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Don’t Just Downsize . . . Right-size
flickr/alden jewell
Many sellers in today’s market, myself included, are getting ready to not only move but also downsize their lifestyle, fitting their new home to fit future needs. Downsizing, or right-sizing, means more than just “getting rid of “stuff” and finding a smaller home. It’s important to consider how you live now, how you want to live in your new home, what is important, what you need and what you can do without.
This should be a simple task, but too often downsizing doesn’t focus on the things that are really important. If you love to garden, need space for a pet or enjoy hosting impromptu dinners and holiday gatherings, select a home that provides enough space for how you want to live or you may find it frustrating to have to eliminate activities or traditions that are important to you. When searching for a new home don’t just look at the square footage – keep in mind how you will live in and use the space day-to-day now and in the future.
It’s safe to assume much of the furniture in your current home won’t fit into a smaller house or condo. The reality is that very few of your existing furniture pieces will make the move with you. You’ve heard the phrase “measure twice and cut once”. The same is true for furniture. Measure pieces you might want to move or purchase and then measure the doorways at your new home (twice) and don’t forget elevators, hallways and stairwells. The stress on moving day doesn’t need to include discovering the buffet won’t fit through the door.
If you think you ‘ve had enough garage sales or trips to deliver donations, think again. Don’t try to fill your new space with too much sentimental artwork or decor. Select a few statement or heirloom pieces and use them as the foundation to build the decor in your new home. Too much “stuff” will make a space look smaller.
When it comes to closets and clothing, think again about what you keep and what you could donate. We’ve all heard that saying that if you haven’t worn something in two seasons, let it go. Are you relocating to a different climate? A more casual lifestyle? You may not need heavy coats, as many shorts and flip-flops or blazers and dresses.
Moving and downsizing takes time, effort, focus and patience. It can be stressful, but can also be a positive experience. The next chapter of your life should be exciting and something you look forward to. After you’re settled in your new home, if you find you parted with something that you wish you’d kept, it can be replaced and maybe it will be the right size, color or style that is a better fit for your space. Embrace the change. Invite family and friends into your new home and start making new memories and traditions.
Increased Conforming Loan Limits Will Benefit Buyers
flickr.com/mikelawrence
Conforming home loan limits are tied to local home prices. Each year the Federal Housing Finance Agency (FHFA) evaluates home values nationwide and adjusts the conforming loan limits for each state and each county within each state. FHFA also establishes higher conforming loan limits for areas deemed to be “high cost areas” based on local median home values. In the King/Snohomish/Pierce county region, considered a high cost area, the conforming loan limit for 2023 is $977,500. Any loan above this amount is considered a jumbo loan. (In most of the United States the average 2023 conforming home loan limit is $726,200.)
What this year’s adjustment to the conforming loan limit means is more buyers can qualify for a conforming loan vs. a jumbo loan – good news if you’re planning to purchase a home this year. Conforming loans allow lower down payments (as low as 3%) and have more flexible loan qualification standards. Jumbo loans typically require a minimum 20% down payment, higher credit score and stricter loan qualification guidelines.
If you’re planning to purchase a home this year, meet with your lender or mortgage broker before you begin your home search. Find out what’s needed to start the loan application process and learn which loan program will best meet your needs and budget. Obtaining a fully underwritten loan approval before you begin your home search will put you in a much stronger position when you find the home that best meets your needs.
September is Realtor® Safety Month
flickr/Jonathan Warner
September is Realtor® Safety Month. You wouldn’t think real estate was a profession that deals with a lot of risk or safety concerns. Though rare, over the years there have been several instances locally and across the country of Realtors® being physically or cyber stalked, injured or abducted. Locally, our industry was rocked by the murder of a well known and respected broker just over 20 years ago.
Realtors® are trained and educated about the potential dangers faced while on the job and reminded to practice safety strategies designed to keep themselves, and their clients, safe while visiting homes or attending open houses. Safety guidelines have been designed and implemented utilizing tips from national and local law enforcement and industry veterans to keep all of us safe and be sure we all make it home safely.
Most of the safety protocols are common sense, but can sometimes be thought of as inconvenient or unnecessary. Keep in mind . . . your broker is taking precautions and is concerned about their own safety as well as yours. If your Realtor® suggests a first meeting at the office rather than going directly to a property, asks for ID, or discourages showing homes after dark, keep in mind, their concern is for their own safety as well as yours.
Revision to Condominium Resale Certificates Relating to EV Charging Stations
courtesy flickr/Ivan Radic
The WA State Legislature recently approved a revision to the Condominium Resale Certificate. House Bill 1793, passed by both the House and Senate, was effective June 9, 2022.
A new section has been added to the Condominium Resale Certificate relating to electric vehicle charging stations. Whether located in the unit or the limited common elements assigned to a unit, an association manager (or HOA of self-managed) is now required to complete the updated document to disclose information relating to application requirements for EV charging stations, the status of any application in process, insurance information and/or requirements, maintenance responsibilities, associated costs including any utility allocations to a unit or owner and other requirements related to proper approval of and installation of an EV charging station. With the popularity of electric vehicles on the rise, HOA rules and regulations will soon need to be updated to include the approval process and requirements for installing EV charging stations.
The updated form must be used for all condominium or common interest community purchase transactions with mutual acceptance on or after June 9th. If a resale certificate was previously ordered (for example, when the home was listed for sale), the resale certificate will need to be updated and available to a seller for review and approval.
Summer May Offer Temporary Relief for Home Buyers
Downtown Bellevue Skyline
This week’s press release from the Northwest Multiple Listing Service (NWMLS) provided a hint of hopeful news for local home buyers. NWMLS data shows the number of active listings added to the market in June was at it’s highest level in 17 months.
In the tri-county area (King, Snohomish and Pierce counties) single family and condo inventory was up 14% in June compared to May. It’s tough to know how the typical summer slowdown when buyers and sellers take a vacation break, could impact the market. With the easing of COVID restrictions, more people may choose to travel and temporarily abandon their home search.
If there’s a pause in the summer market, it isn’t likely to last long. Tech companies continue to lease large blocks of office space, so it can be expected hiring will accelerate as well which will put demand on available housing inventory. Tech industry growth may also increase demand for the urban housing market in the third and fourth quarters as employees return to downtown offices and the many buildings under construction, and already leased, are completed and occupied.
Condo sales activity was hit hard in the early days of the strict COVID restrictions, mostly due to concerns about living in a community setting and navigating elevators and common areas. As those restrictions have eased condo sales have increased – nearly 60% compared to a year ago – and prices have increased more than 20%. Interest in urban living will likely continue as employees return to downtown workplaces and companies ramp up hiring.
For buyers who decide to stay-cation and continue their home search efforts, July and August could provide opportunities. Staying ahead of the fall hiring cycle and corporate relocation schedule could pay off for buyers this summer.
Robin Myers lives and works in downtown Bellevue. She is a Realtor® with Windermere Real Estate specializing in condominiums and urban lifestyles.
