Posts Categorized: Selling a Home
Summer Real Estate Market Update with Rosie & Melissa!
⛱😎 Happy Summer everyone!!!
Is the bubble bursting? Is the market slowing down? Are rising interest rates changing the market? What about inflation? And so on... We get these questions on a daily basis! Learn what is going on in the local real estate market from the top producing team in SE King County. We have the volume (210 families helped last year) and 125 years of collective experience. Everyone's situation, wants and needs are different, reach out via text/call at 206.719.5870 or just fill out the form below!
First PENDING home of the year… and it flew off the market during the first weekend! 50 + showings and multiple offers WELL OVER ASKING! Rosie predicted this back in December with her Winter Market Update [watch below]
She predicted that interest rates would rise in 2022 and buyers will try to get into a home before their buying power is lessened with higher rates. This combined with record low inventory (homes available to buy in the market) would create the perfect winter storm for home sellers. Winter is the NEW Spring market this year! Rosie doesn’t have a crystal ball, but she does have over 25 years of experience in our local real estate market + a team that does a high volume of business, they can see trends coming before other agents because of this.
Well, the secret is out and we are telling all of our sellers sitting on the fence to get their homes on the market ASAP. Luckily we have our home concierge program that is helping sellers get their home SHOW READY and on the market in a matter of weeks, not months! This is what leading real estate experts are saying about our local market right now!
According to Tim Ellis of the real estate blog Seattle Bubble, “January is shaping up to be the most competitive month in housing history.”
“The stage is now set for the most competitive January housing market in recorded history,” said Redfin Chief Economist Daryl Fairweather as well. “Buyers are pouring into the market to claim a home before mortgage rates rise further as new listings slow to a trickle [during the winter months].”
Bottom-line for Sellers: With less homes on the market, your home will stand out with virtually ZERO competition when you list. This will not be the case the closer we get to spring. Also, with interest rates as low as they are still, there are more buyers with more buying power who are desperate to get something under contract before the rates go up! If you are able to list before spring, I would do it now! Take advantage of our Home Concierge Program, it’s FREE and our team literally does everything for you to get your home ready faster! Request a free home valuation and let’s have a conversation! Call or text 206.719.5870 or fill out the form below!
Bottom-line for Buyers: BUY NOW before rates go up! You will be in competition with other buyers, you need a buyer’s agent who knows how to write a winning bid! Spoiler alert, it’s not always about who throws down the most money! Every seller has a specific goal in mind, our agents learn about the sellers and craft offers that are attractive to them. Learn more about our expert buyer’s agents and our process for winning homes for our clients, Call or text 206.719.5870 or fill out the form below!
Contact The Rosie Rourke Team!
🍁Fall Leaves + Active Buyers
= TIME TO SELL!
Check Rosie's Fall Real Estate Market Update for King County focusing on Fairwood, Renton, Kent, Maple Valley, Auburn, Federal Way, Seatac and New Castle!
Ready to have a conversation? Our listing team is ready to give you an update to date home value, access your goals, timelines, and more! We are the top real estate team in S. King County because we provide a stress-free listing experience! Let us show you, text 206.719.5870 or fill out the form below!
Why we recommend home staging even in a hot market!
We get this question A LOT, especially right now. If the market is so hot, do I really need to stage my home? The answer is yes, but it depends.
A vacant home needs to be staged, period. A 2020 report from RESA found that 85% of staged homes sold for 5-23% more than a non-staged home. For a little investment it can yield a HUGE return! We work with some of the best stagers in the area, and buyers have commented that our listings show the best because of it!
Staged homes also sell faster and they are easier to market to the masses via social media... no one wants to see vacant room on their newsfeed, lol! According to Forbes a staged home will sell 87% faster than a non-staged home. Why does this matter? A faster home sale will put more money in your pocket. If a home doesn't sell after the first week in this market, a price reduction will be recommended to keep the house from getting lost online. Any money invested in staging is well worth it!
But what if you live there, should you still stage it? It really depends, but in most cases a bit of re-staging and styling will do the trick! Joanne on our team has a background in design and loves helping our clients declutter and use existing pieces you already have to re-stage the home. We can also bring in smaller accent pieces, pillows, place settings, etc to spruce the place up before listing!
Putting your home's best foot forward involves a lot of work from our team, but in the end it is worth it for our clients! More money, a faster closing date, and a stress-free listing experience... and staging is just one part of our secret sauce! Learn more about our top 1% team and what selling your home can look like here: www.rosierourke.com/selling
During a recent team meeting some of my agents who work with our buyer clients said they are hearing rumors about a real estate bubble bursting, just like in 2007 and 2008. Their clients were asking about it and if they should wait to buy. Yes, prices are rising and at times it may feel like a bubble that is about to burst, but you need to look at all angles before making that judgment. Real estate is a great investment. Renting is essentially throwing your money away and paying for the landlord’s mortgage. There is risk with any investment and research is key. I decided to write this blog to show you what I am seeing in the market place as well my own real estate investing experience, you can be the judge for yourself 🙂
I decided to do some research on one of my own properties that I own to give you a concrete example why you should always believe in real estate as a great long term investment. I own a rental home on the West Hill in Auburn. It is an average split level home built in 1983, 4 bedrooms, 2.5 bathrooms and 2500 square feet.
I bought it in 2001 for the price of $220,000
2006: $320,000 – height of market before the fall of major recession
2008: $275,000 – the recession
2020: $475,000 – current value as of the fall
You can see how the market fluctuates over the years, but real estate in the long run will always be a good investment, especially around Seattle. Here is a part of a great article I read from Realtor.com last August, it explains why we aren’t seeing another housing bubble like we did in 2007/2008, even during a pandemic.
Why won't we see another Great Recession-era housing bubble?
Published by Realtor.com – August 2020
The sky-high prices of 2020 are being driven by an influx of buyers bidding up prices on a historically low number of homes on the market. Until more properties come online, that dynamic is unlikely to change.
The Great Recession had the opposite problem: There were many more homes available than qualified buyers.
In the aftermath of the housing bust, it's become harder for buyers without good jobs and strong credit to score mortgages. This weeds out riskier borrowers. And unlike the last go-around, when builders were erecting residences at what seemed like a break-neck pace, the under-building of the last few years has exacerbated the housing shortage.
Even if the economy doesn't improve by next year and a vast swath of Americans remain unemployed, we are not likely to see the flood of foreclosures that characterized the housing crash, partly because government protections could be extended.
"It doesn't feel at all like last time, when the market was getting all pumped up by easy mortgage credit," says Mark Zandi, chief economist of Moody's Analytics.
The housing bubble burst in 2007/2008 was driven by too much supply and not enough demand. We have the opposite problem right now. If you include low interest rates into the mix, it will continue to be a healthy market.
I also found this recent article that I thought was interesting especially in the post 2020 election era.
Is Seattle a good investment these days with all the turmoil?
Published by Norada Real Estate Investments – October 4th, 2020
Seattle has long been a second-tier technology hub, bolstered by companies like Boeing, Amazon, F5, and Real Networks. Seattle’s strong tech ecosystem has led to a number of startups choosing to start here, but more importantly, many tech giants are setting up “outposts” here. They’re moving jobs to Seattle so they can afford to expand or simply afford to remain in business. The influx of new high paying jobs plus relocating employees to Seattle is driving demand for homes in Seattle.
Over the past 10 years, Amazon has grown more than tenfold in the city of Seattle, from about 4,000 employees in its hometown to over 45,000. During the same time, the median home price in the city has shot up from $420,000 to $720,000 (according to the Northwest MLS) and home prices in the metro area as a whole have gone up 47 percent. Between 2008 and 2018, over 535,000 homes have sold in the entire Seattle metro area. For comparison, that’s 41 percent more than in the similarly-sized San Diego metro area.
Much of this growth in the local housing market can likely be attributed to growth at Amazon. The Seattle real estate market shares many of the constraints that drove up real estate prices in San Francisco. You can’t realistically build on water. It is hard to build in the mountains. You can build up, but that takes time and is expensive. And all the while, everyone wants to live close to the city center and jobs. This helps keep property values in the Seattle housing market high.
The areas around Seattle and the Eastside like Renton, Kent, Fairwood & Maple Valley in the south and Bothel, Kenmore, Woodenville & Lynwood in the north have seen an influx of new buyers. These suburbs are more affordable and when you can work remotely, you can live anywhere!
Ok, none of us have a crystal ball here, but I have firsthand experience of not only being in the real estate business for 25 years, but I am also a homeowner and investor who lived through the last recession and housing bubble. The prices will continue to rise in our area, most industry experts agree on this. Now is a great time to buy with low interest rates, in many cases you can own a home for what you are currently paying in rent! Contact our team and let’s talk numbers, we want to be your guide to homeownership in 2020 and beyond!
Need a Home Office/School Space?
Ideas for Work From Home Spaces, Homeschooling Areas & Maybe It's Time For More Space!
One trend we are seeing right now in real estate is clients wanting a home office or homeschooling space. Like it or not, working from home and distance learning for the kids are both here to stay. After months of being at home, do you still love your house? Does it suit you current family needs? Here are some cool ideas for converting areas of your home into homeschooling spaces or a home office for those ZOOM calls!
Many of our clients are also finding out that being home for so long has shown them some of the limitations of their space. Remember when you bought your house and you said,
“What do I need that extra bedroom for? Why do I need a home office, I work in a building downtown? That bonus room is a waste of space?”
Open concept homes are great until you need a quite space for a ZOOM call or an area for the kids to set up their “classrooms.” You have options, maybe it’s time to upsize? Odds are you have some great equity in your home!
“But Rosie, if I sell my house how can I afford a larger home, home prices are up all over?”
This is where the low interest rates come in. Lower rates mean more buying power for you. So yes, home prices are up, but with your equity in your current home + low rates, it might be more obtainable than you think! All it takes is a simple phone call, text or email to our team and we can give you a better idea of what your home is worth and what is available in the market for you. Just reach out, let’s chat!
It is a great time to sell, buyers are circling and looking for a home like yours, trust us! Everyone is climbing the real estate ladder right now. Renters are buying condos, condos are upsizing to starter homes, starter homes are upsizing to forever homes, forever homes are downsizing to ramblers, and everything in-between! Our team has helped over 100+ clients already this year go from one end to the other, we have this dialed in.
“But Rosie, the thought of packing up and moving is scary and overwhelming, where do I start?”
RELAX, this is what we do! We don’t just throw a sign in the ground and leave you to do it all, we take care of everything! The moment you decide to let us guide you on your home sales journey we lean in to make sure you have a stress free experience! From scheduling contractors, movers, people to help you de-clutter, we’ll even be the ones to meet with the vendors for you so you don’t have to miss work! We are full service!
“Ok, but what about selling then trying to buy something, I don’t want to be displaced!”
Another great question, we have solutions for that as well! Using the equity in your home to buy a new one all while trying to sell it is both an art and a science. We work with some of the top lenders in the area who specialize in just that. We have several outside the box options to ensure you get top dollar for your current home and find you your new home. We can make it a seamless process, but you need to reach out to us to discuss these options because every situation is unique. There is also a possibility of an off market solution! Being the top team in the area we are connected to active buyers as well as other agents. In some cases selling your home without listing it is a great way to help you achieve your real estate goal without the anxiety of putting your home on the market. Once again, contact us and let’s chat about your options!
In closing I just want to say… HANG IN THERE, YOU CAN DO THIS! We hope this post was helpful and let us know if we can do anything for you! – The Rosie Rourke Team
With Rosie Rourke being one of the top agents not only in the King County, Fairwood, Renton, and Kent areas of Washington, but the entire country, she is invited to speak and be a part of round tables and webinars for other realitors. The theme is the same during every discussion... what is going on with the SE King County Real Estate Market???
Experts from all of the country are calling our local real estate market one of the most resilient in the ENTIRE United States!
Check out the reasons why above and let's have a conversation about your needs, both buying and selling!
Now Is The Time!
Now is the best time to sell your home in the Fairwood, Renton, Kent, Maple Valley & South King County! It all starts with a conversation and a REAL home valuation done by one of the top real estate teams not only in the Northwest, but the entire nation!