New real estate column
My name is Steve Sloboda. I work with clients all around the service area of this publication and live in Lakewood. I'm Associate Broker with Windermere Real Estate/Paragon Co. in the University Place office.
From this point forward I plan to contribute real estate related stories, statistics, and opinions a couple times per month. As this develops I welcome your feedback, suggestions, and questions. Please feel free to visit my website at www.stevesloboda.com to learn more about my business and to contact me direct.
Now that the introductions are over, let's get to the bones of my first contribution. According to a recent release by Zillow.com, residential real estate average values in our local neighborhoods have dropped over the last year. You probably knew that already. What you didn't know (more than likely) is specifics by town.
The numbers by town are: (1 year change)
These numbers seem large but in comparison to the big gains over the last 5 or 6 years, it is really nothing more than a small blip on the long term stat chart. These numbers are still below the United States average of -9.7%.
My take is that we are close to the bottom of declining values for awhile. In our area, recent activity has been increasing and most people I come across (in and out of the real estate industry) seem to be optimistic about local real estate trends in 2009.
If you are considering an investment in residential real estate now is the best time in recent history to take advantage of a rock solid buyer's market. If selling now, or considering selling soon, be patient. Educate yourself and be realistic about current local values as you negotiate your sale.
More will follow in the coming weeks. I look forward to your comments as I contribute to The Suburban Times.
Steve Sloboda is Associate Broker at Windermere Real Estate/Paragon Co. in the University Place office. Steve lives in the Oakbrook neighborhood of Lakewood with his wife Amity, and their two young children. For more information or to contact Steve direct please go to www.stevesloboda.com
Buy a Home Now?
By Steve Sloboda for The Suburban Times
Why Buy a Home Now? Let me share some reasons that make sense:
First, there is no doubt that the local real estate market has adjusted dramatically. This adjustment is very favorable for Buyers. Earlier this year there was still some denial from Sellers (and the real estate industry) that prices were coming down and inventory was increasing. That mindset led to a continuation of higher asking prices. As sellers have lingered on the market their motivation to sell has increased and they have realized that their asking price points have been too high. Now, prices are coming down and qualified Buyers are able to take advantage.
With many choices on the market and very low interest rates, the time is right to make that step. If you have been watching the news lately you might have been worried about where the residential real estate market was headed. The Government seems to be doing all they can to stimulate the Country's housing situation. The new $7500 tax incentive for first time buyers, the potential mortgage buyout, and the loosening of recent credit restrictions are just a few examples. Soon after the New Year most of these packages will be in full swing. Some already are. This will hopefully reverse declining home values and even out the market.
As this year comes to an end and the new year approaches, Buyers are able to maximize their buying power by carefully studying the market, identifying exactly what they want in terms of neighborhood and home amenities, and by working with a knowledgeable real estate agent that will provide information and negotiate terms strategically on their behalf.
My next submission will be a year end review and a list of some interesting neighborhood statistics. I appreciate the wonderful feedback I received from my first submission. Also, thank you to everyone that congratulated me for my recent addition to Seattle Magazine's list of Five Star - Best in Client Satisfaction Real Estate Agents. That was a big honor and I appreciate your well wishes. I look forward to seeing more of your comments as my contributions to The Suburban Times continue.
Steve Sloboda is Associate Broker at Windermere Real Estate/Paragon Co. in the University Place office. Steve lives in the Oakbrook neighborhood of Lakewood with his wife Amity, and their two young children. For more information or to contact Steve direct please go to www.stevesloboda.com.
Maximize equity in your home!
By Steve Sloboda
Home equity is the value you own in your home. If you have a mortgage, equity is simply the value of your home (determined by market price) minus the amount you owe. As the value of your home increases or as you pay off your mortgage, your equity grows.
Let's focus on what you can do to raise the value of your home and, therefore, maximize its equity.
A good place to start is in the original home search. Being an informed purchaser can increase potential. Look for homes in "up-and-coming" neighborhoods near or around "hot" or "overvalued" areas. Prices just outside those areas usually catch up fast, allowing you to buy lower and sell higher. Being ahead of the market up front is the first key to gaining equity.
Another way to gain equity is to look for the least desirable house in the most desirable area. You can make cosmetic improvements yourself to increase value and catch up to those surrounding the home. Paint, carpeting, windows, kitchens and bathrooms are the common areas where you can get the most bang for the buck.
"Sweat equity" is the term used to describe putting your own skills to use in order to gain real dollars toward your home's bottom line. Good, old-fashioned hard work to update an older home or spruce up a forgotten gem can pay off in many ways.
There are also many ways to maximize your home's equity with the strategic use of creative mortgage programs. It is important to consult with a mortgage professional to make sure you are getting the best program available for your desired results. Most mortgage brokers will have quite a few options from which to choose.
When working with a real estate agent, it is to your advantage to communicate your goals so he or she can put together a plan to help you reach your desired results. Working with a team of professionals that you trust will help you become educated and informed throughout the home-buying process.
There are many advantages to having the ability to tap into the equity in your home, some of which are:
Having equity in your home is a valuable asset. Taking steps to maximize your home equity is a great way to empower your personal financial status.
Steve Sloboda is currently Associate Broker at the University Place, WA office of Windermere Real Estate/Paragon Co.
"You can have whatever you like."
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