Saturday, March 31, 2007

House Hunting Part 6 of 11

The average number of years a family lives in a home before selling it and moving to the next one is getting shorter and shorter. Knowing how long you will live in your next home is a critical in finding the right home within your budget that will work for whatever your time frame happens to be.

Is there room for expansion? You might not be concerned with adding onto the home you’re viewing today, but what about tomorrow? Don’t necessarily exclude those that don’t have the room and a logical place to expand, but do understand that you will be limited in your options down the road.


David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Tuesday, March 27, 2007

House Hunting Part 5 of 11

Take an inventory of what needs fixing.

Good news: With more houses on the market than in the past several years (676 active Renton Real Estate listings and 70 active Newcastle Real Estate listings), you’ll likely be able to look at more houses before making a decision to put in a bid.

Bad news: That means it can get quite confusing to remember the details of each. Develop a list of things you like in the house as you walk through each, and also make a list of things that might need fixing


David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Saturday, March 24, 2007

House Hunting Part 4 of 11

Make sure the most expensive stuff works. The two most expensive rooms in a home to renovate are kitchens and bathrooms. If you’re stretching to be able to afford a home and still eat, make sure these two rooms don’t need renovating anytime soon.


The first step to accomplishing this is to hire a qualified home inspector to conduct an inspection. The Renton and Newcastle real estate markets have recently normalized allowing buyers to submit offers that are contingent on a satisfactory home inspection. I always encourage my buyers to find their own home inspector to avoid any possibility of a conflict of interest. To find an accredited home inspector, check out:

National Association of Certified Home Inspectors - http://www.nachi.org/

American Society of Home Inspectors - http://www.ashi.org/


The second step is to ensure you or the seller purchase a home warranty. This benefits sellers and buyers alike. The home warranty protects buyers from the hassles of unexpected, covered repairs limiting stress which makes an offer to purchase less likely to fall apart after an inspection. Two reputable home warranty companies offering service in Renton and Newcastle Washington are:

American Home Shield - www.ahswarranty.com

First American home Buyers Protection Corporation - www.firstam.com/warranty


David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Friday, March 23, 2007

The Orchards in Renton is a Great Place to Live!








The Orchards (www.orgsites.com/wa/theorchards/) is a planned community located in Renton, Washington in the Highlands.

Built in the early 1990’s, The Orchards encompasses one square mile and more than 300 homes. This modern community has the feel of small town America. Housing options in The Orchards range from rental units at The Windsor Apartments (http://www.rentnet.com/) which are not officially part of the Orchards but sit across the street to Condos in both Plumgrove and Peachtree Lane. Single Family homes with smaller lots share a central park in Cherrywood Lane. Orchards I and Orchards II both offer single family homes with larger lots but no central park. The various home styles in The Orchards include lofts, condos, townhomes and single-family homes.

Services galore! The Orchards is within one mile of a QFC (http://www.qfconline.com/) and a Safeway (http://www.safeway.com/). It wouldn’t be a King County (http://www.metrokc.gov/) neighborhood without more than one Starbucks to choose from (http://www.starbucks.com/). We can choose between one Starbucks on Duvall and NE 4th or another on Duvall and Sunset. The Orchards is located south of NE 8th Ave, west of Duvall Ave NE, north of NE 4th St / SE 128th St and East of Union Ave NE.

Click on the link below for an interactive map of The Orchards. If it doesn’t launch a new window on your computer, you can copy and paste the link into your address bar and the hit enter.

http://maps.google.com/maps?f=q&hl=en&q=NE+6th+Ct,+Renton+WA+98059&sll=37.0625,-95.677068&sspn=57.162571,76.113281&layer=&ie=UTF8&z=15&ll=47.495197,-122.15827&spn=0.012062,0.032659&om=1&iwloc=addr



If you are considering a move to Renton you owe it to yourself to visit The Orchards as part of your home tour. I live in the Orchards and I can help you with your home search! Recent Sale Prices have ranged from $249,000 to $549,000. Search for homes online at http://www.davidjedwards.com/

David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com/

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Thursday, March 22, 2007

House Hunting Part 3 of 11


When looking at room layout, corners are key. Rooms with doorways in the middle of walls flow better than rooms that open in a corner. However, when space is limited, a corner door leaves more room for furniture placement within the room. Remember to look for corner doors in small bedrooms and doors in the middle of walls in general living spaces when looking for your dream home.

David Edwards
Real Estate Agent & REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045


David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Wednesday, March 21, 2007

House Hunting Part 2 of 11

Look for good bones. Don’t get hooked on the decorating. The town or towns you are targeting for your home search likely have a handful of builders who have built a majority of the homes. Get to know the reputation of these builders. Then, before going to look at a home, find out who the builder was. You’ll want to be careful when looking at homes built by those with less than stellar reputations. Then, you need to learn to look past the furniture, wall colors, window treatments, and other decorating, and just look at the home layout and flow. New cherry cabinets and granite counters matter little if they are in the galley kitchen and you have a family of five. At the same time a family room with black walls featuring a mural of the moon on one side also matters little if it is big enough for your needs. Aesthetics are relatively inexpensive to fix – major construction is another matter.

David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Tuesday, March 20, 2007

Mayor Kathy Keolker Delivered Renton's State of the City Address








Mayor Kathy Keolker delivered the State of the City address last Wednesday. You can read her address online at http://rentonwa.gov/.



In her speech, Mayor Keolker spoke about the state of the city as opposed to the places the city needs to go. She covered future goals as well but mostly focused on the progress the city has already achieved.


Based on her speach, here is my report card…


440 New companies have located toRenton, with 1,338 employees in the last year.
Renton’s bond rating improved from A+ to AA-


Renton’s taxable retail sales increased by almost 10% in 2006 and is expected to increase another 7.5 percent in 2007. At this rate of growth, Renton will surpass King County’s taxable retail sales receipts in the next few years.


Over the seven-year period from 1999 to 2005, the city’s population growth averaged 2.8 percent per year.


The number of permits issued for new houses in Renton between 1999 and 2005, was 55 percent greater than in the previous seven-year period.


For the next few years, the rate of increase in Renton jobs is expected to be 1.5 times that of King County.


From 2004 to 2006, Renton collected almost $65 million in grants, and other revenues from various federal state and local agencies.


The 2007 budget total is $210,861,478. It will focus on basic services, public safety, economic growth and community resources.


Conner Homes broke ground on its 20 acre luxury lakefront residential development just south of the Seahawks site.


In 2007, construction of over $350 million in improvements to the 1-405, SR 167 corridor through Renton will get started.


Thefts decreased by 24% last year resulting in a 15% overall reduction of Class I crimes.
In closing, May Keolker asked that we work together to make sure that Renton will live up to


the hope we have for our children.


Mayor Keolker’s speech also focused on lessons learned, although very briefly. What are your thoughts? Is Renton as rosy as Keolker would have us believe? I’d say it is.


David Edwards


REALTOR®


Keller Williams Realty Southeast Sound


425-890-8045








David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton andNewcastle Washington.

Monday, March 19, 2007

House Hunting Part 1 of 11


It sounds like a great listing – in your price range – in the right neighborhood – with features you’re looking for. First impressions mean a lot – but you find the bushes are overgrown, the front hallway is covered with tacky foil wallpaper, the kitchen cabinets are painted dark brown, the living room rug smells musty, and the hardwood floors have black water marks on them. Should you head back out the door?

Maybe. But to fully determine whether you should cross this house off of your list you’ll need to gather more information, and perhaps look past the blemishes to get a full picture of this house’s potential.

How do you do that?

Start with emotion, but end with facts. Buying a home is an emotional process. You often find yourself trying to determine if this is where you want to spend the next 10, 20, or 30 years of your life (and perhaps raise a family). It’s OK if your initial impression is an emotional one. But because the purchase can be the largest you’ll ever make, it is essential that you gather all of the facts necessary to make an educated decision.

Consider whether the price accounts for the current condition. If the cost of repairs is less than the amount of increased value, are you willing to pay for the repairs to reap the benefits down the road?

Stay Tuned for Step 2.

David Edwards Real Estate Agent & REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton andNewcastle Washington.

Sunday, March 18, 2007

Buyers... Who represents you?

An important topic in the world of real estate is the issue of agency. Some people might have you believe that it really doesn't affect you, the buyer, and that nothing much has changed. But they are wrong.
The topic of agency is important to buyers because it answers the most fundamental question that can be asked of any real estate professional: Who do you represent in this transaction?
Until that question is answered, you may be left with the impression that all agents who work with buyers actually represent those buyers, and that you have somebody going to bat for you in a transaction. Well, the issue of agency is important, because without it you can never be sure who represents who.
Here's a scenario:
At an open house, you meet a great agent named Lisa. Even though the house Lisa is showing is not right for you, she tells you she has others to show you that fit your needs exactly. You spend an hour or so with Lisa looking at a half dozen homes and talking about your needs and your wants. During the course of the conversation, you volunteer that you have $250,000 cash to spend and that you will not go over $250,000 purchase price no matter what. Then you find the perfect house. Asking price is $250,000 but you decide to offer $242,500 based on recent sales in the area. During negotiations, the seller asks Lisa directly how much cash you have and how high will you go. What does Lisa say?
Here's the answer: Unless you have signed a "Buyer Agency Agreement" with Lisa making her your buyer agent, she is most likely acting as a subagent to the listing agent who represents the seller. If that is the case, she has a fiduciary obligation to the seller to disclose to him any information she has that might "promote or protect his interest" in the transaction. Guess what? Lisa has that information.
The seller, having talked to Lisa now has knowledge of your financial position, counters at a full $250,000. He knows you can afford it and that this price falls within your desired range. He also knows that you have seen a number of other homes and that this is the one you want.
Regardless of what eventually happens in this scenario, it can hardly be called an even playing field. So, how can you protect yourself from a possible disclosure required of a seller's agent?
Get a written "Buyer’s Agent" agreement. Make sure that the agent you are working with has agreed, in writing, to represent you as a "Buyer's Agent." This will mean signing a buyer brokerage agreement in which you promise to work only with that particular agent for a specific period of time, often 90 days. It also means that you promise not to buy from anybody else, even FSBOs, without involving your buyer's agent. In almost every case, the commission will still come from the seller, but your agent must present the offer.
Never disclose anything you wouldn’t want the seller to hear. Never say anything to anybody unless you would be willing to have that information repeated into a seller's ear. Assume that everybody, and I mean everybody, is working for a seller unless you have specifically hired them to work for you. And even then, be discreet.
David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time real estate agent and REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Friday, March 16, 2007

March 18, 2007 at 1:00 PM Open House at 611 Cheland Place NE in Renton.




On March 18, 2007 at 1:00 PM, you are invited to an Open House at 611 Cheland Place NE in Renton. If you are looking for a Condo property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Condo property, check out my site at http://www.davidjedwards.com/. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Driving Directions: From 405, take Sunset exit, up hill to Duvall, turn R onto 6th Ave, R onto Bremerton, R onto 6th Ct, around corner on left.
Comments: Open House: Sunday 03/18/07 from 1:00 PM to 4:00 PM.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com/
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton andNewcastle Washington.

Wednesday, March 14, 2007

Selling Step 7: Moving

Even the smallest home contains a lot of furniture, clothes, kitchen equipment, pictures and other items. For a short move, it may be worthwhile to transport small goods by yourself, but larger items may require a professional mover. Your REALTOR® can give you advice on the moving process.

How Do You Plan a Move?

The time to plan your move begins once you've decided to sell your house. Some of the things you do to prepare your house for sale can actually help with the moving process, e.g., cleaning out closets and the garage, basement and attic. If you have a house cleaner, find out if he or she offers a moving out service. Our house cleaner (Vera Rajanova of Vera's House Cleaning) brought to this to our attention during our last move. It involved a deep cleaning of the home (additional things such as cleaning out the drawers) which not only made our buyers feel more welcome but helped to sell the house faster.

Your planning will be guided by how far you plan to move:

-Moving locally: If you are moving locally, it’s a good idea to rent a storage unit at the time you list your property. Use the storage unit to store 1/3 of your belongings. This allows buyers to see imagine themselves living in the home by minimizing distractions. If you move yourself you'll need to get moving supplies and organize a van rental.

Consider these local resources:
U-Haul Moving & Storage http://reservations.uhaul.com/reservationsweb/
453 Rainier Ave N, Renton, 98057 - (206) 772-3106

Hansen Bros Moving & Storage: Bellevue www.hansenbros.com
6860 Coal Creek Pkwy Se, Newcastle, 98059 - (425) 255-1451

Public Storage www.publicstorage.com
10636 SE 174th St, Renton, 98055 - (425) 255-8980

-Moving a long distance: You'll likely require an interstate mover and the use of a large van.

-Moving internationally: Contact the embassy of the country you’re moving to for information using http://www.embassyworld.com/. Be aware that some items that are entirely common at home can be prohibited in foreign countries. Ask about customs protocols, duties and taxes.

Planning is essential: stock up on boxes, packing materials, tape and markers. Always mark boxes so that movers will know where goods should be placed and so you know what’s inside the boxes.

Hiring a Mover

If you need to hire a mover, ask for recommendations from your REALTOR® and friends and associates. There are a number of factors to consider. Money is one issue: you'll want to spend as little as possible, but choosing only on the basis of cost can be a mistake. Movers must have the right equipment, training and experience to do a good job. A mover, no matter how large or small, should be able to provide recent references from past clients who had a similar volume of goods to transport.

Get mover estimates in writing. Be aware that it's possible to get discounts through membership organizations and, sometimes, on the basis of your profession.

Always confirm mover credentials. Movers should be licensed and bonded as required in your state, and employees should have workman's compensation insurance. It’s a good idea to visit http://www.bbb.org/ where you can check whether a given mover is approved by the Better Business Bureau - many aren’t.

There is also the question of how many movers to use – usually either 2 or 3. Naturally, 3 movers will cost more, but the time saved might mean that using 3 is more cost effective than using 2, who would take longer. Additionally, it’s good to find out what the minimum number of hours you’ll be charged for, given that this could determine how many movers you use.

Consider using Move.com's mover's quote request service for this. Their website is http://g.moving.com/.

Moving Preparation Checklist

Moving is a big job and checklists can make it more organized and easier. Here are some of the major items to consider:

• Yard sale: Get rid of excess furniture and other goods by having a sale before you move.

• Postal: Get mail forwarded to you, and inform important people and companies (bank, insurance, etc.) of your new address.

• Utilities: Prearrange to have utilities cut off at your old home and hooked up at your new home. Check whether there are any deposits that should be returned to you. Also find out what your hook-up fees will be. After my last move from Issaquah to Renton, we continued to receive the garbage bill from our previous house for more than a year so be sure to confirm that all of your utilities have been properly transferred to protect your credit.

• Boxes: Number boxes so that all items can be counted on arrival. Make a list of boxes by number and note their contents.

• Medicine: Keep medicines and related prescriptions in a place where they will be available during the move.

• Children: If you’re moving with children, make sure that children have some of their favorite things - toys, blankets, games, music, etc., - that will keep them happy.

• Pets: If you have pets, bring along food, water dish, carrier and other items your pets will need.

• Money: If you're moving more than a few miles you should have enough cash or credit to cover travel, food, transportation and lodging. This includes coins for tolls. My wife and I once relocated from Seattle to Chicago using a Budget Truck Rental. Not only did we forget to prepare for tolls (being from Washington), but the cost of the tolls was far more than expected because of the size of our truck.

• Valuables: Make sure historical, antique, breakable or valued items get special handling and packaging.

• Important papers: Keep important papers with you so they do not get lost in the move.

• Contact Numbers: Have address books readily available in case you need help.

• E-mail: If you have a laptop computer with a modem, make it accessible during your trip to pick up business and personal e-mail.


David J Edwards

REALTOR®

Keller Williams Realty Southeast Sound

Phone: 425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Tuesday, March 13, 2007

Selling Step 6: The Sale Agreement and Closing

It might seem that once a sale agreement has been signed that the selling process is complete. Not only is it not over yet, but some of the most complex aspects of a real estate transaction now begin.

Once a contract for the purchase of a home has been accepted, a series of inspections and checks are typically required to satisfy buyers and lenders. REALTORS® help owners complete the transaction process by assisting with the many requirements found in a typical sale agreement. The real estate agent also helps the seller prepare for closing, that is, finalizing the sale.

What’s in a Sale Agreement?

A sale agreement sets a purchase price for the home and a series of terms and conditions. For instance:

• Contracts routinely depend on the ability of a buyer to obtain financing and/or sell their current home, which is why most sellers prefer buyers with mortgage preapproval letters.

• A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer. Generally the buyer’s agent arranges the inspections, which the buyer typically pays for.

• Lenders will establish numerous conditions before granting a loan. They will want a title exam, title insurance to protect against title errors, termite inspections, surveys and an appraisal to assure that the home has sufficient value to secure the loan.

When Should You Close?

With online transaction management now available, closings can occur within a week - at least in theory. In practice, it takes time to arrange financing, conduct inspections, obtain appraisals, locate replacement housing, contact movers, pack and actually move.

While instant closings are not practical, neither are closings too far in the future. The problem with closings much past 60 days is that loan rates are difficult to lock in. If mortgage rates go up, it's possible that the buyer will no longer be able to afford the home and thus the deal may fall through.

The result of these considerations is that most homes close within 30-45 days after a sale agreement has been signed.
Completing the Agreement: What are Your Final Obligations?

It's important to look at the sale agreement and review your obligations. For instance, if you have agreed to paint a
room or replace the dishwasher, such work must be completed before closing. Your real estate agent can discuss your agreement and the steps that you need to take to complete the transaction.

What Happens During Closing?

Before closing, buyers typically have a final opportunity to walk through the property to ensure that its condition has not materially changed since the sale agreement was signed.

“Closing” is also known as "settlement" or "escrow." It is usually a brief office meeting to sign and complete the paperwork needed to finalize the sale transaction. One of the best parts of settlement is that there is very little that buyers and sellers need to do. All necessary papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties in the transaction to verify their interests.

Settlement is increasingly computerized and automated. In many cases, buyers and sellers don't need to attend a specific event; signed paperwork can be sent to the closing agent via overnight delivery. Some areas have services that allow most of the transaction to be completed online. If buyer and seller are present, they may be at the same table, or they may complete their papers separately.

Whatever the process, the outcome of the closing is the following:

• Property title is transferred from seller to buyer.

• The buyer receives the keys to the property.

• The seller receives payment for the home.

• From the amount credited to the seller, the closing agent subtracts money to pay existing mortgage and other
transaction costs.

• Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices. Usually
the closing agent also completes the paperwork needed to record the loan.

• Transfer taxes are paid and other claims settled, including closing costs, legal fees and adjustments.

The closing agent handles both the settlement papers and related documents.


David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.

Monday, March 12, 2007

The Do-Not-Mail Movement is a Bad Idea

Consumer advocate groups in more than a dozen states (including Washington State) now have do-not-mail bills on the agendas of their legislatures.

My concern is that consumer’s won’t really benefit from the passage of this legislation because it won’t deliver any time savings to the consumer and it will be bad for the economy in which we live.

This is different than the passage of the Do-Not-Call Registry back in the year 2003 which prohibited unwanted telemarketing calls. It is different because marketing pieces sent in the mail do not interrupt dinner or bedtime stories and they don’t come pre-loaded with objection handling rebuttals.

As a REALTOR®, direct mail allows me to contribute to the economy by investing money with local vendors on paper, ink, envelopes and printing. The end result is a marketing piece that lets consumers know where they can go for a full time professional residential real estate specialist in their area. This ensures consumers are aware of my services and when it results in business, I pay taxes on it which benefits everyone.

We know from our experience with the Do-Not-Call bill that any bill banning unsolicited mail will have exceptions for official business, political action and charity so it won’t save consumers any time. Consumers who receive an unwanted marketing piece in the mail can simply recycle it without investing any more time than they would have invested in their daily mail run if they were on a do-not-mail list. If they receive a coupon for a service they actually need… all the better.

Let’s focus on spammers and software companies that pre-load their unwanted software on our new computers before we attack traditional marketers investing real dollars in their local economies.

David Edwards

REALTOR®

Keller Williams Realty Southeast Sound

425-890-8045

E-Mail: david@davidjedwards.com

Website: http://www.davidjedwards.com

Blogsite: http://www.davidjedwards.com/renton-info-blog.asp


David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.

Sunday, March 11, 2007

Selling Step 5: Offers, Counteroffers and Negotiation

Selling your home involves both business and personal issues: you will have people looking at your house, and buyers presenting offers and counteroffers; and you’ll have to deal with bargaining, negotiating and signing documents.


REALTORS® assist owners in the offer, counteroffer and negotiation process, offering advice and counsel as offers are received and by working closely with legal counsel, tax specialists and inspectors as required.


What is an Offer?
When you put your home on the market, you are essentially making an offer to buyers: for a given number of dollars and other terms they can acquire the home. Buyers, in turn, can respond with several options:
accept the offer
decline the offer
make a counteroffer


The process of making offers varies around the country. Typically, the buyer’s agent will present a written offer to the seller through the seller’s agent. The seller, in turn, may accept the offer, decline it or make a counteroffer.


What is a Counteroffer?
A counteroffer is nothing more than a new offer with different terms. Offers and counteroffers reflect the back-and-forth activity of the marketplace. It's a common, efficient and practical process - but also one that may contain tricky clauses and hidden costs. Because of this, and because counteroffers are common, it's important for buyers to remain in close contact with a REALTOR® during the negotiation process so that any proposed changes can be quickly reviewed.


What is an Acceptable Offer?
The goal of every seller is to have a line of buyers outside the front door, each bringing higher and higher offers. And while this has been known to happen, in most markets there is some balance between the number of buyers and sellers. To determine whether a buyer's offer is acceptable, the seller should consider the following questions:


Has the buyer accepted the asking price or something close?
Has the buyer buried thousands of dollars in discounts and seller costs within tiny clauses and contract additions?


Is there a possible better deal than the buyer's offer? If a home has not attracted an offer in months, then the seller needs to recognize that each month costs are being incurred for mortgage payments, taxes and insurance.


Do you have enough time to wait for other offers?


What if no other offers are received?


What if several offers are received? Do you choose the higher offer from the purchaser with questionable finances who may not be able to close, or a lesser offer from a buyer with preapproved financing?


What are the contingencies and what time period do they last for if other offers are received?
In each case, the owner - with assistance from a REALTOR® - will need to carefully review offers, consider marketplace options and then determine whether an offer is acceptable.
Contingencies and “Subject to” Clauses


Buyer offers often contain contingencies or “subject to” clauses that must be met before the contract is considered binding. Contingencies can include the following:
approved financing
buyer selling an existing home
satisfactory home inspection report
test results for environmental factors including radon, mold and water quality
termite inspections
easements
liens


Work with your real estate agent to make sure that any buyer contingencies have a time clause, also called a kick-out clause, which limits the contingency to a short time period (say 12, 24 or 48 hours) should you receive another acceptable offer. This makes sure you are able to pursue other offers without undue restraint.


How Do You Negotiate?
No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where the value of an experienced REALTOR® is clearly evident because he or she knows the community, has seen numerous homes for sale, knows local values and has experience negotiating realty transactions. Also, your agent, from experience, can help you avoid getting locked into a deal that’s likely to fall through because of the prospective buyer’s finances.


Real estate bargaining typically involves compromises by both sides. It's not war; it's not winner-take-all. Instead, negotiating should be seen as a natural business process: buyers should be treated with respect, and owners should never lose sight of either their best interests or their baseline transaction requirements.


There are a lot of considerations, not just price, in making and negotiating offers. This is where the working with an experienced REALTOR® can guide you to a win-win negotiation.


David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Thursday, March 8, 2007

Selling Step 4: Market Your Home

Marketing a home requires a specialized approach because each home is unique, our marketplace is always in flux, interest rates frequently change and new buyers search for homes each day.

In such a dynamic marketplace, you can get best sales results by working with a REALTOR® who can craft marketing plans tailored for individual homes, market conditions and buyers. Skilled REALTORS® base their marketing efforts on extensive training, what has proven successful in previous transactions and ongoing research into industry best practices.

How REALTORS® Can Help You Market Your Home

Selling can entail a variety of marketing strategies. REALTORS® can assist in marketing your home to potential buyers in several ways:

Preparation: Before being placed on the market, homes must be in "show" condition. REALTORS® can explain what repairs and upgrades are required and that are most likely to produce the best results and give the best return on investment.

Pricing: REALTORS® do more than price homes for sale, they also construct sale terms designed to hasten the selling process. It may be, for example, that a home priced at $450,000 with a 2 percent seller credit to the buyer at closing will be far more attractive to purchasers than a home priced at $447,000. Why? That 2 percent credit is worth $9,000 to the purchaser at closing - the time when buyers are most likely strapped for cash.

Marketing: REALTORS® will execute strategies and programs to get the home sold. Typically this includes placement in the Northwest MLS and real estate Web sites, as well as related marketing, a virtual tour, advertising and networking. Open houses, office tours, agent access to the home via the use of a lock box and networking with both local and out-of-town agents are also common.

Much of an agent’s work will be quiet and unseen - yet important. The telephone calls, the work with contacts, the follow-ups with open-house visitors, conversations with ad respondents, the Web postings and other outreach efforts are all part of the process required to sell homes.

Open Houses

There are no universal marketing standards for real estate because marketplaces are localized. For instance, open houses may be common in some communities but rarely used in others.

A REALTOR® holding an open house typically advertises that the home will be open for a given period (e.g., 2-5 p.m. on Sunday). During the open period, the REALTOR® hosts the home while the owners leave for a few hours so that buyers will feel comfortable having a good look around the property and asking questions.

The REALTOR® will provide literature, maintain a visitor log and answer questions. By interacting with visitors, the REALTOR® will seek feedback regarding the home and opportunities to follow up with prospective purchasers.

Marketing Your Home on the Internet

Your REALTOR® should advertise your home online. The Internet is a vital marketing tool for home sellers and has two important roles in the real estate selling process.

First, it is a "place" to view real estate 24 hours a day, 7 days a week and all from the comfort of home or office. There are many real estate sites, including individual agent sites such as my site at www.davidjedwards.com, real estate franchise sites such as www.kw.com, brokerage sites, and also industry sites such as www.realtor.com, www.homes.com, www.homeseekers.com, www.trulia.com and www.zillow.com to name a few.

Second, and equally as important, the Internet offers immediate communication via e-mail and instant messaging and gives REALTORS® and consumers more opportunities to keep in touch.

Marketing your home works best using a combination of marketing strategies, knowing Renton and Newcastle's market conditions and having contact with buyers and other agents. Working with an experienced REALTOR® gives you valuable expertise in all areas related to marketing your home to buyers.

David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Wednesday, March 7, 2007

Selling Step 3: Set the Listing Price

All owners want the best possible price and terms when selling their home. Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is on the market.

According to the Seattle King County Association of Realtors (SKCAR), found on the web at http://www.nwrealtor.com, real estate agents added 11,719 new listings to the existing inventory of homes for sale in January. February's numbers are not out yet. This is nearly 1,300 more new listings than twelve months ago.That volume boosted the month-end total to 30,700 offerings of single family homes and condominiums, a 39 percent jump over a year ago. Ken Bacon is the Broker at Windermere's Redmond office. "While larger than a year ago, this seasonal buildup of listings is creating more balance," said Ken Bacon, who believes "conditions still favor sellers."

Home selling is part science, part marketing, part negotiation and part art. Unlike math where 2 + 2 always equals 4, in real estate there is no certain conclusion. All transactions are different, and because of this, you should do as much as possible to prepare your home for sale and engage the REALTOR® you feel is best able to sell your home.


What is Your Home Worth?

What homes are worth boils down to “what the market says it’s worth.” A home “value” also depends on who you ask: there's the price owners would like to get, the price buyers would like to offer and the point of agreement between buyer and seller that actually results in a sale.

One way to remain informed of current market conditions as they relate to homes similiar to yours within your neighborood is to signup for my market snapshot. It is sent via e-mail once each month and the information is centered around details of your specific home and neighborhood. For buyers, you can request a monthly report that delivers information on neighborhoods you are interested in relocating to. To signup, visit my site at http://www.davidjedwards.com and fill out the form on the left side of the homepage.


In considering home values, several factors are important:


The value of your home relates to local sales prices. The median selling price for a home in King County in January of 2007 was $380,000. This number is not as important as the median selling price of homes located within your neighborhood that are similiar to yours. The same home located elsewhere could have a different value.

Sale prices are a product of supply and demand. Because the greater Seattle area (which includes Renton and Newcastle) benefits from an expanding job base, a growing population and a limited housing supply, we still benefit from seller’s market, and home prices will likely rise in spite of national trends and our own correction.

Listing prices should not be inflated. You should be strategic in setting your listing price and be sure not to overprice your home, because you may not be able to sell it. The longer a home is on the market, the more “stale” it gets, and the more likely that buyer agents will tend not to show it and that buyers will think there is something wrong with the home because it is not selling. If you overpriced your home, you many eventually have to bring the price down to even less than what you could’ve got if it was priced properly in the first place. And you will have lost the initial flurry of interest that new listings generate.

How quickly the owner needs to sell can affect sale values. Owners who " must" sell quickly will have less leverage in the marketplace. Buyers may think that the owner is willing to trade a quick closing for a lower price - and they may be right. Conversely, owners who do not need to sell quickly may have more marketplace strength.

Sale prices are not based on what owners "need." When an owner says, " I must sell for $500,000 because I need $100,000 in cash to buy my next home," buyers will quickly ask if $500,000 is a reasonable price for the property. If similar homes in the same community are selling for $450,000, the seller will not be able to sell for $500,000.

Sale prices are NOT the whole deal; look also at terms and conditions. Which would you rather have: a sale price of $200,000, or a sale price of $205,000 but where you agree to make a " seller contribution" of $5,000 to offset the buyer's closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, repaint the entire house and leave the washer and dryer?

How Do You Set a Listing Price?

Because all transactions are unique there is price flexibility in the marketplace. The amount of flexibility depends on local conditions.


For example: you're selling a townhouse and there have been five recent sales of the same model townhouse and prices ranged from $200,000 to $210,000. You now have an idea of how your home might be priced. In a strong market perhaps you can ask for $210,000 or a little more. If the market has slowed, $210,000 may be a reasonable asking price, but perhaps more than you could get for a final sale price.

Here's another scenario: you live in a community of Victorian-style homes, most of which were built in the 1920s. All the homes are different in terms of size, condition, modernization, style and features. In such a neighborhood, an average sale price is just a statistic without much practical meaning. On a single block one home may sell for $400,000 while another is priced at more than $1 million. The average price may be outrageously high for one home and staggeringly low for another.


Knowing what listing price to set for your home can be difficult. That is why it is valuable to work with a REALTOR®. Because experienced REALTORS® have handled many transactions, they're familiar with the terms and conditions that went into individual sales, not just published sale prices that may not reflect various premiums, discounts, terms, conditions and adjustments. And, importantly, REALTORS® know of the latest sale prices among competing houses and can offer that information to the home seller.

David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Tuesday, March 6, 2007

Selling Step 2: Get a REALTOR® When You Sell a Home



Before placing your home on the market you should identify REALTORS® in our community who can assist with the sale.


Why Use a REALTOR® to Sell Your Home?

REALTORS® are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and must adhere to a strict Code of Ethics, and have access to a wide range of classes, seminars and certification opportunities. Local REALTOR® groups are active in community matters, and individual members are routinely involved in neighborhood organizations.

Essentially, local REALTORS® are community experts. They track real estate trends, share neighborhood concerns and participate in local matters. They're good neighbors who are in the business of helping others buy and sell homes.

How Do You Choose a REALTOR®?

Many communities have independent real estate agents and realty brokerages. You can find a local REALTOR® by contacting the Seattle King County Association of REALTORS(R) (SKCAR). SKCAR can be found on the web at http://www.nwrealtor.com/.

Most people choose an agent who is a relative or friend, who was referred by a relative or friend, or who was their agent for a previous sale. After that, an agent might be chosen because of a referral by one of the professionals noted above, or from a marketing piece, ad or For Sale sign.

It can be a good idea to interview more than one agent – even three or four – before selecting one to work with. These interviews are a good opportunity to consider such issues as experience, track record, market knowledge, marketing approach, professional network, representation, certification and fees.

What Should You Ask a REALTOR®?

In some cases, sellers elect to meet with only one REALTOR® while others meet with several. Whatever your preference, there are a number of questions you will want to ask, including:

What services do you offer?

Do you work alone or with a team or partner? What will your role in the sales process be and what will their roles be?

What type of representation do you provide? Washington State has different forms of representation: some real estate agents represent buyers, some represent sellers, some facilitate transactions as a neutral party, and in some cases different agents in a single firm may represent different parties within a transaction.

What is your track record?

What is your level of familiarity with the Renton and Newcastle area?

What kind of professional network do you have?

What are your certifications/designations?

What experience do you have in Renton and Newcastle?

In the current market, how long should my home remain listed to get the highest possible price? Because all homes are unique, some will sell faster than others. Several factors can impact the amount of time a home remains on the market, including changing interest rates and local economic trends.

How would you price my home? Ask about recent home sales and comparable properties currently on the market. If you speak with several real estate agents and their price estimates differ, that's OK, but be sure to ask how their price opinions were determined and why they think your home would sell for a given value.

How will you market my home? At listing presentations, real estate agents provide a detailed summary of how they market homes, what marketing strategies have worked in the past and which marketing efforts may be effective for your home. Ask your agent which media they use, e.g., Web, virtual tours, flyers, real estate papers, open houses, etc.

What is your fee? Fees are established in the marketplace and not set by law or regulation. Typically, real estate agents who list homes are compensated on a performance basis, and are not paid unless the home sells under the terms and conditions that are acceptable to the seller.

What disclosures should I receive? Washington State rules require that real estate agents provide extensive agency disclosure information, usually at the first sit-down meeting.

Will I be able to get an unconditional release from the listing agreement if for some reason I decide not to sell? A listing agreement is a contract that shows the real estate agent’s obligations and outlines the terms under which your home is being made available for sale. Although the length of the listing agreement negotiable, a 90 day term is common.

What Should You Expect When Working with a REALTOR® to Sell Your Home?

Once your home is listed with a REALTOR®, she or he will immediately begin to market your home.

Your REALTOR® should keep you informed as the marketing process unfolds and as expressions of interest are received. I maintain a customer website that is password protected so a client can login at anytime to view reports pertaining to their listing. In time, the marketing plan may be modified to reflect buyer reactions and changes in the marketplace.

REALTORS® will also help you find any lawyers, inspectors or other professionals needed for your real estate transaction. Your agent will help you understand, evaluate, write and deliver offers and counteroffers.

Your REALTOR®’s expertise and experience is a valuable resource in the complex undertaking of selling a home. Your REALTOR® will help you every step of the way.

David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Monday, March 5, 2007

Selling Step 1: Evaluation - Get Ready to Sell Your Home

6,575 homes were sold within the boundaries of the Northwest MLS in January; and while each transaction is different every seller wants the same thing - the highest price with the least amount of hassle and aggravation.



The boundaries of the Northwest MLS span from Whatcom County in the north to Clark County in the south and selling real estate within these boundaries has become more complex than it used to be. As a seller you need to be aware of a range of issues and deal with many complex forms. You also need to know that buyer agents represent buyers and are working to get the best deal for their buyer clients.



Successfully selling your home requires experience and training in areas such as real estate, marketing, financing, negotiation and closing – this is the very expertise REALTORS® offer.



Know Why You Want to Sell Your Home:



First, you should have a clear idea why you want to sell your home.



Selling a home is an important matter and there should be a good reason to sell, such as moving to a new community, needing more space, retiring to a smaller home or moving closer to family. Your reason for selling can impact the negotiating process so it's important to discuss your needs and wants in private with the REALTOR® who lists your home.
To get an idea of Renton and Newcastle's market conditions, you can start by looking at online at www.davidjedwards.com or in printed real estate guides to research the current market and the price of comparable properties.



Is Your Home Ready to Be Sold?



The home-selling process typically starts several months before a property is made available for sale. For best results when selling your home, you need to look at your home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.



Ask yourself: “If I were buying this house, what would I want to see?” The goal is to show a home which looks good, maximizes space and attracts as many buyers - and as much demand - as possible.



When Should You Sell?



The marketplace tends to be more active in the spring because parents want their children to be settled and enrolled before the beginning of the school year. Spring is also when most homes are likely to be available.


Generally, the selling market is more active from Labor Day to early December, and then January to about May. Summer and Christmas are usually the slowest times of the year for house sales.
Owners are encouraged to sell when there is a need or desire to sell, the property is ready for sale and the seller has
chosen a REALTOR® to work with.



How Do You Improve Your Home's Value?



Ideally, you want to be sure that your property is competitive with other homes available in our community. REALTORS® see many homes and can provide home-improvement suggestions that are consistent with your local marketplace and cost-effective in terms of what you will be able to recoup through the sale.



The general rule in real estate is that buyers seek the least expensive home in the best neighborhood they can afford. In terms of improvements, this means you want a home that fits in with the neighborhood but that is not overimproved. For example, if most homes in your neighborhood have three bedrooms, two baths and 2,500 square feet of finished space, a property with five bedrooms, more baths and far more space would likely be priced much higher and would likely be more difficult to sell.


Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments that cannot be recovered from the sale. Furthermore, improvements should reflect community preferences.



Cosmetic improvements, such as carpeting, paint, wallpaper and landscaping, help a home "show" better and often are good investments. Mechanical repairs, which ensure that all systems and appliances are in good working condition, are required to get a top price.



Prepare yourself to sell your home by evaluating why you want to sell, and when to sell and by improving your home and property to enhance its value to buyers.



Working with an experienced REALTOR® will give you valuable expertise and advice to guide you through the complex process of selling your home.


David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp

David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle Washington.

Friday, March 2, 2007

Open House This Weekend!



Open House!



If you are looking for a newly built home with unobstructed views of Lake Washington, the Cascade Foothills and the Renton Valley, you don’t want to miss this open house! The home is located at 8201 S 122nd St, Seattle WA 98178.



You are invited to visit between the hours of 12:00 PM and 1:00 PM on Saturday, March 3rd and Sunday March 4th.



The home is appointed with granite counters, stainless steel appliances, hard wood floors, a 36 inch see-through fireplace with a fan, a custom mantle and a central vacuum. It is wired for security; it has 9 inch ceilings on the main level as well as a den/library. You will find a designer 5 piece bath and walk-in closet off the master suite.



Directions: The home is located in South Seattle on the border between Renton and Seattle border. From Rainier Avenue, go south on 84th and then right on 122nd. The home is at the end of the street.



This 2,950 square foot, 3 bedroom, 2.5 bath property is listed at $815,000. To learn more about the property and to view a virtual tour, feel free to visit my website at www.davidjedwards.com.



David Edwards


REALTOR®


Keller Williams Realty Southeast Sound


425-890-8045


E-Mail: david@davidjedwards.com


Website: http://www.davidjedwards.com


Blogsite: http://www.davidjedwards.com/renton-info-blog.asp



David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.

Thursday, March 1, 2007

Spring is in the air? Not on Cougar Mountain.


I was going to talk about the fact that Spring is in the air and then go on to identify some springtime home improvements you should start preparing for in today's blog post. That was until I saw the dusting of snow on my lawn as I poured my first cup of coffee this morning. I think that discussion can wait a few more days.



The higher elevations of our area received more than just a dusting of snow. My wife is a Teacher at Open Window School (OWS) (www.ows.org) in Bellevue. She had a two hour delayed start this morning. Like most schools, OWS will have to make up the lost time because they have already exhausted their reserve of additional snow days that were automatically built into the school's calendar.



The school sits atop Cougar Mountain and the weather is so unique compared to the surrounding region that they have their own weather center. You can check it out at http://www.ows.org/weatherstation/Current_Conditions.htm.



You may have seen reports from atop Cougar Mountain which is why I have to expose King 5 News for their weather reporting theatrics. Whenever they want to give the greater Seattle region a dramatic display of extreme weather conditions (usually on a slow news day), they send Jim Forman to the streets of Cougar Mountain after the sun goes down and the roads freeze so they can film vehicles sliding all over the place. At the same time, the rest of us in the lower elevations are sitting in our lawn chairs drinking the latest iced coffee extravaganza purchased "to go" at our local Starbucks facility in Renton or Newcastle. (Okay... that's an exaggeration but it's true that King 5 loves to report the weather from Cougar Mountain and if it's a car accident in Blaine, a mudslide in Enumclaw or a snowstorm atop Cougar Mountain, you can bet Jim Forman will be sent there.)



Don’t get me wrong... If my wife and I miss the paper and find ourselves in need of some news, we do prefer King 5 and a Jim Forman report is rarely a bore. And as for OWS, the unique and occasionally extreme weather helps give real world meaning to learning about elevation.



Here is a blurb from the OWS website...



Open Window School is a nurturing community for gifted children who love to learn. The students benefit from small classes that allow the talented teachers to offer an engaging and challenging curriculum that fosters academic excellence, cultivates innovation, stimulates problem solving and encourages independent thinking.



David Edwards


REALTOR®


Keller Williams Realty Southeast Sound


425-890-8045


E-Mail: david@davidjedwards.com


Website: http://www.davidjedwards.com


Blogsite: http://www.davidjedwards.com/renton-info-blog.asp



David J Edwards is a full time REALTOR® with Keller Williams specializing in Residential Real Estate for buyers and sellers in Renton and Newcastle.