Posts Tagged ‘Whidbey Island’
Have you been thinking about selling your fixer upper? Perhaps you’ve been hesitant to get started – selling a home can be a daunting task, let alone one that needs obvious work. Perhaps you’ve got an outdated kitchen, a closed-off floor plan or a bathroom that hasn’t been updated since 1932.
But don’t worry! While a fixer upper isn’t right for every potential buyer, there are people out there who may be looking for exactly what you have to offer. Here’s what you should keep in mind to make the most of your fixer upper listing.
Emphasize your home’s qualities
Maybe your home needs new floors or a landscape overhaul – but that doesn’t mean it doesn’t have its own special perks or charm. Take a good look around your home and see what qualities it does have that can help sell it. Is it situated on a large lot with beautiful, old trees? Is the woodwork original? Maybe it’s in a desirable location with a good school system. Emphasize those qualities when marketing your property.
Choose the right price
Potential homeowners interested in a fixer upper aren’t looking to pay top dollar for your house – they’re hunting for a bargain. If the price is too high, you’ll likely scare off some possible buyers. Check the comparables in your neighborhood and price your home lower. Draw attention to your bargain price in marketing materials to attract those who are looking to trade in their carpentry skills for a price break.
Fix it up
Obviously you won’t be making extensive repairs to your fixer upper before you sell it, but it won’t hurt to give it a little makeover. Make sure it’s clean, add a new coat of paint, trim and clean the yard and stage it so prospective buyers can imagine what it might be like to live there once it’s fixed up.
It’s important that you’re upfront about the condition of your fixer upper from the start. Make it clear in marketing materials that the house will need some work – you’ll save yourself the headache of having to deal with disappointed prospects. During the closing process you’ll need a home inspection, which will highlight whatever flaws exist, so be sure to be open about them from the beginning.
Work with the right agent
Not all real estate agents have experience selling fixer uppers. Give Coldwell Banker Koetje Real Estate a call and ask us about our history selling homes that need repairs. Contact us about who normally sells homes in the price range you’re looking for; they’ll have the knowledge you need about the current market and how to properly price your home so that it sells quickly and doesn’t sit languishing on the market for months. They’ll also be able to offer advice about any repairs that may be essential before you sell and how to best market your property.
All in all, selling a fixer upper doesn’t need to be an overly difficult process. By knowing your home’s selling points and working with the right agent, in the end you can have a sale you feel good about. I hope this helps you if you are considering selling your fixer upper.
I don’t usually post about our office in particular, but I am awfully excited about our new construction taking place and wanted you, my blog readers, to be excited with me.
On February 19th, ground was broken to begin construction of our new 3,600 square foot building – and remodel of the existing building – that will allow Koetje Property Management and Coldwell Banker Koetje Real Estate to be located side by side. It may have been a blustery day but Coldwell Banker Koetje Brokers, friends and family turned out for the big event!
Located on the corner of Pioneer Way (aka the Pi-OH) and City Beach St, we like to think of ourselves as being the gateway to historic downtown Oak Harbor. Since it has been more than 40 years that any new construction has happened in this historic area, we are happy to be stirring community interest downtown on the Pi-OH and to help bring more people to its restaurants and shops.
Our new building and remodel is going to allow us room for our 22 Brokers, 8 additional offices for future Brokers, our 13 employees and for our Owners, Rick Schutte & Camden Schutte.
Quantum Construction, Inc has been making great headway despite the strong winds since they began four and a half weeks ago. We are excited to share the progress they have been making and will continue to blog with updates.
We are also flattered that the Whidbey News-Times wrote a wonderful article on our expansion, please click to read it here.
Our neighbors struggling with the battles of Breast Cancer – NOT IN OUR HOUSE! October is Breast Cancer Awareness month, and Coldwell Banker Koetje Real Estate and Koetje Property Management are going PINK! “Not in Our House” is a fundraising campaign to help those locally in the area who are being affected by the obstacles breast cancer throw in their way.
HOW ARE WE HELPING?
For every sale of a home that Coldwell Banker Koetje Real Estate is involved with during the month of October, the broker from Coldwell Banker Koetje Real Estate involved in the transaction will donate an amount from his/her commission to the fundraiser & the company will then match that donation. Look for the PINK SIGNS on our “For Sale” riders!
For every new property that Koetje Property Management receives into management during the month of October, the company will donate to the fundraiser.
WHERE DOES THE MONEY GO?
Coldwell Banker Koetje Real Estate and Koetje Property Management wanted to donate the money locally, so that our neighbors who may be struggling with the battles of breast cancer financially, physically and mentally may receive some relief. Whidbey General and Island Hospital both have cancer programs to help those who are in need of some sort of assistance.
It has been a while since I have posted real estate market conditions here on Whidbey Island. It has been a very busy market this Spring and Summer and it appears that it will continue into the Fall. On North Whidbey we are expecting the new Navy personnel to begin arriving sometime in the late Fall, early Winter, and to then continue throughout the next couple of years. That will definitely keep us busy helping them find housing. With the continual volatility of the stock market and the low interest rates available, we are seeing investors and second home buyers on South Whidbey purchasing without any financing and paying cash.
To get an idea of how today’s market is compared to five years ago, I ran some stats on a typical 3 bedroom, 2 bath, 1600 – 1800 sq. ft. home. It was interesting to see that on South Whidbey the homes that match that criteria have sold for the same price as they sold for in 2010 and that the median price of all home sales for the same area had rebounded to where they were equal to 2010. Between 2010 and 2015 home prices had dropped but they are now back to 2010 levels and trending up.
Home sales prices on North Whidbey for the same criteria (3 bd, 2 bath, 16 – 1800 sq. ft.) have actually increased by 16% over the 5 year period from 2010 – 2015, while the overall market on North Whidbey has regained price losses that occurred during that five year period and are now back up to 2010 price levels and trending upward also.
Due to the continual low amount of listings of both the South and North Whidbey real estate markets, together with low interest rates, I would expect to see a continued upward trend in home prices. I would also expect to see an increase in new home construction, but with not much residential developments currently available to build, it may be a few years before we see much construction.
That’s it for now. If you would like more in-depth information, please feel free to contact me.
The short answer is “yes,” but know what you’re signing up for.
In a seller’s market it seems like most homes should sell — given enough time and exposure on the market. But there are some situations where a home MUST sell: the owners need to move for work or because of a job loss; or, the home was left in a will and proceeds need to be split among the inheritors; the sellers are experiencing divorce, or any number of other reasons a home needs to sell quickly.
With a quick sale required, sellers may be temped to go for an agent’s offer that sounds too good to be true: The agent will “buy your home if it doesn’t sell!”
According to Angie’s List, such offers are not scams. They are, in fact, marketing tactics that might work for you in your situation — a win-win — or, might be a really bad deal. Before signing on the bottom line, make certain you know what you’re agreeing to.
Home sale guarantees
Real estate professionals may offer a variety of types of guarantees. Each has its own value to both the agent and the seller:
- “If I don’t sell your home, I’ll buy it” — Often, this type of guarantee offer comes from agents that work with investors. An investor wants to buy a home either to rent or to sell at a profit. In this scenario, you should plan to part with a chunk of your equity. This program may work for you if you need to sell quickly but don’t need top dollar from your home, if you need to sell to settle an estate, or if you’ve found a new home at a substantial discount and just can’t afford the two mortgages at once. Just know that you will see less return on this type of sale. If your agent only sells under this program and not to the general public, you’ll end up with less in your pocket.
- “If I don’t sell your home in X months, I’ll buy it” — When a program has time stipulations, it usually also has price stipulations. You’ll most likely be agreeing to a schedule of markdowns (monthly, bi-weekly or weekly) so that by the “I’ll buy it” date it reaches the price the agent will pay for it.
- “We guarantee you X% of the value” — In this approach, the agent offers a specific discounted price if your home doesn’t sell. Often, this is about 90% of its fair market value, plus fees and commissions.
The bottom line
Before you agree to any home sale guarantee plan, know that if the agent does not sell your home outright and the plan goes into effect you’ll be accepting far less for your home than on the open market. While this seems like a lose-lose for the typical home seller, it can be a win-win if the sale is urgent or the sellers have extenuating circumstances.
The best scenario
When selling your home, the best scenario is to work with a real estate professional that knows the home’s market, can advise you on the best way to prepare your home and create curb appeal, and offers all marketing resources (online, offline, print, local, signage, MLS, etc.).
Compliments of Virtual Results
I thought that I would share a couple of interesting graphs with you today. These are graphs of the sales and active listings for North Whidbey Island January 2013 – Sept. 2014. As you can see, the sales have continued to increase and the number of active listings has decreased, leading us into a good seller’s market. This is really unique though, since interest rates continue to stay low, probably not being raised until mid 2015, and our prices continuing to stay relatively stable. These conditions still make it very affordable for buyers also. In fact, we are seeing quite a few first time home buyers entering the real estate market. I will write another blog in the near future with complete stats and a video for the third quarter.
Rick Schutte, Broker/Owner of Coldwell Banker Koetje Real Estate in Oak Harbor, Wa. interviews Lyn Bankowski, senior loan originator, from AlaskaUSA Mortgage about the need of checking your annual credit report.
In this interview, Lyn mentions the free reports can be found at https://www.annualcreditreport.com/. This central site allows you to request a free credit file disclosure once every 12 months from each of the nationwide consumer credit reporting companies. AnnualCreditReport.com is the official site to help consumers obtain their free credit report. You can also go to http://ftc.gov/freecreditreport for more information.
The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies every 12 months.
For more information on credit reports and real estate, please contact us at any time.
In today’s real estate environment, buyer’s representation is an important aspect of your real estate transaction. A buyer’s agent is always representing your best interest and is obligated to inform you of options you may have that will impact your purchase. The buyer’s agent has been trained in negotiations and local market conditions to help you get the best buy possible.
If you are a senior, there are buyer’s agents that have been trained and certified to work specifically with seniors and to understand some of the unique challenges that are created due to down-sizing, financing, etc. These agents have the Senior Residential Specialist Designation issued by the National Association of Realtors. If you are a senior, I would recommend asking for a buyer’s agent with this designation.
Do you need a buyer’s agent to purchase a home? Not necessarily, but in all honesty, it is one of the best things a home buyer can do to ensure a smooth transaction, best buy possible, and at the end of the day, peace of mind.
You know that curb appeal is important to buyers of single-family homes, but you are selling a condominium in a large building full of similar units. How do you make yours stand out? Here are a few tips for prompting that positive first impression that makes your home memorable:
- Make sure the entry way is clean, clear and clutter free. Relocate bulky furniture that makes the entry seem smaller. Avoid coat racks and umbrella stands that jut out from the wall as well.
- Consider placing a fresh potted plant inside the doorway to bring the outside in. Make sure the plant is healthy and in an attractive pot, does not block the walkway and does not shed or drop leaves.
- If you have a mail slot and your home is likely to be shown after delivery, make sure to place a basket under the mail slot.
- Make sure the insides of your windows are clean. If your HOA is responsible for the outside windows, request that they be cleaned before showing your home or having an open house.
- If you live in a bug prone area, be sure to have your condominium treated for pests—and make sure you sweep up any dead bugs.
- Make sure the hallway or walkway to your unit is clean. If you need, to, sweep it yourself. Make sure to pick up any junk mail or papers cluttering the outside.
- When your home is likely to be shown, turn on the lights and have soft music playing. This may raise your utility bill slightly, but will give a warm greeting to visiting homebuyers.
- As with any home, make sure the countertops and floors and clean and personal effects are out of sight. Consider placing a bowl of fruit or bouquet of flowers on the table to add some color and interest.
- If you have pets, consider boarding them while your home is being shown, or ask a neighbor to collect them before the potential buyer shows up.
Most of all, call your real estate agent to learn what features to play up (or down) in your unit to place it in the best light.
Sometimes selling a home can feel like a big job – one with a thousand small tasks required to get it done. But many sellers make the job harder by ignoring or avoiding some of the biggest factors that contribute to a faster sale. Use this list to see if your house is truly ready for that “sold” sign.
1) Price is paramount.
With the housing market climbing out of its slump, many sellers are banking on higher sale prices. Just make sure you don’t reach too far when pricing your home, and rely on a good agent to help you find the “sweet spot” for your listing. Go too high and you’ll risk slowing down buyer traffic. And once your home has sat on the market for a long time, buyers automatically become suspicious. Even though your home might look great, buyers will notice the listing’s “time on the market” and naturally wonder “What’s wrong with it?”
2) Tour your home like a buyer.
Thousands of sellers make the mistake of looking around their home with the eyes of someone who knows it well and loves it dearly. But buyers won’t see it that way. So walk through your home as if you’re seeing it for the first time, taking note of everything that might give you pause as a skittish buyer. Never assume that a potential buyer will be able to overlook what you perceive as small flaws in the house.
Stage your home with the help of a professional stager (or a friend who’s great at interior design and organization) to create positive word-of-mouth with Realtors. While you’re staging the house, put away all or most of your family photos and other trinkets that make it “yours.” Your goal is to make it look like a model home so buyers can envision themselves living there. Don’t wait until an Open House is scheduled for your property to do repairs, staging and de-personalizing. Do it before your house ever gets listed online. As Realtor.com President Error Samuelson said, “Web appeal is the new curb appeal.” According to a study done by Trulia.com, homes with six photos posted online are twice as likely to be viewed by buyers as homes with fewer than six.
3) Let them in!
Nothing is more frustrating for an agent than a seller who doesn’t want to let potential buyers in to see it. Yes, last-minute requests for showings are a hassle. Yes, it’s a real pain to keep the house clean all the time. Yes, it’s tough to do showings when you have babies or toddlers at home. But the homes that sell fastest are the ones people are able to see quickly and easily. If you have lots of requirements for showings or long wait times, agents are likely to skip your house and go on to the next.
4) Be social.
We live in an increasingly social world, so take advantage of connections by inviting your neighbors to tour your house. It’ll encourage them to spread the word to friends who may be looking for a house in the area. And ask your Facebook friends to help out by sharing a great photo of the house you’ve posted on their timelines. Some sellers even create video “love letters” to their homes and post them on YouTube to endear the home to potential buyers.
With the right price, the right look, accessibility and social connections, you’re well on your way to the “sold” sign you’re working toward.