Experience & Professionalism You Can Trust!

Petersen Partners is now a 13-member team of Realtors, marketing & support staff, dedicated to providing top-notch customer service to both buyers and sellers alike. We plan to actively grow our team of Realtors this year, so if you know of anyone interested in joining a thriving real estate team, please have them contact us or read more about our team.  

If you're planning to sell your home in 2018, there are several things you can do to prepare prior to selling. 

To get started, simply follow these 3 steps: 
1. find out what your home is worth (get 3 FREE, real-time home value estimates... including a Zestimate)
2. view local market video updates 
3. read current & past issues of our monthly newsletter (full of practical real estate news, tips & advice)

When you're ready to list, please contact us; our team would be very pleased to assist you. 

Born between 1980 and 1995, the millennial generation is now prime homebuying age. With unemployment just over four percent and lenders touting low-cost loan programs for first-time buyers, more millennials are buying homes. So who are they and what do they want in a home?

As the most educated generation in history, millennials trust their own judgment. They know how to conduct research and make the best choices accordingly, and tend to be savvy consumers. Even the 66 percent who are first-time homebuyers tend to know more about the housing market than previous generations.

According to the National Association of REALTORS,^® forty-nine percent of homebuyers 36 years and younger have children under the age of 18, 66 percent are married couples, 17 percent are single women, and 13 percent are unmarried couples.

As they grow with their families, they seek homes built with quality materials and sustainability in mind. Eight-foot ceilings are back in vogue for this group, as they seek to downsize their ecological footprint.

Social media, technology and demographic shifts are pushing trends faster than any other time in history, says the National Association of Home Builders (NAHB). Millennials want clean, contemporary lines and many are willing to sacrifice space for style. Lack of ornamentation is significant and intentional, says the NAHB, so sellers marketing to millennials should clear away clutter and excess furniture.

Millennial homebuyers choose older homes for the lower prices, but they want them to be as close to new in appearance as possible.

Some sellers believe it’s smart to price their homes high, but flipping the logic on them could help you see the fallacy of pricing a home for any reason other than what a qualified buyer in the current market will buy, based on current market comparable homes.

Buyers want to negotiate: Some sellers believe buyers will automatically offer less than asking price. In reality, they offer what they think the home is worth, what they believe the seller will accept, and what their lender will agree to lend on the home.

For sellers to win, buyers must lose: If the seller assumes the buyer is a “greater fool,” who’s going to be accompanied by a foolish real estate professional, and a foolish lender, then their high-priced home might sell. But isn’t it far more likely that the buyer is well informed and will choose wisely.

Sellers are entitled to make a profit: Home prices historically beat inflation by one or two points annually, but sellers must keep their homes updated and well-maintained for them to hold value. Home flippers must make significant improvements to make it worth more to a buyer that what it sold for two years ago.

The home is also a bank: Sellers may dream of selling their homes to pay off debts, buy a more expensive home, retire, pay for college, etc. Buyers don’t mind giving sellers a profit, but if the market conditions don’t support the seller’s expectations, they’ll move on to other homes.

Hot housing markets are seeing entry-level homes sell over list price and with multiple offers. So what you can you do to compete?

Meet minimum loan standards: FHA loans are guaranteed by the Federal Housing Agency. You can get a loan with a 3.5 percent down-payment if you have a credit score of 580 or higher. If your score is between 500 and 580, you’ll have to put 10 percent down to qualify.

Fannie Mae offers loans that must qualify for repurchase on the secondary loan market, and offers a program for first-time homebuyers called HomePath. Hompath loans require a minimum FICO credit score of 620 and only a three percent down-payment.

Loan requirements can be flexible according to higher down-payments, higher credit scores, and unique homebuyer circumstances.

Choose a lender who can preapprove you: A preapproval letter from a lender should state clearly that your loan has been through underwriting. Don’t risk your earnest money by finding out too late that you aren’t approved or not approved for as much as you thought you were.

Have your earnest money ready: Earnest money is paid by the buyer and escrowed by the title or closing company to show good faith to the seller. The amount required can vary, but is typically one percent of the purchase price. If the sales contract goes to closing, the earnest money is used toward the down-payment. Ask your Berkshire Hathaway Home Services network professional what amount is typical in your area. As always, please consult a tax professional before making tax decisions.