the
home connection
Volume 11 | Issue 5
MAY 2020
EYE ON THE MARKET The real estate industry was deemed by the state of Washington to be an essential business in March, and that declaration has allowed market activity to continue, although reduced due to social distancing restrictions. Technology has played an important role in helping everyone come together to safely work within the restrictions. For example, buyers are able to tour homes online before making an appointment to take next steps. Brokers are reporting that currently listed homes that are properly priced and in good condition are still moving. Despite the current restrictions in place (only 2 people at a time for in-home viewings) there are still some rapidly moving sales and even a few multiple offer situations occurring within the existing inventory.
EXPERIENCE THIS! Mortgage rates were down again in mid-April, falling to a 30-year low and further fueling the market during these usual times as buyers may benefit from more purchasing power. Sellers who are not quite ready to sell may find now is a great time to begin planning home improvements to get the best return on their investment when the time comes. Some might even consider knocking out a few projects to get a head start.
It’s expected that once Washington businesses are able to ramp back up and expand their services, pent up demand will heat up across the Puget Sound region. Sellers are encouraged to be prepared.
Seattle Art Museum
Heritage Flying Museum
The Museum of Flight
Tacoma Art Museum
Seattle Symphony
Travel Tacoma
Seattle Aquarium
Washington State Historical Museum
Woodland Park Zoo
Washington Capitol Building Tour
TAKING INVENTORY WHILE STAYING AT HOME With most of us spending more time at home these days, creating a home inventory is another project that’s probably on your to do list. A home inventory can save you time and heartache in case you ever need to file an insurance claim. Check the website of your homeowner’s insurance company for a home inventory checklist, template or app you can download. • Document each item as completely as possible and take photos or video. Include brand, model number, serial number, purchase date, condition, etc. • Include receipts, canceled checks or an appraisal report to prove what you paid for (or the value of) items. • Also remember to include items you don’t use regularly, such as holiday decorations, sports equipment or tools. • Did you receive high-value gifts for a recent birthday or anniversary? For rare or valuable items such as jewelry, antiques, art-work or wine collections, you may want to consider adding additional insurance (a rider) to your policy. • Keep the completed list outside of your home. While some may choose to save a document to the cloud, you may also want to have a hard copy stored at your office, at a family member’s house or in a safe-deposit box. • Update the list annually.