Do you need a buyer's agent?

The inside page of today's Seattle Times/P-I Real Estate section has an article about using a buyer's agent to purchase a home. (Sorry, the story isn't published online, so I can't provide a link.) Here are a few thoughts I'd like to add.

Studies show that nearly 80% of new buyers search for homes online before ever contacting a real estate agent, even if they intend to use one. I believe this is a really positive trend. Everyone benefits from being informed about what is available in the current market. But once you find a property you like and/or want to see, who do you call?

Some people think they can negotiate a better price if they contact the listing agent directly, but that is not the case. Remember that the listing agent works for the Seller. You need a Buyer's agent, who works for YOU.

It's not that difficult to find a skilled agent, but to ensure a positive buying experience, look for a skilled agent whose personality and work style align well with your own. This might take a little more time and energy, but it will be worth it. That's why it's a good idea to begin interviewing agents early -- so you are prepared to act quickly when you find that perfect house.

Where can you find a good agent? As the Times article mentions, Open Houses are a good place to meet agents. They provide the opportunity to conduct stealth interviews, since many are hosted by buyer's agents rather than the listing agent.

Additionally, ask friends and relatives about agents they have used. But don't be satisfied with lukewarm recommendations; hold out for glowing reviews! Hint: if they can't remember the agent's name without looking it up, the agent obviously wasn't that impressive. You deserve excellent representation, so be choosy!

Please call me to schedule a free, no-obligation consultation. I'd love an opportunity to interview with you. 206-708-9800. alice@alicekuder.com

A glut of townhomes?

Is there an oversupply of townhomes in West Seattle? It depends upon your point of view.

What constitutes an oversupply? Certainly, there are a large number of new construction condos and townhomes coming on the market. In the past several years, developers have been buying land in the less-expensive parts of town to build multi-family housing. These units tend to be more affordable than single-family homes, allowing many first-time buyers to own a home sooner than they might otherwise have been able. In essence, condos and townhomes have become the new "starter homes" for many people.

Unfortunately for the developers, the lag time between buying the land and finishing construction hasn't timed out as well as they would have liked. The result is that there is quite of bit of this inventory on the market, but not so many buyers at the moment.

On the positive side (for buyers), this means that buyers may be able to purchase brand new units for thousands of dollars less than just a few months ago. On the other hand, the rate of appreciation on the investment in a townhome may not be as great as for a single-family residence. Keep in mind, however, that real estate is meant to be a long-term investment, not a source for quick cash (that's why "flipping" is such a risky endeavor). AND the rate of appreciation for real estate in Seattle is still incredibly strong -- over 8% last year. So if you bought a townhome recently, or are considering buying one, you are still likely to realize a significant return on your investment if you plan to own it for several years. Another advantage to buying a townhome is that when you are ready to "move up" to something larger, you may be able to keep the townhome as a rental.

What do you think? Is a townhome a good investment right now?

The following link is to a related article in the Seattle P-I.
http://seattlepi.nwsource.com/business/340962_townhouse24.html

Lies, or positive spin? Are they the same thing?

Apparently, Wednesday was a slow news day, because the front page of that morning's P-I featured a story about the vocabulary that real estate agents use to describe their listings. I couldn't help but feel a bit defensive as I read the story, because the implication is that we, as agents, are being deceitful when we write the advertisements. I suppose it depends upon your point of view.

Is it a lie to describe a small home as cozy? If you were the seller, which word would you rather have me use?

My job is to entice potential buyers in to view your home in order to sell it. I don't believe that lying benefits anyone. Lies don't sell a home. Even gross exaggeration can backfire. Putting a positive spin on potential drawbacks, however, is (in my opinion) different than lying or even exaggerating. No home is perfect, and what one buyer sees as a negative, another may see as a positive.

What are your thoughts about the descriptions you've seen for various homes on the market? What is the most outrageous exaggeration you've ever seen/heard? Any outright lies? If you search for homes online, are you more influenced by photos or words? Are there particular words that turn you off or hook you? Here's you chance to voice your opinions!

An amazing piece of real estate!

Just a few photos from a recent trip up to Victoria, B.C.

Use Open Houses to your advantage

If it seems as if there are "Open House" signs on nearly every street corner these days (especially on Sundays), you aren't imagining things. Although statistics show that the chances of actually selling a house DURING an Open House are quite low -- maybe one in a hundred -- the events still have a great deal of value.

First, an Open House creates buzz. Word-of-mouth advertising can be invaluable. Even if most of the people who come through the home (a large percentage are usually neighbors) aren't really interested in buying it themselves, they may know someone who is. That's why "lookie-loo's" are always welcome at my Open Houses.

Second, it gives "unagented" prospective buyers (you?) a great way to conduct stealth interviews of prospective agents. Of course you want to hire a Realtor who is skilled and knowledgeable, but beyond that, a good personality match will make the home buying process sooooooo much more pleasant for you.

If you'd like to meet me, while remaining incognito, come by my Open House today at 6325 SW 39th St., near Morgan Junction. I'll be there from 1-4PM. For a list of other Open Houses, see the list of links in the column on the right. (For some reason, this software isn't allowing me to add a link here at the moment.)