Negotiation Happens More Than Once During a Purchase and Sale

Posted on March 13, 2024 by Jessica

Did you know there are three separate times to negotiate in the purchase contract? The first is when we negotiate the price and terms when the offer is first submitted. Second, there is an opportunity to negotiate during the buyer’s inspection contingency. Last, during the buyers’ appraisal contingency. It is essential that you have an experienced, knowledgeable professional working on your behalf during this process. We are powerhouse negotiators and will use our expertise to work for you. Whom you choose to represent you matters!

THE TIMES THEY ARE A CHANGIN’

Posted on January 28, 2016 by Jessica

It’s natural to ask your parents for their input if you are thinking about buying a home for the first time. Although they may have valuable advice to share, be mindful that the times have changed from when they bought their first home to now. As Accredited Buyer’s Representative’s (ABR®), we are experienced professionals when it comes to first-time home buyers, and also have our finger on the pulse of today’s market trends. Check out this article from Realtor.com for more information. As usual, feel free to contact us anytime, we would love to hear from you!

http://www.realtor.com/news/trends/how-much-has-changed-since-your-parents-bought-a-house/?om_rid=AAC4qn&om_mid=_BWqp10B9KNjp0c&om_ntype=REBACWeekly

Don’t Let Downsizing Get You Down!

Posted on October 23, 2015 by Jessica

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

Why You Should Work with a Full Time Real Estate Agent

Posted on September 14, 2015 by Jessica

With the advent of the internet and different broker and brokerage business models, there are a number of ways you can buy or sell a home in Tri-Cities these days. The key is to find a solution that works best for you and for the level of service you want and need.

Full service agents are generally those who work full-time in real estate, are connected with other agents and real estate professionals in the Richland, Kennewick and Pasco market, and we are professionals with a full set of buying and selling systems. Operating a real estate company is expensive and many of those full service agents do charge full commission to compensate for those expenses and to earn a living wage.

That is not to say you can’t get full service from a discount brokerage. However, you need to do your due diligence to make sure that what you want is what you will receive. With that in mind, below are some of the key elements we bring to the table as full service real estate professionals:

We have 25 years of combined experience with HUNDREDS of transactions under our belt – If you are a typical buyer or seller, you may participate in around five real estate transactions in your entire lifetime. Usually there are several years between those transactions. A lot can happen in the meantime. Just think about what that last several years has seen in terms of credit availability, market changes, law and process changes and even forms. However, a full-time real estate professional will tackle dozens of real estate transactions a year. Furthermore, since no two transactions are the same, a full-time real estate professional will be subjected to a number of different buyer and seller scenarios and needs to learn about each. Everything from Homeowner Association special assessments, view rights, easement issues, liens, and more – each provides a special learning opportunity for the full-time broker.

We have extensive process knowledge – Buying or selling a home is likely one of the most complex transactions of your life – one which requires lengthy contracts, multiple forms, disclosure statements, inspections, mortgage documents, title reports, insurance, deeds, and multiple professionals are needed to implement their part of the transaction seamlessly. Most people don’t have the knowledge to handle all their tax forms each year and rely either on an accountant or a step-by-step software program to make it through. There is no step-by-step software program for buying or selling a home due to all the complexities, local rules, and changes that must be adhered.

We are very familiar with local property professionals –a typical transaction can be touched by a number of different professionals:

Listing broker
Listing managing broker
Selling broker
Lender
Underwriter
Appraiser
Inspector
Title rep
Title examiner
Homeowner association
Local utilities
Escrow agent
County recording office

Understanding the role of each one, what will be needed from them and what you need to get into their hands and when is something that brokers who complete dozens of transactions per year understand. This knowledge is critical for making sure the transaction is completed as planned and on schedule.

We get the lingo – Do you know what a CMA is? Do you need a POA if you are going out of town? Should you be concerned if you are buying a home where the HOA is MIA? We would be! A full-time real estate professional who has been around the block understands this lingo and will interpret it for you.

We are the voice of reason – There have been many times when a buyer we have been working with falls in love with a home riddled with problems or substandard building materials or times when a seller wants to list their home for a price that will be detrimental to their listing. A broker who is strong and has research and market knowledge on their side will speak up. We research market trends each and every week, and can advise a seller when their asking price is too high (or low!) and what adjustments we should make. We can advise a buyer on what to ask for in an inspection response based on current demand and current market trends with the goal of keeping the transaction together while also looking out for our buyers’ best interests. Without being in the trenches every day, we wouldn’t have that understanding and our advice might not be as timely as it could be.

We have savvy negotiation skills – Because we know the current market trends and have our finger on the pulse of supply and demand, we are equipped to negotiate powerfully for our clients. There are many negotiating factors including, but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, and even who cleans the house. We love to negotiate and find the win-win solutions that bring the deal together with both parties.

Ongoing training and education is important to us – Although each state dictates the educational licensing requirements of any licensed broker or agent in the state, a full-time real estate professional takes this a step further, participating in real estate association-sponsored education and/or coaching. We make a commitment to stay up-to-date on any legal, form, and market changes so we always have the newest information. Our designations include, Accredited Buyers Agent (ABR), Senior Real Estate Specialist (SRES), Certified New Home Sales Professional (CSP) and Certified Aging in Place Specialist (CAPS).

What Buyers Need to Know

We have local knowledge on so many levels. As real estate agents there is a lot we keep track of on a local level – zoning and development, information on rental rules, water and sewer changes, rules regarding wells and septic systems, schools and district lines, challenges with faulty building products and geological issues, and transportation issues and changes. Not staying up-to-date on this local information would be akin to a doctor not keeping up with the American Medical Association Journal! As your real estate broker, we need to be prepared to provide information on what you might expect from your property in terms of your long-term quality of life and resale value. We need all the tools available to us to provide you with the information to make an informed decision.

We have the tools and relationships to help you find the best property for your needs. Did you know that sometimes the property that best meets your needs is not on the market at all? Homes that had cancelled or expired may not be currently listed on the MLS but they might be viable candidates for your needs. If the right home isn’t on the market, we use our resources to dig deeper. That may be connecting with an agent who has a listing coming on the market that might be a good fit, taking the time to contact homeowners whose homes may have been on the market some time ago, or utilizing the services of a title company to get addresses to send letters to, indicating that we have an active buyer who is looking in their area, for their type of home. Sometimes it takes work and time to find the right place to call home and you need a full-time real estate professional utilizing their resources to find it.

We know the professionals to call. When you have an inspection, the inspector’s job is to locate potential problems with the home. But then what? Should you investigate the problem further with a specialist? Call in a structural engineer or a pest inspector? We have helped our clients buy and sell homes of many a vintage in many a neighborhood. We always advise that buyers do their due diligence and have a variety of professionals on call to meet your needs with the quick turnaround these situations usually warrant.

We know how to write an offer that will get noticed. Believe it or not, it is not always about the price that is offered. We build a relationship with the listing agent to learn what is important to the seller, and armed with that information, we can construct an offer that takes both sets of needs into account which is more likely to result in success for my buyers. You need an agent who has a large bag of tricks – something that a full-time real estate professional can deliver.

What Sellers Need to Know

We help you price your home at market. We cannot tell you how critical this is for selling your home. Although some may prefer to simply use a popular property website to determine the price, according to the National Association of REALTORS®, those estimates can be up to 35% off. This could result in a seller thinking their home is worth $500,000, but it should really be priced closer to $325,000 in order to get attention from buyers. Every day we review the available inventory of homes, what has just come on the market and what has gone under contract to get a feel for the ever-fluctuating supply and demand. If supply starts to exceed demand, sellers need to be ready to make an adjustment to meet the market. If demand is high, then let’s use that to our advantage and employ a different strategy. But an online website won’t give you that advice based on current demand. A website isn’t going to be able to evaluate your view against your neighbor’s home that might have sold last week or how the hardwood floors in your home compare to the hardwood floors in a home a half mile away that sold six months ago. But we can because we know the inventory. We have the tools. And we use them all to meet your goals and get your home sold.

We employ listing syndication on dozens of websites to get your home noticed. We don’t just rely on the MLS to get your home in front of the largest potential buyer pool. We provide our sellers that extra visibility by way of listing syndication – having your property and photographs broadcast out to dozens of different property search sites. This way we can be sure that if a potential buyer is searching in Kalamazoo or Kentucky, your home will appear on their search results. You never know where the buyer for your home will come from!

Whether you are buying a home for the first time or selling your home to relocate or right-size, trust your most valuable asset to a full-time professional chock-full of expertise. We wouldn’t buy or sell a home with anyone but an expert and neither should you.

Call us anytime; we love to discuss Tri-Cities Real Estate Market!

Jessica Johnson, 509.947.2230 Jennifer Cowgill 509.947.5670

Summer Air Conditioning Maintenance

Posted on July 10, 2015 by Jessica

If you are planning on putting your home on the market, or have purchased a home in the last year, you may want to consider getting your air conditioning unit serviced now rather than waiting.

As the calendar moves from spring to summer, the air conditioner, whether you have a heat pump, swamp cooler, or some other type of cooling unit, will be in-demand in the coming months. So why act preventively? There are two important reasons:

As a seller, it pays to have your air conditioning unit running smoothly while the house is on the market. With our typical heat spells here in the Tri-Cities where temperatures reach over 100 degrees you will be thankful you were proactive. If something happens to your unit while your home is listed, a non-air-conditioned home will definitely turn off potential buyers. If something happens on a weekend or in the evening, the service call to get repairs done quickly might cost you hundreds of dollars. Preventative service may help avoid this. Remember, servicing the unit may be something the buyer asks for at the inspection anyway, so this may already be an expense you would incur.
As a new homeowner, it is a fact that you are likely to live differently in your house than the previous owner. Say you keep the home at a cool, crisp 68 degrees but the previous owner enjoyed the home at 75 degrees. Appliances, trying to accommodate this kind of change, can have system issues. If you think you are in the clear having bought a brand new home, think again. Just because a system is new does not mean it is free from any manufactures or other defects. If you sense the system is not operating optimally or cooling effectively call your contractor right away. Any good home builder will have contracted with a reputable HVAC company that uses good quality equipment and will warrant the product for a set amount of time.

As always call Jennifer Cowgill at 509-947-5670 or myself, Jessica Johnson at 509-947-2230 for any real estate buying, selling or building needs in Richland, Pasco, Kennewick and the surrounding areas!

Now go enjoy the Summer we are known for here in sunny Tri-Cities Washington!

HOME BUYING OPTIONS

Posted on June 25, 2015 by Jessica

If you are nervous about not being able to afford your first home, there may be a couple great options out there to help you secure a purchase. We found an article that highlights some of the government grants and programs that are out there to help first time home buyers. Take a look at this article and let us know if you have any additional questions. As Accredited Buyer’s Representative’s (ABR®), we are always looking for ways to make sure our buyers get exactly what they want.

Jessica Johnson 509-947-2230 / Jennifer Cowgill 509-947-5670

http://www.cheatsheet.com/money-career/5-ways-to-get-financial-help-when-buying-your-first-home.html/?a=viewall&om_rid=AAC4qn&om_mid=_BVjHnlB9DCj-xZ&om_ntype=REBACHSWeekly

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

Posted on February 16, 2015 by Jessica

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.

Finding a Diamond in the Rough – A Guide for Home Buyers

Posted on December 17, 2013 by Jessica

The Tri-Cities real estate market is healthy with houses selling at a steady pace. The National Association of REALTORS® predicts that prices should rise about 6% next year nationally with interest rates rising to 5.8%. Those stats may have potential homebuyers who had planned on moving next year scratching their heads and wondering if the time is right to make a move now. But what if they can’t find exactly what they are looking for?

There are buyers in the market right now who are still looking for a “deal” despite the health of the market. And other buyers who are out looking but just aren’t finding that house that feels “just right.” Should they be looking at homes that have been on the market for six months, nine months, a year or more with the hopes of getting a deal and doing an extensive renovation? Or if scores of other buyers have bypassed these homes, should you stay away too?

Home improvement shows have made the idea of purchasing something unappealing and retrofitting to the buyer’s unique tastes seems appealing – even easy! As you determine if a home that has languished on the market is really a diamond in the rough awaiting polishing, consider why the home may still be on the market. Unless these problems are solved that caused the home to be on the market so long are fixed, you could run into the same problem when it is time to sell unless you make the required changes.

Homes that are on the market for a long time usually have a common list of challenges:

Overpriced property. This is the easiest obstacle to overcome in terms of fixing the problem – if the seller is willing. Even the ugliest property will sell if it is priced right. The key is to widen the buyer pool as much as possible by lowering the price to what the pool of buyers – or at least one of them – will pay. Sellers may steadfastly hold to their price, but the bottom line is if the home has been on the market for months, generally the price needs to be reduced to meet the market.

As a potential buyer, before purchasing a property, it is important for the buyer’s agent to do a comparative market analysis (CMA) so the buyer will have an estimate of market value before purchasing to make sure they are making a sound investment.

Floorplan/Flow is awkward. Is the master bedroom two floors away from the other bedrooms? Is there only one bathroom for the whole house? Is the kitchen small in proportion to the rest of the house? Are the rooms small with little closet space? Floorplan/flow challenges such as these may be easy to overcome with a remodel. It is important to do your due diligence first and determine a remodel is possible – and within your budget. Also, features such as multiple flights of stairs will keep certain buyer pools from considering the property (such as seniors or perhaps parents of young children) and may not be easily remedied by a remodel. Furthermore, there may be zoning restrictions if altering the outside of the home is required and should be investigated before finalizing the purchase.

Location location location. Are there power lines nearby? Is the home located beneath the flight path to the airport? Is the home located on or nearby a very busy street? These types of challenges are not ones that can be altered. Therefore, if the home is located near something that others might find disturbing or a nuisance, this should be reflected in the price of the property to attract the largest buyer pool – both now and down the road when it comes time to sell.

Dated, but easily updated. If the home is in a good location and everything else looks favorable, but the rust-colored linoleum and pink sink and tub in the bathroom is giving you pause, then this may indeed be the diamond in the rough you have been looking for! If the rest of the “bones” of the house are desirable such as general house layout, roof, supports, etc and the updates are mostly cosmetic or involve moving just a few non-supporting walls, then you may have found your home.

If you are not afraid to expend a little elbow grease and have a renovation budget to get the home of your dreams, you may be richly rewarded! If you have been eyeing a listing that has been on the market awhile or would like to learn about potential diamonds in the rough in our area, give us a call! Jennifer Cowgill can be reached at (509) 947-5670 or Jessica Johnson at (509) 947-2230.

Snow Bird Alert! Buying Property in Another State

Posted on December 5, 2013 by Jennifer

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.

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

Posted on July 30, 2013 by Jennifer

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.