With interest rates fluctuating, an ongoing shortage of housing on the market, and area-wide high home prices, it’s challenging for would-be buyers and sellers to gauge the right time to enter the market. What key things should you do to prepare to sell your house? How do you manage your expectations to maximize your likelihood of closing on a home? Read on to find out.
Brian Hopper / Realogics Sotheby’s International Realty
What trends do you foresee in Kirkland among new builds for 2024?
One exciting trend I am seeing is the return of the in-home spa. Not quite like The Post hotel, but similar! Dry saunas, cold plunges, and even steam saunas all are being built in modest-sized homes. Additionally, smart home technology is becoming the norm, even incorporating the appliance package into the tech fold. From under the counter wireless phone chargers, to automated lighting, the ideas are endless..
For sellers who want to get their homes market-ready, what updates give the most bang for the buck?
Kitchen and primary bath are the big ones, but also the home’s exterior presentation. I am a yard guy, and by making sure your yard looks fantastic, the buyer-candidate isn’t dreading future maintenance. Create an outdoor living space if you haven’t, to provide leverage in this marketplace. My team has the resources to handle any needed improvements and preparation.
What advice do you have for buyers this year?
Sooner the better buyers! With anticipated interest rates reducing, any small trickle down will reflect in buyer activity in this marketplace. Since the start of the year, we are seeing a 4x increase in lead activity over January 23’. Get ready!
Catherine Ferrera and McKenna Ferrera / Compass
What trends do you foresee in Kirkland among new builds for 2024?
We foresee a continued push for the modern farmhouse with neutral colors and wood accents, which have been popular in the Rose Hill neighborhoods. As well as a sleek mix of modern and contemporary home, with various elements and materials used in the design.
For sellers who want to get their homes market-ready, what updates give the most bang for the buck?
A fresh coat of paint, inside and out (if necessary), updating light fixtures, tile, and/or counter tops in the kitchen, as well as replacing carpets. These are the easiest ways to make a dramatic change in your home's appearance and value, before going to market.
What advice do you have for buyers this year?
Get pre-approved early and communicate with the lender! Buyers must stay informed about dynamic interest rates. Lenders, such as OriginPoint, offer a unique soft credit pull option that doesn’t affect borrower credit scores. This provides the lender with essential insights, the buyer’s borrowing potential and possible interest rate. With how the spring market has been shaping up, it’s important for the client’s lender to continuously adjust and leverage different strategies to structure the client’s offer advantageously, to win in this competitive buying market.
Mike Moghaddas / Compass
What trends do you foresee in Kirkland among new builds for 2024?
Dramatic range hoods are popping up in custom homes, and homeowners are looking towards sustainable materials and secondary spaces from second kitchens and wet bars to ADUs. People are leaning towards their own unique custom personalization when remodeling. Covid made the home office crucial, so I see continued dedicated office space. I've heard a lot about the future of "spa-like" bathrooms with cold plunges and saunas.
For sellers who want to get their homes market-ready, what updates give the most bang for the buck?
New paint, cleaning carpets and freshening landscaping. Get a seller pre-inspection done and fix the items on the list so buyers are confident waiving the inspection and writing a clean offer. Remove clutter and do a deep clean for photos. Photography is the first thing buyers see, so it's important to make these minor changes and show the home at its best.
What advice do you have for buyers this year?
Buy now! Don't wait until interest rates fall. Everyone else is waiting and bidding wars will be back like never before. Buyers can still get a good deal on price without as much competition. There is always the option to refinance later, hopefully sooner than later in 2024!
Marilisa Vergottini / Compass
What trends do you foresee in Kirkland among new builds for 2024?
New cottage communities are springing up in neighborhoods such as Rose Hill and Finn Hill, utilizing land use codes most efficiently to maximize the number of homes per parcel. The other big change is the ability to build DADUs or ADUs (detached or attached additional dwelling units) on smaller residential plots. This increases income earning potential for families via rentals and/or facilitates multi-generational living.
For sellers who want to get their homes market-ready, what updates give the most bang for the buck?
Fresh paint, both inside and out, is a powerful, money-yielding upgrade. If the budget allows, improving kitchens and bathrooms, especially the primary, are optimal areas to tackle for a higher rate of return. Lastly, don’t nickel and dime on the maintenance work; buyers don’t want to invest in a laundry list of deferred maintenance items.
What advice do you have for buyers this year?
Don’t hope that mortgage rates will drop enough to make homes more affordable – the increase in buyer competition will negate any drop in interest rates – remember 2021? Our market started sizzling early this year as buyers re-entered the market, so the time to move was yesterday. Get creative and intentional with your wish list to find the right home in limited inventory. We’re here to help.
Max Rombakh / Windermere
What trends do you foresee in Kirkland among new builds for 2024?
Cottages, ADUs and DADUs; aka “Missing Middle Housing”. Kirkland is encouraging higher density by allowing multiple smaller residences per single family lot. By building these types of projects the goal is to create smaller, more affordable housing.
For sellers who want to get their homes market-ready, what updates give the most bang for the buck?
Always start with deferred maintenance and general cleaning first. Bright, neutral paint and carpet colors. Minor updates including fixtures and hardware are a cost effective way to modernize an aesthetic. Our motto is, “If it’s not going to help the home sell faster or for more money, we don’t bother.” Our team removes the hassles by managing the entire prelisting process for our clients.
What advice do you have for buyers this year?
As we get further into 2024 we expect more homes coming to market, but it won’t be enough to meet buyer demand as “would-be sellers” hold on to their low interest rates. We have noticed a big uptick in buyer activity as buyers re-enter the market during Q1. Our recommendation to our buyers is don’t hesitate when you find the right home as prices are expected to increase. It’s best to buy a home at today’s lower price and refinance their rate in the future.
