The Benefits of Owning vs. Renting

There have been a few conversations with potential clients and friends telling us that they are going to keep renting for a while and wait for the housing market to slow down. Whether the market will slow down is another post altogether, we want to talk about the cost of renting.

As home prices and interest rates climb across the country, they wonder if homeownership is all it is cracked up to be. After all, as the value of the homebuying dollar decreases and the amount of home that dollar can buy decreases, it might seem more-appealing to rent rather than put all your eggs in one basket.

However, the appeal of not owning soon fades when you do the math. The Federal Reserve conducts their Survey of Consumer Finances across the country every three years and released their latest findings in October 2017. It determined that the median net worth for a family who owned a home was $231,400 in 2016 as opposed to $5,200 for a renter. How is this possible? Annual rent increases and appreciation on homes are big drivers of this disparity.

Here is how it works:

Say someone is trying to choose between renting and owning a home. The type of rental property that suits their needs is $1,000 a month. But remember, that just represents today’s rent – not tomorrow’s. In this case, let’s assume a 5% rental increase per year:

Monthly Rent Annual Rent Paid Equity Gained
Year 1 $1,000 $12,000 $0
Year 2 $1,050 $12,600 $0
Year 3 $1,103 $13,236 $0
Year 4 $1,158 $13,896 $0
Year 5 $1,216 $14,592 $0

In the above example, this renter has paid $66,324 over five years and had zero gain in equity which would grow their net worth. In fact, this renter has helped their landlord increase his or her net worth and all the while, rental rates are rising. Now let’s look at an example of what it might look like to own a comparable home with a market value of $200,000 upon purchase with 10% down:

End Of Property Value* Monthly Payment** Mortgage Balance Equity***
Year 1 $210,000 $912.03 $177,096 $32,904
Year 2 $220,500 $912.03 $174,059 $46,441
Year 3 $231,525 $912.03 $170,882 $60,643
Year 4 $243,101 $912.03 $167,560 $75,541
Year 5 $255,256 $912.03 $164,084 $91,172

*Assumes 5% annual appreciation

**Monthly payment includes principal and interest on a $200,000 property with 10% down ($20,000) at 4.5%, 30 year fixed rate. Does not include PMI, property taxes, or homeowner’s insurance.

***Difference between what you owe and the possible market value for your home.

This smart buyer has taken advantage of today’s low cost of borrowing to leverage their $20,000 down payment into a $91,172 equity position in just five short years. That is a great way to grow one’s net worth! And because they took out a 30-year fixed rate mortgage, those principal and interest payments don’t increase for the life of the loan. Twenty-five years in the future when our example renter is paying $3,225 for their monthly rent, our homeowner will still be paying a cool $912.03.

Do you have additional questions about how this works? Call, text, or email us and weI will be happy to provide you with additional information. Our advice? Get in the game so you can build your wealth and have more options in the future.

 

 

Source: https://www.federalreserve.gov/publications/files/scf17.pdf

Show & Tell

Gorgeous High Point Townhome

3004 SW Graham St, Seattle | 3+ Bed | 2.5 Bath | 1,860 sqft | $599,000 |  2007

Welcome to this beautiful spacious Townhome in the vibrant High Point Neighborhood. Flooded with light, this 3+ bedroom, 2.5 bath end unit has hardwoods on the first two levels, pendant lighting, gas fireplace, 10 foot ceilings, new window treatments, soaking tub, walk-in closets in all bedrooms, and newly landscaped backyard. Bonus room is currently used as a bedroom. Don’t miss the sweet theater set-up included in the home. Off the fully fenced back yard, you’ll find  a 1 car garage and additional parking strip.

Ask us about the seller procured pre-inspection and sewer scope. HOA includes Window Cleaning, Lawn mowing, On-site Staff, Roof, and Gutter Cleaning.

Fun Facts and Property Documents:


Pending: Charming Westwood Village Home

9326 31st Place SW | 3 Beds | 1 Bath | 1,090 sqft | $465,000 | Built 1951

Welcome home! This sunny, bright, happy home in the quiet Westwood neighborhood is a great destination for those who want a quiet street and be close to conveniences. Access to bus, park, shopping, food, coffee, library, and so much more. Home has open floorplan, picture windows, hardwood floors, and granite countertops. 3 spacious bedrooms; Largest bedroom has gas fireplace and entry to back deck through french doors. Backyard has firepit, entrance to basement for extra storage, and plenty of garden space. Newer roof and furnace, so you don’t have to worry. This home is pre-inspected & sewer scoped, ask us how to get a copy of the report.

Open Houses:

Friday, March 30th | 11:30 AM – 1:00 PM

Saturday, March 31st | 1:00 PM – 4:00 PM

Sunday, April 1st    |  1:00 PM – 4:00 PM

Fun Facts and Property Documents:

Staging – Not Just For the Living Room

Let’s talk staging…one of our favorite parts of listing a home. It’s amazing how a few key pieces will transform a space to make it ho hum to absolutely magical.

When you list your home for sale, you already know that your living spaces need to look their best. But when prospective buyers are evaluating a home, the whole property has to shine. Here are some other areas that need your special attention that you may not have thought of:

Drawers and cabinets – When a buyer sees drawers overflowing or an unorganized cabinet, they may assume there is a storage problem. Try to remove as many extra items as possible and consider drawer and cabinet organizers to keep items separated and neat.

Refrigerator – Although you may be taking your fridge with you, buyers will snoop. You don’t want a crammed or messy fridge to cause buyers to turn away. Keep it clean, well-organized, and appealingly stocked.

Garage – You definitely want buyers to be wowed by the extra space available in a garage. Whether you are one to park a car in there, store camping equipment, or do woodworking, your garage should draw buyers in, not have them uncomfortable with the amount of stuff they have to see past. I recommend taking most everything out except what you need for the period you have it listed as well as giving it a good dusting and sweeping. And make sure you get rid of cobwebs!

Driveway – A clear driveway provides curb appeal. If you have extra tools, yard items, or vehicles, it can distract a buyer and not let them have that great first impression of your home.

Side Yard – Side yards can attract everything from extra pots and containers to bikes, lawnmowers, and even storm windows. Get rid of the clutter and let your side yard be the amazing bonus space it should be.

Laundry Room – It can be difficult to make piles of laundry look good, but when they are neatly folded and arranged by color, a laundry room can feel very calm and satisfying. Remember to also whittle down the detergent and cleaning options to only a few and keep the ironing board put away.

Fireplace – Whether yours is a wood-burning, pellet, or gas fireplace, it should be cleaned. Staging can be done by putting a few logs on the log carrier or, in the event the fireplace doesn’t work, some artfully-placed pillar candles can do the trick.

Utility Closet – Yes, you can even treat your utility closet to some tidying up! This is a great time to get rid of the extra brooms and mops and make sure the areas around the furnace and water heater is cleaned.

Pay attention to all these special details, have your home looking its very best from the moment the buyer drives up to the moment he or she leaves and you will be rewarded! These small details do take time, but this preparation will not only impress the buyers, but will also make it much easier when it is time to pack up your things to move. When you are ready to start prepping, we can strategize with you.

1031 Exchange – The Nuts and Bolts

Now that we’ve shown you information on investing here in the Pacific Northwest, you might not know about a little (big) detail to consider….taxes. Here’s information on how to roll over your investment proceeds into another property and avoid paying them for the time being.

You might have heard the term 1031 Exchange as a real estate term bandied about by real estate investors. But what is a 1031 Exchange and what do regular would-be investors need to know?

If you have sold a home in the last several years, you may have been aware of the tax rules which indicate that as long as a seller used your home as a primary residence for two of the last five years, he or she would not be taxed on the first $250,000 of capital gains when sold ($500,000 for couples). Meaning, if you purchased a home for $100,000 ten years ago, lived in it for at least two of the last five years and sold it for $300,000 last year, you would not owe capital gains tax on the $200,000 gained.

 

Additionally, if someone sells inherited property the value is considered “stepped up” to reflect current market value. For example, if someone were to inherit their parent’s home and the home has a current market value of $400,000 when inherited, then capital gains is only calculated on this value, not on the value when it was original purchased by the parents. If this person who inherited the home rented it out for three years and sold it for $475,000 they would owe capital gains, but only on $75,000.

 

In theory, a 1031 Exchange is similar to both of these scenarios combined in that it allows the investor to defer capital gains on an investment property by reinvesting those assets. One can invest in multiple 1031 Exchanges until death, passing on those assets to their heirs who then inherit these on the afore-mentioned stepped-up basis.

Stringent 1031 Exchange rules must be met in order to avoid capital gains tax:

  • Both the “Old” property and “New” property must be investment property. Rental property, bare land or vacation homes are examples of these. In most cases, one can sell any type of property (such as an apartment building) and buy any other type of property (perhaps an office building).
  • From the date of closing on the sale of the old property, the investor has 45 days to determine potential properties to buy. This is called the “45 day list”. Several potential properties should be identified to allow for some properties to not be feasible investment options.
  • From the date of closing, the buyer has 180 days to close the purchase of whatever he or she is buying which must have been included on the 45-day list.
  • By law, the proceeds from the first property must be held by a “Qualified Intermediary” (sometimes also called an “Accommodator” or a “Facilitator”) who is also responsible for the preparation of paper work required by the IRS to document the exchange.
  • Whoever held title to the old property has to be the titleholder of the new property.
  • All of the proceeds must be reinvested and the new property has to be at least equal to the net sales price of the old property. If not, tax is owed on the difference.

If you have a vacation or inherited property that you are thinking of selling, consider these rules and options to keep most of your cash in your pocket. Make sure you talk about your options with a real estate agent who is familiar with investment properties. Contact us to learn more about how to invest in this booming market.

16 Important Considerations You Must Make When Investing in Real Estate

We are on an investment kick! Looking back on recent business, we noticed that a large portion of our clients are either selling their rental properties or looking for opportunities.

Investing in real estate can be one of the most lucrative investment vehicles available today. It can also turn into a financial nightmare if you do not do your investment homework first. Before you even think about investing in real estate you need to think about the following 16 points that I advise investors to follow. Real estate investing is a wonderful tool to achieve financial freedom. If you do your homework, invest wisely, take emotions out of your decisions and plan carefully, you will reap financial rewards. I hope the following points give you the confidence you need to take the leap into the lucrative world of real estate investing.

1. ZONING – Never purchase any investment property until you determine the zoning of your potential property and your neighbor’s property. Your property’s value is directly affected by the surrounding properties. When you check the zoning, be sure to check the surrounding properties as well.

2. AREA APPRECIATION – Check to make sure that the area where you are considering purchasing has had a steady and consistent appreciation growth of at least 7% per year for the last 5 years on average. You do not want to buy in an area that has already peaked.

3. POPULATION GROWTH – Is the area where you are considering purchasing an area where people are moving in? The easiest way to track this is to check population growth numbers. Where there is growth – there is opportunity.

4. DO BABY BOOMERS WANT TO LIVE HERE? The country has an incredible number of baby boomers; therefore invest in an area where baby boomers want to live. Baby boomers want a lot of recreational possibilities as well as easy access to good health care facilities.

5. OWNER OCCUPIED – Is the neighborhood where you are thinking of buying primarily owner occupied or tenant occupied? Homeowners, that live in their homes, invest more money to fix them up than do renters. Remember, your property’s value is also determined by its neighbors.

6. NEIGHBORHOOD APPRECIATION – Before you buy in any neighborhood make sure you research the sales in that neighborhood for the past 5 years. Check to see how that neighborhood has appreciated.

7. EMPLOYMENT STABILITY – Without question, one of the biggest factors that affect a local real estate market is the job market. You could be in the nicest recreational area in the world, but if there are no jobs, people leave because they have to find work. Check to make sure that employment in that area has been stable over time.

8. PROPERTY MANAGERS – Make sure that there is a property management company that can manage the property in the area where you are choosing to purchase. Many investors have gone on real estate shopping sprees only to find that there is not a property management company available in that area. This poses a huge problem for the out-of-area investor.

9. FLOORPLAN – Floorplan is more important that square footage. Of course it would be wonderful to find an investment that is both large in square footage and perfect in floorplan. However, this does not happen often. If you find a house that lacks a little in square footage but shines in floorplan, buy it. Renters look for properties by price and by bedrooms. They don’t search for square footage. Having the right numbers of bedrooms is more important than having the biggest bedrooms.

10. YARD – Often times people come with children and with pets and both of these need room to roam. Many investors that I have consulted have shared their horror stories about not being able to rent out the big beautiful house with no yard. Big beautiful houses are filled with children and pets. Even a small yard will help keep your property occupied year round.

11. INSPECTION/AGE OF THE HOUSE Never, ever, ever buy an investment property without having a thorough inspection of the house. Make sure the inspector gives you a good age range for the home and make sure you check the electrical wiring and plumbing thoroughly. Old pipes and wiring can be extremely expensive the replace. Make sure the mechanical side of your investment is not so old that you may be looking at a costly replacement in the near future.

12. THE 10% RULE – One of the easiest ways to make money on your investment is to do a cosmetic makeover. A good rule of thumb is “The 10% rule”. This means that if you purchase a house for $150,000, take 10% of that or $15,000 and you should be able to do a nice cosmetic makeover within that budget. If, however, you have to spend a good portion of that money on the mechanical side, not the cosmetic side then you may want to look at another property.

13. RENTAL STABILITY – Remember, if you buy a 1 bedroom condo you are definitely limiting the different segments of the rental market that can rent from you. If you purchase a 3 bedroom, 2 bath single family residence you have just expanded your rental possibilities. Just because the condo is $50,000 less does not mean it will be a better investment. In fact, you often have to go a little above your comfort zone to get a highly sought-after rental property. The stretch is well worth it!

14. COMPARING RENTAL RATES – It is imperative that you know what the rental market is like in your area. Before you buy a rental property, make sure that you know what similar properties are renting for and how long they are taking to rent. Call a property management company and ask if they do opinions of rental value. Many of them do in hopes of getting your business.

15. THE FINANCIAL SNAPSHOT – You must do a financial analysis of the property. What will your net operating income be? This is the total amount that you will receive from owning this property (rental payment). Also make sure you know what your total expenses will be. (Mortgage payments, principle, interest, taxes, insurance, utilities, neighborhood association dues, etc.) Your net income less your expenses equals your gross spendable income. This will tell you whether the property gives you a positive or a negative cash flow. Don’t be alarmed if it is a negative cash flow because your capital appreciation potential may be so great that having to financially feed the property for a few years would be OK.

16. SELLER FINANCING – Always, always, always ask for seller financing if you can get it. Why? Because you can often get better terms, better rates and save on loan origination fees. The best advice I can give a new investor is to put together a team of experts to help you.

 

You should be working with a good inspector, a good mortgage broker, a good contractor and most importantly a good real estate agent who truly understands investment real estate. (Do not just settle for a real estate agent that sells residential homes. If you are going to invest, you need an investment specialist). Don’t be afraid to ask questions and always, always do your investment homework.

Thinking of Real Estate Investing?

Over a beer and cider, we had the best conversation about the different ways to invest in this market. There are so many options, it’s hard to know where to begin. With real estate appreciating at record-high levels across the country, you might be thinking of getting in on the property investment bandwagon. There are a lot of ways to invest and it is important to tune into your investment style to determine the best investment for you.

Below are four general investment options along with an overview, the pros, and the cons.

Option Overview Pros Cons
Single Family Residence (house) There is potential for both cash flow as well as long-term appreciation. Need to make sure long-term rentals are allowed in the area you are buying in (check zoning, HOA, CC&Rs). You can either self-manage or hire a property-management company. In general, these appreciate faster than condos or townhomes. Maintaining the whole house, inside and outside as well as the property. Higher insurance and property tax costs also need to be considered.
Condo There is potential for both cash flow as well as long-term appreciation. Lenders may have stricter requirements for a condo purchase. The condo building may have a rental cap meaning you may not be able to rent it out. You can either self-manage or hire a property-management company. Not as much maintenance required. Usually outside is maintained. May be more secure than a stand-alone home. Condo dues can be high and usually go up over time. Rules around renting out the unit can change over time. Special assessments can be costly.
Vacation Rental There is potential for both cash flow as well as long-term appreciation. These might be homes or condos and are also known as short-term rentals. You can either self-manage or hire a property-management company. If you buy in an area you like to vacation, this could become a vacation home for you as well. If you do not live close-by, a property manager may be something you need to look into. Depending on how you are set-up tax wise, you may only use your property 14 days or less per year.
Land There is potential for long-term appreciation. With land becoming more difficult to find, it provides an excellent opportunity if you buy in the right area and focus on land that can be developed. Little or no maintenance usually required. If left undeveloped, rules around how the property can be developed may change over time.

 

And there are even more ways to invest including tax liens, auctions, and even storage facilities! You can evaluate the investment for short- or long-term gains, regular cash flow, and even projected appreciation. Some people invest strictly with their spouse while others are comfortable investing with a group or syndications. The key is to stay within your comfort zone, plan for the “what if”, and think about not only your now needs, but your future needs as well.

When you are ready to learn more, we would be happy to help as there are so many more details than those outlined here. We can talk you through the different options available, provide you with lenders who are equipped to handle the type of investment and financing you need. Are you ready to talk investments? Reach out!

Adulting and Home Repairs, What Needs to be Done

A little home maintenance every season goes a long way. Part of ownership involves taking pre-emptive steps and getting things taken care of before there is a big, expensive problem.

It is normal to be faced with an unexpected home repair project in the winter. With more rain, leaks are much more apparent and water puddling is a sure sign of a problem. But water isn’t the only challenge that needs to be addressed sooner rather than later as they often wind up costing more to fix down the road. Here are some other home repair challenges that you should act on ASAP:

Open concept feel is great for entertaining
  • Electrical systems issues – Electrical problems can cause fires and can electrocute people. If you have circuit breakers that frequently trip, lights that dim when you plug in a new appliance, power surges or flickering, outdated two-pronged outlets with no ground, outlets that are loose, or other unexplained electrical challenges, you may have an electrical issue that needs to be addressed. Hire a licensed electrician to review the situation as soon as possible.
  • Roofs – A roof with holes or leaks can lead to a whole host of problems – rot, mold, electrical short circuits, and insects. Stains, dampness, or bubbling on the ceiling, shingles that are curling, missing or broken could be indicative of leaks or impending leaks. Roofs should also be checked if you have algae or an excess of moss growing on your roof or you hear animals or insects in your attic. You should have a professional roofer inspect your roof and make recommendations for repair.
  • Gutters – Gutters move water away from your home and it is important these are in working order. If your gutters are dented, disconnected, have missing pieces, have had branches or trees fall on them, or there is water pooling around the bottom of the downspouts or in the basement, you could have a problem that should be addressed as soon as possible.
  • Exterior walls – Exterior paint and caulk between seams protects the home by creating a seal. If the paint is faded, bubbled, peeling, or cracked it is time to repaint. If the caulk has shrunk, it needs to be replaced.
  • Basements – Structural problems in your foundation can lead to the upper floors shifting, putting the integrity of your home at risk. Take a look at concrete walls for cracks and take a look at the beams and posts for splits, bowing, and rot. If you see evidence of these problems, a home inspector who is an expert on foundation issues or a structural engineer may be a good first step.
  • Infestations – A few insects can quickly turn into a few thousand. Don’t ignore termites, boring beetles, carpenter ants, and even bugs like bees and wasps as these can affect the walls and beams. Got squirrels, other rodents, or bats in the roof? These can chew on electrical wires, exposing live wires to wood and insulation, which can be a fire hazard.

 

While you would rather be spending your money on vacations, hobbies, and fun activities, it is important to invest back in your home when problems arise. Have you noticed something about your home that needs attention? Need a referral for property repair? We have you covered! Please reach out: 206-762-0682.

 

Fixer-Upper – Should You or Shouldn’t You?

Making a house your own by remodeling, moving walls, opening things up is often a dreamy idea. But when you really think about it, what are the factors may impact your decision to delve in the world of Fixer Upper?

6337 38th Ave SW, Seattle | Sold | $470,000

Sometimes a home comes up for sale that is well-below market value for homes similar to it. However, sometimes these homes are priced low because they need a lot of work. It might be tempting to save money on a purchase and transform the home into exactly what you want, especially if the home is in a very desirable area. Before you make the leap, you should ask yourself if this type of project is right for you and the way you live:

What shape is this house really in? Years of neglect don’t always show up in dated wallpaper and stained linoleum. It can show up as a leaky roof, rot, and structural damage. We always recommend getting an inspection before purchasing a property, even if your plan is to gut it. If the initial inspection turns up problems that are concerning, calling in a structural engineer or other experts is a good use of your money so you get an idea as to how extensive problems are.

How much is this going to cost? Although builders and contractors with a lot of experience can look at a kitchen or bathroom and know that x will cost $20,000 and y will cost $30,000, those are very very rough ballpark figures. They don’t take into account a discreet vent pipe that may need to get relocated or a plumbing hidden in a wall that needs to get updated. A contractor may be able to give you a rough estimate in a few hours but ask for a detailed proposal so you both understand the scope of work. Make sure you include a 20% contingency budget to deal with unforeseen problems.

How are we going to deal with hidden problems? Even if you get the home inspected and bring in contractors to give you quotes for work to be done, that doesn’t mean more problems aren’t hidden behind the walls and under the floors. Although you should have a 20% contingency padding in your budget for such situations, what happens if the needed repairs exceed that?

How are we going to live while the repairs are being done? Are you planning on having all the work done before you move in? Or will you be tackling one project at a time? Are you okay with living with a certain amount of chaos, dust, and missing functional spaces? Can you function without a kitchen for weeks on end? Not all people can.

What if the bank won’t give us a loan for this property? Banks want to make sure the asset that is being used to secure the loan is sound. Therefore most banks will have criteria for what types of property they will lend on. Working around this may take some strategy and we may need to shop around to see what options you have.

Buying a home in disrepair and renovating can indeed be a strategic way to build equity or simply have a home you will love and enjoy for years to come. However, before taking the leap, make sure this is a fit for your situation and your personality. If you would like to learn more about this option, let’s talk! Give us a call, text or email any time.

 

The Tax Reform Bill and Real Estate Ramifications

Remember when the Tax Bill was passed a couple months ago? Now that the dust has settled, here are some of the effects that we are seeing on Real Estate. Below is a breakdown, in regular language, outlining what this all means for the housing market.

The Tax Cuts and Jobs Act, otherwise known as the Tax Reform Bill, passed in December. Although accountants and politicians are still working through the details to determine how the new rules and regulations apply to their clients and constituents, the National Association of REALTORS® (NAR) has been on the forefront fighting and lobbying for the rights of homeowners and working hard to make sure homeownership in this country is not adversely-affected.

319 51st St SE Auburn | Pending | $400,000

NAR put together a summary of what the final bill means for property owners. You can read the entire text at: https://www.nar.realtor/tax-reform/the-tax-cuts-and-jobs-act-what-it-means-for-homeowners-and-real-estate-professionals but below is a summary of the provisions, most of which went into effect 12/31/17, and how those apply to real estate:

  • Home Mortgage Interest Deduction – The final bill retained the mortgage interest deduction on mortgages, but limited the mortgage debt to $750,000 for new loans (previously-secured loans up to $1 million are grandfathered in). The mortgage interest deduction for second homes follows the same rules.
  • Home Equity Debt Interest and Second Mortgages– The bill repealed the deduction for interest on home equity debt but not if the loan was used to substantially improve the residence.
  • Property Tax Limits – For those who itemize their taxes, a deduction of up to $10,000 for the total of state and local property taxes and income or sales tax will be allowed.
  • Capital Gains on Home Sale – Although this was looked at closely, the final bill kept the current law in place, allowing for no capital gains tax on primary residence with gains of $250,000 for singles and $500,000 for married filing jointly so long as the homeowners lived in the home two of the last five years before selling.
  • 1031 Exchanges – For those people with investment property, the bill retains the 1031 Exchange rules for exchanging real estate to avoid capital gains tax.

Although it may not seem like much will change from a property-owner perspective, because the standard deduction will have doubled, it makes itemization less valuable and therefore, homeownership less valuable as well. In fact, homeowners who itemized their deductions in the past may find that it is more beneficial (both from a financial and work point of view) to take the standard deduction.

There are some additional changes to items such as moving expenses and the historic tax credit. If these apply to you, please read the information in the link above, talk to your accountant, or let me know if you have questions.

Some elements of the bill may still be fine-tuned by lawmakers and additional information is forthcoming. I also advise you to talk with your accountant to make sure you have the facts on how these changes affect your real estate investment. Questions? Please contact us any time via Social Media, here on this website, or email or call.

Why you Need a Local Expert

Hi All! Sarah and Shelley here, with a friendly reminder that we specialize in the Greater Seattle area and south. From Downtown all the way to Federal Way, we understand what’s happening here.

 

When it comes to buying or selling what is likely your biggest asset, it pays to have a real estate agent who is not only a professional, but who also has the local expertise to help make sure you are investing your money wisely and that your investment will pay off when it is time to sell.

Photo Credit: kevinandamanda.com

Here are just some of the items that an agent with local expertise can provide you:

  • Information on possible zoning changes and how those might impact future value
  • Historical market appreciation or depreciation data
  • Data on local amenities and services
  • School information
  • Information on upcoming local improvements to streets and thoroughfares
  • Information on big housing or commercial developments on the horizon
  • Updates on businesses moving in or out of the area
  • Information on trends such as population growth
  • Data on regional economic trends as these can have a strong impact on the demand for housing
  • Market information such as listings, pendings, and sold properties
  • Up-to-date notifications of new listings and solds in the neighborhood, and how the updated sold information can affect the value of your property
  • What your neighbors are doing to remodel their homes and how those changes can help their bottom line when it comes time to sell
  • Information on how property taxes are assessed and the relationships between assessed value and sold values
  • Information on developed and undeveloped land in the neighborhood, and what may be built on those.
  • Traffic trends information

And so much more! A local expert truly understands the special nuances of the different neighborhoods – such as those special pockets of parks and trails, the historic homes or businesses and their significance, or important events that have occurred there. Check out our Videos to see this in action.

 

As much as people buy homes, they also buy areas. It is rare that one can buy a home and have it relocated, so it is important to have an appreciation for an area before one buys a home there. And when it comes time to sell, it pays to have an agent listing the home who can explain all the benefits of your home, not just what is behind your walls.

It is easy to hire a generalist in real estate, but remember, we hire medical specialists when we have a unique diagnosis and your asset should get the same specialist treatment. I would be more than happy to provide you with local information and how the changes I have seen affects your home value. Please let me know how we, YOUR local experts, can be of service. Contact us and let’s chat.