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Showing posts from 2017

Should I Buy a Home Now? Or Wait Until Next Year? [INFOGRAPHIC]

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Some Highlights:The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.Freddie Mac predicts interest rates to rise to 4.4% by next year.CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months.If you are ready and willing to buy your dream home, find out if you are able to!

Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750

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The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.
A recent article about millennials by Realtor.com explained that:
About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…” The article also explained that 29% of millennials believe their credit scores are too low to buy.The problem here is the fact that they think they will be denied a mortgage is keeping them from evenattemptingto apply.
Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming that they won’t qualify for a mortgage:
“Many potential home buyers are ‘disqualifying’ the…

Study: FSBOs Don’t Save Real Estate Commission

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One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it. A new study by Collateral Analytics, however, reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent.
In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:
“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added)Why would FSBOs net less money than if they used an agent? The study makes several suggestions:
“There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids on with the logic that the seller is…

20 Tips for Preparing Your House for Sale [INFOGRAPHIC]

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Buyer Demand Continues Outpacing the Supply of Homes for Sale

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The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand). Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?”

The darker the blue, the stronger the demand for homes in that area. Only three states had a ‘stable’ demand level. Seller Supply The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 21 states report a ‘weak’ sellers traffic, 25 states report a ‘stable’ sellers traffic, only 4 states and DC report a ‘strong’ sellers traffic. Meaning there are far fewer homes on the market than what is needed to satisfy t…

Fawn Island, Deer Harbor, Washington

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Fawn Island in beautiful Deer Harbor, Washington, is one of the most exclusive properties on the market. For a complete list of features and amenities please visit Fawnisland.net.
Have a home to sell? Trust the top agent in social media to get you maximum exposure! 



Jack Otto eXp Realty 206-388-6102 Jack.otto@exprealty.com

75% of Homeowners Think Now is a Good Time to Sell!

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75% of Homeowners Think Now is a Good Time to Sell! The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”
The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.
Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s Chief Economist, had this to say:
"There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it …

4 Reasons to Buy This Summer!

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1. Prices Will Continue to RiseCoreLogic’s latest Home Price Indexreports that home prices have appreciated by 7.1% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.9% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to IncreaseFreddie Mac’s Primary Mortgage Market Surveyshows that interest rates for a 30-year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You are Paying a Mort…

#1 Reason To List Your House Now!

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If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale The National Association of REALTORS’ (NAR)Chief Economist Lawrence Yun recently commented on the inventory:
Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”. The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:

Anything less than a six-month supply is considered a “

4 Tips for Effectively Making an Offer

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So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:
1. Understand How Much You Can Afford“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ should really take place before you start your home search process.
As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amou…

Do You Know the Cost of Waiting To Buy a Home?

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Buying a Home? Do You Know the Lingo?

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Buying a Home? Do You Know the Lingo? Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.
Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website.
Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.
Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.
Closing Costs – The costs to complete the real estate transaction. These …

Homes Are Selling Fast!

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In some markets like Bellingham and Whatcom county, homes are selling in a matter of days. Are you thinking of selling? Call me to learn how I leverage social media to get you maximum exposure!!
Jack Otto eXp Realty Bellingham, WA 206-388-6102 #1 Agent in Social Media in Washington (ranked weekly by Mondinion.com)

Slaying Home Buying Myths [INFOGRAPHIC]

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Some Highlights:Interest rates are still below historic numbers.88% of property managers raised their rent in the last 12 months!The credit score requirements for mortgage approval continue to fall.

Is Your First Home Within Your Grasp?

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Some Highlights:‘Millennials’ are defined as 18-36 year olds according to the US Census Bureau.According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.More and more ‘Old Millennials’ (25-36 year olds) are realizing that homeownership is within their reach now!

The Importance of Using a Professional to Sell Your Home

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When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
Read the rest here: "Importance of Using a Professional to Sell Your Home.


How Low Supply & High Demand Impacts the Real Estate Market

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Bellingham Area Home Spending an Average of 16 Days On Market.

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As we get closer to April I wanted to point out how the housing market looks already. The market never really cooled in the winter like it usually does. Homes were selling in days in late December and January. With record low inventory, there are several buyers for each home listed. So here is how the Bellingham and surrounding cities look today! <
Trust the #1 Agent in Social Media in Washington to get your home sold!! Jack Otto eXp Realty 206-388-6102 jack.otto@exprealty.com jackottohomes.com jackotto.exprealty.com

Happy St. Patrick's Day!! Don't Let Your Luck Run Out..

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Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

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This is the #1 question I'm getting from buyers. I break it down here: Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

How to Get the Most Money When Selling Your Home

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Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.
How to Get the Most Money When Selling Your Home



Existing Home Sales Reach Highest Mark Since 2007

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Where Are the Home Prices Heading in the Next 5 Years?

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As we celebrate reaching the 1st of March and Spring being on the horizon, where are home prices going? They've been going up for some time now, but what does the future hold? 
Where Are the Home Prices Heading in the Next 5 Years? 
Time to sell your home? Let me show you how I leverage social media to get you the most exposure possible.


Buyers Are Searching For Your House! Is It time to list your home?

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The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
Read More: Buyers Are Searching For Your House! Is It time to list your home? 
Is this the year you sell your home? Call me for my free home selling guide and consultation. 
Jack Otto eXp Realty #1 Agent in Social Media in Washington (mondinion.com) Jack.otto@exprealty.com 206-388-6102

Buyer Demand Is Outpacing the Supply of Homes for Sale

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Buyer Demand Is Outpacing the Supply of Homes for Sale The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
Read the rest here:

Buyer Demand Is Outpacing the Supply of Homes for Sale

Home Sales at Highest Pace in 10 Years!

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The real estate market is crazy right now and 2017 is going to be another banner year. With inventory at all time lows, buying power remaining high, and an overall high demand for homes, we will see a similar market to 2016. So what does all this mean to you? Take a look at the infographic and then call me to get your game plan in place!

Home Sales at Highest Pace in 10 Years! [INFOGRAPHIC]

Jack Otto eXp Realty #1 Agent in Social Media in Washington (mondinion.com) Jack.otto@exprealty.com Jackottohomes.com


Tips For Preparing Your House For Sale.

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We've rounded the corner and are cruising into 2017. This year is going to be another blockbuster year for home sellers. But before you can put it on the market you need to go through your home and make sure it's ready. Check out this checklist and feel free to call me for my complimentary home selling consultation. 
"Tips for Preparing Your House For Sale [INFOGRAPHIC] "
Once you are ready let's discuss how my social media campaign can get you the most exposure possible. 
Jack Otto eXp Realty #1 Agent in Social Media in Washington (mondinon.com) Jack.otto@exprealty.com 206-388-6102
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Buying a Home This Year? Get My Free Buyers Guide!

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Now we are past the holidays, are you finally getting ready to buy a home? First step is to get your Free guide here and then call me to set up a game plan. This year is going to be crazy and you'll want to have a solid plan in place. Get my FREE buyers guide!  


Come Home to Fawn Island! Private Island Living At It's Finest!

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Welcome to 2017! Where Will The New Year Take Us HD

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Is This the Year to Move Up to Your Dream Home? If So, Do it Early!

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The holidays are finally behind us and we are trucking right along in 2017. This year is going to be another crazy year in the real estate market. Whether you are buying, selling, or both, the key is going to be getting started early. Rates have gone up and buyers will feel the pressure this spring. Get on track early this year so you aren't stressing come August when you just started your home search. 
Homes will sell fast and for asking price, if not more. So if you are thinking of selling, call me for my free listing consultation. 
Check out my article: Is This the Year to Move Up to Your Dream Home? If So, Do it Early!

Inadequate Inventory Driving Prices Up

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2017 has started with housing inventory at historic lows! If you have been on the fence about selling your home, get your game face on! Homes are selling in less than 24hrs, even in late December and early January. Check out this latest blog post and call me so we can get your home listed!
Inadequate Inventory Driving Prices Up 
Jack Otto eXp Realty #1 Agent in Social Media in Washington jack.otto@exprealty.com