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]]>Written by Sandy Dodge
Wildfires cause chaos for homeowners. Though they are destructive, with the right preparation, you can ensure that you and your household have a plan in case of an emergency. Many homeowners insurance policies cover damage caused by wildfires, but check with your insurance agent to make sure. The following tips are meant to inform your household’s wildfire evacuation protocol, whatever your evacuation timeline may be.
Wildfire Preparation: Immediate Evacuation
Evacuation orders come from local law enforcement agencies, but if you have not received an official evacuation notice and feel threatened by wildfires in your area, do not hesitate to leave. Take only essential vehicles on the road, this will minimize traffic and reduce the chance of gridlock when evacuating the area. Keep the windows rolled up to avoid inhaling smoke and tune into local radio for updates as you head toward safer ground. Don’t forget your masks and remember to bring the six P’s:
- People and pets
- Phones and personal computer
- Chargers, any additional computer hardware
- Papers and important documents
- Birth certificates, passports, insurance, legal documents
- Prescriptions
- Medication, eyeglasses, contacts
- Pictures and irreplaceable keepsakes
- Payment (credit & debit cards, bank cards, cash)
It helps to have a “go bag” or portable kit packed ahead of time if and when a wildfire breaks out. In it, you’ll want to keep a list of essential items in case you’re away from your home for a while. Include the following items in your go bag:
- Face masks or coverings
- Extra clothing
- First aid kit
- Toiletries
- Tools
- Flashlight
- Batteries
- Sanitation supplies
- Copies of important documents
- Three-day supply of food and water
Wildfire Evacuation Preparation
If you live in an area that is not being evacuated, there are steps you can take now to prepare your home and family, if and when the time comes. These tasks can help to discourage fires from spreading closer to your home and hopefully salvage some household items.
- Create a “defensible space” by clearing your home’s surroundings of brush and vegetation
- Turn off sprinklers and main gas lines
- Clean out roof and gutters
- Move furniture away from windows toward the center of the room
- Remove flammable household items
- Prepare your emergency kit
- Include essential items listed above
For more information about wildfires and indoor air quality, visit the Environmental Protection Agency (EPA) website. Be sure to check your local news and emergency alert radio stations and social media profiles for the most up-to-date information and helpful resources.
Wildfires are unpredictable. Knowing what to do both in preparation for and during an emergency evacuation will have your household prepared in the event that a wildfire spreads to your area, neighborhood, or home.
Featured Image Source: Getty Images – Image Credit: Daniiielc
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]]>This month’s Literary Listings are all about the places we call home, whether it be a glamourous pied-a-terre in Paris, a hauntingly beautiful estate in the English countryside, or a traditional colonial on the hill. Houses are the overlooked characters of our favorite stories, bearing witness to private conversations, clandestine meetings and secret dreams. It makes you wonder what these homes might have to say if walls could talk…
The Dutch House by Ann Patchett
Marketing Remarks: Now is your chance to own a bit of Pennsylvania history! Built by the illustrious VanHoebeek family in 1922, this Dutch colonial home with period details is in pristine condition. Enjoy evening soirees in the third floor ballroom and relax by the pool all summer long. This property spans several acres and offers unobstructed territorial views from the floor to ceiling windows. All art and furniture is conveyed with the house, including several priceless portraits that trace the long history of this amazing home.
Agent Remarks: Spanning more than three decades, The Dutch House chronicles the lives of Maeve and Danny Conroy, siblings who suddenly find themselves orphaned and disinherited by their stepmother after the untimely death of their father. With enough acerbic wit to counter the more sober themes, this is a beautiful coming of age story about love, forgiveness and the unbreakable bonds of family, reminding us that home is not where you are, it is who you are with.
Directions: Read the synopsis here!
The Paris Apartment by Lucy Foley
Marketing Remarks: Quiet and secluded baroque pied-a-terre close to local amenities. Secure passcode entry & on-site concierge to monitor all deliveries, building maintenance and mysterious goings-on. Building features include a lovely courtyard, hidden passageways, a wine cellar with convenient storage area – but beware, it’s easy to get locked in down there if you aren’t careful. Enjoy timeless elegance at one the most sought-after apartment buildings in Paris.
Agents Remarks: A suspenseful guessing game where no one is ever truly what they seem, The Paris Apartment takes you on a twisting investigation through the streets of Paris as a young woman attempts to find her missing brother. Then tension builds as we meet his various neighbors, each of whom seem to have a reason for wanting the charismatic, aspiring journalist out of the picture. This book has mystery, childhood trauma, and revenge – all the makings of a classic thriller!
Directions: Read the synopsis here!
Northanger Abbey by Jane Austen
Marketing Remarks: Step back in time to this 12th century abbey situated in the idyllic English countryside. This estate has been lovingly restored and repurposed into a family residence while keeping the building’s original architectural details intact. Arching gothic windows let in plenty of natural light to chase away any ghostly shadows, while the grand Rumford fireplace creates a cozy atmosphere in the spacious drawing room. It would be an alleged crime to pass up on this amazing opportunity!
Agent Remarks: Jane Austen’s first published work, Northanger Abbey satirizes the popular gothic novel that was sweeping the literary world in the 1800s. It follows a lovable yet naïve heroine, Catherine, who finds herself caught in a tug-of-war of friendship and romance with two very different sibling duos. When invited to visit her friends’ ancestral home, Catherine’s imagination takes flight as she searches for ghostly apparitions and murderous schemes around every turn. Expectations are turned upside down, relationships are tested and true natures revealed in this hilarious romp. This is a palatable book for those new to the work of Jane Austen and a great read for passing dark, stormy evenings.
Directions: Read the synopsis here!
What should we read next? We are always on the lookout for new book recommendations and would love to hear from you – tag us on social media with your favorite stories!
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Written by Makena Schoene
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]]>The post How to Turn Your Home Into a Vacation Rental appeared first on Windermere Bellevue Commons - Home to top real estate brokers.
]]>The hospitality industry has been hard at work to regain its foothold with stir-crazy consumers who have a whole new set of values post-Covid. The growing popularity of the short-term vacation rental is poised to redefine the nature of vacationing for years to come, thanks to increased space, flexibility, and lower average rates. The demographic for Airbnb guests is changing as well, as Gen Z and millennials are more inclined to travel with groups of friends rather than just their immediate family. Future Airbnb owners can capitalize on this trends for unique, photogenic accommodations that hotels can’t always provide.
If you are willing to put in the hard work, your vacation rental can turn a good profit, and we’ve got a quick guide to get you started!
Image Courtesy of NWMLS Listing – Duke Young
Laws & Logistics
Converting your home into a vacation rental isn’t as easy as listing it on a site like AirBnB. There are a lot of hoops to jump through regarding local regulations, insurance policies, market trends and HOA rules. Start your research by looking into the ordinances of the city where you are located, as municipal law can vary even within the same state. Seattle law, for example, states that property owners are restricted to operating a maximum of 2 dwelling units as short-term rentals, whereas Bellingham only requires that short-term rental operators obtain the appropriate vacation rental permit and pay the associated fee. Paying attention to regional codes is an important first step towards turning your property into a vacation rental.
Looking into the local market is a great way to get a feel for whether or not your vacation rental has a chance to really succeed in that area. “Look for your direct competitors,” advises Alex Haler, a strategic account executive with AirDNA, “What are they doing well? Do any of them have a particular amenity or feature that is helping them outperform the others? Keep track of this group of competitors as they will aid you in setting the right price, benchmarking your performance and staying ahead of the curve.”
Image Courtesy of NWMLS Listing – Duke Young
Reduce, Repair & Redecorate
The next step is to take care of any necessary repairs, update the furniture and install new tech if need be. Start by depersonalizing the space – as much as you love those family mementos, you are selling a space as a blank canvas for others to create their own memories. Install smart technology to enhance connectivity for your guests and to keep an eye on your property when you can’t be there in person. Electronic locks that can be managed via the internet are a great addition, as they generate unique codes for each guest stay and make the check-in process quicker and easier. Now is the time to take care of those pesky quirks that you have grown accustomed to, like squeaky doors or testy faucets. While some guests may not even register these issues, you are investing in your property’s longevity. By being proactive with repairs from the get-go, you save yourself stress and potentially more costly problems down the line.
When decorating, consider the aesthetic of your vacation rental and how it will complement the local vibe. What draws people to the area? Would a coastal motif fit best or would a cozy cabin vibe be more appropriate? “Think about how your guests are going to use the space, rather than simply throwing things together,” advises Nikki Kaestner, a Senior Design Associate with Vacasa. Good design isn’t about finding matchy-matchy pieces, but creating a space that feels like a home. This can be achieved by layering pieces for a lived-in look that don’t necessarily match but blend cohesively. Make sure you invest in sturdy, quality materials (especially in high touch areas like dining rooms) that can withstand the wear and tear of multiple guests over several seasons – this includes solid wood tables and fabrics that have passed the Martindale test for performance, like Sunbrella.
Stock Up On Supplies
You’re almost ready to welcome your first guests! All that’s left is making sure all the little essentials are well-stocked. Guests are always on the lookout for amenities such as extra towels, sheets and basic toiletries. These are items that are used the most and are almost always left behind in a packing frenzy. Invest in quality bedding, kitchen supplies and travel-size toiletries to make your vacation rental stand out from the crowd. Being an over-prepared vacation rental host by anticipating these needs can make the difference between a glowing review and an unsatisfied comment that affects future bookings.
Image Courtesy of NWMLS Listing – Duke Young
Advice From An Agent
Don’t just take our word for it! We sat down with WBC broker, Mylo Adams, one our amazing real estate professionals for her tips on property management. “Vacation rental listing setup is the most important,” Mylo advises, “Be sure to verify your property may legally be used as a vacation rental.” This means understanding tax liability on the city, state and federal level, including excise, Business & Occupation (B&O) and capital gains tax.
Mylo’s Top Tips
– Prepare a Rules & Regulations handbook for your guests, as many condominiums allowing vacation rentals have specific rules.
– Invest in excellent professional photos. Did you know that professional photos can lead up to 20% more bookings?
– Respond to inquiries quickly (within 1 hour).
– Clean, Clean, CLEAN! Hire a professional cleaning service to make sure everything looks its best.
Its no secret that the nature of travel has changed over the last few years, creating new opportunities for homeowners to get involved in the field of hospitality and generate another revenue stream. If you think that converting your property into a short-term or vacation rental sounds like the right move, make sure you are doing as much research as possible. It’s a competitive market but creating an insta-worthy escape can pay significant dividends if done right.
Happy hosting!
Written by Makena Schoene
Featured Image Source: NWMLS Listing Courtesy of Duke Young
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]]>The post Local Market Update – August 2023 appeared first on Windermere Bellevue Commons - Home to top real estate brokers.
]]>One major contributor to the low supply of homes is the phenomenon of homeowners protecting their sweet pandemic-era mortgage rates of 3-4%. Rather than selling and having to manage interest rates that are currently in 7% range, they are choosing to stay put. This means homes that otherwise might have been on the market this time of year are also staying put, and would-be buyers are competing for very limited inventory.
According to Windermere Chief Economist Matthew Gardner, July’s active listings in the tri-county market were fewer than in any July on record, excepting the pandemic year of July, 2021.
Gardner also noted that “With mortgage rates unlikely to move tangibly lower during the balance of the summer, I don’t expect the market to move much over the coming months, both in terms of sales and prices.” But he did add that “If the economy starts to soften this fall, rates could start to fall and this could revitalize the market.”
The key now seems to be accurately pricing the listings that are available. While there’s limited inventory, mortgage rates are putting a damper on buying power. Buyers may already be forced to compromise on lifestyle and location for mid-tier properties. They won’t want to compromise on price as well.
In King County, the median sold price for a single-family home was $897,500 in July, up from $890,000 in July, 2022. Condos also saw a boost, landing at a median of $510,000 last month—up from $490,000 a year ago. This is likely due to high demand and strong competition from buyers in the area.
In Seattle, the necessity of pricing homes accurately is clear. As an example, 69% of Seattle single family homes sold in under 15 days in July, and these generated sold prices that were 100.1% of their list price. Those that took longer than two weeks to sell, however, closed at 97.5% of list price.
Seattle sold prices softened a bit in July. The median price for a single-family home in the city was $899,950, down from $954,500 a year ago. On the other hand, condo prices rose to $550,000 last month, up from $537,000 a year ago.
Low inventory on the Eastside had the effect of pushing up home prices in July, when the median sold price of a single-family home was $1,500,000. That’s an increase from $1,420,000 in July 2022. It’s also the first month since September of last year that Eastside median prices have increased from the year prior, so the mid-summer market has shown some heat. Eastside condo prices also increased last month, with a median sold price of $600,000, up from $575,000 a year ago.
Snohomish County saw prices soften slightly last month. The median sold price for a single-family home dropped from $770,000 last July to $751,250 this July. Even with less than one month’s inventory, interest rates are slowing sales and causing prices to drop. Condo prices also dipped slightly, from $500,000 in July 2022 to $495,000 last month. The county’s condo market had only .7 months of inventory, but this supply squeeze couldn’t completely counter high interest rates when it came to the impact on sold prices.
Looking ahead, it’s clear that now more than ever, sellers and buyers need to tether their real estate interests to a knowledgeable broker who will help them navigate these fluctuating market dynamics. If you have questions about what current market conditions mean for you, reach out to your Windermere broker.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
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]]>The post WBC Book Club – Hot Summer Reads appeared first on Windermere Bellevue Commons - Home to top real estate brokers.
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Malibu Rising by Taylor Jenkins Reid
Marketing Remarks: Embrace the easy-going vibe of the Southern California coast without sacrificing ultimate luxury. With a contemporary design and open concept layout, this beach house on the bluff is perfect for entertaining. This property is best known for being the site of the annual Riva Party, hosted by professional surfer, Nina Riva and her famous siblings. Just a few minutes’ walk to the beach, don’t miss the opportunity to call this beautiful Malibu oasis home!
Agent Remarks: Beautifully capturing the intricacies of family relationships and the profound effects of generational trauma, Malibu Rising tells the story of four siblings grappling with the cost of their own fame and the notoriety of their playboy father. The consequences of their choices come to a head on one summer night in 1983, where each must face uncomfortable truths that will alter the course of their lives forever. This book is the ultimate summer read, transporting you to the sunny beaches of California where you can’t help but get swept away by an intriguing cast of flawed, fiery characters.
Directions: Read the synopsis here!
Beautiful Ruins by Jess Walters
Marketing Remarks: Live la dolce vita in this remote and peaceful village on the coast! Nestled among the cliffs of Porto Vergogna, the Hotel Adequate View is an investor’s dream, a historic property that has played host to Hollywood stars and literary scions. Convert into individual units, renovate into a single-family residence or restore this pensione to its former glory – anything is possible for the right buyer.
Agents Remarks: While Beautiful Ruins evokes visions of limoncello and vespa rides on a summer day, it shines a harsh light on the perception of women and the toxic nature of the film industry as the golden age of Hollywood begins to crumble like the ruins of Italy. This book is hauntingly beautiful, a love letter to love itself. Within these pages, we encounter love in its varied forms, from the unrequited to the toxic to the complicated, all seen through the eyes of our unlikely hero, Pasquale.
Directions: Read the synopsis here!
Book Lovers by Emily Henry
Marketing Remarks: Looking to escape the hustle and bustle of city life? This quaint little hamlet is home to Goode’s Lily Cottage, a lovely two-bedroom farmhouse with recent updates & classic charm. Just a few miles from Main Street, you can visit all the sites that inspired Dusty Fielding’s bestselling novel, Once in a Lifetime, or sit on the front porch to enjoy the picturesque landscape. This property is perfect for year-round living or for use as a vacation rental – find your happily ever after in Sunshine Falls!
Agent Remarks: Book Lovers checks all the boxes for a light, summery beach read. A prickly editor and career-minded publicist butt heads until they inevitably find themselves having to work together on a new project – all while saving a local book store from financial ruin! It has all the makings of a classic Hallmark movie, but it’s intentionally cliché. This satire pokes fun at the rom-com formula without losing the heart that makes these stories so beloved. You can’t help but get drawn in by Nora and Charlie’s intense connection, especially as they both face difficult decisions as their careers and family dramas intersect.
Directions: Read the synopsis here!
We are always on the lookout for new book recommendations and would love to hear from you! Tag us on social media with your favorite beach reads and summer-time stories!
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Written by Makena Schoene
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]]>The post Real Estate Market Update – July 2023 appeared first on Windermere Bellevue Commons - Home to top real estate brokers.
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- Pendings in July slightly under performed the pending count from this time last year. This is not a shock since the months of inventory has not been above 1 month for at least 3 months. However, the difference wasn’t by much.
- Average Sold prices for July 2023 have steadily been creeping close to July 2022 numbers while many of the areas noted have surpassed last year’s prices.
- Closed sales are still lagging last year’s numbers by roughly 10-20% in most areas. There are several areas in the north King County that have seen a bit of a surge compared to July 2022 numbers.
- Active and New listings seem to be holding steady, which is good for prices, but bad for transaction counts. Internally we are seeing multiple offers on dialed in properties that are priced attractively. Some of these are selling for 5-10% above asking. Homes priced at the most recent comparable are tending to sit.
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]]>The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.
REGIONAL ECONOMIC OVERVIEW
As discussed in the first quarter Gardner Report, job growth continues to slow. Even though Western Washington added 54,391 new jobs over the past 12 months, which represented a decent growth rate of 2.3%, the slowdown in the creation of new jobs is palpable. The regional unemployment rate in May was 3.7%, which is marginally above the 3.4% of a year ago. As we enter the summer months, I have started to ponder the economic outlook for the balance of this year as well as looking ahead to 2024. Although many are still suggesting a looming recession, I remain unconvinced. However, if enough people expect to see an economic contraction, it can become a self-fulfilling prophecy, which has happened in the past!
WESTERN WASHINGTON HOME SALES
❱ In the second quarter of 2023, 14,997 homes sold. This was down 34.4% from the second quarter of 2022, but up 43.8% from the first quarter of 2023.
❱ The growth in quarter-over-quarter sales was due to the 21.7% increase in the number of homes for sale. While this is positive, it should be noted that inventory levels in the quarter were still 16% lower than a year ago.
❱ Sales fell across the board compared to the same quarter in 2022 but were up in all markets compared to the first quarter of 2023.
❱ Pending sales rose in all counties compared to the first quarter of this year, suggesting that sales in the upcoming quarter may show further improvement.
WESTERN WASHINGTON HOME PRICES
❱ Sale prices fell an average of 7.6% compared to the second quarter of 2022 but were 11.7% higher than in the first quarter of this year. The average home sale price was $773,343.
❱ Compared to the first quarter of this year, sale prices were higher in all counties except San Juan, which, as a small island county, is notorious for its extreme price swings.
❱ The year-over-year drop in sale prices was not a surprise given that the market was peaking due to rapidly rising mortgage rates. That said, prices in Lewis, Clallam, and Skagit counties exceeded those of a year ago.
❱ It was interesting to see list prices rising in all markets compared to the first quarter of the year. Even though inventory levels have risen, sellers still believe that they are in the driver’s seat.
MORTGAGE RATES
Although they were less erratic than the first quarter, mortgage rates unfortunately trended higher and ended the quarter above 7%. This was due to the short debt ceiling impasse, as well as several economic datasets that suggested the U.S. economy was not slowing at the speed required by the Federal Reserve.
While the June employment report showed fewer jobs created than earlier in the year, as well as downward revisions to prior gains, inflation has not sufficiently slowed. Until it does, rates cannot start to trend consistently lower. With the economy not slowing as fast as expected, I have adjusted my forecast: Rates will hold at current levels in third quarter and then start to trend lower through the fall. Although there are sure to be occasional spikes, my model now shows the 30-year fixed rate breaking below 6% next spring.
DAYS ON MARKET
❱ It took an average of 35 days for homes to sell in the second quarter. This was 20 more days than in the same quarter of 2022, but 21 fewer days compared to the first quarter of this year.
❱ Snohomish County became the tightest market in Western Washington, with homes taking an average of only 18 days to sell. Homes for sale in San Juan County took the longest time to sell at 81 days.
❱ All counties contained in this report saw average days on market rise from the same period in 2022. Market time fell across the board compared to the prior quarter.
❱ The greatest fall in days on market compared to the first quarter was in Clallam County, where market time fell 31 days. Also of note were Pierce, Thurston, and Whatcom counties, where market time fell 25 days.
CONCLUSIONS
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
The increase in listing activity, while pleasing, still leaves the market short of inventory. Even with mortgage rates well above levels we’ve seen over the past few years, demand for homes still exceeds supply. Given that over 86% of homeowners with mortgages have an interest rate below 5% and more than a quarter have a rate at or below 3%, I see little incentive for them to sell if they don’t have to. This tells me that supply levels are unlikely to improve enough to meet demand until rates drop significantly.
With this supply-demand imbalance, it’s no surprise that prices are rising again following the decline in the second half of 2022. I expect prices to rise modestly as we move through the second half of 2023. Rising list and sale prices, shorter time on market, and higher pending and closed sales all offset higher mortgage rates. Given these factors, I have moved the needle in favor of sellers.
ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
This post originally appeared on the Windermere.com Blog.
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Image Courtesy of NWMLS Listing – Janine Bolivar
Define Separate Zones
Designating areas for lounge or play can go a long way in making a small yard feel larger than it is. According to the Bob Vila blog, the key to a more spacious feeling is all in the organization; by utilizing outdoor rugs, pavers or strategically placed plantings, you can create zones for dining, relaxation, and activities. These little “destinations” give the allusion of endless possibilities, even when the square footage seems constraining.
Pro Tip: Introduce a water feature to help divide zones. If space allows, a fountain or small pond not only provides a lovely visual and auditory element, but the reflection of the sky in the water produces a mirroring effect which can help make a space feel larger.
Photo by Tile Merchant Ireland on Unsplash
Elevate Your Space
Depending on the size and layout of your yard, incorporating levels is a great way to add some depth. Elevated decks, sunken firepits, terraced garden beds – these methods can help take advantage of topographical elements that aren’t being utilized to their full advantage, such as hillsides. Elevation changes also work to help define spaces in your small yard. Bonus!
Pro Tip: Make sure there is adequate drainage! For terraced gardens, poor drainage can lead to foundation rot and mold, so be sure to contact a professional to make sure you are using the right materials for your retaining walls and that the drainage is properly diverted.
Photo by islandworks via pixabay
Form & Function
Picking the right outdoor furniture is about more than just aesthetics. When working in a small yard, it is essential for pieces to pull their weight. This means that versatility is your best friend, where benches can double as storage bins and furniture can be easily folded away when not in use.
Pro Tip: Pick furniture that has a see-through pattern. Open backed chairs and glass tabletops allow the eye to travel further through the furniture, giving the allusion of more space. HGTV recommends investing in a simple bistro set of table and chairs; the slim profile and classic design are a perfect addition to any small garden.
Photo by Cee on Unsplash
Embrace the Curves
While straight lines and block patterns work for some yards, curves are the perfect way to maximize a small yard. Curved flower beds and winding garden paths lend a sense of movement to a seemingly static environment and can make short distances seem longer.
Pro Tip: Let’s meander! Paths that wind out of sight lend a sense of mystery, like an unexplored destination awaits just around the bend. Bonus points if you include a little visual treat at the end of the path – a little reflection pool or statue are always crowd pleasers.
Photo by Mark Neal from Pexels
Vertical Gardening
If you love plants but are short on space, then vertical gardening is the hack for you! Hanging plants draw the eye upwards without taking up valuable yard space, utilizing fences, pergolas, walls – the sky is the limit to where you can show off your plant babies. “Vertical gardening can also save on water usage”, says Carrie Spoonemore of Park Seed, “because water dripping form the top layer will also water plants below”.
Pro Tip: Many plants will thrive in a vertical garden but try to avoid perennials or vegetables with a deep root system, like tomatoes. Herbs and leafy greens, however, are great contenders for a successful vertical garden!
Bonus Tips
Water features don’t have to be big to make a splash! Invest in a small fountain that can be easily tucked away in a secluded corner or act as a centerpiece of your table.
Nothing says summer nights like gathering around a firepit under the stars. If your yard can’t support a full-sized fire pit, don’t despair! There are plenty of tabletop fireplaces alternatives that can create the cozy ambiance on a more manageable scale.
Don’t let square footage keep you from creating a summer destination right in your own backyard! There are so many tips for maximizing space in your small yard, (check out our Home Hacks board on Pinterest for even more inspiration) and we would love to hear some of yours! Just tag us on socials with your favorite #homehack and get started creating the ultimate summer getaway right at home.
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Written by Makena Schoene
Featured Image Source: NWMLS Listing Courtesy of Janine Bolivar
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]]>Approximately 80% of recent transactions have been in the more affordable and mid-price ranges, which are nearly sold-out at the moment. Because of this, multiple offers and offers over list price were more prevalent in June’s closed home sales than at any other point this year.
Windermere’s Chief Economist Matthew Gardner addressed the inventory shortfall. “The number of homes for sale in the Central Puget Sound area in June was down 48% from the same month in 2019 (pre-pandemic),” he said. “I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you don’t have to.”
In King County, the median sold price for a single-family home landed at $935,000 in June. This is just a notch below the median price of $938,225 in June 2022. The scarce inventory has caused buyers to compete more aggressively and sellers to list higher, thus leading to comparable peaks as the pandemic market in summer 2022. Likewise, condos were up from $525,000 June 2022 to a median of $529,975 last month.
In Seattle, June’s median sold price for a single-family home was $930,000, down 7% from June 2022. Condo prices in the city were up year-over-year, with a median price of $550,000—an increase from $538,700 last June. This jump could be due in part to rising residential prices pushing some buyers into the more affordable condo market.
The Eastside, meanwhile, is seeing sales activity slow because of extremely limited supply. The level of new inventory coming onto the market is just 44% of the 10-year average. As a result, median prices have held strong. In June, the median sold price for an Eastside single-family home was $1,450,000, barely off last June’s mark of $1,500,000.
In Snohomish County, the median price for a single-family home last month was $774,975, down from $799,950 in June 2022. Condos actually saw a year-over-year price increase, from $500,000 last June to a median of $506,000 last month. The strength of Snohomish County condo prices is likely tethered to low inventory—there is just over a two week-supply of condo units in the area.
Economist Matthew Gardner notes that “Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago. It will be interesting to see if this trend can continue given the stubbornly high mortgage rates.”
Despite the high interest rates and scant supply, buyers who are educated on the market and working with a trusted broker should be able to navigate these changing market conditions. For more information on how you can make the most of your real estate endeavors, reach out to your Windermere broker.
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This post originally appeared on GetTheWReport.com.
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]]>Written by Sandy Dodge
The beauty of real estate is that different properties satisfy different needs. Although single-family homes are great for putting down roots, that may not be your motivation for purchasing your next home. If you’re looking to buy a property with the intent of renting it, both turnkey and fixer-upper listings will cross your path during your home search. The main difference between the two is the condition of the property when you buy it. The right one for you depends on your needs as a homeowner and your goals as a landlord.
What is a turnkey property?
Turnkey properties are move-in ready from day one, which means they’re ready for you to rent them out immediately. Whether it’s a new construction home or a recently remodeled listing, these properties are in tip-top shape when they hit the market. Companies that specialize in renovating and selling these properties may also offer property management services, which may appeal to you if you’re looking for a more hands-off approach to managing your investment property.
What does fixer-upper mean in real estate?
Compared to turnkey listings, fixer-uppers are on the opposite end of the investment property spectrum. Buying a fixer-upper means you’re purchasing a home that needs repairs, remodeling, and some major TLC before it’s ready to rent out. These properties are diamonds in the rough; you’re betting on your ability to make high ROI home upgrades that will attract future renters and put money in your pocket.
Image Source: Getty Images – Image Credit: StefaNikolic
Turnkey vs. Fixer-Upper: Pros and Cons
Turnkey Pros
Because they are move-in ready, turnkey listings have the potential to generate cash flow right away. Without any pending renovations in your way, you can open up the property to renters as soon as you take possession. They’re primed and ready to place in the hands of a property management company, which means you’ll get passive income without having to deal with day-to-day operational tasks. You can also ask the listing agent for permission to use their photos, which can help your rental stand out amongst the competition in your area.
Turnkey Cons
So, what’s the catch? These benefits all come at a cost; turnkey properties typically cost more than fixer-uppers. You’ll pay a premium for the pristine condition and the buttoned-up appearance of these properties, so it’s important to have a strategy to save money for your home purchase. Also, handing off property management duties to a third party means you’ll have less control over the renting process. For more information on whether hiring a property management company is right for you, read the following blog post:
Fixer-Upper Pros
Searching for homes in less-than-pristine condition can give you a leg up as a buyer. Fixer-upper homes tend to have less competition from buyers than turnkey properties, since not everyone is willing to take on a major remodeling project. Talk to your agent about how to make the best offer. Given their lessened condition, you can oftentimes get a great deal on these homes with the right strategy. And the best part is, your remodeling efforts will increase the home’s value over time. The more effort you put in, the more the property will be worth, which means higher ROI potential.
Fixer-Upper Cons
Here’s the downside with fixer-uppers: tapping into their potential requires pouring money into the property. Exactly how much you can expect to spend on a fixer-upper varies by location, the size of the home, and the scope of repairs and renovations needed. Tackling some remodeling projects DIY can save you money, but if certain projects require more skilled hands, it may be best to hire a professional. And for all your planning, it’s impossible to predict the future. Projects may go over budget, material costs may rise, and the market may look completely different when you’re ready to rent out your property than it did when you bought it. For more information on buying a fixer-upper and the special financing options available to you, read the following blog post:
Your real estate agent is your greatest asset in helping you determine which property type is right for you. Connect with a local Windermere agent to see which turnkey and fixer-upper properties are available in your area.
Featured Image Source: Getty Images – Image Credit: hikesterson
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