Friday, August 19, 2016 / by Christine Robertson
Today I wanted to talk to you about why you want to make sure your Realtor plays poker.
What does poker have to do with selling houses? In poker, there's a phenomenon called being "pot committed." This means that the pot has reached a size that makes it mathematically unfavorable for you to fold - you're better off staying in, given the size of the pot. It doesn't happen nearly as much as people pretend that it happens.
So what does that mean? It means that people justify their actions based on the thought, "Well, I've gone this far already," when in fact, it would still be cheaper to get out.
How does this relate to buying a house? Well, if you have a Realtor who doesn't understand that phenomenon, then you could have a problem. With a home in this market, you're going to wind up with five to seven offers, which is totally common. If you're listing the house, you want a Realtor who is going to attract as many offers as possible and make it as attractive ...
Tuesday, August 09, 2016 / by Christine Robertson
Welcome back to another episode of Seattle Food Tours! Today, I went to Paseo. You should know that this Caribbean-style sandwich shop serves the single best sandwich in the world. Now, just like any good sandwich place, Paseo’s is nondescript and features no outdoor sign. With fresh pork, onions, and bread from Seattle’s own Macrina Bakery, this is beyond a meal. It is the best sandwich you’ll ever eat. They offer other Caribbean-inspired fare, but I was there for one thing only: the pork loin sandwich. In fact, I’ve never in my life gotten anything but that sandwich.
Now, for a little bit about the Fremont area market.
In the last 15 months, demand has outstripped supply. This means, of course, that houses have consistently gone above asking price, even going up as far as 110% of asking price. If you follow our blog you know that we generally get 5% better than average, so if you were selling in Fremont, than we would be able to get ...
Sunday, July 24, 2016 / by Christine Robertson
The term “get rich quick scheme” has been held in low regard since before Charlie Ponzi’s pyramid
came crashing to earth in the 1920s. Probably that word “scheme” is a problem...sounds too shifty. And
the whole idea of sudden riches sounds as reassuring as “something for nothing” or “free lunch.”
Prudent Vashon residents tend to go a good deal more cautiously when they plan their investments.
They usually aren’t even aiming to “get rich.” More like “get comfortable.” Instead of hoping to reap
sudden wealth (living off all those tolls after buying the Brooklyn Bridge), they think in conservative
terms like “passive income streams” and “lowered risk strategies.” Instead of responding to radio ads for
the week’s fastest-growing franchise opportunity, they’re more likely to be scouring the listings for
Vashon rental homes for sale.
A week or so ago, The Wall ...
Friday, July 22, 2016 / by Christine Robertson
Overall, the Seattle market throughout the first half of 2016 was hot. There was a softening in June, however, and this might indicate a larger trend.
There were roughly 17% fewer homes on the market this June compared to June of last year. Last June there were 9,400 homes, and this June that number was 7,800. That’s a significant decrease with essentially no decrease in the number of buyers. This explains why there was a 10% to 12% increase in price.
This June was a softer month because the rate in which homes were listed increased over last year. While there were fewer homes than last June, the difference between January and June last year was just 1,300 homes. This year the number for that same time range was about 2,100 - a 30% increase in home listings. Even though the total number was lower, the rate at which the inventory increased resulted in June being a softer month.
Inventory is at an all-time low, while demand is creeping back up. ...
Thursday, July 07, 2016 / by Christine Robertson
What do appraisals mean to you as a buyer and a seller? I get this question all the time.
An appraisal is something that’s paid for by the buyer but enacted by the bank as protection for them to make sure that the home is worth what you’re being offered for it. In other words, if you have a house on the market for $500,000 and you take an offer for $600,000, the bank wants to ensure - to protect the loan that it’s extending the buyer - that they can resell the house for that $600,000 price tag. If it isn’t, or they can’t resell it for that amount, they’re not going to lend the $600,000.
The appraisal is basically a protection for the bank and protection for their loan. This is why a cash buyer is so much more attractive to you as a seller, because then you don’t have to go through the whole process. They don’t have to worry about what the home’s “worth” to the bank. They don’t care - it’s cash. How ...