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Top 3 Reasons You Shouldn’t Sell “For Sale By Owner”!
April 22, 2016 /Often, society encourages us to cut the “middleman” out of our numerous daily transactions. In some situations this plan makes sense, as it tends to make things more efficient. However, in the context of a real estate transaction, cutting out the middleman (aka, your real estate agent) could be downright disastrous. If you’re selling your home, you might be tempted to save money by attempting a For Sale By Owner (FSBO) transaction. A FSBO is a sale conducted solely by the owner of the home, and so he or she circumnavigates the commission fee and cost of hiring an agent. While this idea might seem attractive on paper (“No commission fee? Sounds great! What could possibly go wrong?”), it’s important to understand that, in most cases, a FSBO means big losses for the seller in more ways than one. Read on for an explanation detailing why every homeowner selling a house needs a real estate agent. Agents Are Professionals While sellers are obviously driven to sell their homes, this motivation does not make most of them experts in the varied minutia hidden in a real estate transaction. A real estate agent, however, is an expert, and this expertise is vital…Read more
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Living in Washington State: Pine Trees
April 15, 2016 /My mother never let me shirk trash duty. No matter how much I begged, no matter how much I railed against the Machiavellian family dynamics that forced me to take out the trash every night after dinner, my mother remained unmoved. “Listen here, buckaroo,” she used to say, pointing at me with a wooden spoon. “I just spent half the day slaving over dinner and the least you can do is take out the trash. Besides, it’ll build character.” “But Mom!” I wailed, “Coyotes will eat me!” “Fine. Take Emily Dickinson with you.” (Emily Dickinson was the name of our basset hound, a pitiful creature who waddled through life in a remarkably portly and morose fashion. Her companionship was little consolation.) Before you scoff at my cowardly reluctance to finish my chores, it’s important to understand that our house was surrounded by a vast forest of pine trees. When I took out the garbage, I wasn’t blithely strolling to the end of a suburban driveway; instead, I was venturing out into utter darkness, into a wilderness rustling beneath a web of stars. Taking out the garbage at night was less like performing a mundane duty and more like participating in…Read more
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Living in Washington State: Coffee
April 8, 2016 /I’ve drunk a cup of black coffee every morning since I turned 16 and, apart from the occasional spasm of anxious twitching, I don’t seem to have suffered any permanent damage. It might seem strange that I graduated to the Black Coffee Stage at an age when most folks are still dilly-dallying with milk and sugar, but you have to understand that I am a native of Washington State, and for me, that means black coffee. I grew up in a household of obsessive coffee drinkers, a world of bleary-eyed adults shuffling groggily through each morning, clutching mugs of java like partially drowned sailors clinging to life preservers. My mother and stepfather were especially avid coffee drinkers, people who brewed a cheap and rugged beverage in a dented percolator during the wee hours of the morning. For them, coffee was an Everyman drink, a drink for the Average Joe that ripped enamel off our teeth and boiled in our guts, emboldening us to persevere through nine months of rain and cold and darkness. It was an unspoken rule in our house that talking was not permitted until we’d had our coffee. Each morning we’d sit around, clad in slippers…Read more
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Neighborhood Profile: Madison Park
April 6, 2016 /Finding a cozy and historic atmosphere within a big city like Seattle can sometimes be tough, a fact that turns neighborhoods like Madison Park into true gems. Indeed, Madison Park maintains natural beauty and a cheery, “village” atmosphere within the Seattle city limits, making it one of the city’s most desirable places to call home. Madison Park is a small neighborhood at the northeast corner of Seattle named for the park at the base of Madison Street. It is circumscribed by Lake Washington to the east, 39th Avenue to the south, Lake Washington Blvd to the south and west, and Union Bay to the north. Madison Park is an upscale neighborhood with plenty of charm and a rich, diverse history. Before the arrival of white settlers, the area was widely used by the Duwamish tribe for fishing and hunting. In the 1850s, a newcomer by the name of John McGilvera bought over 400 acres in the Madison Park region and began development. In fact, it was the intrepid McGilvra who originally carved out space for the park that gives the neighborhood its name. Throughout the decades that followed, Madison Park would become a popular destination and home to many attractions,…Read more
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Living in Washington State: Ferries
March 14, 2016 /I was drifting on the surface of the moon. I stood on the deck of a ferry chugging toward Seattle, a five-year-old lost in a crowd of lumbering adults clutching umbrellas. The towering form of my mother moved in and out of the fog, pushing politely through knots of passengers, reaching out to hold my hand and fuss with my raincoat. Far away, my father leaned against the ferry’s railing, holding his hand to his brow and looking out for the first sign of Seattle. The ferry’s purring engine hauled us through a silent world of barnacle-clad seas. ——— Based on the harrowing tales told by relatives back East, I’d originally imagined my first ferry ride as an excursion fraught with peril. You’re moving to Washington? they’d sputtered in their New Jersey accents when my mother talked about our decision to move. Don’t you know how much it rains there? After months of hearing tall tales about the American West (all of which, it seemed, involved New Jersey bumpkins tripping into bottomless gulches or being trampled in buffalo stampedes), the prospect of doing something adventurous like riding a ferry was unbearably exciting. I remember the first time we drove onto…Read more
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Neighborhood Profile: Mill Creek
March 8, 2016 /Imagine living in a planned community clustered around a golf course, interspersed with countless miles of hiking trails, and supported by a thriving commercial center. In Mill Creek, all of these characteristics come together to create a truly cozy community. Part of Snohomish County, Mill Creek is located east of Lynnwood, north of Bothell, and just 20 miles away from downtown Seattle. Originally a planned community built around the Mill Creek Country Club and Golf Course, Mill Creek has grown into a tidy and prosperous community stocked to the brim with handsome real estate. Mill Creek’s neighborhood plans make it particularly attractive to residents. Blessed with larger than average lot sizes, and plenty of green space and parks (including sports courts, ball fields, and nearly 25 miles of walking trails), Mill Creek’s neighborhoods are not just places to crash after a long day at work; instead, they’re carefully planned to be enjoyable living spaces that enrich the lives of both children and adults. Some of Mill Creek’s most popular parks include Cougar Park, Heron Park, Highlands Park, Mill Creek Sports Park, and Nickel Creek Park. Last but not least, there is, of course, the original golf course the community was…Read more
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Don’t Pay Off Your Mortgage!
February 26, 2016 /At least, don’t pay it off quite yet. If you’re an average, hard-working adult with a family and a home to call your own, then chances are you’re probably trying to pay off your mortgage as quickly as possible. This strategy seems pretty sound at first; after all, won’t you save money in the long run by paying off your mortgage ASAP? Surprisingly, in many cases paying off your mortgage quickly won’t save you money at all; indeed, rushing through a mortgage could actually be costing you money in the long run. While you’ll want to pay your mortgage off eventually, it is generally more beneficial to take your time and invest your hard-earned money in other ventures. If this idea seems counterintuitive to you, never fear! Below, you’ll find a few of the main arguments for taking your mortgage payments nice and slow. Your mortgage's interest is tax-deductible. While many people regard paying interest with dread, remember that paying interest on a mortgage will actually reduce the amount of money you need to pay for taxes each year. For instance, say you’re in the 35% tax bracket. Since your interest payments on your mortgage are tax deductible, you’re actually saving…Read more
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Let Me Tell You About the Time I Didn’t Have a House- Part 2
February 19, 2016 /“I think I can see our house from here,” I said. “Where?” Ellie said. “There.” “That’s a medieval tower. Also: we don’t have a house.” “Oh,” I said, squinting. “Yes. I suppose you’re right.” Oliver, Ellie, and I were sitting up in the hills above Glendalough, looking down at the ruins of the medieval monastery in the valley below. Crowds of tourists wandered among the buildings, clustering together like ants, pausing every now and again to take selfies in front of the stone buildings. “I mean, I guess we could live in a medieval tower,” I said. “I don’t think there are any rules against it. Medieval towers were good enough for folks once upon a time, and it’s not like we have too many options at this point.” “There are definitely rules against it,” Ellie said. “Are you sure?” “Pretty sure.” Our decision to bus to Glendalough was a result of our mounting frustration with our housing search. We’d grown tired of our routine, tired of filling out applications and receiving no response, tired of sharing a hostel with strangers. In particular, I’d developed a supreme distaste for watching our eccentric, suit-wearing, Tesco-loving friend gurgle his way through breakfast…Read more
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For everything there is a season – a market update from Pickett Street
April 15, 2013 /Happy Tax Day! I never feel like the prior year is over until today, which can make the first three and a half months a little like purgatory. Now that we've graduated fully into 2013, I feel like it's a good time to give you an update on how the real estate market is moving, and how our team, Pickett Street Properties, is changing with the market. It shouldn't be news that the real estate market has changed. After 5 years of depreciation, after 5 years of foreclosures and short sales, our local real estate market is rebounding, and in an aggressive way. Buyers shopping now are paying 15% more than last year in King and Snohomish Counties (year-over-year), and this upward trend in appreciation appears to have some legs. Simply put, demand is up and supply is down. The data can be confusing though. At first glance, housing sales are actually lower in both counties. Knowing that fewer homes are selling should usually worry sellers, but a closer look at the stats shows a different story. There are fewer homes available this year over last year (down over 4% in Snohomish County), fewer homes going under contract compared to…Read more
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Rising rental market good indication for housing market in the Puget Sound
May 19, 2011 /Two articles published this week indicate that after four years of a struggling real estate market, perhaps things are on the rebound in the Puget Sound. An article entitled "Expect 'new highs' for Seattle apartment rents" published in the Puget Sound Business Journal on May 13th states that the generation of new jobs, slow new construction starts, and low vacancy rates could push rental rates up almost 4% this year. This sentiment is echoed a similar article entitled "Renters finding landlords have upper hand in this market" published by The Seattle Times on the same day. The Times story is a little more allegorical, detailing the struggles of local residents as they adjust to a stronger rental market. A strengthening rental market is a good indication of a coming housing recovery, as higher rents will prompt more buyers to look to the affordability of home ownership. The largest growing segment of our clientele are investors buying homes to either hold or rehab - yet another indicator that our market is on a path toward recovery.Read more
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Pickett Street investor purchases at trustee’s sale
November 19, 2010 /Last Friday, new investor Ron Wong purchased his first investment property at a steep discount (67%) in South Everett. The home was a very well cared for 1955 built rambler on a great street and large lot with a detached garage. Ron met the owner earlier in the week with me (John McCants) and toured the house. The owner had been trying to work with one of the largest banks in America on a modified payment plan for over two years with no success. He was unable to afford the repairs the house and the house ultimately went to trustee sale (auction) and sold to our investor. The property needed a new roof, some landscaping, and touch-up on the inside to hardwood floors and paint. The home has two remodeled bathrooms and a new kitchen. It is very unfortunate for the previous homeowner that he could not keep his home, but to Ron, it was a opportunity to do what he has dreamed about for years: build his wealth by buying real estate at wholesale. Ron plans to complete the work in the next few weeks as the previous homeowner moves out and re-list the property with the Pickett Street…Read more
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Buying a home at trustee’s sale in Washington State
November 9, 2010 /Remember 2006? When there were basically only two types of real estate to buy - resale or new construction? Most people, including real estate agents, hadn't even heard of short sales, and bank-owned properties made up such a small percentage of the market that finding one was a little like hunting a rainbow. It's a different time, and our team has done our best to diversify. It started by educating ourselves on the short sale process, extended into representing local and national banks on marketing their foreclosures, and in the last six months we've developing an effective system of representing buyers purchasing properties at trustee's sale in King and Snohomish Counties. What is a Trustee's Sale? Sometimes generically referred to as auction, county auction, sheriff's sale, or foreclosure auction, trustee's sales are the natural process in our state for foreclosing on a home. There are two types of foreclosures in our country, either judicial or non-judicial. Judicial foreclosures require banks to go through the court system to foreclose on a property - non-judicial foreclosures, like those in Washington State - don't go through the court system, but instead follow a set of established laws and notices that eventually lead to…Read more
