The Market In Fall

As summer is coming to an end and everyone is starting to think about back to school, sweatshirts, bonfires, and pumpkin-everything; the real estate market should be slowing down. Right?

Although real estate is a 365 days a year business, there is definitely a cycle to the market.  Typically fall is when the market starts to slow down from the spring and summer rush, however, according to recent forecasts for the fall market there is very little slow down this year.  A recent Redfin forecast stated that not only is the fall market holding steady, home buyer demand is still very strong.  Nevertheless, there are some things to be concerned about.  There has been some talk of the rates going up in light of the economy growth in the past few months. With prices continuing to rise due to greater demand, buyers are worried about paying too much: making some more hesitant to make an offer.  Sellers seem to be hearing this loud and clear and many are dropping their prices which is starting a trend toward a buyer’s market in the coming months. 

(No one really knows what the market will do in the next few months but we do know it's not slowing down right now and there are a lot of benefits to buying and selling in fall; but that’s a topic for a different blog.)

Cynthia Schmier, Broker/Owner 
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX CountryCynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

Multiple Offer Market!

How To Handle Multiple Offers!

Let's face it, getting multiple offers is definitely not the worst case scenario if you're trying to sell your house.   Now that the offers are there, what do you do?  First, keep in mind that for properties with a single offer, the fallout is 10%, but for properties with two or more offers, the fallout rate increases to 50%.  The reason for the difference is buyers often feel they were unduly pressured by the multiple-offer situation and now feel it's too much to pay.  Here are some tips on how to handle a multiple offer situation.

Listen to your agent.  You hired them because you believed in them and trusted them with selling your home.  Trust them now.  Your agent wants you to get the best deal and still be fair and ethical, so take their advice.  You will be glad you did.

Price isn't everything.  Make sure you review the terms of the entire contract and don't just see dollar signs.  The highest offer, although tempting, isn't always the best offer. Are the buyers pre-approved for that amount? What kind of loan is it? Are you going to have to pay closing costs or other costs associated with the buyer's loan?  Sometimes a lower more stable offer will save you a lot of headache at the closing table.

What is your home really worth?  If the buyer you choose orders an appraisal and that appraisal comes back less than the offer price, the buyers' lender may not approve the mortgage.  Unless that buyer is willing to come to the table with cash, you may be stuck putting your home back on the market.

Review closing periods.  A buyer who's willing to close within weeks is more attractive than one who needs or wants months to do the deal.  It is also less likely they will back out of the contract. 

 

It's the sellers' house and it's the sellers' decision.   You decide which offer you want to accept or if you want to counter all the offers.  Remain sensible and be fair.

If you are selling your home in today's market, there is a good chance you will get multiple offers and it can be overwhelming.  It's not a race. Take your time, read the contracts and listen to your agent's advice.  If you follow these tips, you will pick the best offer and run less of a chance of having to sell your house twice.  Good luck!

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

Farmers Markets

Framers Market

Spring has finally sprung in the Pacific North West and who doesn’t love to walk around a really good farmers market on a really nice day.  It’s a great way to support your local farmers, artists and creative entrepreneurs.  There are quite a few nice framers markets in Thurston County.

Yelm Farmers Market: Open Sundays 10AM to 3PM starting May 22^nd.  The Yelm farmers market is all about community.  They have a tent called taste the place maned by volunteers were you can taste the fresh fruit and produce of the farmers selling at the market and then go buy from the ones you enjoy.  They also have a program for kids called POP.  It’s for kids ages 5-12 and it helps them to learn about and engage with the local business in their community.  Yelm framers market support local artist and entrepreneurs as well.  It’s a great way to meet new people and make some healthy choices. Come and check them out at Nisqually Springs Farm.  yelmfarmersmarket.com

 

Olympia Framers Market:  Open all year round on Saturday’s 10AM to 3PM but starting April 7th till October they are open Thursday thru Sunday 10AM to 3PM.  The Olympia farmers market has been around for 41 years.  They have an abundance of local farmers and artisans.  There are also quite a few restaurants and cafes as well as live entertainment and events throughout the year.  They are located at 700 N Capital way in Olympia so come spend the day discovering this gem.  olympiafarmersmarket.com

West Olympia Farmers Market:  Open on Tuesdays from 4PM till 7PM.  This is your neighborhood market supporting small and beginning vendors.  They are located at west central park on the corner of Division and Harrison streets.  Even though this is one of the newer markets it is worth the visit.  wolympiafarmersmarket.com

Going to check out your local farmers market is not only a good way to get to know your neighborhood and support local businesses but it is just a really fun way to spend the day. If you are looking for farmers markets in Washington go to wafarmersmarkets.com.  Get out, get healthy and have fun.

 

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

Millennials in the Market Part 3

Millennials  part 3

At this point we know what millennials want, lots of amenities, smaller, flexible spaces, historic structures and socially engaging neighborhoods all in the right price range.  We also know they are in direct competition with baby boomers for these properties at some what of a disadvantage because of there lack of savings and slower economic growth and their lack of experience in negotiating for what they want. Millennials are now the biggest group of home buyers in the market and they are changing things including how agents do business. 

According to NAR survey only 3 percent of agents are under 30 and 81 percent are over 45.  That means many old dogs have to learn some new tricks. To say millenials are technology savvy would be an understatement.  More than 50 percent of millennials search for homes on their phones and among those, 26 percent end up buying a home they found that way, according to National Association of Realtors. Millennials rarely need agents to find homes for them, they usually have their own list, and they’ve already researched comparable sales and chosen a neighborhood.  “With millennials, we do not control information,” Says Player Murray, managing broker at Berkshire Hathaway HomeServices.  “what they need is for us to interpret the information.”   But that isn’t always easy for agents either.  Millennials don’t want to talk.  They would rather email or text.  Murray says “they don’t want to be bothered with conversation of it can be texted.”  Which can be a real challenge for agents who have spent most of there careers on the phone with their clients.  Agents also have to learn to use social media in new and creative ways in order to keep millennials engaged.  “They need to feel like they’re a part of your business.” Murray says.  “Just re-posting an article that’s been posted 1,000 times across the country isnt enough.”

With all that said millennials are still the most likely group to use agents to buy a home.  They are more likely to buy a fixer and value the advice, resources and referrals an experienced agent can provide.  They are also all very new to the home buying game and although there may be a huge disconnect they still need the help.  So agents are changing the way they do business and trying very hard to understand the Tweets, short cryptic emails and acronym laced texts.  Agents are getting apps for their businesses and hiring social media marketing experts.  It just goes to show you can teach an old Dog new tricks.  

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

      

Millennials in the Market.

Millennials

For quite awhile now Baby boomers have dominated or shaped the cultural and economic landscape in which we live.  With baby boomers beginning to retire in large numbers, and shrinking numbers as they age, there is a new economic driver at play – Millennials. 

Millennials are a socially connected, environmentally conscious group.  They value individuality within the larger society but also want their choices in life to positively impact the world around them.  Members of this socially active generation want to live close to where they work and play.  This is pushing some new trends in real estate and how agents deal with their clients.

Projects incorporating retail, office and residential options into one compact area or building will continue to trend upward as developers cater to millennials lifestyles and demands for high end amenities.  More and more developments are offering ground floor retail combined with apartments or lofts above that also offer amazing amenities such as rooftop pools and cabanas with coffee and wine bars, or gated dog parks and outdoor kitchens. 

Another trend is the 18 hour city.  This trend focuses on the increased development of urban centers, rather than their surrounding suburbs.  This is often described as the shrinking donut, and is closely connected to the changing lifestyles generated by millennials.  This trend also reflects the retiring baby boomers who are downsizing putting them in direct competition with millennials for real estate, but that is a topic for another blog.  These 18 hour cities are rewarding developers for focusing on preexisting infrastructure.  Often, the history, location, or architectural details of a downtown building provide the amenities and sense of place millennials seek.  

The last trend is the flood of investment capital into the U.S. as well as an uptick in crowd funding.  Most foreign investment has been concentrated in major US metro markets, but it is quickly starting to flow to small metro areas to develop smaller more historic cities.  Crowd funding is also playing a big role in this trend by allowing millennials themselves to invest in the area they want to live with out having to be a millionaire in order to invest.  

These are just a few of the ways millennials are affecting real estate.  They are having profound effects on the market.  Weather you like or dislike the trends with, over 80 million millennials its not going anywhere anytime soon.

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

Are You Really Ready to Sell

Spring Has Sprung.

Now that the weather is getting warmer lots of buyers are out looking for their next home.  There are some things you can and should do to make it easier to sell your weather you want to sell now or in the future you should do these things every spring.

Clean your gutters

Gutters do their job best when clean.  The raint season is a prime time to ensure all drainage areas remain unblocked by leaves and/or debris.  Trapped moisture can leave a house susceptible to mold and mildew and cause major damage to your roof and walls.   

Check Your Roof

Be diligent about roof maintenance.  Ask a licensed professional to inspect your roof for wear and tear.  If the shingles are curling, buckling or crackling, it’s time to replace the roof. 

Check your Paint

The worst thing you can do is leave wood exposed, because that’s when it will begin to rot.  Sand it down so there are no rough edges, prime the bare wood surface and paint it with high quality paint product.  Don’t wait until siding accumulates too much dirt.  Brighten up the house with a good power washing.

Cut Overgrowth

Trim overgrown trees and hedges away from your home to discourage the growth of mildew and moisture.  Branches should be at least 7 feet away from  the exterior of the house.  Get rid of out-of –control vines, as they can help crack siding and allow moisture and pests entry into your home.

Love Your Lawn

Rake up leaves, Pull up weeds, and remove foliage from the lawn, shrubs and any plants.  Pull up dead flowers and replace them with a low maintenance variety such as pansies, begonias or mums.

Keep the Air Fresh

You should be changing air filters monthly, but if not start now.  A unit free of dust and dirt runs more efficiently saving you money on your energy bill.  Also check hose connections for leaks. 

Watch for Leaks

Investigate all doors and windows for leaks and drafts, which can signal water intrusion.  Seal any open areas between the frame and the wall to keep out water which can deteriorate building materials. 

Control Pests

Keep garbage and debris under control around the exterior of your home.  Do what you would inside, and get rid of junk.  Seal cracks, even if you just did so in the winter.  Mulching the yard this spring? Use a liner underneath. 

Peek at the Plumbing

Check for leaking faucets or sweating pipes, clogged drains and faulty water drainage systems.  On laundry day, look at the washing machine hoses for bulges, cracks or dampness. Check under the kitchen sink for leaks and make note of wetness around dishwasher, Inspect your water heater for leaks and corrosion.

Clean Decks, Driveways and Fences

A pressure washer makes this job easier.  While cleaning inspect for damage and make repairs before they become big jobs.

Clean Coils

Coils on your fridge conduct the hot air from outside the unit.  If they are coated with dust they do the job less efficiently coasting you more money.

Smoke Detectors

Test and change batteries in your smoke detectors.  Also find outa if you need and were to put Carbon monoxide detectors.

 

  

Drain Your Water Heater

By doing so you will prolong its life and reduce your electric bill.

By doing all these things now before you put your home on the market you will save yourself a lot of time, money and headaches as well as making the your house look great for potential buyers. 

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com

Hot or Not Market!

Emerging Trends in the Market

We are only a few months into this New Year but there are some trends emerging in the Market.  First off the coasts are hot; I would even dare to say on Fire.  But they are quickly running out of inventory which is driving home prices up quickly.  Why the Shortage?  Well there might be a few answers for that.  It could be that with the economy returning, millennials who have been living with family are now trying to get out on their own.  At the same time baby boomers are seeking to downsize and have a lower cost of living which is flooding the market with buyers.  Or it could be that financially recovering GenXers are investing in their current homes in fear of the market and mortgage rates possibly going up, leaving the market with a lack of inventory.  It could also be potential sellers are very apprehensive of the market, mortgage rates and ability to get a new loan.   The fact that few new entry-level homes are being built because of rise in cost may also be contributing to this trend.  Regardless of what the reason for the lack of inventory it is defiantly a sellers market right now even if the sellers don’t know it.  I guess I end this Blog with a question.  Will this trend continue or will confidence in the market return?  

Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com