real estate market snapshot O C T O B E R
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There Are More Homes On The Market
But Not Enough
By Jean Groesbeck
The market continues to suffer from a lack of inventory. When the stay home order was put into place, most people hit the pause button on life. Fear of allowing strangers into their home, concerns of moving during a pandemic, or uncertainty about job security caused sellers to sit out of the market. Slowly people have adjusted to the new norm and we are seeing more homes come on the market.
Still a Seller's Market Although the supply has increased, it has not kept up with demand. It is still a market that favors sellers. The top line in the graph represents 6 months of inventory. Anything below that favors sellers. Low inventory of homes for sale, an exodus from city living and historically low interest rates have led to a buyer frenzy and increasing prices in our area. What buyers want today: Larger homes with 4 bedrooms or more preferred, large yards for outdoor entertaining, high-speed internet, privacy, lots of natural light and windows, and for many, easy access to to I5. If your home has those criteria, call us! We have buyers waiting!
If you are thinking of selling this is your opportunity to get top dollar. The 2021 seller's market might not be as strong as it is right now.
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YEAR Entertaining Outdoors ROUND
When we transition into Fall, we typically move to entertaining inside. This year, social distancing will spur many homeowners to make additional modifications to their yards to continue outdoor living and entertaining through the cooler weather. ....
Summer time inspired backyard makeovers to include cooking areas, seating areas, dining areas and play areas. To continue enjoying your backyard or deck during Fall, consider adding a fire pit or heat source in the conversation area. .....
If you have a roof structure or covering to protect your outside area from the sun, you may be able to add overhead heat lamps or propane heaters. Portable propane heaters are also an option allowing more direct heat on the areas you are using, but these need to be used with extreme care around children and pets. Tables with propane heaters in the center are nice for meal time if you have this space. Portable or permanent wood fire pits or fireplaces are inexpensive options, but they can't be used during burn bans. .....
Outdoor windscreens can reduce the "feels like" temperature. Glass windscreens can provide solar heat as well. Having the ability to slide or open the windows or panels will allow a breeze when the weather warms up again.
Belle's & s e l Jing rner Co
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Adding shelter and heat will increase the enjoyment of your outdoor spaces through the cooler weather and make entertaining both easy and safe!
When setting up your centerpieces and other fall decorations, keep in mind that some plants are potentially poisonous to pets. For instance, poinsettias can cause oral irritation and gastrointestinal problems when eaten or chewed on. Chrysanthemums, holly, and mistletoe may also make pets sick, and lily ingestion can result in sudden kidney failure and death in cats. Keep all holiday plants far out of reach from pets to be safe. 2
r o l Co
IMPACTS EMOTIONS AND BEHAVIORS
What does this have to do with real estate? A lot. We tend to decorate our homes and wear colors that we like but sometimes it is necessary to tone down the amount of color in a home to increase the appeal to buyers. ........
Strong interior colors do evoke strong emotions, and it may not be the emotions that you want a buyer to be feeling. That is why homes are staged with more neutral colored calming large pieces of furniture and just a little pop of color for interest. ........
Buyers determine a list of features that a home needs to have as a pre-selection technique, but once the basic creature comfort criteria are met, buyers purchase based on emotion. Everything from how they feel driving down the street to how they feel when they are inside of the home. Most sellers think that buyers can visualize different colors. That is not the case. Have you ever painted a room and even though you had a test patch that you stared at for 2 weeks, the color still came out different than you expected? ........
The wider the appeal for a home, the higher the number of buyers. The higher the demand, the higher the selling price. Make your home stand out for how inviting it is, not the one that a buyer nicknames based on the color of a wall. ...
Do not want to deal with painting? I don't blame you. That is why the Compass Concierge program is such a great asset for our Sellers. Compass will front the costs of up to $50,000 of work to prepare your home for the market. (The amount of money depends on the home’s value, your equity, location of the house). Compass recoups their money at closing, but you are NOT charged any interest nor any loan fees. ...
If you are not thinking of moving, go ahead and paint your home your happy colors. But if you think you want to move in the next few years, give us a call and we can help you determine if there is a color you love that will also enhance resale value.
PLANING ON DOING A
1031-EXCHANGE?
You may not be able to. There is a change being proposed to eliminate 1031 exchanges for investors that earn more than $400,000 per year, although that income level could be reduced. There is also a proposal to increase the capital gains tax significantly. ..
This may be the most profitable time to sell your investments or even your primary residence. Talk to your accountant, then give us a call to get your best financial outcome. Call or text us at 360-941-3734 or 956-337-2131, we will be happy to chat with you. 33
809 7th St Anacortes, WA 98221 360-899-5027 Info@JeanGroesbeck.com THEGROESBECKGROUP.COM AnacortesRealEstateGuide.com *If you are currently working with a broker, this is not intended to solicit our business.
Remodel OR Move?
Deciding whether you should remodel your current home or buy a new one isn’t an easy decision. It truly comes down to your personal situation. For example, If your goal is to downsize, remodeling rarely makes sense. The need for a new home is often triggered by changing needs. That charming little rambler a newly married couple started out in suddenly becomes an overstuffed home with too few bedrooms. On the other hand, a home that was once perfect for a family of 5 suddenly seems empty and uncomfortably idle. Remodeling often requires a massive outlay of funds and usually a seller does not recoup the costs unless they do the homework ahead of time. What are the current desired features in a home in our area? Are paint color trends just temporary or here to stay? Will adding a deck add value to the home? Before you make the decision, think about how your current home works for your current life stage and what you will need in five to ten years. You want a home that can grow and change with you—or you want to be prepared in case you might need to move sooner than you would like. As a homeowner, you’ll want to carefully weigh the choice between remodeling and moving. If you can't decide which option is best for you, give us a call! We will be happy to assist and guide you in the right direction.
Call, text or email us We are available 7 days of the week.
Jean Groesbeck 360.941.3734
Taby Perron 956.337.2131
Eileen Hebert 360.770.7090
Info@JeanGroesbeck.com
$360,000
Summer Heaton 360.540.7716