Windermere Community • May 14, 2024

Kicking Off the 35th Anniversary of the Windermere Foundation

by Gary Peterson

This year we’re celebrating the 35^th anniversary of the Windermere Foundation, the non-profit arm of Windermere Real Estate. Since 1989, agents and offices across our network have given back to the communities where Windermere operates. We’ve raised over $53 million and supported thousands of our neighbors in need throughout the Western U.S.

Last year the Windermere Foundation donated $3.7 million to 607 non-profit organizations dedicated to assisting low-income and homeless families. Donations provided emergency assistance, supported youth programs, food support, and shelter.

Our 2023 Community Impact Report outlines our efforts and is available to download and read here.

To start off 2024 on the right foot, our offices in Spokane, WA, and Lake Oswego, OR are doing their part to support low-income and homeless families in their communities through grants and fundraising events.

Helping Refugees Thrive in Spokane, WA

Five white people pose smiling with a giant check in a boardroom. The Thrive International logo is on the wall behind them.

Image Source: Windermere Spokane

In their annual grant review, Windermere Spokane considered 32 applications for their 2024 Windermere Foundation donations and were able to grant funds to 11 organizations. While they were able to support a handful of organizations they have donated to previously, they were able to add some new non-profits to their list, including Thrive International.

The stories submitted by Thrive about their temporary housing for refugees struck a chord with a group of Windermere Foundation representatives who come from seven Spokane-area Windermere offices. The funds will help refugee families access housing in a moment when shelter is so important. In addition to temporary housing, Thrive also offers education and empowerment programs to residents, which have helped lead so many into further housing and successful transitions as immigrants to the greater Spokane area. Read on for a story about Yuliia, a Ukrainian refugee who was assisted by Thrive.

Yuliia’s Story

Yuliia smiles in front of a lit neon sign in the shape of the Thrive International logo.

Image Source: With Permission from Thrive International and Windermere Spokane

Yuliia is from Ukraine. She unexpectedly started her journey to come to the United States in May of 2022, just three months after the Russian-Ukrainian war started. Initially, leaving her homeland was not a part of Yuliia’s plans. However, when bombs blasted in her city, she made the difficult decision to seek a secure haven for her family.

“Everything was so good. My life was good before everything happened,” said Yuliia. She was a hardworking administrative manager at a company in Ukraine. Yuliia and her husband had just bought their first home; however, their lives took an abrupt turn when their city became a danger zone, leading them to sell their car to afford flights for their journey to the United States in pursuit of refuge.

Arriving in the U.S. with little more than the clothes in their suitcases, Yuliia faced the daunting challenge of rebuilding her life from scratch. She said, “When we came here, we didn’t have anything. We didn’t have money. We didn’t have any documents. It just looked like we were starting from zero.”

Amidst linguistic and cultural barriers, Yuliia discovered Thrive Center in June, becoming one of its first residents. With the support of Thrive staff, she found not only employment but also a community where she could make connections with other Ukrainian refugees and get help with medical insurance, workshops, and educational resources. Starting as a front desk assistant at a dental clinic, Yuliia’s journey has come full circle as she now serves as the Assistant to the General Manager at Thrive Center.

Expressing gratitude for the opportunities she’s been given, Yuliia finds joy in empowering others to thrive. Yuliia’s story shows resilience and hope amidst adversity. From the once-thriving administrative manager in Ukraine to the unexpected refugee seeking safety in the United States and helping others at Thrive Center, her journey is a testament to the strength of the human spirit.

Stories like Yuliiua’s inspired the Windermere team reviewing applications to fulfill the grant with their available Windermere Foundation funds.

Emma Reeves, with the Windermere Foundation in Spokane, said, “we are excited to continue working with Thrive in the future to ensure that having a ‘home’ is a possibility for all.”

Sally Knauss Tulip Sale in Lake Oswego, OR

Four white women stand, smiling, behind a table with tulip bouquets wrapped in brown paper. They’re in rain jackets and they stand in front of the Windermere Spokane office, with the Windermere logo displayed on the wall behind them.

Image Source: Windermere Lake Oswego

The agents at the Windermere office in Lake Oswego, OR hosted their 27^th annual Sally Knauss Tulip Sale in March. Named for the Realty Trust agent who started it, who has since passed away, the tulip sale culminated in an order for 8,000 tulips from Wooden Shoe Tulip Farm, which were used to create 800 bouquets.

“Rain or shine each year [our office] is happy to enable this iconic event,” said Valerie Ross, Principal Broker at Windermere-Lake Oswego

Taking shifts from 8am to 1pm on Friday, March 29, fifteen Windermere agents volunteered for the cause, which raises money for the office’s Windermere Foundation fund. Donations from the sale allow the office to support local non-profits throughout the year. This year’s sale raised $5,800 which will go to one or more of their favorite organizations, like Clackamas County Women’s Shelter, Bridge Meadows, New Avenues for Youth, and Friends of the Children.

SOURCE: Windermere

Buyers • Buying • April 22, 2024

What is Wire Fraud and How to Avoid It

by Gary Peterson

SOURCE: Windermere

A form of cybercrime, wire fraud has led to major losses for homebuyers in recent years. Get to know what it is and what steps you can take to avoid it.

What is wire fraud?

Real estate wire fraud is a scam that targets buyers while making payments during the home buying process. Attackers have taken advantage of the fact that there are several people and entities involved in real estate transactions. Between real estate agents title and escrow companies, mortgage lenders and more, there are many steps, some of which involve sharing financial information and transferring money. This gives ample opportunity for scammers to slip through the cracks somewhere along the line.

The timing of wire fraud is typically during closing using a sophisticated phishing scam. Attackers apply the use of fake emails, phone numbers, or websites, often posing as the buyer’s real estate agent and directing them to allocate funds to a fraudulent account. Because the attacker will have scanned, scrubbed, and lifted your personal information in preparation for the scam, their forms of communication can often look familiar and legitimate.

The mission of the cyberattack is to get your funds into an account the attacker owns. To do this, it is common for them to say that you had previously sent funds incorrectly, that they were never received, that there are new instructions for payment, or that there has been a last-minute change in the closing process. These are all major red flags. It is imperative to take extra caution during the final steps of purchasing a home because transfers, once initiated, are difficult to remedy and can delay your closing process.

How can I avoid wire fraud?

Get to know the closing process: Talk with your Windermere agent ahead of time about what to expect throughout the closing process. Discuss payment options with your lender and ask specifically about instructions for wiring funds. It is safer to share this information over the phone than through email, as scammers could accumulate this information to use against you.
Record contact information: Keep a list of the personnel involved in your closing process. Beyond your real estate agent, keep a record of contacts at your mortgage lender, title company, and attorney’s office. In the event that someone new reaches out to you with a request, confirm their identity with one of your contacts.
Call to confirm: Call to confirm wiring instructions before sending the transaction through. Talk to a trusted representative and ask them to repeat the information to verify its legitimacy. After sending the funds, make same-day follow-up calls to ensure they were received.
Trust your gut: If you receive an iffy email or phone call, trust your gut. If something doesn’t feel right, it’s the perfect time to reach out to your contacts, discuss your hesitancy, and get advice before proceeding.

The threat of wire fraud emphasizes the importance of working closely with everyone involved in the purchase of your home. If you believe you have been scammed, contact your bank or wire transfer company immediately and request that they issue a recall notice for your wire. Contact the FBI’s Internet Crime Complaint Center and report the activity with as much information as you can gather. For more information about how to protect yourself from wire fraud, visit the National Association of Realtors’ Wire Fraud resources page.

Selling • March 19, 2024

10 Costs Associated with Selling Your Home

by Gary Peterson

SOURCE: Windermere

Selling a home is an exciting time for homeowners. Once you and your household have decided that you’ll hit the market, it’s easy to think solely about the revenue that comes with the sale. However, selling a home comes with its own set of costs. Knowing what these costs are will help you budget throughout the selling process. Here are ten most of the most common costs that come with selling a home.

10 Costs Associated With Selling Your Home

1. Commission Fees

Of all the expenses that come with the sale of a home, agent commission fees are usually the largest and for good reason. Real estate agents are professionals, wielding their industry knowledge and local expertise to get the job done and save countless hours of work for the homeowner. The commission is split by the agents representing both buyer and seller

2. Pre-sale Home Inspection

Pre-sale home inspections are not mandatory; however, if a seller does not conduct one, it could lead to major costs down the road. The inspection allows the seller to find any issues with the home and properly disclose them to the buyer. If the buyer’s home inspector finds repairs that need to be made, they can ask the seller for a price reduction or require that they be fixed in order for the sale to go through.

3. Home Repairs

There are varying degrees of home repairs that can increase the value of your home. Cosmetic fixes like improving your landscaping will do wonders for your curb appeal. Painting and decluttering help to present the home in the best light for buyers. Larger projects like replacing appliances, roofing, plumbing, and full-scale upgrades are a more significant investment but can increase your home’s value.

4. Staging Costs

During the selling process, it pays to put effort into the presentation of your home. Staging helps buyers to visualize living in the home. Professional stagers will enhance your home’s qualities while minimizing its deficiencies. Their cost will depend on the level of staging your home requires.

5. Utilities

In the interim period between when you move out and the buyers move in, you’ll want to continue paying utilities. Without running water, electricity, and heat, your home could be difficult to show to buyers.

6. Remaining Mortgage

Another cost of selling your home is the remaining loan balance on your mortgage. If you have been steadily paying your mortgage, your home sale will greatly aid in paying back the remaining amount, if not cover it completely.

7. Escrow Fees

In a home sale, there’s always the question: Who handles the cash? That’s where escrow comes in. It’s common for buyers and sellers to split the cost of escrow services. Be mindful of additional costs during escrow such as transfer fees and notary services.

8. Capital Gains Tax

The capital gains tax is assessed by taking the difference between what you paid for your house and what you sold it for. There are common exclusions for the tax, but there are situations where the exclusions may not apply. For example, if the home was not your primary residence, you could end up paying taxes on the whole gain. Talk to your Windermere agent for more information.

9. Property Tax

If your home sale takes place after you’ve paid taxes for the year, you may get a rebate at closing. In this case, the buyer reimburses the seller for the applicable taxes paid. Otherwise, the seller should pay the prorated share of property tax until the sale closes, placing the money in escrow.

10. Moving costs

Finally, the home sale is final, and you’re ready to move. Whether you’re moving locally or across the country, moving costs can add up quickly. Moving as many of your items yourself can save money, but for larger, more difficult to transport items, you’ll likely need to incur the cost of hiring professional movers to ensure your items arrive at your new home safely.

These are just some of the costs associated with selling your home. Each home sale is different, and the costs vary accordingly. Knowing what you can expect to spend throughout the selling process will help you budget accordingly. For more information on the costs in the selling process and how to sell your home, connect with me today.

SOURCE: Windermere

Living • March 5, 2024

Toolbox Essentials for Homeowners

by Gary Peterson

SOURCE: Windermere

For all its perks—stability, tax breaks, building equity—being a homeowner comes with the responsibility of maintaining your home and the occasional repair. Some jobs require a professional, but if you are willing to take on minor repairs or DIY projects, you’ll need the right tools. Whether you’re starting a toolbox from scratch or looking to round out your tool collection, here are the basics every homeowner should have on hand.

Helpful hint: A toolbox filled with all or a few of these items makes a great housewarming, wedding, or graduation present.

Screwdrivers

You don’t need to own a home to know that a screwdriver is a life staple. From replacing batteries in toys to installing shelves on walls, owning a pair of quality screwdrivers—one flathead and one Phillips—is a must. Not many home projects call for extra small screwdrivers but having a set can be handy for fixing eye- and sunglasses.

Hammer

When you think of the word “tool,” a hammer likely comes to mind. Whether that’s because a pounding tool was likely humankind’s first invention or because you need one for nearly any type of handiwork, you’ll be glad you have a traditional claw hammer on hand.

Mallet

Like a hammer but with a rubber or wood surface, a mallet comes in handy when you need to drive wooden dowels or for more delicate projects that require a softer touch. The non-slip surface is also better for holding parts in place or applying pressure than the slippery metal edge of a traditional hammer.

Tape measure

You know the saying, “Measure twice, cut once”? It’s really good advice when it comes to DIY home projects, and a good tape measure makes the measuring part easier. Get one that is at least 25 feet long, with bold, easy-to-read numbers on both sides and that has a locking mechanism.

Utility knife

If all you do with a utility knife is open boxes, you’ll still use it quite frequently (given how often we all get deliveries of home goods these days). But there are tons of other uses for a very sharp item to cut with, including scoring wood or hanging wallpaper.

Wrench

There are a few ways to attach things to each other. Nails and screws have their place, which is why you need a hammer and screwdrivers. But nuts and bolts hold a lot of things together too, and for those you’ll need a wrench. Buying an adjustable one is not only more cost effective but it’ll save space in your toolbox.

Pliers

When you need leverage to tighten or loosen plumbing pipes or bolts, pliers can’t be beat. They can also help you hold things in place as well as bend or shape wire.

Level

When hanging pictures, mounting shelves, or needing to drill multiple holes in a line, you’ll need a level to keep you straight. And, yes, many of us have a level app on our mobile devices, but phones can be clunky and might not be reliable if you have a hard-shell case on your phone. A sturdy level isn’t expensive and can last a lifetime.

Wire cutters

How many of us have dulled a perfectly fine pair of kitchen shears cutting through cables or wires one too many times? (Just us?) Using high-quality wire cutters will not only save your scissors, but it will also ensure a cleaner cut through your wire or cable.

Cordless drill

Though screwdrivers are good for small jobs, a drill is better for screwing into harder surfaces or when the job calls for a lot of holes. Going cordless frees you from the need for extension cords, but spring for the extra battery pack so you always have one fully charged when you need it.

Safety gear

Before you start any home project, make sure you have the right protection for your eyes, ears, hands, and lungs. Safety goggles, ear plugs, heavy-duty gloves, and respirator masks will keep you safe while you’re DIYing.

Nice to haves

Though these items might not be considered essential, you never know when you might need a headlamp or flashlight, hand saw, stud finder, duct tape, or wood glue. You won’t regret keeping them on hand.

SOURCE: Windermere

Design • February 20, 2024

Benefits, Risks and Things to Consider Before You Add an Accessory Dwelling Unit to Your Home

by Gary Peterson

SOURCE: Windermere

Have you ever rented a unit in someone’s basement? Maybe your significant other’s mom moved into the apartment above your garage? Or have you ever travelled and stayed in a pool house? Commonly referred to as “Mother-In-Law” units, homeowners use these as a way to fill the space in their home and gain residual income, either from vacationers or long-term tenants.

The official terms for these units are Additional Dwelling Units (ADU) or Detached Additional Dwelling Units (DADU), and are defined as extra spaces in homes and on properties where someone can live completely independent of the main house.

These units can be almost anywhere on the property, but they are usually located in the basement, in the backyard, or above the garage. They have their own bathroom, kitchen, and sleeping space and they will sometimes share laundry with the residents in the main house.

Thinking of adding a unit to your home? Here are some benefits and risks, as well as important aspects to consider before you build:

Benefits

Homeowners can maximize their investment by renting out the extra space to long-term tenants or short-term vacationers. These tenants can help pay off debt or create an extra stream of income.

Depending on several factors, including the size of the unit, the local real estate market, and other factors, each homeowner should decide which option they are more comfortable with. These decisions should be made before they list the unit for rent to find the right audience.

Risks

If you’re considering renting your space to someone for a long-term lease, there are some things you can do to minimize the risk of ending up with a tenant who turns into a financial burden. It’s strongly recommended that you use an application process to check backgrounds and employment history as a tool to get to know the potential tenant. Make sure to adhere to the National Fair Housing Laws and your local regulations.

If a short-term vacation rental makes more sense for you, many of the posting sites available have regulations and procedures to minimize the risks of having ill-intended strangers come through your property. You can determine which options are the best for you and be sure to take precautions like changing codes between visitors.

Things to Consider:

What are shared spaces?

Identify the areas where it will be comfortable sharing those spaces, and potentially appliances, with other people. This is just as much about your privacy preferences as it is a consideration of what makes the most sense depending on your set up and what you’re willing to invest to make it more comfortable.

For example, you might be okay with sharing the washer and dryer with tenants, but if those are located in the main house and the unit is detached, it might not make sense. For long-term tenants that likely means adding laundry to the unit, however you don’t need to supply a washer or dryer for vacation renters who will only stay for short periods.

How close are the units and what noise level are you comfortable with?

As a long-term landlord, tenants have the right to quiet enjoyment without the landlord impeding on their space or controlling their activities. If the unit is in the basement and the tenant has friends or family over, that noise could permeate into your unit in the late hours of the night. A way to prevent this is to be sure to layout quiet hours and expectations before they sign the lease or make an agreement so that you and the tenant are on the same page.

The same goes for the rules in the vacation rental listing. Managing expectations is the first way to create a relationship with the tenants, even for those who are only there for the weekend. Be clear in your rules and guidelines and have reminders in the unit.

What improvements are required?

Consider what elements and amenities the unit needs for the type of renter you want to attract. For example, long-term renters will need a kitchen, but vacationers will only likely need a kitchenette. Depending on the project, you might not get your money back in the short term, but if you’re dedicated to making the space worth it to rent it out over the next few years, improvements can be well worth the investment.

Whatever you decide, it’s important to be familiar with the rental market and regulations in both your local region and your neighborhood.

SOURCE: Windermere

Buying • February 6, 2024

Buying with Your Pets in Mind

by Gary Peterson

SOURCE: Windermere

For many of us, pets play a central role in our home life, so taking into account what is best for them when buying a home is important for both their happiness and that of your entire household.

Is the Neighborhood A Good Match For Your Pet?

When looking for homes that are well suited to both you and your furry companion, consider the area surrounding the home. If your pet is an indoor/outdoor animal, it’s important to examine the hustle and bustle of the neighborhood. If your pet spends time outside, a busy neighborhood could be dangerous, and depending on the level of traffic, he or she may need to be on a leash at all times.

How conducive is the neighborhood for taking your pet on walks? If you frequently walk your pet, look for neighborhoods with sidewalks. If your pet enjoys being off-leash, consider prioritizing homes with green belts, parks, trails, or designated off-leash areas nearby. It’s also a good idea to identify where the local emergency pet centers and veterinarian clinics are to insure there is sufficient medical care for your pet in proximity to where you live.

Does The House Meet the Needs of Your Pet?

Size: Is the house big enough? Depending on the type of pet, or breed of animal, space may be the most important factor in picking a pet-friendly home. If you are moving into a bigger space than you were in previously, understand your pet will likely take to the additional room differently. On the flip side, if you are downsizing, be mindful of how it might impact your pet.
Yard: If you have a pet that spends time outside, it’s important to pay particular attention to the yard. Is it large enough? Does it have a secure fence? Is there easy access between the home and the yard?
Flooring: Pet-friendly flooring can be tough. Surfaces that can be repaired or refinished when scratched are typically the best options for homes with pets. Sealing additional layers will build up the resistance to damage from paws, claws, and general pet wear and tear.
Carpet: Cats are notorious for clawing and scratching at carpet, and dogs are infamous for bringing the outdoors in with them. Consider carpeting of a lesser quality in the area where your pets spend most of the time, or search for carpets that are stain resistant and easy to clean.
Stairs: Older pets and multileveled homes are at odds. Consider the age of your pet and how active you expect them to be so that you don’t find yourself in a position where you’re having to carry your pet between floors.
Additions: If you’re comfortable with doing a little work on your potential home, you can consider adjustments that might make it a little more safe and comfortable for your pets. Adding an enclosed outdoor space for your cat called a catio or carving out space in the yard for a dog run can be just what your fur babies need.

What Does the HOA Say About Pets?

When looking at a home, ask whether or not it is a part of a Homeowners Association and what restrictions may apply to the property. For instance, certain HOA developments limit the number and/or type of pets per household.

Most pet owners take the needs of their pets seriously. In fact, in a recent Realtor.com survey, 95% of pet owners said that their pets needs were an important consideration when finding the right home to buy. When it comes down to it, prioritizing your pet when buying a home not only insures your pet’s well-being, but that of your household, as well.

SOURCE: Windermere

Windermere Community • January 23, 2024

Windermere Foundation Brings Cheer, Laughter, and Basic Needs in the Final Months of 2023

by Gary Peterson

SOURCE: Windermere

Three candid photos from featured events, on the left Windermere Real Estate Agents from East Inc. wrap gifts for their Windermere For Kids event. The middle is shot from behind someone with their paddle raised at the Seattle Comedy Night. On the right is a photo of Saturday Nigh Live Comedian, Colin Jost, on stage during his set.

Windermere Real Estate offices throughout the Western U.S. brought holiday cheer and laughter to their local communities during the holiday season of 2023, wrapping up a year of giving that raised over $2.9 million for the Windermere Foundation, bringing the total raised since 1989 to more than $53 million.

Here are a few examples of the support provided by Windermere offices through the Windermere Foundation in the fourth quarter of 2023.

Bringing Holiday Cheer

Under Cover Elves in Central Washington

Windermere Group One continued a tradition and brought some holiday cheer to 21 deserving local families with their “Under Cover Elves” program. Since 2010, they have worked with the counselors at local schools to find and “adopt” families who were not able to buy gifts due to their financial situations. This year, some of the families were homeless, others were struggling after layoffs.

The school counselors mentioned too, that many support programs were not happening this year for families in need and they were grateful that the local Windermere offices were making this happen with Windermere Foundation funds.

More than 40 Windermere Real Estate agents and staff volunteers went shopping with the kids to buy presents for their parents and siblings. Many of the kids didn’t ask for things themselves, most lists consisted of everyday essentials like food, clothing, and cleaning supplies. But the volunteers were determined to add a few surprises too, so they did some digging while they shopped to find toys that they could add to the presents under the tree.

“The families were blown away from this event, so many thank you’s and tears of gratitude,” said Mikaya Blossner-Hill, the Marketing Director for the Windermere Group One offices.

A large group of people pose smiling in the Windermere Bozeman, MT office with a giant check made out to Greater Gallatin United Way for $5,000.

Image Sources: Windermere Bozeman, MT on Facebook

Giving Back in Bozeman, Montana

The team at the Windermere Bozeman-Downtown office is fully devoted to supporting their neighbors in need and have a collective commitment to bettering the community they call home. One example of this is the $5,000 donation they made from the Windermere Foundation to the during the Greater Gallatin United Way weeks leading up to the holidays. The Greater Gallatin United Way raises funds from the community in order to invest in local non-profits working in four impact areas: basic needs (shelter, food security, transportation, and childcare), early learning, youth success, and behavioral health and mental well-being. The members of the Windermere Bozeman-Downtown office say that they feel incredibly fortunate to have the Greater Gallatin United Way looking out for their neighbors and their community.

Image Source: Melissa Freels, Director of Marketing Windermere Services, Oregon

Raising Funds with a Crowd Favorite in Portland, Oregon

The Windermere Johnson office in Portland, Oregon held a fundraiser that made many people smile and raised money for the Windermere Foundation. At the end of 2023 they put together a “Dogs of Windermere” calendar for the year 2024. This adorable fundraiser earned over $1,100 for the Windermere Foundation by selling copies of the calendars and with submissions from agents who sent in the cutest photos of their dogs they could muster; it wasn’t that hard. With such a successful first run they plan to do it again next year.

Windermere For Kids in Bellevue, Washington

Continuing their yearly tradition, Windermere East, Inc. helped deliver holiday spirit to low-income and homeless families from in and around Bellevue, Washington with their “Windermere for Kids” event. In December, they invited over 100 local children to the Marketplace at Factoria to do their holiday shopping with 250 agents from six Windermere offices.

Each child and their families received $250 to buy gifts at Target, which were then wrapped by the Windermere Real Estate agents while the families enjoyed snacks and took photos with an elf. And as an added treat, the agents who helped them shop added a surprise gift for each “Little Shopper.”

A group of Windermere agents pose smiling by paper bags full of food from their annual Can the Cats Food Drive benefiting Missoula Food Bank and Community Center.

Image Sources: Windermere Missoula, MT on Facebook

Can the Cats in Missoula, Montana

The agents in the Windemere Missoula office continued their tradition of collecting and donating food to the for their annual “Can the Cats Food Drive”. Now in its twenty-fourth year, the Can the Cats Food Drive is held every November leading up to the University of Montana vs. Montana State University “Griz-Cat Brawl of the Wild” rivalry football game. Missoulians are encouraged to donate food and cash which benefits thousands of households experiencing food insecurity in Missoula County. The Windermere Missoula team collected over 2,000 pounds of food from their local community which was delivered in bags donated by WinCo Foods Missoula. This was the eighth year Windermere Missoula participated in this event which Managing Broker John Brauer says is great fun and an incredible team-building experience.

Bringing Laughter and Raising Funds in Portland, Oregon and Seattle, Washington

Comedy Night

The Windermere Foundation expanded the annual comedy night held in Portland, OR for the last 22 years to bring even more laughter and raise more money with another event in Seattle, WA.

Both events in 2023 featured Saturday Night Live comedian, Colin Jost. Together they raised over $1.1 million for local organizations supporting youth and families in need.

The annual Steve Allen Comedy Show in Portland, OR was founded by Windermere and benefits non-profit organization New Avenues for Youth, which is dedicated to the prevention and intervention of homelessness for Portland-area young people. The event helps New Avenues for Youth provide programs and services to young people in Portland that focus on the individual – their experiences, identities, needs and goals—and helping them make positive changes in their lives. From meals and counseling to job training and housing, their equity-based services address the many barriers to stability and well-being that young people face.

The inaugural Windermere Foundation Comedy Night in Seattle was organized by and benefited the Windermere Foundation, which has been giving back to the local communities where Windermere Real Estate agents live and work for 35 years. More than 400 people came together for a laughter-filled evening that included dinner, drinks, and an amazing amount of generosity. The money raised from ticket sales and the paddle raise will support organizations in the Seattle area that provide services to low-income and homeless children and families.

SOURCE: Windermere

Selling • January 11, 2024

What Is Fair Market Value (FMV) in Real Estate?

by Gary Peterson

SOURCE: Windermere

You know your home is a valuable asset, but what is it actually worth? One of the most important figures to understand as you get ready to sell your home is Fair Market Value (FMV); it is key to a successful home sale. We’ll break down what Fair Market Value is and why it plays such a crucial role in the home selling process.

What Is Fair Market Value?

Fair Market Value (FMV) is the estimated price a property would sell for between a willing buyer and a willing seller, given that each party knows all the relevant information associated with the property. In other words, it’s the price your home is likely to sell for under the current conditions of your local real estate market.

The Important of Fair Market Value

Yes, you can research home prices on your own and get an idea of what your home is worth. However, accurately pricing your home requires a more in-depth approach. Your agent’s Comparative Market Analysis (CMA) will take into account the various factors that influence home prices using comprehensive data available to real estate agents on the Multiple Listing Service (MLS).

So, what’s the point of this detailed analysis? Pricing your home accurately is paramount. If it’s overpriced, you may deter potential buyers and it will lose value over time as it continues to sit on the market. If it’s priced too low, you might leave money on the table. FMV helps you strike the right balance.

You can also use Automated Valuation Models (AVMs) to see what your home could be worth. (That was the last acronym in this post, we promise!) These calculators give you a general idea of your home’s value, but AVMs are not 100% accurate. They’re a great starting point, but again, your agent’s resources will ultimately determine the right price for your home.

Fair Market Value sets the stage for smooth negotiations later in the home selling process. With a solid price in place, you’ll get reasonable offers from buyers. You and your agent will discuss whether to accept or counter the buyer’s offer and how to handle their contingencies. Finally, FMV makes the home appraisal process easier. With an accurate valuation in place, you can proceed knowing that the chances of a mismatching appraisal are low.

How Is FMV Calculated?

Several factors influence the Fair Market Value of a property. Comparable sales or “comps” play a significant role in determining FMV. Real estate professionals analyze recently sold homes in your area that are similar to yours, providing a benchmark for pricing your property. The property’s condition, its size, and location all factor into the math as well. Appraisers may also use a cost-based approach to determine FMV if they can’t find sufficient comparable homes in your area.

You can get a ballpark estimate of your home’s value by looking at tools online but determining a precise value will require the expertise of your real estate agent. To see what your home is worth, or for answers to all your home selling questions, connect with me today.

SOURCE: Windermere

Design • December 20, 2023

What is Italianate Architecture?

by Gary Peterson

An example of Italianate architecture: a brick three-story house with decorative windows and a columned entryway. Ornate details are found throughout the woodwork.

Italianate architecture has roots in Italy’s countryside villas, palaces, and overall romantic building aesthetic. Those ancient buildings inspired a new wave of home design that borrowed from the classic concepts found throughout a country beloved for its classic details and charm. Let’s dive into this special version of Mediterranean design to learn what makes it so appealing.

History of Italianate Architecture

Emerging in the early 1800s as part of a classic architecture movement of the time, the Italianate architectural style was inspired by Italy’s awesome and inspiring classic buildings. The goal in creating this style of home design was to share the grand and charming characteristics of Italian architecture with the world. Closely associated with the Victorian period, Italianate architecture gained popularity in Europe and the U.S. during the 19^th century.

An example of Italianate architecture: a stucco two-story house with dressed windows, a central awning on the top floor, and a gated entry. The house’s exterior is a classic Tuscan yellow.

Italianate architecture detached house | Image Source: Getty Images | Image Source: tomch

What is Italianate architecture?

For those who dream of taking a vacation to an Italian villa or countryside estate, this architectural style is for you. Square and symmetrical, homes built in this style are typically constructed from brick, stone, or stucco with well-constructed masonry walls. Common features of these distinct homes include tile flooring, columned entryways, and rounded windows.

Italianate houses typically have low-pitched roofs or a belvedere to capture views and emphasize verticality. The windows are a focal point of Italianate home exteriors. Tall and narrow, they are decorated with elaborate crown molding or hoods, evoking the grandeur of palatial Italian buildings. The Italianate style comes in many shapes and sizes, from townhouses and row houses to countryside estates and mansions.

An example of Italianate architecture: an extended row house structure in downtown Trieste, Italy. Each room has a curved window decorated with ornate trim facing the street and a small ledge. There are columns on the ground floor and halfway up the central building.

Italianate architecture row house in Trieste, Italy | Image Source: Getty Images | Image Source: Leonid Andronov

Market News • Matthew Gardner • December 5, 2023

Matthew Gardner’s Top 10 Housing Predictions for 2024

by Gary Peterson

This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2024. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market. See more market insights on our blog here.

Matthew Gardner’s Top 10 Predictions for 2024

1. Still no housing bubble

This was number one on my list last year and, so far, my forecast was spot on. The reason why I’m calling it out again is because the market performed better in 2023 than I expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but I find this implausible.

2. Mortgage rates will drop, but not quickly

The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, I think rates will only fall to around 6% by the end of the year.

3. Listing activity will rise modestly

Although I expect a modest increase in listing activity in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%. Although they may not be inclined to sell right now, when rates fall to within 1.5% of their current rate, some will be motivated to move.

4.Home prices will rise, but not much

While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, I don’t expect prices to drop in 2024. However, growth will be a very modest 1%, which is the lowest pace seen for many years, but growth all the same.

5. Home values in markets that crashed will recover

During the pandemic there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. I expected home prices in those areas to take longer to recover than the rest of the nation, but I’m surprised by how quickly they have started to grow, with most markets having either matched their historic highs or getting close to it – even in the face of very high borrowing costs. In 2024, I expect prices to match or exceed their 2022 highs in the vast majority of metro areas across the country.

6. New construction will gain market share

Although new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. While this might sound like a positive for builders, it’s coming at a cost through lower list prices and increased incentives such as mortgage rate buy downs. Although material costs have softened, it will remain very hard for builders to deliver enough housing to meet the demand.

7. Housing affordability will get worse

With home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024. For affordability to improve, it would require either a significant drop in home values, a significant drop in mortgage rates, a significant increase in household incomes, or some combination of the three. But I’m afraid this is very unlikely. First-time home buyers will be the hardest hit by this continued lack of affordable housing.

8. Government needs to continue taking housing seriously

The government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land. In 2024, I hope cities and counties will continue to ease their restrictive land use policies. I also hope they’ll continue to streamline the permitting process and reduce the fees that are charged to builders, as these costs are passed directly onto the home buyer, which further impacts affordability.

9. Foreclosure activity won’t impact the market

Many expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1-in-10 homes in America were in the program, but that has fallen to below 1%. That said, foreclosure starts have picked up, but still remain well below pre-pandemic levels. Look for delinquency levels to continue rising in 2024, but they will only be returning to the long-term average and are not a cause for concern.

10. Sales will rise but remain the lowest in 15 years

2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. I expect the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million home sales. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.

About Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.