Time for New Home, Lifestyle?

by Ken Anderson on January 24, 2012

Today’s housing market presents considerable opportunities for home owners looking to be “move up” buyers and enhance their lifestyles. Prices are stabilizing in our area, interest rates are near historic lows and the high inventory provides many choices.

Even amid such incentives, many move-up home buyers remain on the fence about making the lifestyle change they desire due to concerns over selling their current property. Many sellers want to wait to sell until prices rise rather than making a price reduction to market value on their current home.  If these sellers are trade up buyers that decision will cost them money.

While the value of your current home may have seen some decline, the “move up” home has also seen a price reduction. Consider the example of the seller who wants $300,000 for a home with a market value of $270,000.  That seller wants to trade up to a home that was also 10% overpriced at $450,000, but is now reduced to market value of $405,000.  By reducing to market value now, the seller fo the $270,000 home would be ahead $25,000 compared to waiting for the market to rise back up another 10%.  Further, when the market improves and price appreciation returns, the more expensive home will see a higher dollar increase.

So, is now the time for you to be a “move up” buyer?  Coldwell Banker Evergreen Olympic Realty offers the following thoughts to consider.

Have you built substantial equity in your current home? Home equity can be defined as the value of a home, minus the amount of outstanding debt. Although equity does not generally develop in the first few years of home ownership, five or more years of home payments may create significant unrealized gains.

Has your income or financial situation improved? Homeowners should consider their overall financial situation including current and future expenses in order to make an educated decision on the price range for a new home. For example, an increase in salary may allow for an increased mortgage.

Has your lifestyle changed? Lifestyle changes are the most common reasons people choose to move. Starting or adding to a family may require an extra bedroom or additional square footage, as well as a desire to live closer to work, family or a particular school district can all be inspiration for a move to a larger home or new location.

Is your current residence one that could potentially be rented out? For homeowners who are ready to make a move but are concerned about purchasing a new home before the current property is sold, renting out the current residence may be a viable option.

Are interest rates attractive? A low interest rate means lower mortgage payments on homes of the same price. Recent rates have been very competitive. Your real estate broker can recommend a local lender to discuss current rates and qualifying for a mortgage.

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Go Green! Eco-Friendly Home Tips

by Ken Anderson on January 11, 2012

As we begin the new year, we’d like to again share some basic changes homeowners may incorporate to create a more eco-friendly home.  ”Going Green” has moved beyond installing energy efficient appliances and swapping out incandescent light bulbs for compact fluorescents.  With luxury condos touting eco-friendly features like rain water recycling, and home builders incorporating energy saving features into new homes, it’s no wonder more home buyers are asking about “green homes.”  

“It makes sense on a number of levels to incorporate green principles into a home and consumers are often surprised at just how easy it is to do,” said Ken Anderson, President, Coldwell Banker Evergreen Olympic Realty.  “The Northwest is a leader in recycling and protecting our natural resources.  Homeowners are very conscious of utilizing the many recycling programs we have in the south sound.  These practices are leading buyers to look for ‘green’ opportunities when purchasing a new home and these tips will help your home stand out from the crowd.”

The following tips outline how to make homes sustainable, energy- and cost-efficient now, and appeal to eco-conscious homebuyers:

1. A Ray of Light:  South-facing windows provide more natural daylight making a home more bright and cheery. Further, natural daylight can help keep the indoor climate comfortable during the winter months, allowing a homeowner to set the thermostat a bit lower. Alternatively, drawing shades during key daylight hours during the summer can help cut down on air conditioning needs.

2. Green Gardening: Sustainable landscaping is becoming all the rage to eco-conscious homeowners.  Planting native plants, vegetation and shade trees strategically around a yard can keep a home cool during the summer and block cold winds during the winter.  In addition, native vegetation thrives in its preferred environment without requiring excess water.

3. Dial it Back: Lowering the settings on water heaters, refrigerators, dishwashers and laundry machines reduces the amount of energy required to maintain the temperature. Installing low-flow sink faucets and shower heads also lessens water consumption.

4. Reuse Rain: Recycling rain water for gardening is another great way to conserve. For example, a water collection system under drains can catch excess water that can then be reused for watering landscapes.  This is an easy, positive way to endure our wet winter and springs!

5. Less Lawn does More: Eliminate as much of the lawn as possible and plant native bushes, flowers, etc. In our mild northwest climate, simply cutting back on the amount of lawn space to mow can promote energy conservation. 

6. Turn Old into New: Refurbish the home’s existing materials when remodeling instead of buying new ones (cabinets, tiles, flooring). If brand new appliances are required, homeowners should make sure they are energy-efficient, and should consider donating their old appliances to be recycled or reused.

7. Insulation is Key: Insulating cold-water pipes will prevent them from dripping condensation, and insulating hot-water pipes will prevent costly heat loss and save on energy bill.

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Tips for Selling a Home in Winter

January 10, 2012

Just because the weather outside is dreary, the home selling experience doesn’t have to be. Traditionally, the spring season is known as the time when home buyers are out in full-swing looking to purchase, but winter months can also bring in motivated buyers who are looking for a change and attracted to our market and [...]

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Pending Homes Sales Continues to Grow

January 4, 2012

Homebuyers who delayed the purchase of new home are tired of waiting and are now ready for a move.  Compared to last year, pending home sales continue to climb and according to the National Association of Realtors, November home sales gained and ”reached the highest level in 19 months.”  For more information please read the full article by [...]

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There’s No Place Like Home for the Holiday’s

December 14, 2011

 The Holiday’s are here and as Coldwell Banker discovered, “There’s no place like home for the holidays”.  Where will you spend the holiday’s this year?  This Coldwell Banker video asks people that question and to share some of their favorite memories and traditions. Enjoy!  Happy holidays from all of us!  http://youtu.be/3QmxkDW8myk         [...]

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Local Housing Market Update

December 9, 2011

If we had to pick one word to describe the housing market right now it might be “confidence.” All markets are influenced by fear and exuberance, which are in essence some form of confidence – either too much at the top of a cycle or too little at the bottom. The housing market around many [...]

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Spirit of Giving makes this a great place to call Home!

December 7, 2011

The holiday season is a time to stop and give thanks for the good things in life. We were recently reminded of one of the biggest reasons this area is such a great place in which to live and work. For the past eleven years, a group of local nonprofits host a luncheon to celebrate philanthropy [...]

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Holiday Entertainment in the South Sound

December 6, 2011

Tis the season to celebrate.  If you are looking for quality entertainment for you and your family consider one of the following performances.  Please be sure to check the web sites for show times and ticket purchase information.  Have fun and Happy Holidays! Stardust Serenade at Harlequin Productions, November 25-December 31  www.harlequinproductions.org Scrooge, The Musical by [...]

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Christmas Forest, A 24 Year Local Tradition

November 28, 2011

This week the 24th Annual Christmas Forest celebration will wrap with a Gala Auction Tuesday evening.  The 7-Day holiday fundraiser is a series of events to benefit the work of Providence St. Peter Foundation in our community.  Christmas Forest has generated more than $4 million throughout its history, helping to provide charity care and fun [...]

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Veterans Day: A Time to Remember and Say Thank You…

November 10, 2011

Veterans Day is a time to honor and thank all military personnel who have served the United States.  Our community is lucky to be home to hundreds of military service men and women and their families.  We annually observe Veterans Day on November 11, as a reminder of the 11th hour of the 11th day [...]

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