Happy Thanksgiving!

What is the MLS?

It is the trademarked term for Major League Soccer, however in real estate it is the Multiple Listing Service. It refers to a place where real estate brokers can go and share information about properties that have been sold, or are being sold. 

It is a service that is subscribed to by brokers, it is a place for brokers to list new properties for sale as well as a place they can search for properties to show their clients.

In western Washington we have the NWMLS. When we talk about a MLS number it is a specific number assigned to a particular house for sale. It is a way of easily identifying the house, and follows the property for the whole time it is on the MLS.

If you choose to sell your house FSBO (For Sale By Owner) you do not have the access to post your home directly on the MLS. That is one of the important reasons for working with a licensed broker so that they can get your house on the MLS.

Craigslist and other web searches are good places to look at properties, however working directly with an agent can be more direct and can get you the most current homes available. Also because they can get on the MLS they are often able to get more information for you on specific properties that you are not able to see as a buyer.

Moisture and mold in my house... What do I do?

Mold is a type of fungus. It thrives on its surroundings including soil, decaying plant pieces, food, fabrics and clothes and wood materials. It thrives in damp places and multiplies by sending spores into the air that land and start thriving on their own. Mold can withstand freezing temperatures, it can also withstand dry spells.

The key to mold is moisture control.  Damp areas of the home are a trouble spot for mold growth. The spores that mold produces can create allergens that can be problematic to sensitive individuals. It is important that if you see mold in your home you take corrective measures to ensure ridding the area of the problem.

When you see mold in your house you need to clean up the mold but also assess the situation and see where the problem is starting. It could be rot in the floor, a leak in the roof, or excessive moisture in the bathroom or kitchen area. If you don’t fix the problem than most likely the mold will present itself again.

Mold can be removed from a surface by scrubbing the area with warm water and a detergent. Then it is very important to thoroughly dry the area. You can also take an additional step of disinfecting the area with a 1/4 cup of beach diluted with a gallon of water, then let it air dry. This will get rid of the surface/visible mold. Next you should dig deeper and find out the cause. It may be as simple as adding better ventilation. Dehumidifiers can help with the moisture, so can running the kitchen and bathroom fans.  If you have condensation gathering inside your windows and on your windowsills it can be a smart move to dry those often as well.

Seattle has very wet fall winter and spring seasons. With precautionary measures and proper ventilation in your house there should be no major need for concern. Just be attentive to the issue and if you are concerned with the problem go ahead and give an expert a call.

King County median home price up 15% over year ago - Seattle Times

The Seattle Times is reporting an increase of the value and prices of King County's homes.
Over the past year they have increased by  15% on average.

"Buyers closed on 2,187 homes, 10 percent more than in the previous October, the Northwest Multiple Listing Service (MLS) reported Tuesday."

King County median home price up 15% over year ago | Business & Technology | The Seattle Times

It's Pumpkin Time!

Halloween is just around the corner. Since this is the last weekend before, now is a great time to get your pumpkin. If you already have your decorations up and pumpkins carved you can check out the other fun festivities there are. Corn Mazes, Pumpkin Carving, Music, Food, and Fun Times can be had at many farms near Seattle. Check out below to find something fun to do!


Entertainment | Harvest/Halloween events | Seattle Times Newspaper

Home Inspection - Why they are important

   
       When you finally find the home for you and you are getting ready to place an offer it is a good idea to have a home inspection done. When a home inspector comes out they inspect the condition of the property. Generally it takes a few hours to complete and costs a few hundred dollars. This might sound like a lot but in the long run it can save you thousands.
     
       The Seattle Times featured this article which goes more in-depth about home inspections.


Hire an inspector to avoid homebuying horrors | Homes & Real Estate | The Seattle Times

10 Costly Mistakes First Time Home Buyers Make

1. Not hiring your own agent or using the seller's agent.
Once you're seriously shopping for a home, don't walk into an open house without having a Exclusive Buyer's Agent - Only an Exclusive Buyer's Agent can GUARANTEE to represent only you in your home purchase and negotiate only for you. Agents are held to the ethical rule that they must act in both the seller and the buyer parties' best interests, but you can discover to your detriment how that might not work in your best interest if you start dealing with a seller's agent before contacting one of your own.

2. Not knowing what you can afford.
As we've all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don't already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don't forget major expenses that occur only once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you'll know how much you can spend on your new home each month.

If you end up looking at homes that are outside your price range, you'll end up lusting after something you can't afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford. You may even learn that you can't afford the type or size of home that you desire and that you need to work on reducing your monthly expenses and/or increasing your income before you even start looking.

3. Skipping mortgage qualification.
What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get preapproved for a loan before placing an offer on a home. If you don't, you'll be wasting the seller's time, the seller's agent's time and your agent's time if you sign a contract and discover later that the bank won't lend you what you need or that it won't give you a mortgage you find acceptable. Be aware that even if you have been preapproved for a mortgage, your loan can fall through if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the money that you put up when you went under contract.

4. Failing to consider additional expenses.

Once you're a homeowner, you'll have additional expenses on top of your monthly payment. Unlike when you were a renter, you'll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like replacing the roof or furnace). If you're interested in purchasing a condo, you'll have to pay maintenance costs monthly regardless of whether anything needs fixing because you'll be part of a homeowners' association, which collects monthly fees from the owners of each unit in the form of condominium fees.

5. Being too picky.
Go ahead and put everything you can think of on your new home wish list, but don't be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home or forgo that extra bedroom. Of course, you can always choose to continue renting until you can afford everything on your list - you'll just have to decide how important it is for you to become a homeowner now rather than in a couple of years.

6. Lacking vision.
Even if you can't afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home meets your needs in terms of the big things that are difficult to change, such as location and size, don't let physical imperfections turn you away. Besides, doing home upgrades yourself, even if you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you.

7. Being swept away.
Minor upgrades and cosmetic fixes are inexpensive tricks that play on your emotions and elicit a much higher price. Sellers may pay $2,000 for minimal upgrades or staging that you'll end up paying $40,000 for. If you're on a budget, look for homes whose full potential has yet to be realized. Also, first-time homebuyers should always look for a house they can add value to, as this ensures a bump in equity to help you up the property ladder.

8. Compromising on the important things.
Don't get a two-bedroom home when you know you're planning to have kids and will want at least three bedrooms. By the same token, don't buy a condo just because it's cheaper when one of the main reasons you're over apartment life is because you hate sharing walls with neighbors. It's true that you'll probably have to make some compromises to be able to afford your first home, but don't make a compromise that will be a major strain.

9. Neglecting to inspect.
It's tempting to think that you're a homeowner the moment you go into escrow, but not so fast - before you close on the sale, you need to know what kind of shape the house is in. You don't want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. Keeping your feelings in check until you have a full picture of the house's physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake.

10. Not thinking about the future.
It's impossible to perfectly predict the future of your chosen neighborhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.

For more information please visit - www.searchingballardhomes.com