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Homeownership Myths Debunked
If the dream of homeownership often feels unattainable, consider analyzing what you hear and assumptions people often make. Cherie Kesti, Penrith Branch Manager and Mortgage Consultant, has heard many myths and misconceptions. She has over 20 years of experience in the home financing industry. So, we asked if she would provide the facts, and she graciously agreed. Here are 10 homeownership myths debunked.
Cherie Kesti, Branch Manager/Mortgage Consultant, NMLS #754397
Myth #1: I need a 20% down payment
If you have a 20% down payment, great. However, you may qualify with as little as 3% down if you’re a first-time home buyer. Even 5% down is a possibility if you’re not a first-time home buyer purchasing your primary home. Also, there are -0- down payment loans such as VA and USDA as qualifications allow.
Myth #2: I’ll wait to buy with today’s interest rates
Waiting could cost you. First of all, home values will increase over time. Then, if interest rates do fall again, there will be much more competition to purchase homes. This could make it more difficult to get the home you want. Look at it this way: marry the house and date the rate. You can always refinance the mortgage rate if they drop again. Conversely, you may not be able to purchase at the same level in a year or two or three from now.
Myth #3: I can’t qualify for an investment home
Did you know you can purchase a 2 – 4 family home, live in one unit, and then collect rent on the units that you don’t occupy as your primary home? Plus, you could do this with as little as 3.5% down payment!
Myth #4: I need a 720-credit score
There are mortgage loan programs available for buyers with lower credit scores.
Myth #5: I’ll never have enough for a down payment
There are down payment assistance programs available to help cover the down payment and some closing costs based on qualifications. In addition, did you know that a monetary gift from a family member is allowed and an acceptable source of down payment and closing costs? Did you know that you may be able to borrow money from certain retirement accounts to access funds for a down payment on a home?
Myth #6: Renting is cheaper than homeownership
If you move around a lot, yes, renting might be cheaper. However, if you’re putting down roots, homeownership has traditionally proven to be a positive financial investment with appreciation over a period 5 – 9 years. Typically, if you put down the minimum down payment at the time of purchase, it is recommended that you stay in your home long enough for the equity to build. Typically, this means having enough equity to cover your selling costs. Selling costs may amount to about 8% to 9% of your sales price.
Myth #7: Bankruptcy/ foreclosure ruined my chances
If this kind of event happened one to four years ago, you may be able to qualify for a new home loan. Never lose hope! Always call and ask.
Myth #8: Pre-qualification is the same as pre-approval
Pre-qualification usually means that your loan application and credit have been completed successfully online, and that’s all. However, pre-approval goes further. It means your supporting documents have been reviewed & approved by a formal underwriter who has approved your loan terms and conditioned the approval for property-related items such as a purchase agreement, appraisal, title report, and homeowner’s insurance for the new home. It is best to be fully approved before putting yourself under a legal contract to purchase a home. This will prevent unforeseen qualification blunders.
Myth #9: Self-employed= financing is impossible
When approval on a traditional mortgage loan seems impossible for a self-employed borrower, stay positive. There are mortgage loan programs where qualifying on the income received in business bank statements will be the answer to a successful approval.
Myth #10: You need a social security number
With at least one year of employment history, a valid ITIN card, or an IRS letter, financing a home may be possible. It could even be possible with as little as 15% down and credit scores as low as 600.
Homeownership is possible even in today’s housing market with rising prices and interest rates. First and foremost, take the time to speak with a lender to go over different loan options and programs. As Cherie Kesti said, “Never lose hope!”
If you have additional questions, contact Cherie.
New Agent Spotlight: Nicole Quinene
A veteran, longtime Kitsap local, and specialty contractor, Nicole Quinene possesses the skills and knowledge to empower homebuyers and sellers. She recently joined Windermere Silverdale, and we’re so happy to have her. Learn about her background, interests, and more in our Q&A.
What drew you to real estate?
My interest in real estate is multi-layered, encompassing both a goal of learning about property management and my genuine desire to educate individuals on the power of real estate investment. My journey began with a focus on property management. However, I felt it was crucial to explore real estate sales to find out if my true passion lay in home sales and education, before fully committing to property management. The more time I spend in the world of real estate, the more I realize my passion is to educate homebuyers and help them unlock the full potential of property ownership. That emerged as the primary focus of my interests. Additionally, my fascination and background with homes in need of remodeling have sparked an interest in the potential investment opportunities they offer.
My motivation as a broker is driven by a profound desire to empower individuals to invest in their future through real estate. I am motivated by a strong sense of purpose to support individuals who may not have had adequate access to information about property ownership and investment. Additionally, I fully recognize the potential investment opportunities presented by homes in need of remodeling, seeing them as not only a chance to revitalize properties but also to unlock their full financial potential for buyers.
My aspiration is to be an advocate for education, to share invaluable insights, and to shape perceptions surrounding home ownership and its profound impact on individuals’ futures.
What unique professional experiences enhance your abilities as a Realtor?
As someone new to the real estate industry, my background as a specialty contractor equips me with a unique set of skills and insights that I believe will enhance my effectiveness as a realtor. This experience enables me to guide clients through properties, identifying potential opportunities for improvement along the way. Drawing from my problem-solving skills, honed through navigating unforeseen challenges at job sites, I am confident in my ability to address any issues that may arise during real estate transactions, finding creative solutions to ensure a positive outcome.
Furthermore, my experience in customer service, cultivated through direct interactions with clients, allows me to build strong relationships and communicate effectively. I believe these skills will contribute significantly to my ability to provide exceptional service throughout the home buying or selling process.
Overall, I am optimistic that my background as a specialty contractor will enrich my abilities as a realtor, offering valuable skills, knowledge, and perspectives that will contribute to my success in the industry.
What personality traits do you think are important in this profession?
As a new real estate agent, I believe certain personality traits are crucial for my success in this profession. Firstly, emotional awareness and understanding are vital. Being empathetic and attentive to clients’ emotions helps build trust and address their needs effectively. Effective problem-solving skills are also key, enabling me to navigate challenges and find creative solutions to meet clients’ goals. Additionally, resilience is essential for overcoming setbacks and maintaining a positive attitude in the face of rejection and adversity. Adaptability is another critical trait I believe to be important, allowing me to adjust to new situations and remain flexible in a constantly changing environment. I believe as a real estate agent having perseverance is fundamental in having determination in pursuing goals, even in the face of challenges. Lastly, my curiosity drives continuous learning and growth, motivating me to seek out new experiences and expand my knowledge.
Which areas do you serve, and what do you love about the area?
I primarily serve Kitsap County, focusing specifically on the communities of Bremerton, Silverdale, and Port Orchard, which offer immense potential for investment. These areas boast a dynamic mix of urban amenities and scenic landscapes, with the natural beauty of Puget Sound alongside easy access to the vibrant city life of Seattle, and close proximity to Pierce County.
Kitsap County provides a diverse range of housing options, catering to various preferences and lifestyles, appealing to both homebuyers and investors. In particular, Bremerton, Silverdale, and Port Orchard are prime locations with ample opportunities for development and remodeling projects, offering exceptional investment potential.
How long have you lived here and what brought you here?
In 2000, my family moved from Guam to Bremerton when I was starting high school because of my father’s job transfer. I spent several years away from Washington while serving in the Air Force as a medical technician, and I returned to Washington because much of my immediate family still resided here.
How are you involved in the community?
My husband and I own a small business that primarily services the Kitsap County area. Additionally, I find fulfillment in giving back through volunteer work at our church, where I dedicate my time to caring for children in the nursery and toddler classroom. I recently enrolled with my oldest daughter in a Chamorro cultural dance class located in Tacoma, which offered a wonderful opportunity to immerse ourselves in our heritage and connect with others in the community.
What made you decide to work with Windermere?
When considering which real estate agency to align myself with, my decision to work with Windermere was clear from the start. Despite not having personal experience with Windermere, I was aware of its highly professional reputation. It was important to me to align myself with a company that has a strong presence and established roots within the community. Windermere’s longstanding reputation and commitment to excellence made it the obvious choice for me. I wanted to immerse myself in an environment where I could learn from experienced professionals and contribute to a brokerage that is truly part of the community it serves.
If you’re interested in learning more about Nicole Quinene, you can check out her website, which contains local resources and helpful real estate tips. You can also follow her on Facebook or connect with her on Instagram.
Welcome to the Windermere family, Nicole!
New Agent Spotlight: Tasha Dwinell
Working with a real estate agent who is a lifelong local comes with many advantages. Meet Tasha Dwinell. She recently joined our Windermere Silverdale team and has lived here her whole life. Tasha is passionate about delivering excellent service to homebuyers and sellers. Learn about her interesting background in our Q&A below.
What drew you to real estate?
I have always had a passion for real estate, but more importantly, a passion for helping people. I want to connect with others and help them navigate this crazy industry while also helping them buy or sell a home.
What unique professional experiences enhance your abilities as a Realtor?
I have worked many different jobs in many different industries, but specifically, working in a restaurant for many years provided me with the most important skills. I have always said that everyone should have to work in some type of customer service position at least once in their lifetime to fully appreciate and understand how to effectively communicate with others.
What personality traits do you think are important in this profession?
I feel that having a strong work ethic and being able to communicate with people are traits that are very important in this profession.
Which areas do you serve, and what do you love about the area?
I don’t feel like I have a boundary to the areas I serve. Having lived here all my life, I know a lot about this area and am proud to say that I love it here! I love our location and feel like we are secluded, yet an hour away from the big city life. The weather may be trying at times, but overall, I feel like this is truly the most beautiful area I’ve ever seen. The outdoor activities are endless, and I honestly can’t see myself living anywhere else!
I am also excited to get more involved in our community. I have a passion for helping people and would love to connect with the local food banks or homeless shelters. Also, I enjoy helping animals and will be looking into volunteering at the Kitsap Humane Society and/or rescue groups to volunteer my time.
What made you decide to work with Windermere?
I was always familiar with Windermere and knew I wanted to work here. Once I had my interview, there was no question in my mind as to where I would be hanging my license. I can’t say enough great things about this office! It’s truly heartwarming to be surrounded by co-workers who are not only helpful but also create a family–like atmosphere!
We’re so glad Tasha joined our Windermere Silverdale team! If you want to learn more about Tasha Dwinell, check out her website.
Buy Before You Sell with a Bridge Loan
If you’re thinking of selling your current home in order to buy a new one, you may be feeling overwhelmed. Selling a home poses numerous challenges, and buying a home in a desirable market such as ours can be a rollercoaster. A bridge loan can be a useful solution. Let’s explore this further.
Bridge Loan Basics
A bridge loan is a short-term financial solution that enables homebuyers to access a portion of the equity in their current property. For many homeowners, this involves using the equity from their existing home as a down payment for a new one, thereby enhancing their immediate cash flow. Bridge loans, similar to home equity loans, are secured with their current home as collateral.
Due to their higher risk, certain criteria must be met to qualify for a bridge loan. Lenders typically seek a low debt-to-income ratio, a positive credit history, and substantial equity in your current residence. Consequently, some homeowners may find it challenging to meet the requirements for a bridge loan.
Benefits of the Windermere Bridge Loan
We offer our clients an exclusive bridge loan program. The Windermere Bridge Loan uses the equity from your current home so you can make a non-contingent offer on a new one. When determining the bridge loan, Windermere looks at the amount you owe on your home in addition to the bridge loan. When combined, these two loans cannot total more than 75% of the value of your current home.
The Windermere Bridge Loan increases your competitiveness as a buyer and alleviates the pressure of selling your current home before purchasing a new one. Waiting for your current home to sell could mean losing your ideal home to someone else. Sellers find non-contingent offers more appealing. So, the Windermere Bridge Loan ensures a smoother closing process. We specialize in streamlining the home buying and selling process, and our highly rated local experts are here to assist.
Many of our agents have used this program and have had great success. The approval process is straightforward and only takes a few days. Additionally, no payments are due on the loan before your home closes. The principal and interest payments are due either when your current home sells or within six months after receiving the disbursement, whichever occurs first.
Additional Information
Please review the new real estate law changes so that you are aware of how they impact homebuyers and sellers. We’re happy to answer any questions you may have.
If you’re wondering about buying a house out of state, we’ve answered some frequently asked questions on that topic. And, check out these 8 tips when preparing to sell.
Buying a House Out of State – FAQs
Buying a house out of state can seem overwhelming, but there are important steps to take and things to do that will help set you up for success. You might be relocating for a new job, the military, or to be closer to family. Or, perhaps you want to purchase a summer home or a rental property. Whatever the reason, the information below will answer some frequently asked questions (FAQs) associated with buying a home from afar.
What are the costs associated with buying a house in Washington state?
First and foremost, buying a house in Washington state means factoring in the cost of living and housing prices in different areas. For example, Washington homebuyers can live in the city of Seattle, in nearby suburbs, or in more rural areas. The cost of living in different parts of our state varies. Check out Bankrate’s cost of living calculator to get a sense of housing costs compared to where you live right now. The property tax rates also vary by state. Additionally, real estate laws, closing costs, and even the climate can impact your home-buying decision. Learn more about purchasing a home in Washington state, and check out our informative video below to learn about the new WA state real estate law changes.
What should I consider when looking at homes on the market?
Before spending hours looking at homes online, ask yourself these important questions to narrow your search and identify your wants and needs:
1. Will this home be your primary residence, a rental home, a vacation home, or a vacation rental?
If the new home will be rented out, consider the pros and cons of managing the property personally or finding a property management company to handle marketing, screening tenants, home repairs, and more.
2. When thinking of the price, the number of bedrooms and bathrooms, the square footage, the kitchen’s layout, the neighborhood, and more, what do you need to have and what would you like to have?
3. Do you want a turnkey home or a fixer-upper?
4. What do you look for in a community? Think about if you want any amenities to be within walking distance or a short drive. Consider local schools, commute time, and opportunities for community involvement.
These are all important considerations to list out before you get wrapped up in pictures online. There are many beautiful places to live, but finding the place that will suit you best is key. Doing this from a distance (across states or overseas) can be tricky. That’s why creating a crystal clear picture of what you need and want before you start searching is so crucial. You’ll know what to look for, what to avoid, and what questions to ask when you’re ready to contact a real estate agent.
What should I consider when looking for a good real estate agent?
Using a local buyer’s agent has numerous benefits when buying a house out of state. They know the local real estate market and will utilize the Northwest Multiple Listing Service (NWMLS) to identify homes that fit your budget and meet your criteria. Unable to tour homes in person? That’s okay. They can show it to you through video chat while pointing out specific features or flaws. Also, they will be able to answer all of your questions about different neighborhoods and communities. They can provide you will all kinds of local resources, recommended vendors, and much more. When it’s time to negotiate, they will serve as your trusted advocate. Additionally, many of our agents are relocation specialists. They possess years of experience helping manage and prepare for their clients’ long-distance moves.
If you or your spouse are in the military, consider an agent with that background. Here at Windermere Silverdale, we can provide military resources, and we love working with military families. In fact, many of our agents are veterans, have family members who have served, and/or have helped many military homebuyers and sellers for years.
The bottom line is, you want to find a highly-rated, well-connected local agent. They should have relocation expertise, extensive knowledge about the area they want to live in and be a well-organized project manager and a strong negotiator.
How does it work when there are contingencies?
It’s important to understand what might be involved in a contingent offer when buying a home out of state. As a homebuyer, you may need to include a home sale contingent offer if you are trying to sell your current home before moving. There are different types of home sale contingencies, and they have pros and cons. So if any of them apply to your situation, be sure to fully discuss them with your real estate agent so that you’re able to make well-informed decisions.
How can I streamline the home-buying process?
Buying a home out of state can create challenges when it comes to your desired timeline. Read through our Guide to Buying a Home (PDF) for a complete picture of the home-buying process. This guide will explain the pre-approval process and how to make a competitive offer. It explains escrow, home inspections, and more. It is the perfect place to start when beginning your out-of-state home-buying journey.
Another way to streamline the home-buying process is to get connected with a local real estate agent and a local lender. Additionally, these homebuying tips from a few of our local experts are helpful to know.
We wish you the best of luck with your big move and finding your ideal home here in Washington state!
New Agent Spotlight: Andrea Peterson
A veteran who loves helping others and has lived all over, Andrea Peterson is a licensed Realtor who recently joined Windermere Silverdale. We love her positive energy and the many ways in which she’s gotten involved in our area. Learn more about this great new agent.
What drew you to real estate?
Real estate is a fascinating and exciting business. The opportunity to help clients fulfill their goals and dreams is a privilege to be a part of. Through my personal experiences of working with real estate agents, I can appreciate the dedication and commitment it takes to make the buying and selling process work as seamlessly as possible. My goal is to be a source of guidance, knowledge, and support for my clients.
What unique professional experiences enhance your abilities as a Realtor?
Prior to entering the Real Estate profession, I enjoyed various roles of supporting clients in times of extreme stress. Let’s face it: buying or selling a home is stressful.
I served 10 years in the Army Reserves as a field medic and German linguist as an airborne soldier. I do well under pressure, and it’s a privilege to be able to help people in stressful situations. I enjoy solving problems, and I have worked hard to become a skilled listener and an effective communicator.
I also have spent years assisting clients in the travel industry, including working at an emergency travel call center. I assisted government travelers who needed immediate and round-the-clock answers.
My time working in veterinary medicine is also something I enjoyed. In this capacity, I had the opportunity to comfort and calm clients when their furry family member experienced life threatening illnesses or injuries, as well as celebrate the joys of a new puppy or kitten.
I believe these experiences align closely with the scenarios homeowners experience. For example, in real estate, clients will need quick and reliable answers to situations that arise requiring professionalism and tact. My priority is to provide that service with the goal of celebrating the outcome of a successful transaction.
What personality traits do you think are important in this profession?
In real estate, an energetic and dedicated person can make a sale happen. My sincere and honest approach assures clients that they have hired an agent who will fight to get them the best deal possible.
Which areas do you serve, and what do you love about the area?
I primarily serve Kitsap County, and parts of Pierce, Mason, and Jefferson counties. I love these areas for their wide range of landscapes and opportunities. It seems there’s a stunning view around every corner. I’m always intrigued by the nonstop beauty surrounding us and the many opportunities to get outside and breathe in the forest or saltwater air.
How long have you lived here, and what brought you here?
I came to Kitsap County two years ago after extensive research. During the pandemic, I traveled all over western Washington virtually. Then, in July 2021, I was finally able to experience Washington in person. I believe it will take a lifetime and more to experience all the trails surrounding us, and I’m excited for every opportunity to do that.
How are you involved in the community?
History, education, arts, cars, sports, and nature are my primary interests. I have found all this available here. I was recently able to join the Silverdale Historical Society on an informative walk through Old Towne Silverdale. It’s amazing to think Silverdale had such a robust egg production that, at one time, Silverdale farmers routinely shipped tens of thousands of eggs as far as New York!
Museums and the arts are another community activity I enjoy. I am a member of the LeMay Car Museum, The Museum of Flight, as well as the Olympic Peninsula Porsche Club. Our club drives have been a fun way to explore Washington. This spring I hope to drive into Canada! All of these memberships have given me the opportunity to donate to the Humane Society (anything for our furry friends). Also, I’ve been able to participate in charity events supporting various non-profits in our area, including the Wild Felid Advocacy Center.
Lastly, I have enjoyed participating in local running groups. I love this supportive community! This is truly the judgment-free zone for personal fitness. If anyone has ever had reservations about joining a running group, please give it a try! I’m part of the Evergreen Turtle Rockets in Bremerton, and the Wednesday Group Runs at Poulsbo Running.
What made you decide to work with Windermere?
Windermere offers support through education, services, and, most importantly, mentorship. The quality of agents in our office is impressive. We all learn from and collaborate with one another. This, combined with the resources provided to agents and clients, leads to full-service support and successful transactions.
Is there anything else you’d like to share with us?
Having been fortunate to live in all four corners of our country, I bring perspective and understanding to each situation. I’ve walked in the shoes/boots of military service myself and been a military family member (as a child and a spouse). I’ve enjoyed the beauty of autumn in New England, the rolling hills of Tennessee, the stunning sunsets of the desert in the Southwest, and now the majesty of the Pacific Northwest. I am grateful to be here!
Thanks for joining our Windermere Silverdale team, Andrea! If you want to learn more about Andrea Peterson, check out her website.
New Agent Spotlight: Avery Humlick
We’re excited to welcome Broker/Realtor Avery Humlick to Windermere Silverdale. Avery puts her clients’ needs first, and we love her positivity and drive. Her interesting background makes her a great fit for both buyers and sellers. Read on to find out more from our Q&A with her.
What drew you to real estate?
Growing up, I moved a fair amount around Maine, New York, and New Hampshire. I always idealized owning instead of renting. To me, that meant putting down roots. As an adult, I knew I wanted to be an informed buyer, and I took a class to get educated on what can be a complex process. Once I cracked that book, there was no going back. I knew I had the skills and passion to help others achieve their Real Estate dreams as well – whatever that looks like for them.
What unique professional skills do you possess that enhance your abilities as a Realtor?
I have always been in positions that are client-focused. In all my professional roles, I have always had to rely on communication and cues from the client to identify what is the best move for them. I really have the attention to detail and problem-solving skills to be a strong advocate throughout this process.
What personality traits do you think are important in this profession?
Integrity, and someone who is detail-oriented, persistent, and has the drive to go above and beyond. This has been true for all the roles I have worked previously. I believe that has really helped me to hone in on those skills. While there are lots of moving parts in the real estate industry, my goal is to make you feel at ease by bringing the expertise, along with those skills. You will find that this can be a fun process as well!
Which areas do you serve, and what do you love about our area?
I serve Kitsap County and beyond. I love that Kitsap has its nooks where you feel like you’re in a small town. I always say Poulsbo is my very own Stars Hollow (“Gilmore Girls” reference). And yet, the big city of Seattle is just a ferry ride away. Our community really has it all, and I am seeing a boom of recreational activities happening here every day of the week.
How long have you lived here, and what brought you here?
Since moving from New England, I have been in Washington for 11 years. I moved fresh out of high school when my whole family was transitioning from one coast to the other. I lived in Tacoma for most of those years, but when I came across the bridge, I was hooked and ready to put those roots down in Kitsap!
How are you involved in the community?
Previously, I had been involved with the Emergency Food Network in Tacoma. Their mission is to get food out in our communities. I frequent the Port Orchard dog park and its cleanup. My dog Quigley makes sure we are there a lot. I am looking forward to growing my involvement in this community – outside of the karaoke and trivia events that I go to often!
What made you decide to work with Windermere?
Is there anything else you’d like to share with us?
Yes, I am so excited to have joined a great team and company! I am here to learn as much as I can so I can be the best advocate for you and your Real Estate goals. Whatever that may be, I look forward to helping you every step of the way.
Thanks for sharing, Avery Humlick, and we’re so glad you’ve joined Windermere Silverdale!
If you’d like to connect with Avery, check out her website.
Buy a Home Now or Wait? Kitsap Stats & Our Advice
Some people are asking themselves whether it’s a smart move to buy a house right now or if they should wait it out. The thing is, the answer isn’t as simple as some might assume. No matter if you’re a first-time home buyer or an experienced buyer, there are a few factors you should consider before making this decision.
Know Your Local Real Estate Market
Real estate is about supply and demand, and it’s so important that you learn about your local real estate market. If you’re looking to buy a home here in Kitsap County, Washington, you can watch our “Market Update” video below, which includes stats for Kitsap County’s first quarter. One key fact to note: in this year’s first quarter, the home sale price was $599,000. That’s a slight decrease of 1.2% when comparing home sale prices in 2022’s first quarter. Watch the full video to learn more, and if you have questions, feel free to reach out to one of our local real estate agents.
Advice from a Local Real Estate Expert
If you’d love some advice from a local real estate expert, we’ve got you covered. Nancy Mackleit, Windermere Silverdale’s Branch Manager, says, “Over the years, I’ve heard from clients who’ve said they wish they would have purchased back when prices were lower. It’s like a broken record. We have almost twice the inventory as we had last year at this time. Though we are still seeing multiple offers on some properties, it is not like last year. Buyers have more of a selection. We are seeing more house sale contingencies, and buyers aren’t under so much pressure to compete with other buyers. Have the interest rates changed? Yes, the days of historically low-interest rates are over. Buyers and sellers need to adjust to the current interest rates. The rates may be higher, but the days of multiple offers on a property, escalating to prices to way above the list price, have definitely slowed down compared to last year.”
Another question buyers often ask in times like these is: what if interest rates go down? Nancy says, “Get the house now when it isn’t so competitive and refinance if this happens. There are always sellers who need to sell, and there are always buyers who need to buy. Historically, real estate picks up in spring and summer. Talk to your agent about the best strategy going into the current market. Your agent will be the best to guide you.”
Mortgage Rate Information, Predictions, and Misconceptions
Whether you’re leaning toward buying now or waiting a while, you’ll want to get pre-approved for a mortgage before going to open houses. You can shop around and get quotes from lenders, but carefully examine each lender’s proposal and terms. Most homebuyers choose a 15-year or 30-year conventional mortgage. There are also first-time homebuyer programs, VA loans, and other programs.
As Windermere’s Chief Economist, Matthew Gardner, says, “Education is everything.” So educate yourself now before diving into the home-buying process. Check out Matthew Gardner’s latest video, where he discusses mortgage rate predictions and misconceptions.
Examine Your Financial Situation & Consider Home Buying Costs
It’s important to thoroughly examine your finances and factor in all the upfront, associated costs with buying a home. First-time home buyers often focus on the down payment, but there are also closing fees, and oftentimes repairs pop up unless the home is in immaculate condition.
If you’re thinking of buying an investment property, you’ll need to really be in the know about your local rental market. Additionally, will you have the time to manage a property or will you hire a property manager? Will that property be able to really generate passive income for you in the near future or will it need a lot of work first? Furthermore, it’s important to think about how long you plan to own the property to avoid capital gains taxes if you’re thinking you may sell it within two years.
If you’ve decided you’re ready to buy a home, check out our home buying tips to learn more.
New Agent Spotlight: Mark Plastina
Dedicated and hard-working Broker/Realtor Mark Plastina is a wonderful new addition to our Windemere Silverdale team. Learn about his interesting background, his local expertise, and more.
What drew you to real estate?
I’ve always been fascinated with real estate and its buying/selling processes since I was younger. At that time, I got to see my parents in the process of buying our house. It was interesting to me. Then time passed, and I got to experience buying a house with my wife, Kimberly, for our own family. A few years after that, we were fortunate to have the opportunity to sell our first house and buy a different home that suits our family’s needs. I wasn’t a real estate agent back then, but I was really into the documents, mindful of how things were moving, and I made sure I understood everything. This is what got me into real estate. I want to be the trusted Real Estate Agent who ensures their clients are well-represented and that they understand the process, not missing any details.
What unique professional skills do you possess that enhance your abilities as a Realtor?
In my work history, I’ve been a worker, and I’ve been a manager. I believe having experienced both perspectives will enhance my abilities as a Realtor. As a worker, I perform the work diligently and pay attention to the details. As a manager, I solve higher-level problems, orchestrate projects, and give directions to my teams. I can list many more experiences/skills, but I think these traits, combined, hit the mark on how I can reach success as a Realtor.
What personality traits do you think are important in this profession?
It’s important to have integrity, a passion for excellence, a positive attitude, a strong work ethic, adaptability, perseverance, and great customer service skills. In this profession, every situation is different, which presents challenges, so a successful real estate agent should have these traits.
Which areas do you serve, and what do you love about our area?
I primarily serve Kitsap County and its neighboring areas. I’ve been to some other states, and I can say that nothing beats the freshness of the Pacific Northwest. I enjoy the beautiful scenery here and the climate.
How long have you lived here, and what brought you here?
I’ve been living in Kitsap County since 2006; I was a teenager that migrated from the Philippines. That time is one of the biggest turning points in my life and a culture shock. But it didn’t take long for me to feel happy living here. Then Kitsap became my home. There were a few years I was away from Kitsap County when I served in the U.S. Air Force. I came back to Bremerton because this is home for me; this is where my family is.
How are you involved in the community?
In addition to working as a Broker/Realtor, I work at the Puget Sound Naval Shipyard. I believe that the work we do there contributes to the Kitsap community and to the whole nation, as the goal is to preserve our national security.
What made you decide to work with Windermere?
I would like to start with the vibe I felt when I first entered the office. It’s a good vibe! What really made me decide to work with Windermere is their mentoring program, the supportive group of personnel in the office, and how Windermere gives back to our community. I kept hearing great things, and I was looking for a firm that would guide me as a successful Real Estate Agent. I believe Windermere is it.
Is there anything else you’d like to share with us?
Yes, I’m having a good time learning more about real estate and am extremely excited to grow my real estate career with Windermere! I’m looking forward to having the opportunity to assist my clients with their real estate needs and dreams. Work with me, and I’ll guide you all the way!
We’re so glad Mark Plastina has joined our Windermere team. If you’d like to connect with him, check out his website and follow him on Facebook and Instagram.
8 Tips When Preparing to Sell
Preparing to sell your home can feel overwhelming, so we’ve compiled some useful bits of advice to make sure you’re on your way to a job well done. From pricing to staging, there are many factors to keep in mind. We’re here to make the selling process smoother and more successful. Read on to gain helpful tips you can use today.
1. Determine your moving timeline
Begin the home selling process by examining your personal timeline. Are the dates flexible or are you on a set schedule? Knowing the answer to these questions will help you make the right decisions regarding the repairs and home projects you should complete. Additionally, it’s important to establish clear expectations with everyone involved, including your local listing agent.
2. Consult with a listing agent when preparing to sell
A knowledgeable listing agent will guide you through the process of selling your home. They will provide you with up-to-date information including local market trends so you can make well-informed decisions. In addition to listing the home, the agent will show the property and coordinate all aspects of the real estate transaction. It’s important to take your time and find someone you work well with and trust.
3. Get a Comparative Market Analysis (CMA)
A real estate agent will be able to conduct a Comparative Market Analysis or CMA. A CMA is a detailed report that compares your property to similar listings in the area. It allows the agent to examine market trends and determine an appropriate list price base on other nearby homes. It will also help you determine if any potential upgrades or remodels will be worthwhile.
4. Complete upgrades with a high return on investment (if it makes financial sense)
After consulting with a listing agent and looking at a Comparative Market Analysis, you’ll want to consider completing home upgrades with a high return on investment. Take into account your moving timeline and the risk/reward of doing certain upgrades. Your local real estate guide will be able to discuss all options with you to see if the projects are worthwhile.
5. Conduct a pre-inspection when preparing to sell
Did you know a seller can conduct a pre-inspection before listing the home? This inspection will identify any repairs or problems that may need to be addressed before selling. Also, providing a buyer with a pre-inspection can create a sense of trust. Being upfront about the condition of the home demonstrates transparency.
6. Identify and make necessary repairs
After consulting with a listing agent, and examining the CMA and pre-inspection, it is time to get to work. Ensure the home has all major repairs completed before listing and showing it. Repair all roof leaks or missing shingles, and ensure there are no plumbing or gas leaks. Check that the home’s foundation is solid and repair any electrical issues. Finally, make sure all pest control measures have been completed prior to listing. If there are any potential red flags regarding your property, this is the time to address those issues.
7. Consider the Windermere Ready Loan Program
If making repairs and preparing the property for selling seems daunting due to the upfront expenses, consider the Windermere Ready Loan program. This program offers up to $50,000 in expenses incurred. It is a six-month loan with no payments due during that time. It is then paid off in one lump sum once the property is sold. Many home sellers and their agents have reported success, saying that the program helped them sell their homes for more and in less time.
8. Stage your home when preparing to sell
According to Forbes, staged homes sell 87% faster than non-staged homes. Staging allows prospective buyers to easily imagine themselves in your home. It presents homes in an enticing way. And, the majority of buyers look at homes online first, so excellent photos of well-staged spaces can make a huge difference in the number and types of offers you receive.
Listing and selling a home is a labor-intensive process that requires a team effort. Our local Windermere experts are here to help you sell your home efficiently and successfully.
