Tag Archives: Washington State

On Low Inventory: From Challenge Comes Opportunity

The last few months have been a bit frustrating for a number of my clients as it took longer than anticipated for them to secure contracts on new homes. Finding suitable and available houses, and then securing the winning bid among competitors, has been a challenge!

My clients are not alone when you look at what’s going on around us: low inventory is the foremost issue in the housing market right now. Buyers in today’s market in our area face relentless demand for a scarce supply of reasonably priced homes. In fact, in a recent survey by the National Association of Mortgage Professionals (NAMB), fifty-eight percent of mortgage professionals cited low inventory as the biggest hurdle for homebuyers today.

The inventory dilemma has even overshadowed concerns about mortgage lending standards. These standards, which some still view as too strict, have relaxed since the early, strong-armed days post-recession. In fact, according to a recent survey by Fannie Mae, more lenders have taken steps to open up access to credit since the start of 2017, and more plan to continue to do so in the future. This is good news! And coming up with enough money for a down payment has also become less of a factor, according to the same NAMB survey.

I was glad to be alongside my clients, helping them navigate this challenge, and ultimately helping them find and secure their homes. At the same time, my clients who are sellers have also appreciated the  professional assistance to deal with multiple offer situations.  Face value is not always an accurate representation of reality. That’s why having an experienced real estate agent is more important than ever to help both buyers and sellers navigate this intensely competitive market.

Undeniably, there are fewer homes on the market—but there are also many opportunities. How will you use today’s environment to your advantage?

Doug Lawrence is an agent with Kellers Williams WestSound in Gig Harbor, Washington. You can reach him at dlawrence@kw.com for advice or assistance on your upcoming home sale or purchase.

Love Where You Live: The Adventure

In other posts, I’ve written about the joy of loving where you live, and I certainly do! (When I say “love where you live,” I’m not just talking about the space you occupy, your home, or the town you live in, but also the region you inhabit.)

Loving the region where you live can take a bit more work than simply loving the house you live in, making an effort to get out and discover it to appreciate it. I thought about that recently when I had the privilege of accompanying one of my sons-in-laws on an overnight backpacking trip to one of his favorite places: La Push, Washington.

Not all destinations are easy to get to and this was one of them. La Push is a wild place where land meets water and jagged rock formations make stunning silhouettes against the brilliant red sun when it sets over the Pacific Ocean off Washington’s west coast. First, Second, Third, and Rialto Beaches are highly recommended there; we chose Second Beach, a mile-long stretch with several freshwater streams that meander from sand to sea. It’s one of the few places I’ve encountered where you’re still free to help yourself to driftwood for a fire.

You can’t see Second Beach by just pulling off the freeway at one of those visitor viewpoints and jumping out of your car for a quick look. No, this is one of those places that requires some planning and attention to detail to get there. So, we diligently packed our backpacks, grabbed our bedrolls and—oh, did I mention our bear cans?—and set out.

Once on the beach, we found a place to make camp: close to fresh water but far enough away from other campers to make us feel like we were miles away from anywhere and anyone. The continuous sound of the waves was both our lullaby and our alarm clock. No cell phones, no computers. It is some of the best of the wild that Washington has to offer.

This kind of adventure reminds me that many times, the best things in life take work to experience and appreciate. Loving where you live can require planning and preparation, not at all unlike buying and selling real estate. Buying a home—or selling one—is admittedly a lot of effort. But it also can afford you that sweet spot of being in a place that’s perfect at just the right time in your life.

My ocean adventure was worth every bit of effort it took to prepare for it and get there. It reinforced my conviction that the best things in life require effort—and reminded me how much I love where I live!

(c) 2017 Doug Lawrence. All Rights Reserved.

Doug Lawrence is a licensed broker with Keller Williams West Sound in Gig Harbor, Washington. He loves the opportunities the real estate profession gives him to help people love where they live! If you’d like to buy, sell, or invest in real estate in the Pierce or Kitsap County area, give him a shout (or a call, or an email): dlawrence@kw.com or 253.341.5287.

Approach Your Move with Confidence

May is often a month of transitions. As I write this, we are in the process of collecting our youngest daughter from her university, packing up her apartment, and moving her belongings into storage for the summer. Next year, she’ll be in a new apartment, bigger, better, with more amenities and opportunities. Out with the old, in with the new.

This is but one of many transitions she will encounter throughout her adult life. According to the US Census Bureau (2007), the average American moves around 12 times in his or her lifetime. That’s a lot of packing and unpacking!

Moving to a new home can be overwhelming and sometimes downright daunting, whether we’re transitioning from one college apartment to another, or downsizing from a family home to an empty nest condo. Maybe it’s moving up from a starter home to a second home, or the consideration of a rental or vacation property. How we approach these moves makes all the difference in the world.

Here are some pointers for helping you approach your transition with confidence and enthusiasm:

  1. Prepare. I learned early in my life that “prior proper planning prevents poor performance.” Don’t be that person who starts packing the night before the movers arrive. Start early. Make to-do lists. Delegate jobs for friends and family members. Schedule help and/or the moving company well in advance. If you have small children, arrange for away-from-the-house childcare; animals can go to the kennel for the day.
  2. Purge. Take this opportunity to get rid of excess possessions you can live without. Decluttering is cathartic—not to mention it makes moving a whole lot easier on your back (and on the friends who help you move!). As soon as you know your move is imminent, start packing away (or giving away) anything you know you won’t be using between now and your move. A great rule of thumb is: if you haven’t used it in a year, it can go. If you have adult children who have moved away, now is the time for them to claim their stuff—or lose it!
  3. Be Proactive. Where are you headed? Research your new community ahead of time. Have an idea of schools, restaurants, places of worship, community organizations, recreation activities, etc. that appeal to you so you can jump in right away and feel connected as soon as possible. This will help build anticipation toward your new destination, and help alleviate the feelings of loss about your old one.

Doug Lawrence is a real estate broker with Keller Williams West Sound in Gig Harbor, Washington. He and his wife have already beat the national average, having moved 13 times in their 34 years of marriage! Every single move has been an adventure in and of itself. Doug’s motto is “Love where you live!” If you’re ready for a transition of your own, he’d be delighted to help make your dream a reality. You can find him at www.douglawrencerealestate.com or dlawrence@kw.com 

Photo Credit: Nicholas Huk

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 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 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.

A Taste of Washington

2014 may possibly go down as the busiest year ever in the Lawrence household. It began with a Seahawks SuperBowl victory and celebration, and included a wedding, a move, and a back injury (all in the same month). And it seems like a steady flow of guests ever since. After all that, Arlyn and I did carve out some time to explore some of our own beautiful State of Washington. We explored the Yakima Valley and the gorgeous hidden jewel that is Walla Walla and all the sites and tastings that the east side of our state had to offer.

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A nice meal in downtown Walla Walla, WA (which is on Fodor’s List of the 10 Best Small Towns in America)

We toured the Westside’s urban landmarks with our amazing British friends and we explored the pebbled shore of the Dungeness Spit in the wind and rain.

DungenessSpit

We also took delight in sharing some of Washington State’s culinary treasures. Have you ever been to the Oak Table Cafe in Sequim, WA? As we speak they are opening a new location in Silverdale to replace an existing location in Kingston, WA. However, to get the true, authentic experience you MUST try the original location in Sequim. And as part of the experience you must try the apple pancake. It is a huge, molten, puffy delicacy of apples and brown sugar that will remind you of an apple fritter on steroids. It is far to large for most people but order one for yourself because the leftovers are amazing.

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Friend Peter visiting from the UK tackled an Oak Table Apple Pancake!

If you don’t have the time to drive to Sequim, I do have a suitable substitute that I am willing to share with you for the right price: Free, of course. 🙂

I have used this recipe a couple of times and it is easy to adapt if you are so inclined, I like the fact you can put it all together the night before if needed. I made this a couple of weeks ago for a house full of high schoolers and it received great reviews. Click on this link for Baked Cinnamon Apple French Toast.  You’re in for a treat.

Enjoy!