Archive for Guest Writers
June 2, 2008 at 7:45 am · Filed under Bites of Buckwheat, Bites of Kitsap, Buyers, Guest Writers, Sellers
First allow me a personal comment. I came into this job ten years ago following eight years in the real estate business as both a sales associate and managing broker. I knew how to do a CMA for prospective sellers (and buyers) and I had a fairly good idea how the fee appraisers did their job. I knew nothing about mass appraisal as done in the assessor’s office. I was immediately impressed by the sophistication of mass appraisal and the standards established by the International Association of Assessing Officers (IAAO).
Mass appraisal can be a complex process but let me try to simplify it for the purpose of universal understanding. I’d first like to make a comparison to CMA’s and fee appraisals. The CMAs and fee appraisals select sales of properties (usually three) similar to a property being evaluated and then make necessary adjustments to the sale prices in order to match the subject. In mass appraisal all valid sales within a neighborhood or other grouping of properties are used. I will try to explain in a simple way how this is done. There are two key ingredients mass appraisal:
- A database is built containing information (characteristics) important to value on each of 112,000+ properties in the county. We call the characteristics variables and work hard to ensure the accuracy of the data. Although we use others, those variables most important to value are lot size, and view quality, plus dwelling size, quality, style, condition and age. With the land and view classifications we use actual sales of vacant and improved parcels to develop base land rates and view quality adjustment factors. With the dwelling and other site improvements we use national cost and depreciation rates. These rates allow us to account for the relative differences of all properties in their individual characteristics.
- Step two is to annually adjust the result derived from step one to the actual market in Kitsap County. We do this by dividing the county into about eighty market neighborhoods, measuring the previous year’s sales against our current assessed value, and then make global adjustments (up or down) to all properties within each neighborhood. In this process the important variables mentioned in step one are also tested using the same measuring of sales to assessed value to make sure that the rates are working appropriately. It is important to understand the timing of our value determinations. The value for which this year’s taxes are based is our conclusion of value on January 1st last year. This means that the value used for taxes due on April 30th is actually a value from 16 months ago.
In the interest of brevity I have not discussed the way in which we adjust unique properties using land influence factors and dwelling relative desirability factors. I have also not discussed the appeal process, where we actually do a mini fee appraisal to verify that our rates and adjustments are producing a reasonable result. And I have not discussed the mass appraisal of commercial properties, where we rely most on an income approach. I welcome further discussion on this from any and all readers.
August 30, 2007 at 1:29 pm · Filed under Bites of Buckwheat, Buyers, Guest Writers, Real Estate Bites, Sellers
Sparky and I are constantly on the lookout for exceptional Consumer Real Estate Articles. When we come across articles that address today’s issues, answer everyday questions that consumers may have or simply explain the inner workings of Real Estate Transactions in a clear manner, we tell each other about them.
When we discover a writer we are not familiar with, we add them to our personal list of “Writers to Watch”. An increasing number of superlative writers are appearing on the Real Estate Blog scene. Some of them have been writing for years, but we just found them. Others are very new, yet very talented. Regardless of their experience, we watch these Real Estate Article writers. Often we lurk on their sites for a while.
This week, at our standing Thursday-coffee-at-Starbucks meeting, we got to wondering why we have been keeping knowledge of these talented writers to ourselves when SoundBiteBlog visitors are looking for the same thing we are. After some head-scratching and mumbling, we realized we couldn’t come up with a good answer!
Without any further blather, let me introduce you to several excellent real estate articles and the authors who penned them.
(Kristal Kraft - Denver, CO)
This is one of the best articles I’ve seen illustrating why it’s is often best to leave the selling to the Real Estate Professional. Innocent comments can backfire at unexpected times. This homeowner’s enthusiasm for wildlife did not have the expected affect on the potential buyer.
(Rhonda Porter - Seattle, WA)
You can find a plethora of bad press surrounding Sub Prime Mortgages these days. This Seattle writer points out the (overlooked) obvious. MOST sub prime mortgage borrowers are paying as agreed! And many families have benefitted from the use of these mortgages in the past.
(Gary Bolen - South Lake Tahoe, NV)
Here’s a great tongue-in-cheek article about selling over-priced properties. Although it was written for Realtors and received over 90 comments from them, it serves as a terrific, thought provoking argument for consumers as well. The Bolen brothers clearly know what they are talking about and don’t mind sharing what they have learned about real estate.
(Lani Anglin- Unknown )
In the same category as the Gary Bolen article, this piece was not written for consumers, but for Realtors. I found Lani’s message intriguing because it had never occured to me and I know many Realtors who advertise on Craigslist. Craigslist is also quite popular for FSBO (For Sale By Owner) sellers. This article is as appropriate for consumers as it is for Realtors. It is also well written, so it got my vote.
(Tony Gallegos - GA)
Here’s a subject that’s always close to my heart. Tony and I share a strong belief in the overlooked value of FHA and VA mortgage programs. They have both been around for many years, they are backed by the Federal Government, they are not likely to be directly affected by the current mortgage mess and they both have put 10’s of thousands of Americans into houses with affordable loan terms.
Well, there you have it. The first ever SoundBite Spotlight! These articles are all worth reading for one reason or another. They all deal with issues that consumers in Washington State and around the country can relate to. These articles all share some common traits. Namely, they are well written, they are consumer relevant and they are timely. Enjoy and let us know if you found them as valuable as we did.
April 10, 2007 at 5:34 pm · Filed under Bites of Buckwheat, Guest Writers, Real Estate Bites, Sellers
Our local Kitsap County Real Estate Market has been thriving for the last 7 years. We have been coming out of a seller’s market since August of 2006 and now the market is correcting itself. Compared to other parts of the country we still have a very healthy market. What we are experiencing now is more of a balanced market.
Washington is ranked 5th in the nation for the highest increase in appreciation in the last year and is still one of the most active markets. Due to the shift in the market there is now more inventory for a buyer to look at and the days-on-market has increased from a county average of approximately 35 days to 85 days. Sellers now have to really look closely at how their homes show and most importantly, how it is priced to position the house to sell. In the last few years, with the inventory down and more buyers than homes, a home would sell quickly no matter how it showed. My recent experience with showing homes to potential buyers has motivated me to write this article.
We have all heard this many times but it is so important I feel obligated to repeat it. First impressions are very important. Some of the simplest and most inexpensive things will make a good first impression. None of this is new information. Because of the recent changes and the hesitancy of some realtors (especially newer realtors in the business) to tell a seller the truth, or resistance to the idea that they have work to do, I have shown some homes that are going to be on the market a while.
Curb appeal
Put a fresh coat of paint on the front door, put flowers on the front porch or stairs and always put down fresh beauty bark. None of this is expensive but it goes a long way to making a buyer feel the home is cared for.
If you can smell it you can’t sell it!
This is so very true, get an objective opinion, especially if you have pets. We may not notice an odor if we live with it every day. I have shown homes that smell so bad my clients try to beat me to the door to get out. I showed a home the other day that had a strange odor and we spent the first 10 minutes trying to figure it out instead of looking at the home. We finally decided it was the green algae growing up the side of the fish tank in the living room. I don’t even want to talk about the home that had 2 ferrets in residence!
A professional housekeeper ?
It is often very worthwhile to have a professional housekeeper to do a one-time cleaning. Often it can be only $100 to $150, money well worth spent even if you pride yourself on your housecleaning skills. They see things we don’t see and they pay attention to detail, like the polishing the molding, dusting the lamps and window sills, making the kitchen cupboards shine and so on. Always get a referral from your realtor for a good housekeeper they have worked with.
When buyers are on the way to your home!
Often now you will get advance notice of a showing, take the time to run some of the fresh scented cleaning wipes over all your countertops before the showing, light candles and put soft music on the stereo.
Oh, the inconvenience….
Last and most important, you must be willing to show the home. I had two sellers tell me it wasn’t convenient for them for me to show their house even when I was giving 2 days notice and had explained my clients were only going to be in town for 2 days. We did not go see those homes.
Pricing your home
The best advice I can give is, go look at the homes in your area and price range. At a minimum do a drive-by so you can see your competition. You want to position yourself both in price and “showability” to be the best home in your price range. This is especially important if you have plans and goals. Recently I walked away from listing a previous client’s home, as he wanted to price it fifty thousand over what I thought the market would bear. His comment was “Anyone can sell a home in this market”. I explained all the reasons that was not true. He did find an agent to list it at his price and, as expected, the home did not sell and the listing expired. I found this tragic, as I knew he had an offer on a home in another state where he was going to move to be closer to his family after having lost his wife to cancer in the last year. Don’t let this happen to you, if you think your home is worth more than your agent is telling you, go take a look at their comparable properties and hopefully they will have also.
Guest Author–
Marie Flanders is a Silverdale WA Realtor® serving all of Kitsap County. Marie is becoming a regular contributor to the site with articles pertaining to the purchase and sale of Real Estate in Kitsap County. If you have any questions about Real Estate, you can contact Marie here, or you can leave a comment on the article, and she will respond online.
April 4, 2007 at 2:53 pm · Filed under Guest Writers, Silverdale WA Real Estate
Recently I had the opportunity to see first-hand what a wonderful high school and an exceptional staff we have in Silverdale. I got to see it through my clients’ eyes.
I have always raved about our school district to clients relocating into the area, especially when they have school age children and are trying to decide in which area to buy a home. My older son graduated from Central Kitsap High School in 2000 and went on to Gonzaga University on scholarship. The year he graduated, Central Kitsap High School was rated in the top 4% in the nation. I recall going to awards night and being just amazed how many academic scholarships the seniors had received. My younger son is a sophomore at CK and is learning how much support is available from teachers, tutors and guidance counselors. I felt I could talk about the school from firsthand experience. Now I have even more experience to draw from.
I am currently working with a military family that is relocating here from Maryland. There are two teenage daughters. They were going to be in Silverdale for a couple of days to get an idea of the area, the prices of homes, and to show the girls their soon-to-be new home. In corresponding with them, I learned that schools were very important and the girls were not having a very good experience with the school in Maryland. I thought it would be a great idea to get them a tour of the high school while they were here, and it might also help the girls transition. Military life can be very difficult for the children.
I called the school, spoke with the main office and explained what I needed. The secretary was very friendly and helpful. She told me that Mr. Cervinsky, the principal, would do the tour and if I left him a message, he would return my call as soon as possible. (I have to digress a moment and say that recently I had to call my old high school in Massachusetts for my records and let me tell you the voice on the other end was rude, abrupt, and not very helpful. I ended up not getting what I needed and sent for my college transcript instead. Now I remember why, after moving here from Massachusetts where I was born and raised, I stayed!!)
Mr. Cervinksy did return my call and we set up an appointment for 9 AM on Friday; my clients’ first day in Kitsap County. I very much appreciated it as the school was just wrapping up WASL testing and getting ready for spring break. What a great visit we had! Mr. Cervinsky first talked to my clients a bit before the tour to tell them about the school and programs available. We then set out on the tour. Along the way he introduced us to passing faculty members and students. Everyone was extremely friendly and obviously very proud of their school. My clients thanked me a few times during the tour saying how wonderful and helpful it was and how great for the girls.
One of our last stops was at the gymnasium where students and staff were getting ready for a pep rally. We were invited to stay for the pep rally and told the dance team was going to perform. My interest peaked as recently my husband and I have been taking dance lessons (that is a story for another day!). I thought maybe they could show me how it is done. Unfortunately we had to decline as we still had a full day of looking at homes and neighborhoods.
Once outside, my clients again said they couldn’t believe how friendly everyone was compared to the East Coast, and how incredible it was to have the view of the water from the school. I realized that we take things for granted sometimes and don’t realize how lucky we are. I also learned more about the school through their visit. Central Kitsap High School is now rated in the top 2% by Newsweek! There are 300 tutors available if the students need them. My sophomore and I will be having a chat soon. I have been paying for a private math tutor! I hope Mr. Cervinsky, I have that number right if you should read this story.
In closing, I would like to extend my thanks to Mr. Cervinsky and all those we met that day and issue a warning; I will be back!
Guest Author–
Marie Flanders is a Silverdale WA Realtor® serving all of Kitsap County. SoundBite has been trying to convince her to write local area articles for quite some time. This is hopefully the first in a long line of articles about life in Kitsap County WA. She also has the good luck to be married to Mark Flanders (aka Buckwheat).
Welcome to SoundBiteBlog.com Marie!
April 2, 2007 at 1:00 pm · Filed under Guest Writers
Purchasing a home should be one of life’s simplest and most rewarding experiences. The process itself represents a right of passage into a world of responsibility tempered by the emotional and financial comfort of homeownership. The place where you choose to live, after all, is much more than an investment. Potential buyers, already pressured and rushed, can find themselves unprepared for the uncomfortable questions that often arise before closing. Regular readers might remember a post that I contributed to this site two months ago. I graphically recounted the personal behavior that led to my incarceration in a federal prison after many years of working in the title industry. It’s my intention, through a series of posts, to share consumer-oriented advice that can’t be found elsewhere. Feel free to contact me with questions via email at edr@rybconsulting.com or to visit a title industry blog that I host. Title-opoly deals honestly with a wide spectrum of real estate issues and many of it’s readers are consumers, government regulators, or professional educators.
You’ll find that most of my opinions are very conservative since they were shaped by unique experiences. For example, most real estate pundits blame consumers for a startling increase in reported fraud statistics and subprime foreclosure rates. I don’t, and point squarely at the real estate industry and more specifically at it’s self imposed and very complex culture. Most people working in other careers simply lack the time and ability to learn enough about the system to mastermind a fraudulent deal. Real estate crime requires a great deal of planning and coordination among numerous insiders or others with knowledge and contacts; it takes a team. Consumers blindly following the recommendation of licensed professionals sometimes find their integrity or sensibilities compromised.
Former Secretary of Housing and Urban Development, Mel Martinez, sought sweeping reform of real estate settlement practices after closing on a home in the D.C. area. Secretary Martinez, a seasoned attorney and the nations’ top real estate regulator, found himself both confused and concerned after spending an hour at a table with unrecognizable documents strewn in front of him. I can’t keep that from happening to you, but I can arm you with an intimate understanding of the pitfalls of any housing transaction and their possible consequences. I’ll describe the criteria that you need to consider when selecting a real estate agent, loan officer, or title/escrow agent. You’ll learn enough about the proper progression of events from contract to closing to stop and ask poignant questions when something doesn’t seem right. And, if an unspeakable situation does present itself, you’ll know enough to recognize it as such and will have an exit strategy in place that protects your interests. A community-based approach to fraud prevention presents opportunities for consumers to avoid exploitation, especially when it’s initiated by industry insiders.
An informed and concerned community of consumers is the fraudster’s worst enemy!
March 1, 2007 at 3:25 pm · Filed under Guest Writers
Lately, I’ve been all over the place (physically, but mostly mentally). This started not too long ago when I did something that went completely against my plan. More importantly, it went against the grain, against who I am and what I want for my life and business. I knew it almost immediately. Funny thing was, I actually knew it before I even did it. Yet, I did it anyway because of some crazy feeling of obligation or guilt.
For a second I was living “out of integrity,” but this too seemed to elude me. I mean, I knew something was off, but I just couldn’t put my finger on it. Then I picked up the book by Michael Port,
Book Yourself Solid, to browse through it for the third or fourth time, and I came across this paragraph.
Have you compromised yourself or watered yourself down in any area of your business? For example, have you been in a business situation where you walked away feeling like you settled for less or compromised your integrity? You may be thinking, “I don’t sell out. I’ve never compromised or sold out.” If you haven’t, you are unique. It’s completely normal to compromise yourself or be out of integrity from time to time. We all are.
Instantly, I knew what I had been doing wrong. I had moved into the passenger seat. This lack of authority on my part had started dripping over into other areas of my life and business. I felt completely out of control and simply forgot that I could (and should) be driving. If I didn’t take control, nothing else would matter.
For me, driving means a lot of things:
- Keeping a daily journal so that I start regaining my clarity,
- Exercising and eating better so that I have more stamina,
- Getting more organized so that I don’t feel so scattered,
- Getting a handle on my time so that I accomplish the most important things, and
- Getting a handle on my business so that it moves in the direction I want it to go.
The first few things keep me physically able to drive , and the last one is like my map that keeps me moving in the right direction.
This week, I’ve been re-routing my trip, since I seem to have gotten off course. I’m deciding exactly which way I want to go with every aspect of my business. Fortunately, I have a trusty navigator helping me (Thanks, Betsy!). Together, we’re mapping out the best possible route to my destination.
In doing so, I have to keep one thing in mind, the visual image of what I want from my business and from my life. I also have to remember who I am and mold my business to fit me and my style and personality, instead of the other way around. That means, I may have to turn away some business, and I may have to tell someone no, but that’s okay. Another quote that stood out to me from Michael Port’s book was this:
“The greatest strategy for personal and business development on the planet is bold self expression.”
That means, I’m going to drive in my kind of car, going where I want to go, playing my kind of music on the radio (and loudly, I might add).
I have to stay in the driver’s seat.
Sometimes, I may have to pull over and check the map, but that’s okay, too. In the end, I’ll be where I want to be, still driving down the road, and hopefully enjoying some nice scenery.
February 28, 2007 at 10:32 am · Filed under Buyers, Guest Writers, Real Estate Bites, Sellers
Real Estate is a PEOPLE business and Customer Service is KEY to not only my success as a Realtor®, but more importantly, KEY to my buyers and sellers hav
