Facebook
X
Pinterest
Copy Link
New Agent Spotlight: Nate Wallen
Proud of his Kitsap roots, Nate Wallen grew up here and offers his clients local expertise and a strong resource network. He’s highly involved in the community and has a background in operations management. Learn about Nate’s approach to real estate, his hobbies, and more in our Q&A below.
What drew you to real estate?
What unique professional experiences enhance your abilities as a Realtor?
What personality traits do you think are important in this profession?
Which areas do you serve, and what do you love about the area?
I serve the entire peninsula and Tacoma.
How long have you lived here?
Silverdale born and raised. I left town for college and to play baseball. I graduated in 2011 from Central Washington University and hung up my cleats. Feeling homesick, I moved back to Kitsap County and started coaching baseball. This truly is an amazing community to grow up in and exactly where I wanted to start my family.
How are you involved in the community?
I have been the Assistant Varsity HS Baseball Coach at Central Kitsap for the past 5 years, and I coached at Kingston and Bremerton High School before that. When the opportunity to coach at my alma mater came, I couldn’t pass it up. My wife and I are also active community members of the West Sound Disc Golf Association, where we maintain all the local courses and help run fundraising and tournament events. We also have three children (2 boys and a girl), and they play ALL the sports.
What made you decide to work with Windermere?
Nancy Mackleit and the new agent program offered here are unmatched for beginning agents. Also, my mother worked at Windermere for years and had an incredible experience.
If you want to learn more about Nate Wallen, check out his website. We know he will continue to provide excellent service to his clients.
New Agent Spotlight: Nolan Reynolds
With a background in real estate videography, home remodeling, and real estate investment, Nolan Reynolds offers home buyers and sellers a wealth of information. He’s also lived in Kitsap County for decades. Nolan recently joined Windermere Silverdale, and we’re so glad he’s on our team. Read on to find out about his background, interests, and more.
What drew you to real estate?
What unique professional experiences enhance your abilities as a Realtor?
Which areas do you serve, and what do you love about the area?
I serve Kitsap County, Mason County, and the greater Tacoma area. I love the natural beauty we have here. In particular, I think our little corner of the Pacific Northwest is even more beautiful because we have so many incredible mountain and shoreline views.
How are you involved in the community?
Through my video business over the past 10+ years, I have gotten to work with all kinds of great organizations in the community, including North Mason Regional Fire Authority, Boys & Girls Clubs of South Puget Sound, Kitsap Strong.
What made you decide to work with Windermere?
I appreciated all of the in-depth training that we receive at Windermere. Multiple days each week we get to sit with our managing broker and dive into all of the real estate paperwork possibilities. Although it can sometimes be challenging, I value the opportunity to learn as much as possible so that I can be as valuable as possible to my clients.
Is there anything else you’d like to share with us?
In addition to real estate, photography, and videography, I enjoy traveling to new places. My wife and I recently went to Turkey. My best bud got married in Istanbul, where his wife is from. We were lucky to have the chance to attend the wedding and spend a few weeks in Turkey. The night before their wedding, her family had us over for a traditional homemade Turkish dinner. It was a really special experience to have them take us all into their home and make us an incredible meal. The picture below is from that night.
If you want to learn more about Nolan Reynolds, you can check out his website, which contains more info about him and helpful local resources. Watch his interesting local videos (from the beautiful to the funny) on Facebook, Instagram, and YouTube.
The Home-Selling Timeline & Mistakes to Avoid
The home-selling timeline can vary greatly due to factors like market conditions and how well your home is priced. However, if you follow these general steps for selling a home and avoid common mistakes, there is a greater chance of selling your home faster and for top dollar.
Use a well-qualified, local agent
A well-qualified agent will serve many purposes in your home-selling journey. First and foremost, they will know your local market. They can do a Comparative Market Analysis (CMA) and will price your home correctly. Great local agents often know excellent local vendors who will help prepare your home. In addition, they have access to the MLS (Multiple Listing Service), which will broadcast your home to numerous buyers agents.
Prepare your home, and don’t leave it to chance
Before listing your home, make sure you’ve addressed all home maintenance needs. A pre-listing inspection is a valuable tool. It can determine areas of the home that need attention. Also, check out this list of home maintenance projects you shouldn’t put off. Your home-selling timeline will go much faster when you’ve already cleaned gutters, checked your roof, ensured there aren’t any pests, and made necessary repairs.
Your agent can also determine the value of larger home projects. Together, you can decide if it’s worth the time and effort to make various improvements. Updating the kitchen, replacing an old front door, or even improving the home’s curb appeal could be profitable. If you need funds to finance a project, consider the Windermere Ready Program. This program fronts the costs of the home improvements for Windermere clients. Through this program, you don’t have to pay back the loan until the home sells.
Finally, staging the home can significantly impact the appeal of your home. While it involves upfront costs, according to a survey done by the National Association of Realtors, it often results in homes selling faster and for more.
Show your home, but don’t stick around
Once your home is listed for sale, your agent will begin showing it. It is best to leave the home and remove pets during showings. Keep the home neat and tidy so potential buyers can envision themselves in it. Ensure your valuables are safe, and put miscellaneous items away.
Carefully review offers, and don’t accept just anything
You might receive multiple offers. Review each offer carefully with your agent. Consider your personal timeline, financial needs, and other benefits of each offer before choosing one.
Understand agreements, and don’t forget the addendums
Once you’ve accepted an offer, you and the buyer will enter into a sales agreement. This will outline the details of your property transfer. It is very common for sales agreements to include multiple addendums. Financing, inspections, and condition reports/disclosures are common addendums. Depending upon the situation, there might be a contingency addendum and other special condition addendums.
Be prepared for escrow, and don’t ignore the deadlines
The process will move to escrow once disclosures, a home inspection, and any repair negotiations are finalized. Stay in constant touch with your lender (if financing the home), the escrow company, and your real estate agent. You will need all of them to finalize financing, close on the home, and prepare legal documents such as the title to the home. Keep careful track of any documents that need to be submitted, signed, and/or notarized to keep the home-selling timeline on track.
Reap your rewards, but don’t be surprised by home-selling fees
Hopefully, selling your home will result in a net profit. However, don’t be surprised by the fees associated with selling a home. State taxes, inspections, and existing home loans are all factored into your estimated net proceeds. Your real estate professional can explain other fees you may face as well, such as brokerage fees.
Come to closing, and don’t forget your ID
Bring all required documentation and identification when it’s time to come to closing and sign the final paperwork. Oftentimes a notary public will also be present to witness the signing. Any fees that are due will be expected at this time. Then, upon completion of closing, everything will be recorded.
Don’t forget to enjoy what’s next
While preparing a home for the market and selling it can be stressful, don’t forget to look forward to your next steps. Perhaps you’re downsizing and can look forward to having a smaller space to maintain. Or, maybe you’re relocating for an exciting new job. Whatever the case may be, don’t forget to enjoy the positive aspects of the experience and all that comes next.
If you are in the process of selling your home and buying a new one at the same time, consider a Windermere Bridge Loan. It allows you to access the equity in your home to put a down payment on your next one. Although the requirements for a bridge loan are more stringent, they are definitely something to consider if you want to increase your competitiveness as a buyer.
We wish you the best of luck in your home-selling journey, and all that lies ahead!
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.
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.
Turnkey vs. Fixer-Upper Home: Know Before You Invest
If you’re contemplating purchasing your first home or an investment property, finding a home that meets your needs can be challenging. You may be debating between buying a turnkey vs. a fixer-upper home. The biggest difference between these two is the condition of the property. Determining the right fit depends on what you are able to take on as a homeowner and what you want to achieve if you’re going to rent the home and become a landlord.
What does turnkey property mean?
Turnkey properties are move-in ready houses. This means the property doesn’t require any repairs and is ready to rent immediately. Sometimes these homes are newly constructed and other times, the homes are recently renovated. Often, renovated homes are owned and refurbished by companies that specialize in these types of transactions. The company may offer property management services as well. This is a great option if you prefer not to be involved in the day-to-day requirements of managing an investment property and being a landlord.
What does fixer-upper mean?
Fixer-uppers are the opposite of turnkey properties. Purchasing a fixer-upper means exactly what the term implies, a property that requires fixing before it’s move-in ready. If you invest financially in a fixer-upper, you must also be prepared to invest your time and additional money in making repairs and remodeling. Often, these properties require extensive renovations before renting out. While fixer-uppers have great potential, it’s up to you to make this potential a reality to ensure your investment transforms into profit.
What to know when buying a turnkey
Turnkey Positives
If you are a first-time homebuyer, a turnkey home might be the best option. This way, you don’t have to worry about major repairs in addition to going through a home purchase for the first time.
Since turnkey houses are move-in ready, you could start renting out this property immediately. Without needing to do renovations, the only necessary step is finding a renter. And typically, in today’s tight housing market, identifying a renter is relatively easy and quick compared to big home repair projects. Additionally, if you’re not interested in dealing with the work required to find quality tenants, a property management company can help. Our colleagues at Windermere Property Management are experts in marketing properties, screening potential tenants, collecting rent, and handling maintenance issues. This is a great option to generate passive income without dealing with day-to-day operational tasks.
Turnkey Negatives
While buying a turnkey home may sound like a no-brainer, the main downside is higher costs. A pristine property comes at a premium price. Top renovations such as new appliances, tiling, flooring, painting, and cabinetry all cost more, which shows in the listing price. If you decide to purchase a turnkey home, take time to figure out how to make it work financially. Research strategies to save money for a down payment while still covering your other expenses.
Turnkey properties aren’t always what they seem. According to the National Association of Realtors, “turnkey should mean that everything in the house is new, rehabbed, or otherwise in excellent condition with no visible signs of wear”. However, it can extend to “a house that is generally clean but needs substantial updating.” So, be careful when viewing homes labeled as “turnkey”, especially flipped homes. A great buyer’s agent will know what to look for and can find out what has been repaired and updated. Then you can make sure everything is thoroughly inspected for quality and safety.
What to know when buying a fixer-upper
Fixer-Upper Positives
Many buyers are looking for turnkey homes, so there is a much smaller pool of people searching for fixer-uppers. Most buyers do not want to take on a major remodeling project and invest in repairs, especially if they’re taking on a second mortgage with an investment property. The combination of less competition and extensive repairs can mean better prices. Just make sure to do your research and talk to your real estate agent before making an offer. Together, you can come up with a strategy for making the best offer. By securing a deal, your investment will increase as the home’s value increases with repairs, renovations, and improvements. Your efforts will pay off down the road with a higher return on investment potential.
Fixer-Upper Negatives
The major negative of purchasing a fixer-upper is the cost of making necessary repairs. While you won’t have to worry about the fix-it extremes depicted in the classic movie “The Money Pit”, it can still be a costly endeavor. The real cost of a fixer-upper varies depending on the location, home size, and types of repairs. If you happen to be pretty handy, you might be able to save money through DIY remodeling projects. If you’re not, hire professionals to prevent needing to hire contractors to fix your mistakes.
Despite your best efforts to budget repairs, it’s impossible to account for unforeseen incidents. To minimize unexpected repairs, ensure a thorough home inspection is completed on the property before buying. Regardless, projects may run long and over budget, supply costs might rise, and the market might change by the time the house is ready to rent. Make sure you talk to your homeowner’s insurance company in advance to understand what’s covered in these types of scenarios. You may be able to qualify for a home improvement loan to help finance the renovations, but this is still money that must be paid back. Buying a fixer-upper is a big decision that requires a lot of thought and planning.
A local real estate agent can help
One of our highly-rated Windermere Silverdale agents can help determine what’s best for you. They are experts in our local real estate market and can identify properties to view and discuss. You can also check out some of their helpful home-buying tips.
If you’re thinking of buying a home in or near Kitsap County and you’re in the military, many of our agents work with military families. Some of our agents are veterans, military spouses, and/or relocation specialists. Explore our military resources to learn more.
Whether you purchase a turnkey home or a fixer-upper, we wish you the very best in your home-buying journey.
Buying and Selling Simultaneously: Your Questions Answered
Going through the process of selling a home is often an emotional, time-consuming endeavor. Buying a home is a complex process as well. Doing both at the same time can be challenging. If you’re contemplating doing both, it’s best to know what your options are to help ensure the process goes smoothly. Buying and selling simultaneously requires staying on top of many different tasks. It’s always helpful to work with an experienced, local real estate agent who can project manage, utilize their network of trusted local vendors, and serve as your advocate. To help you get started, we have answered some common questions.
Should I buy or sell first?
The answer to this question really depends on what you think will make your life easier. Starting the selling process first is most beneficial from a financial perspective. Once you sell your home, you’ll have more cash on hand. This improves your overall financial health by paying off your mortgage and increasing your available down payment. But if you do sell first, you will need a place to stay until you can find your next home to purchase. Or, you may be able to negotiate a rent-back agreement with the buyer. This allows you to temporarily rent the house. While renting, you have more time to pack and find a new home.
If you start with the buying process, then renting back your home isn’t necessary. You’ll be able to pack up all your belongings and move into the new place. But this transitional simplicity can lead to more financial hurdles. If you haven’t sold your house, then you may be juggling two mortgages. This can impact your loan terms by carrying more debt. Plus, gathering enough for a down payment could be challenging. If your down payment is less than twenty percent, obtaining private mortgage insurance (PMI) may be necessary. Lastly, buying first works best if your current house sells quickly. If, for some reason, it doesn’t, a bridge loan might be an option. Bridge loans can cover the down payment on a new house and are repaid once your existing home sells.
Should I accept a contingent offer?
Deciding whether to accept a contingent offer really comes down to timing. There’s no guarantee that the buyer’s home will sell fast. This is especially true if they currently live in an out-of-state housing market where you may be less familiar with what’s hot and what’s not. Consequently, if you’re hoping to sell your home quickly, then it’s best to include a timeline in the contingency agreement. This ensures everyone is on the same page and gives you an out if their selling process drags on.
Accepting a contingent offer also depends on the level of interest in your home. If your house isn’t attracting many potential buyers, a contingent offer might be a good option. That said, there’s always the possibility that you accept a contingent offer and then receive another offer. Thankfully, it’s easy to prepare for this scenario. Simply include a “bump” clause. This allows you, the seller, to accept the offer, but continue showing your house to prospective buyers. If you receive a tantalizing offer without contingencies, you can “bump” the first offer. Typically, you include language that gives the first buyer an opportunity to respond and waive the contingency and/or offer more, depending on the scenario. Always make sure you include a time frame in the “bump” clause to require the first buyer to respond. If you don’t receive a response, you can legally back out of the contract and pursue the new offer. Regardless of which direction you go, it’s best to come up with a clear and transparent plan of action.
Should I buy a home with a contingent offer?
Purchasing a home with a contingent offer really depends on the local housing market. If the neighborhood you want to buy in is highly desirable, a contingent offer most likely won’t be enough to secure the house you want. As a result, sellers may be reluctant to accept or will require a “bump” clause, as mentioned above. In this situation, to have the best chance, you may have to make an offer outright.
If you are house shopping in a more relaxed market, a home sale contingent offer has benefits. This type of offer allows you to transition easily between houses. It’s a great way to avoid renting temporarily or placing belongings in storage. Once your home sells, another awaits your arrival.
Should I stage my home?
Yes. While staging a home might seem daunting, it’s definitely worth it. Staged homes typically sell faster and for more money. This is always a plus, especially if you are buying and selling simultaneously. Also, you have to consider how people look at homes today. Most buyers look at them online first. A staged home draws people in with enticing photos. Staging your home is the best way to attract buyers and help them take the next step. For more information about the selling process, check out our tips when preparing to sell.
Is now a good time to buy and sell?
Based on what we’re seeing in the Kitsap County real estate market, we think the answer is yes. The average sale price in the second quarter was $694K. While the number of sales is down overall, sellers are still receiving 100% of their asking price. We’re moving toward a more balanced market so buyers don’t tend to be in such competitive situations compared to the height of the pandemic when there were many multiple offer situations.
The best way to achieve your real estate goals is by working with a local real estate agent who can negotiate effectively on your behalf. Our Brokers are highly rated and very knowledgeable. Check out these home-buying tips and insights from a few of them. Contact us, and we’ll help you get started with the process of buying and selling simultaneously.
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.
