Welcome to another edition of Rosie’s Real Estate Reveal! These are blogs where Rosie Rourke helps you understand real estate terms and what they mean to you, the buyer or seller! Today’s reveal is all about contingent offers! Believe it or not, a lot of newer agents don’t even understand what a contingent offer is. Honestly it’s been a while since listing agents have been accepting them. But now with the market slow down, massive amounts of homes for sale, and buyers that have cooled off, agents are entertaining the contingent offers again.
What is a contingent offer?
It simple terms, it’s when a home buyer makes an offer on a new home before selling their current home. The sale of the new home is contingent or dependent on the sale of the current home. The “official” definition is as such: It means an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. Usually the successful sale of the buyer’s current home.
What does this mean for you?
When a home is “Contingent” it doesn’t mean the house has SOLD and is off the market! Did you know that you can still tour and MAKE AN OFFER on a contingent home? Not a backup offer, but you can BUMP the contingent offer and the home is YOURS!
So if you are in the market, see a home you love, and the status says Contingent… you still have a chance! I actually have 2 homes listed right now that are contingent, both of these sellers are looking for new buyers to BUMP the current contingent offers!
Large home for sale in Covington!
Rambler for sale in Fairwood Renton, WA
There are a lot of new home developments popping up everywhere! If you are looking for new homes for sale in Covington or Maple Valley you have probably drove down Kent-Kangley Road and seen the signs for New Lennar Homes for Sale in Covington. Or you can search New homes for sale in Covington with Lennar Homes’s Maple Hills development. Well guess what? I have a better than NEW home for sale in Addison Park right across the street listed for less than a new Lennar Smart Home in Maple Hills!
My listing is over 4400+ square feet, has 5 bedrooms, 3 different living spaces, open concept living, a low maintenance yard, a view off of 2 different decks, 800+ square feet of additional storage in addition to a 3 car garage, and it’s a SMART HOME with Alexa enabled features!
My seller of the home for sale in Covington is motivated and ready for an offer! And you have to see this better than new home for sale near Maple Valley. Tall ceilings, upscale touches throughout and all the lights outside are on a timer too!
Learn more and schedule a private showing here: http://rosierourke.idxbroker.com/idx/details/listing/a045/1323243/20010-SE-260th-Place
Recently I filmed a quick video at my home office in Fairwood about the marketing cooling off. This happens every summer and it’s a great time to buy a house if you are in the market! Take a look!
I am always researching and educating myself and my team about current real estate trends, it’s been my life’s passion for over 20 years! I recently came across a great article in the Seattle Times, it’s a great read and it’s why my clients have chosen a local broker like me to represent them during one of the largest financial transactions of their life! I pulled out the part of the article that is really important for you, but you can read the full article here is you want to: https://projects.seattletimes.com/2018/how-to-buy-a-home/
You can find 500 Yelp reviews about your $4 cup of coffee, but there’s surprisingly little information on how to find someone who will help you with your biggest purchase and earn a commission that averages about $25,000 in Seattle and is paid by the seller. A lot of buyers use referrals. Others simply click on buttons from Redfin and Zillow that appear next to home listings — but beware, those are generally just advertisements from realtors. Just like you would visit several houses to find the best fit, do the same with realtors: Interview at least a few to see how you’ll get along and test out how well they know the market.
You can also test out realtors in the real world by going to open houses. Tobias Nitzsche and his wife were looking to buy a house here last year but found out they didn’t really like the first realtor they picked. Then they ran into Stephanie Spiro at an open house for a home she was listing, and found her to be so helpful and friendly that they hired her for their own home hunt.
Realtors are an extension of the “location, location, location” mantra in real estate: Most realtors have one neighborhood they know really well but things can get dicey if they start venturing into new territory. Look for people who have already done lots of deals in the neighborhood you want. Seattle-based Redfin, in particular, is a source of fascination for buyers because it generally offers lower commissions — as low as 1 to 1.5 percent of
the purchase price, compared to traditional brokerages that usually charge 2.5 to 3 percent.
But traditional brokerages derisively refer to Redfin as a “discount brokerage.” Fichthorn said they first tried touring homes with Redfin, using a feature on the company’s website where you can click a button to “schedule a tour” even if it’s not a Redfin-listed house. The Redfin employee would quickly respond and unlock the home for a tour but had no clue about the house’s details and couldn’t analyze whether the price was fair — she was just there in hopes of signing the buyers up to be assigned to one of their agents. They wound up going with a realtor from a traditional brokerage — though they found him through a similar tool on Zillow, which lets brokers pay to put their face next to listings they’re not associated with.
I’ve been hearing the same thing at a lot of my listing appointments from my clients, “Are we in another real estate bubble?” My buyers agents are hearing this too from people looking to purchase their first home or sell and buy a house, or second time buyers as we call them. I decided to roll up my sleeves and put my 20+ years of real estate knowledge to the test… I decided to write an article about it!
Here is the post card I just sent out to all my friends and clients:
To read my article check it out right here on my website, go to www.rosierourke.com/bubble
Hi everyone, Rosie here! My team and I are rocking right now, and it seems like I am getting a lot of the same questions during my listing appointments. My buyer agents are hearing the same thing from their real estate clients looking to buy a home too. “is is a good time to sell a home? What is the real estate market like?” So I thought I would share some exciting Fairwood real estate market stats with you!
For real estate transactions (both homes for same in 98058 zip code and buying a home in 98058 zip code) here are the numbers for residential homes:
Homes For Sale in March 2018: 24 units.
• Up 41.2% compared to last month
Homes Placed Under Contract in March 2018: 62 units.
• Up 121.4% compared to last month
In Fairwood Greens specifically, here are the numbers just for the neighborhood. If you are thinking of selling a home in Fairwood Greens or thinking of buying a home in Fairwood Greens these numbers are important:
9 homes Sold/Pending within last 30 days
Average home is 2,030 square feet, that’s $263.33 per square foot!
Average days on market is 7
Average home value in Fairwood Greens and sold price: $521,667 (104.8% above list price).
WOW!!! Fairwood real estate is sizzling right now! Let me know how the Rosie Rourke Team can help you get top dollar with our proven success strategies in a seller’s market.
AND, my team doesn’t just buy and sell homes in 98058 or Fairwood Greens… we have clients all over the King and Pierce County areas! We did over 130 transactions last year ALONE, making us one of the top real estate agent and teams in King County!