last year and were lower in every county compared to the final quarter of 2022.
❱ Pending sales rose in all but three counties compared to the fourth quarter of 2022. This suggests that sales in the year’s second quarter may tick higher. That said, the region is in dire need of more inventory.
WESTERN WASHINGTON HOME PRICES
❱ Home prices fell an average of 6.9% compared to the first quarter of 2022 and were 1.3% lower than in the fourth quarter of 2022. The average home sale price in the first quarter of 2023 was $692,866.
❱ Compared to the fourth quarter of 2022, prices were higher in Kitsap, Skagit, Lewis, San Juan, and Whatcom counties.
❱ Even though prices fell in the region, five counties saw sale prices rise modestly from the first quarter of 2023.
❱ It’s worth noting that median listing prices rose in all but two markets compared to the previous quarter. This suggests that sellers are getting a little more comfortable with the market. If listing prices continue to rise, one can surmise that home prices will follow suit.
MORTGAGE RATES
❱ Rates in the first quarter of 2023 were far less volatile than last year, even with the brief but significant impact of early March’s banking crisis. It appears that buyers are jumping in when rates dip, which was the case in mid-January and again in early February.
❱ Even with the March Consumer Price Index report showing inflation slowing, I still expect the Federal Reserve to raise short-term rates one more time following their May meeting before pausing rate increases. This should be the catalyst that allows mortgage rates to start trending lower at a more consistent pace than we have seen this year. My current forecast is that rates will continue to move lower with occasional spikes and that they will hold below 6% in the second half of this year.
DAYS ON MARKET
❱ It took an average of 56 days for a home to sell in the first quarter of this year. This was 32 more days than in the same quarter of 2022 and 16 days more than in the fourth quarter of last year.
❱ King County remains the tightest market in Western Washington, with homes taking an average of 41 days to sell. Homes in San Juan County took the longest time to sell.
❱ Market time rose in all counties contained in this report compared to the same period in 2022 and compared to the fourth quarter.
❱ The greatest increase in market time compared to a year ago was in Grays Harbor County, where homes took an average of 41 more days to sell. Grays Harbor County also saw the greatest increase in market time compared to the final quarter of 2022 (from 46 to 76 days).
CONCLUSIONS
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Although the regional economy is still expanding, it shows signs of slowing. With the probability of a national recession this year now fifty-fifty, I do not see any reason for buyers to lose confidence in their housing decisions based purely on economic factors. Sellers appear to be a little more confident in the market, as shown by rising listing prices. Periods of lower mortgage rates and the lack of homes for sale are likely contributors to this. Whatever the case, I am not seeing any signs of panic in the market.
Even in the face of higher financing costs, low inventory levels support home values, and the data suggests that the worst of the price declines are now behind us. The region had fewer sales, modestly lower prices, and higher average days on market, all favoring home buyers. However, lower inventory levels, higher pending sales, higher listing prices, and a higher absorption rate of homes for sale favor sellers. As such, I am moving the needle towards a balanced market, but one that ever so slightly favors sellers.
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.
This post originally appeared on the Windermere.com Blog.
Making Your Home a Healthy Place
Most of us spend a good deal of our lives at home, so of course, we want it to be a healthy place. Some improvements can be made quickly and easily, and others require more time, money, and effort, but there’s always something you can do to make your home a healthier place to live.
Do it yourself, or get a pro?
Healthy upgrades can be done on a large or small scale. If you’re planning to sell your home in the next five years, it’s a good idea to have value-boosting changes made with future buyers in mind.
For example, if you notice mold around your windows, they likely need replacing. Unless you have some carpentry experience, this is a job for the pros. If your windows are in good shape, but you want to have more control over light, temperature extremes, privacy, and the view, consider top-down-bottom-up shades. While you might enjoy selecting the perfect blinds for your home, many stores offer great deals, including installation, which could save you a lot of headaches.
If you have any leaky faucets or plumbing fixtures that no longer work as they should, have them replaced by professional plumbers. If the exhaust fan over your stove is not properly vented to the outdoors, then you are bringing particulates from cooking right back into your home and redistributing them. Installing or remediating an exhaust fan is a job for a pro.
Many things you can do yourself
So many upgrades to make your home a healthier place can easily be done by you. For example, you can purchase a free-standing air purifier and try it out in several rooms. Some plants actually cleanse the air of pollution, and investing in a few of these is a great idea.
Make sure the curtains or blinds in your bedroom completely block out all light in order to get the best possible sleep. Moving TVs and computers out of your bedroom is another way to ensure better sleep. Replace any Teflon or non-stick cookware with stainless steel or cast iron to avoid having your food absorb toxic chemicals from the coatings. Consider shifting to the use of natural cleaning products, such as baking soda and vinegar. Switch out candles made from petroleum-based paraffin to some that are soy-based–they’ll burn cleaner and emit fewer noxious chemicals.
Designing a healthy home office
Your home office shouldn’t be in your bedroom or living room if you want it to be efficient. It’s ideal to put it in a location with plenty of natural light, preferably coming in from two different sides of the room. Since natural light is known to increase productivity and concentration, choose window coverings that allow you to let the light in. Make sure that your desk and office chair are both the right height for you to avoid ergonomic issues, such as carpal tunnel. Make sure your office space is appealing, after all, you’ll be spending a good bit of time there.
There are many changes, both big and small, that can be made in your home to make it a healthier place to live. Start small, for example, by instituting a no-shoes rule and providing a place for everyone to leave their shoes upon entry. Before you invest in big remodeling projects, it might be worthwhile to check with a successful local realtor to find out what features are most appealing to current buyers. You may not want those features in your home, but then again, you might. While you are overhauling the healthy aspects of your home, it’s a great time to create a home office with the same parameters of maintaining good health in mind. Maintaining a healthy living and/or working space is an ongoing project that will pay off for years.
Planning on selling or buying a home? Contact the Kari Haas Real Estate Team for exceptional service.
Image courtesy of Pexels.
This post was written by Micah Norris for the Kari Haas Real Estate Team blog.
January 2023 Real Estate Market Update
The close of 2022 brought the housing market extremes of the last year into sharp focus. With decreased sales, generally increasing inventory, and lower prices, the December market finally seemed to hit the winter slowdown that has characterized typical market cycles of years past. This stands in contrast to the early months of 2022, which saw sky-high prices and scarce inventory before the threat of inflation and rising mortgage rates caused the shift in the latter half of the year.
Windermere Chief Economist Matthew Gardner commented on this phenomenon. “The local housing market in 2022 ended with a whimper rather than a bang. Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic,” he said.
This is not necessarily a bad thing, as stability in the market could translate to more predictable price appreciation for sellers and better circumstances for buyers to enter the market. In most cases, it’s low- and middle-priced homes that are missing from the market, so many first-time buyers still have plenty of pent-up demand for inventory that meets their needs and financial situations.
Despite a 43.3% drop in closed sales compared to December 2021, last month saw the median price for single-family homes in King County rise to $825,000. That’s up from the median of $810,000 this time last year. This could speak to the lingering effects of inflation on the market or be a factor in the lack of entry and mid-level homes currently available to buyers.
The Seattle market experienced the same pattern, with a year-over-year price increase of almost 5%, from $839,000 in December 2021 to $879,975 last month. Closed sales were down in the city as well, dropping 43.5% from last year to just 394 units, leaving the market with just under six weeks of inventory. The condo market mimicked this trend, with the median price rising to $512,500 last month, up from $490,000 in December 2021. Additionally, Seattle condos offered the highest amount of inventory, with 2.5 months of stock.
Things were a little different on the Eastside, which had experienced perhaps the highest price boom during the “sugar high” of the pandemic. There, single-family home prices decreased around 15% year-over-year, landing at a median of $1,299,000 last month, compared to $1,529,500 in December 2021. This is likely due to higher mortgage rates dampening the buying power of potential homebuyers in the area. Entry-level buyers may be forced to look in more affordable markets for the time being, and December’s 39.5% decrease in closed sales compared to December 2021 reflects this. Interestingly, Eastside condos experienced a sold price increase to a median of $565,000, up from $550,000 last year. This is likely because condos are a much more affordable entry point to the Eastside market and may be experiencing higher demand as buyers tailor their expectations to the current market conditions.
After the ups and downs of the last year, Snohomish County ended exactly where it began, with a median single-family home price of $700,000 — the same as in December 2021. Closed sales in the area were down 38.3%, leaving the market with about six weeks of inventory. Throughout the pandemic, Snohomish County has been a relatively stable market compared to the fluctuations of Seattle and the Eastside, making it a desirable area for first-time buyers and those looking to maximize their buying power.
Looking ahead, Matthew Gardner expects 2023 will see continued price declines. However, “With mortgage rates expected to fall from current levels slowly, sale prices should start increasing again in the second half of the year,” he said.
Gardner continued, “Ultimately, once prices pull back to where they would have been if the pandemic had never occurred, they will start to stabilize and then return to a more normalized pace of appreciation.”
Sellers and buyers have certainly felt the impacts of shifting economic conditions on the housing market. A slower market pace and modest price decreases may be necessary to help reset expectations on both sides and set up sustained future success.
If you have questions about how to make the most of the current market conditions, give Kari a call.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
How to Make Moving to a New State Hassle-Free
Moving to a new state is a big adjustment and can be draining. However, having the right information can make it less challenging. Here are some tips from Kari Haas Real Estate Team on how to make moving to a new state hassle-free and help you make the transition as smooth as possible.
Find a Job
If you’re moving to a new state, you’ll need to find a job in your new location. Check out job boards or networking in your new city to find job openings. Your job search should start with finding who needs your skills in the new state. Also, update your resume and cover letter to match the new job market. And if you’re moving to a new state, make sure you find information about the cost of living, as well.
Start a Business
Starting a new business in a new location can be daunting. Here are the steps to follow:
- Get familiar with laws and regulations. Research the laws and regulations regarding starting a business in a specific state.
- Choose a business location. Pick a convenient location that suits your budget and needs.
- Craft a business plan. Create a detailed outline of the services or products you’ll be selling, how to structure the business, your financial projections, and funding options for your new business.
- Create a plan of action. Craft a plan of action to follow since starting a business can be chaotic. If possible, create a team and delegate tasks.
Also, don’t forget about marketing! A lot of your advertising can be done through social media platforms, which will save you lots of money. However, you should also spend some time on content marketing, which means generating interest in a topic rather than simply advertising a specific product. This is a great way to build your customer base from the ground up, and Cornerstone Content can help you get started.
Adjust to the New Location
When you first move to a new state, it can be difficult to figure out where everything is. Take the time to familiarize yourself with your new surroundings. Explore your new city and find things to do that you enjoy. Consider joining social groups in your new state and making friends. You’ll also need to adjust to the weather in the new location.
Ready To Move?
Moving can be challenging but it’s also an exciting opportunity to start a bold new chapter of your life. Also, you can greatly reduce stress by doing some simple research and preparation beforehand. Research the job market, familiarize yourself with your new setting, and you’ll feel right at home in no time!
Kari Haas Real Estate Team exudes a passion for real estate that carries through to every client. Call 206-719-2224
Image via Pexels.
This post was originally written by Lisa Walker and was submitted exclusively to KariHaas.com
Fix It Up and Sell It: A Senior’s Guide to House Flipping
Believe it or not, retirement doesn’t suit everyone. In fact, some people simply enjoy working while others want to earn a little extra cash. That’s where house-flipping comes in. It can be an extremely profitable side gig for seniors willing to invest time and money. If you’re curious about learning more, you’re in luck. Kari Haas has some tips and resources to help you get started in the house-flipping business. Continue reading for a Senior’s Guide to House Flipping.
Finding Your Ideal Property
To find your ideal property, start by:
- Employing an agent: They know the best areas for flipping homes. If you’re looking for rehab properties, HomeLight suggests hiring an REO agent.
- Look for auctions: If you’re looking for a good discount, estate and foreclosure auctions provide good opportunities.
- Short sales: Some homeowners need to sell their property quickly, sometimes for less than the amount owed on their mortgage. These are known as short sales.
Finding a Mortgage
There are several options when it comes to finding a mortgage. FHA 203 (K) is a type of government-insured mortgage that allows a borrower to take out a loan for the property’s purchase and renovation costs. Other options include a VA renovation loan, HomeStyle loans, and a CHOICE Renovation loan. The Kari Haas Real Estate Team has trusted mortgage brokers to assist you in finding the right fit for you.
Caution Is the Name of the Game
The primary purpose of buying a fixer-upper home is to save money on the purchase price. Still, it doesn’t always work out as expected due to unforeseen repairs and necessary renovations. When searching for a property to renovate, look out for certain red flags, such as structural damage or dry rot. Add 20% to your estimate, particularly for major repairs, such as electrical work, HVAC upgrades, foundation problems, or issues with mold or asbestos.
Formalize Your Business as an LLC
When starting a house-flipping business, consider forming a limited liability company (LLC). This business entity offers benefits when it comes to filing taxes and helps shield you from personal liability. Each state has its own rules and procedures for setting up an LLC. In most cases, it’s easy and affordable and can often be done online.
Now that you’re legitimately structured and ready to operate as a going concern, you’ll need to take initial necessary steps to get up and running. This includes drafting a business plan, setting a budget, and developing a marketing strategy. This strategy should involve digital marketing on social media, which in today’s day and age is essential. Fortunately, you don’t have to be a technological wiz; in fact, these days, you can easily design banners online then let them do the work for you. With free online templates, you’re able to customize and share posts in no time.
Renovations to Boost Value
Homes & Gardens notes that there are several options to add value to your property through renovations. For instance, you can upgrade the kitchen lighting or hood range over the cooking surface, or add insulation to the attic to make the house more energy-efficient.
Some renovations, such as kitchen remodels, add more value to a property than others. Remodeling a kitchen requires a competent plumber, especially if you plan to have pipes repaired or replaced. Plumbing services typically cost between $45 and $150 per hour. Before hiring, always take a close look at reviews and insist on only working with licensed and insured professionals.
If you plan to hire contractors for repairs or renovation projects or a property manager, it’s important to set up a payroll system before contacting them. Keep in mind that there are many payroll software options; just be sure the platform you choose offers automatic payroll scheduling, as well as automatic calculating and tax filing, in addition to same-day direct deposit and the ability to manage employee benefits.
Selling Your Fixer-Upper
When the time comes to sell your fixer-upper, find a real estate agent who’s as invested in selling your home as you are. When searching for one, ask for referrals from people you trust. Set a realistic sale price using a home estimate tool.
House Flipping in Your Senior Years
House flipping is an exciting side gig, and if done correctly, it can be considerably rewarding financially. If you can avoid the pitfalls, employ the right professionals, and deal with the finances, you can enjoy all the benefits of house flipping in your senior years.
Whatever your real estate needs, Kari Haas can help you reach your goals with confidence. Call 206-719-2224.
This post was written by guest blogger, Lisa Walker.
Image courtesy of Unsplash
Upsizing for Retiring: Find a Home for Your Homestead
Some retirees plan to downsize their lives and homes after a while, ostensibly to make things simpler and to have less baggage in retirement. But you’re different: You want to upsize and pursue a grander new life of homesteading as a retiree, with enough space to welcome family whenever they wish to visit, pursue crafts you never got to do, and create a different kind of life that you never got to experience.
The good news is that it is within your power to create the homesteading life you wish to live. Here are some tips from Kari Haas for finding a new home that will help you build the kind of self-sufficient environment you seek:
Look for the right kind of home
For true self-sufficiency and proper homesteading, Treehugger notes that you’ll need a large space—in both land and square footage of your house. Before you get a loan or do any specific research, know your budget and make a list of features that you will prioritize. Do you want a large enough plot of land so that you can raise horses? The Extension Foundation notes that one to two acres is a general rule of thumb when it comes to land needed for a horse to forage (30-38 acres per horse for non-irrigated dryland pastures).
Do you want enough room for a workshop—enough land to build one after the fact or one already on the property? Do you want to have enough space to have a large garden? Write these down to identify which are most important to you.
Hire a realtor
This could be the most crucial step in the process of buying your new home. They are practically necessary if you’re both buying and selling a home simultaneously. Having someone like Kari Haas on your team who understands the market, knows what you’re looking for, and can negotiate on your behalf is an incredible advantage. Realtors pay attention to details that you may not even think of, as well. If you have a real estate agent sell your current home, there’s a better chance of it selling at a higher price—there’s data to back it up.
Make sure you can afford your new home
A huge part of upsizing is making sure you have enough funds to afford the bigger space. You may be able to sell your old house and, thereby, cover the majority of the cost of moving into your new homestead. Just make sure you research the number of properties available in your area and check the property prices in your area and get a handle on how much similar houses are selling for, especially as the market fluctuates.
Start a new business in your home
As a retiree, you have time now to pursue activities you didn’t necessarily have the bandwidth for when you were working full-time. Why not turn those hobbies into a business to make money on the side? Not only will it help you afford your new home, but it will present you with an opportunity to do something fulfilling and provide a service or products to other people.
If you do decide to start a small business, consider using a formation service to form a limited liability company (LLC) to limit your liability, get personal asset protection, and enjoy tax advantages. Make sure to check on the rules of forming an LLC in the state so you’re up to speed.
There are countless options out there for aspiring and ambitious entrepreneurs – not to mention ways to streamline your business for the new age! For instance, if you’re looking to automate your business, spend some time getting acquainted with the leading robotics companies that are helping to shape the future of technology.
With a good amount of research and due diligence, finding a home for your homestead is certainly within reach. Follow these guidelines and you’ll be up and running in no time!
Whatever your real estate needs, Kari Haas can help you reach your goals with confidence.
Call 206-719-2224
Image via Pexels
This post was originally written by a guest blogger, Ray Flynn
