Team Diva will always be honest with our clients even if it is tough for them to hear the truth. This was true for our sellers during the Great Recession when prices were way low and they couldn’t sell their houses. We told them to hold tight and sell when the market improves. Many thought home prices were never going to improve. Well guess what? The SMART Diva Dwellers sellers are making out like bandits afters years of being underwater.
Now is the time for us to have a similar conversation with our Diva Dweller Buyers about “Seattle Buying a Home in 2016”.
There are those out there who think the housing market is not in a national bubble. Team Divas is 50/50 on this issue. We have had record low interest rates and next to no development in Seattle. As a result anything “affordable” was gobbled up during the recession. The time of the $200,000 condo or home is long gone. For a lot of buyers it feels like a war out there to buy a home. The only way we get back into a bubble is by being one of the 20 offers on a small house in Ballard.
Be a smart Diva Dweller and follow our “Hard Core Advice for Seattle Home Buyers” in 2016 below:
- Know What You Are Willing to Compromise on in a Home: Homes are like relationships. The good ones depend on healthy compromise and love at first sight (helps when the roof leaks). Ask yourself what are your priorities? Condition, Location, or Size? You only get two of the three. Which ones are they going to be?
- Understand What You Can Actually Buy in Seattle: Hate to break it to you but 5% or less in a down payment is not going to get you far in Seattle’s top neighborhoods. Why? The market is so competitive that top listing agents are looking at all factors when looking at competing offers. Unfortunately, the down payment amount is the key item they are reviewing in determining who is going to be the best buyer. But not to worry. Some of our best clients had low down payments and we still made it work!
- Be Patient: One of savviest buyers, this last year, had a very specific type of condo she wanted on Capitol Hill. It took our Diva Dweller and the team close to seven months for just the right home to pop up in her favorite location. During that time our super smart Diva Dweller got her financing in order, saved more money for a down payment, and was prepared to go all out for the perfect Diva Dwelling!
- Save Extra Cash: Sellers are expecting buyers to close the gap in case of a low appraisal. Low appraisals happen when the market is moving up faster than you can track. Luckily we only had two low appraisals for our buyers and NONE for our sellers. Regardless top listing brokers are asking buyers to waive their financing or come up with an amount to make up the difference in case of a low appraisal.
- Understand What a Seller Wants in an Offer to Win the RIGHT House: Last year was a tough year for Winning Offers. But the key to winning the RIGHT house is to find out what a seller values most in a winning offer. Some need to rent back the house from the buyer for up to two months free. Others just want as much cash as possible. Others really want someone to take care of their garden the way they took care of their garden. Others want a super fast close and this requires a legitimate lender to be on top of their game. Our team takes a ton of time to work with the sellers real estate broker to figure out what we can do to make sure you are WINNING!
And as will all things talk to the Divas and Diva Dudes for advice. Each home is different. Each neighborhood sees different results. And the bottom line is that we want YOU to make a SMART move. Let’s get the process started!