Thinking of Selling? You Should Act NOW!

Thinking of Selling? You Should Act NOW!

Thinking of Selling? You Should Act NOW! | MyKCM

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on to say:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

Call me to learn how I leverage social media to get your home MAXIMUM exposure!

Jack Otto

206-388-6102

jack.otto@exprealty.com

Buying a Home? Do You Know the Lingo?

Buying a Home? Do You Know the Lingo?

for sale by owner

Bellingham Homes for sale

Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.

Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website.

Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.

Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.

Closing Costs – The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs. Ask your lender for a complete list of closing cost items.

Credit Score – A number ranging from 300-850, that is based on an analysis of your credit history. Your credit score plays a significant role when securing a mortgage as it helps lenders determine the likelihood that you’ll repay future debts. The higher your score, the better, but many buyers believe they need at least a 780 score to qualify when, in actuality, over 55% of approved loans had a score below 750.

Discount Points – A point equals 1% of your loan (1 point on a $200,000 loan = $2,000). You can pay points to buy down your mortgage interest rate. It’s essentially an upfront interest payment to lock in a lower rate for your mortgage.

Down Payment – This is a portion of the cost of your home that you pay upfront to secure the purchase of the property. Down payments are typically 3 to 20% of the purchase price of the home. There are zero-down programs available through VA loans for Veterans, as well as USDA loans for rural areas of the country. Eighty percent of first-time buyers put less than 20% down last month.

Escrow – The holding of money or documents by a neutral third party before closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-Rate Mortgages – A mortgage with an interest rate that does not change for the entire term of the loan. Fixed-rate mortgages are typically 15 or 30 years.

Home Inspection – A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.

Mortgage Rate – The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Interest rates for a 30-year fixed rate mortgage have hovered between 4 and 4.25% for most of 2017.

Pre-Approval Letter – A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Having a pre-approval letter in hand while shopping for homes can help you move faster, and with greater confidence, in competitive markets.

Primary Mortgage Insurance (PMI) – If you make a down payment lower than 20% on your conventional loan, your lender will require PMI, typically at a rate of .51%. PMI serves as an added insurance policy that protects the lender if you are unable to pay your mortgage and can be cancelled from your payment once you reach 20% equity in your home. For more information on how PMI can impact your monthly housing cost, click here.

Real Estate Professional – An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, to help you find your dream home, to negotiate any of the details that come up, and to help make sure that you know exactly what’s going on in the housing market. Real estate professionals can refer you to local lenders or mortgage brokers along with other specialists that you will need throughout the home-buying process.
The best way to ensure that your home-buying process is a confident one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher,’ and who puts your family’s needs first.

Thinking of Selling? Why Now is the Time

It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

Read more here: https://goo.gl/H977xO

Is this the year you sell your home? Call me for my FREE home selling consultation and let me show you how I leverage social media to get you the most exposure!

Fawn Island in Beautiful Deer Harbor, Washington. Offered at $3.48M

Beautiful fall morning to check out the newest listings around #Bellingham and Whatcom county!

Fall may be in full swing but the housing market is still cooking right along! Check out the newest listings this week around Bellingham, Ferndale, and the rest of Whatcom county!
Thinking of selling your home? Get my free home selling guide and get your home sold before Thanksgiving!
See the new listings here:
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Jack Otto eXp Realty

Jack Otto eXp Realty

 

Housing Market Inventory At Historic Lows

The #Bellingham area housing market hasn’t seen a home shortage like this in over a decade, if ever. There is less that 2.5 months of inventory currently in October. A number we have never seen in my time as an agent. What does this mean for you? Well if you are looking to sell, even going into the holidays, you are going to be getting top dollar for your home. The down side is competition is fierce for buyers. Homes are getting multiple offers and spending as little as a day on the market. Yes, even in October! If you are in the market to buy or sell, give me a call and let’s get our game plan together!

Housing inventory at historic lows!

Housing inventory at historic lows!

7 Simple Home Remodeling Strategies for the Easily Overwhelmed

“Which stresses you out more? The mere thought of adding a bathroom (so many contractors, so many unknowns, and you’re too busy already!) or fighting for Monday-morning mirror time for all eternity?

If it feels like a toss-up, you’re not alone. Remodeling can be overwhelming. With so much going on in your life already, it just feels easier to deal with a home that’s not quite right than to get swamped with one more gargantuan thing, right?

Wrong! A remodel doesn’t haveto be so all-consuming. With a few stress-sparing strategies, it’s totally doable — and totally worth it. Use these tips, and you’ll never have to step on your toddler’s rubber duckies while showering again.”

 

Check out the top tips from Houselogic.com 7 Simple Home Remodeling Strategies for the Easily Overwhelmed

 

houselogiv

Swim, Paddle, Float — Where to Beat the Summer Heat in Whatcom County

Summer is in full swing here in Whatcom county and if you have been looking for the best places to beat the heat, look no farther. Thanks to Whatcomtalk.com for this great list of places to enjoy while the heat is on.

http://www.whatcomtalk.com/2016/07/14/whatcom-county-swimming-holes/

Lake Padden

Lake Padden

 

 

Let’s Sell Your Home!

You’ve decided that it’s time to take advantage of the sellers market and list your home in 2016. It’s an important decision and you should make sure you trust the REALTOR guiding you. Give me a call and we can discuss your home and the strategy to list your home. But it also goes beyond just selling your home. I want you as a client for life and with my communication guarantee, you’ll be a part of the process the whole step of the way.

You probably already know that any agent can list your home on the MLS, do open houses, field phone calls about your home and do the paperwork. But there is a whole other world out there and I’d love to sell your home. How do I stand out from other agents?

The Jack Otto eXp Advantage:

  • #1 agent in Washington, Top 10 in The U.S in Social Media.
    1. Your home has its own website, facebook page, blog etc.
    2. Posted several times a day to a dozen social media sites
      1. (why does this matter? Most exposure possible and shows up first on google searches)
  • 3D Home Tours Using Matterport® Camera
  • Professional video using Drones and GoPro (or helicopter if needed)
    1. (I’m a Certified FAA pilot)
  • 24/7 Support
    1. Call me anytime of the day, seriously 1 am works!
  • 100% Satisfaction Guarantee
    1. If you aren’t satisfied, fire me anytime, yes anytime.
  • Communication Guarantee
    1. If you don’t hear from me every week, I’ll send you $100.
  • Closing gift! Scenic Flight around Bellingham and/or the San Juan Islands.

 

 

If you want to get your home the most exposure possible this year, give me a call!

206-388-6102 (yes I live in Bellingham) 🙂

 

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6 Bellingham Breakfast Places Worth Getting Up For

WhatcomTalk’s first list of six Bellingham breakfast places worth waking up early for was a smash success with thousands of views and countless shares on social media.

That’s a lot of early-morning eating inspiration!

We received great feedback from that article and some super suggestions for other places that didn’t make our first list.

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6 (more) Bellingham Breakfast Places Worth Getting Up For