Tag Archives: home sales

Buying a Home in a Low Inventory Market

Probably the biggest frustration I’m hearing from buyers these days is, “Where are all the houses?” The problem transcends price range and location, and even buyer demographic. What’s going on?

It’s been many months now of a below-normal supply of homes for sale in most regions. And, according to a recent analysis from Realtor.com, this year is expected to be even more challenging. “We started 2017 with the lowest inventory of homes for sale since the recession, and possibly in decades,” said Realtor.com Chief Economist Jonathan Smoke.

Add to that the expectation that interest rates will rise to perhaps 4.5 percent or more this year. The result? The demand for homes has become even more intense, and will only get more competitive as the calendar year goes on.

Real estate experts say that eight of the 10 “best value” days (statistically) to buy in a new year are generally in February, and the other two are in January. For 2017, those days have come and gone, but the analysts maintain savvy buyers can still obtain discounts—albeit smaller ones—in April. However, they say, if home buyers wait until the period from May through September, they are likely to pay a premium of up to five percent above the median home price for their area.

So what to do? Don’t give up. Here are five creative ideas for finding a home in a low-inventory market:

  1. Be clear on your ideal location/neighborhood(s).
  2. Search expired listings.
  3. Don’t rule out sale pending listings. Make a back-up offer that will put you in a first place position if the other buyer walks away.
  4. Talk to people in the neighborhood – do they or anyone they know want to sell? Consider door knocking. (Granted, this is desperation and it is recommended you be accompanied by a realtor.)
  5. Join groups or follow social media pages from that location, in hopes of a “Home for Sale” posting.

Finding a home in a low-inventory market is not impossible, but it is a challenge. Work with your realtor (that’s me!) in coming up with out of the box ideas for finding listings that may not surface on an initial MLS search. Have your financing all ready to go, be realistic about your inspection expectations, and be ready to start with your best offer. All these will contribute to your best chances at being in your dream home come summertime!

Doug Lawrence is a licensed broker with Keller Williams West Sound in Gig Harbor, Washington. Finding the right buyer for the right house (or the right house for the right buyer) at the right time is his specialty. You can reach Doug at www.douglawrencerealestate.com or dlawrence@kw.com.

Photo credit: home yellow by nikcname

Is a Rehab Loan Right for You?

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If you’re a person who wants to get the house you want for the price you can afford—without getting into a bidding war for that move-in ready one—you might want to consider a rehab loan. Known in the industry as a 203K, this is a great option for getting a nearly custom home for a steal.

I recently worked with a young couple to buy their dream home, sort of. In that, I mean, it their dream home. But when they bought it, it wasn’t even close. Here’s how it worked:

  1. We found a house with good bones in a great location that just happened to be owned by HUD (Housing and Urban Development). We purchased the property at a good price, based on its condition. My clients had a fantastic vision for what this little rambler could be.
  2. That’s when the leg work started. We gathered bids for all the desired—and, in some instances, required—improvements.
  3. They applied for a loan for the purchase price plus the estimated repair budget, added on a little extra for anticipated cost overruns, and submitted the whole package to the bank for approval.
  4. When the approval was granted, the great news was that the final subject appraised value was going to instantly give my clients a boost of 10% equity once all the improvements were completed.

These were the kinds of repairs they made for this project:

  • new roof
  • new kitchen
  • new flooring throughout the house
  • removal of popcorn ceilings
  • paint throughout
  • new millwork
  • upgrading insulation in crawlspace

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Essentially, they will have a move-in ready, custom home, purchased for well within their budget, and with instant equity. What’s not to love about that? Although a 203K might not be for everyone, it’s a great way to end up with the house you want, for the price you want, if you’re willing to invest a little extra time and effort.

DOUG LAWRENCE is a licensed real estate broker with Keller Williams West Sound in Gig Harbor, Washington. If you are looking to buy, sell, or invest in real estate (203K’s or otherwise) in the Pierce or Kitsap County areas in Washington State, he’d be happy to lend a hand! You can find him at www.douglawrencerealestate.com.

The Gift of Giving

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The value of a (person) resides in what he gives and not in what he is capable of receiving.

~Albert Einstein

As much as I enjoy receiving Christmas gifts, I think my favorite part of Christmas has always been watching my family unwrap and enjoy the gifts I have chosen for them. I really do find it more fun to give than receive (not that I don’t like receiving!).

The quality of “living to give” is something I admire in others. People who live generously—not just with their money, but who give generously of themselves—really make the world go around. Many times, they are nameless and faceless, so to speak—not motivated by recognition or financial return on their investment, but rather by the intrinsic joy that comes with generosity.

This runs counter cultural to the messages we receive around us in our culture most of the time and especially over the holiday season. Buy, buy, buy. Accumulate. Indulge. You deserve it. At the same time, there is a whole population, a whole world, that is desperately in need—and not just materially. Sometimes the greatest needs are needs of the heart, for things like compassion, friendship, and assistance.

Generosity is that quality that empowers us to be the answer to another person’s need, whether that need is financial, emotional, practical, or spiritual. A friend of mine pointed out, “We win by losing. We gain by giving away. And, our greatest memories are of the gifts we gave rather than the ones we received.” I couldn’t agree more.

I hope you enjoy the best gift of all this holiday season – the gift of giving!

Best wishes, Doug

Doug Lawrence is a certified real estate broker with Keller Williams Realty in Gig Harbor, WA.

The Biggest Room in the House

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Someone once told me that the “biggest room in the house is the room for improvement.” This is a pretty profound statement if you pause long enough to consider it. It can certainly be humorous when applied in the right situations but, at the same time, it can have a profound impact on a given situation or even on a life when applied with careful thought and consideration.

In light of our current climate, immediately following the presidential election, I am reminded of this little phrase and the potential it holds. How have we become a nation of finger pointers and name callers, all the way to rioters and looters? Have we lost sight of who we are, what we were, and how far we have come? And, where we have the potential to go?

(You may be thinking, Isn’t this supposed to be a real estate blog? Well, yes it is, and if you have a need to buy, sell, or invest in real estate—or know someone that does—then I am your guy. There, I got that out of the way.)

That little phrase about the biggest room in the house being the room for improvement is a philosophy I have tried to make a part of my everyday life. It’s a principle I always want to consider again and again in a pursuit to be the best me, in a pursuit to be the best dad, the best husband, the best citizen, and so on. Whoever you are and whatever you do, I think we all have this inherent responsibility to be the best us—the best teacher, actor, delivery driver, parent, or leader, etc. we can be.

I was struck this week by the story of a young lady (and first-time voter) who was very emotionally affected by the outcome of the election. She ranted at first, maybe even shed a tear. But then she allowed herself to be challenged. How could she improve herself? How could she make her room, her campus, her world better? She took action; she volunteered for an overnight immersion program sponsored by her university where students spend time with the homeless in their community, serving, eating and talking with them, and experiencing the same living conditions they experience. This young lady is endeavoring to make her “room for improvement” a reality. She is, in her way, making a difference.

What is your room for improvement? Do you need an attitude adjustment? How can you start or continue to make a difference in your corner of the world? We may not be able to change the nation all by ourselves, but we can affect our small portion of it. What this nation needs now more than ever is unity. It needs understanding and true tolerance and peacemaking. We need to challenge ourselves as neighbors, as citizens, as parents and friends and employers and employees. Change a perspective, change a tire for a stranger. Listen instead of being the first one to speak. Volunteer or support those that do.

Come on, people; let’s make a real difference. Let’s effect change for the positive. Let’s start a renovation in the biggest room in our house!

Doug Lawrence thinks a lot about houses, being a real estate broker with Keller Williams Realty. Doug lives on Fox Island and has been a Pierce County resident since 1990. He would be happy to help YOU find YOUR perfect house; you can contact him at dlawrence@kw.com or visit his website, http://www.douglawrencerealestate.com.

 

Love Where You (Sometimes) Live

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Recently I had the pleasure of traveling back to the Midwest—my first foray into that part of the country. Fortunately for me, I was in good company. We spent four fabulous days in Door County, Wisconsin with dear friends who are fortunate enough to suffer from place attachment to two distinctly different places (for an understanding of what place attachment is, please see my two previous posts).

Door County is the thumb of land that rests between Green Bay and Lake Michigan. It is comprised of several small but quaint towns and is somewhat of a vacation Mecca for people who live in the Midwest. Each of these little towns has its own nuance, and is filled with its own unique delights.

Our discoveries were extra special because we were the beneficiaries of a built-in tour guide with a severe case of place attachment. You see, our friends have a much-loved vacation home in Door County in the quaint town of Egg Harbor, which has a whopping year-round population of 201. We happened to be there on one of the biggest weekends of the year: the annual Pumpkin Patch celebration. They closed down the streets of the village, and filled them with arts and crafts and fresh food vendors (think caramel apples, homemade butternut squash soup, corn on the cob dripping with butter, deep fried cheese curds, and even a roasted pig!).

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Our hosts took us on a tandem bike ride through Peninsula State Park, where we stopped at the charming lighthouse overlooking the Strawberry Channel. We enjoyed amazing homemade fresh bread in sandwiches from the Macready Artisan Bread Company in Egg Harbor, and laughed hilariously at the down-home Wisconsin humor of “Guys and Does,” a musical production by Northern Sky Theater.  And, we ate one of the best steak dinners we’ve ever had at Donny’s Glidden Lodge on Lake Michigan.

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We saw a lot in a short amount of time because our host is so attached to his home away from home. It got to me to thinking, if I could pick anywhere to be place attached to, besides where I live now, where would it be? What would it be like to not just visit there, but to actually live there part time?

Obviously, many people who are snowbirds live out this scenario, annually fleeing cold northern winters for the warmth and sun of the southern parts of the world. Some people like to have a lake house, a place by the seashore, or perhaps a cozy cabin in the woods or a ski chalet in the mountains.

If I were to have a second home, I would like a waterfront retreat within driving distance of where I currently live—far enough away to feel like a get away, but close enough for us and our adult kids to easily reach it. I even have my eye on a place! I envision a small picturesque home on a saltwater beach with plenty of indoor and outdoor space for our active family. When the timing is right, I hope to make that a reality.

How about you? Where can you see yourself loving a new place to live—without giving up your first home? If the timing is right for you to start looking for that place, I encourage you to give me a call, whether your destination is close by or far away. If your chosen location is out of state, I can help you make the right connections. I understand and celebrate the joy of place attachment, and would count it a privilege to help you find your own “home away from home.”

Doug Lawrence loves to travel and find new places to love, although most of the time he makes his home on Fox Island in Washington State. He has been a Pierce County resident since 1990 and is a huge fan of the Pacific Northwest. Doug is a real estate broker with Keller Williams Realty and would be happy to help YOU find YOUR perfect place, too! Contact him at dlawrence@kw.com or visit his website, http://www.douglawrencerealestate.com.

Love Where You Live: Place Attachment

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In my last post, I talked about how much I love the beautiful part of the country where I live. I enjoy it. I brag about it. And I miss it when I’m away.

Apparently, I’m suffering from a syndrome called “place attachment.”

Yes, it does exist (you can look it up). And it ‘s a good thing. “Place attachment” basically means exactly what it says: you are attached to the place you live. An article in Psychology Today explains it, “It’s a love for your city, a belief that this, right here, is your place. It’s a sense of local belonging. It’s an emotional bond based on mutual history, responsibility, and affection.” People who experience place attachment:

  • are generally happier
  • are less anxious
  • have more friends
  • live longer
  • are more involved in their communities

How do you know whether you’re truly attached to the place you live now? Start by answering these three basic questions:

  1. Does where you live say a lot about who you are as a person?
  2. If you could move anywhere right now, would you stay in your town?
  3. Does your city feel like home?

If your answer to any of these questions is yes, you’re likely place attached.

But what if you’re not attached to where you live, and you want to be? Well, you could move (and if that’s the case, please give me a call!). But that option aside, there are some things you can do to increase your sense of rootedness and grow more attached to the city where you live. My wife and I moved our family to Gig Harbor around seven years ago, so our place attachment has grown over time. Here are some ways we were intentional about getting to know our community:

  • we attended high school football games on Friday nights (where we established some great friendships)
  • we joined a church
  • we joined a gym
  • we tried some new things (for us, that included kayaking, paddle boarding, and hiking)
  • we attended local activities, events, and attractions (annual town parade, free concerts in the park, museums and art shows, etc.)
  • we shopped local and got to know business owners
  • we ate out at local restaurants
  • we got to know our neighbors

With such potential for happiness, health, and longevity, I encourage everyone to aspire to love where they live. Truth be told, it has less to do the with the place than it does to do with us and the way we view it.

“To foster attachment, your town doesn’t need to be the platonic ideal of a city, just as you don’t have to be particularly gorgeous, clever, or wealthy to love and be loved by others. You can adore a town that everyone else hates and still accrue the physical, emotional, and social benefits of place attachment. Your town just has to make you happy. When it does, you want to stay.”

–Melanie Warnick, This Is Where You Belong: The Art and Science of Loving the Place You Live

Do you love where you live? If not, what are you going to do about it?

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Doug Lawrence loves living on Fox Island in Washington State. He has been a Pierce County resident (on both sides of the Narrows Bridge!) since 1990 and is a huge fan of the Pacific Northwest. He is a real estate broker with Keller Williams Realty and would be happy to help YOU find YOUR perfect place, too! Contact him at dlawrence@kw.com or visit his website, www.douglawrencerealestate.com.

Love Where You Live

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I love where I live. I realize that’s not the case for everyone; in fact, on more than one occasion I’ve been accused of overselling my community. People will remark, “Your city can’t be THAT great,” or, “You make it sound like you live in Paradise!”

Truth be told, I DO think it’s a little bit of paradise.

I love where I live for many reasons: it’s beautiful. It’s what I consider to be convenient. It has a great sense of community.

“Where I live” happens to be Fox Island, Washington, a quaint bedroom community that’s part of the general Gig Harbor area. I often comment that when I cross the bridge to our island, it feels like I’m on vacation. Being on vacation every day—what’s not to love about that?

Another thing I appreciate about my community is how active people are around here. And it’s rubbed off on me! Gig Harbor just happens to be the “Gateway to the Olympic Peninsula,” a veritable smorgasbord of natural beauty and opportunities to enjoy the outdoors. One opportunity my wife and I took advantage of this summer was to hike the Dungeness Spit up near Sequim.

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Five miles in length, it is North America’s longest naturally-occurring spit. At its far tip is a charming, historic lighthouse. Once manned and operated by the US Coastguard, its light is maintained today by a corps of volunteers who join the lighthouse association and serve a week at a time as lighthouse keepers. Arlyn and I have put that on our bucket list! (In the meantime, the 11-mile round trip hike was challenge enough for us.)

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That foray to the Peninsula also led us to Sol Duc Falls, up past Port Angeles and Crescent Lake in Olympic National Park. This comparatively short hike yields extremely high rewards as you walk through the lush, old growth forest and come out on the breathtaking Sol Duc River as it carves its way down the mountain. Yep, paradise.

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Can you see why I love where I live? These are just a couple of examples of what I’ve got in my own back yard. What’s in yours?

Doug Lawrence is professional real estate broker who is delighted to earn a living helping people live where they love and love where they live. You can reach him at dlawrence@kw.com or at his website www.douglawrencerealestate.com.