Elizabeth Rose Batson, Realtor

$354K 3Br/2Ba, near beach. Call Elizabeth at 360.461.7396 for a private showing or more information. https://portal.onehome.com/en-US/share/1124244i99960

If you're looking for a good investment or rental property, this 3br/1ba River Road home is priced under $400k. For more information or a private showing, call Elizabeth Rose Salinas at 360- 461-7396. See the listing attached below.

OneHome™ Make your dream home happen with OneHome™. Browse properties, find rates on mortgages and insurance, and collaborate with your real estate agent in one place.

Newly listed @ 369k.

https://www.zillow.com/homedetails/451-Serpentine-Sequim-WA-98382/114626497_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

I want to talk for a minute about REALISTIC market expectations for both SELLERS and LANDLORDS, and the effects of over-pricing.
Going into 2024, Sellers and Landords should be aware that it is a Buyer's / Renter's market right now.
How Come?
While rental housing and homes for sale may have low inventory, I have experienced that people aren't willing to jump at the first thing that comes along - ESPECIALLY if it's over-priced. With higher interest rates and cost of living, Buyers are being cautious about which homes they will ultimately invest in, and Tenants are simply holding out until something more reasonably priced comes along,.
So What?
Over-priced homes are selling, on average, around 10% less than it's initial listing price. Many Sellers are being strong armed into provided Seller Consessions to aid the buyer in closing costs, just to get the sale of their home to the finish line!
How Do I Know My Home is Over-priced?
A tell-tale sign that your home is over-priced is if it's listed for over 45+ days without an offer, or if it's been advertised for rent without a submitted application for more than 2 weeks.
What Can I Do?
Make sure the listing agent or property management company you are working with walks you through current market trends. They should be asking "'What is your dream number,' 'What do you think is fair,' and, 'What is your absolute bottom line?'"
Any agent who says they can sell or rent your home for whatever your "dream" number is, is probably lying to you, unless they have provided accurate data and comparable sales that supports that number.
Final Note.
Times are changing. There aren't a lot of Buyers out there and it isn't the feeding frenzy for housing that it was back in COVID era. I implore you to be gracious towards the agent willing to tell you the cold-hard truth, and caution you against the agent who will tell you whatever you want to hear, just to win your business.

Elizabeth Rose Salinas, REALTOR® - Sequim Realtor & Author Learn more about Sequim's local real estate market expert.

My new books are in!

Message me to find out how to get a physical copy of my " Selling Secrets" book, or start reading on how to list your home by clicking the link for my free ebook!

https://elizabethsalinas.book.live/biz-card-book

I also have copies of "The Home Buyer’s Guide", "The Compassionate Guide to Foreclosure", and "Insight to Property Management".

Many people don't realize that even with assistance programs and specialty loans like USDA that do not require a down payment, there are other items that come up during the home buying process that require money upfront.

Some of those items are:

- The Home Inspection.
Depending on the size of the home, this price can vary. Usually not over $600

- Repairs.
If the Seller is cash poor, or has already accepted a lower offer than asking price, they being unable or reluctant to cover the cost of repairs. While some repairs can be completed after you move in, other repairs may need to be addressed per lender requirements before they will loan on the home.

Depending on what repairs are needed, it may range from as low as a few hundred, to a couple thousand dollars. If you're handy, you can save costs by getting permission from the seller to do repairs yourself on items such as chipped / peeling paint, missing hand rails in stairways, or broken / rotten decking.

Make sure you check with the seller if they had a home warranty on any of their appliances before buying new ones.

-Appraisal.
Appraisals are what the bank uses to determine the value of the home. The appraised value must be at or above the price of the loan. For example, if the bank is lending $300,000 on a home, the home must be valued at a minimum amount of $300,000 or higher.
If the appraisal comes back saying the home is valued at $325,000, that's great! But if the appraisal says the house is only worth $280,000, it is unlikely the bank will move forward issuing the loan for $300,000.
The Seller can choose to get a second opinion at this point, but with a Financing Contingency in place, the Buyer is no longer obligated to follow through with the purchase, and the contract is usually terminated.
Appraisals run about $1000, but can vary.

A good real estate agent should be familiar with the current market and area well enough to understand the value of a home, and hopefully avoid issues with appraisal, but that's why there's a contingency for just about everything.

-Closing Costs.
Closing costs are a myriad of things and is a generalized term for fees accumulated during the home buying process such as, but not limited to, mortgage insurance, origination and underwriting, notary, recording, taxes, etc etc.
Back in 2020-2022, the market was so hot that Buyers had to pay for their own closing costs. But in today's market, it's not uncommon to negotiate with the Seller for them to cover Buyer’s closing costs.

The Bottom Line- if you're looking to get into a home of your own, you're probably going to want $5,000-$10,0000 in savings, if you're getting a loan with 0% down.

Considering most rental companies require first, last, and deposit up front (often 3x rent), if you're getting into a home that rents for $2,000 a month, you'll need $6,000 in savings anyway. Maybe it's time to talk to a local mortgage lender about your options...

For more information regarding the world of home buying, click the link below for my free ebook!

https://elizabethsalinas.book.live/buyer-book

I was talking to a friend today who said her bank would only approve her for "X amount". She was discouraged, and had already given up.

So told her that when I was buying my first house, the original Lender I went to could not approve me for the loan amount I needed. I was already in contract and only a few weeks from closing! I was about to throw in the towel myself, but luckily my Realtor suggested I apply for the same loan at a different company.

I "shopped around" and ended up finding a different lender who's DTI (Debt to Income) allowance was higher.

My free book talks all about the importance of shopping for a lender. Not every lender has the same rates, loans, or assistance programs as the next.

Click the link below to read more about it!

https://elizabethsalinas.book.live/buyer-book

When I bought my house 7 years ago, home ownership was NOT on my radar. I was 22 years old and I thought that being a home owner was for... I don't know. Adultier Adults. Married Folk. Families. But boy, was I wrong!

I WISH I had this book when I was stumbling my way through the home-buying process. So much of it was greek to me, and I was just doing what the real estate professionals around me told me to do, without really understanding what was going on.

Now, as a licensed real estate agent, I wish I had this book to give to the friends and clients I've helped purchase their first home over the last few years. Even as I educate people through the process, there are so many details I cannot articulate regarding all the steps / phases / strategies involved in buying a house. Or the pros and cons about being owning a home for that matter (which this book covers)!

Home buying doesn't have to be impossible. It doesn't have to be intimidating. And it doesn't have to feel hopeless (although many have felt that since COVID). There ARE affordable homes on the Olympic Peninsula, but many people have no idea where to even start when it comes to buying a house.

Inside, you'll discover the insider secrets to getting approved for a loan, finding your dream home even in a tough market, and getting the best price and terms possible.

I'm giving you access to everything covered inside this book for free. There is literally no catch (well, I guess it will ask for your contact info, and I'll likely send you a follow up email, but there is NO PRESSURE to buy anything!)

Whether you're sick of renting, just curious, or know someone who might be thinking about buying a home, I highly encourage you to browse these chapters.

Click the link below to claim your free copy now.
https://elizabethsalinas.book.live/buyer-book

https://portal.onehome.com/en-US/share/1022245h90611

New 20 acre Land Listing! 425k with stellar views!