Because You Asked – What’s a Hot Sheet?

Q.  I have heard people use the term Hot Sheet for Seattle real estate.  What is it and how come my real estate agent never mentions it?

A.  Hot sheet is another one of those “real estate” terms used by Seattle real estate agents to describe a report from the Washington State Multiple Listing Service (MLS) of new or recent activity in the MLS. It normally would show the new real estate for sale, status changes, and price changes since the last hot sheet was viewed. Some just show the previous or current day activity.

THE GUYS WITH THE LITTLE CLIPBOARDS AND SHARP PENCILS

You need to know how to get the most for your home when you go to sell.  Here is what the guys with the little clipboards and sharp pencils advise.

It’s not as easy determining the real value of property today. Someone has to do it, and that someone is the appraiser.

Appraisers are the ones who see first hand, those things that cause a house to sell for the greatest amount. Insight as to what they are looking for can be useful when preparing your house for sale.

Not long ago, all that was needed to sell a house was for a real estate agent to put a sign in the yard, post the listing on the MLS, and mail out a little postcard.  Not so today.  Home owners are finding it necessary to fix that squeaky door, or replaced that fogged window.

I’m a big believer in cosmetic fixes and touchups. They can help a home sell a faster and include:

Paint and carpeting. A fresh coat of paint (preferably white) inside and out and new floor coverings give the home the look and smell of “new.” With the facelift treatment, gone are the wrinkles of cracking paint, the sags of aging wallpaper and the dark age spots of stains and spills. When in doubt, nothing works better than a fresh coat of white paint.

Curb Appeal. There is a saying I had when I used to work in the corporate world, “the first impression is the last impression.”  How your home looks when a real estate agent pulls up to your home with a buyer is the first impression they get. The idea is to make that first impression one that invites visitors inside for a better look. At least work on the front yard. The backyard can wait, if necessary. Improve the landscaping, fix cracks and stains in the driveway and remove extraneous clutter.

Clean the house. Seems like a no-brainer but let me tell you, to some people, it’s a “no brain” situation.  Vacuum, scrub counters and floors, wash windows, etc.  Also clear the clutter. Put stuff in storage. It is hard for a buyer of your home to appreciate a walk-in-closet that they can’t “walk-in.”  Less is more when it comes to making a small house seem larger.

If you are just thinking of selling but are not ready now, the right improvements are important and they include:

·         Adding square footage – Appraisers I know all say an addition provides increased value to a home over most other improvements. There is no guaranty a buyer will pay the additional cost of the work in terms of a higher price, you likely will attract more buyers.

·         The “Man Cave” – All that clutter you cleared? Prospective buyers will want to put their “stuff” right back in there. Buyers also want a clean place for their cars. Add, expand or improve your garage and you’ll also increase the value of your home.

·         Think 5 to 7 – When you buy, think that you most likely will be looking to sell 5 to 7 years from today.  That’s an average for this area.  Think location. The best locations sell faster. Location relative to good schools, jobs, shopping and attractions and away from crime, heavy traffic, business, commercial or industrial locations helps homes sell faster and for more. Just because you like the house, consider you might have “unique” tastes.  Buy a home in a good location. Then you’ll have a home to sell in good condition, in a good location. Location rules. Remember that!

In this market, you need everything working for you to sell your home quickly and for top dollar.  Think through your home improvement decisions strategically, especially if you’re considering selling a home in the next few years. If you’d like some advice or help, call me.  I have a list of 100 service professionals that can advise you every step of the way.

Best December Since '06

It’s still a tough market out there, but several indicators point to a good first quarter for buyers and sellers. Shrinking inventory, the extension of the first-time home buyer tax credit, and favorable interest rates are among factors that should sustain market activity.

Affordability has never been better, and we are advising would-be sellers to list their property soon, rather than wait until spring, to take advantage of favorable conditions. With inventory much smaller than a year ago, sellers should benefit from more exposure to a good pool of buyers.

Inventory area-wide is down about 15.6 percent from a year ago. At the end of December, there were 32,152 active listings of single family homes and condominiums. For the four-county Puget Sound region, the number of active listings is down more than 18 percent, with Kitsap County reporting the biggest drop at 25.4 percent.

There were 4,711 closed sales during December, up 54.7 percent from the year-ago total of 3,045 when the holiday slowdown was compounded by record low temperatures and snow.

The median price for last month’s completed transactions, including single family homes and condominiums, was $265,000. That compares to a year-ago sales price of $285,000 (down about 7 percent). Compared to January, prices are down about 2.9 percent.

For single family homes (excluding condominiums), last month’s median sales price was $273,000. Twelve months ago it was $290,000, a difference of about 5.9 percent. Condo prices have dropped about 14.6 percent, from $263,475 to last month’s figure of $225,000.

The market is “bumping along,” despite hurdles associated with the lending market, appraisals and foreclosures. The hardest part of the process still remains the uncertainty of the lending market as banks continue to ratchet up the qualifications and criteria for borrowers. Appraisals are difficult because even if the value comes in at the purchase price many lenders do a second review of the appraisal and find fault with the outcome, therefore creating a problem for buyers and sellers.  

All in all, the conditions are right for a positive year to buy or sell a home! If you’d like detailed information about the current value of your home, call our FREE 24/7 Recorded Info Line at 1-800-436-3615 ext. 4172