High Heeled Homeowners

do all women love long, hot showers?

Katherine Cannon — Sun, 19 Feb 2012 00:36:59 +0000

It’s the little things in life.

Do you love a long, hot shower? I’ll get to the point in a second…

I’ve been working for Belmark Homes, a small, quality, and reputable builder on one of their new construction projects, Shasta Ridge, which is in Marysville, WA.

A couple days ago, the construction manager was giving me the rundown of all the products they use and why. It was great since often the knowledge I arm myself is more focused around the transaction, the forms, strategy, and the process. Construction and building products are good to know, too.

Since Shasta Ridge and Abbey Road are built by the same builder (Belmark Homes), my tour guide was comparing the two projects quite a bit, since he knows I’m familiar with Abbey Road, which is in Bothell.

Maybe the most memorable quote from my little orientation was as I was being taught about the super energy efficient tankless water heaters at Abbey Road.

“You’re a woman, you like to take hot showers. You can take a shower for 20 hours and you won’t run out of hot water”

Thought it was funny. Do we have that reputation?

Do you want to be able to take a 20 hour long hot shower?

Consider Abbey Road. All homes for sale at Abbey Road, Bothell here.

Contact me for more info, or for a private showing at either of these fantastic Belmark Homes new construction sites!

the perfect home does not exist

Katherine Cannon — Sun, 12 Feb 2012 02:18:58 +0000

Even someone with unlimited funds, who buys land in their ideal location, and creates the floorplan and picks out every material that will be used in their dream home…will find something about their home that wish they could change. I have seen this scenario firsthand.

Compromising is a part of the home-buying process. Remember – the perfect home doesn’t exist. If you are searching for the perfect house – then chances are you are missing out on some wonderful homes that might be perfect for you and your family.

Keep in mind that buying real estate can be seen as a stepping stone. Maybe the next home you buy isn’t your dream home, but it’s a “five year plan.” Maybe by owning this home and paying it down for a few years, you can sell it later and use the money you make from the sale as a down payment for your dream home.

I’ve worked with several buyers since getting licensed in 2008, some experienced, and some first timers. The average number of homes that a buyer saw before actually buying their home is around seven.

If you see many more homes than that and still haven’t found what you’re looking for, you might be unrealistic about your price range.

At this point, I’ll probably ask you what you’re willing to sacrifice. For example, can we ditch our requirement that the lot size must be a quarter acre? Can we go a couple miles outside the ideal location you want to be in? Start looking at homes that aren’t brand new?

Don’t be heartbroken if we get to this point, because compromise and sacrifice is just part of the game.

Looking at too many homes can also cause you to get confused, lose track, and get frustrated. Let’s get clear about what you want, and clear about what you need.

you can buy a home, but you will never ever steal a home

Katherine Cannon — Mon, 19 Dec 2011 04:30:30 +0000

People are obsessed with deals.

They’ll walk through a home and notice a stain on the carpet, and/or a missing dishwasher.

“I’m gonna offer $3000 less because that’s how much I’ll need to spend for this place to be livable. And I’ll try for an extra $3,000 lower than that, just so I can get a good deal.”

Some sellers, the smart ones, will price their homes accordingly. Maybe their home in great condition would be worth $250,000, but because their carpet is trashed, and the new buyer would have to buy some new appliances, and maybe touch up some paint, they’ll drop the list price to $245,000.

The best way (really the only way) to decide what a home is worth is to look at what’s been happening lately in the neighborhood. Sold listings, pendings, expired listings, etc.

Because maybe the list price is really competitive. Maybe there will be multiple offers. You better bring your best offer.

Or maybe it’s way overpriced. The ol “offer 90% of list price” rule of thumb won’t always work to your advantage. You have to put a little more thought into it than that (and that’s where I come in).

Homes values are based on recent sales. And properties have to be competitive with each other. This is why you should never limit your search to only bank owned properties, or only short sales.

Contact me to find your next home, and I’ll help you get your offer accepted!

katherine@katherinecannon.com 425-773-2560

do you want to live in a 1.5 million dollar home?

Katherine Cannon — Tue, 15 Nov 2011 04:01:55 +0000

Click this picture to see this listing

I do.

Shoot, I want to live in a two million dollar home. I daydream about that kind of stuff.

Do you know what you’d need to have for a down payment for that kind of purchase?

More than I can ever imagine just…”saving.”

But…

What if you buy a house, or a condo, when you’re 24. and you semi-aggressively pay it down, in 15 years? You own a home, free and clear at age 39. Let’s say you bought it for $200,000. A conservative guess is that it would be worth $400,000 15 years later.

When you sell, you get a check for $400,000 at closing. This along with whatever you’ve saved over the last 15 years, is your down payment for your next home.

Not a bad scenario for age 39, right???

****OR****

If you rent all the way up until you’re 39…

Right now, today, you’ll probably be paying a little less for your monthly housing expense. Maybe. Your rent will go up by maybe 10% every year, and by the time you’re 39, you will have given your landlord hundreds of thousands of dollars (at least that $200,000 that we talked about earlier).

Now let’s say you want to buy a fancy million dollar home. Hopefully you’ve saved up that $400,000 like the HHH in the scenario before!

But, you probably haven’t, because your rent keeps going up, and you can hardly save anything.

Do yourself a favor and STOP paying rent. Pay down your mortgage, and not your landlord’s.

click picture to see listing

Get in touch with me so that we can discuss how and when we’ll get you into a home.

425-773-2560 OR katherine@katherinecannon.com

Be the 39 year old who has been paying down a mortgage balance for the past 15 years, not the one who is scrambling for a down payment!

Don’t feel left out if you’re older than 24, or even 39…

“The best time to plant a tree is twenty years ago. The second best time is now.”

-Chinese Proverb

two bedroom condos #FTW

Katherine Cannon — Tue, 11 Oct 2011 16:58:17 +0000

The other night, I had some friends over. Two girls were talking about finding a new place to live. They’re students, young, and work part time. They’re both at about the end of their leases and looking to move out together.

I understand that some towns and some neighborhoods are more expensive than others, but the figures they were throwing out seemed a little excessive. Especially when we’re talking about a place that they won’t own, they won’t ever pay down, they can’t paint the walls, and they won’t get any tax benefits.

You can find a nice two bedroom condo in almost any town in Snohomish/King counties, put down $4000, and pay less than $1000 (TOTAL) per month.

So why not?

I’ve noticed over the past couple years, while watching prices drop, that pretty much anyone with any decent credit and a job can buy a one bedroom. Really, there are some nice one bedrooms in really desirable areas that you can own for $3500 down, and $850 per month. But you can’t cut your payment in half (and sometimes less than half) by renting out a room in a one bedroom.

Maybe the best part of all this, in my opinion is that a year down the road, or two years down the road, no landlord to raise your rent. If you haven’t noticed, rents are up.

You know how Facebook is the #1 place to publicly complain about your problems?? I’ve lost count of the statuses I’ve seen over the last two years that say “FML My landlord is raising my rent next month” Or something along those lines.

Your landlords are raising your rent because they can. Because they are a savvy homeowner and benefiting from a down economy.

You can benefit the same way, by finding a two bedroom in your town, and renting out the other bedroom!

Contact me to get started~ katherine@katherinecannon.com 425-773-2560

don’t be a lifelong renter

Katherine Cannon — Tue, 27 Sep 2011 17:47:07 +0000

I’m surprised, actually kind of baffled sometimes by people who really aren’t getting any younger, have great jobs, and at least the potential to have some savings, and keep renting.

Yes, some times are better than others to buy. There is some uncertainty in this economy, and sure, maybe you don’t know where you’ll be in five years, and you prefer it that way.

You still need somewhere to live!

I bought my condo two and a half years ago. I owe almost exactly what it’s worth. If I decided to move across the world tomorrow, I could. You know why? Rents are high.. I have done my homework and I could rent out my condo for more than what my payment is (even though I bought when prices were 10% higher.

I owe a couple hundred dollars less every time I make a payment. It’s a good feeling.

While working with a first time buyer just the other day, she tells me that if she can’t get approved for the kind of home she wants in the next couple months, she’ll just rent (she lives with her parents now).

The thing about that way of thinking is, if you can’t come up with the down payment you need to buy now, renting will get you caught in a cycle.

If you talk to a mortgage lender about getting approved and find out your credit isn’t quite what it needs to be, or you don’t have quite enough for a down payment, don’t give up. Renting might seem like a good temporary solution, but it’s not cheap. The application fee, the security deposit, first and last month rent, and finally rent.

Suck it up and keep your expenses low so that you’ll be able to buy, and live in your own savings account.

my (new) thoughts on renting vs. buying…

Katherine Cannon — Tue, 06 Sep 2011 23:35:22 +0000

I’ve been pretty closed minded in the past on the idea of renting instead of buying.

I lived with my parents for a little longer than I would have liked: SO that I could save money, build credit, and all in all, be in the optimal position to buy a home when the time was right. I bought my condo about two and a half years ago. I’ve never seen a rental application, never talked to a landlord about renting their home, never even thought about it.

This weekend was interesting.

I got an email late last week from a woman who has just recently relocated up here from Florida with her husband (Boeing contractor), and her grandson (who they are raising). She tells me that they are living in a Holiday Inn, paying $100 per night, and really need to find a rental.

I spared them the talk about saving money in the long run, getting tax benefits, being able to improve the home, and paying off their loan. They knew all that.

I showed them four places over the weekend and just like I do with home buyers, I got to know their wants and needs. Found them a couple places, and opened the door for them. We weighed the pros and cons of each place, discussed what life would be like in each home, and got to know eachother a little.

Here are a couple things I realized over the weekend, while showing these rentals.

When looking for a home to rent, resale doesn’t matter. You find a home that you like, no matter how quirky, no matter what the school district, the curb appeal, or what “3 out of 4 people would like” It’s all about you.
You can’t walk around the house saying “I would paint this wall ‘Sterling Gray’” (which I hate, because painting the walls of your home is SO much fun.
I showed one place where the asking rental price was $1700. I researched the last time that home sold, which was last year for $275,000. So..that homeowner’s monthly payment was probably right around $1600. (with 3.5% down). You can make money every single month by owning rental property, without putting a lot of money down.

Contact me for help BUYING (or renting) a home!

425-773-2560 | katherine@katherinecannon.com

what to do if you can’t afford exactly what you want

Katherine Cannon — Tue, 16 Aug 2011 23:38:37 +0000

This is a scenario I see ALL the time and feel the need to discuss today.

Let's say...

You know EXACTLY what you want. Bedrooms, bathrooms, lot size, square footage, you need tons of upgrades and you know exactly where this home needs to be located. You’re going to raise all your kids in this home, and never move again.

We look at close to a dozen homes and since we are staying inside your price range, nothing is exactly right. We write offers for a couple homes that are slightly more than what you want to spend and those sellers don’t want to come down to your price. All the homes that you like that are even close to your price range get claimed by another buyer before we can even sit down to write an offer. You are exhausted.

What are you going to do?

Buyers in this situation will do one of two things:

continue to rent (or live where they currently live)
become willing to sacrifice some upgrades, the neighborhood, a bedroom, a bathroom, some square footage, or something else
buy something way smaller and/or less expensive

The question I ask buyers who are going through a difficult home shopping process is “What are you going to sacrifice?”

Maybe instead of that fancy three bedroom townhome you were going to buy, let’s look at some two bedroom condos in the area. Or instead of that big brick Seattle home, let’s find you a modest little bungalow in the same area. Can’t wait to live in a swanky downtown Bellevue penthouse? Maybe let’s start with that condo in the outskirts…

…and we’ll treat it as a stepping stone.

I don’t live in a two bedroom condo in Mukilteo right now because it’s my dream home. I can’t wait to have this thing paid down, and have lots of equity so that I can get a big ol check when I sell, to put down on my next home!

top three reasons why people don’t buy homes

Katherine Cannon — Fri, 05 Aug 2011 17:53:24 +0000

Sometimes I find myself wondering why anyone in 2011 (who does not already), would not buy a home. With prices and interest rates SO low, also I have just recently been saying that cash buyers are out, and several homes get multiple offers…it feels like we’re at “bottom.” Here are the top three reasons why people tell me they are going to continue to rent, and my commentary on each:

No down payment Here is my chicken soup for your soul, Miss low on funds: 1. Do you know what the most common down payment is?? 3.5% of the home’s purchase price. I just had a buyer buy a really nice two bed/two bath condo for $99,000. Her total out of pocket cost was less than $4000. The other thing is: 2. zero down loans do exist. Get in touch with me for the deets, and it’s not too good to be true. My last little piece of advice for the strapped for cash is: 3. you can borrow from family. Parents, grandparents, aunts, uncles, someone will lend you some dough! Just pay them back at an interest rate higher than they’re getting from their savings account, which isn’t high at all.
Bad credit. Dan Keller will fix up your credit in no time. Unless you have a recent bankruptcy or foreclosure, you can probably be ready to buy within a couple months! What a better time to check your credit and get it turned around than the present??
Uncertainty about the future. Yes, this economy has been a little crazy. But with more and more foreclosures, there are more and more renters. It sounds like rents are going up across the board. Let’s use me as an example. I bought two years ago. My condo has lost around 20% of it’s value. It I had to move across the country for some reason, I could rent my condo out for more than what my payment is. Today is an ideal market for buying low, and renting high (if you have to)!

No excuses, Miss “I’ll buy one day” Let’s get together and chat about what kind of place you’re going to buy!!

the n. seattle real estate market as of late

Katherine Cannon — Tue, 26 Jul 2011 19:35:06 +0000

Lately, I’ve been helping a buyer find a home right around UW in the low $300s and my experience has been interesting.

I showed him a home last week right off of Roosevelt and just blocks away from the UW campus. When I got there, there was an agent and a buyer standing outside. When I got in, there were a hundred business cards on the counter (meaning it had been shown that many times). And before I left, an agent and a buyer came walking through the door. Oh, and it had only been listed TWO days.

Between the time I showed the home and was going to write an offer, the listing now had a “Multiple Offer Procedure” notification online. I’ve been a part of that scenario a time or two, and so I know that home will sell for more than list price.

Just because it’s a “buyers market,” doesn’t mean you can steal a home. You still have to buy it.

So, as back up homes, I’ve been out previewing homes in the same price range in the same area while my buyer has been at work. Everything that’s similar and within a couple miles, also has a million business cards on the kitchen counter.

Any time there are homes around a large, desirable university, there will be renters. A lot of times, parents will pay rent for their college students, or even buy a home around the school for their student, and plan to sell it after graduation.

It is early on with this buyer, so we’ll see what happens. But one thing for sure is: the North Seattle/Ravenna/Roosevelt/Wedgewood real estate market is HOT HOT HOT!!!

More info on the N Seattle real estate market?!?!

you know who to call!