Is Condo/townhome Living Right For You? Factors You Should Consider.

Living in a condo or townhome community with a high concentration of households on a small piece of land can present a unique set of factors. It’s important to be aware of these and consider them before making a decision to live in this type of community.

One of the main factors to consider is privacy. When homes are built close together, and with shared walls this can compromise privacy, as sound can easily travel between neighboring households. Additionally, if it’s a new development there is likely no mature trees or privacy landscaping, further reducing privacy between properties. Older condo or townhome developments often have mature landscaping, which contributes to increased privacy and noise control. 

Another factor is noise. With shared walls and shared outdoor spaces, noise can easily transfer from one home to another. Typical wood frame construction, commonly used in these communities, tends to amplify noise, making it even more of a potential concern.

Odors can also be an issue in close-knit communities. Each household has its own unique habits and preferences, which can lead to different types of odors, such as cooking smells, pet waste, smoke and more. If there are no rules or regulations in place to address these issues, or if the ventilation or construction methods are subpar, odors can easily transfer between units.

To mitigate these issues, it’s crucial to ensure that the community has clear Covenants, Conditions, and Restrictions (CC&Rs) or Rules and Regulations that all residents must adhere to. While rules may not be everyone’s favorite thing, they are essential in ensuring that neighbors are considerate and respectful of one another in these close proximity living situations.

Equally important is an active Homeowners Association (HOA) that enforces these rules. Without proper enforcement, rules become meaningless. An HOA provides a valuable resource for addressing any concerns or issues that may arise, sparing you from potentially uncomfortable confrontations with neighbors.

When considering a community, it’s also worth looking into the history and effectiveness of the HOA. The track record of the HOA in maintaining the community and enforcing the CC&Rs can give you a sense of their commitment to preserving the value and enjoyment of the property for all residents.

Mediterranean Villas: In comparison to other condos or townhomes, Mediterranean Villas stands out for its superior construction. These townhomes are built with Insulated Concrete Form (ICF) construction, which means the exterior walls and walls between homes are made of concrete instead of typical wood framing. This construction method significantly reduces noise transfer, odor transfer, and enhances energy efficiency. As a result, lower power bills can be expected compared to a typical wood-framed home.

Mediterranean Villas was established in 2001 and consists of 224 townhomes.  It has a reputation for being an all around great investment, and has always been a sought after subdivision. This too sets it apart from new construction offerings.

While older townhouses may have outdated finishes and systems, these can be easily replaced when necessary. The absence of CC&Rs, an inactive HOA, or a lack of a track record in a community are factors beyond your control. It’s important to consider these aspects and choose a community that aligns with your preferences both now and with the future in mind.

Don’t Let Downsizing Get You Down!

Downsizing can be emotionally and physically wearing. But it can also be a great excuse to de-clutter some of the things that you may have been holding onto for years.  As Accredited Buyer’s Representatives (ABR®) working in Richland, Pasco, Kennewick and the surrounding Tri-Cities Washington area, we can help you find your next home and guide you in the steps needed to prepare yourself for the transition of moving into a (possibly) smaller space. The link below should answer some of your initial questions but for more detail and to learn about our specialized services and downsizing experience, give us a call.  Jessica Johnson 509-947-2230 or Jennifer Cowgill 509-947-5670. We look forward to working with you!

http://www.edinarealty.com/pages/real-estate-advice/tips-for-downsizing-your-home?om_rid=AAC4qn&om_mid=_BWKVxlB9G47PSm&om_ntype=REBACWeekly

Home Buyers Strategies for a Sellers Market

FOR BUYERS: HOME BUYER STRATEGIES FOR A SELLER’S MARKET
Have you been searching properties online and are ready to take your house hunt to the next level? Consider these 5 strategies before getting into the market and be sure to hire a buyer’s agent to help you negotiate the challenges of being a buyer in a seller’s market. As an Accredited Buyer’s Representative (ABR®), we help our clients find all available properties and negotiate with listing agents to our clients’ best advantage. Please contact me at 509-947-2230, or Jennifer at 509-947-5670 with any questions you may have. It would be a pleasure to work with you!

http://enews.realtor.org/a/hBU$N-2B8f9S7B8-x5tAAC4qnZA/reba7

 

Do I need a “for sale” sign in my yard?

We recently had a request from a seller to not put a “For Sale” sign in their yard as the home was vacant and they didn’t want to attract “lookie-lous”.

The seller must indeed weigh the pros and cons of having a sign in the yard. Certainly, especially in the case of an empty home or in a situation where the sellers may be out of town, security may be a concern.

However, here are some facts to consider when making this decision according to the National Association of REALTORS® 2014 Profile of Home Buyers and Sellers:

  • The first step taken by home buyers 6% of the time was to drive by homes and neighborhoods.
  • 48% of buyers cited that yard signs were a source of information used in the home buying process
  • 91% of buyers indicated a yard sign was “very useful” (32%) or “somewhat useful” (56%) source of information
  • 9% of buyers ultimately found the home they purchased via a yard or open house sign
  • 6% found the home they ultimately purchased through a friend, relative, or neighbor

Generally speaking we don’t see “lookie-lous” as all that bad. Even though they may not be in the market to buy now they can be a source of referrals; chances are they know someone who is.

When it comes to safety and security regarding signs at vacant homes, it can be as easy as setting up a shared schedule with the seller to check in on the home often to ensure things are secure.  Staging an empty home and installing security and/or motion lighting can also be beneficial.

The bottom line is the more people who know a home is actively for sale, the better the chances are for it to sell quickly and signs are a sure way to increase exposure.

Contact Jessica at 509.947.2230 or Jennifer at 509.947.5670 for more useful information on selling your home.

 

Tips for Selling Your Home

With a little preparation and the guidance of a professional real estate agent at Referred Real Estate, you can help make the sale of your home go much more smoothly. Key factors include setting the proper price, effective marketing, and making your home sparkle inside and out.

-Inspect your home and make any necessary repairs or renovations
-Find an agent to represent you
-Tidy the exterior and give your home curb appeal
-Thoroughly clean the interior and get rid of unneeded items

Before putting your house on the market, you have the option to have a seller’s inspection. The inspection can help identify previously unknown problems, as well as give you time to make any necessary repairs or renovations. Likewise, many states require sellers to disclose known problems with their house.
Consider hiring a professional home inspector, as they can often identify problems that are easily overlooked by a novice. Important things to look for include leaks, evidence of wood rot and wood-destroying pests, structural integrity and a thorough assessment of major systems such as the plumbing, electrical, heating and cooling systems.

The right agent can help you set an appropriate price, advertise and show the house to buyers, handle negotiations, draw up offers and coordinate the closing. In short, we can help you sell your home in less time, with less aggravation, and for more money. To find the right agent, you can start by asking family or friends for a recommendation, using an agent that someone you know and trust has had a great experience with is a very good idea. Next, contact the agent and set up a meeting for a listing presentation. This is gives you an opportunity to hear the agent’s plans for selling your property, as well as learn other important factors such as:

-Information about the current market and comparable sales
-Plans for marketing the house, including advertising and open houses
-How long the agent has worked in the community, former clients, etc.
-How much money you’ll net based on different selling prices.

Give Your Home “Curb Appeal”
Even if your home is in good shape, there are probably a few things you can do to make it really sparkle. This is what’s known as “curb appeal,” and experts agree that making a good first impression is a crucial factor in attracting buyers. Improving your home’s curb appeal can be as easy as tidying up the yard, washing windows, touching up exterior paint or even adding a new bed of flowers.

Cleanliness and Clutter
Houses look a lot smaller if they’re crammed full of belongings-and you can’t just hide it in the garage either. Buyers like to imagine storage spaces full of their belongings, not yours. Get rid of clutter, and give the house a top-to-bottom cleaning. In particular, make sure the kitchens and bathrooms are immaculate. Buyers will notice right away if these rooms aren’t spotless.
If you want to go the extra mile, you might even consider “staging” your house for showings. This can be as simple as adding houseplants and some decorative lamps, all the way to hiring an interior designer to bring in elaborate rugs, antique furniture and expensive artworks.

Getting Your House Ready Inside and Out

Exterior
Mow the yard, trim hedges and edge sidewalks and driveways
Wash the windows, and repair screens and shutters
Clean oil spots from the driveway
Pressure wash the outside, or touch up paint if necessary
Keep the entryway attractive

Interior
Remove clutter and dust all surfaces
Touch-up paint scuffs
Thoroughly clean the kitchen and bathrooms
Mop floors, shampoo carpets and clean fireplaces
Organize closets so they appear spacious as possible
Clear out the garage by holding a sale or donating items to charity
Make sure light switches and the doorbell work
Store excessive photographs, trophies or other knick-knacks
Consider adding plants or other items to “stage” your home

Snow Bird Alert! Buying Property in Another State

If you are like many of us in the Tri-Cities, the onset of cold weather has us thinking about gloves and hats, whether we are equipped to handle a snowstorm, and how to escape to places warmer when the cold weather really starts to chill us to the bone.

While many simply visit an online travel site to determine where they will go to get warm, others may see this escape as a way to actually put money back in their pockets. Investing in a second property out-of-state may be a great way to invest in something that not only may bring a return in wealth, but is also something you may enjoy year-in and year-out.

Below are six popular snowbird destinations with their corresponding second quarter, 2013 median home prices. For reference, a 30 year mortgage with 20% down payment and interest at 5% on a US median-priced home of $203,033 would require a monthly payment of about $871.

snow-bird-median-prices

Remember, property appreciates at different rates in different areas of the country, so if you are thinking about a specific area, we can help you look at the historic rate of return so you can plan your investing.

If you think buying a second property out-of-state is something you are interested in exploring, please call us! We belong to a large network of real estate agents all over the country and can help you find just the right agent to help with this journey. Give us a call – Jennifer Cowgill at (509) 947-5670 or Jessica Johnson at (509) 947-2230.

Why Invest In the Tri-Cities

When buying any kind of real estate you want to make sure that you are making a good investment because you never know when you might need to sell it, whether that be a single family home, condo, or even raw land.

That being said we have all heard the expression location…location…location when considering a piece of real estate to invest in as if the location of the property is ideal, demand should always be high and therefore, will return a higher price than property in a not-so-desirable location.  While this is absolutely critical there are a few other things to consider before making what could be a very smart or a disappointing real estate purchase. Although location is still at the top of the list, there are two other critical points to consider.

A real estate buyer or investor must also answer the questions “Who is buying?” and “What is the health of the community they are buying into?”  These two factors are often overlooked but they are essential for making a wise real estate purchase.

An area like the Tri-Cities of Richland, Pasco, and Kennewick are perfect for many types of buyers – critical to note when deciding where to buy.  The “Who is buying?” question is important because the more types of buyers that can buy in a particular area means there will be higher demand when you go to sell and that always equates into higher sales prices.  The demand in Tri-Cities is high due to it being a great place to raise a family, start a new business, retire or purchase a second home, not to mention the wealth of recreational opportunities that abound.  This is a wonderful recipe for high demand and higher sales prices.

The other thing to look at when buying is the health of the community. Variables to consider include:

  • Is the area growing?
  • Are the available jobs in the area tied to a variety of industries?
  • What natural resources are readily available?
  • Are the health care system and school systems highly rated?

According to the Tri-Cities tourism bureau, we have a strong school system, virtually no traffic congestion, growing health care, low crime rate and annual precipitation of less than seven inches.  All of this along with its varied recreational activities and incredible weather makes it a perfect place to invest in real estate.

The Tri-Cities visitors and convention bureau says it best with their “Water, Weather and Wine” slogan.  There is no question that the Tri-Cities is rich in each of these areas and makes it a very attractive investment location.

If you are considering investing in the area and would like additional information, please contact Jessica Johnson at Referred Real Estate at (509) 947-2230 or Jennifer Cowgill at (509) 947-5670.

What Do Buyers Want?

NAHB recently released their in-depth study, What Home Buyers Really Want which provides an overview of the most important features buyers are looking for in a home.

Nationally 65% of home buyers indicated their first priority in buying a home is to make sure the “living space and number of rooms” met their needs.

Three of the ten most-wanted features in a home were associated with energy efficiency:

  • 94% wanted ENERGY STAR rated appliances (with 36% viewing these as a “must have”)
  • 91% wanted an ENERGY STAR rating for entire home (with 28% rating this as a “must have”)
  • 89% wanted ENERGY STAR rated windows (with 35% rating this as a “must have”)

Organization is also very important, with 93% of buyers wanting a separate laundry room, 90% wanting a linen closet in the bathroom, and 85% wanting a walk-in kitchen pantry. Garage storage space also scored high nationally.

In the Tri-Cities, we are also taking note of that trend, with buyers asking for larger garages and/or a separate shop for “toys”. “Smart storage” is the trend here locally. This includes everything from closet organization systems to garage organization systems and more!

Additionally, having a full tub/shower option in the master bathroom is important nationally.

Interestingly, nationally buyers are shying away from two-story spaces such as in the living room or family room because they are being viewed as “energy inefficient”.  In fact, locally, we are seeing very high demand for single-story homes.

Locally, we are also seeing a high demand for “low maintenance” exterior and landscaping. Stucco or Hardiplank siding along with native landscaping is what buyers are attracted to. People are very busy and our cold winters and windy conditions can wreak havoc on wood exteriors or elaborate landscaping.

Finally, one trend we are seeing locally is buyers wanting some kind of “wow” factor in a home. Something that makes the property stand out. That might be a view, a backyard for entertaining, or an entry with punch. Also, trendy contemporary finishes such as concrete and glass are in-demand at the moment.

If you are thinking about moving or making some updates to your property, keep these “buyer must-haves” in mind and think about what you really want – or need! – in your place to call it home.  Please call Jennifer at (509) 947-5670 or Jessica at (509) 947-2230. We can take a look at your “must have” list and help you determine the best way to get there!

The Six Most Important Questions Sellers Should Ask Before Choosing a Tri-Cities Real Estate Agent

Selling your home is one of the most important decisions you’ll ever make… as often your biggest investment is at stake. You need a real estate agent who is going to look out for your best interests. This is not a job for your mother’s brother’s best friend or a random agent chosen from the internet.

If you want the strongest representation at the negotiation table, here are six questions to ask a real estate agent before you make a choice:

1.  “How long have you been a real estate agent, and is it your full-time job?”

You need – deserve – an agent with a consistent record of accomplishment.  An agent who dabbles in real estate but works a second part time job is not an agent who is immersed enough in the business to work all the angles to sell your home quick and at top dollar. Would you trust a part-time brain surgeon?  No.

2.  “What specific marketing systems will you use to sell my home and can you please spell that out in detail?”

You don’t want an agent who is just going to put up a “For Sale” sign in your yard and hope for a buyer.  You need an agent with an aggressive approach to marketing. This includes print marketing (such as ads in real estate magazines and beautiful house flyers) as well as online marketing (listings syndicated across the internet), agent to agent marketing. An agent who knows what they are doing should have no trouble showing you their plan, and commit to doing it all.

3.  “Can I take a look at your website?”

Agents who have not taken the time to develop their own website with powerful buyer search tools may not fully grasp the power of the internet in enticing buyers to search for homes. According to the National Association of REALTORS® 41% of homebuyers in 2012 first searched for their home online and 90% of buyers used the internet in their home search. 90%! Those numbers indicate the internet is hugely important in the home buying process, and those agents who do not make an effort to draw in potential homebuyers may be missing an opportunity.

4. “How will you determine the price of my home?”

Every agent is going to say that they perform an in-depth CMA. But an agent worth their salt will take it a step beyond. Agents should have at least a few additional pricing tools they use on a consistent basis to “double check” their price. If an agent doesn’t have any other pricing tools, then they may not be doing additional pricing research, which could either cause you to leave money on the table or your home to linger on the market for weeks and months on end.

5.  “How will you keep me informed?”

This is a great question because you’ll be surprised at how many agents don’t have a good answer for it.  The correct answer is, “How do you want to be kept informed?”  A good agent communicates with you based on your preferences, not theirs.

6.  “Could you give me the names and phone numbers of your three most recent clients?”

Not the three best clients.  The three most recent clients.  This provides a better picture of what it’s like to work with this agent.  A raving testimonial from three years ago doesn’t reflect how good this agent is today.

Ask most agents these questions and you will be shocked at how many you disqualify because they don’t have the answers which are the best match to your particular selling needs.

Thinking of Moving? Tips for Choosing an Area that Meets Your Needs

If moving is in your future – congratulations! It is exciting to be out looking at housing and envisioning how life in a new house is going to be. However, many buyers get so excited about the house they’ve fallen in love with that they sometimes overlook the actual neighborhood where they soon may be living and the logistics about living there and getting around.

So what do you need to be aware of when considering a home in a new area? Here are five things to consider:

1. The time of day when you first lay eyes on a prospective house can affect your impression of the neighborhood, so visit at various hours. Visit early in the morning, afternoon, and the evening to get an idea of how the light travels through the area throughout the day. The same can be said for neighborhood traffic congestion, which can change dramatically. Also be aware of noise and even smells! Airport traffic can vary throughout the day as can local industry production and activity on local farms. Many purchase and sale contracts allow for a period of time to review the neighborhood for factors such as this.

2. Neighborhood choice can be a pocketbook issue, and not just because of house prices and property taxes. While you’re paying attention to home prices and subsequent mortgage payments, remember to calculate the actual cost of a commute – both in time and money. You may even be pleasantly surprised if there are public transportation facilities located nearby!

3. Be sure and meet the neighbors. Doing your research includes getting to know the neighbors. Find out what they love about their neighborhood, and what concerns them. You might be surprised to learn about trails and other nearby recreation opportunities that you might miss if just searching on your own. If you’re looking at a condo or in an area with a homeowners association, ask neighbors who live there how effective the association is. Make sure you get recent publications from the association and visit their website.

4. Get stats from your agent before you make an offer, make sure your agent provides you with a price analysis to make sure you are getting good value for your money. We at Referred Real Estate look at a variety of factors such as neighborhood price appreciation, the relationship between assessed values and sold values, and price per square foot. These and other factors help us evaluate a property against market value.

5. And check out the area online. Look for websites include school information and crime statistics for the area you are looking in. These can be valuable pieces of information when doing your research. In addition, see if the neighborhood has a Facebook page or other online resource.

Remember – house hunting isn’t just about finding the perfect floor plan and the best back yard for relaxing and entertaining. It’s also about finding an area that suits you now, and boosts maximum resale value when it’s time for you to sell, in order to buy your next home.

If you’re ready to start the buying process, give Jennifer a call at (509) 947-5670 or Jessica at (509) 947-2230.