Included in the numerous changes 2020 brought us is the housing market. We experienced a wave of remote work, school, and workouts, which has led many buyers to desiring more space with low supply to choose from. The message is clear, be prepared to navigate a seller’s market. Here’s a look at 2021 real estate expectations and advice from local experts:
Beth Billington, The Billington Team
BIO:
Beth has been providing expert real estate services on the Eastside for 29 years with over $1.4 Billion in sales. She is extremely loyal, and her history of repeat clients and referrals is a true testament to her commitment to honest and ethical practices. Beth is attentive, detail oriented and provides personalized, hands-on support with constant communication. Her full-service approach to real estate includes a concierge service to help prepare clients’ homes for the market to ensure maximum results.
Surviving 2020:
What an unprecedented year that we survived! My most treasured memory is building a tighter bond with my husband (pictured above) and enjoying more time together at home.
TOP REAL ESTATE TREND FOR 2021:
“Home is where the heart is.” It’s also where we’ve adjusted to studying, exercising and conducting business. We have already begun to see a shift, and expect it to continue in 2021, of Buyers focusing less on location and more on space and functionality, which will bode well for Bellevue and the Eastside.
TIP FOR BUYERS:
With inventory at all-time lows, Buyers must be competitive and ready to act! They need to be available to view properties as soon as they are listed; be prepared to have a pre-inspection; and have their underwritten pre-approval for financing secured or verification of US funds if paying cash. It is also critical to be represented by an agent who is well versed in a Seller’s market and is experienced at negotiating multiple offer situations.
TIP FOR SELLERS:
Though Buyers have tight inventory to choose from, they are still particular. By taking the time to prepare their home and grounds prior to listing, Sellers will attract more Buyers, reduce market time and command top dollar. Professional staging coupled with premier photography will guarantee a positive first impression for the maximum price.
Renee McGahan, The DwellSeeker
Brief Bio
At home in Seattle by way of California and New York, Renee’s warmth and wit are clear from her Olympic ability to schmooze, love of the F Bomb and unrivaled hustle. With the fastest thumbs in the PNW, Renee makes deals 24/7/365 via phone, text or carrier pigeon.
Surviving 2020:
My 2020 diary's a real page-turner. Eat, sleep, binge watch, rinse (occasionally), and repeat. Fingers crossed for a more productive 2021, amiright?
Top Real Estate Trend for 2021
Did working from home while quarantining with your beloved family make you reconsider the phrase “minimum square footage”? If 2020 taught us anything, home needs to be both practical and peaceful. That extra room can be an office or just an oasis to scream in - workspace and refuge!
Tip for Buyer:
The market is hot! Hot! HOT! But - it's not for the weak so align yourself with a broker who knows their sh*t. Get someone who knows how to get your offer accepted. Don't be silly, you hired a professional - listen to their advice!
Tip for Seller:
What are you waiting for? Stick a "For Sale" sign in the front yard and tell your friends! Kidding aside, the market is yours for the taking. Leverage offers with a season pro so you can capitalize on your investment. Get on it!
Team Foster, Tere Foster & Moya Skillman
Brief Bio:
Team Foster is one of the highest-producing residential real estate teams in the nation based on sales volume, and was recently named to The Wall Street Journal REAL Trends The Thousand list as one of the top-ranked agent teams in the country. Tere and Moya have represented 5 of the top 6 sales in Northwest MLS history, and are highly regarded by their clients and peers for having a high level of integrity, in-depth market knowledge, and an incredible work ethic.
Surviving 2020:
My best memories of 2020 will always be the time we spent at our home on San Juan Island (our Happy Place.) We are so blessed to have this escape, where the kids can go exploring and develop a deep appreciation for our Pacific Northwest wonderland. Together time is much easier when you can “Go outside!”
Top Real Estate Trend for 2021:
We continue to see buyers looking for houses that fulfill the "everything-from-home" lifestyle. One thing the last year has taught us: Home is our Pandemic Headquarters, so it is more important than ever that it be our sanctuary. Homebuyers seek productive work-from-home spaces, creative areas for online schooling, fabulous kitchens, and room for exercise equipment. When staging a home for sale, we keep all of this front of mind; quite often sellers don't realize how many different ways a home can be utilized, and our free staging services offer them an additional edge in the market.
Tip for Buyer:
We are experiencing an unprecedented market with a record number of bidding wars. I recommend working with a strong, experienced real estate broker who is respected in the industry. The relationships they have built with their peers will give you a much-needed edge in the negotiation process.
Tip for Seller:
The importance of staging can't be overstated. Staged homes bring higher value to the seller and typically result in better offers because you are creating a great experience for the buyers to connect emotionally with the home. We're living in an HGTV world—homebuyers are design savvy and expect a certain aesthetic. When we stage a home we all take into account the way people live today, and create spaces that accommodate everything from Zoom calls to study halls.
Max Rombakh, Team Rombakh
Brief Bio
With over $500MM in sales since 2004, Max Rombakh and his team specialize in providing a uniquely collaborative level of service, working closely with clients from consultation to close to guarantee total comfort at every step and lasting satisfaction. Max and his family are passionate about the community and committed to giving back—a portion of every closed transaction is donated to local non-profit organizations.
Surviving 2020
After losing our puppy, Blu, when she was barely a year old my family and I thought we’d never get another dog. The heartbreak was too much. But then Hunter, a 2.5-month-old Labradoodle came into our lives unexpectedly and he was the best part of 2020 by far!
Top Real Estate Trend for 2021:
The pandemic has caused an increased demand for luxury and seconds homes. Homeowners are finding the need for more space, two offices, more recreation space and properties further away from the busy cities. We have noticed many of our clients purchasing and spending extended time at their 2nd homes. I believe this trend will continue as we head into 2021 and with interest rates and supply of inventory remaining low.
Tip for Buyers:
If you’re a buyer, please know this market is not for the faint of heart. It takes a lot of preparation to be competitive and having a broker on your side who knows the market and has established relationships with listing agents in the area will help you be successful.
Tip for Sellers:
If you’re a seller, all of the same rules still apply — preparation, pricing and marketing are key. An experienced broker can generate top dollar from positioning your home properly and negotiating with the multiple offers we are seeing. A brokers job doesn’t end with an accepted offer. This is when the real work begins. Who you work with matters.