Why Access Is One of the Most Important Factors in Getting Your House Sold!

Why Access Is One of the Most Important Factors in Getting Your House Sold! | Simplifying The Market

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your potential buyers.

There are four elements to a quality listing. At the top of the list is access, followed by conditionfinancing, and price. There are many levels of access that you can provide to your agent so that he or she can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
  4. By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2 pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

With more competition coming to the market this spring, access can make or break your ability to get the price you are looking for, or even sell your house at all.

Ted Mansfield


Posted on May 8, 2019 at 9:21 am
Ted Mansfield | Posted in Buying a home, Investment, Real Estate, Selling your home |

With Inventory Low: Will Your Dream Home Need Some TLC?

With Inventory Low: Will Your Dream Home Need Some TLC? | Simplifying The Market

With Inventory Low: Will Your Dream Home Need Some TLC?

 

Realtor.com’s Chief Economist, Danielle Hale, pointed to low-inventory at the entry-level price range for the increase in willingness to renovate.

“The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating.

Replete with inspiration at their fingertips – like Pinterest, Instagram, and various home renovation TV shows – some home shoppers are comfortable tackling home renovation jobs to find a home that balances their needs with their budget.”

Just over half of all respondents who said they would be willing to buy a home in need of some TLC, would also spend more $20,000 to make the home fit their needs.

The most common ‘expected’ renovation is a kitchen remodel which can run anywhere from $22,000 for a minor remodel to $66,000 for a major remodel.

This isn’t a new trend by any means. According to the Joint Center for Housing Studies at Harvard University, home improvement project spending reached a new high in 2018.

“Americans spent $336.9 billion on remodeling projects, up 7.4% from the $313.6 billion a year earlier.”

Home renovation television shows have given many buyers hope that they could renovate a home they can afford into their dream home!

Bottom Line

If you are one of the many Americans considering buying a home this spring, let’s get together to help you find a house with the potential to be your dream home!


Posted on April 23, 2019 at 4:27 pm
Ted Mansfield | Posted in Uncategorized |

Tips for a Buyer of a Fixer-Upper

Over the last few years weekend warriors have been delighted to find an abundance of television shows devoted to fixing up homes. More specifically, they show viewers how to take a fixer upper and turn it from an ugly duckling to a special property that they can call home. It sounds so easy but before you grab a sledge hammer and head out to buy that cheap bank owned building on the corner, there are things to consider.

First and foremost, how handy are you really? Fixer-uppers can vary from cosmetic paint and carpet, maybe changing a countertop or fixtures; then there are fixers which have electrical problems and slab leaks. It’s important to understand what you are capable of handling – either yourself or supervisory level.

 

Tips for a Buyer of a Fixer-Upper

1) Do Your Research – Don’t assume anything. Check for local ordinances and zones to
make sure the plans you have for the property are truly available to you.

2) Hire a Professional – Regardless of your level of “handiness” you need professional
help. Start with a professional home inspection and understand the true condition of the home.

3) Know Your Limits – A great deal is only a deal if you can take on the project. Be honest
with yourself. If you need to, hire a General Contractor to handle the renovation.
Fixer-uppers can be great investments. These properties can be converted to beautiful homes
or flipped for quick profit, but either way, handled well these ugly ducklings will live up to the
best episode of HGTV.


Posted on April 15, 2019 at 1:24 pm
Ted Mansfield | Posted in Uncategorized |

Slaying the Largest Homebuying Myths Today [INFOGRAPHIC]

Slaying the Largest Homebuying Myths Today [INFOGRAPHIC]

Slaying the Largest Homebuying Myths Today [INFOGRAPHIC] | Simplifying the Market

Some Highlights:

  • The average down payment for first-time homebuyers is only 6%!
  • Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
  • 88% of property managers raised their rents in the last 12 months!
  • The average credit score on approved loans continues to fall across many loan types!

Posted on April 12, 2019 at 12:36 pm
Ted Mansfield | Posted in Uncategorized |

Seattle, Eastside, and King County Market Update

The spring home buying season started early this year. Open houses had increased attendance and bidding wars returned. After months of softening, home prices in most of the region jumped significantly from the prior month. With just one month of data, we’ll have to wait and see if this is the start of a longer upward trend.

Eastside

>>>Click image to view full report.

The Eastside was one area of King County that continued to see prices moderate. The median price of a single-family home on the Eastside was $900,000 in February, a drop of 5 percent from a year ago and down slightly from last month. However, supply here isn’t nearly enough to meet demand, a fact that most likely won’t change any time soon. Amazon’s latest expansion in Bellevue is expected to bring a significant wave of new employees to the city.

King County

>>>Click image to view full report.

The median single-family home in King County sold for $655,000 in February. While up slightly less than 1 percent year-over-year, it was an increase of $45,000 over January.  Southeast King County, which includes Kent, Renton and Auburn, saw the greatest gains with prices rising 4.5 percent over the previous year. While inventory has grown, it is less than half of the four to six months that is considered balanced.

Seattle

>>>Click image to view full report.

More inventory and low interest rates helped bring buyers back into the market. The median price of a single-family home in Seattle hit $730,000 in February, down 6 percent from a year ago, but up $18,500 from January. With just six weeks of available supply, Seattle continues to have the tightest inventory in the county. Seattle’s record development boom shows little signs of easing, so we can expect strong demand to continue.

Snohomish County

>>>Click image to view full report.

The median price of a single-family home in Snohomish County reached $474,947 in February. Although that is a 2 percent decrease from last year, it is $5,000 more than January. As buyers push outside of King County to search for more reasonably priced homes, Snohomish County continues to struggle to find enough inventory to meet growing demand.


Posted on March 12, 2019 at 1:33 pm
Ted Mansfield | Posted in Uncategorized |

Don’t Get Caught in the Rental Trap in 2019

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone!

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market

It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership.

 


Posted on December 13, 2018 at 12:11 pm
Ted Mansfield | Posted in Uncategorized |

Lake Hills Real Estate

Lake Hills Real Estate

Neighborhood Entry Signs Lake Hills Real EstateKing County Library Lake Hills Real Estate1955 Ads Lake Hills Real EstateLittle Red Barn Lake Hills Real EstateJust on eof the neighborhood schools Lake Hills Real Estate

BACKGROUND

Lake Hills is a post-50’s mass development planned community, built on a system of winding boulevards and quiet neighborhood streets. A community swim and recreation club, The Samena Club, and the Lake Hills East Bellevue Little League Field are also centrally located. The distinctive Lake Hills entry signs are reminiscent of the 50s-era housing style, and there are still great examples of Mid-Century Modern architecture in the area. The Lake Hills Real Estate market is only going to increase in value!

LAKE HILLS TODAY

Today, Lake Hills is a culturally rich community. It has a multitude of parks, wetlands, open space, trails, shopping, restaurants, schools, and the new Lake Hills Library. Lake Hills is also home to the Lake Hills Greenbelt, including the Lake Hills Farm Fresh Produce Stand (affectionately known as the Little Red Barn) and the Larsen Lake Blueberry Farm.

LAKE HILLS REAL ESTATE

The location, lot sizes, relative affordability, and community assets are making Lake Hills one of the hot real estate markets on the Eastside. Combined with the extremely successful revitalizion of Kelsey Creek Shopping Center and Lake Hills Village, Lake Hills is experiencing construction of many new homes, and rehab and modernization of the 50’s homes. If you want a Mid-Century Modern home at a great price, Lake Hills is your spot!

Lake Hills is situated in a unique location, making the old adage “location, location, location” absolutely true. Easy access to 520, I-90, and 405. Minutes to Microsoft. The Lake Hills Connector road gives nearly instant access to downtown Bellevue.

You need to have the right Realtor for buying and selling Lake Hills Real Estate! A Lake Hills specialist who knows the details, the neighborhood, the schools, and the market. Ted is uniquely qualified to sell your Lake Hills home, or to help you find the perfect new one. When buying, Ted’s first-hand knowledge is invaluable. Ted’s true enthusiasm for Lake Hills is that added boost to successfully marketing your home and getting top dollar! Ted Mansfield is your Lake Hills Real Estate specialist! Interested, contact Ted today!

Lake Hills Real Estate Links:


Posted on November 8, 2018 at 2:02 pm
Ted Mansfield | Posted in Buying a home, Community, First Time Buyers, Investment, Move Up Buyers, Real Estate |

Don’t Be Spooked by the Real Estate Market!

Starting your journey to buy or sell a home can be scary if you aren’t familiar with everything that needs to happen! That’s why you need a trusted advisor to lead you through the whole process. One that will educate you, help you get the best price for your home or make the best offer, and will lead you through the process with confidence! Let’s get together today!


Posted on November 1, 2018 at 11:11 am
Ted Mansfield | Posted in Active listing, Buying a home, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Selling your home |

How Will Home Sales Measure Up Next Year?

How Will Home Sales Measure Up Next Year? | Simplifying The Market

There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.

Here are their projections:

How Will Home Sales Measure Up Next Year? | Simplifying The Market

Bottom Line

Every source sees home sales growing next year. Let’s get together to chat about what’s going on in our neighborhood.


Posted on November 1, 2018 at 11:08 am
Ted Mansfield | Posted in Uncategorized |

Buyer’s Guide to purchasing a home

The newest edition of the Mansfield Group Buyer’s Guide. It’s a handy reference tool that walks one through the steps to buying a house. Includes information on financing & mortgages, the home search itself, as well as info on closing activities. The Buyer’s Guide also includes a Glossary of Buyer’s Real Estate Terms that will help you understand the lingo a little better. Looking or thinking of buying a new home? Give us a call/text/DM on Insta and we can make it happen! Ready to start searching, click HERE.

 


Posted on October 16, 2018 at 9:27 am
Ted Mansfield | Posted in Buying a home, First Time Buyers, Mortgage, Move Up Buyers, Real Estate |