View from a friend’s condominium rooftop deck
Summer is here in force and we are seeing temperatures in the nineties! I know that is normal in my home state (I grew up between Palm Springs, Los Angeles and San Luis Obispo), but here seventy-two degrees is usually a hot day!
I’m so happy that much of my world has opened up again and I am able to volunteer with the Master Gardeners and Dunn Gardens. I also joined the Ballard Rotary Club and am enjoying the group.
Many people comment that I go all over, and it’s true! Ever since my Grandmother gave me her VW Bug when I graduated from high school, I have loved driving. Back then it was the Sierras, now it is mostly around Washington. I always say “Have Highlander Hybrid, will travel”. My background in tech gives me an edge in researching properties; I always do a “deep dive” for my clients.
With that in mind, I enjoyed showing a friend homes and neighborhoods in Anacortes. I drove up the day before, stayed in a nice AirBnB, and met her in the morning. We also stopped at the city planning department to drill down on a few questions such as vacation rental permits, water tables and zoning. The Anacortes city planning department is over the top on customer service.
I’ve also been helping friends and clients in Seattle, Edmonds and on Camano Island. Many are downsizing and so looking to buy before selling their current homes.
A change may be coming down the pike this fall due to a law suit at the national level. This article describes it well.
The tradition has been that the seller pays both the buyer’s agent and selling agent’s compensation. In order to more motivate the buyer’s agent, it is recommended to show a reasonable compensation.
Our multiple listing service’s attorneys have decided to be proactive and have changed our purchase and sale form starting this fall. There will be a new line item which will show how much the buyer is bringing in compensation to the buyer’s agent.
It may be mandatory to use a buyer’s agency agreement. This is a contract between the buyer and the buyer’s agent which specifies how much the buyer will pay the agent, especially in the case when the seller is not offering any compensation, or a low compensation.
These are in use now. Some brokers won’t go out with buyers without a signed agreement. I have always been more trusting in my relationships with my clients and know they understand my value and will be loyal (see below). In some cases I have shown perhaps thirty listings without a client making a purchase. On the other hand, I have had clients fall in love with the first listing, we wrote an offer and it was accepted, and so there was little time involved, but expertise.
It might be hard for some buyers to pay compensation as well. For example, one of my younger first-time home buyers had a great job but a strict budget and didn’t have much extra to spend. Her father was providing a down payment.
At this point, compensation can’t be rolled into a mortgage.
I like to say it all averages out, however this might not be the case in the future. I might have to use the buyer’s agency agreement.
If you are wondering about what I do as a buyer’s agent, please flip through my buyer’s guide.
Northwest Multiple Press Release
Brokers, home buyers welcome growing inventory and market returning to “some sense of normalcy”
KIRKLAND, Washington (July 6, 2022) – Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago, Northwest MLS (NWMLS) brokers reported a healthy jump in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year (YOY) increase in prices since June 2020.
“What the changes mean in general terms, are more houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more price adjustments,” said Frank Wilson, Kitsap regional manager at John L. Scott Real Estate.
“It’s nice to see a more balanced market for buyers,” remarked Dean Rebhuhn, owner at Village Homes and Properties in Woodinville, pointing to the increase in new listings, more price reductions, and still favorable mortgage rates as factors that are creating opportunities for buyers. “The return of financing and inspection contingencies are now the norm,” he reported.
Northwest MLS brokers added 14,223 new listings of single family homes and condos to inventory during June, up from both May, when they added 13,075 homes system-wide, and a year ago, when they added 13,111 properties to the database. Last month’s total was the highest volume of new listings since May 2019 when brokers tallied 14,689 new listings.
Charts and Graphs
Reports Available from Rainier Title
Trendgraphix – A great chart showing over a year’s worth of statistics.
Testimonials from Recent Closings:
*Andree, so many positive attributes in stepping in to sell our mother’s home. It’s as though she stepped in as one of the family at a very emotional time after my mother’s passing. She was so helpful in getting the house prepared for the sale, inside and out. The house was priced right and sold quickly to help us throughout the process. I believe her negotiation skills were the key to the perfect end result. I would recommend Andree for buying or selling. Andree gives her all as though you’re her only client. Andree is a gem!
*We are very pleased with our new home and appreciated Andree’s attention to detail and excellent negotiation skills. Her local knowledge of the real estate market and process expertise allowed us to get our offer in quickly, do timely and smart negotiations that got our offer accepted!
*Andree helped us with finding our dream vacation cabin outside Leavenworth. She listened to us about what we were looking for even when we weren’t sure ourselves, and then helped to distill it to get to what really mattered. She worked with us despite our busy schedules, lining up tours of places with potential. She helped to narrow down where we were looking from somewhere on either side of the mountains between Mount Rainier and the North Cascades to just the general Leavenworth area. Her background in the area helped us to get more information about potential homes than someone else would have, and she had connections that also were very helpful, especially once we had found our cabin. She was able to get us appointments with all the inspectors in a timeline that worked for us and the sellers. We were able to close relatively quickly. Even after closing, when we had some challenges with the big freeze and pipes freezing and bursting in the pumphouse, she was able to offer advice and connections to try and help us to get it quickly resolved. We felt like she was taking care of us even after her work was done. She is dedicated to making sure that her clients get the house that they are dreaming about and is tireless in working towards that goal.
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Contact me for help in selling your existing home, or buying a new home! Many thanks to Joe Galindo for providing buyer and seller guides.