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Buying in Today’s Market
Buying a Home in 2021
Real estate is one of the best decisions you can make for your financial future, especially when you factor in the unknowns with renting. Without question, you’ll be sure to find that the financial benefit, both in tax deductions and long-term equity will far outweigh those of renting. Emotionally speaking, renting can leave you vulnerable to the whims of a landlord. Even in times like today, when homes are selling for record prices, the reward of owning and gaining equity is far better than putting that money into someone else’s investment pocket. High demand from qualified buyers and low interest rates, mean we are poised for continued growth and stability. Which is why the threat of a bubble or anything resembling the financial crisis of 2008 is not likely. If you read my article on “Thinkin About Selling your House” you know that the reason for the higher sales prices is because of a massive increase in demand. Due in large part to COVID-19 and the shift to more remote or hybrid working models. In addition, Millennial’s currently make up the largest population in the US. With growing families, requiring more space. Even buyers that gained small fortunes through cryptocurrencies such as Bitcoin are looking to diversify and put their money back into traditional assets such as a home. With the gift of hindsight, better lending practices for the last decade+ and the freedom to live further from the office, ,buyers have an incredible opportunity to make owning a home a reality.
Crisis Averted
Addressing the housing crisis of 2008 is important, not to drum up the ugly past, but to know why now is different. There is a lot to be gleaned from an experience like that and more importantly actions to be take. Measures have been put in place to ensure history does not repeat itself. With that said, for those of you that are still weary of the what the housing market has to offer, I find it important to snorkel some details of 2008 before we touch on today’s market. Let’s rewind the clock to 2008 – to a simpler time when Flo-Rida was getting people “Low” on the dance floor at weddings and the NY Giants won the super bowl. A world where side swooped bangs were all the rage and the financial world was just giving out money. In the simplest terms, bad loans we given to people that could not afford them. Loose lending practices such as “liar” or “ninja” loans were being approved without verification of assets or income. Crazy, right?! The loans were set as ARM’s (adjustable-rate mortgage) and set to start adjusting all around the same time. This lead to widespread defaults. This to say, since then things got better, MUCH better. Through tightened lending practices, income, employment and assets verifications now serve as a bare minimum in qualifying for a loan. Ensuring you don’t get yourself into a loan that you can’t afford. Additionally, interest rates were lowered and continue to hover around record lows to encourage buying and investing. Making your money go further and monthly payments more affordable. Even for a higher priced, high demand homes. We have learned a great deal since then, so, let’s take the bear market by the ears and run with it!
Getting to the Heart of the Acceptance
It’s no secret the game to offer and acceptance has changed or at least gotten more competitive. The practicalities of a closed transaction rely on a lot of financial factors, but it’s important to keep in mind the feelings and emotion that also gets wrapped up in all of it. Have you stopped to wonder why some offers win? Moreover, why some brokers might have higher odds at helping their client get accepted? I think you’ll find luck has less to do with it than you think. Many times, it comes down to down to the negotiation process and the nuance of it. Having a broker, you trust to have you back and best interests is the first step. You also want someone on your side that will dig deep and find the motivation of the seller and the sellers agent. Is it the easiest deal? Is it a the lifelong home of a seller wants it filled with a new family to grow up in? Is it flexibility and the ability to do a rent back? I go into negotiation with agents on behalf of my clients with two things in mind; is it fair and is it reasonable? My job is to position you in the best light and that often comes down to communication. I’ve had the opportunity to learn from some of the best and combine my real-life experience with my psychology background to do just that. That kind of leverage is powerful. I am here for you and you can rest easy knowing I will do what needs to be done. Those that win the offer game are the ones who are not afraid to communicate the needs of their clients and aren’t afraid to get down to brass tacks for them. In some cases, you might even find out something new about your likes or needs.
If you’re contemplating buying a home and you can, you should! Take advantage of the low interest rates, responsible lenders and brokers that will go to bat for you. Set the fears of the past aside as teaching moments and remember to be realistic. It also never hurts to put the good energy out into the universe, visualize and manifest what buying a home looks like for you. I can’t wait to help you find the perfect home for you!
Ferrah Seifert
253.970.7579
Ferrah@windermere.com
@FerrahChino
Three of the Most Walkable Neighborhoods in Tacoma: Downtown Tacoma
Let’s continue our discussion on walkability with our next neighborhood, Downtown Tacoma!
Downtown Tacoma is a walker and biker paradise! No surprise, right? As you wander around Pacific Ave., you’ll stumble along various outstanding vendors and museums. Starting on the corner of 21st and Pacific Ave., you’ll find the Harmon, Tacoma’s original craft brewery with tasty beers and pizza. If you’re interested in a quick brewery tour, you can also swing by 7 Seas right up the street on 21st.
Want a fine dining experience? Look no further than Indochine Asian Dining Lounge, which has superior cocktail and Thai fusion entrees that will make your mouth water. I worked there for many years and never have gotten bored of their diverse menu and top notch service. You can also grab a quick bite at Senergo, Than Brother Pho or Sam Choy’s Poke to the Max.
When you cruise along this strip of business in front of University of Washington Tacoma, it’s impossible to not stop by Little Sister or Satori Boutique. I’m addicted to Little Sister’s eco-conscious skincare products and Satori’s trendy display of high-end fashion that doesn’t break the bank. Plus, these two businesses are owned by a local Fashionista and Boss Babe, Diamond.
Once again, I digress into food and shopping. What else is around Downtown Tacoma? Plenty! The Studio is a Pilates studio with Reformer machines that activates muscles that you didn’t even know you had. Their inclusive environment makes newcomers feel welcomed – they even have Foundations classes that give newbies the opportunity to learn the ropes (literally). Within a short walking distance from here you can check out the Washington State History Museum, the Museum of Glass, and Tacoma Art Museum (TAM).
As you continue down Pacific Ave, you’ll pass mom favorites like Children’s Museum and Attune Collective before arriving at Yoga Wild. This yoga studio offers sliding-scale pricing, inclusive social media, and community involvement. They aim to reach a population outside of the typical yoga demographic and bring people together under the umbrella of their core values: nature, community, yoga. Their light-filled studio is located in the basement of old Post Hall that also features a community workspace, The Pioneer Collective. You can rent conference rooms, classrooms or simply drop-in for an afternoon to work in a gorgeous setting. I’m actually writing this article there right now! 😉
If you want to grab happy hour with a friend, Matador has signature margaritas that are delicious and their Happy Hour menu will make sure you leave with a full and happy belly. But if you are still hungry or wouldn’t mind just one more cocktail, Wooden City is right across the street. This picturesque restaurant offers outdoor space, airy design and scrumptious menu items.
Any gamers out there? Be sure to check out the Dorky’s Arcade with a wide selection of pinball machines, classic and new video games that will be sure to delight people of all ages. Remember after 9pm, it’s 21+.
If you’re in the area after dark and like to sing karaoke, do yourself a favor and stop by The Mix or Puget Sound Pizza. I’ve had countless nights watching Drag Queens sing karaoke at The Mix and they are some of my favorite memories—trust me they do NOT disappoint.
Enough about what I think, what are your favorite Tacoma businesses?
Interested in buying a home in this neighborhood? Click here for dialed in search of homes for sale in Downtown Tacoma.
Three of the Most Walkable Neighborhoods in Tacoma: Proctor District
One of the topics that is consistently brought up by my buyers is the walkability of a neighborhood. Who doesn’t want to be able to walk to a local coffee shop on Saturday morning with your pup?
So, what neighborhoods have the best walkability in Tacoma? I’ve done a little research and here are my findings:
Proctor District has the huge benefit of giving patrons the option to accomplish most errands on foot. There is Olympia Coffee, which is one of my personal favorites, and Starbucks across the street. You can pick up groceries from Metropolitan Market, Safeway or the local farmers market each Saturday.
What is your favorite type of cuisine? There is a high likelihood that Proctor has you covered with classics like Peaks and Pints, Pomodoro Italian Restaurant & Bar, and East & West. Not to forget the new kids on the block—Crudo & Cotto and Cactus Proctor are quickly becoming local staples!
Shops in the neighborhood never disappoint with a plethora of local goods at your viewing and purchasing pleasure. I’ve never walked into Compass Rose without buying something or reluctantly tearing myself away from a household item, baby item, or piece of jewelry. This store is my go-to for gift shopping! And with Chirp & Go a few doors down and Fern Seed around the block from Compass Rose, you don’t have to go far to satisfy your gardening and indoor plant cravings.
Fern Seed
Okay, okay, enough with the shopping… What else can you do in Proctor District? As Washington’s oldest continuously operating theater opening November 23, 1923, The Blue Moose Theater is a Tacoma staple. They play movies for discounted prices and feature an interactive Rocky Horror Picture show two Saturdays a month. I remember going as a teenager and I will never forget it.
As an avid yogi, I’m also extremely thankful for TacOMa Yoga! This studio offers alignment, vinyasa and yin classes to appeal to every student. Each teacher I’ve had the honor of taking a class from has been exceptional.
Enough about what I think, what are your favorite Tacoma businesses?
Interested in buying a home in this neighborhood? Click here for dialed in search of homes in Tacoma’s Proctor District.
Is Staging Your Home Really Worth It?
Before you list your home, your listing agent is likely to suggest that you stage your home in order to attract more buyers and receive higher offers. Sure, a staged home looks beautiful, but once you hear about the costs associated with staging, you might start to have doubts about whether it’s ACTUALLY worth it.
That is probably exactly why you’re reading this article—you’re trying to do some more digging as to whether or not staging is worth the money you’ll spend. The short answer is YES, it’s worth it! Here’s why:
- According to the National Association of Realtors, for every $100 that you invest in staging your home, the potential return is $400. That means that if your home is listed for $400,000, you would leave approximately 10% ($40,000!) on the table by not staging. That isn’t chump change!
- Staging offers the impression of a certain lifestyle by optimizing the space. It can help attract buyers who are trying to envision themselves as the new homeowners. This technique also removes your personal touch from the home (making it easier for potential buyers to envision themselves living there) and broadens your buyer pool.
- When rooms are empty, they actually feel smaller. So, staging provides examples for how a buyer might position furniture and gives them a better idea as to whether or not their current furniture will fit.
- Staging also highlights architectural features of the home to draw potential buyers’ attention to the aspects of the home that are unique and appealing. There is also a high likelihood that buyers will notice more flaws when a home is vacant, which shifts their attention to everything that needs to be updated vs. visualizing living there.
- According to this Forbes article, “A staged home will sell for 17% more on average than a non-staged home, and 95% of staged homes sell in 11 days or less. That is statistically 87% faster than non-staged homes.”
Based on those data points, I think we can all agree that staging a home will only work to your advantage of getting top dollar and selling quickly!
Do you have a question about selling your home? Reach out to REALTOR® Ferrah Seifert at ferrah@windermere.com or at (253) 970-7579.
3 Reasons Why I Moved from Seattle to Tacoma
5 Reasons Tacoma is One of the Best Places to Live
As a Tacoma native and Western Washington University alum, I’ve lived all along the I-5 corridor. As soon as I graduated college, I was bound and determined to move out of my parents’ house, so I moved to Seattle with big dreams of someday owning a home up there. After living in this major metropolitan city for 8 years, my husband and I began investigating different opportunities to invest our hard-earned money, and buying a home was the obvious choice.
Where we decided to move depended on these 3 factors:
- AffordabilityWe both agreed that we didn’t want to purchase a property that would require a ton of renovations, and we also wanted at least a small yard for our pup. Our dreams of owning a home in Seattle proper were instantly crushed once we determined our desired price range and started looking around in the neighborhoods we liked. So, I extended our search criteria to include Tacoma. Not only could we buy a turn-key home in a desirable area within our budget, but we could also have a sizeable yard! Homes are simply a better value in Pierce County, and property taxes are also considerably lower than King County.
- Culture
During my time in Queen Anne and Ballard, I enjoyed the lively nightlife and access to restaurants and entertainment at every corner. When considering moving down south, I felt a slight twinge of panic at the thought of giving up living so close to local boutiques, tasty treats, and nights out on the town. I was raised in University Place, so I had an image of what the local scene was—but boy, was I wrong.
Into Asian Street Eatery
The City of Destiny has grown significantly in recent years, and the local culture is thriving. Since moving into our home in Tacoma, I still haven’t dined at all of the new restaurants because I’ve been visiting some of the long-time favorites like Indochine Asian Dining Lounge, The Harvester, and Cook’s Tavern. One of my favorite new restaurants is Indo Asian Street Eatery- if you haven’t been there yet do yourself a favor and check it out. I’ve also explored exhibits at the Tacoma Art Museum (TAM), brought my little one to the Children’s Museum of Tacoma, and attended multiple farmers markets at Point Ruston and Proctor District. They even have a Tacoma Night Market each month filled with local vendors and food trucks galore.
- CommunityMoving back home had its obvious perks of being close to my extended family, especially once we decided to grow our family. However, even if you are not from Tacoma, people actually smile at you when you walk down the street and there is a high likelihood that you’ll see a few familiar faces after frequenting the same brewhouses or local coffeeshops. Tacoma has a small town feel that is comforting and provides a nest to build upon. There is also a plethora of opportunities to get involved with your local neighborhood. For example, you can attend the Turkey Trot in Proctor, check out Pod Works (a club designed for entrepreneurial moms), or volunteer at one of the many organizations working to make a difference in our community.
Compass Rose Boutique in Proctor District
If you’re considering taking the leap to get more bang for your buck, let’s chat about the various neighborhoods and where you could start your search. I would even make the trip up north to buy you a coffee—as long as we can go to Café Vita or Ballard Coffee Works! 😉
You can reach out to REALTOR® Ferrah Seifert at (253) 970-7579, ferrah@windermere.com, or via this contact form.
