Seattle Real Estate News

August 22nd, 2019 4:29 PM
The Spring home buying is typically when real estate season starts. However, according to research, there are certain months and even specific dates that offer the biggest premiums above market value for sellers. 

The top five dates to sell are still between May and June. Best dates for home sellers are: 

  • May 24: Commanding 10.5% seller premium.
  • May 31: Commanding 10.7% seller premium.
  • June 20: Commanding 10.6% seller premium.
  • June 28: Commanding 10.8% seller premium. 
Weather has a lot to do with the home buying season with summer being the most popular because the kids are out of school and there's more time to shop for a house It's no surprise that the worst dates for sellers happen in the colder months closer to the holidays - October and December.  However, ski towns sell more in winter. 

Advise for thrifty home buyers is to keep a close eye on the market and watch for houses that aren't selling. During the busy holiday season while people are shopping for the holidays, serious house hunters should be looking for houses. Look for houses that linger on the market. If the house has gone on and off the market, you can potentially get it when it's not listed.  The downside is that waiting could also mean someone else gets your dream house and must choose from less desirable properties in terms of condition and location. 

How to prepare your house during peak selling times: 

  • Experts agree that a fresh coat of paint is essential. Choose a color that is neutral so that it appeals to a wide variety of buyers. A property must look as neutral as possible. 
  • Deep cleaning and de-cluttering. Most home sellers leave too many personal belongings out. Some personal photos are O.K. but no more than 10. 
  • Changing light bulb to bright, white bulbs and make sure blinds are clean or replace. Strategically place fresh flowers and house plants. 

Posted by Sam Kader on August 22nd, 2019 4:29 PMLeave a Comment

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Some of the important steps to homeownership include:

Here are 5 tips first-time homebuyers should avoid:

  1. Budget.  Your monthly payment consists of principal, interest, property insurance, taxes, and homeowners association dues (if applicable). Keep in mind that here in King county, property taxes are not fixed and tend to go up every year. In addition, you have to incorporate property maintenance and utility bills into your monthly budget.
  2. Looking for a home first and a loan later. Often, first-time homebuyers "are afraid to get Pre-Approved" for fear of denial or qualify for a loan smaller than expected. No real estate brokers (with any common sense) would show houses to first-time homebuyers without a solid Pre-Approval Letter.  Please consult me for your Pre- Approval letter.
  3. Not getting professional help. You will need a reputable real-estate agent and a good mortgage broker (as a start). In general, first-time homebuyers will need a selling real estate broker (not a listing broker). A selling broker represents a homebuyer (you) and will only work for you (don't worry - you do not have to pay their commission since it will be paid by a home seller). If you hire an agent or loan officer without a referral from friends or family, ask the agent to provide references from previous buyers.
  4. Using up savings on the down payment. I prefer if you put down 20% to avoid paying monthly mortgage insurance. However, spending all or most of your savings on the down payment and closing costs is one of the biggest mistakes first-time homebuyers make.  You can still put down less than 20% and not pay monthly mortgage insurance. It's crucially important that homeowners to have rainy day fund.
  5. Violating any of these rules before the deal is closed. You found the house you wanted, the contract is signed and the closing is in 30 days. Don't celebrate by buying another big purchase on CREDIT. Lenders will re-pull credit reports before the closing to make sure the borrower's financial situation has not changed since the loan was approved. Any new loans on your credit report can jeopardize the closing.  

 

 

 


Posted by Sam Kader on December 25th, 2017 10:37 AMLeave a Comment

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