Selling your Home in 2021
Deciding to sell you home can be a big decision. Taking the guess work out of it and getting you in a position of success is much easier than you may think.
To sell or not to sell?
Is it time to sell my home? If you find yourself asking this question, you are not alone! This market is undoubtedly an incredible seller’s market and the cats-out–of- the-bag on our little piece of Pierce County paradise. Inventory is trending around the same as previous years, meaning the reason for the market’s continuous growth comes down the actual demand. We have more qualified home borrowers; low interest rates and… Washington has number one economy in the entire country! In terms related to the current market, your bet is pretty good. Market conditions aside, many of my clients are also looking to take advantage of higher home values and use the home equity in their current property towards the purchase of a dream or forever home. Whether you’re looking to time the market like a perfect Hawaiian wave or you have a more practical reason. Such as a growing family, not needing to commute or retirement, I have some great resources designed to help you through the process of selling your home with ease.
No Surprises
A number of clients come to me hesitant to sell because of the fear that an aspect of their home would cause an issue or potentially delay the sale. For many, hearing what’s “wrong” with their home from a buyer’s inspection can seem deflating. However, we have a great tool to combat that hesitation and take the surprise out of it. I present…pre-inspection! The beauty of conducting a pre-inspection is, it will help you determine the major issues (if any) and give you the opportunity to either fix the item(s) before you even go to market (leaky drain, service HVAC, update outlets). Or you can list your property and it will provide the buyer the opportunity to present an offer with the bigger challenges in mind (roof repairs, appliances, exterior paint). The purpose of such disclosure, is time. Some buyers will even waive an inspection if given a pre-inspection to consider. Saving 3 days to a week in your steps to close…hooray! Tools like a pre-inspection also provide peace of mind to both sides of the transaction. If you do decide to do a pre-inspection, choosing a reputable company is especially important. Some will even provide a summery checklist that can be helpful reminders of the priority items, either before listing or before closing.
Contingency is in the Eye of the Beholder
Remember when I referenced that little detail in the market right now called, demand? It’s great when selling your home! However, that high demand is also responsible for making some offers, especially contingent ones seem less attractive. Because demand is so high and buyers are very qualified, it can lead to many offers being in cold, hard, cash. Are you picturing a briefcase full of cash? Me neither. For all intents and purposes though, it’s a fun position to be in as a seller. So, “what does this have to with selling my home?” you ask. It’s less to do with actually selling your home and more to do with how you’ll use the current equity. If you’re looking to use the equity proceeds from your current home to purchase a new home AND you’re unable to qualify for the second mortgage without the sale of your current home, it may present a slight challenge in the timing of it all. Which is to say, it’s important to keep in mind the right offer and not just the highest or fastest closing one. The old adage of “a million dollars now or a penny that double every day” comes to mind. There are many options to consider if you do find yourself needing your equity to qualify for your new home. Many of my clients have been able to do a rent back, where you can rent your home for a desired period of time, (usually one to three months). The great thing is, you don’t have to move right away if you sell quickly. AND using this option will make the proceeds from your home liquid, giving you the very same “cash” leverage and competitive advantage for offers as you embark on your next purchase.
Simply put, if you’re ready to make a move and sell your home, there is no time like the present! Taking pre-inspection and the changing landscape of contingencies into consideration can put you leaps and bounds ahead in your preparations to sell. If you still have questions or are curious about home values in your neighborhood, let’s chat!
Ferrah Seifert, REALTOR
253.970.7579
Ferrah@windermere.com
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.
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.
3 Reasons Why I Moved from Seattle to Tacoma
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.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.
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.
Selling Your Home? Here Are the Top 5 Home Updates You Can Make for the Best ROI
According to this article via NerdWallet, 70% of American homeowners believe that their house is their biggest asset. And as you might expect, taking the time to keep up with repairs and make smart improvements to your home are proven ways to increase your home’s value.
When you’re determining where to spend your time, energy, and money on home updates, many homeowners will want to focus on areas that will bring them the highest return on investment (ROI) in the long run.
Here are the top 5 areas to focus on for the best ROI:
- The Kitchen: According to Remodeling magazine’s “2018 Cost vs. Value Report,”“A minor kitchen remodel recoups 81% of its cost in added value on average, versus 53% for an upscale kitchen remodel with stone countertops, custom cabinets and commercial-grade appliances.”At the same time, according to this article on ConsumerReports.com, a survey of millennials revealed that having a modern kitchen that’s been updated is an ideal home feature for more than a third of respondents. Luckily, a few savvy kitchen updates can go a long way—stainless steel appliances, a fresh coat of paint, new flooring, on-trend counters, and even new cabinetry hardware can give a major facelift to an aging kitchen. The article shares that sellers can expect a 3-7% bump in sale price after making these updates, which can end up being well worth the initial investment.
- Bathrooms: Bathroom remodels also offer a solid ROI. This page on HomeGuide.com offers an in-depth look at not only what you can expect to pay for a bathroom remodel (depending on how much you plan to do). The article shares that bathroom remodels can offer an average ROI of 70%, but of course this will differ depending on the renovation choices you make.When you’re considering how to remodel different aspects of your bathrooms, the shower and toilet are of the utmost importance. According to this article on ConsumerReports.com, people over 50 years old generally don’t want to have to step over a tub to take a shower, so curbless showers are a great idea. Not only are curb-less showers easier to get into and wheelchair accessible, but their design is elegant and streamlined as well.If you’re choosing a new toilet, consider picking a taller toilet that makes getting on and off easier. The Glacier Bay N2428E(sold at Home Depot for $99) is one example of a great choice—this toilet is ADA compliant and the seat is 2-4 inches taller than standard toilets.
- Paint: Whether you’re giving your kitchen or bathroom an update, paint is another factor that can give any space in your home an instant update for minimal cost. If you’re giving your home a facelift as you get ready to sell, you don’t necessarily need to repaint every square inch of your home—instead, focus on areas that get used the most, or where you can get the most bang for your buck!
- Curb Appeal: You only have one opportunity to make a strong first impression, so ensuring that your home features top-notch curb appeal is essential. While you don’t have to go over the top with landscaping, your yard should be well-maintained, and you might spruce it up by painting your front door or planting some flowers. Trimming overgrown shrubs, pressure washing the sidewalk, and making minor repairs to your home’s façade can also offer big results.
- The Basics: Home buyers expect a home’s basic systems to be taken care of, so you’ll want to make sure that things like electrical, plumbing, the roof, etc. are in tiptop shape.Here are a few questions to ask yourself:
- How is the condition of your furnace, water heater, roof, electrical, plumbing, and other basic systems?Making sure that you take care of the basics and possibly upgrade systems when necessary can help alleviate worries of potential buyers.
- Are your home’s systems energy efficient?Many buyers are becoming more and more mindful of the impact that their home may have on the environment, and buyers may also be interested in energy efficient systems to save money. You might also consider getting a new water heater, installing double-paned windows, enhanced attic insulation, installing energy efficient appliances, and LED lighting as ways to capture the attention of savvy buyers.
- What condition are your floors in?Is your carpet stained? Do your hardwood floors need refinishing? New flooring can be an instant way to give your home that “like new” feel.
- Can you finish any spaces (like a basement) to add more square footage to your home?If you’ve been putting off finishing any part of your home, now might be the time to transform those spaces into usable square footage!
Every situation is a bit different, and having a second opinion from an expert in your local housing market can translate to bigger profits for you down the line. Do you have any questions about how to get the best ROI on your home remodel?REALTOR® Ferrah Seifertwould love to help—you can get in touch with her at (253) 970-7579 and send her a message here.