Home and Real Estate Guide December 2016

A PUBLICATION OF CAPITAL CITY WEEKLY | JUNEAU EMPIRE

SOUTHEAST ALASKA

DECEMBER 2016

ON THE COVER

305 HIGHLAND DR OFFERED BY, KAREN WRIGHT, SEE AD ON PAGE 9

TABLE OF CONTENTS On the cover: Photo by Hadassah Nelson 2 Powell Realty 3 Southeast Alaska Real Estate 4 Ricker Real Estate Consulting AlaskaUSA Mortgage: Minerva Carandang RE/MAX: JoAnn Birt 6 Residential Mortgage 8 True North Federal Credit Union 9 Southeast Alaska Real Estate: Karen Wright 10 Coldwell Banker: Gwendolyn Place 13 First Bank Mortgage 15 Exit Realty AlaskaUSA Mortgage 16 Southeast Alaska Real Estate

The Southeast Alaska Home & Real Estate Guide is a publication of Capital City Weekly and Juneau Empire, divisions of Morris Communications www.capitalcityweekly.com www.juneauempire.com 3100 Channel Drive Juneau, AK 99801 Capital City Weekly: 907-523-2250 Fax 907-789-9097 Juneau Empire: 907-586-3740

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TRY THIS ON THE GRILL GIVE THE GIFTS THAT KEEP ON GRILLING The summer celebration season is under way, and to help you find the perfect gift for the outdoor chef on your list the grilling experts at Broil King have put together a list of items for every type of grill master.

Wireless Thermometer A meat thermometer is an essential tool for any backyard chef. A wireless thermometer is a great option because it monitors cooking progress and lets you know when dinner is ready, allowing you to spend more time with guests. Look for a thermometer that offers a pre-programmed menu that allows the user to set meat type and doneness.

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December 2016

TRENDING

MORE WOMEN AND FIRST-TIMERS BUYING HOMES NAR’S 2016 BUYER AND SELLER SURVEY SHOWS INCREASED PARTICIPATION OF SINGLE WOMEN AND FIRST-TIME BUYERS IN REAL ESTATE MARKET

BY JESSE DARLAND

First-time buyers and single women are two key demographics that have dropped out of the real estate market in recent years. This past year, they have reversed course and increased their participation in the market, just as the rate of home sales has increased in general.

This is according to the 2016 National Association of Realtors’ annual Profile of Home Buyers and Sellers. The survey, which dates back to 1981, is the longest-running series of national housing data evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers. Respondents are owner-occupiers; the survey does not include investors or vacation homes The share of sales to first-time homebuyers had slipped for three straight years, but the most recent survey found that young adults are settling down and deciding to buy a home after what was likely a turbulent beginning to their adult life and career following the Great Recession. The homeownership rate for 18- to 35-year-olds continues to hover near its historical low due to a lack of affordable inventory, home prices rising faster than wages in many markets and trouble saving for a down payment due to student loan date and rising rents.

Pizza Tools The high temperature and hot dry air on a grill are great for making an authentic pizza pie. A pizza stone is ideal for the grill because it provides insulation from direct flame and retains heat for crisp crusts. A pizza peel is the perfect implement for removing and serving pizza from the grill. For true enthusiasts, a professional mezzaluna pizza cutter slices it quickly and efficiently with true Italian flair.

Rib Rack Who doesn't love delicious, smoky ribs fresh off the barbecue and slathered with sauce? A rib rack makes cooking ribs a breeze because it saves you the trouble of having to turn the meat. The rack also frees up space on the grill, leaving room for appetizers or other grilled food. Look for one with an angled design to make basting easy.

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Single women’s participation in the real estate market rose, representing 17 percent of all buyers. “Despite having a much lower income ($55,300) than single male buyers ($69,600), female buyers made up over double the amount of men (7 percent),” Lawrence Yun, chief economist with NAR, says.

“With job growth holding steady and credit conditions becoming somewhat less stringent than in past years, the willingness and opportunity to buy is becoming more feasible for many single women.”

The study also showed that the two most popular resources for home buyers remain the internet (cited by 95 percent of respondents) and real estate agents.

Seller use of a real estate agent remains at an all-time high, with 89 percent using one to sell their home. © CTW Features

Wood Chips, Planks and Smoker Boxes Deep smoky flavors and fall-off-the-bone tenderness are hallmarks of traditional barbecue cuisine. Allow budding backyard chefs the chance to create those mouth-watering dishes at home using wooden planks, smoker boxes and flavored wood chips. From the pungency of hickory and mesquite to sweeter, more delicate apple and cherry, several different types of chips are available. Consider giving the chef a few different options, as many backyard chefs enjoy experimenting and crafting their own special blends.

Additional gift ideas for the grill enthusiast can be found at www.broilkingbbq.com.

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WHAT DO YOU LOVE ABOUT SOUTHEAST ALASKA? Send us your photos of Alaska for a chance to be published in the Southeast Alaska Real Estate Guide.

Send images to matthew.wilkinson@morris.com and include “Real Estate Guide” in the subject line.

December 2016

For What It’s Worth Incomes are accelerating faster than home values – how buyers and sellers are affected

BY ERIK J. MARTIN What happens when wages grow quicker than what homes are worth? Good things for the real estate market, say the experts.

A recent report by Zillow indicates that earnings are now outpacing home values for the first time in five years: consider that, in 2015, incomes grew 5.3 percent and 5.4 percent for family and non-family households, respectively, versus a 5 percent annual growth rate for home values observed since the beginning of 2016.

“Strong income growth is undoubtedly a good thing for the housing market,” says Svenja Gudell, Seattle-based Zillow’s chief economist. “In prior years, home values were accelerating much more quickly than incomes, creating affordability concerns and a number of fast-moving markets, particularly among renters. The share of income needed to afford a home in these markets was growing as housing costs rose and incomes didn’t keep up – meaning there was less money to save or spend on other necessities. It’s critical that income growth catch up to home value growth to maintain equilibrium and keep housing affordable to a majority of Americans.”

Judy Mitchell, agent with William Pitt Sotheby’s International Realty in Southport, Conn., says incomes are increasing for a variety of reasons.

“Consumer confidence is growing, which, in turn, results in incremental growth across a variety of industries, translating to lower unemployment and more overtime pay,” says Mitchell. “Also, many millennials who could not get jobs after completing undergraduate education from 2009 to 2011 – after the housing bubble burst – decided to go to graduate school and ultimately land jobs that pay more.”

Elizabeth Norton, Mid-Atlantic managing research director for Washington, D.C.www.capitalcityweekly.com

based real estate firm Transwestern, agrees that rising income is positive news, as it could assist previously sidelined consumers in the home buying process.

“However, the median income adjusted for inflation remains 1.6 percent below the peak in 2007, before the recession hit,” says Norton. “Incomes still need to play catchup before housing remains an option for many Americans, particularly those in lower-income brackets and pricey markets.”

In addition, continued low housing supply and high buyer demand complicates the real estate climate.

“Being able to afford a house is one thing – finding a suitable home to buy is another,” says Chris Ling, head of home buying and mortgages at NerdWallet in San Francisco. “There are still home inventory pressures that will likely take three to four years to stabilize. It’s going to take homebuilders that much time to get back to a normal pace of construction to meet growing demand.”

In the meantime, buyers, sellers and homeowners should pay close attention to market indicators.

“While the economy is bouncing back and people are making more money, home values are not improving precipitously,

which impacts sellers when pricing their homes,” Mitchell says. “List prices need to be fairly close to the value at which a home will actually sell or you run the risk of chasing the market downward with price reductions. And buyers are reluctant to make low offers on overpriced homes because they fear overpaying.”

Gudell predicts positive outcomes for buyers and sellers in the wake of the Zillow report. “Critically, the share of income needed to afford a typical mortgage or rent payment will likely stabilize or could fall as income growth rises in tandem with housing costs, keeping housing relatively affordable. Additionally, more money in consumers’ pockets – thanks to bigger paychecks – may spur more people to consider moving into a larger home or help current renters save up enough money to make a down payment and buy a home.”

Consequently, home sellers should continue to see strong demand from wouldbe buyers, “although buyers should also expect to keep seeing fierce competition from their peers for those homes available to buy or rent, as inventory remains tight,” adds Gudell. © CTW Features

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SUREFIRE STAGING TECHNIQUES THAT MAKE FOR A FASTER SALE

BY ERIK J. MARTIN “All the world’s a stage,” Shakespeare famously wrote. And that adage certainly applies to a home for sale. With the right staging techniques, you can win the audition with prospective buyers watching from the front row.

Home staging involves carefully prepping a listed residence to increase its appeal and make a strong first impression in photos and during open houses and private showings.

While experts often recommend enlisting the aid of a professional home staging company to do the dirty work, the seller and real estate agent working closely together can handle many of the tasks involved.

“Staging isn’t limited to the inside of your home, and it isn’t just about adding or rearranging furniture,” says Koki Adasi, associate broker with Koki & Associates with Long and Foster Real Estate in Washington, D.C., which pays for staging services for each of its listings. “The value of staging is that it convinces buyers to secure a showing after previewing the home online, provides a neutral canvas for buyers to see the property as their own, and ultimately works to diminish any negative feelings potential buyers may have when they walk into a home.”

Marcia Goodman, staging Realtor with RE/ MAX Gateway in Gainesville, Virginia, says staging works because buyers are looking for move-in ready homes that require minimal work to be done.

“Staging helps because it ensures that the home is thoroughly cleaned, has neutral colors throughout, and is updated,” Goodman says.

“Remember that buyers today commonly look for homes online to preview with their agent, and pictures of staged homes command greater attention because they present better and increase the chance of the property being previewed by buyers and their agent.”

Properly staged homes typically sell faster, Goodman adds.

“However, that does not always mean that a staged home can be priced higher, because a higher-priced home tends to sit longer on the market, and the longer it sits on the market the lower the offer price,” Goodman says.

Nevertheless, fewer days on the market typically warrant a higher price than normal because of current buyer demand for homes, says John Lyons, real estate broker with Baird & Warner in Chicago.

“Last year, I sold my investment property 12

6 TIPS TO SET THE PERFECT STAGE

within one day at full asking price, which I can attribute to careful staging,” Lyons says.

“I refinished the floors, painted the walls, and recruited a professional staging company.”

To improve your chances of a faster home sale at a more desirable price, try these staging tips: 1. CONCENTRATE ON CURB APPEAL. Trim shrubs, plant flowers, power wash your driveway, walkways, porch and deck, and tidy up your landscaping. “Be sure you have a well-maintained front lawn that’s freshly mowed and mulched as well as a welcoming front entrance with a door wreath,” Goodman says.

2. CLEAN AND DE-CLUTTER. Wash and dust interior surfaces thoroughly, and pack up and remove anything that isn’t being used in the house on a regular basis.

3. DEPERSONALIZE. “Take your favorite photos down and replace them with neutralthemed artwork from a local thrift store or discount retailer,” says David Kinsey, an agent with Stone Harbor, New Jersey-based Berkshire Hathaway Fox and Roach Realtors.

Also, remove all unnecessary items off counters and replace with fresh flowers.

4. TOUCH UP WITHOUT GOING OVERBOARD. “Do not start that major remodeling project you’ve always dreamed of right before listing your home,” Kinsey says.

Instead, add a fresh coat of neutral-colored paint (grays are currently popular) to walls, refinish worn wood floors, change out kitchen cabinet door pulls, and update old window treatments.

5. ARRANGE FURNITURE AND DECOR TOGETHER FOR BETTER TRAFFIC FLOW, COMFORT AND COZINESS. “Try to arrange pictures, table pieces, and pillows into groups of three,” says Lyons. Additionally, try grouping together a few small mirrors, “which can appear to double the size of your space and add a hint of energy to the room,” Goodman says.

6. USE LIGHTING TO MAKE ROOMS WARM AND INVITING. “Increase the wattage in your lamps and fixtures, and make sure you use three types of lighting: ambient, such as general or overhead lighting; task-like pendant, under-cabinet, or reading lights; and accent lighting, like table lamps,” Goodman says. © CTW Features

December 2016

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CAPITAL CITY WEEKLY IS IN MORE SOUTHEAST ALASKA COMMUNITIES THAN ANY OTHER PAPER ANGOON Angoon Trading Angoon Health Center CRAIG A C Thompson House Annie Betty’s Bakery Cafe JS True Value NAPA Automotive Papa’s Pizza Shaub Ellison The Bread Box The Craig Public Library The Waffle House Tyler Rentals Whale Tale Pharmacy Zat’s Pizza DOUGLAS Breeze In Douglas Café Douglas Library ERA Helicopter Island Pub Mike Hatch Jeep SERRC (Cedar Park) Tanner Marine Service Center EDNA BAY Delivered to 27 Residents ELFIN COVE Delivered to 25 Residents GUSTAVUS Delivered to 240 Residents HAINES AK Sport Alaska Seaplanes Alaskan Liquor Alaska Marine Highway American Legion Big Foot Auto Canal Marine Captains Choice Chilkat Restaurant E & D / Radio Shack Eagles Nest Ferry Terminal Fogcutter Bar Haines Assisted Living Haines Quick Shop Haisler Hardware Halsingland Hotel

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