Ty's Monthly Real Estate Digest

the

Ty’s Monthly Real Estate Digest

bainbeat January 2022

Homes are selling very quickly! Securing a home in a competitive market can feel challenging, if not impossible. Below, we’ve rounded a few tips to give you the best chance possible at getting your dream home in the competitive market. Following our guide and working with our brokers will help you stay ahead of the pack and position yourself as a potential buyer.

For example, you may need a large backyard for your children or pets. You may prefer hardwood floors or an updated kitchen, but those may not be deal-breakers. Knowing your non-negotiable items will help determine whether a home meets your minimum requirements. If it does, you’ll be able to act quickly and make an offer in today’s competitive market.

GET PRE-APPROVED | Before you even begin house hunting, get a pre-approval letter from a lender. Shopping with a pre-approval in hand shows sellers a lender has verified your income, creditworthiness, and other numbers, and you have the capacity to buy their house. A pre-approval letter will communicate that you’re a serious buyer.

If there are several offers on the table, interested parties without financing could be tossed out. Preapproval qualifies you for financing and gives you a competitive edge. And keep in mind that prequalification is not the same as pre-approval.

FIND A GREAT REAL ESTATE AGENT | A great real estate broker is your secret weapon when buying a home in a competitive market. Not only do they have a solid understanding of the current market and the neighborhood you’re interested in, but they also have terrific connections and great negotiations skills, which will work to your advantage. Before you hire a broker, be sure to get referrals, check online reviews, contact several recent clients, and find out their experience. When you have a list of at least five contenders, ask important questions. The inside knowledge of an excellent broker can put you on the fast track to success.

LIST YOUR NEEDS AND WANTS | Now is the time to break out a notepad and start making a list of your needs and wants. Needs are non-negotiable features that your next home must have. Wants are features you’d like your next home to have but would be willing to sacrifice if you find a good home.

LOOK FOR HOMES UNDER YOUR BUDGET | In a competitive market, you can expect to compete against multiple or dozens of bidders on one home.

As such, it may not be a good idea to look for homes at the top of your budget because chances

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How To Navigate A Competitive Real Estate Market

FEAT U RE Navigating A Competitive Real Estate Market

8 Home design Pending t rby e n d s to B R O Kw ER a N AtMc E

h in

2022

(continued) are another person will outbid you. A good strategy is to look for homes that are below your budget so you can have room to offer above the asking price without going outside your target price point or dipping into your savings. You may also consider an escalation clause, which states that you’ll put your bid at a certain price point higher than other competing bids – but make sure you know when to stop.

BE READY TO MOVE FAST | Once you’ve found a home that ticks the boxes in your needs list, put in an offer right away before someone snatches it up.

Your offer should include all relevant information, forms, and disclosures the seller will need to make a decision. An incomplete offer could end up in the trash in a multiple offer situation. Pay attention to details and make sure your offer is complete. Your agent will be happy to help you draft your offer and have your negotiating strategies at the ready. Also, know how high you’re willing to go if there are other offers and be ready to make tough decisions quickly and decisively.

MAKE A LARGE DOWN PAYMENT | Making a sizeable down payment is another way to strengthen your offer. Of course, you should save up enough for a down payment when buying a home, but it’s more important than ever to do so when buying in a competitive market. You want to show the seller that you are serious, can afford the home, and is ready to put your money where your mouth is.

KEEP TRYING | A competitive market could mean that you “lose” a few homes to other buyers. Home inventory is remarkably low and homes tend to sell remarkably quickly when they come on the market.

If your offer isn’t accepted, do not be discouraged.

Keep searching and putting in offers until you’re able to find a home that you love.

Home design is getting more personal. More homeowners are using their homes to show off their individuality, according to home design experts at The Plan Collection, an online home design firm.

“It makes sense, as people have gone from having to be home to wanting to be at home in an environment that expresses their personalities and individual tastes,” says Laurel Vernazza, home design expert at The Plan Collection. “Since no one could travel, homeowners had to bring those experiences into their homes.”

The Plan Collection’s team offers its predictions for some hot home design and building trends for 2022, including: 1. Patterned hardwoods: Old World craftsmanship, including two-tone inlays, patterns, or even different tones, is growing more popular, designers say. Expect to see lighter hardwood flooring, whether covering an entire room or just part of a room.

2. Colorful kitchens: “Homeowners are tiring of the all-white kitchen and counters,” designers say. “They want to add some spice.” Expect to see more wood cabinets or cabinet doors painted in warm or neutral hues, as well as countertops featuring alternative materials. For example, more kitchens may feature mixed materials, such as granite countertops paired with a hardwood island.

3. Black accents: Interior and exterior black window frames, black lacquered entryway doors, and black appliances—either shiny or matte—are expected to grow in popularity in 2022.

4. Biophilic design: Nature is moving inside. Homeowners are embracing “biophilic design” principles, which include more organic materials throughout interiors and maximizing sunlight, fresh air, plants, and other natural elements within the home.

To read the full article, scan the QR code here!

Check out the most beautiful luxury properties in the Pacific Northwest.

Scan the QR Code to the left or visit http://www.coldwellbankerbain.com/magazine

Healthier and Happier New year Your 2022 resolutions may feel different than before, and it’s important to take stock of what’s important in your life. If there’s anything that we’ve learned in 2021, it’s not to take our health for granted. This year a renewed focus on your own lifestyle and priorities may be top of mind.

Set your sights on revolutionizing your mental health, troubleshooting your sleep routine or transforming your living spaces (goodbye, messy closet!). Create a list of New Year’s resolutions that are easy, attainable and can help you make better-for-you lifestyle tweaks each and every day. You’ll start 2022 with a healthier body and a richer mind.

Here are a few of our favorite 2022 resolutions: DO ONE THING AT A TIME | Organize your activities into chunks of time, such as kid time and cooking time, and then “commit to being focused in those allotted minutes and see what happens.” It’ll help stop you from overthinking everything.

PLAY UPBEAT MUSIC | Blasting any happy-making tune can work multiple mind-body wonders including reducing pain during exercise, elevating mood, and lowering stress, research shows. So make a playlist — any songs that oat your spirit will do the job.

CREATE A CLEANING SCHEDULE YOU’LL STICK TO Keeping your home tidy without doing what feels like a deep clean every week can feel like a big ask. It’s true that you may be under cleaning some tricky spots, but it’s also true that you may be overdoing it elsewhere.

Download a printable checklist or app to help you schedule and break up your cleaning routine so it is less overwheling! Keeping the house neat doesn’t need to suck up endless hours of time on weekends anymore.

EXERCISE YOUR BRAIN | Scientists are always learning more about how humans work to stave off cognitive decline — and while data may be divided, if one thing is sure, games can indeed play a role here. Researchers at Duke University studied participants’ brain activity while they completed simple math problems and found that solving them feels like a reward, helping to curb negative feelings.

Playing these types of mind games can help manage stress and anxiety, as well as boost happiness endorphins at the same time.

BECOME A PLANT OWNER | Swing by the garden center after brunch this weekend. Just the presence of indoor plants can lower human stress levels, research shows, and one study found that actively caring for plants calmed the autonomic nervous system and lowered blood pressure.

And when people work near plants, they report greater concentration, satisfaction, and perceived air quality.

TAKE THE STAIRS | Take 10 minutes to run up the stairs in your office or home. A published study in the journal Physiology & Behavior found that tired women who climbed stairs for 10 minutes got a bigger energy boost than those who had the caffeine equivalent of a can of soda or half a cup of coffee (and burned calories too!).

For the full article and more resolution ideas visit www. goodhousekeeping.com/health/wellness/advice/g985/achievablenew-year-resolutions

TY MCCOLLUM

BROKER | LAKE UNION

206.886.9848 e: tymccollum@cbbain.com w: TyMcCollum.cbbain.com

Coldwell Banker Bain 1200 Westlake Avenue N Suite 406, Seattle, WA 98109

TY MCCOLLUM

BROKER | LAKE UNION

206.886.9848 e: tymccollum@cbbain.com

www.TyMcCollum.CBBain.com facebook.com/tymccollumrealestate instagram.com/tymccollumrealestate/

SNOHOMISH

KING

PIERCE

MARKET STATISTICS DECEMBER 2021

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Median Sales Price

Auburn

$710,000

Year/Year % Monthly % change change 15.9%

-2.7%

Ballard | Greenlake | Wallingford

$1,221,749

7.9%

-3.6%

Belltown | Downtown Seattle

$1,319,000

-1.5%

-5.0%

Black Diamond | Maple Valley

$589,000

27.4%

0.5%

Bothell | Maltby | Clearview

$943,227

19.8%

4.3%

Capitol Hill | Madison Park

$815,000

1.2%

3.2%

East Bellevue | South Redmond

$815,000

22.2%

0.9%

Edmonds | Lynnwood

$775,000

23.0%

5.4%

Everett | Mukilteo | Mill Creek

$655,000

20.2%

4.0%

Issaquah | Sammamish | North Bend

$752,500

25.8%

-1.0%

Kent

$715,000

18.6%

7.5%

Kirkland | Bridle Trails

$1,290,000

19.8%

19.4%

Lake Forest Park | Kenmore

$922,500

18.3%

-7.7%

Lk Stevens | Machias | Granite Falls

$640,725

25.5%

3.3%

Marysville | Stanwood | Lakewood

$585,000

22.2%

0.9%

Mercer Island

$709,000

28.3%

5.0%

Queen Anne | Magnolia | Lake Union

$760,000

0.0%

11.3%

$3,250,000

0.5%

75.7%

Renton | Highlands

$790,000

20.9%

11.3%

South Bellevue | South Issaquah

$880,000

28.9%

-11.6%

Tacoma | University Place

$560,312

11.1%

-5.8%

West Bellevue | Medina

$800,000

3.0%

-2.7%

West Seattle

$648,156

6.7%

17.8%

$1,900,000

19.6%

-13.8%

Redmond | Carnation

Woodinville | Juanita | Duvall