Is it time to sell mom's house?

Is it time to sell "Mom's" house? 

Over the last few weeks, I have received 4 calls from past clients about the need to sell their family home. This is always a wonderful compliment. It means that the clients have been happy with the service I have provided on other transactions and trust me to represent them, their family or the estate that will oversee a sale.

Selling the home that they grew up in can be fraught with emotion and anxiety. In addition, losing or relocating that last generation is always difficult. Does the home need to be cleared out or edited, remodeled for procuring the best value, sold as land value to a developer? 

Lots of decisions that my team can help you through to help achieve your goals.

A Tree House tale of before and after

Rarely do we as real estate agents get to par take in a before/after property. As a former designer, I loved the challenge. This wonderful property in Bonney Lake is affectionally called “The Tree House”.

Great structure, just in need of being updated and refreshed.

There once was a northwest contemporary nestled on an acre lot across from a lake. No one was living there at the time and it was sad and ready for a new owner to make it their own. Custom built in 1985 and lived in by one family since, it had great bones, wonderful privacy and serenity and a huge garage. 

We gave it love in the form of new paint, inside and out, some new windows, lighting, landscaping, new flooring and an inviting staging and listed it for sale.  Within hours, buyers were clamoring for the tree house. Agents were lining up to show it.  It seemed as though everyone wanted this piece of paradise. One lucky family got it after looking for the right place for two years. 

House is happy, sellers are happy and buyers are happy.

And that is the happy ending...

3 BR | 2 BA | 1,696 Sq Ft | 45,302 Sq Ft Lot
Sold for $27,600 over list price
Bonney Lake / Buckley

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Have a home that needs a bit of love and you don’t know where to start? I would love to come see it and explain through my eyes to you on what we can do to your home to get it ready to sell.

AIA Home of Distinction: This Queen Anne Remodel Honors the Home's Historic Past

I am thrilled to be mentioned in the September issue of Seattle Magazine . The article, This Old House, features the collaborative efforts of my relationship with some fabulous clients, whom have become good friends, and my "go-to" architect, David DiMarco. 

After a long search for the right property, we saw this 1912 Prairie style residence the first day on market. The location was perfect and the coveted "Fraser" view, quintessential Seattle. Plus it was on a huge corner lot. The home was in disrepair and the agent was promoting it as a tear down for lot value only but my clients had vision. They made an offer immediately. The next call was to David to see if the home could be preserved and renovated. The article and photos are a testimony to their skilled efforts. 

David and I have worked on multiple projects together. As a real estate agent, our connection speaks to the importance of having a gifted architect at the ready. David is currently working on the home of another treasured client . I can't wait to see the result soon. We will be sure to have Seattle Magazine on speed dial for the next photo shoot.

I am thrilled to have my gorgeous listing in The Highlands featured on the Compass daily newsletter today.

I am thrilled to have my gorgeous listing in The Highlands featured on the Compass daily newsletter today.

Chris Doucet - August Newsletter

Happy August!

I hope that you are enjoying this beautiful weather and the last days of summer.

I am settling into my new brokerage and the innovation and support that Compass Real Estate provides. If you haven't downloaded the compass.com app yet, it is a wealth of information.

So fortunate to be a Founding Member.

Market Changes
What is happening NOW

You have seen the for sale signs out longer in front of homes, and I'm sure that you are reading the media--especially if you are a seller. For the first time in over three years, home appreciation is flattening a bit. Down from an 18% increase last year to 5%. This still means that we are in a Seller's Market, but the numbers are influenced by a number of factors.

Inventory has increased since June by 48% in King, Snohomish and Pierce Counties, the first increase since early 2015. The old supply and demand dynamic. Buyers seem to be taking a break from the crazy bidding wars of this spring.

Also of consequence is our lovely summer weather and Seattle area residents taking much-needed vacations before Labor Day. It happens every year but not usually this dramatically.

What this means for buyers is less frenzy and fewer multiple offers, especially in the under $1M price ranges in desirable neighborhoods. This is good news to buyers who were scrambling to secure a home after submitting up to a dozen offers. After two interest rate increases by the FEDS in 2018, the rates are down slightly. Although we have been jaded by interest rates below 4% in recent years, mortgage rates are still historically low. (I remember building my first house in 1981 at 18%).

To sellers, it means that market time is longer and listing prices need to be realistic. This is the time to make sure that your property is well presented and well represented. My team always goes the extra mile to fine tune your home to mint showing condition, marketing to that specific buyer and negotiating to your best interest.

I predicted that the market would stabilize but no need to panic. The dynamics that created the last housing crash are not relevant. A balanced market is 4-5 months of inventory, and we are now between 1.5 and 1.8 (area specific). This is sustainable growth. As long as there is a growing job market (Seattle/Bellevue added 30,000 net jobs through May of 2018) and demand for housing is strong, we should see more movement in September. Labor Day is coming soon.

Remodel Before You Sell

One of my neighbors is looking at moving sometime over the next few years to a luxury retirement community but was struggling with living with a dated kitchen until then. I came to the rescue with a plan to keep the footprint and update the look and a design that would have broad appeal to the next buyer. 

A stainless undermount sink and new faucet, quartz countertops, tile backsplash and new cabinet pulls have brought them joy for today and renovation that will pay off in the future. As a former designer as well as a seasoned real estate professional, I hear too often that the seller wishes that those renovations had been done during their occupancy and not right before listing. Let me help with making the choices that will pay off now and later.

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Insurance

Do you know how much to insure your home? Many of us are dealing with outdated policies but today, I saw one so high it gave me pause. The owners are paying about 30% more than they should. Why? The residence is overvalued as are the contents but even more important is that your insurable value should be placed on the cost of a rebuild and not the land under the home. In Seattle, up to 50% of property values can be in the "dirt". Worst case scenario, you still have the location. Unless a tsunami or an earthquake happens, no need to insure. Save the premiums!

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The Real Estate Sign, Reimagined

I am thrilled to be one of the few hundred lucky Compass agents to procure a new, illuminated and intelligent real estate sign. This is the talk of the real estate industry and the first major improvement to yard signs since the 1940s. A circle surrounded with light, QR code and a link to home information via the Compass app, this sign eliminates those rain-soaked flyer boxes and makes walking the dog an informational experience! Watch for a few of them popping up in the Seattle market soon and here is a video about the sign provided by Compass Real Estate

Chris Doucet | Compass Founding Broker in Seattle
206.819.4663 | chris.doucet@compass.com

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.