Mercer Island Pulse: 2012 in review

The WordPress.com stats helper monkeys prepared a 2012 annual report for Mercer Island Pulse.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 10,000 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 17 years to get that many views.

Click here to see the complete report.

Thank you so much for helping us make 2012 a great year, here at Mercer Island Pulse. Is there content you would like to see covered on here? Are there subjects we discuss you’d like to be blogged more often during 2013? Please leave your suggestions in the comment section below.

Cheers to 2013!

To Stage or Not To Stage: Where Do Pets Fit In When Listing a Home?

During the chaos of readying a home to list, ideas on how to handle the family pet can be sparse. The prevalent real estate advice regarding pets is to do whatever it takes to make the listed home appear pet free. Standard staging of a pet household includes squirreling away a pet’s toys, comfort items and food dishes, plus hiding litter boxes. Measures to neutralize pet odors like more frequent bathing, bed washing and daily vacuuming will be the norm for sellers with pets.The rigor of having a show-ready home 24/7, and create the appearance of being pet-free, is nerve-racking for people. Imagine how these disruptive circumstances are for our pets— their schedules are thrown off, they may have to be carted out of the home for long periods of time, or endure the presence of strangers while family members are away from the home. The whole experience can be extremely frustrating for all involved.

While concessions need to be made while a home is on the market, are there perhaps options to the standard advice to make the home appear completely pet-free? Let’s think about this conundrum– a better strategy may be to embrace the pet and come up with a pet-specific staging plan for the listing. Styled, Staged and Sold Blog Author Melissa Dittman Tracey did just that when she sold her last home. In the blog post Can You Stage the Household Dog?, she discussed how she came up with a pet-friendly staging plan. Tracey included a pet specific talking point sign at the home’s entrance which included a welcome message, a photo of the dogs, what their names were and their secure location in the home. Tracey also made sure the dogs were in an out-of-the-way room, situated behind a pet gate, and included another talking point sign by the door of that room. She even dressed up her smaller breed dogs in matching sweaters in case viewers wanted to peek into the room– for some pooches this may be taking things a bit far, but it’s definitely a whimsical touch.

Windermere Mercer Island Agents have successfully used talking point signs to address pets in a listing. I’ve been very impressed with the creative thought processes that went into the signage and how their use helps set the mood for showings. If the neighborhood contains note-worthy trails or parks, an attractive hook near the exit with a fresh, new leash hung from it would be fun. A talking point card highlighting the convenient walk-ability of the neighborhood would be a nice touch.

If the pet is quite loud, or very scared of new people, an outdoor run may be in order. Sellers who consider putting in a run need to take a good look at their yard to see if they can place the run so buyers can still view the home’s outdoor spaces safely. Plus, they need to consider the weather conditions in the region and crunch the numbers– can the seller install a run that fits in with the aesthetics of the home for less than the cost of doggie day care? With cats, who tend to abhor being crated to go for a drive, creating an outdoor space may the perfect solution because they require a smaller structure which could easily be tucked under cover or in an unused corner of the garage. The Stanford Cat Network has created a list of cat enclosure products and plan options based on space, along with photos and inspiration for the DIY crowd.

Even if it makes the most sense to create a staging strategy inclusive of pets, pet odors can’t be ignored. A big Buyer Turn-off is a home that is smelly. Make sure all of the pet’s bedding is brand new and easy to wash. Depending on the size of the pet, a piece of furniture which camouflages the pet bed is handy. The bedding is out of sight, and if washed frequently it will be out of mind as well! In homes with cats, concealing the litter box is imperative, in addition to a meticulous scooping routine. Creating a litter box screen within a cabinet or chest is a pretty clever solution.

The bottom line for this life situation is maintaining a warm, secure, safe environment for both pets and visiting buyers when the home is on the market.  It’s comforting to know there are more options available for households with pets to achieve the goal of a closed transaction.  Now it’s your turn– how have you handled the pet conundrum in a home for sale?  We’d love to hear from all sides of equation– agents, sellers and buyers. Please leave your comments in the comment section below.

Windermere Foundation 2012

 This video featuring Mark Corcoran, from the Windermere-Sand Point office, discusses the Windermere Foundation. A portion of each commission earned by Windermere agents is donated to the Foundation. Since it’s inception in 1989, Windermere Foundation has grown from helping low-income and homeless residents of Washington state to serving people in 10 states and raising over $22 million dollars. Foundation funds support programs and organizations in providing shelter, clothing and emergency assistance, along with supporting children’s programs and other services to those who need our help the most.

The Windermere Foundation is one of the best reasons to work at Windermere. Not only are we helping families find homes (which we love!); we’re also working with you, our clients, to reach out to those who need assistance and support in our communities.

On behalf of those you help, thank you for choosing Windermere.

Save the Date: National Association of Realtors Open House Weekend April 28th & 29th

We wanted to give you a heads up that the National Association of Realtors (NAR) Open House Weekend is scheduled for the last full weekend of April (Saturday, April 28th & Sunday, April 29th). The Mercer Island Tour of Homes will coincide with the NAR open house weekend. Stay tuned for more details!

How To Price Your Home To Sell

Over at Neighborly News, there is a terrific, new blog post discussing how to price your home to sell. Please click the link and read the post in its entirety— but to give you a taste of the information I’ll highlight the major points below.

1. Overpricing a home is risky. Largest exposure window for the home is first 2-4 weeks on the market. Overpricing can eliminate strongest prospective buyers for your home and may induce a negative feeling with buyers, and their agents, when the price is lowered weeks later.

2. An overpriced listing languishes on the market, costing you, the seller, in lost time (plans have to be put on hold) and money (mortgage, taxes, maintenance). Quality of life can be effected by having to maintain a “show-ready” home 24/7.

3. Working with a real estate professional nets sellers an average of $25,000 more per home sale than “For Sale By Owner” sales, according to a study done by National Association of REALTORS®.

4. Your real estate agent will do research for you to help determine the best price for your home in your neighborhood, including a Comparative Market Analysis (CMA). A CMA is a report analyzing comparable houses in the community that are currently for sale, that have recently sold and were listed for sale but did not sell. The CMA includes pertinent details about the comparable homes, including the number of bedrooms and baths, square footage and any special features. Included are the listing prices and sale prices for each comparable home in the report. The CMA also discusses the Days on Market (DOM) for each home– this is an important feature of the report. The DOM tells you the number of days it took to sell the home once it was listed.

5. Analyzing special features of your home, and comparing them to what are buyer hot buttons in your market, is another service your agent will give you. If your home contains some of the hot button features, that may affect how your home should be priced.

6. Current market conditions– the real estate professional you work with will explain what those conditions are for your local market. An analysis of the current market conditions for your locality should include the inventory of homes on the market, the rate homes are selling, if prices are trending up or down and what the current economic conditions are.

Setting your home’s list price is one of the most critical steps in the overall selling process. By working with a real estate agent, you will have access to your agent’s industry experience and market knowledge. Armed with these important tools, the achievement of your goals, and desired home sale outcome, have an increased chance of success.

From HUD: Upcoming Increases to Mortgage Insurance Premiums

Today the HUD announced changes to the premium structure for FHA-insured single family residential mortgages.  According to the press release, “FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.  Upfront premiums (UFMIP) will also increase by 0.75 percent.”

The premium increases will be rolled out in the next few months.  Starting April 1st 9th, 2012, all FHA-insured loans will see the 0.10% increase in MIP.  Loans over $625,000 will be assessed an extra 0.25% increase in MIP starting June 1st 11th, 2012, to reach the total 0.35% increase.

The increase in UFMIP will bring this charge from 1% of the base loan amount to 1.75% starting April 1st 9th, 2012.  This change will amount to approximately $5 a month increase to borrowers, on average. The FHA will still allow borrowers to roll this charge in with their mortgages.

The HUD press release about these upcoming premium increases can be read here. What are your thoughts about these increases? Do you think the increases will achieve the goal the FHA has set out for these monies– to contribute to the ongoing stability of its Mutual Mortgage Insurance (MMI) Fund?

EDIT: On March 6th HUD released Mortgagee Letter 12-4 which contains the exact roll out dates of the MIP and UFMIP for new FHA borrowers. The press release sited in this blog post used the language “on or after …” when indicating the projected roll out dates. I’ve updated the text above to reflect the actual roll out dates contained within Mortagee Letter 12-4.

Waterfront Activity Report for the Week of 2/24/2012

Waterfront Activity Report for the Week of 2/24/2012.

2012 Mercer Island Tour of Homes– First Tour of the Year!

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Our first 2012 Mercer Island Tour of Homes is this Sunday, February 26th, from 1-4 pm. Six homes are scheduled for this tour— three of which are brand new to the market within the last 7 days. The island tour will be the first public open house for two homes! Also, if you are a fan of one level living, this is definitely the tour for you. The rambler is the predominate building style of the homes available to preview on Sunday.

For more details about each listing please follow the links below.

  1. $300,000 | 2500 81st Avenue SE, Unit 346 | #324326 | Allen Hovsepian
  2. $565,000 | 7265 87th Avenue SE | #323105 | Kelly Weisfield
  3. $599,950 | 4005 89th Avenue SE | #318017 | Hosted by Nancy LaVallee
  4. $699,000 | 2755 73rd Avenue SE | #317192 | Hosted by Michael Lee
  5. $889,000 | 4104 94th Avenue SE | #322781 | Cynthia Schoonmaker
  6. $920,000 | 7415 80th Place SE | #322237 | Hosted by Doug McKiernan
  7. $2,199,000 | 6857 SE 33rd Street | #268980 | Bonnie Sanborn

On Sunday, February 26th, please stop by our office any time after 10 am for a cup of coffee and a tour map! We’d love to see you.