​Next home buyer & home seller classes (in person & online) are available at:
www.learningtobuyahome.com
www.freesellerclasses.com

Don't want to go to the website?  (Hey!  it has other awesome blogs & videos on there too!), you can always email me at traciedemars@aol.com and I will email you the schedule.  


Happy May, and May the 4th be with you....
  
Do you remember that phrase, 'Big Brother is Always Watching'?  Well, no where is this more true than in real estate.  We live in the age of Alexa.  Our homes are wired with xfinity, and Ring cameras....and Alexa, and that chick is always listening.  
It 'used' to be that when I would show a home to a buyer client, we would talk about the home and the pros/cons while walking around.  We would even *gasp* sit down at a kitchen table to write up an offer.  Of course... that was 'then'.   
When I am showing homes now, in 2022, I always remind my buyer clients to wait to talk about the pros/cons of a home, or about their financial situation, or about any offer they might want to make until after we are out of the house... in fact, until we are far away from the front door even.  Why?  You guessed it...  in our day, and age, there is a very good chance that someone is watching, or listening to you.  

When I am talking with a seller client about listing their home, I like to take a little extra time on page 4, section 18 of the listing contract.  In this particular case, line (d) Seller acknowledges that is a violation of RCW 9.73.030 to intercept or record conversations of persons in the property without first obtaining their consent.  
What does this mean?  Seems pretty clear, right?  ...and wrong...  
The seller can not record conversations, or people, in their home....got it!  But what about intercepting?  This is where it gets a little more complicated.  

Recently, I had an amazing listing that I knew was going to be very desirable, and it was.  My client has cameras all around, and in his home.  On the listing, I stated that, 'cameras are on'.  This is/was notice to the buyers Realtors, and to their buyers that there are cameras in/around the home, and that they are active.  By entering the home, with that knowledge, consent is given.  Quite a few of my listings have cameras, or Rings, or xifinity, or whatever, and for these ones I always put in the agent remarks that "cameras are on".   

      My friends, a few things that you need to know is that from the moment that your Realtor opens the door for a showing, WE are responsible for you.  We are responsible for anything, & everything that happens during the showing.  This isn't HGTV, and Washington has strict laws about this.  As a group, we stay together during the showing, and yes, your Realtor leads the showing.  No Realtor should sit down at a kitchen table while the buyers roam a home unaccompanied.

   When a Realtor accesses the lockbox for the key to enter the home, a message (either text, or email, or both) is sent to the sellers Realtor letting them know that so&so from xoxo realty accessed the listing at this time.  When the showing is done, and the key is put back, another message is sent to the sellers Realtor letting them know that so&so has concluded their showing.  Then the next Realtor would access the lockbox, and the messages repeat.  I know it takes a moment, but your Realtor needs a sec to put the key back in the lockbox for the next Realtor to access.  The lockbox is there to safeguard the key to someone's home.  The lockbox is also there to safeguard entry to the home to licensed Realtors. 
 

In all of these cases, the seller knows & hears what you are saying about the home.  They hear about the offer you want to make. They hear about your personal information, or financial situation. There are a lot of other things that they hear, or see, but that is a different email!  

Our world is crazy, and many more people all the time are connecting their home, and outside areas to cameras.  Just assume that you are being watched & listened to. 

As a buyer, you need to BE AWARE! 
 
*You need to ask your Realtor if there were any special remarks or comments in the listing.  Sometimes there is information in there that you might want to know.   
*Pick up a flyer if there is one there.  Sometimes there is information on the flyer that is helpful to you, as the buyer.  For example, on one flyer I had information on work that my seller client had done to the home, and when it was done.  On that particular home I had no less than 4 Realtors ask me about the roof....that information was on the flyer ... in the flyer box, and on the counter.  


*Stay with your Realtor!  Please, I know it is difficult because often you are on a timeline for showings, but stay with him/her while they show you the home.  That Realtor is responsible for you during your time in the sellers home.  I know I talked about it above, but it bears repeating. 


*If the seller is asking for your shoes to be off during the showings, please take them off, or wear the booties that are often provided.  One of the things I always tell my buyer clients is to where easy on/off shoes for showings.  I know those boots are super cute, but they are a pain to get on & off.


*Appointments...  Appointments are often required for showings....yes, even for vacant homes.  Many times it is 24 hour notice appointments.  We know you are excited to see homes, but there is nothing worse than showing up to see a home and having 3-6 Realtors there with their clients to see the same home and they are all just waiting in a cluster.  This is why we set appointments, so that everyone has a designated time to see the home.  Of course, this means that your Realtor has to keep you on task as to time.  This can be difficult because when you see a home you really like, you want to spend more time in the home.  When you don't really like the home, you are in/out lightening flash.  It's often like herding cats really.  I usually schedule 30 minutes for showings because 15 minutes is crazy, and we need to calculate drive time between the showings.  When a Realtor, and their clients, go over their time into someone else's, it throws everyone's schedules off. 

*Ask questions.  Sometimes it is something that your Realtor knows, and sometimes it is something that needs to be asked of the sellers through their Realtor, and this is ok!  Most Realtors try to cover all the possible questions that could come up, but maybe it isn't something we thought about.  It is ok to ask questions!

*It is ok to open cupboards, or pantry doors.  It is ok to look at storage.  It is ok to look at the stove/oven, or the dishwasher, or built in microwave.  It is never ok to open someone's private dressers, or armoires.  Rule of thumb...if it doesn't stay with the home, don't open it.  

*If you feel the need to talk about the home, only say positive things.  It goes without saying, but please do NOT comment negatively on the price of the home, the decorating, the personal effects in the home, the colors, the pictures, or the opinions (whatever they may be) that are reflected in the home by the current homeowners. 
*Again...Never talk about your financial situation, or personal situation, or offer strategy, in someone's home where they may be listening, and they very well could be.  

*And if you are having an affair with your Realtor...  just...DON'T.....
As always, "may the odds ever be in your favor"  I am here for any questions, and always available to help you with your next Home Adventure... Whether you are buying, or selling...  I got you Boo!  




Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

​First things first!  Client Appreciation is Saturday 4/16 from 3pm-6pm for Fantastic Beast 3:  The Secrets of Dumbledore.  Please email me at traciedemars@aol.com with how many adult vs children tickets you need.  Yes, there are 21+ tickets available as well.  
Just our way of saying thank you for allowing us to be a part of your home buying/selling adventure, and for your referrals.  We appreciate you!  



Happy Spring to you!   The spring real estate market is in full swing and this is an addendum that people are hearing a LOT about...both as buyers and sellers, so let's discuss it.  Please remember that if you are looking for sugarcoating, you came to the wrong bakery.  

As previously discussed the appraisal is paid for by the buyer, but ordered by the lender.  We do NOT know who is coming out, and there is no 'special list'.  The appraisal order is placed into a system, and a random appraiser, or appraisal company, picks up the order.  We could get Captain America who thinks this home is the greatest thing since Betty White, or we could get Hitler who thinks that this home is not worth the packing peanuts the sellers are using to pack their collection of participation trophies.  We just don't know, but what is important is that the Lender can only lend the appraisal amount or the offered purchase amount... whichever is LESS.  This is very important when some homes (but not all), are receiving multiple offers over list price. 

A buyer can offer whatever they want for a home, but for the lender, it matters if the home can appraise for that offer amount.  In the days of 'highest & best offers due by Sunday at o'clock pm", buyers are looking to make their offer stand out to the seller.  One of the ways that a buyer may choose to do this is by offering an appraisal gap.  The appraisal gap addendum (aka 22AD) is, frankly, something that I never dreamed of doing prior to 2020. It was July of 2020, when one of my buyers, after being beat out on 10 homes, that I even remembered that we had this addendum.  My client wrote that offer 17k over list ($316k on a 299k home) with a $4,000 low appraisal gap.  Right now.. that same home has a similar home for sale, on the same street, for $399k. 
So what does the 22AD do?  It guarantees the seller that if the appraisal comes in LESS than what the buyer offered to pay, that the buyer will cover that gap by XX amount.  Remember that the Lender can only lend on the appraisal amount, or the purchase offer amount... whichever is LESS. 
For example...
Home is for sale for $450,000
Buyer offers to purchase it for $475,000, but home appraises for  $460,000.  When the home appraises for less than what has been legally agreed upon in a signed around purchase/sale agreement, the buyers Realtor sends over to the sellers Realtor a "Low Appraisal Addendum", that reads, "Home has appraised for LESS than what was agreed upon in the purchase/sale agreement.  Is the seller willing to accept the appraisal amount of XX amount, and continue to closing"
The sellers can accept, or they can choose not to.  If they choose not to accept the lower appraisal amount, the deal dies.  Earnest money is returned to the buyer, and seller can put the home back on the market.  Now... in the effort to keep this shorter, please remember that there are other options that involve buyer agreeing to bring in X amount over the appraisal & seller agreeing to the lower appraiser price. There are also other conditions and terms for the seller going back on the market if buyer & seller can't come to terms on price and the deal dies.  I am happy to answer questions.

So, what happens with a 22AD low appraisal addendum?  Let's go back to that example above...
Home is for sale for $450,000
Buyer offers to purchase the home for $475,000, with a $10,000 low appraisal addendum.  
Home appraises for $460,000.  Buyers lender will only loan the $460,000, so that is what the buyers loan is for.  However, the buyer has the low appraisal addendum, so the buyers would bring in an additional $10,000 to the closing table and the sellers actually close for $470,000.  So what if the home appraised for $475,000?  Then the buyers loan is for $475,000 and the 22AD means nothing.  Another example is if the home appraises at $470,000... then the buyer would bring in an extra $5,000 (not $10,000) and the seller sells for $475,000.  The purchase price does not go over $475,000 (the purchase price offered by the buyer), and if the home appraises for lower than the offered purchase then, and only then, does the 22AD low appraisal gap come into play, and never for more than what was offered on the addendum.  

So, does every home get multiple offers?  No
Does every home receive offers with a low appraisal gap addendum (aka 22AD)?  Again...No.  

If a home is going to receive multiple offers, it will most likely happen the first week on the market.  If a home is going to receive multiple offers with the possibility of a 22AD, then it will be the first week on the market.  

I know it feels like every home has multiple offers, but they really don't.  I know everyone hears about people who received 22AD low appraisal gaps with their offers, but again... NOT EVERY HOME DOES.  A home can get multiple offers, and none of them have 22AD low appraisal gap addendum with those offers. 

When a home has multiple offers, the sellers & the sellers Realtor compare the pros & cons of each offer.  Sometimes the strongest offer is not necessarily the highest.  There is a lot that goes into making an offer, and good buyers need to think like a seller to get an offer accepted.  
I have clients who are getting offers accepted at list price, and with no 22AD.  What is the catch to this magic?  Wait for a home to be on the market for more than a week.  

If you are selling your home, sit down with your Realtor and go over what you are looking for & need in an offer.  Do you need rentback?  For how long?  Are you looking for an as-is transaction?  What about comparable homes that have sold in your area/school district in the last couple of months?  What were they listed at vs what did they sell at?  

If you are buying a home, and do not have extra funds for a 22AD, do not be discouraged!  You can still get a home without a 22AD, but be prepared.  How else can we strengthen your offer and make it stand out?  This is where you and your Realtor sit down and talk about the homes you are looking at, and what your offer might look like.  

Whether you are buying or selling, have realistic expectations in this market.  Your Realtor is here to help.  Ask questions.  I am always available to help with anything you need.  


Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

​Next home buyer & home seller classes (in person & online) are available at:

www.learningtobuyahome.com
www.freesellerclasses.com

Don't want to go to the website?  (Hey!  it has other awesome blogs & videos on there too!), you can always email me at traciedemars@aol.com and I will email you the schedule.  





​Hi there!

How many times have you looked at homes for sale and wondered what the Realtor was thinking with that list price?  Maybe you think it is too high?  I mean... it can't really be worth that....Can it?  Maybe sometimes you think it is too low... I mean what was that Realtor thinking pricing it there?  I am sure though that sometimes, you wonder where Realtors are getting their information from!  Many people will pull up zillow and think their home is worth more than that, or maybe they are surprised that their home is worth that much.  Don't trust either number from zillow.  Honestly though, sometimes a home is worth more than zillow states, and sometimes, yes sometimes, it is less.  Zillow is great for maps, and it is great to get an 'idea', but it is still just a computer and computers don't take into account all the information like a person does.  For example, zillow has my home as 1 bedroom and 3.5 baths... I can tell you that both numbers are wrong....LOL. At the end of the day though, the homeowner/seller always has the last word on the listed price of a home for sale.  A Realtor can only advise, and assist

So, how does a Realtor come up with pricing for a home?  
As a Realtor, when we sit down with a home owner who is thinking about selling their home, we are going to present 'comparable' homes as support for what we think the home should be listed for.  Every Realtor will present this a bit differently as some Realtors will have a slick portfolio, some will have booklets, and some will have computer generated reports, and some will go 'old school' and crunch the numbers themselves.  In the end though, this is a 3 part process....  
1 - what other homes (if any) are actively for sale?  These homes are competition.  How does your home compare to it?  .... but what are 'comparable homes though?  Same school district?  School districts can really differ on desirability, and desirability of the school affects the home value.  Close to year built?  For example; a home built in 1985 is not really comparable to a home built in 2015, is it?  But a home built in 2009, could be more comparable.  What about if the older home has been remodeled, and the newer had not upgrades?  Square feet?  A home at 1100 sq ft is not really comparable to a home at 2000 sq ft, is it?  ...or isn't it?  How about one story homes vs two story homes?  Did you know that one of those sells at a higher square footage than the other?  That they appeal to two different demographics? What about garages?  Let's throw that in there to spice it up too.  Are there sheds?  Location?  It could be an identical home but, but if there are other comparable homes closer... that comp might not be as comparable as you think.  Zillow doesn't take any of these things into account, and neither does computer generated reports.  
2 - What homes are pending?  So now we add in pending sale homes.  So we take everything from above and apply that to the homes that are currently pending contract to close, and add in agent remarks, how long were they on the market for, and at what price.  
3 - Let's juggle a bit, because that is always fun... We take 1, add in 2, and add in the homes that have sold in the last 3 months.  If we don't have at least 3 homes, maybe we will go 4 - 5 months.  The current market is changing so rapidly that anything past 6 months is outdated and quite unusable. But wait!  There's more... we need to look at what the home went pending for & what it sold for.  Were there any repairs?  Seller concessions?  Changes?  Sale fails?  Length of time between active & pending?  Length of time between pending and sold? How much were they pending at square feet?  How much did they sell for at square feet?  
There is so much more to 'pricing a home for sale' that just, "Hey!  My neighbor sold for XX amount, and my house is better than that... because zillow told me it is XXX amount".   To quote one of my favorite Broadway Plays here, "Awesome!  Wow!  What comes next?"  

Before we even go over the comparable to your home, we are going to take a walk with you around your home.  To be fair, we are not judging you, but we are judging your home.  An experienced Realtor has probably been in a lot of the homes that we are using as comparable homes, and honestly, some of us have probably sold a few of the comparable homes.  So, we are comparing your homes condition to those active, pending, & sold homes.  After looking at the above mentioned Items 1-2-3, we have a price range in mind, and depending on how your home compares to those others is where we are going to advise you to list your home at.   
So what are we looking at?
No matter what HGTV tells you... we are not looking at your family pictures, etc.  I've never, in my 17 years as a licensed Realtor, had a buyer tell me, "Oh boy, I really wish the sellers had taken their pictures off the wall.  I just can't picture myself in this home since it looks so much like theirs".  NOT ONCE have I ever had a buyer say that, and my friends, I sell about 50+ homes a year.  What I have heard though is, "This home feels cold... like an apartment... there is just no personality here", or "I LOVE their style.  This home is SO CUTE!", or "I love the location & the floor plan.  I can't wait to do A, B, or C to this home and make it mine."  It is a fine line between your home being warm and cozy feeling to 'ugh... it is just so bland'.  
 Now.. there is too much of a good thing, but honestly, when looking at your home with you, I am looking at items that we need to deal with prior to going on the market that could be a hassle or a red flag during showings &/or inspections.  I am looking at, and for deferred maintenance.  I am looking for things that could get called out during an appraisal.  I am looking at, for items that could be a turn off to buyers.  I am looking at your home as I would as if I was walking through with a buyer.  What would I point out?  
I am also looking at quick, easy, and yes, cheap things we can do to 'spruce' up your home for showings to get you more offers, and more money.  Sometimes, some homes need more than others, but not everyone has the funds to do that.  Unfortunately, there will be those who always advise more, and more, and while that is great (and yes, would help tremendously), it is not always something that is possible, so let's see what can be done, and DON'T feel bad about what you can't do.  Let's focus on the positive and work on what we can do.  

After we have walked around your home, and talked about your situation, we are going to go over Items 1-2-3, and talk about what where your home falls in that range.  Let's talk about your needs?  Where are you going?  Are you staying local?  Are you moving out of the area?  What do you need?  What time are you looking at?  
Let's talk about your future buyers, and who is most likely to buy your home.  Let's talk about how we are going to reach those buyers.  Let's talk about marketing.  Yes, we still need to market your home....even in this market.  I have a sellers guide that I am happy to share that talks more about that....feel free to email me at traciedemars@aol.com for that.  

Selling a home is SO MUCH more than just sticking a sign in the yard.  I wish it was that easy, and even in this crazy market.... it really is not.  Selling a home is pricing correctly, and there is a psychology behind that, especially in this market.  It is about time of year you are listing your home because, believe me, there really is a difference in that!  Sometimes we list the home for what the numbers tell us, and it goes crazy, and sometimes.... well, sometimes it does the opposite.  You are not looking to sell to everyone.  You just need ONE GOOD , STRONG offer by a buyer who loves your home as much as you do.  I know ... I know... everyone loves the idea of multiple offers.... until you have to choose one.  So how do you choose the best offer if you have multiple offers?  Well, my friends, that is a story for a different day! 

So, last thing... whether buying or selling, one thing to remember is that not all Realtors are created the same.  There are some questions you should be asking Realtors, and Lenders too.  For more on that, please feel free to read about it on the blog section of the www.LearningToBuyAHome.com or www.FreeSellerClasses.com website.  


As always, "may the odds ever be in your favor"  I am here for any questions, and always available to help you with your next Home Adventure... Whether you are buying, or selling...  I got you Boo!  


Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

​

Next home buyer & home seller classes (in person & online) are available at:

www.learningtobuyahome.com
www.freesellerclasses.com


Don't want to go to the website?  (Hey!  it has other awesome blogs & videos on there too!), you can always email me at traciedemars@aol.com and I will email you the schedule.  


Hi there & Happy New Year!


I love the new year!  I love that the whole year is laid out before me like an unopened present.  It's time to lay down some general plans, & goals for the new year.  A time to look over last year about what I did well, and what I would like to change for this year.  The new year is a lot of what we 'think' this year will look like, and this may be a good time to talk about this.  


In 2021, we saw home prices sky rocket (again).  Those folks that purchased at the beginning of the year are sure glad they did!  I have a client that closed almost a year ago for $350,000 on a 1096 sq ft 3 bedroom, 2 bath home.  That same home right now is being listed for over $400,000.  This is crazy... and yes, a bit alarming.  In 2021, we saw a home buying frenzy that was in part being driven by (still) historically low interest rates, and (again) historically low housing inventory.  It is the classic economic story of 'supply vs demand', and it is just as tragic as Romeo & Juliet.  You see, when something is rare, and many people want it, they will all offer on it trying to out bid one another.  This now sets a precedent for the next rare item that comes available, and so on, and so on.  


Interest rates are increasing.  Economically speaking they should have started going up in 2016, after we had a $30k increase in home values that year.  However, the government isn't exactly great about doing things with a 20/20 vision, and that is all that I will say about that.  I had a Economics college professor once tell my class that the best way to think of the economy is like a bathtub...  You want the water to be deep enough when you get in to cover your good bits, but not so full as to overflow when you get in.  It it gets too full then you need to let some water out, but be careful not to let out too much.  Before the recession, the tub got too full with predatory loans and people getting crazy adjustable rate mortgages & 80/20 loans.  So the recession happened, and water got let out. .... too much... so the government put the plug in by buying down interest rates that added to low housing prices started filling up the tub again.  The bottom of the market was 2011, with the transition years being 2010, 2011, & 2012 when prices started increasing, and we started seeing some multiple offers.  The market steadily increased at a healthy rate, until 2016, when we saw the 'jump'. At this point, interest rates should have gone up a little to let a little water out, and the same for 2017, and forward to now.  Yes, rates would be higher, but home prices would be lower, and this would have had us in a very comfortable bath tub.  However, as we know, this did not happen, and the government continued to buy down interest rates, and now water is overflowing the tub & sloshing all over the place as interest rates are still historically low, but home prices are historically, well.... not.  

Now, my friends, we have a mess to clean up, and anyone who has ever had to clean up after an overfilled bathtub (thanks kids), will tell you it isn't as easy as it sounds, and sometimes, depending on how long it has been overflowing for, some things need repaired. 



One thing to remember is that Real Estate 'typically' follows a 10 year cycle.  2010, 2011, & 2012, were our last transition years for the Great Recession.  I think we saw/will see that 2020, 2021, & 2022,  are our transition years this time.  As interest rates go up, the amount that buyers are pre-approved for go down.  One thing most buyers don't realize (or are taught) is that they are not pre approved for a dollar amount.  They are pre approved for a mortgage payment amount.  As the interest rates go up, so does the mortgage payment, which means how much home they can afford to buy goes down.  I have had a few people recently tell me, "Tracie!  This is great!  That means home prices will come down!!"  Sorry Charlie... that isn't exactly how this plays out... at least... not right away.  You see...  Bob & Julie were pre approved in December for $430,000, but at todays rate, for the exact same payment, they are pre approved at $400,000.  They just 'lost' $30,000 in home buying power, and are now looking at whole different type of home.  This is going to make things crazier for awhile, and yes, home prices will still be all over the place as this shakes out.  However, it is is never just one thing, and this plays into what we are already seeing with groceries ... inflation.  When the water isn't let out of the tub... it makes a mess all over the place.  



What is the answer?  Unfortunately my friends, for the last few years, I have felt a bit like Cassandra in Greek mythology, as I have kept saying that interest rates need to come up for us to continue to have a healthy market for home buyers, and home sellers.  I do not have all the answers...my crystal ball has a crack in it, my wand is on the fritz, and the magic 8 ball is a freaking liar.  What I do know is that people who buy are still better off than folks who rent.  Your mortgage is your mortgage.  While the mortgage payment will change a bit every year due to taxes & insurance (I will go over that in a different post), it is still your home, and your equity.  Rents are still going up, and will not stop anytime soon as the demand for rentals is still higher than that supply.  
 
Will it all change?  Absolutely!  What goes up has to come down, and what goes down has to come up.  We bought low with a rate of  6.875% in 2001.  The market went way up, and about the time we thought about selling... it crashed and we owed more than it was worth (hello recession!), but we stayed put, and stayed the course and sold for more in 2017.  We took our equity from our old home, and put into our current home. Our current home was a bit more than I was comfortable with in 2017, but now I am so glad we went for it because my mortgage payment is pretty close to most of my clients, but I could not have afforded to buy my home for what it is worth right now!  When the market flips, my homes value might go down, but my interest rate will still be awesome... and my payment will still be about the same as most of my clients who are buying lower with a higher interest rate.  How does that work you may ask?
When I sold my home in 2017, I owed $200,000 & I had a 5.5% interest rate.  
Our buyer purchased it for $290,000 with a 3.25% interest rate.  
Their mortgage payment was only $53.26 more than our payment at the time.  Even though they purchased it for more, their interest rate was lower.  It balanced out, and this is why the market has been so crazy the last few years.  The historically low interest rates have given buyers a lot of home purchasing power, but now the home prices have caught up.  2022, here we go...  I can't tell you what happens now, but as always, "may the odds ever be in your favor"  I am here for any questions, and always available to help you with your next Home Adventure... Whether you are buying, or selling...  I got you Boo!  



Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”


"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

​Next home buyer & home seller classes (in person & online) are available at:
www.learningtobuyahome.com
www.freesellerclasses.com

Don't want to go to the website?  (Hey!  it has other awesome blogs & videos on there too!), you can always email me at traciedemars@aol.com and I will email you the schedule.  





​
​Hi there!


Welcome to the HOLI-DAZE!!!  
First, I want to remind everyone that CLIENT APPRECIATION is Saturday, December 18 from 3pm -6pm for ... Spiderman: No way home!   That is TOMORROW!   We still have about 60 tickets left.  Email me to get some, and I will get you on the list. 
We are pretty excited to see everyone as it's been a few years since our last one.  If you haven't RSVP'D yet,  email  me or Chris Berg (chris.berg@cardinalfinancial.com) with how may adult/kid tickets you will need, and any with any questions!
Just a heads up.... our next one will be in April for Fantastic Beasts 3:  The Secrets of Dumbledore!!!  

So, this week let's talk about septic and sewer...  this comes up quite frequently in our area....and it is important.  This week we are going to talk about what people don't like to think about in your home.   Many areas in Clark County are still on Septic systems, and are not hooked up to the Sewer.  This, of course, makes sense in rural areas where you don't expect sewer hook-up, but many places in Vancouver are still on septic as well as the sewer lines are not available there.  However, sometimes the sewer line IS there, but the home is still on a private septic system.  I grew up on a septic system... both at my grandparents home that was on acreage & at my mothers home that was on a septic...in Vancouver, and by a hospital.  In fact, I live on septic right now.  It is surprising to some people just how many homes in Vancouver are still on a septic.  For me, septic isn't a big deal.  It just has to be maintained, and as a homeowner, you have to be careful what you *ahem* flush.  Homes with a septic shouldn't have a garbage disposal as they aren't equipped to handle that.  Now, I have been told that there are disposals that are designed to work with septic systems, but that is a question for the septic professional.    


What is a septic system?  
How Septic Systems Work.... A typical septic system contains two major components: a septic tank and a soil drain field. The septic tank: ♦ Removes solids, which helps protect the soil drain field from clogging that can result in premature failure of the onsite system. ♦ Digests a portion of the solids and stores the remaining portion. Up to 50% of the solids that remain in the tank decompose. The remaining 50% accumulates in the bottom of the tank as sludge. When the level of sludge exceeds the tank’s holding capacity, the sewage has less time to settle before leaving the tank. Eventually, the sludge level increases enough to allow solids to enter into the drain field, resulting in damage to the field and the need for extensive repairs. The soil drain field: ♦ Is located underground in an unsaturated soil area on your property. ♦ Further treats the effluent through physical, chemical, and biological processes. The field consists of a series of underground perforated pipes installed in a one-foot deep layer of washed gravel, or a series of plastic chamber units. Here, the effluent is distributed, stored, and ultimately applied to the soil for treatment. After filtering through the soil, the treated effluent enters the groundwater level for final disposal.

A sewer system is, of course, is a city/county maintained sewage disposal system.  The city/county is responsible for the care and maintenance of the sewage lines UNTIL it hits your property lines.  Once all pipes hit your property line, the maintenance & repair responsibility is the homeowners.  

Maintenance of your septic system? The lack of septic tank maintenance can cause sewage to back up into your house or solids to overflow to the drain field. Once solids overflow and leave through the tank outlet, they can quickly clog a drain field to the point that a new one is required. Most septic tanks need to be pumped every three to five years, depending on the tank size and the amount and type of solids entering the tank. The inspection of the sludge and scum levels is the only way to determine when a tank needs to be pumped. This is not necessarily a pleasant task, but can be done relatively easily. Septic tank pumping firms are available to perform the inspection.  Your septic needs inspected every 2 years and that inspection on file with the Clark County Health Department.  An average septic system needs pumped every 3-5 years.   Septic & sewer do have some things in common...like the things you are not supposed to put down your plumbing... hot grease?  Nope!  Bacon grease?  No way!  Feminine products?  Uh...eww... no!  Paint?  No!   
Differences?  With a septic system you shouldn't have a disposal ...that is a difference.  Now, I have been told that there are disposals that are 'supposed' to be compatible with septic systems, but honestly, my septic guys still say that you shouldn't.  With a septic system you won't have a sewer bill, and that is a difference too.  

So what if you have, or buy a home that is on septic and the sewer comes in your area/street?  Do you have to hook up to it?  Actually you don't....no matter how old it is.  If your septic system is in good working order you can decline to hook up to the sewer.  Some septic systems are from the 60's and are still going strong.  One thing though, when buying a home, I do recommend a sewer scope still...even with a septic system.  Why?  Because the septic inspection checks the tank to make sure it is in good working order, but it does not check the lines from the home to the tank.  If something will go south...it'll be the sewage lines from the home to the tank. 
I know some folks are leery regarding septic tanks, but I have lived on septic most of my life, and had zero issues.  I live on a septic system now.  Looking to live in the country, on some land?  You will have a septic system.  Looking to live on a large lot closer in to town?  Still might be on septic.  Looking to live IN town?  In many areas, you will still be looking at a septic vs being on sewer.  It is surprising to many how many homes in the Vancouver area are still on septic....even homes with the sewer running in front of the home. 
 I sold 2 homes this week that were on a septic system....even though the sewer runs in front of the house, and one of the buyers was using her VA loan.  You can buy a home on a septic system with a FHA or VA loan....even if there is a sewer line is available.  While you do not have to hook up to the sewer if your septic is in good working order there is an 'if' here....  If your septic system fails though...then yes, you will need to hook up to the sewer.  However, the sewer line has to be within so many feet of the home for that to happen.  So what is the cost to hook up to the sewer?  Roughly about $7,000-$15,000.  What is the cost of a new septic system?  Roughly about $7,000-$15,000.  Yes, that is a lot of money, but there is help for it...."Vancouver’s Sewer Connection Incentive Program (SCIP) extends public wastewater main lines to areas where septic systems were initially installed because sewer wasn't available then, typically areas that were later annexed into the city. Through SCIP, we are working with homeowners to provide an easy and affordable solution to change from septic systems to safe, reliable public sewer."   

Now...just in case you haven't noticed, I have shamelessly plagiarized parts of this email from the Clark County & City of Vancouver websites  For more information you can go to the following websites:  www.clark.wa.gov/public-health/propertyowners & www.cityofvancouver.us/publicworks/page/sewer-connection-incentive-program-scip.  


Well, that is this weeks crappy discussion!  LOL  ...sorry, I couldn't help myself.

As always, "may the odds ever be in your favor"  I am here for any questions, and always available to help you with your next Home Adventure... Whether you are buying, or selling...  I got you Boo!  


Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

Next home buyer & home seller classes (in person & online) are available at:
www.learningtobuyahome.com
www.freesellerclasses.com

Don't want to go to the website?  (Hey!  it has other awesome blogs & videos on there too!), you can always email me at traciedemars@aol.com and I will email you the schedule.  


Hi there!


It's been a minute hasn't it?  
First, I want to remind everyone that CLIENT APPRECIATION is BACK ON!  Saturday, December 18 from 3pm -6pm for ... Spiderman: No way home!  
We are pretty excited to be doing this as we couldn't last year, or earlier this year.  Chris Berg, and I are hoping you will join us for this latest Marvel installment.  As always, email  me or Chris Berg (chris.berg@cardinalfinancial.com) with how may adult/kid tickets you will need, and any with any questions!


Sometimes, ok, a LOT Of times... real estate is not 'cut & dry'... even something simple has MANY different steps, and side tracks that can change the direction.  The 'simple' term of Pending is one of those.... So, let's talk about Pending...
Simple description of a Pending home is a home that has an accepted offer on it.  It is 'Pending' on the completed sale.  If a home is 'pending sale', I can't show it as it is already under contract.  

There are 4 things needed for a home to go Pending...

1.  A written/typed offer by an interested buyer, 
2.   The written/typed offer must be received by the sellers Realtor...  
3. The offer (and ALL terms) must be signed around and AGREED to by BOTH the Buyer, AND the Seller.  
4.  The mutually agreed upon purchase/sale agreement must be received by the buyers Realtor.  

Pretty simple, right?   .....or not.... so let's break this down a bit...

1...  Verbal means absolutely NOTHING in real estate.  There are a few other things that don't mean anything in Real Estate too, but this is the #1 rule... verbal isn't worth the piece of paper it is written on.  If it isn't in writing, it doesn't exist.

2... The offer must be received by the sellers Realtor.  If they don't receive it, it can't be considered...right?  This is why, when working for a buyer, a buyers Realtor will ask for confirmation from the sellers Realtor that they have received our clients offer.  

3.... This seems to be where many people, and yes, many Realtors too, lose the trail.  So, let's spend some time here.  Once received by the sellers, the sellers have 3 responses they can make...
a) accept the offer, 
b)counter the offer
c) decline/ignore the offer, or let the offer expire.  (No, the seller does not have to respond to an offer)

  An offer to purchase by a buyer puts the ball in the sellers court.  In our current sellers market, there is a very high chance that the home will have multiple offers from interested buyers on the home.  Sometimes the sellers Realtor may contact a buyers Realtor about some items on an offer that the sellers are considering countering.  Remember ... verbal means nothing though so don't get excited.  The sellers Realtor may be contacting a few of the buyer agents about questions on their offers.
 If the seller chooses to counter a buyers offer, it must be in writing to be a legitimate counteroffer.  This does not mean that the offer is agreed to.  A counteroffer is a NEW offer from the seller to the buyer.  The ball is now in the buyers court, and they can choose to either 
A) Accept the sellers counter offer
B) Counter the sellers counter offer
C) Decline/ignore/let expire the sellers counter offer.  

A...Quick answer on option A, if the buyer chooses to accept the sellers counteroffer, buyers sign &/or initial the counteroffer, and we move to step #4... which is...buyers Realtor emails the mutually accepted offer (purchase/sale agreement) to sellers Realtor, and we go Pending. 

 That is the simple answer, but in Real Estate, very little is this simple, and this is where we need to be VERY CLEAR.  Real Estate is not Kmart, and there is No Layaway.  During the counter offer step, this home IS STILL ON THE MARKET, CAN STILL BE SHOWN, AND YES, CAN STILL RECEIVE OTHER OFFERS.  Even one of the other current offers can offer other terms/change their current offer, and if the seller chooses to go with a different offer, they can.  All that is needed is an addendum signed by the seller withdrawing the counteroffer that was sent over to the buyers Realtor, and BAM... A different buyer is now in the first position.  In Real Estate, time is of the essence.  Realtors have a saying, "If you sleep on it, you may never sleep IN it."  
For example... One of my listings received an offer... my client countered the buyers offer.  While we were waiting on the buyer to respond to our counteroffer, we received a better offer.  My seller client chose to sign a counteroffer withdrawal and send it to the buyers Realtor, and then we accepted the other offer.  Of course I received a call from Buyer #1's Realtor, and she was upset for her clients.  I understand where she was at... I really do, but again... you can't put homes on layaway while you 'think about it', because someone else isn't thinking on it.  Until an offer is mutually agreed to and signed around by both parties, and BOTH Realtors have received a copy of the mutually agreed to, and signed around purchase/sale agreement (aka offer) then that home is NOT PENDING SALE.  You need to have all 4 things to have a Pending Sale Home.  
2nd example.. one of my other listings received a couple of offers, and we countered one of those offers.  Then we received another offer that was a great offer, but before my seller had a chance to do anything, the offer we countered accepted our counteroffer, and emailed me the buyer signed counter offer.  Once the buyers Realtor sent this to me, we now had a signed around, mutually agreed upon Purchase/sale agreement (the offer), and we are pending. Once a home is Pending...the other offers don't matter as we are in contract, and another offer can not be accepted unless the current contract is broken, or rescinded.  The other offer can go in a 'back up position', in case the current contract fails, and then the 'back up' offer can move into first position.... but that is a different email.  

B...So, what if buyer chooses option B, and chooses to counteroffer the counteroffer?  Well, a counter offer to the counter offer is, again, a NEW offer ...to the sellers this time.  A counter offer is always a NEW offer.  It is not a continuation of the offer.  Sellers now have options A-C again.  The home is still available for other buyers, and yes, other offers.  This does get sticky.
  
C... Did I hear someone ask about option C?  The seller does not have to respond to an offer, if they choose not to do so. Did I say that already?  Choosing not to respond to an offer is the same as letting it expire.  The seller can also choose to formally respond with a rejection.  Sometimes...not so much in this market... a buyer will want to make an offer, "let's just see what the seller says".  Then, when the seller ignores it, they get upset.  Again, and I will say it louder for those in the back... the seller doesn't have to say anything, or respond to an offer at all, if they don't want to.  


...and finally.. 4...
The mutually signed around offer (aka purchase/sale agreement) must be received by the buyers Realtor to be pending sale.  I know I have said this a couple of times here, but it is very important.  Even if a buyers Realtor receives a phone call that the seller is accepting their clients offer... it is NOT done, or confirmed.  Remember.. verbal means nothing.  Until that mutually signed around offer hits the buyers Realtors email box (or sellers Realtors email box in the case of a counteroffer) ... it is not mutual.  

...as a final thought... sometimes we will see buyers making offers with an offer amount that is super high (we see this on escalation clauses), or with terminology like, 'home sold as-is', with the intention of just trying to get their offer accepted.... but (and here's the problem) with the later intention of trying to get the price down, or buyer wanted repairs....after acceptance.  I have even heard, "well, I didn't actually think that the offers would go that high" with escalation clauses.  This is not a good game plan...and why we see many 'Back on the market' homes.  The sellers refused to re-negotiate those terms, or negotiate repairs at inspection, etc.  
Making an honest offer may not get your offer accepted every time, but it will make your offer more solid, and more likely to close when you do get it accepted.  I tell my seller clients all the time... "the best offer isn't always the highest offer... the best offer is the one most likely to close." 
So, what do you take away from this email?  Besides that Real Estate is clear as mud?  Remember that verbal means nothing, and remember that time is of the essence.  If you are in a counteroffer situation... don't dilly-dally... or you could be passed up.  I am not saying that you should also be signing things willy-nilly either.  This market is crazy... like your EX Significant Other CRAZY... but remember that a home isn't like a bad Amazon purchase you can send back.  If in doubt.. DON'T!   As your Realtor, we really want you to LOVE your home, and still love us the next day.  Got questions?  Always ask...

As always, "may the odds ever be in your favor"  I am here for any questions, and always available to help you with your next Home Adventure... Whether you are buying, or selling...  I got you Boo!  

Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.learningtobuyahome.com or www.freesellerclasses.com for local upcoming home BUYER and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

So....this came up yesterday in a FB page that I am a part of....  This family is wanting to meet with a builder and have a home built, so she was asking the group members about a few different local builders. In our area, there are some really good builders, and some....not so great... builders.  This woman was doing a great job in asking about others experiences with these builders, and doing research.  The one thing that did, of course, come up is if she has her OWN Realtor, or if she was going to just use the builders Realtor/representative....  So, in doing her own research... she asked why it would be important for her to have her own Realtor....
In short, having your own Realtor during the build (or any purchase) process gives you someone in YOUR court.  The builders rep (&/or sellers agent) works for the builder/seller...that's their employer. 
YOUR Realtor works for you.  If something comes up during the build/buy process, the builder/seller is more likely to negotiate, or make things 'right' when you have your own Realtor working for you.  
For example, one of my clients was having a new home built with a guest room & full bathroom on the main floor for her disabled mother who comes to stay/visit.  This was very important to her...to have a shower her mother could easily access & maneuver in, and this was mentioned, and discussed, quite a few times during the beginning with a variety of the builders personnel...including the builders Realtor/Representative.  Fast forward to the main floor bathroom & shower install, and it is a standard fiberglass shower install....you know...with the 2 'seats' on the ends...and not enough room for her shower chair.  My client was understandably distraught, and contacted the builders rep who told her that it was "too bad since it was already installed, and the builder wasn't going to re-do it."   I like to drive by and check in on the my clients new build, and it just so happened that I went by that afternoon.  I was in the house when my client called me...crying..., and told me about her conversation.  Well, that was simply not going to work.....  so I contacted the builders Realtor/Representative, AND all my other connections with the builder.  The builder agreed that this needed to be corrected, and the builder had the standard fiberglass shower taken out, and replaced with a shower tray and a beautiful shower tile walls.  
So, what was the difference?  My client had her own Realtor who was able, and willing, to go to bat for her.  Builders (at least most of them...but not all) do work well with, and prefer to have a Realtor on the other side as we can head off a lot of issues before they become issues. We are always looking for a win-win solution, and will bring more of our clients over to build with a builder who provides excellent homes, communication, and workmanship.  
Think of your Realtor like the Genie in Aladdin.  It's like having some 'power in your corner now ... some heavy ammunition in your camp', and after the sale is complete, you STILL have someone to turn to with questions, or concerns.  Another bonus with having your own Realtor is that it is another set of eyes during the build who will be looking for things you don't even know about, and that the builder might not tell you.  
I've even built my own home...once with a builder, and once on my own land.  With your own Realtor, you can ask anything...even something you might be embarrassed, or unsure about,  to bring up with the builder.  Your Realtor works for YOU...not the builder/seller.  Most Realtors have worked with the majority, if not all, of the builders in our area.  We know the 'good' ones, and the ...well, not so great ones.  We know which ones will charge you for Every. Single. Thing, and which builders include a lot of upgrades in their packages.  Many times, we even know of upcoming developments.  We will tell you the pros & the cons of all the builders because we, as Your Realtor, work for you...and not the builders.  
I can never stress this enough...  think of your Realtor as GPS...  you have a destination in mind, and our job is to help you get there....and yes, sometimes Mayhem happens, and we have to re-calculate... We can do that!  We got you!  
...and having Your Own Realtor in the build, &/or purchase, process is at NO cost to you, the buyer.  

So...what are you waiting for?  Give me a call, or email today.  Let's make some magic happen!!

Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
traciedemars@aol.com
Facebook:  Tracie DeMars Real Estate

"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

So... recently people have been asking, "WHAT IS UP with this market?!" So... let's talk about it...
I've been a licensed Realtor for 16 years, and I have never seen a market like this. I teach home buyer and home seller classes (for 15 years) so excuse me as I go into 'teacher phase'.
It is being driven by a couple of things... One is the crazy low interest rate, and Second is the lower than normal inventory of homes for sale. This is NOT a typical market. The real estate market usually runs on a fairly predictable cycle. On 'average', the best time of the year to be a buyer is what I call, "happy hallowthanksmas". This is November through early February. This is the time of the year when inventory is usually the lowest, but there is usually the least amount of buyers on the market too. Nobody likes to move during the holidays, and during the crappy weather. The best time of the year to be a seller (usually) is late February through April. This is the time where we see the most buyers on the market due to income tax refunds, but the home inventory (while better than during the winter) is still pretty low. This is the time of the most multiple offer situations.
Most home owners list after spring break and through early June. This is where we see the market level off a bit and is a good time for buyers & sellers.
After kids get out of school in early-mid June (remember those days?), we see less buyers and more home inventory. Late June, July, & August, is usually a good time to be a buyer. For buyers this is where most have less money for down payments/closing costs, earnest money, inspections, & appraisals, as they have more costs at home with kids out of school, daycare, summer vacations, and then the costs of getting ready for kids to go back to school (we can hope)...not to mention that it is hot. It is funny, but the hotter it is, the slower the housing market as most people would rather go to the lakes, beaches, & rivers than go see houses....go figure... LOL.
Then the market 'bounces' back in a September/October rush for people to buy home to be into before the holidays....and then we are back to 'happy hallowthanksmas'. This is USUALLY the predictable nature of the market.... unless something comes along and throws a wrench in it.
Remember when the teacher strike occurred? We didn't see that 'back to school - be in the home before the holidays' rush and the market remained slow all fall and winter. Killer deals for buyers occurred during this time.
Last year was... peculiar... we have never had something like that happen before...
2020 threw everyone for a loop. When the shut down first occurred the market went D-E-A-D. I mean.... it, like everything else... dropped. Then about May, people were like... HELLO HOUSING! ....and we bounced back in a big way. Most of this was because the interest rates bottomed out to rates never before seen. This, and the fear of rising interest rates (which IS happening) drove buyers out in droves. Unfortunately, for a lot of homeowners, it also prevented them for being able to secure their next housing, so many homeowners who would like to sell, are not selling. Also, with COVID, many homeowners are not comfortable with selling and having strangers walk through their homes. Builders are building like crazy because of the lack of established home inventory, but their costs are also being driven up considerably due to rising material and labor costs. Trusses alone went up 30% in one quarter. Those costs are, of course, being passed along to buyers. In fact, some builders are changing prices AFTER the contract is written and accepted...and right before closing. If buyers don't agree to the new costs, the builders are returning the previous buyers deposits, and then putting the homes on the market for even more... and getting offers at the new price.
It is brutal out there... So what needs to change? As an industry, most of us Realtors are hoping (beyond hoping, we are praying) that with the Vaccines, kids back in school (at least a little bit), and with spring & summer around the corner, that more homeowners are comfortable with the idea of selling and we see more homes come on the market. To do this, we need more sellers comfortable with contingent offers. It's hard to get a contingent offer accepted these days... and this means a lot of home owners aren't comfortable (and for good reason) with putting their home up for sale. No one wants to be homeless....
Honestly...interest rates are rising. This will start to bring down prices, but not the costs of your mortgage. This year, and next year are most likely 'transition years'. We need to transition to a more balanced market... this means higher interest rates, and home prices coming down. However, mortgage payments will remain the same, or go up a bit on the lower priced homes....because the interest rates are higher. You, as a buyer, are not pre-approved for a purchase price... you are pre-approved for an interest rate which calculates to a mortgage amount...based off your Debt to income ratio. The higher the rate, the less you are pre-approved for....and your interest rate can't be locked until you are about 30 days from closing. This is where building becomes especially stressful right now as rates have started rising.
I can go on further, but this is already SO LONG! Sorry... more information is available at the www.learningtobuyahome.com website and the blog/vlog there
Thanks for coming to my TED talk.... LOL