Competing in Multiple Offers? Look at Your Bottom Line!

Did you know that 44 percent of home sales involve multiple offers? In fact, buyers working with a Windermere Real Estate broker are 18.4 percent more likely to win the sale in a multiple offer situation.

2015-Multiple-Offer-Market-Share-Growth

Posted on November 7, 2016 at 9:47 pm
Steve Hill and Sandra Brenner | Category: Home Buying, Real Estate, Seattle Real Estate, Seattle WA Real Estate

What You Don’t Need To Hear From Your Listing Broker

0209-KCMYou’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:

  1. Set the market value on possibly the largest asset your family owns (your home)
  2.  
  3. Set the time schedule for the successful liquidation of that asset
  4. Set the fee for the services required to liquidate that asset

An agent must be concerned first and foremost about you and your family in order to garner that degree of trust. Make sure this is the case.

Be careful if the agent you are interviewing begins the interview by:

  • Bragging about their success
  • Bragging about their company’s success

An agent’s success and the success of their company can be important considerations when deciding on the right real estate professional to represent you in the sale of the house.

However, you first need to know that they care about what you need and what you expect from the sale. If the agent is not interested in first establishing your needs, how successful they may seem is much less important.

Look for someone with the ‘heart of a teacher,’ who comes in prepared well enough to explain the current real estate market and patient enough to take the time to show how it may impact the sale of your home.

Not someone only interested in trying to sell you on how great they are.

You have many agents from which to choose. Pick someone who truly cares like Steve and Sandra.

Posted on February 10, 2016 at 8:52 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle Home For Sale, Seattle Homes for Sale, Seattle Real Estate, Seattle WA Homes for Sale, Seattle WA Real Estate

5 Reasons You Shouldn’t For Sale By Owner Your Seattle WA Area Home

In today's market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with us and see what we have to offer.

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

206-769-9577
stevehill@windermere.com
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Posted on June 2, 2015 at 4:06 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle Home For Sale, Seattle Homes for Sale, Seattle WA Homes for Sale, Seattle WA Real Estate

Selling Your Seattle WA Area Home? Price it Right Up Front

Selling Your House? Price it Right Up Front | Keeping Current MattersIn today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.

There is no “later.”

Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.

John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think, “Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges.

Don’t build “negotiation room” into the price.

Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.

Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!

A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right” to purchase your house.

Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?

The Price is Right

Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Look for an agent that will take the time to simply and effectively explain what is happening in the housing market and how it applies to your home. You need an agent that will tell you what you need to know rather than what you want to hear. This will put you in the best possible position. Check out our Ulimate Home Selling System HERE.

Steve Hill and Sandra Brenner

SEATTLE-NORTHWEST

Windermere Real Estate

206-769-9577

stevehill@windermere.com

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Posted on April 5, 2015 at 11:00 am
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle WA Homes for Sale, Seattle WA Real Estate

Seattle’s Ballard neighborhood continues to be hot!

Check out Ballard's recent real estate stats right here!

 

Posted on March 31, 2015 at 3:05 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle Homes for Sale, Seattle WA Homes for Sale, Seattle WA Real Estate

Why You Should Sell Your Seattle Area Home Now!

Why You Should Sell Now!

As the temperature rises, buyers are coming out ready to purchase their dream home. Inventory is still below historic numbers and demand is strong. Don’t miss out on this great opportunity for you and your family.

Here are five reasons to list your home now.

1. Demand is Strong

Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that there are more prospective purchasers currently looking at homes than at any other time in the last 12 months which includes last spring’s buyers’ market. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing supply just dropped to 4.6 months, which is under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market in recent times has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19.3% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate under 4% right now. Rates are projected to increase by about three quarters of a percent by the end of 2015.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

When you are ready to sell your Seattle WA area home, put our Ultimate Home Selling System to work for you!

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

206-769-9577
stevehill@windermere.com


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Posted on March 30, 2015 at 3:00 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle Homes for Sale, Seattle WA Real Estate

Seattle WA Home Buyers – Don’t Let Your “Luck” Run Out

Don’t Let Your “Luck” Run Out | Keeping Current Matters

The 30-year fixed mortgage interest rate is currently still below 4%. Many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year, believing they still have time to lock in a low rate.

If you look at what the experts are predicting over the course of the next 12 months, it may make the decision for you.

Predictions for 2016 2Q:

Even an increase of half a percentage point can put a dent in your family’s net worth.

Let’s look at it this way…

The monthly payment (principal & interest only) on a $250,000 home today, with the current 3.86% interest rate would be $1,173.

If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4.4% making that home cost $11,000 more at $261,000.

If we take Freddie Mac’s rate projection of 4.7%, the monthly mortgage payment climbs to $1,354.

Some buyers might not think that an extra $181 a month is that bad. But over the course of 30-year mortgage you have spent an additional $65,160 by waiting a year.

If you are considering a home purchase in Seattle, check out all of the homes availble in Seattle WA favorite neighborhoods right HERE.

Put our experience and negotiating skills to work for you. Discount brokerages don't offer the same level of personalized service as us. We are with you every step of the way! Check out our reviews at BrennerHillReviews.com.

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

206-769-9577
stevehill@windermere.com


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Posted on March 17, 2015 at 11:47 am
Steve Hill and Sandra Brenner | Category: Home Buying, Real Estate, Seattle Homes for Sale, Seattle WA Homes for Sale

Location, Location, Location!

Location, Location, Location | Keeping Current Matters

 

A recent Demand Institute report revealed “nearly half of all American households plan to move at some point in the future.” Seventy-five percent of those surveyed in the report cited one or more ‘location-related reasons’ for their eagerness to move. Here are the top 5 reasons:

  1. Safer Neighborhood – 30%
  2. Closer to Family – 27%
  3. Change of Climate – 26%
  4. Closer to Work – 25%
  5. For a New Job – 23%

While the majority of Americans (74%) will move within their home state, for the 26% planning to call a new state home, it is important to know that prices in each state are appreciating at different rates and waiting to buy or sell your home could cost you more in the long run. The map below was created using the FHFA’s latest Home Price Index and shows year-over-year price gains in each state. Year-Over-Year Price Gains | Keeping Current Matters

Bottom Line

If your plan for 2015 includes relocating to a new state, let us get you in touch with a local real estate professional in that area who can help you find the best fit for you and your family’s needs.

As Windermere Relocation Specialists, we can assist you if you are moving across town or around the world.

Moving into or out of the Seattle metro area? Give us a call, we represent both buyers and sellers in this beautiful area we call home.

Useful Home Buying and Selling Information at: SeattleFreeHomeInfo.com

 

What Is Your Seattle WA Area Home Worth? Find Out Here for Free! SeattleWaHouseValues.com

 

STEVE HILL and SANDRA BRENNER | Broker | REALTOR®

SEATTLE – NORTHWEST
Windermere Real Estate / FN

DIRECT/TEXT 206-769-9577
OFFICE 206-367-4720

FAX 206-361-6943

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Posted on March 16, 2015 at 3:00 pm
Steve Hill and Sandra Brenner | Category: Home Buying, Real Estate, Seattle WA Homes for Sale, Seattle WA Real Estate

Hurry Up!! Call Steve and Sandra to List your Seattle WA House!!

Hurry Up! Call your Agent & List your House! | Keeping Current Matters

That headline might be a little aggressive. However, as the data on the 2015 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

We realize that existing home sales stumbled in January compared to December. But, if we compare the current September-January time period to the same period a year ago, we can see that existing home sales have outpaced last year every month with the January sales numbers 200,000 homes greater than last January:

Existing Home Sales Report | Keeping Current Matters

Pending home sales (houses going into a contract) as reported by the National Association of Realtors have also done much better in the last five months compared to a year earlier:

Pending Home Sales Index | Keeping Current Matters

And, buyer demand is continuing to skyrocket:

Buyer Activity | Keeping Current Matters

At the same time, the amount of housing inventory coming to the market compared to last year is plummeting:

Inventory Levels Year-over-Year | Keeping Current Matters

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Call us today to see whether that is the case in your neighborhood.

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

206-769-9577
stevehill@windermere.com

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Posted on March 6, 2015 at 3:00 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle Real Estate, Seattle Real Estate Agent, Seattle WA Real Estate

New Construction = New Competition

For the last several years, home sellers had to compete with huge inventories of distressed properties (foreclosures and short sales). The great news is that the supply of these properties is falling like a rock in the vast majority of housing markets (only 11% of homes sold in January). Many homeowners are now thinking of selling as the impact of this substantially discounted competition has disappeared.

However, every seller of an existing residential property must realize that there is a new form of competition in the market: newly constructed homes.

According to the National Association of Realtors’ Profile of Home Buyers & Sellers new home sales accounted for 16% of all homes sold in 2014. The graph below shows the top 5 reasons that a buyer would choose new construction over an existing home.

The top three should not come by surprise. With a new home comes the ability to customize the design of the home and the ability to avoid having to renovate or deal with existing problems.

The 10% of respondents who cited “Lack of Inventory of Existing Homes” could very well increase in 2015. Existing home inventory for sale currently sits at a 4.7 months supply, well below the six-months needed to be at a historically normal market.

National Association of Home Builders (NAHB) reports that there is currently a 5.4 months supply inventory of new construction available for purchase.

Bottom Line

With a steady buyer demand currently in the market, if you are thinking of selling, perhaps you should do it now to avoid additional competition coming to the market. Give us a call, text or email and put our experience and marketing skills to work for you!

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

206-769-9577
stevehill@windermere.com

BrennerHill..com
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Posted on March 3, 2015 at 3:00 pm
Steve Hill and Sandra Brenner | Category: Real Estate, Seattle WA Homes for Sale, Seattle WA Real Estate

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