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Chris Doucet
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February 5th King County Market Watch NW | Chris Doucet
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Luxury Trends | January 2025 | Chris Doucet
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Blank Canvas vs. A Life Well Lived vs. An Aspirational Life
Blank Canvas vs. A Life Well Lived vs. An Aspirational Life
Written by: Compass Chief Evangelist - Leonard Steinberg
The recent Los Angeles fire devastation has inadvertently gifted us everywhere a renewed appreciation for HOME: the tragic images of people sifting through the burned ashes of their memories is brutally painful. It serves as another reminder that homes are not merely walls, roofs, space, etc. They are the canvas of our lives, our own 'masterpiece'.....
We as real estate marketers are often confronted with a seller where there are ultimately just three options in how we present their home to the outside world/markets upon resale or renting:
1. We can clear out all furnishings and traces of the 'current/past life' and showcase a blank canvas, possibly whited out to leave everything else to the imagination of the viewer.
2. We can leave things exactly as they are, or moderately modified, cleaned up or simplified that showcases the life of those who have lived in the home. Sometimes when it's ELLE DECOR Editorial-worthy, tidy and beautiful, this can be invaluable. However, even some exquisitely designed homes may just appeal to a very small audience.
3. We can paint, renovate, stage, etc to showcase an aspirational life, one that inspires to a better, more beautiful environment that we dream of as we scroll Pinterest and other media that broadcasts beautiful homes. When YOU spend a lot of money are you looking to improve your life? Most are.
Research shows that a small minority of people have really, really good imagination, anywhere from 5-10% of the population. Which may answer the question as to what might be the best approach. The cost of staging (as well as the cost of living elsewhere while this happens) has to be weighed up against the benefits one might achieve in:
1. The transaction price.
2. The cost of time.
There is a difference between decorating a home and presenting a home for sale, one being significantly more personal and the other designed to appeal to a wide audience. Agents know the difference and can direct their clients accordingly.
TUESDAY's TIP: Interest ONLY loans!!
TUESDAY's TIP: Interest ONLY loans!!
Interest only loans - The Myth, The Facts and The Legend.
All info is provided by Lysa Griffith, OriginPoint
Regional Manager/SVP of Mortgage Lending, NMLS ID: 754386
In response to the 2007 - 2008 mortgage meltdown, one of the casualties was the interest only loan. Interest only loans were originally designed as cash flow tools for higher net worth clients and were not necessarily "bad" loans, but their reputation got tangled up with that of riskier loan programs.
The loan products that truly contributed to the mortgage meltdown were negatively amortizing loans where banks offered loans with a teaser interest rate to start which was below the note rate.
Buyers could make a minimum payment for a limited period of time that was less than the interest only payment and allow the loan balance to grow. Once the loan balance reached 125% of its original value, the loan would reset, and the payment would increase to a fully amortized payment at the full note rate at the higher loan amount.
These loans were super attractive in the beginning, and then a definite cold plunge when reality set-in and the payment jumped up.
Fast forward and lenders offer amazing interest only loans. Today's interest only loans do not negatively amortize and are generally stable loans that give homebuyers control over cash flow. In addition to lower monthly payments, one of the best benefits is that if you pay additional amounts towards principle, the monthly mortgage payment resets automatically the next month.
The new interest only loans feature:
Fixed rate options for the entire term - no surprises
Interest only for the first 10 yrs
Amortizes after year 10 and if it's a fixed rate, you now have a fixed rate program
There are also 40 yr terms available – so after the interest only term (yr 10), you roll into a 30 yr fixed
Advantages of this program:
Lower monthly payments – at times quite significant
Ability to pay down the loan and the next payment reflects the reduced balance
Call us today to see what we can do for you!
