Seattle Real Estate Property Listings and Sales » Home

The problem with Short Sales – you need a good reason.

admin — Sat, 28 Jan 2012 05:51:41 +0000

A short sale does not mean that it takes less time to close, it means that the seller does not have enough money to cover the mortgage when the house sells at market price. The market price is based on what other the houses in the neighborhood or similar homes have sold for. It doesn’t matter what the owner paid for it, it doesn’t matter what they have put into it, the market activity around the home at a particular point in time is most important. Remember, it has to appraise for the value or the buyer can’t get a loan.

We had a call today from someone that wants to sell his condo and he knows that it will be a short sale. We expressed our sympathy and tried to get an idea of why he needed to sell his home. He said that it just didn’t make sense anymore to keep it because he and his wife were going their separate ways. We explained that he needed to put together his hardship letter, his bank statements for 6 months, his tax returns for two years, his pay stubs for two months and then we would have to submit a purchase and sale agreement from a buyer and a competitive market analysis for the area justifying the purchase price.

His only question was about the hardship letter. We explained that he needed to justify to the bank why he couldn’t continue to pay the mortgage or why he had to sell at this time. To our surprise, he said that he could continue to pay the mortgage but that didn’t really want to, he just wanted to move on. We explained that he really needed a reason for the bank to have some sympathy for him. Once again we were surprised. He thought that the bank should take what he could sell it for and be happy because their alternative to the sale was foreclosure. He wanted to think about what he might do.

We have helped both buyer and sellers with short sales. Short sales aren’t easy, but in order to have a successful negotiation, you need to have a good reason.

There is an art to standing out and fitting in at the same time!

admin — Tue, 01 Nov 2011 21:56:20 +0000

Everyone thinks that their home is special and IT IS.
What makes a house a home are the special things we surround ourselves with and the memories we create there. Your home is a great sources of pride and comfort, but what you do and how you live, can help determine the value of a home, either up or down, when the home is for sale. When we evaluate a home that is unique, we have the delicate conversation about standing out and fitting in at the same time. In higher-end homes, uniqueness is very common, and usually an asset, but when it crosses over the line to eccentricity, the target market gets much smaller. That translates to a longer market time and a very narrow buyer pool. In middle-to-lower priced homes, certain upgrades will make a home worth more, but don’t over improve. If you do that, you’ll likely want to recoup the costs and that will make you more expensive than other homes in the neighborhood. Your home will likely take longer to sell and it may not appraise.

We recently viewed a home that had a pool and a lot that was much larger than any other home in the neighborhood. While the pool was lovely and the grounds were fabulous, we explained that many buyers in this part of the country don’t expect pools, because of weather. While there are folks moving into our area that like pools, the $50,000 that it took to put it in would probably not generate a full $50,000 in the sale price.

Another example is a home we just viewed with an addition of a mother-in-law unit that was done by a handyman instead of a contractor. While the space was fairly well laid out, the details for doors and floors were not finished and it was not integrated well into the original home. The addition fit the homeowner’s lifestyle, but would not be easily translated to another family. In this case, the addition was a negative factor in the home and would impact the sale price negatively.

Advising buyers, we often say that you don’t want to buy the most expensive home in a neighborhood, because there isn’t much room to appreciate and it can take longer to sell. If you buy the least expensive home in a neighborhood, you may also have a problem because you won’t be fitting in with the other homes. While there are reasons for both and exceptions to both, the best solution is to buy a home that is price well in a great neighborhood that hasn’t had all the improvements done so you can reap some of those benefits and appreciate like the surrounding homes. That way if you decide to sell, your personality can shine through and the buyers will be plentiful.

When the buyer is ready, the home will appear – make sure it’s yours!

admin — Fri, 16 Sep 2011 15:37:03 +0000

We have touched on selling issues before, but recent experiences demonstrate that they bear repeating.

It is always stressful to put your home on the market to sell and the journey is usually longer rather than shorter. We all live the way we want to live in our homes, because after all, our home is our castle, so to speak. In the spirit of my father, if we wanted to live differently in our homes, we would. Where the problem comes is when a seller has a “highly personalized style” that doesn’t appeal to the broader market or the seller is unwilling or unable to be flexible to the parade of buyer’s and their schedules.

As see in our recent video with Dennis Conner Getting your home ready for sale, strong statements in art or furniture can distract buyers from the real features of the house. If there is too much furniture, the home looks small. If there are strong colors on the walls in the kids room, the buyer calculates the inconvenience of painting, if the rug is an outrageous color or pattern, buyers calculate the cost of new carpet and if there are visible signs of wear and tear that aren’t address, buyers wonder about the maintenance items that they can’t see and if the house has been reasonably maintained.

The other big problem is when a home is not accessible when a buyer wants to see it. In our area, we have lots of buyers coming in for jobs. They fly in for the weekend and have to find a home. They have a limited time to complete a complex and stressful task and they usually get it accomplished with the home that meets most of their criteria. Recently, I was showing a couple for the weekend and we saw 20 houses. The first day didn’t go well, but on the second day, the first house we saw was almost perfect and we spend the rest of the day comparing every other house to it, until… Until we saw the last house. The last house was completely different, but it has two features that were on their wish list, but they didn’t think that they could find a house with both. In order to make their final decision, we wanted to go back to the first house for a second look, so that they could make a timely comparison. Imagine our surprise when the seller said it wasn’t convenient and we should try another day. I’m sure you can guess the rest of the story. We wrote on the last house and never went back to the other home.

The thing we’d like you to remember and share with everyone you know that is selling or has sold, you only need one buyer to buy the house, you just don’t know which one it will be and what will appeal to them. Be ready, willing and able to show when the buyer is ready and broaden your market appeal with more generally accepted choices so that when the buyer comes in, you’ll have the best chance to go from For Sale to Sold.

Northwest Real Estate Forum is in the news!

admin — Tue, 14 Jun 2011 23:08:39 +0000

This is the press release that went out on the wire yesterday…

FOR IMMEDIATE RELEASE
Contact: Nancy Juetten, nancy@nsjmktg.com, 425-641-5214
New Internet TV Show– Northwest Real Estate Forum — Debuts to Guide Real Estate Buyers and Sellers to Make All the Right Moves

(June 14, 2011 – Bellevue, WA, The Open Press) – Today a new internet TV show called Northwest Real Estate Forum debuts to guide residential real estate buyers and sellers to learn about local real estate issues and experts so they can make all the right moves. This initiative is the brainchild Patricia Wangsness, a top producing realtor with the top performing Bellevue office of Coldwell Banker Bain. She earned 5-Star Residential Real Estate Honors for Customer Satisfaction in 2010.

Wangness has one goal in mind with the new internet TV show. She seeks to educate a wide and growing audience of viewers who are curious about market conditions. She says, “Video is the easiest way for us to deliver information buyers and sellers need before they start the process of buying or selling. Whether consumers are buying, selling, or sitting on the sidelines, the Northwest Real Estate Forum program aims to communicate and educate those who need to navigate market conditions so they can make good decisions. The show is a vehicle to connect buyers and sellers with quality professional resources that can add value to their buying/selling process.”

The first video can be seen here. Viewers can opt-in to be notified of new videos as they debut. Each showcases local experts who address timely topics such as:

How personal finances impact making the right buying, selling and renting decisions;
Need to know basics before you apply for a mortgage;
How to dance around the moving company bait and switch;
The truth about Zillow;
Home ownership before and after bankruptcy;
New government rules for mortgage underwriting and what they mean to you;
What it means for seniors to age in place;
Escrow for newbies;
The do’s and don’ts for interior design to optimize resale

Among the experts interviewed to date are Femme Finance Host and President of Sound Financial Partners Debbie Whitlock, VP of Sales – Coldwell Banker Bain Ron Sparks, Bankruptcy Attorney John Farver, Regional Sales Manager for Landover Mortgage Rhys Evans, Branch Manager for Escrow Professionals of Washington Angie Balconi, Principal of Seattle Aging Solutions Sara Shelton, and Principal of Moving Link Rick Harper.

Even in the most challenging days of the Great Recession, Wangsness closed dozens of deals to earn her place among the top performing agents at the #1 ranked Coldwell Banker Bain Office in Washington State. Among the keys to her success is her ingenuity about marketing. For example, she conceived the idea behind the Artful Open House™. For this event, Wangsness staged a million dollar home with original art from a Northwest artist to give locals a new reason to attend the open house. She sold the home on Super Bowl Sunday. She also conceived the idea for the Rendering the Possibilities™. For this event, Wangsness teamed with a local interior that makes it easy for buyers to visualize what a space can look like when remodeled or furnished in their own style. Adding video to the mix is just one more way Wangsness can be of deeper service to current and potential clients.

About Patricia Wangsness:

Patricia Wangsness and her husband and business partner David Wangsness serve relocating executives and motivated buyers and sellers of residential Puget Sound real estate. Their award-winning and results-focused efforts foster lasting relationships, generous referrals, and goodwill. The Coldwell Banker Bain Bellevue Way Office is ranked #1 in the state, the country, and the world. This office is also ranked #1 for Eastside Market Share, closed volume, closed units, sales above $1 million, listings, listings sold, average listing sold price, and waterfront sales. To learn more, visit patricia@northwestrealestateforum.com, call 425-941-4841, or watch the videos and engage in the conversation at the Northwest Real Estate Forum Fan Page on Facebook http://www.facebook.com/NorthwestRealEstateForum

How low can we go? Buyers new negotiating strategy

admin — Wed, 20 Apr 2011 20:09:58 +0000

How low can we go? Buyers new negotiating strategy

Almost no one is making an offer at the asking price these days for homes that have been on the market a while, but making an insulting low offer is not usually the best way to get a home you are interested in. The real estate market is dynamic, but perceptions are slow to change and the news media isn’t helping. The inventory of available homes for sale in our area is low, compared to two years ago. Here in our market, we had almost eight months of inventory in October of 2008. At the end of March, 2011, there is less than two months of inventory available to buy. Because of the media attention, buyers think that they are in the driver’s seat and a seller is lucky to have them make an offer. Buyers are looking at homes outside of their price range and hoping that desperate sellers will accept. Writing offers that are 15-20% below that asking price is usually just an exercise that doesn’t do anything but set up an adversarial relationship with the sellers and the agents.

News flash: quick full-price offers and multiple offers are back on desirable homes that are priced to sell. Not too low and not too high, just desirable floor plans, updated houses, at the right price. We just had a listing that sold in 3 days with a full price offer. Another agent in our office had multiple offers on a home in 3 days and it went for more than the asking price. In both cases, the buyers had lost out on other homes because they were not as fast as other buyers to get their offers in for consideration.

Don’t get me wrong, things are not back to the 2005 and 2006 frenzy here, but there are buyers with financing that need to buy a house and don’t want to wait forever! If the object of putting your house on the market is to get it sold, price it competitively, make it accessible and with the right marketing, it will sell and you won’t have to go through the frustration of dealing with insultingly low offers.

Artful Open House – Sat, Feb 5 & Sun, Feb 6 – 1 to 4 pm

admin — Wed, 02 Feb 2011 21:29:25 +0000

Artful Open House February 5th & 6th 1-4 pm

We hope that you will join us sometime on Saturday, February 5th or on Sunday, February 6th between 1-4pm for another Artful Open House at our listing at 9722 SE 43rd Street, Mercer Island, featuring the work of NW Photographer Dave Schiefelbein

Dave’s work is very special and we are anxious to have you meet him and see his work. Special thanks to Cheryl Hubbell of Cobalt Mortgage and Robin Daly of Daly’s Paint who will also be there to share their expertise and we have special gifts to all that attend.
You may know that the idea behind the Artful Open House is to turn a vacant home into an art gallery where everyone can enjoy the art, share it with friends and see this beautiful and unique home on Mercer Island. We have special gifts for everyone that stops by and we will have refreshments too! We’ll be easy to find, just follow our open house signs with a topper that say “Art Show Today.”
Looking forward to sharing the fun with you!

5 Reasons to Sell your Home

admin — Tue, 18 Jan 2011 02:31:06 +0000

1) You want a better neighborhood, schools, or commute. We all know neighborhoods that people want to get into because they have an ideal location or they have the best school system.

2) The floor plan of your home just doesn’t work anymore. Maybe you need a one level home and you are in a two story or maybe you’re an empty nester now and want to go from 3,000 sq ft home tosomething around 2,000 sf. In that case, a simple remodel won’t due.

3) You can’t live with disruption. If you are a person or a family that cannot live with a remodel project running your life for a few months, then don’t remodel. A good designer, architect and remodeling contractor will become your new best friends and they will be in your life for the duration of the project. You will share breakfast, lunch and dinner with folks and there will be lots of inconveniences along the way. Change is disruptive, and there is no way around it.

4) Your remodeled home would stand out like a sore thumb. If you have your heart set on a specific style of home and it doesn’t exist in your neighborhood, sell and buy the home you want. A contemporary with lots of glass surrounded by two story colonials, would be a big mistake. Even if you could get it done, you would have a hard time selling and your neighbors won’t be happy either.

5) You would be over-improving for the neighborhood. If the level of your neighborhood is granite tile and laminate hardwood floors and you want a marble entry with Brazilian cherry and imported granite slab, sell and buy a new home. Over improving your current home is not a good decision in the long run.

While selling isn’t easy or without significant costs in time and money, you need to sell if you any of these 5 reasons apply to you

Business By Connections

admin — Fri, 10 Dec 2010 23:47:08 +0000

Audio Connections for November

admin — Fri, 26 Nov 2010 23:36:18 +0000

Patricia Wangsness in a recent radio interview with Debbie Whitlock of Femme Finance with a seasonal real estate recap, a breakdown of foreclosure realities and homes sales in the holidays.

Five Questions Buyers Stress Over The Most

admin — Thu, 28 Oct 2010 23:46:39 +0000