The real estate market, the election, and what’s next.

“Buy land, they’re not making it anymore.” -Mark Twain
First off, a disclaimer – this is a non-partisan opinion. ūüôā It’s been quite the election season, and this post is intended to give some perspective and projections on what to expect regarding real estate.¬† There are three items to be on the lookout for: interest rates, policy, and uncertainty.
RATES: ¬†in the week since the election, we’ve seen an approximate .75% increase in rates, depending on loan product, program, etc.¬† For context – on a loan amount of 500K, this is a difference in payment of $250.¬† A rate increase of this amount in this span of time is relatively uncommon.¬† I won’t say unprecedented, but certainly uncommon.
POLICY:  this will take a while to sort out.  Some of the proposals that President elect Trump has floated include scrapping the Dodd-Frank banking reform act and eliminating the Consumer Financial Protection Bureau, which was created in the wake of the last recession.  Whether or not these things happen remains to be seen, but if they do, it will not be immediate.  
UNCERTAINTY: perhaps most significant are the factors of perception and uncertainty.¬† Markets are made up of people, and people’s uncertainty is what has fueled the interest rate increase.¬† Given that there is an inherent degree of uncertainty in any presidential change, this is something that we will all have to live with, at least for a while.
In my personal opinion, none of this equals the next Great Recession.¬† I lived through that early on my career, and in my humble estimation we aren’t there.¬† What I observed through the last recession is that people always have to move.¬† People need shelter, and those shelter needs are constantly changing: job relocations, job promotions, retirement, growing families…the list goes on.¬† A home that worked for someone 5 years ago may not work for them now.¬† And this is what guarantees a future real estate market.¬† Specifically for Western Washington, two factors compound this, the first of which is possessing one of the most robust job markets in the country.¬† Second,¬†from the tenants perspective,¬†we have one of the most difficult rental markets in the nation.¬† When faced with the prospect of renting or buying, owning makes more sense for a lot of people.
The bottom line is that there will be some turbulence in the near future, for sure.¬† This is inevitable.¬† However, I have a strong belief in housing as a fundamental need, and as a great asset over the long term.¬† Unless someone is looking to buy a home now and flip it¬†in 6 months, I don’t see any reason why this should change someone’s long-term plans.
As always, we are always available to talk things over.  If you want to chat or have any questions give our office a call!

So far in 2016…

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From left to right: Kelsey Juhl, Greg Willis, Dan Faulkner, Jr., Nicole Switzer, Andrea Perun
Hope you’ve had a great summer!¬† At The Dan Faulkner Group, we’ve been having a lot of fun, and helping a lot of people. ¬†2016 has been one for the books, that’s for sure!
Low listing inventory has been the story this year.  Earlier in the spring, listings were down 30% year over year.  As of this summer, we are on par with 2015 for the most part, although that is still pretty low and is driving prices up.
So far, we have helped over 50 people with their real estate goals!  You have referred us 78 times, and we have in turn referred our service providers 157 times.  Thanks, as always, for your trust and helping us to refer on and support the local economy.
Most recently, we added a 5th team member! ¬†Greg Willis started with us back in June.¬† Greg’s role is as a buyer specialist on the team, showing homes, negotiating offers, and walking buyers through the process.¬† Greg has a real estate background, as well as 10+ years in the hotel industry in Las Vegas.¬† He is a fan of Ohio State, and of course, the Seahawks!
Kelsey is expecting her first child in January, and we are all very excited for her.¬† Kelsey is a favorite with our buyers, and we expect she’ll be back to join the fun sometime next spring.
Andrea is getting ready to head out to Kauai in a couple of weeks (try not to feel sorry for her). ¬†Nicole has been busy executing an excellent Gratitude Gathering (great seeing some of you at the Mariner’s game back in July, it was tons of fun!) ¬†As for Dan, he is looking forward to the Seahawks season starting, as well as starting preparation with Andrea and Nicole for the 4th annual Thanksgiving pie giveaway.
Thanks, as always, for your support and referrals. ¬†We couldn’t do it without you!¬† With a team of 5, we are better suited to serve your friends and family than ever before. ¬†If anyone ever comes to mind who could use our help, just let us know, and we’d be happy to follow up!¬†See you soon!

9th Annual Gratitude Gathering

We hope everyone had a great time at our 9th Annual Gratitude Gathering in July! ¬†Sadly, the Mariner’s lost…but we are winners to have such fun clients to hang out with! ¬†To those who came and to those who couldn’t make it, we hope to see you next year! #10 promises to be the best yet!

With gratitude, Dan, Kelsey, Greg, Andrea, and Nicole

 

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Gratitude

“Generosity is the cure for scarcity. ¬†Be the most giving person in every room you’re in and life will reward you with uncommon blessings.” -Robin Sharma

I use this quote not to describe myself, or my team.¬† But to describe you.¬† We have something exceptionally rare in the real estate world – a business committed to working 100% via referral.¬† So rare that when people ask us about our success, and find out we don’t pay Zillow an arm and a leg each month for leads, or don’t advertise anywhere, they’re almost disappointed.¬† It’s uncommon, and remarkable.

And I say this with humility, because the reality is that although we have served our clients well, provided lots of value, and been there through great markets and bad markets, all of this is thanks to you, the client.  The advocate.  The friend.  Telling someone else about your experience.

That’s what our annual Gratitude Gathering is all about (9th year this year).¬† Showing our appreciation for you, the people who make it all possible.¬† Having a good time and enjoying some (hopefully) good baseball.

So, thanks for being awesome.¬† And to those of you who couldn’t come this year, we thank you for your patience – 2015 was our biggest year at 140 people.¬† This year we have 150 and a waiting list.¬† We look forward to seeing you at the 10th annual!

A fun thank you: Top 1% 2015 video

Thanks to your advocacy and referrals, we were again awarded the distinction as being in the Top 1% of John L. Scott realtors for 2015!  This means out of over 2900 agents, we were in the top 29.  As a way to say thank you, we put together a fun video in which we test out a new (and very cute) demographic for a Home Buyer Seminar.

Hope you enjoy! ¬†With your support and referrals, we can’t wait to do it again next year. ¬†We greatly appreciate the relationship we have with you, and never take you or your referrals for granted!

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Helping us help you: why we use showing agents

If you’re a buyer in the current¬†market, you are (painfully) aware of how¬†little inventory there is and how fast homes are being absorbed. Homes are typically listed¬†on Thursday or Friday and¬†are often gone by the end of the weekend.

In order to represent you best, we want to make sure you get to see the homes you want before they are gone. Even though we have a two agent team, we sometimes lack the manpower to show all our clients every home they wish to see.

A solution that we’ve relied on for the past year is enlisting the¬†help of a showing agent. A contracted member of our¬†team, a showing agent can show you the homes you wish to see at a time that works best for you. By doing it this way, we ensure you don’t miss out on a home! Kelsey and Dan will still directly handle the negotiations, contracts, and any questions you may have. ¬†Using a showing agent simply allows you access to a property, when one of us isn’t available, at a time that is¬†convenient for you.

If you’re thinking about buying a home and want¬†to ensure you are best represented and taken care of, please don’t hesitate¬†to give us a call! ¬†We¬†are always¬†¬†happy to help!

Client Spotlight: February 2016

It’s kind of fun to do the impossible’

-Walt Disney

It’s hard to believe it’s already February!¬† Why is it that every year seems to move faster than the last?¬† This month, we bring you a client spotlight focused on a seemingly impossible situation. ¬†At best, we were met with a huge challenge and rose to the occasion (and maybe had a few laughs in the process!).

 

Meet Jeff and Virginia S.,¬†a couple referred to us by Jordan F. (thanks Jordan!).¬†When I met Jeff and Virginia, they were living in North Bend and wanted to find a home with more property and, well, let’s just say…a better neighborhood. ¬†They had yet to list their current home for sale, but had sights set on a property in Redmond.

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Should you buy a condo or a house?

A question we commonly are asked, especially from first time home buyers, is whether or not they should purchase a condo or a house. ¬†While much of that is dependent on your personal situation and desires, I outline some of the basic differences to consider in the video below.¬† As always, if you’d like to discuss your personal situation and options, just get in touch!

 

Another great Pie Party!

“As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them”

-John F. Kennedy

With another fun Pie Party in the books, we reflect on our appreciation for the wonderful people we get to work with! ¬†With that, we say ‘thank you’ for your trust and hope we can continue to show our gratitude¬†through a high level of client care and, of course, more fun events! Continue reading

Did someone say pie?

Fall is our favorite season here at the Dan Faulkner Group!  We love the crisp, cool air, the leaves changing colors and of course all the football watching on the weekends!  One of the other things that makes this season a favorite in our office is our annual Pie Party!
For the past couple years we’ve given out free pies to our clients right before Thanksgiving. ¬†On Tuesday the 24th we are once again inviting our clients to come to our office to pick up their choice of pecan, apple or pumpkin pie courtesy of¬†Dianne’s Delights. ¬†Not only do they get to enjoy a free pie but we also provide snacks and¬†Licorice Photography¬†has a complimentary photo booth set up full of props for a perfect¬†holiday family photo! ¬†We think this is a great way for our clients to have some fun and it hopefully takes one thing off the long to-do list we all seem to have right before the holidays!

If you want to take something off of your list, or want to have some fun before the holidays, or if you just want a free pie, we certainly hope you stop by!  Send us an email before November 16th to register!

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