Renton, Washington
This blog will provide you with valuable information, tips, and general insight into the real estate market in Renton, Newcastle & South Bellevue Washington.
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Apr. 23, 2007
Keep them straight
Looking at a bunch of houses? With digital photography making it easy and inexpensive to record images, be sure to take a digital camera along, first taking a picture of the listing sheet so you can remember which pictures go with which home, and then key elements of each home.
Work with your REALTOR to make a list of your "must-haves" before you visit the first house. For example, fireplace, master bath, walk-in closet, two (or three) car garage, dining room, open floor plan, eat-in kitchen, screened-in porch, large (or small) yard are typical "must-haves". You will also want to create a list of features that are important but not necessarily a "must-have" so that you can take notes in such a way that allows you to compare apples to apples later. Buying a home is an emotional experience. Doing this will help take some of the emotion out of the process.
Here is a list of items might want to include (rank each as either excellent, good, fair, needs repair soon, needs repair now).
• Kitchen
• Bathroom(s)
• Roof
• Windows
• Furnace
• Air conditioning
• Floors (rate by each level of home)
• Closet/storage space
• Plumbing
• Electrical (does it have 60, 100 or 200 amp service?)
• Basement
• Master bedroom
• Siding
• Garage
To reduce the number of homes you view, it is also a good idea to sit down with your REALTOR for a buyer's consultation before you start looking at properties. I do this with all of my clients. The consultation takes about 45 minutes but it takes weeks off the home search process.
David Edwards
Real Estate Agent & REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.
Apr. 19, 2007
Community Reports
- Community Reports – You can now take advantage of access to detailed statistics and amenity information about a ZIP code. Your have the option generating a report about one area or compare two different communities. Community reports provide the details you need to make clearer decisions about your next real estate purchase. Community Reports can be found at: http://www.davidjedwards.com/community_report.asp#
- School Reports – Your now have access to information about school areas according to ZIP code or street address. Your have the option of generating a report about one school area or compare two areas for information. The information provided is critical to determining your next real estate decision. School Reports can be found at: http://www.davidjedwards.com/community_report.asp#
- Interactive Maps - Community and School Reports offer detailed and interactive maps. Icons are used to reflect different community amenities and schools. You can easily find school and service locations with these visual cues.
- Search Tool - An easy-to-use tool that enables ZIP code lookup based on state, county, and/or city for Community Reports. School Reports offers a choice between the ZIP code lookup or a street address search.
- Online Help - Key screens and sections provide a simple help icon. Your now have access to detailed procedures, definitions, and guidance.
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.
Apr. 17, 2007
Landscaping: Does it look like a park or a landfill? Landscaping not only includes the grass, bushes and any gardens, but also the hardscape – the sidewalk, deck and/or patio. People are spending more time outdoors now that Spring is upon us and you’re likely no different. Landscaping improvements can be costly, but is one area in which homeowners often tackle projects themselves. If you have the time, energy, and expertise you can save money by doing some landscaping improvements. But costs can add up here – be sure to factor that into your decision and/or bid.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.
Apr. 16, 2007
What’s the condition of the home’s exterior? Does it need painting, or is it sided? Does it have painted brick that’s peeling? Is the aluminum siding chalking? Improving the exterior can be costly. Check the exterior walls carefully before putting in a bid.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.
Mar. 27, 2007
Take an inventory of what needs fixing.
Good news: With more houses on the market than in the past several years (676 active Renton Real Estate listings and 70 active Newcastle Real Estate listings), you’ll likely be able to look at more houses before making a decision to put in a bid.
Bad news: That means it can get quite confusing to remember the details of each. Develop a list of things you like in the house as you walk through each, and also make a list of things that might need fixing
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.
Mar. 19, 2007
 It sounds like a great listing – in your price range – in the right neighborhood – with features you’re looking for. First impressions mean a lot – but you find the bushes are overgrown, the front hallway is covered with tacky foil wallpaper, the kitchen cabinets are painted dark brown, the living room rug smells musty, and the hardwood floors have black water marks on them.
Should you head back out the door? Maybe. But to fully determine whether you should cross this house off of your list you’ll need to gather more information, and perhaps look past the blemishes to get a full picture of this house’s potential. How do you do that?
Start with emotion, but end with facts. Buying a home is an emotional process. You often find yourself trying to determine if this is where you want to spend the next 10, 20, or 30 years of your life (and perhaps raise a family). It’s OK if your initial impression is an emotional one. But because the purchase can be the largest you’ll ever make, it is essential that you gather all of the facts necessary to make an educated decision.
Consider whether the price accounts for the current condition. If the cost of repairs is less than the amount of increased value, are you willing to pay for the repairs to reap the benefits down the road?
Stay Tuned for Step 2.
David Edwards
Real Estate Agent & REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and
Newcastle Washington.
Mar. 1, 2007
I was going to talk about the fact that Spring is in the air and then go on to identify some springtime home improvements you should start preparing for in today's blog post. That was until I saw the dusting of snow on my lawn as I poured my first cup of coffee this morning. I think that discussion can wait a few more days.
The higher elevations of our area received more than just a dusting of snow. My wife is a Teacher at Open Window School (OWS) (www.ows.org) in Bellevue. She had a two hour delayed start this morning. Like most schools, OWS will have to make up the lost time because they have already exhausted their reserve of additional snow days that were automatically built into the school's calendar.
The school sits atop Cougar Mountain and the weather is so unique compared to the surrounding region that they have their own weather center. You can check it out at http://www.ows.org/weatherstation/Current_Conditions.htm.
You may have seen reports from atop Cougar Mountain which is why I have to expose King 5 News for their weather reporting theatrics. Whenever they want to give the greater Seattle region a dramatic display of extreme weather conditions (usually on a slow news day), they send Jim Forman to the streets of Cougar Mountain after the sun goes down and the roads freeze so they can film vehicles sliding all over the place. At the same time, the rest of us in the lower elevations are sitting in our lawn chairs drinking the latest iced coffee extravaganza purchased "to go" at our local Starbucks facility in Renton or Newcastle. (Okay... that's an exaggeration but it's true that King 5 loves to report the weather from Cougar Mountain and if it's a car accident in Blaine, a mudslide in Enumclaw or a snowstorm atop Cougar Mountain, you can bet Jim Forman will be sent there.)
Don’t get me wrong... If my wife and I miss the paper and find ourselves in need of some news, we do prefer King 5 and a Jim Forman report is rarely a bore. And as for OWS, the unique and occasionally extreme weather helps give real world meaning to learning about elevation.
Here is a blurb from the OWS website...
Open Window School is a nurturing community for gifted children who love to learn. The students benefit from small classes that allow the talented teachers to offer an engaging and challenging curriculum that fosters academic excellence, cultivates innovation, stimulates problem solving and encourages independent thinking.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
Feb. 19, 2007
Setting the list price for your home involves evaluating Renton and Newcastle’s market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on:
-pricing considerations
-comparable sales
-market conditions
-offering incentives
-estimated net proceeds
Pricing Considerations – Find a Balance Between Too High and Too Low
When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:
If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale in Renton and Newcastle, your home simply looks too expensive to be considered.
If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.
TIP: Never say "asking" price, which implies you don't expect to get it.
Price Against Comparable Sales in Your Neighborhood:
No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.
Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR® can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.
Competitive Market Analysis (CMA):
The list of comparable sales a REALTOR® brings to you, along with data about other houses in your particular neighborhood that are presently on the market, is used for a "Comparative Market Analysis" (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.
A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.
Formal Written Appraisal:
A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price or if there is any other circumstance that makes it difficult to put a value on your home.
TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report, i.e., the kind that's complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.
Market Conditions – Is it a Buyer’s Market or a Seller’s Market?
A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.
Here in Renton and Newcastle, we are experiencing a normalization of market conditions caused by a swing from a sellers market to a buyers market. I use the term “swing” because the market naturally goes back and forth based on many factors such as but not limited to interest rates, employment rates, building materials costs and even seasonality.
The greater Seattle area (including Renton and Newcastle) has been sheltered from the negative effects brought on by the so called national “bubble burst” which was never a really a national burst in the first place. Real estate is local by nature, the “bubble burst” hit some local markets harder than others but our region’s robust economy has provided us with no more than a market correct in the form of a transition from a sellers market to a buyers market. It’s not a bad time to sell either. Sellers are getting top dollar. However, it seems to be taking a few more weeks to do so than it did a year and a half ago.
If You Price High, Set a Schedule for Lowering the Price:
Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with your REALTOR® and work out an advance schedule for lowering the price if need be.
If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.
Offering Incentives to Hasten a Sale:
Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.
If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Easter."
Estimating Net Proceeds:
Once you’ve been given an estimate of market value by your REALTOR®, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.
To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.
Seller’s Costs:
Subtract the following costs as applicable.
-payoff figure on your present loan(s)
-broker's commission
-prepayment penalty on your mortgage
-unpaid property taxes
Buyer’s/Seller’s Costs:
Additionally, your REALTOR® can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.
-title insurance premium
-transfer taxes
-survey fees
-inspections and repairs
-recording fees
-Homeowner Association transfer fees and document preparation
-home protection plan
-natural hazard disclosure report
Closing Costs:
As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR® will assist you in estimating what your final closing costs will be.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.
Feb. 17, 2007
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained.
From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is well maintained, they assume that what they can't see has probably also been well maintained. In readying your house for sale, consider:
how much should you spend to prepare your house for sale?
exterior and curb appeal
interior appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.
How Much Should You Spend to Prepare Your House for Sale?
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive polishes and touch-ups to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen.
Your REALTOR® should be familiar with buyers' expectations in the Renton and Newcastle areas so that he or she can advise you specifically on what improvements need to be made and which improvements are most effective. Don't hesitate to ask for advice.
Maximizing Exterior and Curb Appeal
When preparing to put your home up for sale, your first concern is the home's exterior. If the outside, or "curb appeal" looks good, people will more than likely want to see what's on the inside.
Here are some tips to enhance your home’s exterior and curb appeal to buyers:
Keep the lawn edged, cut and watered.
Regularly trim hedges and weed lawns and flowerbeds.
Be sure your front door area has a "Welcome" feeling.
Paint the front door.
In spring and summer, add a couple of pots of showy annuals near your front entrance.
In snowy areas, keep walks neatly cleared of snow and ice.
Check foundation, steps, walkways, walls and patios for cracks and deterioration, and fix any problem areas.
Remove and repaint any peeling paint on doors and windows.
Clean and align gutters.
Inspect and clean the chimney.
Repair and replace loose or damaged roof shingles.
Repair and repaint loose siding and caulking.
Reseal old asphalt.
Keep the garage door closed.
Unlike Newcastle, most neighborhoods in Renton do not have covenents against onsite boat and RV storage. Nonetheless, you should store RVs and old cars elsewhere while the house is on the market.
Maximizing Interior Appeal
You want your home to look as spacious, bright and clean as possible. Also the home should look neutral – without a lot of your personal and sentimental objects - so buyers can begin to imagine living there.
Here are some tips to enhance your home’s interior appeal to buyers:
Give every room in the house a thorough cleaning and remove all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms actually rent storage garages and move half their furniture out, creating a sleeker, more spacious look.
Use a professional cleaning service every few weeks while the house is on the market.
Remove the less frequently used, and even daily-used items from kitchen counters, closets, basement and attic to make these areas more inviting.
Make sure that table tops, dressers and closets are free of clutter.
Pay special attention to the kitchen and bathrooms: they should look as modern, bright and fresh as possible. It is essential for them to be clean and odor free.
Repair dripping faucets and showerheads.
Buy showy new towels for the bathroom, and put them out only for showings.
Spruce up a kitchen in need of more major remodeling by installing new curtains and cabinet knobs, or applying a fresh coat of neutral paint.
Clean walls and doors of smudges and scuff marks.
If necessary, repaint dingy, soiled or strongly-colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
Check for cracks, leaks and signs of dampness in the attic and basement, and fix any problem areas.
Seal basement walls if there are any signs of dampness or leakage.
Repair cracks, holes or damage to plaster, wallboard, wallpaper, paint and tiles.
Replace broken or cracked windowpanes, moldings and other woodwork.
Inspect and repair the plumbing, heating, cooling and alarm systems.
David J Edwards
REALTOR(R)
Keller Williams Realty
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
http://davidjedwards111.topproducerblogs.com/
David J Edwards is a full time REALTOR® with Keller Williams specializing in residential real estate for buyers and sellers in Renton and Newcastle.
Feb. 16, 2007
Not all agents or brokers in Renton and Newcastle are REALTORS® - there is a difference.
As a prerequisite for selling real estate in Washington, real estate professionals must be licensed, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience must be met. After receiving a real estate license, most agents join our local board known as the Seattle King County Association of REALTORS® and the National Association of REALTORS® (NAR), the world's largest professional trade association. Only, then can they call themselves REALTORS®.
The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of NAR and who adheres to its strict Code of Ethics (which in many cases goes beyond Washington state law). In our area, it is the REALTOR® who shares information on the homes they are marketing, through our Multiple Listing Service (MLS) known as Northwest MLS. Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
What Are an Agent’s Obligations to You?
A real estate agent is bound by certain legal obligations. Traditionally, these common-law obligations are to
•put the your interests above anyone else's
•keep your information confidential
•obey your lawful instructions
•report to you, anything that would be useful
•account to the your for any money involved
A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics.
In recent years, laws in Washington have been passed setting up various duties for different types of agents. When you first start working with a REALTOR®, ask for a clear explanation of Washington’s current regulations, so that you will know where you stand on these important matters.
Seller’s Agents and Buyer's Agents
Suppose you sign an offer to buy a home for $450,000. You really want the property and there's a chance other offers are coming in, so you tell the agent that "We'll go up to $460,000 if we have to. But of course don't tell that to the seller."
If you're dealing with a seller's agent, he or she may be duty-bound to tell the seller that important fact. In Washington, the seller's agent doesn't have any duty of confidentiality towards you. Honest treatment might require that the agent warn you that "I must convey to the seller anything that would be useful so don't tell me anything you wouldn't tell the seller."
If you're dealing with seller's agents, it’s a good idea to keep confidential information to yourself.
These days many home buyers prefer to hire a buyer's agent, one who owes the full range of duties, including confidentiality and obedience, to the buyer. A buyer's agent is often paid by the seller, regardless of the agency relationship. This effectively renders the services of a buyer’s agent free of charge to the buyer.
Evaluating a Real Estate Agent
In making your decision to work with an agent, there are certain questions you should ask when evaluating a potential agent. The first question you should ask is whether the agent is a REALTOR®. Here are other questions you should then ask the agent:
•Do you have an active real estate license in good standing? To find this information, you can check with the Washington State Department of Licensing.
•Do you belong to the Northwest MLS and/or a reliable online home buyer’s search service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in Western Washington.
•Is real estate your full-time career?
•What real estate designations do you hold?
•Which party do you represent - the buyer or the seller? This discussion is supposed to occur early on, at "first serious contact" with you. The agent should discuss Washington’s particular definitions of agency, so you'll know where you stand.
•When I commit to working with you, how will you help me accomplish my goals? Will the agent show you homes that meet your requirements and will he or she provide you with a list of the properties you’ve been shown?
To learn more about buying property with the assistance of a buyer’s agent, feel free to contact me directly. I would be happy to answer any questions you might have.
David Edwards
REALTOR®
Keller Williams Real Estate
425-890-8045
david@davidjedwards.com
http://www.davidjedwards.com
davidjedwards111.topproducerblogs.com
I am a full time REALTOR® that specializes in Residential Real Estate for buyers and sellers in Renton and Newcastle.
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