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
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!
Hi everyone!!! Can you believe that February is almost over? Spring will be here before you know it, which is historically a busy time in the real estate market. But for the Rosie Rourke Team… we stay busy all year long! While other agents are taking time off … we are closing deals! A LOT OF DEALS!
Just look at this… we closed 133 deals last year and helped over a hundred families in the Fairwood, Renton, Kent, Maple Valley, Covington, Auburn areas and beyond! We listed homes, helped our clients buy new houses and helped some first time home buyers navigate the real estate process. The Rosie Rourke team has yet again been named in the TOP 1% of all real estate teams in the area!
Yes, the numbers are nice, right? But what does that mean for YOU, the seller or buyer? It would take the average, stand alone agent over 13 years to gain the experience and knowledge of just ONE YEAR of the Rosie Rourke Team servicing our clients. Now multiple that by the 20+ years of experience that Rosie Rourke has by herself selling and buying real estate. Now add in a 7 person team behind that… can you see what I am getting at?
Here are some other reasons why we are different from other real estate agents:
- Members of 2 local Chamber of Commerce organizations
- We host community events – Recycle Event, Girl Friends Event, Turkey Trot 5k
- All of our team members are active in local school PTA
- We live and work in the same communities we serve – Shop local!
- Close connections with local charities and service organizations
- We have a dedicated marketing staff
- 24/7 concierge service for our clients
Because of the amount of clients we help we have the knowledge and the experience to out preform other agents… Your home buying process will be smooth and supported by our dedicated and expert buyer agents Melissa Hudson and Colleen Linder. Your selling process will be seamless and the offers will come rolling in with the know how from listing agent and team Leader Rosie Rourke and listing manager Liz DeSmith. And supporting our producers is an amazing team of Sandie, Jill and Carey!
Most agents are one man or one woman shows… they have to wear many hats on a daily basis! Details can fall through the cracks and quite frankly, they are overwhelmed… especially in this market! This is why a TEAM will always out preform an individual!
Contact us today if you are thinking of SELLING your home or BUYING a home! We are excited to show you personally why we are the TOP TEAM in the area and why over a hundred clients trusted us with their real estate dreams last year!
PS. We also specialize in helping our clients UPSIZE! With home prices going up, it’s a great time to SELL, cash in on the equity, and BUY a larger home! And no… you won’t have to be displaced either!
Don’t wait until Spring… NOW is the time to list your home!
Believe it or not, now is actually the best time to list your home! Competition is lower on the selling side and that means more qualified buyers are ready and waiting for your home to show up on the market!
Whether you are looking to upsize and cash in your home’s equity to get a larger one or you are ready to downsize for the next chapter, the Rosie Rourke Team has both selling and buying solutions for you.
And if you need to sell your home in order to buy another one you don’t need to worry about being displaced, we have creative loan solutions from the areas top lenders to help with a seamless transition!
why wait until Spring when my team has buyers ready and waiting NOW!
Contact me personally for an in person home valuation and check out what our clients are saying about the home selling and buying process with my team… it is possible to SELL AND UPSIZE in this market!
What our clients are saying about selling and buying…
“Rosie and her staff were amazing to work with. My wife and I were in the market to sell our home while buying a new one. Rosie came to our home, explained the process of buying and selling at the same time in the most simplistic way that both my wife and I could understand. Because of the amazing work by Rosie and her team, our house was able to sell in just 6 days. When looking for a new home with more space, Melissa did her research and presented us with homes that were in our price range and in the area we wanted were looking in. In fact, we were able to find a home with minutes walking from our old place. Because of Melissa’s amazing work, my kids are able to stay within walking distance of their friends. Thank you to Rosie, Melissa, and the rest of her team for the hard work and dedication to helping families find the perfect home!”
-The Nicholson Family sold and bought a home in 2017 in Bonney Lake, WA.
“Rosie is the consummate professional. She was kind, caring, patient and knew exactly what I needed. She is responsive and I felt confident at all times that she would make sure everything was in place with my transaction. I can’t recommend her highly enough!! “
– Sundiemarie bought and sold a Condo home in 2016 in Park Orchard and Renton, WA.
“My partner and I are well into our 70’s. We decided to sell the home and 14 acres where I have lived for 48 years. We chose to work with the Rosie Rourke team of John L. Scott in Kent, WA. Colleen helped us find a house to buy before we put our house on the market. We were impressed by Colleen’s energy, competency and honesty. She carted us around a radius of about 20 miles and found for us many places that might fill our needs. After we chose a house to buy, Colleen competently walked us through the stacks of paperwork that accompanies purchasing a house. We enjoyed her so much that we began to refer to her as our handler. Just yesterday she met us at our newly built house to hand over our keys and sip wine (our idea) and meander the lovely new abode that filled my desires for light, a walkable neighborhood with grocery store, restaurants, nature trails and a city bus. Well done, Colleen, our dear handler.”
-Liz Mathewson and Marsh Pancheau bought and sold a home in 2017 in Maple Valley, WA
So… what is the next step?
That’s the easy part, contact Rosie directly for a casual, one on one chat about your home… now really is the best time to get started! (Be sure to mention you received the post card too!)
Happy New Year from South King County’s Best Real Estate Team!
WANTED… People who want to sell their home and cash in on this incredible market! Our buyer’s agents Melissa Hudson and Colleen Jacobs Linder have pre-qualified buyers ready and waiting to make offers… NOW! I know, it’s only a few weeks into the new year, is the market that hot? The answer is YES! But, there is a shortage of homes for sale in Kent, Renton, Fairwood, Maple Valley, Bellevue, Auburn, and all areas in South King County & North Pierce County!
Don’t wait until spring, NOW is the time to list… Less homes for sale = Less competition and more qualified buyers looking at your listing! https://rosierourke.com/whats-my-home-worth/
The Power of One…
Did you know that just a 1% rise in mortgage interest rates can spell disaster for the home buyer looking to make a purchase? It means a loss of 10-12% of buying power. Essentially that could cost a Northwest home buyer their chance of buying a home at the top of their price range and be stuck owning something at the bottom of their range. Scary, right? So when you watch the news and they talk about rising interest rates, it’s something to pay attention too.
Here is a great example, let’s say that you buy a 4 bedroom, 1800 square foot home for $503,000, your mortgage payment with a 4.25% interest rate would be $2475 per month. Now, if the interest rates rise just 1%, you could end up with a smaller, 3 bedroom, 1500 square foot home for $458,000… and your payment would be $2529! Higher payment, smaller house… that is the power of one!
Ok, this is a little gloomy, but there is hope! Interest rates are still historically low… but have been creeping up. But ask yourself, “Can I REALLY afford to wait until next year?” The answer is NO… YOU CAN’T! So here is the deal, my team and I want to help… and now is the time.
Need to sell so you can Upsize/Downsize? The market is hot, your home will sell faster than you think, and we work with many lenders that can help you finance the purchase of your new home while listing your current home… you have options!
Tired of renting? Our team has 2 dedicated, expert buyers’ agents who are ready to help you find your dream home and close the deal in this competitive home buying market!
Yes, the Power of One can be great… but just imagine what you could do with a team behind you ?