Dan O'Donnell

RE/MAX Whatcom County, Inc.

The majority of my clients come by referral. This means I can spend my time providing excellent personalized service for my clients. As a result, my valued clients refer their friends, family and coworkers to me for real estate advice. I am committed to building strong, lasting relationships, one person at a time. Who is the next person you know who is considering purchasing or selling real estate?

Pricing to sell in today's market

08-27-08

Accurately pricing a home is key in todays market. Your price should be based on recently sold properties, preferrably within the last six months, and currently listed properties as similar to yours as possible. If your home has been on the market for six weeks or more with no offers, it is likely time to adjust the price.

The below video gives a great glimpse at a real example of a price adjustment, and the effect it had on the sale of the home.

Kiyosaki: "How do I benefit from the current economy?"

08-26-08

Watch Video Robert Kiyosaki and some of his closest advisors explain our current economic situation and how to benefit from volatile times. Kiyosaki is a successful investor and the best-selling author of "Rich Dad, Poor Dad", and many other widely read financial books. He explains where real estate investing, along with other strategies, fit into our economic times, and why saving alone is not enough.

This video is part four of a four part series, the rest are all on youtube as well.

Please feel free to call or email if you or your friends and family need anything in real estate, I'm happy to help. Sincerely,

Dan O'Donnell, 360-220-7157

RE/MAX Whatcom County, Inc.

3 Comments

Bellingham area real estate outlook

08-26-08

According to an August 12th article in The Bellingham Herald, Bellingham area home prices posted a 1.2% decline in the second quarter of 2008 as compared to the same quarter of 2007. This small decline is a far cry from what the evening news might lead you to expect. Also, according to the same article, Bellingham foreclosures accounted for only 3.5% of total sales, compared to the national average of 14.5%.

The general real estate slowdown has certainly had an effect on our market, but not nearly to the same degree as in many other areas. What this says to me is that Bellingham is a very desirable area experiencing a small price correction. This correction comes as no surprise following a great run of price growth from 2003-2006. I believe the area will continue to outperform most other parts of the nation.

Population continues to rise in Whatcom County and plenty of retirees are choosing the area both for travel and relocation. As for the exact local effect of the 2010 Olympics in Vancouver, no one knows for sure, but it sure can't hurt. No matter what the national real estate market does, Bellingham will continue to attract people looking for mountains, islands, and mild weather. Not to mention our proximity to Seattle and Vancouver.

These market slowdowns do not last forever, and are a great opportunity to invest in local real estate. Whether you're a fist time homebuyer, or considering buying your next rental property, either one can have a huge positive effect on your long-term wealth. I encourage you to read the full Bellingham Herald article cited earlier, and the paper's other recent articles on the local market.

Dan O'Donnell, 360-220-7157

RE/MAX Whatcom County, Inc.

Selling your home in a slower Bellingham market, can it be done?

08-22-08

Keys to selling your Bellingham home

Yes, you can sell your home in this market. However, the market is slower than it has been. Home sales by number of transactions was down about 25% in the second quarter of 2008 compared to 2007.

There are fewer buyers out there than in past years, but the fact remains, you only need one buyer. The market statistics are interesting and worth looking at, but don't get too hung up on them. Your home will not 75% sell or 25% not sell, it will either sell or it will not sell, period.

How do you ensure you are one of the "solds" as opposed to the properties just sitting on the market gathering dust?

Get an experienced agent. You want someone who has dealt in a slow market before and is confident they can get results for you. Experience and references are key when selecting your Realtor. Don't just flip a coin, ask them how long they've been in the business and ask them for some references. The right agent will be able to guide you through all other items below.
Price your home competitively. Your home's price should be based on market "comps" (short for comparables), homes for sale and sold in the last 6 ideally. These "comps" should have similar numbers of bedrooms and bathrooms, square footage, year built, and as nearby as possible. Put yourself in the mindset of a buyer, what is your home worth relative to these comps? Buyers do not care what you paid for the property when you bought it, or how much you need to sell it for, they are looking only at the market. If you have no offers after 4-6 weeks it's probably time to revisit the price with your Realtor.
Stage your home to make a great impression. "Staging" is preparing your home to look it's best. It includes decluttering, touch up painting, edging, trimming, eliminating unneeded furniture etc. In Bellingham our climate is moist and we have lots of trees, so a pressure wash can be a great idea for gutters, sidewalks etc. Also, check the roof for moss and clean out the gutters. A previous post of mine goes into more detail on staging and has a great video you can watch at http://activerain.com/blogsview/642448/Great-video-on-staging .
Have some patience. The average market time around the Bellingham area is around three months. Keep the home in tip-top shape, and keep up the positive expectation. Buyers feel that they have time to look around a bit in this market. If your home doesn't sell in the first few showings, that's perfectly normal. Every buyer has different needs and it just takes the right buyer for each unique property.

If you have any questions about selling your Bellingham or Whatcom County home, please feel free to call me any time. I'd be happy to talk with you at no obligation. Thanks for reading,

Dan O'Donnell, 360-220-7157

RE/MAX Whatcom County, Inc.