I’m in FORBES. Say what?!

 

Joking aside, I am honored and humbled to make The 500 List as seen in Forbes Magazine. Five Star Professionals partners with premier publications across the country to identify real estate agents who provide outstanding service to their clients. Winners are chosen based on a proprietary research process, in which thousands of recent homebuyers are contacted regarding their experience. Only 7% of professionals are recognized in any given market. The Five Star Market Leaders section – the 500 List – is even more exclusive.

 

Here’s the thing, I really love what I do. It’s incredibly rewarding to add value in the ever-changing world of Seattle real estate (especially these days).  All brokers have signs, a marketing plan, and use a good photographer. But that’s not enough. To me, value means providing years of experience, listening and solving problems. Value means communicating effectively. Value means fostering genuine relationships that extend beyond a transaction. Value means getting creative & thinking out of the box. Value is not just a client’s good or great experience, it’s an EPIC one.

We hope if you choose David Hogan Homes you feel how much we value you. Our clients are like friends and family to us. Our clients deserve the best. Period.

It’s enough recognition to have the opportunity to help, but it’s also very cool to be acknowledged for it. A wholehearted thank you to anyone reading this who has transacted with us and/or recommended us to their friends and family. It means more than you know.

 

As always, reach out if there is anything we can do for you. We pride ourselves in being a place you can turn for advice without pressure, even if you aren’t planning on selling and buying anytime soon.

 

 

 


Photo credit: Panravee Photography

 

Posted on March 18, 2020 at 8:34 am
David Hogan | Category: Community News | Tagged , , , , , ,

Local Market Update – March 2020

The novel coronavirus (COVID-19) has not yet dampened demand in the housing market. Traffic at open houses remains heavy. Buyers who had waited last year for a drop in prices have now seen several months of home prices increases. With demand far outstripping supply and record low interest rates, the market heading into spring looks hotter than ever.

 

EASTSIDE

Buyers that may have been in wait-and-see mode at the end of 2019 jumped off the fence in February. Pending sales (offers accepted but not yet closed) jumped 27%, snapping up already-tight inventory. 55% of homes on the market sold in 15 days or less. The median home price jumped 9% over a year ago to $985,000, an increase of $58,000 from the prior month. Development on the Eastside continues to surge and includes the recent groundbreaking for a 600-foot tower in Bellevue and a proposed 11-acre mixed-use project.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The tight housing market here got even tighter. There were 40% fewer homes on the market in King County in February than there were in January. The median home price rose 3% over the prior year to $675,000, up from $630,525 in January. With mortgage rates and the local unemployment rate both hitting record lows, demand isn’t likely to drop any time soon.

VIEW FULL KING COUNTY REPORT

SEATTLE

With just six weeks of available inventory, competition for homes in Seattle remains fierce. Multiple offers were the norm, and 34% of homes purchased in February sold for over the listing price. The median price for a single-family home in February was $730,500, unchanged from a year ago and up from $719,950 in January.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

The numbers in Snohomish County tell the story. There were 42% fewer listings in February than a year ago, and 42% more pending sales. With inventory at under a month of supply, there just aren’t enough homes to meet demand. That scarcity translated into higher prices, with the median price of a single-family home rising 8% over a year ago to $515,000.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on March 13, 2020 at 1:00 am
David Hogan | Category: Buying a Home, Economy, Local Market Updates, Selling a Home | Tagged , , , , , , , , ,

Simple Steps for Maintaining Air Quality in Your Home

 

Most of us tend to think of air pollution as something that occurs outdoors where car exhaust and factory fumes proliferate, but there’s such a thing as indoor air pollution, too.  Since the 1950s, the number of synthetic chemicals used in products for the home has increased drastically, while at the same time, homes have become much tighter and better insulated. As a result, the EPA estimates that indoor pollutants today are anywhere from five to 70 times higher than pollutants in outside air.

Luckily, there are many ways to reduce indoor air pollution. We all know that buying organic and natural home materials and cleaning supplies can improve the air quality in our homes, but there are several other measures you can take as well.

 

How pollutants get into our homes

Potentially toxic ingredients are found in many materials throughout the home, and they leach out into the air as Volatile Organic Compounds or VOCs. If you open a can of paint, you can probably smell those VOCs. The “new car smell” is another example of this. The smell seems to dissipate after a while, but VOCs can actually “off-gas” for a long time, even after a noticeable smell is gone.

We all know to use paint and glue in a well-ventilated room, but there are many other materials that don’t come with that warning. For instance, there are chemicals, such as formaldehyde, in the resin used to make most cabinets and plywood particle board. It’s also in wall paneling and closet shelves, and in certain wood finishes used on cabinets and furniture. The problems aren’t just with wood, either. Fabrics—everything from draperies to upholstery, bedding, and carpets—are a potent source of VOCs.

The good news about VOCs is that they do dissipate with time. For that reason, the highest levels of VOCs are usually found in new homes or remodels. If you are concerned about VOCs, there are several products you can buy that are either low- or no-VOC. You can also have your home professionally tested.

 

How to reduce VOCs in your home

Make smart choices in building materials. 

  • For floors, use tile or solid wood—hardwood, bamboo, or cork – instead of composites.
  • Instead of using pressed particle board or indoor plywood, choose solid wood or outdoor-quality plywood that uses a less toxic form of formaldehyde.
  • Choose low-VOC or VOC-free paints and finishes.

Purify the air that’s there. 

  • Make sure your rooms have adequate ventilation, and air out newly renovated or refurnished areas for at least a week, if possible.
  • Clean ductwork and furnace filters regularly.
  • Install air cleaners if needed.
  • Use only environmentally responsible cleaning chemicals.
  • Plants can help clean the air: good nonpoisonous options include bamboo palm, lady palm, parlor palm, and moth orchids.
  • Air out freshly dry-cleaned clothes or choose a “green” cleaner.

Fight the carpet demons.

  • Choose “Green Label” carpeting or a natural fiber such as wool or sisal.
  • Use nails instead of glue to secure carpet.
  • Install carpet LAST after completing painting projects, wall coverings, and other high-VOC processes.
  • Air out newly carpeted areas before using.
  • Use a HEPA vacuum or a central vac system that vents outdoors.

Prevent Mold. 

  • Clean up water leaks fast.
  • Use dehumidifiers, if necessary, to keep humidity below 60 percent.
  • Don’t carpet rooms that stay damp.
  • Insulate pipes, crawl spaces, and windows to eliminate condensation.
  • Kill mold before it gets a grip with one-half cup of bleach per gallon of water.

 

I hope this information is helpful. If you would like to learn more about VOCs and indoor air quality, please visit http://www.epa.gov/iaq/.

 


This post originally appeared on the Windermere.com Blog

Posted on March 11, 2020 at 10:02 pm
David Hogan | Category: Home Maintenance | Tagged , , , , , , , , , , ,

Local Market Update – February 2020

New jobs and low interest rates continue to fuel the housing market boom. While January is traditionally a slower month for activity, the new year saw steady buyer demand. With the number of sales exceeding new listings, all indicators point to a strong spring market.

EASTSIDE

The tech industry on the Eastside continues to grow rapidly. Microsoft and Alibaba both have significant expansions underway. Amazon expects to increase its workforce in Bellevue to 15,000 in the next few years, a sevenfold increase from today. As the economy continues to grow, inventory keeps being squeezed. There were 47% fewer single-family homes on the market in January than the year prior. Home prices have been stabilizing for some time, fluctuating slightly from month to month. In January the median home price slipped 2% over a year ago to $892,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of single-family homes on the market in King County was down nearly 44% from a year ago. That lack of inventory has resulted in more multiple offers and the return of review dates, where sellers identify a date to review all offers. Strong competition for a small supply of homes boosted the median home price 3% over the prior year to $630,525.

VIEW FULL KING COUNTY REPORT

SEATTLE

The jobs outlook in Seattle for 2020 remains robust, and demand for homes continues to outstrip supply. Traffic at open houses in January reflected that demand, with one central Seattle homes priced in the $1.2 million range drawing more than 300 visitors. Home prices in the city have been relatively stable for the past 12 months. That remained the case in January where the median price for a single-family home inched up 1% over last year to $719,950.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With 35% less inventory than last January, competition among buyers in Snohomish County is fierce and multiple offers have become the norm. The median price of a single-family home soared 12% over a year ago to $509,950. Home prices have been playing catch up, increasing at a much faster pace over the past year than King County. While the prices gap has closed, the median price here is still nearly 20% less than King County.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on February 17, 2020 at 10:46 pm
David Hogan | Category: Economy, Local Market Updates | Tagged , , , , , , , ,

Your Beginner’s Guide to Home Appraisals

 

Appraisals are used as a reliable, independent valuation of a tract of land and the structure on it, whether it’s a house or a skyscraper. Designed to protect buyers, sellers, and lending institutions, appraisals are an important part of the buying/selling process.

Below, you will find information about the appraisal process, what goes into them, their benefits and some tips on how to help make an appraisal go smoothly and efficiently.

 

Appraisal value vs. market value

The appraiser’s value is determined by using a combination of factors such as comparative market analyses and their inspection of the property to determine if the listing price is typical for the area.

Market value, on the other hand, is what a buyer is willing to pay for a home or what homes of comparable value are selling for.

If you are in the process of setting the price of your home, you can gain some peace-of-mind by consulting an independent appraiser. Show them comparative values for your neighborhood, relevant documents, and give them a tour of your home, just as you would show it to a prospective buyer.

 

What information goes into an appraisal?

Professional appraisers consult a range of information sources, including multiple listing services, county tax assessor records, county courthouse records, and appraisal data records, in addition to talking to local real estate professionals.

They also conduct an inspection. Typically, an appraiser’s inspection focuses on:

  • The condition of the property and home, inside and out.
  • The home’s layout and features.
  • Home updates.
  • Overall quality of construction.
  • Estimate of the home’s square footage (the gross living area “GLA”; garages and unfinished basements are estimated separately).
  • Permanent fixtures (for example, in-ground pools, as opposed to above-ground pools).

After the inspection, the appraiser of a typical single-family home will create their report including their professional opinion on what the price of the home should be.

You might hear the lender ask for two reports, the “Sales Comparison Approach” and the “Cost Approach.” These two approaches use different methodologies to find the appropriate value of the home, and help the lender confirm the home’s price.

 

Who pays and how long does it take?

The buyer usually pays for the appraisal unless they have negotiated otherwise. Depending on the lender, the appraisal may be paid in advance or incorporated into the application fee; some are due on delivery and some are billed at closing. Typical costs range from $275-$600, but this can vary from region to region.

An inspection usually takes anywhere from 15 minutes to several hours, depending on the size and complexity of your property. In addition, the appraiser spends time pulling up county records for the values of the houses around you. A full report is sent to your loan officer, real estate agent, and/or lender in about a week.

If you are the seller, you won’t get a copy of an appraisal ordered by a buyer. Under the Equal Credit Opportunity Act, however, the buyer has the right to get a copy of the appraisal if they request it. Typically, the requested appraisal is provided at closing.

 

What if the appraisal is too low?

A low appraisal can present a problem when there’s a large difference between what you’ve agreed to pay and the appraisal price.

Usually, the seller’s agents and the buyer’s agent will respond by looking for recent sold and pending listings of comparable homes. Sometimes this can influence the appraisal. If the final appraisal is well below what you have agreed to pay, you can re-negotiate the contract or cancel it.

 

Where do you find a qualified appraiser?

Your bank or lending institution will find and hire an appraiser; Federal regulatory guidelines do not allow borrowers to order and provide an appraisal to a bank for lending purposes. If you want an appraisal for your own personal reasons and not to secure a mortgage or buy a homeowner’s insurance policy, you can do the hiring yourself. You can contact your lending institution and they can recommend qualified appraisers and you can choose one yourself or you can call your local Windermere Real Estate agent and they can make a recommendation for you. Once you have the name of some appraisers you can verify their status on the Federal Appraisal Subcommittee website.

 

Tips for hassle-free appraisals:

To ensure the appraisal process is smooth and efficient, provide your appraiser with the information and documents he or she needs to get the job done. The documents you will need include:

  • A brief explanation of why you’re getting an appraisal
  • The date you’d like your appraisal to be completed
  • A copy of your deed, survey, purchase agreement, or other papers that pertain to the property
  • A sketch of the property with the property’s dimensions. These are usually available online from the county assessors.
  • If you have a mortgage, provide the information about your lender, the year you got your mortgage, the amount, the type of mortgage (FHA, VA, etc.), your interest rate, and any additional financing you have.
  • A copy of your current real estate tax bill, statement of special assessments, balance owing and on what (for example, sewer, water)
  • Tell your appraiser if your property is listed for sale and if so, your asking price and listing agency.
  • If it’s a multiple offer situation, provide the appraiser with the other offers to prove the demand for the home.
  • Any personal property that is included in the sale, like appliances and other fixtures.
  • If you’re selling an income-producing property, a breakdown of income and expenses for the last year or two and a copy of leases.
  • A copy of the original house plans and specifications.
  • A list of recent improvements and their costs.
  • Any other information you feel may be relevant.

By doing your homework, compiling the information your appraiser needs, and providing it at the beginning of the process, you can minimize unnecessary delays.

 


This post originally appeared on the Windermere.com Blog

Posted on February 13, 2020 at 1:00 am
David Hogan | Category: Selling a Home | Tagged , , , , , , , ,

Matthew Gardner – Will There Be A Recession in 2020?

Windermere Chief Economist, Matthew Gardner, answers the most pressing question on everyone’s minds: Will there be a recession in 2020? Here’s what he expects to see.


This post originally appeared on the Windermere.com Blog

Posted on January 29, 2020 at 8:48 am
David Hogan | Category: Buying a Home, Economy, Selling a Home, The Gardner Report | Tagged , , , , , , , , , , , , , ,

Use Seattle’s New Data Portal to Track Housing Affordability, Stats, & More

The City of Seattle recently unveiled Performance Seattle: a website where residents and government employees can dig into what’s going on in our city and see how well Seattle is performing.

The site currently houses seven dashboards, tracking the city’s performance on everything from basic services to housing affordability to homelessness. It illustrates the city’s progress with data visualizations like graphs, maps and charts as well as written reports.

While all this information was publicly accessible before, the new site brings it all together in one accessible place.

The launch of Performance Seattle follows months of criticism about how the city has handled the housing and transit crises associated with its rapid growth as one of the biggest tech hubs in the country.

Taking inspiration from cities like Boston and Chicago, which both launched similar portals in 2017, this site was created to make sure the city gets things done. According to a press release, Performance Seattle will ensure that the city meets specific goals, like its commitment to repair 80 percent of potholes in 30 days and have the police department respond to 100 percent of its Priority 1 calls. It’s centered around accountability.

This launch is a product of months of work by the Seattle Innovation and Performance team and was developed in collaboration with more than 150 city staff. The city has also been working with Results for America and What Works Cities, which recognized the city for its use of data in city government.

Explore the complete database here.

 


This was originally posted on builtinseattle.com by Ellen Glover.

And on GettheWReport.com

Posted on January 27, 2020 at 8:03 pm
David Hogan | Category: Community News, Economy, Local Market News | Tagged , , , , , , , , , , ,

2020 Luxury Market Forecast

2020 Luxury Market Forecast | MyKCM

By the end of last year, many homeowners found themselves with more equity than they realized, and at the same time their wages were increasing. When those two factors unite, it can spark homeowners to think about making a move to a larger or more expensive home in the luxury space. That said, now is a perfect opportunity to take a look at the forecast for the 2020 luxury market.

 

Three Things to Think About in the 2020 Luxury Housing Market

1. Prices

The U.S. economy is strong today, with buying opportunities throughout the luxury end of the market. Thomas Veraguth, Strategist at UBS Global Wealth Management, says in Barrons.com,

“There’s a good link between luxury real estate prices and [economic] growth.”

Available inventory is a key element that can impact home prices. At the upper range, the inventory is greater in comparison to the entry-level market, making moving up to a luxury home a growing reality for many buyers right now.

 

2. Activity in the Market

With more buying opportunities at the higher end, we should start to see an increase in activity. The same article states,

“Affluent homebuyers will start to come out of the woodwork as they find rising luxury rents less appealing and sellers get even more negotiable on price.”

Buyers looking in the luxury market are taking the opportunity to negotiate on price in a segment where there are more choices, too. According to the Luxury Market Report, homes sold for an average of 96.94% of the list price in December.

Buyers are also getting more for their money with greater purchasing power due to the current low interest rates.

 

3. Buyers Are Coming Back

Keep in mind, buyers are often sellers too, especially those looking to move up. Homeowners with an entry-level home can take advantage of the inventory shortage at the lower end of the market, thus driving higher sales prices for their current homes. Combined with growing equity in the homes they’re listing, it’s a great time for those who are ready to make a luxury move.

The extra equity and greater purchasing power are bringing many buyers back to the market. The same article mentioned that,

“We’ve already seen buyers who’ve been on the sidelines for two years tread back into the market.”

Bottom Line

If you’re considering entering the luxury market, 2020 is shaping up to be a great year for those who are ready to make that move. Let’s get together to set your real estate plan for the year.

 


 

Posted on January 16, 2020 at 4:15 am
David Hogan | Category: Buying a Home, Economy, Local Market News | Tagged , , , , , , , , ,

Local Market Update – January 2020

2019 ended with too many buyers chasing too few homes. December marked the sixth straight month of declining supply. The severe shortage of homes, historically low interest rates, and strong job growth are predicted to keep the local housing market strong in 2020. In a region starved for inventory, sellers can expect significant interest in new listings.

EASTSIDE

Homes sold briskly on the Eastside in December in all categories, including the luxury market. The number of listings were down nearly 50% from a year ago and the area had under a month of available inventory. That lack of inventory helped bump the median price of a single-family home up 4% from a year ago to $949,000, which is a $49,000 increase from November.  New large scale developments and a strong economic forecast indicate that the housing market will remain healthy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County continues to be a seller’s market. Inventory in December was down nearly 40% compared to a year ago and ended the month with below one month supply. The median price of a single-family home rose 6% over the prior year to $675,000, up slightly from November. More affordable areas saw much higher increases. Southeast King County – which includes Auburn, Kent and Renton – saw home prices jump 16% over the previous year.

VIEW FULL KING COUNTY REPORT

SEATTLE

Numbers tell the story in Seattle. Inventory was down 25%, while the number of closed sales increased 19%. Strong demand here has kept the housing market solid, with prices fluctuating slightly month-to-month for much of 2019. The median price of a single-family home sold in December increased 2% from a year ago to $727,000. That was slightly down from $735,000 in November.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

While the median home price in Snohomish County is less than that in King County, the gap continues to close. Buyers willing to trade a longer commute for a lower mortgage have kept demand and prices strong. Inventory here was off 36% in December as compared to a year ago. The median price of a single-family home rose 9% over a year ago to $510,000, an increase of $15,000 from November.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on January 15, 2020 at 7:25 am
David Hogan | Category: Buying a Home, Local Market Updates, Selling a Home | Tagged , , , , , , , , , ,

A Star is Reborn: Iconic Seattle Macy’s Star to Return in Time for the Holidays

It looks like the iconic downtown Seattle holiday star will be back this year for at least one more time. Sources say a local sign company has been hired to repair and restore the 62-year-old holiday decoration that has graced the old Bon Marche (or, more recently, Macy’s) department store at the corner of 4th Avenue and Pine Street since the 1950s. Workers have been visible on the roof of the building since earlier this week.

When Macy’s announced in September that the store would close in early 2020, it was also revealed that the old star was in disrepair and would not be installed this year. A Macy’s spokesperson said that new owners of the building would display a “reimagined” star next year.

Multiple KIRO Radio listeners had contacted the station when news first broke hoping to learn more about the condition of the star and the feasibility of it being repaired in time for this year’s holiday season. In the past several weeks, Wendy James, daughter of late star designer Bob James, launched a Facebook page and began a campaign to bring the star back.

No details have been confirmed, but it looks like the old star — repaired and refurbished — will be part of the traditional tree-lighting and holiday parade scheduled to take place at Westlake Park on Friday, Nov. 29, the day after Thanksgiving.


This was originally posted on mynorthwest.com by Feliks Banel, and the GettheWReport.com Blog

Photo – Macy’s holiday star in downtown Seattle. (Tracie Howe, Flickr Creative Commons)

Posted on November 28, 2019 at 1:19 am
David Hogan | Category: Community News | Tagged , , , , , , ,