Resources

3 Reasons to Consider Condominiums

Entering the housing market as a homebuyer has become nearly impossible as the competitive market has kept its foot firmly on the accelerator. While it may not be the traditional path for families, real estate professionals are urging buyers to give more thoughtful consideration to the idea of purchasing a condominium. Here are three compelling reasons why you should consider a condo for your new home purchase: 1. Condos Are More Reasonably Priced Than Single-Family Homes In Skagit County, NWMLS data shows the median price for condos that sold last month was $310,000; system-wide the median sales price was $359,950. Single family homes (excluding condos) had an area-wide median sales price of $440,000. That is $130,000 more than condos (nearly 30% higher).  In places like King County where 76% of available condo inventory is located, NWMLS data show prices range from $149,000 to $14,895,000, with a median asking price of $525,495. The median price for condos that sold in King County last month was $399,975; system-wide the median sales price was $359,950. Single family homes (excluding condos) had an area-wide median sales price of $509,950. That is $150,000 more than condos (nearly 42% higher).  2. Great Option For Renters Turned First-Time Homebuyers Managing broker of Brown McMillen, Shelah Inman, agrees with other industry experts when saying buyers should consider condos as an ownership opportunity and as a way to build equity over time. Also, as a renter you may be used to covered maintenance, which would not be a luxury you would have to give up as a condo-owner. Big undertakings and tasks that can add up such as landscaping, plowing, repairing roofs, fallen branch clearance amongst other labors would most likely be covered by your condominium complex. The time and money that goes into the maintenance of a home can sometimes shock first-time homeowners, and owning a condominium is a great way to build equity and ease into homeowner responsibilities. 3. The Housing Market is Not Going to Slow Anytime Soon Industry experts admit they’re a little nervous about where this market is heading. Sellers are almost as rare as hen’s teeth and when a home does come on the market there is a plethora of buyers waiting to put in their offer. In addition, we will be heading into the typical busy spring real estate market any day now, and with homes down an overall average of 43% from a year ago, grabbing hold of the housing ladder is going to be a challenge for any interested buyer. If you are looking to buy or sell your home, or are interested in looking into the condominium route, any of our dedicated brokers at Brown McMillen Real Estate would be happy to help you navigate this market and reach your real estate goals. Visit our website at brownmcmillen.com or give us a call at 360-757-6013. We can’t wait to hear from you!   Source: NWMLS

View more

3 Questions You Should Ask Your Realtor Before Listing Your Home

Listing your home is a big step. You’ll likely want professional help to guide you through the process as well as to get a good price for your home within a timeframe that best suits your needs. Here are 3 important questions you should ask your realtor before putting your house on the market: How many years of real estate experience do you have? In general, we recommend agents who have a good deal of experience. However, there are many wonderful new agents as well! The trick is really to look at the big picture – if the agent you’re interviewing has less than five years of experience, we recommend inquiring about the brokerage they work with. Do they have a strong support system? Do they have experienced mentors? As you’ll see, the amount of experience your agent brings to the table is important for a number of reasons. For example:   An experienced realtor will understand the overall sales process, as well as the local area, its economy, and any relevant trends that could affect your home’s listing price and other objectives you may have. An experienced realtor likely has developed a network of real estate and other professionals to support their clients, including contractors, inspectors, and lenders. An experienced realtor understands how to prepare and use a Comparative Market Analysis (CMA) to further your objectives, and obtain top dollar for your home. How will you market my home? Your realtor should be able to walk you through their marketing plan for your home, step by step. After all, in the world of real estate marketing is half the battle when it comes to selling a home. Common features of real estate marketing include: Professional photography Videography Drone photography and videography Virtual/physical staging Digital marketing on social media channels Virtual or in-person open houses Print ads Inclusion on real estate listing websites Email Direct mail What are the fees involved? An experienced real estate agent can help you to navigate the costs and fees associated with selling a home — which is extremely helpful if you don’t want to be caught off-guard by additional expenses. Fees for a home sale often include: Realtor’s commission fees Appraisal fees Utility bills (if you plan to move out before finalizing the sale) Excise tax Escrow fees Title Insurance Property taxes Attorneys’ fees  Your agent should provide you with a detailed list of the fees you may expect to pay as well as an estimated dollar amount for each one. For more information about seller fees see our article, “Seller Fees Explained.” If you’re ready to list your home and need an experienced realtor on your side, reach out to Brown McMillen today! Our agents have been serving our neighbors in and around Skagit Valley for nearly 50 years, and we’d be happy to help you. Email us at info@brownmcmillen.com to learn more.

View more