buying a homecondominiumseconomyreal estateselling a home November 17, 2021

Housing and the Economy – What to Expect in 2022

In the last housing and economic forecast for 2021, Matthew Gardner, Windermere’s Chief Economist, looks ahead and shares his economic and housing forecast for 2022.

buying a homecondominium speciaistcondominiumsfirst time buyersreal estateRobin MyersWindermere October 26, 2020

New Construction, Existing Home Sales, Condos & Vacation/Resort Homes

Tight supply and increasing land/material/labor continue to contribute to rising home prices.

Matthew Gardner, Chief Economist for Windermere Real Estate, shares his thoughts on builder confidence nationwide, evidenced by a dramatic increase in sales of new construction homes and permit applications.  That continued buyer demand along with increasing construction costs are driving prices up. Sales of existing single family homes is also increasing, but even tighter supply is impacting prices in that market as well. Condo sales are up 9% nationwide (year-over-year) but there is a higher level of available condo inventory. That could be the result of condo owners taking advantage of low interest rates to make the move up to a larger home. The good news, that could free up condo inventory for first time or downsizing buyers. A surprise observation – sales of vacation and resort homes are up 30% nationwide.

 

 

 

 

buying a homemortgage interest ratesreal estateRobin Myersselling a homeWindermere Real Estate October 13, 2020

How Long Will Mortgage Rates Stay this Low?

This week Matthew Gardner, Windermere Real Estate’s Chief Economist, discusses current mortgage interest rates. Interest rates are currently right around 3% and mortgage applications, driven by those historically low rates, are up 25% over the same period last year. It’s amazing to look back to the early 1980s when mortgage interest rates were in the high teens. But, how long will interest rates stay this low and what impact are these interest rates having on home prices?

 

 

 

buying a homecondo resale disclosurescondominium speciaistcondominiumsselling a home August 13, 2020

Selling Your Condo? Here’s Why the Condo Resale Certificate is Important

What is a Resale Certificate?

The condominium resale certificate is a critical part of every condo sale.  Condos  and homeowner associations are governed by documents that outline the duties and responsibilities of the homeowner and the community. When a buyer purchases a condo they are entitled to review those documents. The “resale certificate” is a 5-6 page summary supported by many other documents that contain information and disclosures that include the HOA’s governing documents (Declarations, ByLaws and Articles of Incorporation), budget and financial reports, assessments, reserves, reserve study, rules and regulations, pet and rental restrictions, meeting minutes, etc.

Why is a Resale Certificate Needed?

In Washington State the seller is required by law to deliver a current resale certificate to a buyer for review and approval. If not approved, the buyer may terminate the sale. The buyer’s lender will also review sections of the resale certificate as part of the buyer’s loan approval.

 

Who Prepares the Resale Certificate?

The documents are prepared by the HOA’s association manager (or a board member if the community is self-managed). The resale certificate is ordered by and paid for by the seller. Anticipate a fee of $275+.

In Washington State the seller is required to deliver the HOA resale certificate to the buyer per the terms of the Purchase and Sale contract (within 10 days unless otherwise specified). The buyer, once the package has been received, has five days to review the information and either approve or disapprove the resale certificate. If the buyer does not terminate within 5 days the resale certificate contingency is automatically waived.

I frequently review resale certificates and understand the importance these documents have for sellers, buyers and the successful sale of a condominium residence. If you have questions or need additional information, feel free to contact me.

 

 

buying a homecondominium speciaistproperty valuesreal estateselling a homeWindermere Real Estate July 29, 2020

How’s the Real Estate Market?

townhomesHow’s the Real Estate Market?

This is a question I hear a lot. Real estate was dormant this spring due to the coronavirus pandemic. Since mid-May the housing market has made a robust and positive rebound.

The number of buyers currently in the market far exceeds the available inventory of homes for sale. Why are so many buyers searching for homes? Record low interest rates give buyers more purchasing power. They’re taking advantage of those low interest rates to purchase a first home, move up to a larger home or, since we’ll be working from home/learning from home for many months to come, find a home that is a better fit for changing live/work/learn lifestyles. We are fortunate to live in an area with a strong economy. Local and national companies continue to grow and recruit employees, but that growth is bringing more home buyers to the area who want to purchase a home.

Lifestyle needs change . . . job and workspace needs change . . . housing needs change. Right now housing inventory is the biggest challenge for buyers looking to purchase a home. It’s a competitive market. The shortage of homes is definitely tipping the scale in favor of sellers, and that trend is expected to continue through the end of the year.

If there’s a change or a move in your future . . . how can I help?

 

 

 

 

condominium speciaistcondominiumseconomyreal estateWindermere Real Estate July 28, 2020

How Much Are Home Values Expected to Increase in 2020?

This week Matthew Gardner, Windermere Real Estate’s Chief Economist, provides an update to his 2020 housing forecast. Interesting economic information relating to the local and nationwide real estate market.

 

buying a homehome financinghome safetyonline securitysecurityselling a homeWindermere Real Estate July 21, 2020

Summertime – Must Be Time to Go “Phishing”

photo courtesy flickr/gotcredit.com

Over the past week I’ve suddenly received several phone and email “phishing” solicitations. I’d like to blame it on a full moon, but that was nearly three weeks ago.

I’ve been contacted twice and advised my Amazon account had been locked due to suspicious activity. Two different people have called to tell me a credit card was being used in another state, that the police had been contacted, and they would need additional personal information to verify they were really talking to the cardholder so that they could assist me. I reached out to both credit card companies – no suspicious activity or security breach reported on my accounts. I also had a call trying to sell me new windows for my home. Told that caller my home has no windows. (You have to have some fun with these calls.) The best calls have been the three from people representing “investors” who are ready to purchase my house immediately – for cash. I had to play along with these calls too. Turns out the caller didn’t know anything about my home including where it was located, when it was built, the number of bedrooms, baths or square footage. After no doubt frustrating the caller for a few minutes, I let them know I was a Realtor® and that when it came to sell my home I had that covered.

Maybe with everything going on in the world scammers think this is an easy time to take advantage of people who might be feeling stressed or vulnerable. In my business escrow and title companies, banks and lenders continually deal with wire fraud. Bad people have figured out how to hack into emails, secure bank and corporate websites and anywhere else they think there might be a quick and dirty way to make money and defraud innocent people.

Be very careful. Be suspicious of phone calls and emails you don’t recognize or can’t verify. Caution and educate your children, parents and friends. If you question something, whether it’s from a friend, relative, business associate, bank real estate broker, escrow or title, and especially if you’re involved in a real estate transaction . . . verify the sender. It only takes a few minutes to protect yourself. It also only takes a few minutes for a wire transfer sent to a criminal recipient to empty a bank account, and those funds can be impossible to retrieve.

We have enough to worry about these days. Be safe. Verify. Verify. Verify. And while you’re at it, wear a mask. Take care of yourself, your family and friends.

 

 

 

economyhousing marketreal estateWindermere Real Estate July 20, 2020

Matthew Gardner – The Importance of the National Housing Survey

Started in 2010, the information in the National Housing Survey contains information about consumer attitude, intentions and financial confidence as it relates specifically to housing.

 

 

affordable housingcondominiumseconomyreal estate July 7, 2020

The Important Role First Time Buyers Play in the Long Term Housing Market

This week Matthew Gardner, Windermere Chief Economist, speaks to the importance first time buyers will play in the recovery of the country’s housing market.

 

buying a homecondominium speciaistcondominiumsreal estateselling a home June 24, 2020

Available Homes for Sale Significantly Below Last Year

The number of homes available for sale declined in April and May for obvious reasons – there were health and economic concerns brought on by the COVID-19 pandemic. Since late May local home sales have been ahead of the same period last year. Buyer demand remains high but what is different about this year compared to last year is there are fewer homes for sale. The graph below, provided by the Northwest Multiple Listing Service for the Seattle Times, shows that new pending sales are well above the same period last year but new listings of homes for sale are 20% below the same period last year.

With barely a one month supply of inventory in many areas, homes are selling quickly. Multiple offers are more common, and many homes are selling above the list price. Buyers are finding more competition for the weekly supply of newly listed houses and condominiums coming on the market.

What’s driving this demand? Interest rates are at record lows making mortgages more affordable. Potential buyers can afford a larger home. And, after three months of quarantine, owners and renters whose homes offered adequate space when working off-site are seeking larger homes with more indoor space, a dedicated home office area and more outdoor live/play space. Buyers are ready to buy, but sellers don’t appear to be as motivated right now.