A Return to 'Normal'? The State of Real Estate in 2022

Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.1

However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the month of October, only 60.3% of sales involved a bidding war—down from a high of 74.5% in April.2 While this trend could be attributed to seasonality, it could also be a signal that the real estate run-up may have passed its peak.

So what’s ahead for the U.S. housing market in 2022? Here’s where industry experts predict the market is headed in the coming year.

MORTGAGE RATES WILL CREEP UP

Most economists expect to see mortgage rates gradually rise this year after hitting record lows in late 2020 and early 2021.3

Freddie Mac forecasts the 30-year fixed-rate mortgage will average 3.5% in 2022, up from around 3% in 2021.4

The Mortgage Bankers Association predicts that rates will tick up to 4% by the end of the year. "Mortgage lenders and borrowers should expect rising mortgage rates over the next year, as stronger economic growth pushes Treasury yields higher," said Mike Fratantoni, chief economist for the Mortgage Bankers Association at their 2001 Annual Convention & Expo in October.5

However, it’s important to keep in mind that even a 4% mortgage rate is low when compared to historical standards. According to industry trade blog The Mortgage Reports, “Between 1971 and December 2020, 30-year mortgage rates averaged 7.89%.”6

 What does it mean for you? Low mortgage rates can reduce your monthly payment and make homeownership more affordable. Fortunately, there’s still time to lock in a historically-low rate. Whether you’re hoping to purchase a new home or refinance an existing mortgage, act soon before rates go up any further. I’d be happy to connect you with a trusted lending professional in my network.

THE MARKET WILL BECOME MORE BALANCED

In 2021, we experienced one of the most competitive real estate markets ever. Fears about the virus and a shift to remote work triggered a huge uptick in demand. At the same time, many existing homeowners delayed their plans to sell, and supply and labor shortages hindered new construction.

This led to an extreme market imbalance that benefitted sellers and frustrated buyers. According to George Ratiu, director of economic research at Realtor.com, “Prices and sellers reached for the moon [last] year. It looks like we are now about to move back to earth.”7

Data from Realtor.com released in November showed that listing price reductions had more than doubled since February 2021. And the average days on market (an indicator of how long it takes a home to sell) has been slowly creeping up since June.7

What’s causing this change in market dynamics? The real estate market typically slows down in the fall and winter. But economists also suspect a fundamental shift in supply and demand.

At the National Association of Realtors’ annual conference last November, the group’s chief economist, Lawrence Yun, told attendees that he expects increased supply to come from an uptick in new construction—which is already underway—and an end to the mortgage forbearance program. “With more housing inventory to hit the market, the intense multiple offers will start to ease,” he said.8

Demand is also predicted to wane slightly in the coming year. Rising mortgage rates and record-high prices have made homeownership unaffordable for a growing number of Americans. And in a recent Reuters poll, nearly 80% of property analysts said they expect housing affordability to worsen over the next several years.9

What does it mean for you? If you struggled to buy a home last year, there may be some relief on the horizon. Increased supply and softening demand could make it easier to finally secure the home of your dreams. If you’re a seller, it’s still a great time to cash out your big equity gains! And with more inventory on the market, you’ll have an easier time finding your next home. Reach out for a free consultation so we can discuss your specific needs and goals. 

HOME PRICES LIKELY TO KEEP CLIMBING, BUT AT A SLOWER PACE

Nationally, home prices rose an estimated 16.8% in 2021.8 But the average rate of appreciation is expected to slow down in 2022.

Danielle Hale, chief economist at Realtor.com, told Yahoo! News, “Home asking prices have decelerated in the second half of 2021, with median listing price growth slipping from a peak of 17.2% in April to just 8.6% in October.”10

But experts disagree about how much more property values can continue to climb this year. Goldman Sachs predicts that home prices will rise by 13.5%, while Fannie Mae and Freddie Mac are forecasting a 7.9% and 7% rate of appreciation, respectively.2

However, not all analysts are as bullish. The National Association of Realtors predicts a 2.8% rate of appreciation for existing homes and 4.4% for new homes, while the Mortgage Bankers Association expects the average home price to decrease by 2.5% by the end of the year.10,2

According to Hale, “With prices near all-time highs and mortgage rates expected to rise, we expect this slowdown in prices to continue.”10

What does it mean for you? If you’re a buyer who has been waiting on the sidelines for home prices to drop, you may be out of luck. Even if home prices dip slightly (and most economists expect them to rise) any savings are likely to be offset by higher mortgage rates. The good news is that decreased competition means more choice and less likelihood of a bidding war. I can help you get the most for your money in today’s market.

RENTS WILL CONTINUE TO RISE

Along with home, gasoline, and used vehicle prices, rent prices rose dramatically last year. According to CoreLogic, in September, rents for single-family homes were up 10.2% nationally year over year.11 And economists at Realtor.com expect them to climb another 7.1% in 2022.12

“Homes are expensive now...but for most people, the comparison that is most important is how that cost of homeownership is going to compare to the cost of renting,” Zillow Senior Economist Jeff Tucker told CNBC in November.13

Tucker also pointed out that rent is less predictable than a mortgage—and more likely to go up along with inflation.13

Real assets, like real estate, are often used as a hedge against inflation. That’s because property values typically rise with inflation.14 And when a homeowner takes out a mortgage, they lock in a set housing payment for the next 30 years.

In contrast, renters are at the mercy of the market—and they don’t gain any of the benefits of homeownership, like tax deductions, equity, or appreciation.

George Ratiu of Realtor.com told CNBC that he advises buyers to consider their budget and time frame. If they plan to stay in the home for at least three to five years, he believes it often makes sense to buy.13

Fortunately, it’s shaping up to be a better year for buyers. “I think 2022 has the promise of providing less competition, a lot more homes to choose from, and, as a result, a lot more approachable prices,” Ratiu said.13

What does it mean for you? Both property and rent prices are expected to continue rising. But when you purchase a home with a fixed-rate mortgage, you can rest assured knowing that your monthly mortgage payment will never go up. Whether you’re a first-time homebuyer or a real estate investor, I can help you make the most of today’s real estate market.

I’M HERE TO GUIDE YOU

Please keep in mind this is national. Not all of this reflects our current, local market, but it is an important marker for us to be aware of.

While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as a local market expert, I can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.

If you’re considering buying or selling a home in 2022, or are curious about the local market or your specific neighborhood, contact me to schedule a free consultation. I’ll work with you to develop an action plan to meet your real estate goals this year.

---

Sources:

1.     Fortune -
https://fortune.com/2021/11/04/us-home-prices-real-estate-forecast-2022-outlook/

2.      Fortune -
https://fortune.com/2021/11/29/housing-market-real-estate-predictions-2022-forecast/

3.      Freddie Mac -
http://www.freddiemac.com/pmms/pmms30.html

4.      Freddie Mac - https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-strong-housing-market-will-continue-even-rates-and

5.      Mortgage Bankers Association -
https://www.mba.org/2021-press-releases/october/mba-annual-forecast-purchase-originations-to-increase-9-percent-to-record-173-trillion-in-2022

6.      The Mortgage Reports -
https://themortgagereports.com/61853/30-year-mortgage-rates-chart

7.      Realtor.com -
https://www.realtor.com/news/trends/has-housing-market-peaked/

8.      National Association of Realtors -
https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022

9.      Reuters -
https://www.reuters.com/world/us/rise-us-house-prices-halve-next-year-affordability-worsen-2021-12-07/

10.   Yahoo! News -
https://www.yahoo.com/now/where-home-prices-headed-2022-130012748.html

11.   CNBC -
https://www.cnbc.com/2021/11/16/inflation-rent-for-single-family-homes-surged-10percent-in-september.html

12.   Realtor.com -
https://www.realtor.com/news/trends/what-to-expect-in-2022-housing-market/

13.   CNBC -
https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html

14.   Money -
https://money.com/inflation-2021-stocks-bitcoin-gold-reits-commodities/

Darnell's Local Gift Guide For Everyone on our List

Every year, it seems the holidays sneak up on us - and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly stressful, even when it comes to people you’ve known for years.

But have no fear! I’ve lined up a list of unique gifts for every “type” on your list. From the music buff to the jewelry lover, these presents are the perfect way to bring beauty, function or a touch of whimsey to your loved one’s life this holiday season.

Bite Society

Think gift baskets, but cool! Send the perfect gift from their selection of holiday curated baskets.

https://hellobitesociety.com/collections/holiday/products/snacks-for-the-sleigh

Mystery Made 

For all the hip dudes in your life.

https://www.mysterymade.com/collections/apparel/products/pine-tree-tee

Rebekah J. Designs

This talented West Seattleite is releasing her newest jewelry collection in January 2021.

https://www.rebekahjdesigns.com/products/feminine-stack

Marni Saves The Day

If you need something done, she’s the one! Decluttering, Organizing or Clearing, Marni is there to help.

https://www.marnisavestheday.com

Alair

A neighborhood gift shop in West Seattle that specializes in unique and small batch gifts with an emphasis on locally made products.

https://alairseattle.com/collections/tis-the-season/products/spiked-spiced-gold-tumbler-candle-limited-edition

Spruce

A skincare studio and retail space that focuses on clean and effective beauty products, holistic wellness, and sustainable lifestyle goods.

https://spruceapothecary.co/collections/bipoc-brands/products/shop-balance-my-stress-adaptogen-blend

Jet City Design Co.

A locally-owned small business based out of West Seattle, providing unique and original apparel and other merchandise not found anywhere else.

https://www.jetcitydesignco.com/product-page/west-seattle-6-pack-of-parks-unisex-jersey-short-sleeve-tee

Supply Chain

Since 2017, Katie Meurk proudly owns and operates this jewelry and accessory gallery located on historic California Avenue in West Seattle.

https://www.supplychainseattle.com/shop/pull-earrings-1

Paper Boat booksellers

A family owned, independent bookstore located in the heart of West Seattle. Their goal is to create a cozy, inspiring space for book lovers to get together and feel more connected to their community through books’ vents, family reading time and so much more.

https://bookshop.org/shop/paperboatbooksellers

Seattle Candle Co

A candle is a great idea as a hostess gift, and these are hands down the best of the best. The scents are outrageously delicious.

https://www.seattlecandlecompany.com/shop/no1

Ravenna Gardens 

Founded in 1997, this creative retailer can be found in the University Village. Find everything you need for the Northwest gardener, from plants to tools, books and unique terrariums.

http://www.ravennagardens.com/vegetable-gardening-in-the-pacific-northwest-clone.aspx#.YbErXS2ZPuQ

The Herbalist

Built on a reputation for creating products with well thought out formulations and using “better than organic” herbs after opening in 1984.

https://store.theherbalist.com/collections/mental-clarity-emotional-balance-brain-nervous-system/products/dream-sleep

Jennifer Ament 

A multi-media artist working in printmaking, painting, and mural commissions. She creates surreal images based on the exploration of our perceived realities. 

High Voltage Records in Tacoma

https://www.jenniferament.com/prints/medium-magic-hands

Hi-Voltage Records 

Proudly serving the Seattle/Tacoma area since 2005, they give their customers the local record store experience whether you shop in store or online. New and used LPs, pre-orders, CDs, DVDs, cassettes, and more. Owned and operated by musicians. 

https://hivoltagerecords.com/collections/all-used-vinyl

Freeman

Born in a small apartment in Seattle in 2011, Brittany and Scott Freeman made the ideal rain coat. They’ve since expanded into a storefront on Capitol Hill, selling classic menswear and sustainable accessories.

https://www.freemanseattle.com/collections/freeman/products/seattle-puget-crew-natural?variant=39423163826254

Ebbets Field Flannels

They continue to be run by its original founders, and remains committed to bringing the quality, beauty and craftsmanship of mid-Century American athletic garments to a 21st Century public.

https://www.ebbets.com/collections/best-sellers-ballcaps/products/seattle-rainiers-1955-ballcap

Velouria

Airy boutique offering small-production, independently made women’s clothing, jewelry and accessories.

https://shopvelouria.com/collections/candles/products/room-fragrance-santal

The Museum of Flight

Give the gift experience in the form of a membership to one of the coolest places to spend a rainy day - it’s so bright in there!

https://www.museumofflight.org/membership/Gift-Membership-Offer

Third Place Books

Whether you’re in the mood for a good book, a pastry, or a funky gift, this place has it all, plus a cozy ambiance. With three locations, it can’t be beat.

https://www.thirdplacebooks.com/store/catalog/2021-holiday-gift-guide--fiction

---

Ready to give yourself the ultimate gift? I want to be your real estate consultant through every season of life. So please don’t hesitate to reach out with questions or to ask for recommendations or referrals any time of year. And when you’re ready to give yourself the gift of a new home, contact me to talk about your options. From finding the right neighborhood to identifying the amenities that will make the biggest difference to your quality of life, I’m always eager to help.

FOR BUYERS: 9 IMPORTANT THINGS THAT COULD IMPACT CLOSING OF ESCROW

isten up, all you buyers! I just received a really great email full of important tips from my friends at Chicago Title, and I can’t wait to share it with you.

Not sure if you know, but buying a house can be a complicated process. Before you move any large amounts of money, whether depositing or taking out, you MUST run it by your lender! Here are the 9 most import things to be aware of that could impact your home purchase.

1. Don’t change jobs, quit your job, or become self-employed just before or during the loan process.

   Your mortgage lender craves job stability and reliability of income for the distant future, so changing jobs before you close on your new home would send up red flags. Lenders like to see 2 years of tax returns, so this also applies if you’re in business for yourself.

2. Don’t get behind on bills.

   Paying your bills on time is a track record of responsibility, so skipping a bill or having to make a late payment strongly affects you being able to secure a mortgage loan.

3. Don’t transfer large sums of money between accounts.

   Moving money around in different accounts may raise concerns for suspicious activity with home mortgage banks. When you move money around, the lender has to document each account the money passes through. It could appear to the mortgage lender like you are spending part of your down payment, creating a cash to close roadblock.

4. Don’t apply for a new credit card.

   New inquiries for credit confuse mortgage lenders, and they throw up major red flags. Your credit score will be checked again just before closing to make sure that everything is the same as when you were approved. Because new credit translates into a higher risk to the lender, it’s best to wait until after closing before establishing new credit.

5. Don’t get credit card happy.

   This goes along with obtaining new credit. You want your debt-to-income to be the same or better when you are nearing closing day. Do your best to not add any additional debt on your cards.

6. Don’t make any big purchases.

   You not only want to keep your credit lines stable; you also don’t want to deplete your cash on hand. Lenders also look at your cash reserves to see that you have savings to maintain your home and make your payments.

7. Don’t buy or lease a car.

   There are three major categories that a lender is going to look at when approving you for a loan: Credit, Assets, and your Debt-to-Income Ratio. Purchasing a new vehicle will likely affect all three of these items for most people. Don’t lease a new car. Banks treat lease payments like any other debt and, most of the time, there is a fair amount of money that needs to be put down in order to lease a car. You want all of your money and credit available at least until you close on your home.

8. Watch out for undocumented deposits on your bank account, and be ready to explain them.

   Lenders want to make sure that your income, along with any additional assets, are legitimate. So, a lender needs to verify that a recent or large deposit into your bank account is legal, and not a loan or other debt obligation.

9. Don’t close existing credit accounts.

While this may sound like a good idea, it’s not while trying to get a mortgage because it could lower your credit score. If you do close a credit account, you are reducing your available credit.

GIVE ME A CALL OR FILL OUT THE FORM BELOW TODAY TO SCHEDULE A FREE, NO-OBLIGATION CONSULTATION—AND LET’S START SEARCHING FOR YOUR NEXT HOME! 

New Build or Existing Home: Which One Is Right For You?

Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.1 

Locally, there were 14,042 homes for sale in September 2021, down 20% from the previous year....about 1.4 months of inventory. Nationwide, there were 1.27 million active listings in September, down 13% from the previous year. According to the National Association of Realtors, that’s about 2.4 months of inventory, which is far less than the six months that is generally needed to strike a healthy balance between supply and demand.2  

Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges. 

Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home.  

TIMEFRAME 

How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale. 

New Build 

If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Currently, many home builders are dealing with unique challenges brought on by the COVID-19 pandemic, including rising costs, labor and material shortages, and shipping delays. While historically it took around five to six months to build a home, many builders are now reporting construction timelines closer to a year or more. Also, builders reserve the right to extend closing date with little to no recourse.3  

These issues have led some builders to cancel contracts or raise the price on unsuspecting homebuyers long after agreements were signed. Unfortunately, this scenario can throw a major wrench in your moving plans and significantly delay your timeline. 

 To minimize these types of surprises, it’s crucial to have your own real estate agent represent you in a new home purchase. I can help negotiate better contract terms and advise you about the potential risks involved. 

Existing Home 

If you're in a hurry to move into your next residence, then you may want to stick to shopping for an existing home.  

You can typically move into a resale home as soon as you've closed the deal. The average time it takes to close a home purchase is around 51 days, but it can vary based on loan type and market activity.4 

If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market.  

LOCATION 

From commute to construction to amenities, there’s a lot to consider when choosing your next neighborhood. 

New Build 

With a brand-new home, you're more likely to move into a neighborhood that's located on the edge of town and is still undergoing development.5 This could mean a longer commute and ongoing construction for some time.  

However, new developments can also offer a lot of amenities that appeal to modern homebuyers. Water features, hike-and-bike trails, tot lots, and dog parks are just a few of the enhancements we’re seeing pop up in master-planned communities across the country. And some feature new schools and their own urban-like centers with restaurants, retail, and office space.6  

Existing Home 

An existing home is more likely to be located close to town in a neighborhood with mature trees, established schools, and a deeply-rooted community. As a result, you may find the neighborhood's trajectory to be more predictable than an up-and-coming area.  

But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighborhood, others prefer the sleek and cohesive look of a newer development.  

MAINTENANCE 

Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home. 

New Build 

When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials' homebuying regrets often came down to maintenance issues, rather than other concerns.7 So if you would rather spend your weekends exploring your new neighborhood than fixing a leaky faucet, you may be happier buying a turnkey build.  

That doesn't mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it's important to choose one with a solid reputation. I can help you identify the quality builders in our area. 

Existing Home 

No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it costs you heavily in unexpected maintenance and repairs. According to HomeAdvisor's yearly True Cost report, home renovations have grown more expensive in recent years. For example, installing a new HVAC system could cost you $5,371 on average. And you can expect to pay nearly double that amount ($9,375) for a new roof.8  

Fortunately, there are ways to prepare for these large expenditures. I always recommend that my buyers hire a certified home inspector, whether they buy a new or existing home. Once I have the inspector’s report, I can negotiate with the seller on your behalf for reasonable repairs or concessions. If, that is, the offer is contingent on an inspection. Often, I do the inspection prior to making the offer to be more competitive. 

 ENVIRONMENTAL IMPACT 

On a quest for greener living? If so, there are several factors to consider when deciding on your next home. 

New Build 

There’s a growing demand for energy-efficient housing, and many builders are rising to the challenge. Nearly 1 in 4 homes built in 2020 received a HERS (Home Energy Rating System) Index Rating by the Residential Energy Services Network. A HERS rating provides an index score that compares the newly-built home to those that were standard in 2006. The more energy-efficient the home is, the lower the score it receives.11 

The average home rated in 2020 was 42% more efficient than those built in 2006 and 72% more efficient than a typical home built in the 1970s.11 So if energy efficiency is a top priority, a new home with a low HERS rating may be a good choice. You can also look for one that’s ENERGY STAR Certified, which means it meets a series of strict efficiency guidelines set by the Environmental Protection Agency. In 2020, only 7.9% of homes built in the U.S. received this designation.12  

Existing Home 

Of course, a basic tenet of sustainable living is: reduce, reuse, recycle. And since a resale home already exists, it automatically comes with a lower carbon footprint. Research has also shown that remodeling or retrofitting an older home is often greener than building one from scratch.13  

With some energy-conservation effort and strategic upgrades, environmentally-conscious consumers can feel good about buying an existing home, as well. 

DESIGN 

Open floor plan? Kitchen island? High ceilings? Must-have design features could drive your decision to build or buy resale. 

New Build 

With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to feature an open floor plan, central kitchen island, and 9+ foot ceilings, which are must-haves for many modern buyers. They are also unlikely to feature carpet on the main level or laminate countertops, both of which have lost mass appeal.14  

However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn't mean, though, that you can't incorporate your own style. I can help you negotiate custom features and upgrades to personalize the space and make it feel like your own. 

Existing Home 

In some of the most coveted neighborhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated.  

While some buyers prefer the traditional look and character of an older home, others crave something more modern. If that’s the case, I can help you find a resale home that leaves enough room in your budget to renovate it to your liking.  

WHICHEVER PATH YOU CHOOSE, I CAN HELP 

When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming. 

I’m here to help. And in many cases, my homebuyer guidance and expertise are available at no cost to you! That’s because the home seller or home builder may compensate me with a commission at closing. 

Some new-construction homebuyers make the mistake of visiting a builder’s sales office or even purchasing a home without their own real estate representative. But keep in mind, the builder’s agent or “sales consultant” has their best interests in mind—not yours.  So give me a call or fill out the form below today to schedule a free, no-obligation consultation—and let’s start searching for your next home! 

Sources: 

1. Reuters - https://www.reuters.com/world/us/us-existing-home-sales-fall-august-inventory-declines-2021-09-22/ 

2. National Association of Realtors - https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september 

3. KFVS 12 - https://www.kfvs12.com/2021/09/22/covid-19-pandemic-affects-delivery-rate-building-materials/ 

4. Rocket Mortgage - https://www.rocketmortgage.com/learn/time-to-close-on-a-house 

5. Real Assets Adviser - https://irei.com/publications/article/master-planned-communities-changing-u-s-housing-trends-favor-investors-can-benefit/  

6. Builder Online - https://www.builderonline.com/land/development/5-master-plan-trends-home-buyers-gravitate-toward-today_o 

7. Bankrate - https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/ 

8. Home Advisor - https://www.homeadvisor.com/r/true-cost-report/  

9. Roofing Calculator - https://roofingcalculator.com/news/how-long-do-roofs-last  

10. Plumbing and Mechanical Engineer - https://www.pmengineer.com/articles/94873 

11. National Association of Home Builders - https://nahbnow.com/2021/10/nearly-1-in-4-new-homes-in-2020-was-hers-rated/ 

12. EnergyStar -https://www.energystar.gov/newhomes/energy_star_certified_new_homes_market_share 

13. Advanced Materials Research - https://www.researchgate.net/publication/271358381_Comparative_Study_of_New_Construction_and_Renovation_Project_Based_on_Carbon_Emission  

14. National Association of Home Builders - https://nahbnow.com/2020/04/most-likely-and-unlikely-features-in-a-new-single-family-home/ 
    

SOLD | HISTORIC RAVENNA PRAIRIE STYLE HOME

1738 NE Naomi Place  | Seattle, WA 98115

LISTED at $1,750,000 | SOLD at $2,230,000

4 Bedrooms (3 on Upper Floor) | 2.75 Updated Bathrooms | 3210 sqft

---

Historically significant prairie style home located in the Ravenna Neighborhood. Designed by local architect Andrew Willatsen who studied with Frank Lloyd Wright.  Main floor circular floorplan is perfect for entertaining. Inviting living room with fireplace, sunroom, formal dining, updated chef's kitchen with island, guest room & 3/4 bath. Upper floor features 3 large bedrooms including renovated master suite with spa-like bath & private sundeck. Lower level offers large  family room & storage/workshop area. Multiple spaces for home office. Backyard deck off of kitchen. Detached garage with alley access.  Enjoy city living & then get lost in nature- 50 acre Ravenna Park is a block away. Walk to local dining, cafes, bars, shopping, light rail & more. 

---

HIGHLIGHTS:

• Renovated master suite with spa-like 5 pc bath and private sundeck

• Circular floor plan

• Updated chef's kitchen with eat-in island

• Entertainment sized formal dining room

• Living room with mantled fireplace

• Flexible sunroom -could be used as home office

• Hardwoods throughout main & upper floors

• Lower level family room

• Abundant storage & workshop area

• Detached garage with alley access

• 3210 sq ft home

• Historic district designation

• 1 block from Ravenna Park - 50 acres of old growth timber, stream & trails

• Walk to restaurants, cafes, bars, Whole Foods, Third Place Books, University Village & light rail

• Minutes to Burke Gilman trail for biking, running or walking

• Walkscore 92

---

IMMEDIATE NEIGHBORHOOD:

Sod House Bakery - Locally baked goods & coffee

Bagel Oasis - Rumored to be some of the city’s best bagels

Zeek’s Pizza - Seattle staple - pizza & salads

The Crepe Cafe - Crepes, salads & wine

Da Pino - Authentic Italian

McCarthy & Schiering - Wine shop since 1980

The Herbalist - Supplements & herbal remedies

The Kricket Club - Innovative Indian & Mumbai street food

Isarn Thai Soul Kitchen - Local Thai food

Wataru - Edomae-style sushi

Ravenna Park - 50 acres of old growth trees, stream & trails

Third Place Books & Cafe Arta - Independent bookstore & cafe

1738 NE Naomi Place Walkscore 90

Historic Ravenna Neighborhood Designation

Your Home is Your Safe Place – Here are 7 Tips to Keep It That Way

According to the FBI, more than one million burglaries are committed in the United States each year, with homeowners suffering an estimated $3 billion in combined property losses.1 Fortunately, there are some proven tactics you can use to decrease your likelihood of a home break-in.

Most burglars won’t go to extreme lengths to enter a residence. They are looking for easy access with minimal risk. A monitored security system can be an effective deterrent—homes without one are 300% more likely to be burglarized—but it isn’t the only way to protect your property.2 The strategies below can help to maximize your home’s security and minimize your chances of being targeted by intruders.

THINKING ABOUT LISTING YOUR HOME?

We have some additional recommendations for you. Contact me to find out the procedures I use to keep my clients and their property safe and secure during the buying and selling process.

Check Your Doors and Windows

According to home security company ADT, the most common entry point for a burglar is an unlocked front door (34%) followed by a first-floor window (23%) or back door (22%).3 So securing these points of entry is essential.

EVALUATE THE CONDITION OF YOUR DOORS AND LOCKS. 

A steel door is generally considered the strongest, but many homeowners prefer the look of wood. Whatever material you choose, make sure it has a solid core and pair it with a Grade 1 or 2 deadbolt lock with a reinforced strike plate.4

ADD WINDOW LOCKS AND SECURITY FILM.

Aftermarket window locks are an easy and inexpensive upgrade that can provide an additional layer of protection for your home. Choose a lock that is compatible with your window frame material and a style that is appropriate for the window type. And consider using a specialty film on windows that are adjacent to a door. Security film holds shattered glass in place, making the windows more difficult to penetrate.5

Landscape for Security

When it comes to outdoor landscaping, many of us think about maintenance and curb appeal. But the choices we make can impact our home’s security, as well. Thieves target homes that they can enter and exit without being detected. Here are a few tweaks that can make your property less appealing to potential intruders.

INCREASE VISIBILITY FROM THE STREET.

A privacy hedge may keep out nosy neighbors, but it can also welcome thieves—so trim overgrown trees and shrubs that obstruct the view of your property. According to police officers, they offer an ideal environment for criminals to hide.6

PLACE THORNY BUSHES AND NOISY GRAVEL BELOW WINDOWS.

Don’t eliminate shrubbery altogether, though. Certain hedges can actually offer a deterrent to robbers. Plant thorny rose bushes or sharp-leaved holly beneath your first-story windows for both beauty and protection. Add some loose gravel that crunches when disturbed.

Light Your Exterior

When it’s dark outside, criminals don’t need to rely on overgrown shrubbery to hide. Luckily, a well-designed outdoor lighting system can make your home both safer and more attractive.

INSTALL LANDSCAPE LIGHTING.

Eliminate pockets of darkness around your yard and home’s perimeter with strategically placed outdoor lights. Use a combination of flood, spot, well, and pathway lights to add interest and highlight natural and architectural details.

USE MOTION-ACTIVATED SECURITY LIGHTS TO STARTLE INTRUDERS.

The soft glow of landscape lighting isn’t always enough to dissuade a determined intruder. But a motion-activated security light may stop him in his tracks. And if you choose a Wi-Fi connected smart version, you can receive notifications on your phone when there’s movement on your property.

Make It Look Like You’re Home

Motion-activated lights aren’t the only way to make an intruder think you’re at home. New technology has made it increasingly possible to monitor your home while you’re away. This is especially important since most burglaries take place on weekdays between 10 am and 3 pm, when many of us are at work or school.2

TURN ON YOUR TV AND LEAVE A CAR IN THE DRIVEWAY.

A survey of convicted burglars revealed that the majority avoid breaking into homes if they can hear a television or if there’s a vehicle parked in the driveway.7 If you’re away from home, try connecting your TV to a timer or smart plug. And when you travel, leave your car out or ask a neighbor to park theirs in your driveway.

INSTALL A VIDEO DOORBELL.

In that same survey, every respondent said they would knock or ring the doorbell before breaking into a home. A video doorbell not only alerts you to the presence of a visitor, it also enables you to see, hear, and talk with them remotely from your smartphone—so they’ll never know you’re gone.

Keep Valuables Out of Sight

Few home invasions are conducted by criminal masterminds. In fact, a survey of convicted offenders found that only 12% planned their robberies in advance, while the majority acted spontaneously.8 That’s one of the reasons security experts caution against placing valuables where they are visible from the outside.9

CHECK SIGHTLINES FROM YOUR DOORS AND WINDOWS.

Don’t tempt robbers with a clear view of the most commonly stolen items, which are cash (think purses and wallets), jewelry, electronics, firearms, and drugs (both illegal and prescription).6 Take a walk around your property to make sure none of these items are easily visible.

SECURE VALUABLES IN A SAFE.

Consider the possessions that are on display inside your home, as well. It’s always a good idea to lock up firearms, sensitive documents, and expensive or irreplaceable items when you have housekeepers or other service providers on your property.

Highlight Your Security Measures

While it’s prudent to hide your valuables, it’s equally important to advertise your home’s security features. In surveys, convicted burglars admit to avoiding homes with obvious protective measures in place.7,8

INSTALL OUTDOOR CAMERAS.

Security cameras are the most common home protection device and for good reason.10 Not only do they help prevent crime (burglars are known to avoid them), they can offer peace of mind for homeowners who want to sneak a peek at their property while away.11 And if you do experience a break-in, security camera footage can help police identify your intruder.

POST WARNING SIGNS.

Security system placards and beware-of-dog signs are also shown to be effective deterrents.8 Of course, you should back up your threats with a noisy alarm and loud barking dog for maximum impact.

Limit What You Share on Social Media

Social media platforms can be a great way to stay connected with friends and family, but it’s easy to reveal more than you’ve intended. Be thoughtful about what you’re posting—and who has access.

DELAY POSTING PHOTOS OR TRAVEL UPDATES.

It can be tempting to upload a concert selfie or pictures from your beach vacation. But these types of photos scream: “My house is unoccupied!” Try to wait until you’ve returned home to share the photos on social media.

SET PRIVACY RESTRICTIONS ON YOUR ACCOUNTS.

Think twice about connecting with strangers or casual acquaintances on social media. If you enjoy sharing family updates and personal photos, it’s safer to limit your followers to those you truly know and trust.

YOUR HOME IS SAFE WITH ME

I take home security seriously. That’s why I have screening procedures in place to keep my clients and their homes safe when they are for sale. I also remind my buyers to change the locks before they move into their new homes and provide referrals to locksmiths and home security companies that can help. To learn more about my procedures and how you can stay safe during the buying and selling process, contact me to schedule a free consultation!

Sources:

1.     Federal Bureau of Investigation -
https://ucr.fbi.gov/crime-in-the-u.s/2019/crime-in-the-u.s.-2019/topic-pages/burglary

2.     Bankrate -
https://www.bankrate.com/insurance/homeowners-insurance/house-burglary-statistics/

3.     ADT -
https://www.adt.com/resources/how-do-burglars-break-into-houses

4.     National Crime Prevention Council -
https://www.ncpc.org/wp-content/uploads/2017/11/locking-your-home-reva-1-pdf.pdf

5.     SafeWise -
https://www.safewise.com/blog/10-simple-ways-to-secure-your-new-home/

6.     Forbes -
https://www.forbes.com/sites/houzz/2014/03/20/how-your-landscaping-can-keep-burglars-away/?sh=2a8addf27429

7.     KGW News -
https://www.kgw.com/article/news/investigations/86-burglars-say-how-they-break-into-homes/283-344213396

8.     Science Daily -
https://www.sciencedaily.com/releases/2013/05/130516160916.htm

9.     Security.org -
https://www.security.org/home-security-systems/home-invasion-protection/

10.   SafeWise -
https://www.safewise.com/resources/security-stats-facts/

11.   The Guardian -
https://www.theguardian.com/business/2017/aug/18/former-burglars-barking-dogs-cctv-best-deterrent

SOLD | SHORELINE MID-CENTURY RAMBLER

18531 Densmore Ave N  | Seattle, WA 98133

LISTED at $739,950 | SOLD at $760,000

4 Bedrooms | 2 Updated Bathrooms | 1410 sqft | 7440 sqft lot

HIGHLIGHTS:

• Updated bathrooms

• Newly renovated kitchen

• Large living room with fireplace

• Separate dining room

• Hardwoods throughout

• Architect designed built-ins

• Abundant storage

• Large private lot with patio

• Updated utility room with built-in cabinets

• Covered carport

• Dining & shopping nearby

• Minutes from future light rail station

• Easy 99 & I-5 access

SOLD | PHINNEY RIDGE CRAFTSMAN

549 North 67th Street  | Seattle, WA 98103

LISTED at $2,150,000

4 Bedrooms | 3.75 Bathrooms | 3700 sqft

Sited above the street for privacy, this beautifully updated Phinney Ridge Craftsman thoughtfully combines Old World Charm with modern updates. Large covered front porch invites you to enjoy fresh air and visit with friends year round. Main floor features foyer entry, living room, formal dining room, office and a newly renovated entertainment-sized chef's kitchen that opens to family room lined with built in bookshelves. French doors lead to serene, private backyard with multiple patios & entertainment areas. Second floor features large master suite with private view deck, two additional large bedrooms - one with deck, bath and dreamy utility room. Lower level features large media room with gas fireplace, updated bath, guest bedroom and large storage area/workshop. Basement has separate entrance for possible ADU option. Detached garage is completely finished with drywall, electrical, plumbing and heat. Use as your dream home office, work out room, yoga or artist studio. Large driveway allows for off-street parking for 3. Walk to Phinney Ridge Neighborhood Center, RedMill Burgers, Ridgewood Bottle & Tap, Green Lake & Woodland Park Zoo. This truly is a walking neighborhood. Phinney Ridge offers local cafes, restaurants, coffee & shopping. Easy I-5 and 99 access.

Highlights:

• Renovated chef's dream kitchen with quartz countertops, eat in breakfast bar, gas 6 burner range, double oven & wine fridge

• Family room off of kitchen with custom built-in bookshelves and entertainment center

• French doors open onto backyard which features spacious deck & entertainment patio, professionally landscaped yard with RainBird Multi-Zone sprinkler system.

• Spacious living room with gas fireplace & large formal dining room

• Main floor study/home office

• 3 large bedrooms on second floor including primary suite with updated bath & private covered deck with mountain views. Front bedroom features covered deck too.

• Dream laundry room on second floor with utility sink & room for drying rack.

• Lower level features media room with gas fireplace, guest bedroom & newly renovated bath.

• Large workshop/storage area

• Abundant storage on each floor of home

• Completely finished detached garage with running hot/cold water & heat is currently being used as a home gym. Reimagine as your home office, artist or yoga studio.

• Off-street parking

• Truly a walking neighborhood -walk to Phinney Ridge's dining, shopping, bars, cafes and retail.
  

  https://www.phinneycenter.org

  https://www.walkscore.com/score/549-n-67th-st-seattle-wa-98103

9 Tips for Buying and Selling Your Home at the Same Time

Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once.

Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since listings are expected to remain limited in the most coveted neighborhoods for some time.² Also, interest rates won’t stay this low forever.

That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller’s market and make a smooth transition from your old home to a new one.

I can help you prepare for the road ahead and answer any questions you have about the real estate market. For example, here are some of the most frequent concerns I hear from clients who are trying to buy and sell at the same time.

“WHAT WILL I DO IF I SELL MY HOUSE BEFORE I CAN BUY A NEW ONE?”

This is an understandable concern for many sellers since the competitive real estate market makes it tough to plan ahead and predict when you'll be able to move into your next home. But chances are, you will still have plenty of options if you do sell your home quickly. It may just take some creativity and compromise.

Here are some ideas to make sure you're in the best possible position when you decide to list your home:

Tip #1: Flex your muscles as a seller.

In a competitive market, buyers may be willing to make significant concessions in order to get the home they want. In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee.

This can be a great option for sellers who need to tap into their home equity for a downpayment or who aren’t logistically ready to move into their next home. However, many lenders limit the duration of a rent-back to 60 days, and there are liability issues to consider before entering into an agreement. A contract and security deposit should be in place in case of any property damage or unexpected repairs that may be needed during the rent-back period.³

Tip #2: Open your mind to short-term housing options.

While it can be a hassle to move out of your old home before you’re ready to move into your new one, it’s a common scenario. If you’re lucky enough to have family or generous friends who offer to take you in, that may be ideal. If not, you’ll need to find temporary housing. Check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.

You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better—and lead to a more informed decision about your upcoming purchase.

Tip #3: Embrace the idea of selling now and buying later.

Instead of stressing about timing your home sale and purchase perfectly, consider making a plan to focus on one at a time. Selling before you’re ready to buy your next home can offer a lot of advantages.

For one, you’ll have cash on hand from the sale of your current home. This will put you in a much better position when it comes to buying your next home. From budgeting to mortgage approval to submitting a competitive offer, cash is king. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty.

“WHAT IF I BUY FIRST AND THEN SELL…CAN I AFFORD IT?”

This is one of the most common concerns that I hear from buyers who are selling a home while shopping for a new one, and it’s realistic to expect at least some overlap in mortgages. To make sure you don't get into a situation where you are carrying dual mortgages for longer than you can afford, examine your budget and calculate the maximum number of months you can afford to pay both.⁴

Another common concern is that without selling, you may not be able to come up with a down payment on your purchase. Both of these concerns may be solved with a call to your lender. I am happy to refer and excellent one if you need. I am also able to find out the typical number of days a home like yours is on the market before closing.

If you simply can’t afford to carry both mortgages at once, then selling before you buy may be your best option. (See Tip #3 above.) But if you have some flexibility in your budget, it is possible to manage both a home sale and purchase simultaneously. Here are some steps you can take to help streamline the process:

Tip #4: As you get ready to sell, simplify.

You can condense your sales timeline if you only focus on the home renovations and tasks that matter most for selling your home quickly. For example, clean and declutter all of your common areas, refresh your outdoor paint and curb appeal, and fix any outstanding maintenance issues as quickly as possible.

But don't drain unnecessary time and money into pricey renovations and major home projects that could quickly bog you down for an unpredictable amount of time. I can advise you on the repairs and upgrades that are worth your time and investment.

Tip #5: Prep your paperwork.

You'll also save valuable time by filing as much paperwork as possible early in the process. For example, if you know you'll need a mortgage to buy your next home, get pre-approved right away so that you can shorten the amount of time it takes to process your loan.

Similarly, set your home sale up for a fast and smooth transition by pulling together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you're ready to provide quick answers to buyers' questions should they arise.

Tip #6: Ask me about other contingencies that can be included in your contracts.

Part of my job as an agent is to negotiate on your behalf and help you win favorable terms. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven't sold your previous home.

This tactic could backfire, though, if you're competing with other buyers. I can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics.

“HOW CAN I KEEP MY COOL?”

When you're in the pressure cooker of a home sale or have been shopping for a home for a while in a competitive market, it's easy to get carried away by stress and emotions. To make sure you're in the right headspace for your homebuying and selling journey, take the time to slow down, breathe and delegate as much as possible. In addition:

Tip #7: Relax and accept that compromise is inevitable

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Perfecting every detail with your home decor or timing your home sale perfectly isn't necessary for a successful home sale and compromise will almost always be necessary. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

Tip #8: Don't worry too much if your path is straying from convention

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbor’s, it doesn't mean that you are doomed to fail.  

It's possible, for example, that seasonality trends may affect sales in your neighborhood. So a delayed sale in the summer or fall could affect your journey––but not necessarily. According to the National Association of Realtors, the housing market tends to be more competitive during the summer and less competitive during the winter.⁵ But it's not a hard and fast rule, and every real estate transaction is different. That's why it's important to talk to a local agent about your specific situation.

Tip #9: Enlist help early.

Which leads me to my final tip: If possible, call me early in the process. I'll not only provide you with key guidance on what you should do ahead of time to prepare your current home for sale, I'll also help you narrow down your list of must-haves and wants for your next one. That way, you'll be prepared to act quickly and confidently when it’s time to list your house or make an offer on a new one.

It's my job to guide you and advocate on your behalf. So don't be afraid to lean on me throughout the process. I’m here to ease your burden and make your move as seamless and stress-free as possible.

BOTTOMLINE: COLLABORATE WITH A REAL ESTATE PROFESSIONAL TO GET TAILORED ADVICE THAT WORKS FOR YOU

Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. The key is to educate yourself about the market and prepare yourself for multiple scenarios. One of the best and easiest ways to do so is to partner with a knowledgeable and trustworthy agent.

A good agent will not only help you evaluate your situation, we will also provide you with honest and individually tailored advice that addresses your unique needs and challenges. Depending on your circumstances, now may be a great time to sell your home and buy a new one. But a thorough assessment may instead show you that you're better off pausing your search for a while longer.

Contact me for a free consultation so that I can help you review your options and decide the best way forward.

Sources:

1.     Board of Governors of the Federal Reserve System, FEDS Notes - https://www.federalreserve.gov/econres/notes/feds-notes/housing-market-tightness-during-covid-19-increased-demand-or-reduced-supply-20210708.htm

2.     Federal Reserve Bank of St. Louis, FRED Economic Data - https://fred.stlouisfed.org/series/MSPUS

3.     Realtor.com - https://www.realtor.com/advice/sell/what-is-a-rent-back-agreement/

4.     Bankrate.com - https://www.bankrate.com/real-estate/sell-your-house-while-buying-another/

5.     National Association of REALTORS - https://www.nar.realtor/blogs/economists-outlook/seasonality-in-the-housing-market

2021 Fall Maintenance Checklist

IT’S GETTING COLDER AT NIGHT AND THE DAYS ARE GETTING SHORTER….

Before you get too comfy and cozy inside, there are things that you’ll need to do in order to get your home prepared for the cooler fall and winter months. Preparing now can prevent costly damage later on. This list contains helpful fall preventative maintenance that every homeowner should consider!

Whether you’re looking for a chimney sweep, landscaper, or furnace company, I have the resources and experience to help!

Reminder: service providers book out fast!

206-679-8815 | darnell@lakere.com

• Look for stains, mold/mildew, daylight around penetrations, and loose vents in attic

• Disconnect garden hoses and drain in-ground sprinkler systems. If you do not have frost-free faucets, install foam covers

• Test smoke alarms, carbon monoxide detectors, fire extinguishers, and GFCIs

• To prevent pipes from freezing or bursting, ensure pipes on exterior walls are well insulated

• Service your furnace/heat pump and replace or clean filters

• Clean bathroom and kitchen vents

• Clean dryer vent and check laundry area for leaking hoses

• Check water heater for leaks

• Check crawl space insulation, vapor barrier and vents

• If you have a sump pump, test that it is working

• Remove debris from gutters, window wells, and downspouts throughout the fall

• Treat moss on your roof and do a general once-over

• Make sure downspout water is properly draining away from your home

• Grass roots are growing deeper to prepare for winter. Now is the ideal time to re-seed and

• fertilize your lawn

• Stock up on winter supplies such as a snow shovel, salt/sand for sidewalks, and car

  window scrapers

• Prune any precariously placed tree or shrubs - plants shouldn’t be touching your siding

• Check that your fireplace flues are cleaned out and consider a professional cleaning

SOLD | CROWN HILL TOWNHOUSE

9039 Mary Ave NW #A  | Seattle, WA 98117

LISTED at $659,000

2 Bedrooms | 2.5 Bathrooms | 1380 sqft

Light-filled, spacious townhome in desirable Crown Hill.  Enjoy the outdoors with multiple outdoor decks.  Walk to dining, cafes, bars, shopping and more. Swansons Nursery, Golden Gardens and Carkeek Park are nearby. 

Highlights:

• Living room with gas fireplace

• Deck off of living room

• New oak hardwoods on main floor

• Kitchen with breakfast bar

• Dining room

• Deck off of dining room

• Large, entry level family room leads to backyard and patio with mature landscaping

• 2 ensuite bedrooms on upper floor

• Laundry on upper floor

• New carpet and paint throughout

• Ductless mini-splits with A/C

• Abundant storage

• Newly painted exterior

• Additional sq ft in attached garage that has been used as a home office

• Off-street parking

SOLD | CLASSIC MID-CENTURY MODERN BRICK RAMBLER

17122 25th Ave NE  | Lake Forest Park, WA 98155

LISTED at $929,900

4 Bedrooms | 1.75 Bathrooms | 3030 sqft

Highlights:

• Large, private 21,207 sq ft lot (just shy of .5 acre)

• Courtyard entrance

• Spacious open living & dining room - perfect for entertaining

• New entertainment-sized deck with glass railings off of living room

• Built-in sideboard & bar area in dining room

• Hardwoods in main floor living spaces & bedrooms

• 3 main floor bedrooms

• 2 wood burning fireplaces

• Full-sized daylight basement

• Large family room on lower level

• Storage/Hobby room

• Spacious utility room

• Private, treed backyard is a birdwatching oasis

• Multiple outdoor entertaining spaces

• Carport with convenient storage/workshop area

• Storage throughout home

• Abundant parking

• Hot water boiler radiant heat

• LeafGuard gutter system

• Within boundaries to join Lake Forest Park Civic Club
  

Some of the Seller’s Favorite Things

• Bird watching from the deck

• Enjoying the quiet while viewing the greenery from any part of the house in Spring and Summer, and watching the seasons change in all their color in the Fall

• Having friends over in evenings and visiting by the fire pit year round

• Grilling and dining alfresco on the deck

• Being part of the wonderful, supportive community here

• The amazing schools, staff and educators in Shoreline school district

• Enjoying the seasonal activities in the community -

  • Listening to the Argosy Cruise Christmas carolers from the Civic Club beach

  • Egg hunt and Easter bunny at the Civic Club in springtime

  • Summer outdoor movies at Paramount Park through the Shoreline Recreational Center

  • Halloween festivities at Hamlin Park - kids love the Hamlin Haunt!

• Growing herbs, berries and vegetables in the garden

• Seeing the beautiful flowers come up in the Spring - lilacs, wisteria, dogwood, cherry blossoms, rhododendron, hydrangea, quince

• Walking around the Lake Forest Park farmers market on weekends

• Barbecue, picnic, swim, read, watch the bald eagles soar above Lake Washington at the Lake Forest Park Civic Club

• Enjoying the fireplaces in the winter months

Lake Forest Park Local Haunts

Goodies Mediterranean Market

• Unpretentious specialty market 

Heaven Sent Fried Chicken

• Founded by Ezell Stephens (also cook & all around good guy)

Ichi bento

• Japanese fixture features sushi & classic fare

Everest Kitchen

• Flavors from Nepal, India & Tebet

Double DD Meats

• Old-school butcher

Third PlaceBooks                                                            

• Friendly neighborhood meeting spot

QFC

• Full service grocery

Central Market

• Good food, great shopping experience

Hamlin Park

• 80-acre wooded park dotted with trails

Paramount Park

• Featuring a skate park, picnic areas & playground

Lake Forest Park Civic Club

• Incorporated in 1924 to cultivate friendship in Lake  Forest Park and vicinity 

Light Rail Coming in 2024

• Rapid transit into Seattle, coming soon

SOLD | SPRING LAKE ESTATES

17530 190th Ave SE  | Renton, WA 98058

LISTED at $1,290,000

4 Bedrooms | 4.5 Bathrooms | 3832 sqft

Nestled on a private drive, this thoughtfully designed home features high end details throughout. Sited on a 1.6 acre lot - enjoy PNW living at its best!

Highlights:

• Additional 485 sq ft 4 car garage with additional parking for 8 in the driveway

• Dewils cabinetry

• Bertazzoni range/hood & pro-grade refrigerator

• Walk-in pantry

• Gas fireplace

• Covered outdoor deck off main floor extends living space for all four seasons

• Master suite with 2 walk-in closets, custom tile, curbless shower & soaking tub

• Upper floor utility room

• Main floor ensuite

• Lower level family room & flex space with wet bar opens onto lower level patio & yard

• Gas forced air heating & A/C

• Tankless hot water heater

• Bio Microbics FAST septic system

• North Rabbit Trail outside your front door - short hike to Spring Lake

• Cedar River Trail nearby

• 20 minute commute to SeaTac airport
  

SOLD | HISTORIC RAVENNA

6322 22nd Ave NE  | Seattle, WA 98115

LISTED at $1,190,000

3 Bedrooms | 1.75 Bathrooms | 1980 sqft + 810 Unfinished Basement

Nestled in the heart of the Ravenna Historic Neighborhood, this gracious 3 bedroom, 1 3/4 bath Craftsman home is an in-city retreat.  Thoughtfully renovated for modern living - the spacious open kitchen and family room blend seamlessly with the period details of the 1919 home.  French doors open to the back gardens  extending entertaining spaces during the warmer months. 

Walk two blocks south and you'll find yourself surrounded by forest and Pacific Northwest greenery in Ravenna Park. The park features trails, picnic areas, tennis courts and a play area on the south end of the park. 

The Ravenna commercial district offers two James Beard award winning  Edouardo Jordan restaurants - Junebaby and Salare.  From some of the best bagels in the city at Bagel Oasis, freshly baked goods at Sod House, to an extensive wine selection at McCarthy Schiering - the Ravenna commercial district is a thriving dining destination.  

Immediate neighborhood:

Junebaby - Award winning southern food by Chef Edouardo Jordan

Sod House Bakery - locally baked goods & coffee

Bagel Oasis - rumored to be some of the best bagels in the city

Zeek's Pizza - pizza & salads

The Crepery - crepes, salads & wine

Da Pino's - authentic Italian 

McCarthy & Schiering - wine shop since 1980

The Herbalist - supplements and herbal remedies

Salare- award winning American Cuisine by chef Edouardo Jordan

Isarn Thai Soul Kitchen - Local Thai food that just opened!

Wataru - Edomae-style sushi

Ravenna Park - 50 acres of old growth trees, stream and trails

Walk to:

Roosevelt Light Rail Station (opening 10/21) - 10 blocks

University Village - 1 mile

Burke Gilman Trail - .8 mile

Ravenna Brewery - .8 mile                                          

Roosevelt dining & shopping - .8 mile

Green Lake - 1.3 miles

Highlights:

• 3 bedroom & 1 3/4 bath craftsman bungalow home

• Thoughtfully renovated for modern living a spacious open kitchen & family room were added on the main floor and a light-filled master on the second.

• Fir flooring was matched and period wainscoting added to honor the period details of the home.

• Kitchen features Carrara marble and maple wood butcher block counters, gas cooktop & porcelain farm sink.

• Marvin windows installed in renovated spaces

• Master bedroom has radiant heat floors and walk in closet

• Upper bath features custom walk in shower with two shower heads and radiant heated floors.

• Skylights

• Wood burning fireplace in living room

• Leaded glass windows in living & dining room.

• Dining room built-in cabinet doors were custom-made to complement leaded glass windows.

• Rocking chair covered front porch

• Unfinished basement for potential future expansion

• New hot water heater (1.5 years old)

• Laundry chute

• Fully fenced backyard offers year round greenery.

• Detached garage

• Neighborhood is on the National Historic Registry

• Ravenna Park - 50 acres of old growth trees, stream and trails is 2 blocks to the south.

SOLD | NORTH EVERETT CHARMER

2920 7th Street  | Everett, WA 98201

LISTED at $378,000

2 Bedrooms | 1 Bathroom | 771 sqft

Take in the sunsets from the entertainment sized deck this Spring and Summer. This charming, light-filled home features:

HIGHLIGHTS

• Built in 1942

• 771 sq ft

• 3920 sq ft lot

• Corner lot

• Utility room

• Raised garden beds

• Award-winning mature landscaping

• Large Trex deck with built-in seating

• Gas furnace with electronic air filter

• Double paned windows

• Power awning for summer patio use

• Drip irrigation system in yard

• New sewer line in 2014

• Detached garage

• Minutes to historic downtown Everett

• Easy freeway access

• Walk to local parks, fruit stands + bodegas

WHAT’S NEARBY

WALK TO:

Market Basket Grocery

Triangle Trading Post Produce Market

Riverdale Park

Senator Henry M Jackson Park

Shopping + dining on Broadway

MINUTES BY CAR TO HISTORIC EVERETT, DOWNTOWN SHOPPING, RESTAURANTS + BARS. 

SOME FAVORITES:

Cafe uu

Chianti

Capers + Olives

The Independent Beer Bar

Brooklyn Bros. Pizza

For more information visit LakeRE.com or contact Darnell at 206-679-8815 or darnell@lakere.com

SOLD | REDMOND RIDGE

23018 NE 82nd St  | Redmond, WA 98053

LISTED at $969,500

4 Bedrooms | 2.5 Bathrooms | 2310 sqft

4 bedroom , 2.5 bath home in coveted Redmond Ridge. Main floor features spacious living & dining room, kitchen with walk-in pantry & large family room. Private backyard with entertainment sized patio is buffered by greenbelt. All 4 bedrooms on 2nd floor. Master suite with gas fireplace, 5 pc bath and walk in closet. Maple hardwoods, new carpet & paint throughout. abundant storage throughout. 430 sq ft 2 car garage, gas furnace & A/C. Walk to parks, trails & shopping.

HIGHLIGHTS

• 4 bedrooms

• 2.5 bathrooms

• 2310 sq ft

• 430 sq ft attached 2-car garage

• New carpet

• Maple hardwood flooring

• New interior paint

• New range

• Walk-in pantry in kitchen

• Gas forced air & A/C

• Family room off kitchen

• Master suite with gas fireplace, 5 pc bath & walk-in closet

• All 4 bedrooms on upper floor

• Entertainment-sized patio with fire pit

For more information visit LakeRE.com or contact Darnell at 206-679-8815 or darnell@lakere.com

5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From long-distance military personnel being relocated, to investors expanding their portfolio, to homeowners looking for a vacation getaway, this technology makes finding a house that’s a bit out of driving distance much easier. And for real estate agents, virtual tours have been a useful way to help buyers with their home search and to assist sellers in creatively marketing their listings.

Because of the pandemic, virtual home showing options recently experienced a huge spike in popularity. One survey found that nearly 33% of recent home tour requests were for virtual tours, as compared to just 2% pre-pandemic.1And it’s easy to see why.

Buyers want to quickly find their next safe haven, one that may need to serve as their office, gym, and even classroom for months to come. And sellers want to limit the number of strangers in their home, yet still have the ability to reach enough potential buyers to get the best offer on their property.

Virtual home tours are the popular thing right now, but that doesn’t automatically mean they’re the only option for your homebuying or selling experience. In this post, I’ll reveal five important secrets behind the virtual real estate scene. Read on to learn how they impact today’s home buyers and sellers.

SECRET #1: Virtual Tours Have Evolved

Lots of real estate professionals who had never used virtual tours before were forced to quickly adapt when the pandemic struck. Because of restrictions on time and resources, not everyone is able to create what would have been deemed a “virtual tour” last year. So instead, we’ve expanded the definition of the phrase by creating innovative new ways to show homes while keeping our clients safe and socially-distanced. Here are some terms you might come across as you explore homes with virtual tours.

Traditional virtual tours use 360° Photos, which are images that allow you to see all angles of a space. These are what allow virtual tour viewers to look up, down, and all around the interior and exterior shots of a home. Using a software program, 360° photos can be stitched together to create a digital model that looks like a dollhouse. This is called a 3D Tour. Sometimes agents will also add Virtual Staging, which decorates rooms with digital furniture and accents like wallpaper or paint.

Traditional virtual tours allow you to click to move from room to room in the home, but Online Walkthroughs feature the actual action of walking around. Either the seller or the agent (depending on factors such as time and safety requirements) will create a video by holding their camera or smartphone and simply moving through the home. 

Online Walkthroughs can be filmed in advance or happen live. If they are live, they can also be referred to as Virtual Showings or Online Open Houses. A Virtual Showing is often a scheduled, one-on-one event that mimics an in-person tour of the home, in which the agent and viewer start at the exterior and move their way through the property. If your agent offers to FaceTime or Skype you from a home you’re interested in, for example, that would be a type of Virtual Showing. In contrast, an Online Open House is more freeform, allowing more viewers to pop in and out of a group video call on apps such as Facebook or Zoom. 

SECRET #2: Virtual Doesn’t Mean Impersonal

All these styles of virtual tours showcase the property’s details better than static photos ever could. But for a purchase as intimate as your next home, details like a new refrigerator or the size of the master closet aren’t the only deciding factors. Luckily, virtual tours are exceptional tools for personal connection.

As a prospective buyer, virtual tours give you a feel for the property, inside and out, so you can easily picture yourself in the space and decide if the home’s flow and features work for your lifestyle. Live video walkthroughs with the real estate agent will give you insights on those crucial non-visual aspects, like creaky floors, super-fast internet speed, and neighborhood dynamics. Plus, you’ll be able to ask questions and get an insider’s perspective on what’s so great about the home.

For sellers, if your agent recommends using a virtual tour to market your home, you could attract more buyers.2 And you can be sure that those interested buyers are still getting the up-close and personal look inside your home that will inspire their strongest offers.

SECRET #3: Virtual Is Just The First Step To Safe Home Sales

Even as government restrictions begin to ease in some areas, virtual tours are still recommended as a safer way to buy and sell real estate.3 Buyers don’t have to worry about exposure to anyone who previously visited the property, and sellers cut down on the foot traffic in their home. Some data even suggest that virtual tours keep agents safer as well, since they’re hosting fewer in-person showings and open houses.4

But despite the variety of virtual tours available, some buyers will still need to visit a home themselves in order to feel confident enough to submit an offer. In this situation, listing agents and sellers will work together to come up with a procedure that ensures everyone feels safe and comfortable. Some recommendations include requiring interested buyers to present a pre-qualification letter, conducting tours only by appointment and with essential parties, and asking buyers to self-disclose whether they have COVID-19 or exhibit any symptoms.3

The day of the in-person tour, agents might ask buyers to remain in their vehicle until they arrive at the property, and to wear protective gear such as face coverings and gloves. Many will provide hand sanitizer and will ask buyers to refrain from touching any surfaces in the home. Instead, the agent (or seller, prior to the buyers’ arrival) will turn on lights, open doors, and pull back curtains. Then, after everyone has left, the agent will return the home to its original state and disinfect it as needed.3

SECRET #4: The Speed of Closing Depends on Your Goals

Though maybe not literally, virtual tours are opening doors for both buyers and sellers in terms of options available to them. In 2019, buyers viewed an average of 10 homes over a period of 10 weeks before submitting an offer.5 But thanks to an increased prevalence of virtual tours saving them driving time, they’re able to peek inside that number of homes in a much shorter period to make their final choice. 

With all this viewing activity, it makes sense that sellers whose listings feature virtual tours are receiving more offers on their properties. According to one study, virtual tours can add between two and three percent to the sales price of a home, in part because increased buyer interest has made sellers feel confident waiting for the exact right offer.2

So if you’re a buyer luxuriating in viewing homes from your couch, just remember that you’re not alone in your search. Your competition is virtually viewing the same properties you are, so it’s still important to work with your real estate agent to quickly submit a strong offer when you find the home of your dreams. And for sellers, if a speedy sale is important to you, carefully weigh that against the temptation to entertain more and more offers, which can keep your home on the market up to six percent longer.2 Your agent can help you decide the right strategy for your priorities. 

SECRET #5: Virtual May Not Always Be the Right Choice

Creating, editing, uploading, and marketing virtual tours for a listing can be pricey. Packages through popular 3D imaging platforms like Matterport and Immoviewers can cost hundreds of dollars on their own.6 Virtual staging will further bloat a listing’s marketing budget, and then there’s the advertising dollars needed. Even seemingly inexpensive options like video call walkthroughs still require time and energy on behalf of both the seller and agent. 

These costs mean that a full virtual tour package might not always be the right choice for sellers. When you talk to your agent about marketing your home, it may be that an elaborate virtual tour, showing, and open house just don’t make sense. It could be that your potential buyers may not resonate with that type of marketing, that the investment-to-return ratio isn’t in your favor, or that there are more effective ways to get your listing seen by qualified buyers.

Buyers, you may notice that some listings within your search parameters don’t offer virtual tours. That’s because those for-sale homes might not have needed a full virtual marketing package to entice buyers to submit offers, or those homes are better marketed through more traditional tactics. Don’t close the door on your dream home because it doesn’t have virtual events and features. Stay open-minded so you can consider the wealth of home options that fit your lifestyle, needs, and budget.

ARE VIRTUAL HOME TOURS IN YOUR FUTURE?

As technology develops, it will become easier and cheaper to create virtual tours. Coupled with the high demand for them, this means that virtual tour options are likely not only here to stay, but will continue to grow into a common addition to listings.

If buying or selling a home is on your mind, zi’d be happy to discuss how virtual tours can play a part in your real estate experience. Reach out to me today for help finding local homes for sale that have virtual tours, or to chat about if adding a virtual tour to your upcoming listing is the right fit.

Sources:

1. Rocket Mortgage - https://www.rocketmortgage.com/learn/evolution-of-home-showings-during-covid-19

2. Radio Iowa -https://www.radioiowa.com/2020/07/28/trying-to-sell-a-house-ui-study-finds-virtual-tours-will-bring-more/

3. NAR Showing Guidance During Reopening - https://cdn.nar.realtor/sites/default/files/documents/Showing-Guidance-During-COVID-05-14-2020.pdf

4. NAR 2020 Member Safety Report - https://cdn.nar.realtor/sites/default/files/documents/2020-member-safety-report-08-31-2020.pdf

5. NAR 2019 Profile of Home Buyers and Sellers - https://cdn.nar.realtor/sites/default/files/documents/2019-profile-of-home-buyers-and-sellers-highlights-11-21-2019.pdf

6. Realtor.com - https://www.realtor.com/advice/sell/how-to-host-virtual-home-tours-almost-as-good-as-the-real-thing/

Backyard Composting

It’s that time of year when autumn leaves begin to fall and collect in our yards. Composting is a great way to clean up the yard, while also creating nutrient-rich soil for a healthy garden. Adding comps to your flowerbeds and garden keeps soil fertile and productive while reducing the amount of yard waste that ends up in landfills. Here are a few tips to help create soil for autumn’s beauty.

• Choose the right varieties of leaves. Birch, maple, ash, cherry, beech, and any leaves from fruit and nut trees work the best for composting as they decompose quickly and are balanced in the nutrients that they give to a compost pile. Tough, waxy leaves from trees such as magnolia and ginkgo can take years to break down and are best left out of the compost pile.

• Shred leaves before adding to the compost pile. Shredded leaves break down quickly in a compost pile while whole leaves take a very long time to decompose. Shredding creates smaller pieces to compost which causes the leaves to deteriorate faster, benefiting your compost pile greatly. Be sure to make the pile high because the leaves will provide insulation during the winter months.

• Include a source of nitrogen to aid the compost pile. Leaves break down faster if the compost pile includes a source of nitrogen. Nitrogen warms up the pile and helps with breaking down dry materials like leaves. A good compost pile is made up of 4 parts of “brown” materials, and 1 part “green” materials. Dry materials are leaves. Green materials include fresh vegetable scraps, egg shells, coffee grounds, fresh green grass clippings, and manure.

• Water the compost pile. A compost pile needs oxygen and water to flourish. This is achieved by turning and watering the pile on a regular basis. The process brings oxygen into the center of the pile and keeps the break-down process strong. Compost piles need to be turned a few times each week for the best results.

• Store your compost pile correctly. You can create a compost bin, use a tumbler, or create a maintained pile to store your compost. If you choose to create a pile, make sure to find a place that receives partial sunlight. Too much sunlight will make the pile dry and prevent decay. It is also important to pick a spot that has good drainage and to not place a compost pile near concrete, cement, or asphalt.

• Moisture & cold control is essential. Moisture control is necessary in regions that receive a lot of rain or snow. Excess water soaks into the ground and is taken on by the compost, which hinders the pile’s ability to maintain proper oxygen levels. This issue is harder to prevent with a ground dwelling compost pile. One solution is a compost tumbler which is sealed to stop rain and snow melt absorption. Another solution is composting with a bin, as this method also prevents ground water absorption. For winter composting, move compost bins to a sunnier part of the yard if possible. You can also use layers of leaves, straw, cardboard, or sawdust to help insulate and keep warmth in the pile to prevent microbes from freezing.

September 2020 | Market Update

As we enter the fall season, brokers report that the real estate market is still highly saturated with buying activity. Concurrently there’s been a decline in mortgage applications, despite mortgage rates remaining below 3 percent. Low interest rates have contributed to a significants increase in refinances and in turn, a decrease in home inventory available for sale as homeowners decide to stay put.

Low mortgage rates and low inventory of houses have also continued to drive up home prices, making the market extremely competitive for homebuyers. The competitive landscape has not deterred buyers, as there have been more multiple offer situations and an increased number of closed sales in our region. According to the Seattle Times, price growth in King, Pierce and Snohomish counties topped national averages for the eighth month straight. The most recent statistics from the Northwest MLS also show median closed-sale prices for single-family homes are up significantly. Year-over-year in King County prices are up by 10.89 percent, in Snohomish County up by 13.27 percent, in Pierce County up by almost 15.84 perfect and in Thurston County up by nearly 11.91 percent.

These market conditions are said to have affected the home buying demographic and influenced trends. Many more young home buyers have entered the market as millennial are reportedly taking out more for-purchase loans than last year. It will also be interesting to see if there is continued movement out of urban areas in to the suburban and rural areas since more people are able to work remotely on a permanent basis due to the pandemic. As we approach the winter months. time will tell how these trends will shape the upcoming real estate market and how the amount of inventory available to purchase will affect buyer demand.

SOLD | QUEEN ANNE CONDO

2419 8th Ave North Unit 201  | Seattle, WA 98109

LISTED at $655,000

2 Bedrooms | 1.75 Bathrooms | 1166 sqft

This rare light-filled home sits high above the street, with views to the East & windows on 3 sides.  Start your morning with the sunrise over Lake Union and watch boats and seaplanes landing throughout the day. Kitchen has stainless appliances and opens to entertainment sized dining and living room with fireplace.  2 decks - Master suite with double sinks and private jetted tub - Plenty of storage.  8 unit building has easy access to downtown, Fremont, Queen Anne and South Lake Union. Elevator, Garage pkg & storage. 

HIGHLIGHTS

• 2 bedroom 1 3/4 bath

• open entertainment sized floor-plan

• master suite w/ private deck

• windows on 3 sides of home

• views of Lake Union & Capitol Hill 

• spacious 1166 sq ft

• fireplace

• hardwood floors

• view deck off of living space

• elevator

• storage

• parking

• easy access to downtown, Queen Anne & South Lake Union

• guest parking

For more information visit LakeRE.com or contact Darnell at 206-679-8815 or darnell@lakere.com