Category Archives: Home Selling

Ready to Make Your Move If Rates Go Down?

If, as many experts are predicting, interests come down this fall, we can expect the real estate market to warm up. According to Forbes magazine, “… the housing market will only see renewed momentum once mortgage rates drop enough to ease affordability challenges and incentivize homeowners locked in at low rates to move so inventory grows substantially to meet demand.”[1]

If you’ve been waiting in the wings for the most advantageous time to sell your home and/or make a move to another one, this rate drop, when it happens, might be your opportunity. You’ll want to be prepared to take quick action. Here are some things you can be doing now to prepare your home for sale so when the timing is right, you are ready for action!

I can confidently say that first impressions matter, and a well-prepared house can fetch you the best possible price. So, let’s dive right in!

  1. Declutter and Depersonalize

The first step in preparing your home for sale is to declutter and depersonalize it. This means removing any excess furniture, knick-knacks, and personal items. The goal is to create a clean, uncluttered space that allows potential buyers to envision themselves living in the house. Remember, you want them to see their belongings in the space, not yours.

  1. Repair and Replace

Before putting your home on the market, ensure that all necessary repairs are completed. This could include fixing leaky faucets, patching holes in the walls, and addressing any issues with appliances or electrical systems. Additionally, consider replacing outdated fixtures and hardware, such as cabinet handles or light switches, to give your home a more modern and polished look.

  1. Clean, Clean, Clean

A clean house is essential when selling. Deep clean your home, paying special attention to the kitchen, bathrooms, and high-traffic areas. Don’t forget to clean windows, curtains, and baseboards, as well as any appliances that will be included in the sale. A spotless home will not only make a great impression but also make it easier for potential buyers to imagine themselves living there.

  1. Enhance Curb Appeal

First impressions are crucial, so make sure the exterior of your home is just as inviting as the interior. Enhance curb appeal by trimming overgrown bushes, mowing the lawn, and adding some potted plants or flowers. Power-washing the exterior, repairing any damaged siding, and applying a fresh coat of paint to the front door can also go a long way in making your home more attractive to buyers.

  1. Neutralize Colors

While you may love your bold, colorful walls, potential buyers may not share your taste. To appeal to a broader range of buyers, consider repainting your walls in neutral colors, such as beige, gray, or white. This will create a blank canvas that allows buyers to envision their own style and design preferences in the space.

  1. Light It Up

Good lighting is essential when selling a home. Ensure that all light fixtures are in working order and replace any outdated or damaged fixtures. Additionally, consider adding additional lighting sources, such as floor lamps or table lamps, to brighten up dark corners and create a warm, inviting atmosphere.

  1. Stage Your Home

Home staging can make a significant difference in how potential buyers perceive your property. Consider hiring a professional home stager or follow some basic staging tips, such as arranging furniture to create a natural flow, adding decorative accents, and setting the dining table to create a welcoming atmosphere. Remember, the goal is to make your home feel warm, inviting, and ready for its new owners.

  1. Organize and Optimize Storage Spaces

Buyers are always on the lookout for ample storage space. Organize your closets, cabinets, and other storage areas to showcase their full potential. Remove any unnecessary items and neatly arrange the remaining contents to make the space appear larger and more functional. (Need help with this one? If you’re local to the Gig Harbor, Washington area where I am, I highly recommend Northwest Home Coach.)

  • Select Your Real Estate Broker and Be Ready to Go

Obviously, there are a lot of eager agents to choose from! Make sure you select one with home you can have a trusting relationship and good rapport, and in whose negotiating and problem-solving skills you can have the utmost confidence. Preparing your home for sale requires time, effort, persistence, wisdom, and attention to detail. By following these tips and selecting the right agent, you’ll be well on your way to showcasing your property in the best possible light, attracting the right buyer, and locating and purchasing your next new home.

Doug Lawrence is a Managing Broker with Better Properties in Gig Harbor, Washington. He can be reached at 253.341.5287 or by email at douglaslawrence15@gmail.com.

[1] https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/. August 14, 2024

What You Need to Know About Relocating

Moving, whether across town or across the country, can evoke a blend of excitement and dread. New job? New digs? New scenery?  Hooray! Good-bye to friends and family? Loss of familiar routes and routines? The hassle of packing, moving, and setting up in a new location? Perhaps not so exciting.

One thing I’ve learned over the years is that “what you focus on expands.” Sure, you need to address the downsides. But by focusing on the upsides, your positive perspective will make all the difference in the world. Just think: you’ll get to explore a whole new place and all that that new place has to offer! There’ll be new activities, new restaurants, new friends, new parks, and more.

With that in mind, here are some suggestions about the kinds of things you’ll want to research before or during your move process:

1. What amenities are available in the new location and how important are they to your lifestyle?

The area or neighborhood you live in makes your home what it is. Check out Google Maps before your big move. Maybe even make a list of the advantages and disadvantages to each area you research—it can help make the decision easier. If your kids are in school, you’ll likely want a school facility close by. Do you want them to attend a private or public school? Is there one close by? What about grocery shopping? Is it easy to get to? Do you like to have a gym you can walk to? Are there parks? Ask yourself these questions ahead of time. Determine their importance to you and your family.

2. What is there to do in the new location (e.g., recreation and events)

Find out what big events and attractions there are. If your family is into skiing or mountain biking (or any other sport/activity), look to see if there is a place close by where you can participate. What events are there coming? (Finding activities and fun events to look forward to can lessen the impact of a move, such as moving far away from friends and family.)

3. How much does it cost to live in the new location? (Be prepared.)

Cities come with different price tags, as far as cost of living goes. Make sure you know what you’ll be spending before you commit. Gas and grocery price can be different in different regions. Calculate what you can expect to spend in your new city—how does that work for your budget? Shrewd financial planning in advance can make all the difference in avoiding future panic or crises.

4. Plan how you’ll connect once you get there. What are ways you can meet people in your new location? A sense of community and belonging is the first and best way to feel settled and “at home.” Some of this may come from a job or school, but not all of it.  Where can you find likeminded new friends to share life and experiences with? Is there a faith community you can connect with? Civic clubs? Non-profits and community service organizations you can join or volunteer with? Sports teams/fitness clubs you can join? Jumping in to environments like these can make the integration process go much more quickly.

My motto is “love where you live,” and there are so many ways you can help make this happen for yourself and your family when a relocation is involved. I hope these have been helpful; they are only a start.

If you are anticipating a move and have real estate needs as a part of the package, I hope you’ll give me a shout or send an email. Even if you’re moving across country or in another town, I can help with referral and connection to a trusted real estate professional in my network. I’ll do my best to help you and your family “love where you live,” wherever that may be!

Doug Lawrence is a licensed broker with Keller Williams West Sound. He is a certified Veterans and Military Relocation Specialist and a Global Property Specialist. No matte where your move may take you, he can help! You can reach him through this site, by email at dlawrence@kw.com, or by phone/text at 253.341.5287.  

Amazing Views of Hales Passage from Ready-to-Build Fox Island Lot!

Have you been thinking of view property on beautiful Puget Sound in Washington State? Look no further than this: the development has already been done . . . so bring your plans and get going on the water-view house you’ve been dreaming of!

From your vista on desirable Bella Bella Drive on Fox Island, you’ll enjoy unobstructed views of Hales Passage and the Fox Island Bridge. The over 1/4-acre lot is level and has been fully cleared; a three-bedroom septic has been installed and water and electricity are already to the property.

$299,950

Offered by Doug Lawrence and Keller Williams West Sound
MLS#1358855
224 B Bella Bella Dr, Fox Island 98333.

Call for showing; listing agent must be present at initial viewing to highlight all the incredible amenities of this exclusive property. 253.341.5287
dlawrence@kw.com
www.douglawrencerealestate.com

Offers: Seller intends to review offers upon receipt.

Doug Lawrence is a Fox Island resident whose motto is “Love Where You Live!” He especially enjoys the opportunity to offer others a chance at the “island living” enjoyed by residents on Fox Island. You can find out more about Doug and Fox Island living at www.foxisland.net and www.visitgigharbor.com.

Overcoming Deferred Maintenance: Prepping a Fixer for Sale

So, you want to sell your house, or maybe someone else’s house—an aging or deceased relative, for example. And, for whatever reason, the property has experienced “deferred maintenance.” It needs a lot of work!

Bringing a “fixer” home up to a sellable standard can seem overwhelming sometimes, especially when it needs significant improvements. Getting top dollar for a property that needs work can be challenging, especially if your budget for improvement is tight. That being said, with the right perspective, some creativity, and strategic emphasis on the right things, it can be done—for less time and money than you probably think.

Where to Get the Most Bang for Your Buck

Experts often say to put your energy into updating the kitchen and bathroom for maximum impact. However, a major renovation in these areas can set you back tens of thousands of dollars and take weeks to complete, which simply isn’t possible within a tight budget and time frame. So instead, make your focus on the areas of the home that will make a good first impression and enhance the overall look of the house—for a minimal outlay of cash. Here are my top five recommendations:

1. Get rid of the clutter. Buyers need to be able to visualize their own life in the house—impossible if there are piles of stuff everywhere! The clutter has to go. (If this feels overwhelming, hire a high school or college student who wants to make a few extra bucks to help you sort.) Have three categories of bags or boxes available as you move through the rooms: throw away, give away, put away (keep). The “keep” pile will be the minimal amount of stuff you either want to take with you to your next home if you are selling your own home, or perhaps mementoes or heirlooms you want to pass on to family members, etc. in the case of liquidating a home for a relative. “Give away” goes to Goodwill or other similar charity (often these organizations can arrange to pick up your stuff). And “throw away,” well, that just goes straight into the garbage or to the dump! (You may also have a “garage sale” pile as well.)

2. Give rooms a facelift. Repaint the interior walls in a neutral color. Replace carpets (opting for a low-cost but good-quality laminate floor is often a good choice). Paint and new flooring not only improve the look of the house, but also the smell, giving the impression of fresh, clean, and new.

3. Get rid of dated or dodgy furniture. Keep only the nicest furnishings (less is more). If you don’t have any, consider borrowing statement pieces from friends or neighbors temporarily to improve the look of the home for showing. Or pick up a few new inexpensive or free things on Craigslist or local give-away websites. If staging isn’t your forte, ask a friend with an eye for style to help you arrange the rooms attractively. Your real estate professional may be able to provide assistance with this.

4. Give every surface a deep clean. Include exterior surfaces and windows, interior walls, floors, trim, doors, bathrooms, tile, etc. If you don’t have the time or energy for cleaning, hire some help. It will be worth it!

5. Tidy the front and outside of the house. Weed and trim the gardens, prune hedges, and mow the lawn. This makes a tremendous improvement in the curb appeal, for little to no money. The changes that will make the biggest impact may actually cost nothing more than a few weekends of hard work! Tip: adding bark mulch is an affordable update that is especially effective, as it injects color and makes garden beds look neater. Also, clean the roof and gutters. (If the roof needs to be replaced, do it now. You don’t want the roof to be an area of distraction and it will likely be required anyway.)

 Keep Your Buyers’ Goals in Mind

Consider that potential buyers of a dated or fixer property will likely be planning on renovating themselves, and will have their own ideas on what changes they want to make. So you don’t have to do everything, especially things they will likely later undo. That’s why spending big on significant improvements can actually be counterproductive in these situations. Your job is to make the home and property liveable, neat, and tidy, so they can best see and appreciate its potential.

Your buyer can take it from there!

(c) 2018. Doug Lawrence Real Estate. All Rights Reserved.

Doug Lawrence is a licensed real estate broker with Keller Williams West Sound in Gig Harbor, Washington. Do you have a “fixer” you’ve been thinking of selling and are dreading getting it prepped? Give him a call, whether you’re around the corner or across the country.  He’s happy to help you get the process started and guide you all the way from sorting to SOLD! 

The Best Place in Washington to Retire

Welcome to the Best Place in Washington to Retire!

Gig Harbor is proud to enjoy the distinction of having been named first on a list of “Best Places to Retire in Washington,” according to a study released by financial technology company SmartAsset. Gig Harbor scored a whopping, state-high score of 87.60 on SmartAsset’s Best Place to Retire index, edging out Sequim (84.93) for the top spot. Not only that, SmartAsset’s recreation index also placed Gig Harbor at the top among Washington cities!I

What makes Gig Harbor such a great place to retire? The study cited, among other things, the benefits of Gig Harbor’s 12 percent tax rate, 11.5 doctor’s offices per 1,000 people, and 23.6 percent of the population at senior age.

But besides the facts and figures, the retirement lifestyle in The Maritime City offers all kinds of delightful opportunities.  Make new friends or meet up with old ones over coffee or a happy hour; both the Uptown area and the downtown waterfront offer multiple enjoyable options. Many Gig Harbor retirees also enjoy the all-ages, fitness-oriented environment at the Tom Taylor Family YMCA in Gig Harbor North, where they can take a walk indoors, make waves in a Silver Splash water aerobics class, or volunteer and become part of the fun and dynamic community. They can also join the Active Retirement & Senior Club of Gig Harbor, a membership-based organization offering a full slate of recreational and cultural activities.

Outdoor opportunities are plentiful, rain or shine, including “walking the harbor” (what locals call a stroll or jog on the waterfront) or the Cushman Trail, kayaking or paddleboarding, boating, fishing, and more. The arts are alive and well in Gig Harbor’s monthly Art Walk and the many local galleries and annual Art Festival.

Have a bit of the wanderlust? If you’re wanting to venture beyond Gig Harbor’s relative peace and quiet, opportunities for outings abound. The big city amenities of Seattle and Tacoma are not far away, nor is the unsurpassed beauty of coastal communities and mountainous national parks to the east and to the west. Whether your bent is concerts or camping, a delightful variety of entertainment and recreation options lie at your doorstep, and the time to enjoy them is . . . now!

Doug Lawrence is a licensed real estate broker with Keller Williams West  Sound in Gig Harbor. Give him a shout for all your buying, selling, and investment in real estate needs; he’s here to serve and make your transition to or within Gig Harbor (and the surrounding area) as smooth as possible! www.douglawrencerealestate.com

Walk/Run/Bike the Cushman Trail

#PierceCounty: are you looking for an all-ages, all-skills route for your next run, walk, or bike ride?  If you’ve not yet checked out Gig Harbor’s five-mile Cushman Trail, now’s the time!

The Cushman Trail is a paved community trail that will keep your interest and adrenaline pumping along its undulating hills and changing vistas. It’s as much of a workout as you’d like to be, depending on which parts of the trail (or all of it) you take advantage of. Like hills? A roundtrip between the trailheads on 14th Avenue Northwest and Borgen Boulevard climbs nearly twice as many vertical feet as a round trip on the similar Foothills Trail (from Puyallup to South Prairie), even though it’s less than half the distance. In some places, the Cushman Trail has a grade of 10 percent.

That being said, the trail is accessible to walkers of all ages and skills, and hand rails and benches are found at many spots along the trail (as well as restrooms, five to be exact). The trail has a difficulty rating of 3 (5 is most difficult; 1 is easiest). If you do the whole thing and back, you’ll travel 12.4 miles round trip with an elevation gain of 800 feet along the way. The trail is 16 feet wide with four-foot-wide gravel shoulders. Dogs are permitted on leash (and please clean up after them!).

For cyclists, the Cushman Trail can easily be linked with Tacoma’s Scott Pierson Trail, which adds a scenic trip over the Tacoma Narrows Bridge. To access the Pierson Trail from the Cushman Trail’s 14th Street trailhead, head south to 24th Street and turn right. From there, locate the Pierson Trail on your left after crossing State Route 16. There is no toll for crossing the bridge by bike.

Summertime is a great time to get out and take advantage of the beautiful weather and views around Gig Harbor. Check out the Cushman Trail, get some exercise — and enjoy!

DIRECTIONS: To reach the 14th Avenue Northwest trailhead, take the 24th Street Northwest exit from State Route 16 and turn east. After one block, turn left on 14th Avenue and drive north for half a mile. The trailhead will be on the left.

(c) 2018 Doug Lawrence Real Estate. All Rights Reserved.

Doug Lawrence is a licensed broker with Keller Williams West Sound in Gig Harbor, Washington. He loves finding new things to do in his hometown and is always eager to pass it on! Find him at www.douglawrencerealestate.com #lovewhereyoulive #douglawrencerealestate 

Home Improvement: What Can You DIY?

Did you know there are a ton of things you can do to improve the value, quality, and livability of your home–without having to call in (or pay for) a professional?  That’s the point of DIY – “Do It Yourself!”

For some, this is no problem. For others, who may feel like they are all thumbs when it comes to “hands on” or creativity, it might not feel that easy.

Well I’m here to tell you it is! (Or it can be, anyway.) Just pick your projects carefully. Don’t start with remodeling the bathroom if you’ve never DIY’d before. But I’d say that, from decorative crafts to furniture to gardening, nothing is out of reach for the committed Do-It-Yourselfer.

If you’re looking to save money on home improvements, DIY is definitely the way to go. But even if money if no option, DIYing can provide a tremendous amount of satisfaction in self-sufficiency, creativity, and even therapy as you hone your skills.

For me, DIY is my creative outlet. Over the years, I’ve enjoyed building my woodshop, adding to my collection of tools and slowly but surely taking over the garage. (I can proudly say it’s the one place in the household that’s “all mine.”)

If DIY is something you’d like to try your hand at (or improve your skills with), here are some good websites that can provide encouragement and how-tos: *

1. April Wilkerson

This is my personal favorite–April is an engaging, creative individual who makes tackling any DIY or home construction project with a can-do attitude and a sense of fun. Check out her YouTube channel for inspiration and how-tos.

2. Instructables

Like many of the resources on this lister, Instructables is made by DIYers, for DIYers. That means nearly all the project plans and instructions are contributed by members of the community. Most Instructables feature clear instructions with plenty of pictures, along with detailed parts and materials lists. The active community offers suggestions and variations via lively comments beneath each project. If you can follow a recipe, you can follow an Instructable.

3. Make:

Make: is a quarterly print journal and a webzine. Each themed journal is stuffed with clever DIY projects for tinkerers of various skill levels. The website also includes a store, “The Maker Shed,” with books, journals and plenty of starter kits, perfect for beginning gizmo DIYers.

4. Apartment Therapy

“Saving the world, one room at a time” is Apartment Therapy’s official slogan, but it could also be “high design for small budgets.” The website features tips and advice for every room of an apartment or house, and lots of DIY projects for clever storage and sharp décor. The how-tos aren’t quite as thorough as those found on Instructables, but the projects are a little more polished.

5. Ana White

Ana White features a giant collection of furniture project plans from DIY doyenne Ana White and members of the community. Projects are sorted by type, skill level, style and room. Ana’s plans are typically detailed and well-illustrated. Contributor plans can be less refined in presentation, but still easy to follow. DIYers who make something following plans from the site are encouraged to share their results, too. They are often even more impressive than the originals.

6. The Family Handyman

The Family Handyman features simple projects and DIY home maintenance tips and advice. While the website offers plenty of how-tos and information, you’ll need a subscription (digital or print) to unlock all of the magazine’s instructions and resources.

7. Mother Earth News

From baking bread to solar rooftops, Mother Earth News has been covering the DIY scene in print and online for decades. The site and magazine feature lots of tips and advice about sustainable living, from growing and preserving food, to living off the grid. DIY projects range from sundials to solar food dehydrators.

What are some DIY projects you’ve tackled?  I’d love to hear! And if you feel inspired by any of these sites to tackle a project in your own home, please share. Good luck!

Doug Lawrence is a licensed real estate broker and avid DIYer. He’s proud to have inherited his love of tools and woodworking from his dad, Ken, along with a great collection Ken’s tools to add to his own woodshed. Current projects include a farmhouse table for the kitchen and a corn-hole game for family fun next summer! You can find Doug at www.douglawrencerealestate.com where he’d be happy to answer your questions about buying, selling, and investing in real estate in the Great Pacific Northwest … or about DIY!

* List of websites adapted from article by Lars Peterson, US News and World Report, April 2015

(c) 2018 Doug Lawrence. All Rights Reserved.

A New Grocery Store for Gig Harbor!

The last couple of years have been a bit tumultuous on Gig Harbor’s grocery store scene(!). Local shoppers watched not once but several times as stores came, went, came, and went: Safeway became Haggens and became Safeway again. (That one was almost comedic.) Main & Vine opened to packed crowds a couple of years ago, then closing abruptly in early January 2018 to give way to the new Fred Meyer store across the street at Gig Harbor’s most recent development, Olympic Towne Center.

When completed, Olympic Towne Center will be a 57,000-square-foot complex with restaurants (welcome Hop Jack’s, already open), bowling alley, gaming rooms, high-tech meeting facilities, and spaces for visitors to gather to enjoy wine, coffee, and or just hanging out. The developer of Olympic Towne Center, Troy Alstead, is the former COO of Starbucks, who left the international coffee scene to pursue this and other opportunities. He, his wife, and their four children are Gig Harbor residents.

“I grew up in the Puget Sound region and always have loved the mountains and beaches. I backpack in the Olympics and Cascades, scuba dive in the Sound, and at every opportunity enjoy this place around us,” Alstead said in an interview with the Tacoma News Tribune. “We have a responsibility to ensure that all this will still be around to be enjoyed by future generations.”

Troy Alstead may be the most high profile Gig Harbor entrepreneur, but he is certainly not the only one. In recent years, the region has seen new start-ups such as the Olalla Vineyard and Winery, Heritage Distilling Company, Ohana Coffee, Seven Seas Brewery, Wet Coast Brewery, and Zog’s on Fox Island. All that is great news for this rapidly-growing community. In 2016, Gig Harbor experienced a growth in population from 8500 to 9200 within the city limits, and was expected to reach 10,000 in 2017, two years ahead of the city’s previous projections for growth.

That growth was sure evident at the opening of the new Fred Meyer story on January 10th. This writer spent a good twenty minutes circling the parking lot trying to get a spot.  At last—success!  The free samples and cherry-picker specials provided a festive atmosphere and made up for the long lines at the checkout stand. But no one seemed to mind that.  More than anything, it was a resounding community welcome to a new neighbor. And in a small town, which thankfully Gig Harbor still is in many ways, a new grocery store and new neighbors are still a big deal.

Doug Lawrence is a Fox Island resident and licensed broker with Keller Williams West Sound in Gig Harbor. You can put his expertise and love for this region  to work for you for all your real estate questions and needs. www.douglawrencerealestate.com 

Love Where You Live – Volcano Edition

It all started out as a hope-to, an item I wanted to check off my bucket list: to climb a mountain.

I’ve always thought climbing a mountain was a big, hairy audacious goal that many people talk about but never do. I wanted to separate myself from the pack and be one of the few that do it. So, on July 26th, I had the great pleasure (wait, did I say pleasure?), I mean, I had the great gratification of summiting Mount Saint Helens in Washington State.

I picked Mt. St. Helens as my mountain of choice because it’s a true mountain, achievable with only a moderate amount of gear and training. On the surface, it seems like a moderate-to-hard hike; after all, it is “only” five miles up—two through forest, two across a massive boulder field, and one straight up through loose scree (small, gravelly volcanic rubble). It’s the 8,500-foot elevation gain that really knocks the wind out of your sails and gives you pause to consider (or reconsider) most things in your life.

Looking back down at the one-mile stretch of scree

It’s one of those things that’s hard to explain unless you’ve experienced it, or something like it. All that being said, that moment when you reach the top of the mountain—the cloudless sky, the limitless view, the surrounding peaks, breathing all that in, absorbing it, contemplating it, pondering it—makes the trek more than worth it.

On top of the world (looking down at the lava dome, Mount Rainier in the distance)

Mount Saint Helens is noteworthy for its huge eruption in 1980, and is still an active volcano. Standing on the precipice, looking down at the lava dome with plumes of steam seeping out of it, was magnificent. For me, it was a bit of a full circle, having been nearby in 1980 when the mountain erupted. A high schooler at the time, I had been down in the Longview/Kelso area visiting my brother. I slept obliviously through the eruption, to be greeted on awakening the next morning by swollen rivers, a sky full of ash, and horrific traffic jams of panicked and/or curious residents and onlookers. Nearly forty years later, all that’s just local history. But it was very cool to come back and see how quickly the mountain has repaired itself, its beauty and majesty restored.

Whether you live in the shadow of a volcano as I do, there are adventures to be explored in your neck of the woods, as well. Please comment and share your stories: how do you love where YOU live?

Doug Lawrence is a professional real estate broker with Keller Williams West Sound in Gig Harbor, Washington.  Doug’s motto is “Love where you live!” Whether you’re looking to buy, sell, or invest, he’ll put his appetite for adventure and challenge to work on your real estate transaction when he’s not applying it to a mountain.  You can find him at http://www.douglawrencerealestate.com or by phone or text at 253.341.5287.

(c) 2017 Doug Lawrence. All Rights Reserved.


Think You Can’t Afford It? Think Again.

September means back to school, back to routine, and back to . . . home shopping?  Yes, for many folks!

Although, as I mentioned last month, this has been a challenging market lately, affording the mortgage payment for the house they want IS possible for many prospective homeowners. Why then, by all accounts, is a sense of “unaffordability” plaguing the market?

Researchers at Freddie Mac offered several answers to that question in its latest Insight, the first one being perception. Homebuyers struggling to find reasonably-priced listings perceive the housing market in general as unaffordable — a reasonable conclusion, if their only options to date have been out-of-reach stock.

Secondly, the high likelihood these days for competition (i.e., “bidding wars”) is off-putting, both for first-time homebuyers and for sellers re-entering the market. The hesitation of these would-be sellers is notably tamping down already tight inventory.

“Thanks to very low mortgage rates, monthly mortgage payments are affordable for the average household despite currently high house prices,” says Sean Becketti, chief economist at Freddie Mac. “Nevertheless, hurdles to homeownership arise from the difficulty of finding a house. The supply of homes for sale is very tight, especially starter homes, and underwriting requirements are more rigorous than they were in the past.”

Would-be homeowners are also not confident about their prospects because their incomes have stayed relatively flat compared to home prices. Incomes have grown by an average 2.4 percent annually since 2012; home prices, however, have grown an average 6 percent.

“Many potential first-time borrowers are stymied by variable employment and income histories and the challenge of accruing a down payment while simultaneously paying down their student loans,” Becketti says. “In fact, a high level of household debt, particularly student debt, poses perhaps the largest obstacle to first-time homebuyers.”

Homeownership — stripped down to just the mortgage payment — is affordable, the researchers concluded, but challenged by barriers that play a hefty role in the home-buying process. Perception, after all, is reality.

Are any of these factors playing into your decision to buy or not buy, to sell or not sell?  I’d be happy to talk through with you how these issues might affect you (or not), and help you find workable solutions for your unique home-buying or home-selling situation. After all, I’m here to help you “love where you live!” ~Doug

Doug Lawrence is a licensed broker with Keller Williams West Sound in Gig Harbor, Washington. You can find him at http://www.douglawrencerealestate.com, or by email at dlawrence@kw.com, or by phone at 253.341.5287

Source: Freddie Mac , Photo by 2.0 Generic

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