My last post outlined the factors that affect the value of your Wenatchee home (or a home anywhere). Some of those factors included "hard facts" that cannot be changed (without considerable cost). Today, I would like to discuss ways to maximize the value of your property in spite of these set factors.
Square footage: If your home is small, it is important to make it look "spacious". It is always important to declutter when you put a home on the market and even more so if the living space is limited. Keep counter spaces clean, remove any unnecessary furniture, decorative trinkets and other items (in all rooms) that aren't necessary for daily living. This will open up the available space and make it seem more spacious. Also, don't stuff things in storage spaces. Make them look spacious, as well. If all available storage (including the garage) looks FULL, it will give a perception of not enough storage space in the home. It may behoove you to rent a storage unit or borrow some space from a family member or friend. The article, linked above, also has some painting and design tip to help.
Location: This is a tricky one... and a good example of why you should understand the importance of the link between value and location BEFORE you ever buy a home. Location is probably the most critical factor in a property's value. The ugliest home in a good location is of greater value than a similar, beautifully maintained, home in a poor location. If you find yourself in a situation where you ARE trying to sell a home in a poor location, look around and see if there is anything you can do to improve the surroundings. Perhaps, a few dollars (and hours) invested in helping the neighbors spruce up their property would be a good investment. This must be done in a tactful way, of course. And, being on good terms with your neighbors is always helpful in getting them to cooperate in helping you attract a desirable buyer. If you love your location, but your home is just too small or doesn't meet your needs for another reason, remodeling or an addition may be a good choice. When you factor the cost of the remodeling (offset by the cost of selling), it very well may be a good choice to stay put.
Lot size: Again, as with square footage, the lot size is what it is. If the lot is small, you must attempt to make it look as spacious as possible. Keep it clean and minimally cluttered. If the lot is large, keep it well maintained and look as low maintenance as possible. You don't want people loving the lot size but cringing at the thought of all the time that will be required to maintain it. Some people LOVE yard work, but most people are busy and want to "play" in their spare time.
Please contact me if I can help you navigate through the decisions involved in buying or selling your Wenatchee area home.
Erin Davidson
Wenatchee Real Estate Agent
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Wenatchee Real Estate: Factors That Influence The Value Of Your Home
It goes without saying that all homeowners want to realize the best price possible when it's time to sell their home.
What factors do affect the ultimate selling price?
- Current real estate market conditions: Market conditions change constantly, and I mean constantly. It is critical to be aware of the most current selling & buying environment. How many homes are currently on the local market? How many homes are selling per month in each price range? How many home listings "expire" due to over pricing? What is the "pending" to "closing" ratio? If you and your agent aren't aware of the most current conditions, your home could get left in the proverbial dust, while other homes sell.
- The market knowledge, marketing ability, and reputation of your real estate agent: Market knowledge and marketing ability are a given, of course. The reputation of your agent is equally as important because you want other agents, loan officers, appraisers, inspectors and other industry professionals to enjoy working with YOUR agent to get your home sold and closed quickly. Selling a home takes many people throughout the process. To help it go smoothly, everyone must work together amicably.
- Hard facts such location, lot size, square footage: These are factors you can't change. Focus on maximizing any shortcomings of these factors, if necessary. That is fodder for another entire post.
- Selling and listing price of comparable homes in the area: If you and your agent aren't familiar with comparable homes in the area, you are shooting in the dark. It is not enough to know the size, number of bedrooms and bathrooms. You must be familiar with interior condition and amenities of the competition.
- A comprehensive real estate marketing plan: There are so many options out there for promoting your property now, it is impossible to use them all. Your agent must know what is most effective for your home in the Wenatchee real estate market area now.
- Your level of motivation: This will affect your willingness to price your home properly and do what is necessary to make it stand out against the competition. If you are not motivated, I wouldn't recommend wasting your time, or the time of other professionals involved in the process. There are too many people out there that do NEED to sell and need the full attention of those professionals working for them.
Factors that do NOT affect the price of your home:
- The profit you wish to make from the sale: Buyers don't care how much money you want or need. They only look at your home in comparison to what else is available for them to choose from.
- The amount of money spent on improvements: Improvements often help your home sell, but rarely will return your investment dollar for dollar. The most common exceptions would be painting and carpeting. If you are considering major improvements, consult a real estate agent and get a "before" and "after" opinion of value. This will help you determine whether you should do the improvements or consider selling and then buying a home more suited to your wants and needs.
- The original price you paid for your home. The price you paid has absolutely no bearing on it' current value! Market conditions are the only factor determining the current value of your home.
Erin Davidson
Wenatchee Real Estate agent
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
Wenatchee Real Estate agent
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
Wenatchee Real Estate & USDA Home Loans
Dear Erin,
The other day I had someone suggest I look into a USDA home loan. I know people who work at the USDA lab here in Wenatchee, doing research on fruit crops. I didn't know they do home loans ! What is the USDA home loan program about? Do we have to grow a food crop? -Curious
Dear Curious,
No... you don't have to grow any crops! But DO NOT call the local research lab asking about home loans. They will just say "Huh?"
The USDA home loan program doesn't have anything to do with growing food. There are some very specific qualifications, however.
Here is an exerpt from the government website, outlining the USDA Home Loan program:
"A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
Your REALTOR can help help guide you through the process, finding a qualifying home and USDA approved lender. Your first step would be to find an approved lender to determine if you meet the borrower qualifications. If you do, then you and your REALTOR can search for a home that meets the location qualifications for the program.
Good luck and let me know if I can help you!
Erin Davidson
Wenatchee Real Estate agent
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
The other day I had someone suggest I look into a USDA home loan. I know people who work at the USDA lab here in Wenatchee, doing research on fruit crops. I didn't know they do home loans ! What is the USDA home loan program about? Do we have to grow a food crop? -Curious
Dear Curious,
No... you don't have to grow any crops! But DO NOT call the local research lab asking about home loans. They will just say "Huh?"
The USDA home loan program doesn't have anything to do with growing food. There are some very specific qualifications, however.
Here is an exerpt from the government website, outlining the USDA Home Loan program:
"A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
- 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
- Guarantee Fee applies: may be rolled into the loan amount.
- Flexible credit guidelines. Non-traditional credit histories may be accepted.
- Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
- Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
- No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
- Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
- Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
- Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
- Eligible repairs and improvements may be included in the loan.
- Applicants apply with an approved lender of their choice.
- Not limited to first time homebuyers."
Your REALTOR can help help guide you through the process, finding a qualifying home and USDA approved lender. Your first step would be to find an approved lender to determine if you meet the borrower qualifications. If you do, then you and your REALTOR can search for a home that meets the location qualifications for the program.
Good luck and let me know if I can help you!
Erin Davidson
Wenatchee Real Estate agent
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
The Alphabet of Reasons to Live In or Move To Wenatchee, Washington Part 4: U - Z
Welcome back for Part 4, the last of the Alphabet series, outlining the plethora of reasons to check out Wenatchee real
estate, and discover the best reasons to settle down to life in one of the best places on Earth.
Click here if you missed: Part 1, Part 2, or Part 3.
U: Unbridled Lifestyle. Wenatchee's location in the geographic center of the state lends itself perfectly to access to any kind of activity you can imagine. We have it all... almost. We don't have the "big city" lifestyle but, if you do want that, it's just a few hours drive away. However, I suspect, if you're even remotely considering Wenatchee as a place to live (and/or play), you probably are NOT looking for the big city lifestyle.
V: Victory. Claim "victory" over boredom! There is so much to do and see, there isn't much chance on being bored (unless you really want to chill out and be bored voluntarily).
W: Water, Weather, Wine. The Mighty Columbia River provides plenty of water for playing and watering many of the beautiful and productive fruit orchards in the region. Our extensive irrigation canal systems also provide water for the orchards not served by the river... and to many of the private residential properties in the area. I've mentioned the sunny weather and many wineries in the area before.
X: eXtraordinary. As you can tell by this A-Z list, Wenatchee is not a normal place. It truly has an extraordinary combination of reasons why people flock here to work and play.
Y: Young and Old. One of the great things about Wenatchee is it's appeal to the Young and old, alike. Young adults who were raised in the Valley and left for college, and to establish careers, often move back as an appealing place to raise their own kids and work in a less hectic environment. Many, many people move here after retirement to enjoy the weather and recreational opportunities.
Z: Zest. It all comes down to a "zest" for life. Wenatchee is just a great place to live, work and play!
I hope you have enjoyed this 4-Part series on why Wenatchee is such a special place. If you have any questions or comments, please don't hesitate to contact me. I love sharing my experience and current news and information about Wenatchee and real estate.
Enjoy the summer... wherever you are!
Erin Davidson
Wenatchee Real Estate Agent and Broker
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
Click here if you missed: Part 1, Part 2, or Part 3.
U: Unbridled Lifestyle. Wenatchee's location in the geographic center of the state lends itself perfectly to access to any kind of activity you can imagine. We have it all... almost. We don't have the "big city" lifestyle but, if you do want that, it's just a few hours drive away. However, I suspect, if you're even remotely considering Wenatchee as a place to live (and/or play), you probably are NOT looking for the big city lifestyle.
V: Victory. Claim "victory" over boredom! There is so much to do and see, there isn't much chance on being bored (unless you really want to chill out and be bored voluntarily).
W: Water, Weather, Wine. The Mighty Columbia River provides plenty of water for playing and watering many of the beautiful and productive fruit orchards in the region. Our extensive irrigation canal systems also provide water for the orchards not served by the river... and to many of the private residential properties in the area. I've mentioned the sunny weather and many wineries in the area before.
X: eXtraordinary. As you can tell by this A-Z list, Wenatchee is not a normal place. It truly has an extraordinary combination of reasons why people flock here to work and play.
Y: Young and Old. One of the great things about Wenatchee is it's appeal to the Young and old, alike. Young adults who were raised in the Valley and left for college, and to establish careers, often move back as an appealing place to raise their own kids and work in a less hectic environment. Many, many people move here after retirement to enjoy the weather and recreational opportunities.
Z: Zest. It all comes down to a "zest" for life. Wenatchee is just a great place to live, work and play!
I hope you have enjoyed this 4-Part series on why Wenatchee is such a special place. If you have any questions or comments, please don't hesitate to contact me. I love sharing my experience and current news and information about Wenatchee and real estate.
Enjoy the summer... wherever you are!
Erin Davidson
Wenatchee Real Estate Agent and Broker
Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
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