Multiple Offer Home Purchase October 28, 2013

Winning in Multiple Offers

Phinney Ridge Home

526 N 59th Street
Seattle WA 98103

Kudos to my business partner Sandra Brenner. Sandra was able to negotiate the winning offer on this beautiful Phinney Ridge home for our clients. If you are a home buyer who wants to ensure you are working with an experienced negotiator, give us a call, we will work hard for you!

-Steve

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
122502 Greenwood Ave N
Seattle WA 98133
call/text 206-769-9577

Check out these useful links:
BrennerHill.com
Best In Client Satisfaction
Windermere Housing Trends Newsletter

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

 

Home Buying October 28, 2013

3 Big Myths of Home Buying

We are here to save you pain, buyers. There are myths about the home shopping experience that must be addressed. We'd like to make the home buying experience as stress-free as possible, so please hear us out on these three big myths about home buying:

Myth #1: “That house has been on the market so long I bet we can work the seller down easily.”

Not necessarily. Exceptionally high days on market could mean almost anything. The seller could be bullheaded about their price. The seller may not be particularly motivated to sell for emotional or other personal reasons. Don’t forget: A sales-weary seller isn’t likely to respond to your host of rational reasons why their house should be a bargain.

Myth #2: “I want to look at foreclosed homes because they’re a real bargain and the banks need to unload them.”

Banks, like entrenched sellers, don’t always make decisions which seem rational based on obvious information. You can have a hard time divining the reason a bank chooses to reject an offer for a foreclosed or distressed property, and their decision may be based on financials which seem counterintuitive. The truth is, many distressed sales can be longer and more fraught than regular sales.

Myth #3: “I liked this house a lot, but with this market, I bet it will still be there if I decide to buy it.”

It’s very, very painful to see a client love a home but fail to make a move to purchase that home. If you fell in love with it, why wouldn’t someone else? Just because a property has been on the market a little while doesn’t mean it will stay on the market. The bonus myth in this one? Your “perfect” home is probably going to be a home with some small compromises. If you don’t make an offer on a home, you’re effectively saying, “I’m comfortable losing this home.”

Our job as a broker is to represent your interests and do our best to protect you along the way. If you’re pursuing a home purchase in the near future, please get in touch. There are many other ways we can lower your stress and help you find a great home.

-Steve and Sandra

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
Windermere Housing Trends Newsletter
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

Real Estate Agent Broker October 8, 2013

You Need a Professional to Sell or Buy a Home

Many people ask us whether they should hire an agent to sell their home or whether they should first try as a For Sale by Owner (FSBO). In today’s market, we believe this is an easy decision: you need an experienced professional!

You need an expert guide if you are traveling a dangerous path

The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer ready, willing and able to pay fair market value for your home at a time when lending standards are so stringent is not an easy task. Finding reasonable financing can also be tricky when interest rates are volatile like they have been over the last several months.

You need a skilled negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.

Bottom Line

We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Call on us today to save you money!

-Steve and Sandra

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
Windermere Housing Trends Newsletter
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

Sell or Rent October 7, 2013

Should I Rent My House If I Can’t Sell It?

There has been a lot written about how buying a home is less expensive than renting one in most parts of the country. Rents are skyrocketing and homes are still at great prices. These two situations are also causing some sellers to consider renting their home instead of selling it. After all, a homeowner can get great rental income now and perhaps wait until house values increase even further before selling.

This logic makes sense in some cases. We at KCM believe strongly that residential real estate is a great investment right now. However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for.

Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to Ask BEFORE Renting Your Home

1.) How will you respond if your tenant says they can't afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).

2.) Because of the economy, many homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?

3.) Have you interviewed a few experienced eviction attorneys in case a challenge does arise?

4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?

5.) Will you allow pets? Cats? Dogs? How big a dog?

6.) How will you actually collect the rent? By mail? In person?

7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?

8.) Do you have a list of craftspeople readily available to handle these repairs?

9.) How often will you do a physical inspection of the property?

10.) Will you alert your current neighbors that you are renting the house?

Bottom Line

Again, renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

Wondering if you should rent or sell? Give us a call, we can help guide you to a decision.

-Steve and Sandra

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

I-502 Marijuana Businesses October 5, 2013

Concerns Expressed about Allowed Seattle Neighborhoods for I-502 Marijuana Businesses

The city of Seattle has produced a discussion draft of the Estimated Allowed Area for I-502 Licensed Marijuana Businesses Under City and State Regulations (includes growing, processing, and retail facilities).

Below is a map from the discussion draft.

The Broadview Community Council has written a letter to Seattle City Council members expressing concern about the area in the Bitter Lake Urban Village.  Here is the text of the letter.

Seattle City Councilmembers,

I am writing you on behalf of the Broadview Community Council.  We recently reviewed the Department of Planning and Development map that shows where marijuana growing and processing would be allowed.

The Broadview Council was horrified to see that the third largest area where marijuana growing and processing are allowed is the Bitter-Lake Urban Village.  We do not understand how an area designated for job and population growth is now designated for large scale marijuana growing, processing and retailing.

We strongly urge the Council to reexamine the current Council marijuana legislation and reduce the potential concentration of marijuana grow and processing operations in the Bitter-Lake Urban Village.

Eugene Wasserman

President, Broadview Community Council

 

http://www.broadviewseattle.org/wp-content/uploads/2013/10/Marijuana-Growing-Processing-Retail-Allowed-in-Seattle.jpg

 

Home Loan and Mortgages October 5, 2013

A lesson on loan pre-qualification

Hunting for a new home? Pre-qualification can be an essential component of your home search. Here’s why.

Mortgage pre-qualification. Why does it matter? Let me see if I can frame it this way…

Has ever happened to you? You’re out with friends and decide to grab dinner. There’s a new place in town you’ve heard is fantastic.  Rave reviews, amazing cuisine.  Everyone’s excited. 

You drive over, pay for parking, and sure enough, there’s a crowd. The atmosphere is perfect, the menu looks incredible.  Mouths water, you can’t wait. You step up to put your name on the list and the hostess says: 

“Name for your reservation?”

Reservation?  I had no idea they were required!”  Awkward apologies.  They’re booked and you’re out of luck.  Not even a seat at the bar.  It’s embarrassing.  Your friends are disappointed.  So much for your recommendation.

It’s not so different when you’re thinking of buying a home and you haven’t spoken to a mortgage professional in advance.  You can search, find the right home, negotiate a contract… then uh-oh. You find out you aren’t qualified.

If you’re thinking about beginning a home search soon, let me help you avoid disappointment.  You'll get a picture of your credit score, the type of rate you’d pay, plus get the chance to correct any errors or problems on your credit report.  A pre-qualification letter can have a direct impact on your ability to negotiate, too.

Below are the names of two lenders we know and personally trust.

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
Windermere Housing Trends Newsletter
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

House Paint Colors October 4, 2013

10 Common Color Mistakes

Designers share the color decorating mistakes that make them cringe.

1. Ceiling Paint
"I never paint a ceiling dead white because all white paint has a bit of gray in it, and it takes the room down. Paint the ceiling a cream shade." –Athalie Derse

2. Matching Shades
"You never want to match your walls to a color in one of your fabrics. It will be too strong. Find a grayed-out version of the color." –Sallie Giordano

3. Neutral Balance
"The biggest mistake people make when they're trying to be colorful and exciting is to forget that you need to balance it with neutrals – otherwise it ends up looking like a color wheel." –Todd Klein

4. Continuity
"Even when I don't use the same colors everywhere, I still like the rooms to feel connected. The bedroom should never feel like it's in a completely different house from the living room – the whole house has to make sense as one." –Mona Ross Berman

5. Contrast
"One of the biggest mistakes people make with neutrals is not using enough contrast. A room of creams and beiges needs something stark and shiny white. And something black. You have to interject elements that add intense personality. Make it gutsy, or else it's boring." –Betsy Brown

6. Don't Go Overboard
"When any color scheme is taken too seriously, it loses its power. You need to know when to pull back. A two-color scheme can be great, but there has to be some relief, or it comes across as too pat and makes everything seem stiff." –Tom Scheerer

7. Picture Yourself in the Space
"People don't take into account how they'll look in a room when choosing a color. I just did an apartment where the woman has blue eyes with a bit of a purple tint them, so everything is lavender to purple. She simply glows." –Stan Topol

8. Let a Room Evolve
"When it comes to color, I say, 'Go big or go home.' You have to trust yourself. But you don't have to commit to color all at once — you can play with it as the rooms evolve. Start with one palette and then mix things in." –Ashley Whittaker

9. Choose the Right Finish
"Darker colors in general can read very flat, so use a high-luster finish. Good prep is key to any high-luster paint finish, so skim-coating the walls really helps. If the walls are well prepared, you can get a deep, rich gloss without going to the expense of lacquering." –Meg Braff

10. Depth
"Deep colors contain many other hues, and you have to be just as concerned about the secondary shades that are blended in. Colors that have no depth are oddly fluorescent. They will leap out at you, rather than pull you in. It's a subtle difference, but failure to recognize it is what sometimes makes people afraid of using color." –Suzanne Kasler

Curious about color in your home? Give us a call, we have great referrals for paint color experts.

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
Windermere Housing Trends Newsletter
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

Mortgage Rates October 3, 2013

Home Buyers: Window of Opportunity Still Open

The Fed recently announced they would continue their current pace of purchasing bonds until the economy was stronger. This bond purchasing program is the reason that mortgage interest rates are at historic lows. Rates began to increase over the last several months just on the anticipation that the Fed would announce that they would be reducing the level of bond purchases last month. When that didn’t happen, rates actually decreased (4.50 to 4.37).

That was great news for any buyer in the process of purchasing a home. However, this window of opportunity is expected to close in the very near future as most experts expect the Fed to taper the bond purchasers in December. Even Ben Bernanke, Chairman of the Fed, suggested that the Fed could still scale back the stimulus this year. He stated:

"If the data confirms our basic outlook, then we could move later this year.”

Where will mortgage rates head in 2014?

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on the monthly principal and interest payment on a $250,000 mortgage:

Looking for a great home loan lender? Check out our recommendations below!

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

 

Home Improvement October 2, 2013

5 September Home Improvement Projects

Source: Carney Logan Burke ArchitectsBy Bob Vila

As another summer slips away, the days seem to straddle the seasons, alternating between warm breezes and brisk winds. So, too, do home improvement tasks. This month, the focus is primarily on the peripheries — clearing clutter in the garage, brightening a lackluster entry, gathering valuable seeds from the garden, replacing tired bathroom fixtures and closing up that vacation home.
 

No. 1: Close up the vacation house

For homeowners fortunate enough to have a vacation retreat, Labor Day weekend signals the start of the annual ritual of closing up the seasonal getaway. Although best practices vary by region, if you have an unwinterized rural cottage, beach retreat or mountain cabin, there are a few basic things you can do to help safeguard your house through the cold months ahead:

  • A few weeks before you leave, begin evaluating the condition of your home top to bottom, inside and out. Find out what broke over the summer (or what’s about to) and arrange to have repairs made. Tradesmen in towns with seasonal occupants are usually inclined to negotiate when the population ebbs.
  • On the exterior, check the foundation, siding and trim for cracks and crevices that could let in moisture or provide an entry point for unwelcome creatures. Closely examine where the roof overhang meets the house. Pests as teeny as wasps and as large as squirrels often seek to nest in the solar-warmed space of house attics.
  • Clear the gutters so that rain and snowmelt run freely away from the base of the house and, using a ladder or binoculars, inspect the roof for raised shingles, making repairs if necessary. Another prudent defense is to trim back any tree branches near the house that could cause damage in a strong storm.
  • Electricity should be shut off at the main, but leave on circuits that control such essentials as the alarm system. Also be sure to unplug appliances, especially the large and expensive ones, just in case lightning strikes. Gas can be turned off at the main, but for many homeowners, it’s probably safer and easier to call the utility and temporarily suspend service.
  • All water pipes should be drained. Accomplish this by turning off the main water supply, opening all faucets and leaving them open. Remember also to drain the supply hoses into indoor outlets like the dishwasher and outdoor outlets like the sprinkler system. If winter conditions are brutal in your area, take the precaution of hiring a professional plumber to do the work.
  • Inside, clean out closets and cabinets, leaving them open to ventilate. Remove and store all bedding in plastic (throw in moth balls if you have them) and, for protection against burrowing mice, cover all mattresses.
  • The kitchen deserves time and attention because food can attract animals and canned goods can explode if they freeze. Store nonperishable food in metal containers and relocate cans to the basement if possible, or take them back to your primary residence.

Go easy on yourself and get started with the close-down process sooner rather than later. Shutting the house properly in the fall helps ensure that your summer abode is healthy and sound upon your return in the spring.

Source: kohler.com

Source: kohler.com

No. 2: Update the bath

If you have a dated bath in need of new fixtures, you’ll have no trouble finding attractive replacements that suit both your taste and budget. But if you’re planning to replace the faucet yourself, be sure to take into consideration the configuration of your sink or vanity. Single-hole sinks fit either single-handled or smaller two-handled faucets. Center-set sinks feature three holes drilled within 4 inches and accommodate single-handled designs or two-handled faucets mounted on a plate or escutcheon. Widespread sinks, which have three separate holes at least 8 inches apart, accept larger two-handled designs. Knowing which configuration you have will make the replacement an easy DIY endeavor.

No. 3: Take advantage of the garden

Many veteran gardeners save seeds almost compulsively. Why? Because if you harvest the seeds from your own garden, you not only save money but also ensure that you have the varieties you love. And, saving seeds is simple enough for even novice gardeners. For flowers, cut heads once their seed pods have dried (or shortly before), then hang them upside down in a paper bag to dry. After allowing enough time for drying, remove the seeds, separating them as much as possible from the chaff and other plant material. For fruits and vegetables, harvest fruit seeds once the fruit has become fully ripe or overripe. Before setting the seeds out to dry, give them a thorough wash. Adjust your approach with podded vegetables like beans and peas. Let these seeds dry in their pods on the plants before you gather them. With a little time and preparation, you will have the makings for a successful planting season come spring.

No. 4: Organize the garage

Like any room of the house, your garage benefits greatly from smart storage solutions. And, now is the perfect time to figure out how to store all your summer paraphernalia and still have space for your car. Before you begin to organize, you’ll need to sort the good stuff from the superfluous (the camping gear that you haven’t used in years or the roller blades that your kids have outgrown). Once you’ve purged, sort the remaining items by their frequency of use. Place similar articles in storage bins and be sure to label them. Here are 10 neat garage storage solutions for inspiration.

No. 5: Give the front door a facelift

Your front door is the centerpiece of your house. It is often the first thing that draws the eye of a passerby or visitor. It also sets the style and mood of your home, welcoming guests with an air of elegance, friendliness, whimsy or warmth. If your front door is anything but a “centerpiece,” there are some fun, easy and rewarding upgrades you can make. The easiest, of course, is to paint it a bold new color. Consider adding shutters on each side, or containers that will bring foliage right to the entryway. Minor changes, such as a new light fixture or even door hardware, can have a big impact.

Considering a home home purchase or sale? Give us a call or text, we are ready to get to work for you!

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
Windermere Housing Trends Newsletter
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

 

 

Real Estate Agent Broker October 2, 2013

5 Reasons to Hire a Real Estate Professional

The real estate market is a place where most people will make their largest investment ever. It is a place where fortunes can be, and often are, made.  It is not a place, however, for you to “wing it”.

While the myriad TV shows about real estate make the process look so simple – it’s not really that simple… they make it seem like all you need to do is slap a for sale by owner sign in the yard, have one open house with fresh flowers and fresh baked cookies and bam! SOLD! in one day.  Well I can tell you that in New Hanover County, North Carolina it takes an average of 121 days to sell a home. An average means that some houses take much longer to sell and some much less than 121 days to sell.

You need a professional, full time, well educated, ethical and trustworthy REALTOR to represent you whether buying or selling real estate.

1 –  Paperwork

Currently in North Carolina there are over 24 pages of contracts involved with buying or selling most homes. The state law requires much of this paperwork regardless or whether or not you hire a REALTOR.  REALTORS are trained and educated on the contracts, which are constantly changing, so they can advise you during the process.  They can also refer you to a real estate attorney to represent you on all legal matters involved in the process.

2 – Process

There are about 180 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by  full service real estate brokerages in return for their sales commission. (Based on a report prepared by the Orlando Regional REALTORS Association).  So this means that if you choose to go it on your own, you are going to have to do all 180 things yourself… or they don’t get done… which probably means your transaction doesn’t end in a successful purchase/sale.

3 – Negotiation

While there will always be that one guy (or gal) who thinks he (she) is the all-time greatest negotiator, the vast majority of folks do not like confrontational interactions.  A negotiation for the purchase/sale of an asset as large as a piece of real estate can be a very confrontational interaction. The role of the REALTOR is to act as a buffer between the two parties who are in the midst of a very emotional and high-level financial transaction, both wanting to get the best they can get often at the detriment of the other party. A real estate professional is experienced in all aspects of the negotiation and is bound legally to do only what is in the best interest of his/her client.

4 –  Values

Perhaps the single most important aspect of the transaction is the value of the piece of property.

If you are a seller you want to know how much you can expect to get for the sales price and how much of that you will walk away with in your pocket. You want to advertise the property for sale at the right price so you sell for as much as possible but you don’t want to price it so high that no buyers make you an offer (and YES if you price it too high MOST buyers will not want to offend you by making a low offer…thus you don’t get any offers).

If you are the buyer, you want to know how much to offer. Now multiple offer situations are happening more frequently and if a buyer offers too low, they can either be rejected completely by the seller or they can cause the negotiation to take too long thus allowing time for a competing bid to come in… allowing the seller to be in the driver’s seat.

5 –  Teacher

Any good professional, whether a real estate professional, doctor, lawyer, CPA, etc., will have the heart of a teacher. Real estate brokerage is a service business. The professional REALTOR is there to educate you about the conditions impacting today’s real estate market.  It is as easy as picking up the newspaper or searching the Internet for real estate news to see conflicting headline after conflicting headline. “Prices are up 20%”, “Among worst markets in nation”, “Best year since the crash”…well which is it? All real estate is local and your real estate professional will know the local market conditions and will lead you through the process, like any good teacher would, making sure you understand all that is going on around you.

A real estate professional is a crucial member of your team when buying or selling real estate. You could be buying your first home or your tenth home, an investment property or a vacation home, commercial or residential…whichever it is you are best served in the care of a full time, well educated, ethical, trustworthy real estate professional.

Contact Steve Hill and Sandra Brenner today for all your real estate needs.

Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
call/text 206-769-9577

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834