Archive for the ‘Real Estate News’ Category
Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales
In For Buyers, For Sellers, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on July 15, 2010 at 6:42 am
Seattle-Eastside Condo Sales, June 2010
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
June, 2010 1487 condos for sale 154 condos sold 10 % odds of selling.
May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*
April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*
June, 2009 1491 condos for sale 161 condos sold, 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
In this month’s post I’ve included the condo real estate statistics for April to show the sharp contrast with May and June of this year. Seattle-eastside condo sales dropped like a stone from the high of 281 in April to 117 in May and 154 in June. We’re seeing a lull in Seattle area condo sales, which is partly seasonal as people are out playing in the sunny weather.
But have condo buyers forgotten there are still good deals after the tax credit? Don’t forget, there’s a huge number of condos available on Seattle’s eastside as we’re at the high point in Seattle-eastside condos for sale so far this year. There are some great choices out there. Plus, the added bonus is interest rates are at a 30 year low.
For a picture of King County sales, check out The Seattle Times.
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, financing, real estate, real estate opinion on July 14, 2010 at 7:47 am
There’s no “red” on the Seattle-eastside real estate map, which means there were no seller’s markets in June, 2010. The Seattle-eastside real estate market has turned “yellow” for a market balanced between buyers and sellers, and “green.” “Green” on the map indicates a buyer’s market. It’s not surprising to me that certain areas stay as a balanced real estate market longer than some others.
Which Seattle-eastside areas have remained stronger as a balanced market between buyers and sellers?
East Bellevue and Redmond near Microsoft (530 on the map)
It’s traditionally one of the strongest areas, because homes are so close to jobs at Microsoft. The neighborhoods abut the main Microsoft campus and are an easy commute to downtown Bellevue, the economic hub of the eastside. Plus, housing can be found from the $200′s and $300′s to million+ dollar waterfront. Housing in many neighborhoods is in the affordable range for the area.
South Bellevue and Issaquah (500 on the map)
The area south of I-90 is a big drawing card for Seattle commuters. Again, there’s a variety of home styles and ages, good schools, and a fabulous commute either to eastside economic centers or downtown Seattle.
Sammamish, Issaquah, Preston, Fall City, and North Bend. (540 on the map)
Another area that’s consistently one of the strongest is the plateau areas of Sammamish, Issaquah, Preston, Fall City, and North Bend. The different eastside cities here have a huge variety of homes from estates to acreage to newer construction and town homes. Good schools and some good values keep the area strong.
King & Snohomish County Real Estate Maps, 6-30-10
There are still great homes and condos out there to buy and interest rates are at historic lows. The loss of the tax credit may not make much of a difference when calculating the savings in monthly payments over time.
buying a home, interest rates, King County, real estate, Seattle Eastside real estate, Seattle real estate, WA
In For Buyers, Real Estate News, financing, real estate on July 8, 2010 at 5:41 am
Interest Rates 1980-2010
I remember when I bought my first home in the mid 1980′s. I was so excited, the interest rate was at the bottom of the double digits, considering what the early 80′s had to offer with rates in the high teens. I had friends who purchased in Brooklyn, NY in the early 80′s and were paying almost 17% for their mortgage. The interest rate for my first home was just above 10%. Granted the home prices were significantly less, but the monthly payments were high, considering the lower prices of the times.
Fast forward to 2010, with interest rates the lowest in 30 years and prices at 2005 levels.
What’s the difference in monthly payments with the more recent interest rates we’ve seen?
If you decide to purchase a $400,000 home, this is the difference in principle and interest payments over the last couple of years.
July 2008 – 5.75% – $2,334
July 2009 – 5.25% – $2,209
Jan 2010 – 5.125%- $2,178
May 2010 – 5.0% – $2,147
July 2010 – 4.50% – $2,027
Seattle-eastside home values have dropped significantly since the peak in the real estate market in the summer of 2007 and rates have also dropped as well. If you were to purchase a $400,000 home now, the payment would be approximately $300 less than two years ago, plus the home prices are also lower. In King County, WA, the choices are terrific because the number of homes for sale is just below the high so far for the year. Right now, in King County, there are 13,921 homes for sale.
So is it the right time to buy a home? You decide.
buyers markets in Seattle, buying an eastside home, Eastside real estate, interest rates, interest rates-June 2010, King County Real Estate, Seattle Eastside real estate, Seattle real estate, sellers markets in Seattle, selling an eastside home, Windermere Real Eastate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on June 16, 2010 at 1:36 pm
Home Sales Activity for King and Snohomish Counties, May, 2010
During May “green” crept back into a number of Seattle areas. One large area on the eastside, Woodinville, Bothell, Kenmore, Duvall, and north Kirkland was “green,” back as a buyer’s market.
April was the first month in a very long time in which there was no ” green,” no buyers’ markets in almost all the Seattle-eastside areas. In April, the Seattle area real estate market was the strongest in years. This is most likely a direct result of the 2010 tax credit. Both buyers and sellers were rushing to buy and sell before the expiration of the credit.
May represented a lull in the Seattle real estate market. Was this a temporary lull or our new normal? The next several months will be good indicators, although summer tends to be a slower time every year in Seattle real estate. Home buyers and sellers are like everyone else. Seattleites play outside in summer. Of course, that’s providing the sun ever comes out this year!
The good real estate news is there are still great homes and condos out there to buy and interest rates are at historic lows. The loss of the tax credit may not make much of a difference when calculating the savings in monthly payments over time.
Interest Rates 6-2010
It may be the fall before we can determine the true pace of Seattle real estate. I’ll keep you posted.
- King Snohomish Counties Real Estate Market 4-30-10
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means it’s a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2010 at 3:38 pm
Seattle-Eastside Real Estate Sales, May 2010
The odds of selling a home on the Eastside in May, 2010 ranged from a low of 12% to a high of 20%, with an average 16.5% absorption rate. Contrast this with April, 2010 odds with a low of 20% to a high of 35%, averaging a 27% absorption rate.
May’s numbers look more like May of last year than they do of April of this year. This month may mark the back to reality of Seattle-eastside real estate or maybe not. We’ll need to see how the rest of the year plays out as so many people rushed to buy and sell before the end of the tax credit. There are still buyers who want to buy and the sellers who need to sell, although this may be a time of adjustment.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
May, 2010 3209 homes for sale 529 homes sold 16.5% odds of selling.
April, 2010 3084 homes for sale 770 (was 847) homes sold 25%(was 27.5%) odds of selling.*
May, 2009 3841 homes for sale 547 homes sold 14% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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May, 2009 Seattle-Eastside real estate market compared to May, 2010:
- We are back to reality with Seattle-Eastside home sales. The tax stimulus pushed both home buyers and sellers to act more quickly this year, so the high number of home sales in April may have contributed to the drop in number of eastside home sales in May.
- The end of the tax stimulus had a greater impact on lower priced homes compared to higher priced homes.
- The average list price of properties that are pending went from $512,060 to $646,545. This is an unprecedented change month to month.
- As of this past week, there are 13,615 King County homes (houses and condos) for sale.
- The median price was down by .9%, an insignificant drop.
- Home sales on Seattle’s Eastside: down 7% The first down month in 2010.
- Number of homes for sale on Seattle’s Eastside: down 17%
Best odds of selling: Sammamish plateau areas of Sammamish, Issaquah, North Bend, and Fall City with the best odds of selling as 20.5% of the Sammamish homes got offers.
Worst odds of selling: Woodinville, Bothell, Kenmore, Duvall, and North Kirkland with 12% of the homes getting accepted offers.
Biggest increase in sales from last year: A small 6% increase in Sammamish home sales was the highest increase in Seattle-eastside real estate sales. Quite a contrast to the double and triple digit increases we’ve seen the last few months. As an example, there was 102% increase in the number of Kirkland homes sold in April, 2010 when compared to April, 2009.
Smallest increase in sales from last year: Kirkland home sales increased by 3%
Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas, unlike the last few months when every eastside neighborhood experienced an increase in home sales. Redmond and Carnation had the largest decline in home sales with an 18% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3209 homes.
Rate of home sales that failed and did not close: 10%
Seattle Eastside real estate tends to slow down a bit when the sun comes out, which hopefully is any day now! The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush which we are now seeing and the upcoming (think positively) sunny weather and summer vacations. People in Seattle like to play outside in the sun. There are a number of people who are “gearing up” to make a move, so we may see stronger eastside real estate sales when summer comes to an end.
Ironically, when people ask me when is the best time time to sell a home, I tell them spring and fall are usually the best times. However, homes sell each month and the ones that show the best and are priced competitively will be the ones to get the offer.
EPA Lead Paint regulations, homes built before 1978, lead paint, real estate, remodeling a home
In For Buyers, For Sellers, Real Estate News, real estate on June 4, 2010 at 12:33 pm
Was your home built before 1978? If so, then if you do any painting or remodeling you or your contractor have to follow new federal guidelines for painting and renovating homes built before 1978. From The Wall Street Journal:
As of late last month, businesses that repair or renovate older buildings—specifically homes, schools and daycare centers built before the federal government banned the use of lead-based paint in housing in 1978—are required by the U.S. Environmental Protection Agency to adhere to strict lead-safe work practices. To comply with the new regulation, those working on older sites will need to invest in lead-testing kits, plastic sheeting, respirators, protective clothing and other lead-safety materials.
This also is straight from the EPA website.
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, market statistics, real estate on April 8, 2010 at 9:55 pm
Seattle- Eastside Real Estate Sales, March 2010
The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.
February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*
March, 2009 3711 homes for sale 305 homes sold 8% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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March, 2009 Seattle-Eastside real estate market compared to March, 2010:
- Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
- Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
- This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
- On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
- The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 85%!
- Number of homes for sale on Seattle’s Eastside: down 21%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.
Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.
Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.
Smallest increase in sales from last year: Redmond and Carnation, with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this March than compared to March, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2923 homes.
Rate of home sales that failed and did not close: 16%
What have you seen happening in your area? Are real estate sales popping?
For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.
What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?
2010 home buyer tax credits, Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle’s eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle’s eastside
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, financing, market statistics, real estate on December 16, 2009 at 11:47 am
Seattle Eastside Condo Sales, Nov 2009
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
November, 2009 1289 condos for sale 140 condos sold, 11% odds of selling.
October, 2009 1363 condos for sale 239 (now 207) condos sold 17% (now 15%) odds of selling.*
November, 2008 1243 condos for sale 85 condos sold 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Thirteen percent of condo sales originally reported in October failed to close.
The number of condos for sale also dropped by 74 units, which is 6% decrease in the number of condos available for sale on Seattle’s eastside. The number of Seattle Eastside condo sales dropped from the last couple of months to numbers more similar to what we saw in the summer.
With only about 10 out of 100 condos selling, it’s a great time to buy. There’s not much competition with other buyers. With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle’ s eastside, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on December 15, 2009 at 10:04 am
Eastside Real Estate Sales, November 2009
The odds of selling a home on the Eastside in November 2009 ranged from a low of 13.5 % to a high of 23%, with an average 17% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
November, 2009 2943 homes for sale 503 homes sold 17 % odds of selling.
October, 2009 3240 homes for sale 644(now 561) homes sold 19%(now 17%) odds of selling.*
November, 2008 3645 homes for sale 238 homes sold 6.5% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. (see explanation below) Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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November, 2008 Seattle-Eastside real estate market compared to November, 2009:
Several important trends this month:
- Home sales were up in all Seattle-Eastside cities.
- The number of homes for sale dropped to the lowest number, below 3000 homes, since March, 2007. This is a very important factor in our real estate market. For most of the past two years, there’s been a large number of homes on the market. In 2005 and 2006, when the real estate market was booming, we saw the numbers of homes for sale on the eastside in the 2000-3000 range.
- The median prices were UP slightly, by 2%.
- Home sales on Seattle’s Eastside: up 50.5%, a terrific increase in sales, although a much smaller increase than in October, when the increase was over 100%.
Sales prices: UP 2.1%.
Number of homes for sale: down 22%.
Best odds of selling: For the second month in a row, the cities of Sammamish, Issaquah, Fall City, Snohomish, and North Bend, with 23% of the homes selling.
Worst odds of selling: Woodinville, North Kirkland, Bothell, Kenmore and Duvall, with 13% odds of homes selling.
Biggest increase in sales from last year: Kirkland, with 148% more home sales.
Last month, numbers like this were more common in all the eastside cities. Not so this month with Sammamish, Issaquah, etc. coming in with the second highest increase at 77%.
Smallest increase in sales from last year: Again it’s the East Bellevue/Redmond area around Microsoft, with the smallest increase this month, only 9%.
Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.
Decline in real estate sales: None on the eastside.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
Rate of home sales that failed this month: 13%
Why home sales fail to close:
- This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
- Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
- My team and I are closing on a short sale this week. The original offer was written in August. There were two lienholders, two banks with mortgages on the property, which complicated the process. Short sales can happen, but a buyer has to expect a rocky ride through the sales process, if the banks actually respond to the offer. Be ready for most anything and most of all, be patient and not under any time constraints.
Amazon, buying a home, DocuSign, Eastside real estate, electronic signatures, Microsoft, NAR, National Association of Realtors, Northwest Multiple Listing Service, NWMLS, real estate, Seattle Eastside real estate, Seattle real estate, selling a home, signing purchase and sale contracts
In For Buyers, For Sellers, Real Estate News, Seattle real estate, WA real estate, real estate, real estate opinion on November 18, 2009 at 10:52 am
Purchase and Sale Agreement
Have you ever been frustrated by the lack of electronic signatures when you’ve been buying or selling real estate in the Seattle area? Many of my hi-tech clients have been surprised and bemused by this over the years. Considering we live in the land of hi-tech with Microsoft, Amazon and many other hi-tech companies, our NWMLS (Northwest Multiple Listing Service) and the real estate industry in general have been behind the curve on this issue.
This may change as the NAR, The National Realtors Association, is investing in DocuSign, the company that develops software for electronic signatures.
From Dale Stinton of NAR:
Our capital investment and guidance will serve as a catalyst for this company to become the standard and meet the market demand for legally binding electronic signatures that help REALTORS close more deals at a faster rate, and offer the convenience and flexibility buyers require,” he said.
Market demand? Definitely, it’s an understatement and has been a long time coming. Since one of the untold rules of real estate is someone, the Realtor, the buyer or the seller are out of town when an offer needs to be presented and negotiated. Electronic signatures should make life a whole lot easier. I think of the times I’ve had clients on opposite sides of the globe in places such as Taiwan, India, and Sweden or clients who are at out of town conventions or meetings.
Having been in the business of helping people buy and sell homes for a long time, I’ve traveled from offers having to be signed with original signatures in person or via snail mail to the giant leap made with faxed signatures. It would be terrific to make another leap forward to meet the needs of our clients who are busy and on the move.
What do you think? Have you ever been in a difficult situation with getting an offer signed and delivered?
Bellevue Real Estate, buyers market in Seattle, Eastside real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle home prices, Seattle real estate, Seattle/Eastside real estate, sellers market in Seattle, Snohomish County real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, King County Real Estate, Local news and information, Real Estate News, market statistics, real estate on November 12, 2009 at 12:38 pm
King-Snohomish County Real Estate Map-October 2008
King-Snohomish County Real Estate Map - October 2009
The real estate maps show a market more balanced between buyers and sellers than we had last year. That’s no big surprise. Only a few pockets remain in which buyers still have more of an advantage as evidenced by the “green” areas still on the map. But the balance is tipping to a more even market between buyers and sellers all over King and Snohomish Counties.
There’s been a huge increase in Seattle-Eastside home sales since last October, a whopping 100%+ increase in many neighborhoods. The number of homes for sale is down to the lowest numbers we’ve seen since February and the number of home sales are skyrocketing when compared to last year. Home prices are not going anywhere and may have stopped going down.
I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on.
As I mentioned last month, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect.
What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
Bellevue home sales, Bellevue Real Estate, buying a home on Seattle’s eastside, Issaquah home sales, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Sammamish real estate, Seattle Eastside real estate, Seattle real estate 10-09, selling a home on Seattle’s eastside, Woodinville home sales
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on November 9, 2009 at 2:54 pm
Seattle Eastside Real Estate Sales, October 2009
The odds of selling a home on the Eastside in October 2009 ranged from a low of 14% to a high of 26%, with an average 20% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
October, 2009 3240 homes for sale 644 homes sold 19% odds of selling.
September, 2009 3518 homes for sale (now 606) 668 homes sold (now 17%) 20% odds of selling.*
October, 2008 4097 homes for sale 257 homes sold 6% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported at a later date.
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October, 2008 Seattle-Eastside real estate market compared to October, 2009:
Sales were up a huge, and I mean huge, amount in most of the Seattle-Eastside cities. The number of homes for sale and the median prices were down in all neighborhoods with the exception of South Bellevue/Issaquah and downtown Redmond/Union Hill. In both of these areas the median price increased from last October to this October.
Home sales on Seattle’s Eastside: up 118%!!!!
Sales prices: down 12%.
Number of homes for sale: down 22%.
Best odds of selling: and it’s not Redmond, near Microsoft, and East Bellevue! This month, the plateau areas of Sammamish, Issaquah, Fall City, Snohomish, and North Bend are the top home sales areas with 26% of the homes selling.
Worst odds of selling: West Bellevue with 12% odds of homes selling.
Biggest increase in sales from last year: Downtown Redmond, Union Hill, Redmond Ridge, Carnation, 190% more home sales.
Smallest increase in sales from last year: East Bellevue/Redmond area around Microsoft goes from the top home sales area to the area with the smallest increase this year from last October, only 53%. Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.
Decline in real estate sales: None on the eastside, all areas had huge increases in the number of home sales ranging from 52% to 190%.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
Rate of home sales that failed this month: 11%
Why home sales fail to close:
- This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
- Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to goafter short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
NAR, National Association of Realtors, first time home buyer, 2009 first time home buyer tax credit, 2010 home buyer credits, first time home buyer tax credit fraud, 2010 home buyer tax credits
In 2009 stimulus package, For Buyers, For Sellers, Real Estate News, real estate on November 9, 2009 at 10:44 am
Looking for a simple explanation of the new home buyer tax credit?
Charles McMillan, the president of the National Association of Realtors did a brief podcast highlighting the differences in the 2009 first time home buyers tax credit and the new 2010 version.
The chart shows the differences between the two programs.
As most of you already know, the main difference between the two programs is the 2010 inclusion of move up buyers who qualify for the program according to the guidelines listed below.
One important thing I noticed besides this all important difference in the two programs is there is more fraud protection with the 2010 home buyer credit than with the 2009 version of the first time home buyer credit.
2009 Home buyer tax credit compared to 2010 Credit
From The National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001, here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit:
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phase-out range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable
price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The
keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.
Question: I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
The Los Angeles Times also presented a few other thoughts about the 2010 home buyer tax credit. They raised the issue of how the tax credit affects military personnel among some other issues.
real estate, buying a home, tax credits, extension of first time home buyers tax credit, first time home buyers tax credit, tax incentives to buy a home, financing a home, economic stimulus plan
In 2009 stimulus package, For Buyers, For Homeowners, Real Estate News, financing, real estate on October 28, 2009 at 7:32 pm
home inspections, real estate, real estate inspections, things a home inspection does not cover
In For Buyers, Home maintenance tips, Real Estate News, real estate opinion on September 22, 2009 at 2:20 pm
Ardell had a great post on rain city guide about what’s not included in a standard building inspection and her post got me to thinking about the subject. I’ve been on a number of building inspections over the years in which a specialist had to be hired to examine a system or something on the property that wasn’t covered in the standard building inspection.
A typical home inspection will cover the improvements, the structure and its exterior and interior. Some inspectors cover outbuildings and fences as Ardell mentioned, others do not. When you hire a building inspector, it’s important to determine what the inspector investigates, so if you need another person to inspect something in the home or on the property, you have the time to contact the right people. Make sure you identify all the systems you want covered by an inspection, so things aren’t overlooked.
In addition to what Ardell mentioned in her post, here’s a few more things that aren’t covered in most building inspections:
- pools
- hot tubs
- soils stability
- hazardous materials
- well inspections
- septic inspections
- air conditioners
The good news is there are specialists who can and do inspect the above, so make arrangements to contact all the necessary people to do a thorough inspection of the structure, the systems, and the property.
Here’s a few others to think about:
Vacuum systems-it’s probably best to check to make sure the parts to the system area available during the inspection so you know the parts are there. It’s even better to mention in the original offer that the parts to the vacuum system should be left in the home. Take a moment to try the system in several rooms throughout the house to make sure it’s working and able to suck up the dirt.
Sprinkler systems-ask the seller to demonstrate that the system is working properly by turning it on. Unfortunately, here in the Northwest, many sprinkler systems are turned off and winterized so they’re not accessible during the winter months. This is a good thing to have done to the system, but makes it impossible to check the system during the winter months. Ask if the seller has any receipts for work performed on the system or if there is a receipt for winterizing the system. Many people have irrigation companies who handle the winterizing process which is good, since these companies specialize in irrigation systems and should know what they’re doing.
What else may not be covered in a standard home inspection?
balanced real estate market, Bellevue Real Estate, Bothell real estate, Eastside real estate, Issaquah Real Estate, Kenmore real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Snohomish County real estate, Windermere Real Estate, Woodinville real estate
In Bellevue Real Estate, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on September 16, 2009 at 2:40 pm
King Snohomish County Real Estate, August 2009
Seattle/Eastside real estate is looking good. The “green” is almost gone from King and Snohomish County real estate. It’s been almost 15 years since I can remember such a balanced, healthy real estate market. A balanced market is when the real estate market is not skewed towards buyers or sellers, but is balanced between both.
A number of my colleagues, including myself, made a move in 1994, the last time I can think of such a balanced market. The market was healthy then and is healthy now. There’s a reasonable supply of homes and a good number which are now selling each month. We’re seeing homes sell quickly, if they are priced right and show well. There are some homes that sell with multiple offers, but rarely for full price.
What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area. This number is shrinking each month, which is a good thing. Buyers still have a great selection and sellers can sell for a realistic price. There’s a renewed confidence in Seattle/Eastside real estate.
$8000 first home buyer credit, buying a condo on Seattle's eastside, buying a condo on the eastside, condo sales, Eastside real estate, FHA spot approval, Seattle/Eastside, Seattle/Eastside condo sales, Seattle/Eastside real estate, selling a condo on Seattle's eastside, selling a condo on the eastside
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Mortgages, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on September 15, 2009 at 10:09 am
Seattle/Eastside Condo Sales, August 2009
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
August, 2009 1429 condos for sale 206 condos sold 14% chance of selling.
July, 2009 1441 condos for sale 203 (now 171) condos sold 14% (now 12%) chance of selling
August, 2009 1495 condos for sale 159 condos sold 10% chance of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.
More Seattle Eastside condos are selling. Numbers are more than double the figures from January and February of this year. But still, some sales are falling apart and not closing because of inspection, financing issues and appraisal issues.
Sales don’t close for a variety of reasons: an appraisal that came in lower than the selling price, an inspection that both buyer and seller couldn’t agree upon or a lender who didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property and the bank does not agree to sell the property at the price agreed upon between the buyer and seller.
Important news for all condo buyers: FHA spot approvals will be going away. If a unit in a condo association could meet designated FHA guidelines and the whole complex is not approved, then an offer and approval for this spot FHA loan must be approved by the lender by October 1st, only two weeks away. FHA financing allows for a borrower to put just 3.5% down.
The absence of FHA spot approvals and the end of the $8000 first time home buyer tax credit could affect the number of condo sales in the future.
accurate real estate information, buying a home, listing a home for sale, marketing a home for sale, MLS, NWMLS, real estate, real estate listings, Redmond, selling a home
In For Buyers, For Sellers, Real Estate News, Real Estate Tips, real estate, real estate marketing, real estate opinion, real world real estate on September 9, 2009 at 1:42 pm
Are you selling your home? If your home is not listed with the correct details, the buyers won’t come, and they won’t buy.
Here’s what prompted me to write this post:
I watch certain neighborhood real estate activity like a hawk. I know every home that’s on the market, how it shows, and if it’s priced right. Today I got a call from someone selling in this area. I was floored when he told me he had his home on the market. How did I miss it? Simple, the agent he’d been working with at the time had listed his home in the wrong area. His home was showing up on the MLS, the real estate listings, in a completely different area from where it actually was located.
This is simple carelessness.
Do real estate agents/buyers miss seeing a home if listed in a different neighborhood than where its actually located? Sure. If real estate agents/buyers don’t find your home’s listing, they will not come, and they will not buy. Many agents and buyers set up prospecting programs and are notified as soon as homes are listed, reduced or sold. The prospecting programs include a location factor, so a home listed in the wrong area will not show up in a search.
Seems simple and it is. Before you lists your home, interview your agent. Try to get a sense for whether the agent is detail oriented. If they seem really nice, but not business-like, that will be your first clue. A red flag should go up if the real estate agent is not organized, knowledgeable, and detail oriented. Try to pick up some clues from your initial meeting, because no one is going to admit he/she isn’t detail oriented and accurate. They may not even know they’re not! So as a home seller, you need to verify that the listing information is correct.
Here are 10 simple things to look for when checking your listing paperwork:
What MLS (Multiple Listing Service-where Realtors list homes for sale) area is your home listed? The areas in the NWMLS, which generally do not follow city boundaries, have numbers attached to them. Check what the area number is for your home and ask your agent to describe which area is represented by the particular number. Redmond, for example, has more than one area number. Your home could either be in area 530, 550 or even 600. Make sure the number is right, so your home will be found when a buyer or agent searches for it.
Is the correct map and grid listed? Is your home listed on the correct map page? For example, map 506, not 560? Is it on Grid D3, not grid D5?
Is the address correct? I’ve seen homes listed as 97th NE St. when they were located on NE 97th St., a totally different location. On Seattle’s eastside, the direction placed before or after a street name makes a huge difference as to where the house is located.
Do the directions to the home actually lead you to the home? Does it say take a left when you should take a right to get to your home?
Location, location, location-the most critical piece of information. If buyers don’t find your home when they’re searching on-line or in real-time, because it’s listed in the wrong area, on the wrong map, with the wrong address, or with the wrong directions, they will not come. If buyers don’t come, they don’t buy.
Here are some more things to look out for in your listing:
Is the style of your home listed correctly? What if your home showed up in the MLS as a one level home (a rambler to Seattle home owners and a ranch in many other areas) and it really is a two story? Buyers searching for two story homes will miss it. A “style code,” which is also a number, is used to describe the style of a home. A “10″ is a rambler, a “12″ is a two story. Check the style number listed and make sure it matches to your home.
Is the total number of bedrooms listed and on the right floor(s)? This can be huge for a buyer looking for a master on the main or all the bedrooms on the second story.
Is the right number of bathrooms and their location listed? If your listing calls the first floor bath a 1/2 bath, when in fact, it’s a 3/4 bath (a bath with a shower) you’ve lost the buyer who needs that 3/4 bath on the first floor.
Are the right schools listed? What if the buyer is looking for a particular program only available at a particular school, your neighborhood school, but the school given in the listing is not the correct school?
Is the correct bus route listed? What if the buyer needs a certain bus route to get to work and doesn’t know this bus line is really nearby?
Is the backyard fenced? What if the buyer has a big dog and is looking for a fenced yard and it’s not checked off in the listing?
Realtors must accurately proof their listings and marketing pieces before they are advertised to the world. Sellers also need to look at the listing information in the MLS and the marketing pieces to double-check the accuracy of the information, Make sure the facts about your home are correct. If they’re not, the buyers won’t come and won’t buy. It could cost you as sale, which is very expensive in any real estate market.
Bellevue Real Estate, Eastside real estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, Woodinille real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics on August 12, 2009 at 9:03 pm
Eastside Residential Real Estate July 2009
The chances of selling a home on the Eastside in July 2009 ranged from a low of 13% to a high of 27%, with an average 16.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
July, 2009 3819 homes for sale, 631 homes sold 16.5% chance of selling.
June, 2009 3859 homes for sale, 675 ( now 599) homes sold 17%( now 15%) chance of selling.*
July, 2008 4370 homes for sale 494 homes sold 11% chance of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported.
_____________________________________________________________
(Click on the cities below to see real estate trends for the past 5 years. You can see the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. If you look at the charts, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the above chart. The information for the charts is gathered at slightly different times so can vary slightly. Regardless, the charts show the same trends.)
(click on city names for a chart showing the latest stats in the area)
How did July, 2009 stack up to July, 2008 in your neighborhood?
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The chances of selling were 18%.
Median sales price decreased by 9% from $575,000 to $525,000.
The number of homes for sale declined by 21% and sales were up by 24% from last year.
West Redmond/East Bellevue
The chances of selling were 27%.
Median sales price decreased to $470,000 from $574,990 a decrease of 18%.
The number of homes for sale dropped by 21% and sales were up by 40%. (77 vs. 55 sales)
South Bellevue
The chances of selling were 15%.
Median price increased by 2% to $617,000 from $604,950
The number of homes for sale dropped by 14% and sales were even with last year as 80 sales happened July-08 and July-09.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The chances of selling were 16%.
Median price was down to $460,000 from $475,000, a 3% decrease.
The number of homes for sale declined by 9% from last year and sales were up by 6%.
Kirkland
The chances of selling were 14%.
Median price increased by 5%, from $569,000 to $599,000.
The number of homes for sale declined by 11% and sales were up by 27.5%.
West Bellevue
The chances of selling were 13%.
Median pricing decreased by 46% from $1,748,000 to $950,000.
The number of homes for sale decreased by 4.5% and sales increased by 165%.
Redmond/Education Hill/ Carnation
The chances of selling were 17%
Median pricing decreased by 9% from $549,375 to $499,000.
the number of homes for sale decreased by 7% and sales increased by 33%.
——————————————————————–
Thoughts on the July 2009 Seattle Eastside real estate market:
- Most eastside homes had 16.5% chance of selling. Sixteen to 17 out of 100 homes had offers last month and are now pending.
- It looks like 11% of the home sales fell out of escrow, as the absorption rate for June dropped by 2% from 17 to 15%. Originally, there were 675 pending sales, so 76 offers did not stay together. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there. Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months to resolve a sale between the buyer, seller, and the bank.
- Best odds of selling: once again it’s Redmond, near Microsoft, and East Bellevue with a 27% chance.
- Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest increase from last year with the chance of getting a home sold, a whopping 165% more homes sold this July than last year, 45 vs. 17.
- In a couple of areas prices actually went up this month from last year, quite an unusual occurrence these days. West Bellevue and Kirkland had a slightly higher median price this past July than July, 2008.
- Overall, the number of homes for sale is less than last year. I’m hoping we hit the peak of homes for sale on Seattle’s eastside back in July, when 13,835 homes were for sale. Home sales were up 22% and prices were down 7%.
King County, MLS, Seattle, Seattle real estate, Snohomish County
In King County Real Estate, Real Estate News, Seattle real estate on July 16, 2009 at 6:50 am
Are we in a healthy, balanced real estate market in Seattle? The real estate market is balanced between buyers and sellers in King-Snohomish Counties around the city of Seattle.
Last year at this time, the market was very much a buyer’s market as evidenced by the color green, which covered most of the June 2008 map. This year, the predominant color in June, 2009 is yellow, which indicates a balanced market between buyers and sellers.
This is a good thing! It’s been years since we’ve seen such a balanced market. From 1994-2005, it was mostly a sellers’ market in the Seattle area. Of course, there were pockets around Seattle and times when this was not the case, but overall, it was a real estate market skewed to sellers.
Now, we see anything and everything. Some homes sells quickly and with multiple offers. Others undergo a number of price reductions before selling. Most homes are not selling for full price, but they are starting to sell, and there’s a healthy amount of turnover. That being said, buyers have a huge amount of homes to choose from, keeping prices down, and competition strong. The home that’s the best value will win the buyer and it’s happening quite regularly in this market.
**The map shows the different areas labeled with their NWMLS (Northwest Multiple Listing Service) area number. Along the side of the map is the number of months it would take to sell all of the homes for sale in a particular area. For example, Kirkland, south of NE 116th is called area 560. In this area, it would take 5.7 months for all the homes to sell, if no other home came on the market. Kirkland, area 560, is in yellow, indicating it’s a balanced market between buyers and sellers. There’s a reasonable amount of sales happening in Kirkland based on the number of homes for sale.
appraisals, HR 3044, HVCC, HVCC petition, Inman News, NAR
In For Buyers, For Homeowners, Real Estate News, financing, real estate on July 7, 2009 at 6:47 am
Recently, I wrote about my experience with the “new and improved” real estate appraisal process, the HVCC, House Valuation Code of Conduct, a misguided attempt to right the wrongs of past appraisals. The appraisal process needed to be revamped, but I’m not alone in seeing how difficult the new appraisal system has been for the consumer. Petitions are online for people to ask that the HVCC be reevaluated.
Briefly, the HVCC requires all appraisals to go through a central clearing house. The next appraiser on the list is assigned the job, regardless of experience and knowledge about an area. The appraiser may live and work in an area hours away from the property. It’s very hard for anyone to know the individual nuances of a neighborhood, builders, school systems, etc. and how these affect value. I can only imagine how hard it must be for appraisers to have to evaluate properties hither and yon. How could anyone appraise properties in an area that’s the size of small states and get it right all of the time?
In addition, appraisals cost buyers about the same as before, $450-500, but the portion of the fee directed to the appraiser has decreased. The appraisers only make about $200 and the rest of the fee goes to the appraisal management companies, which, by the way, are often owned by banks and title insurance companies. This from Matt Carter at Inman News:
As originally proposed, the code would have barred lenders from ordering reports from appraisal management companies they owned more than a 20 percent stake in. But as adopted, the code does not limit lender ownership stakes in appraisal management companies.
What if your lender makes a mistake and your loan needs to go to a different lender? Believe me, it happens and it happens to good, strong buyers. Well, not only will your loan close late, you”ll be the proud owner of two appraisals. This from Matt Carter at Inman News again ( Joseph Heller would have had fun with this one):
The code allows lenders to accept an appraisal produced for another lender, for example, but only after the receiving lender obtains confirmation in writing from the original lender that the appraisal is in compliance with the code.
Because there is currently no industry or supervisory standard regarding what constitutes an adequate written confirmation of compliance with the code, Kittle said, lenders are reluctant to accept another lender’s appraisal because they might be forced to repurchase loans if they are found to have breached the code.
That means lenders “typically order a new appraisal at the expense of the borrower,” even if an appraisal has recently been performed by another lender, Kittle said.
I’ve heard of appraisals coming in late, causing the buyer to close late and lose their loan lock. Imagine how difficult this is when you have movers sitting in your driveway and they are booked for weeks afterward. I could go on, but this is a simplified version of the changes brought to the real estate industry by the HVCC.
Two US Representatives, Representative Travis Childers (D-Miss) and Gary Miller (R-CA), have introduced a bill, HR 3044, to suspend the new HVCC code for 18 months, so it can be properly evaluated. This a good thing for consumers and the housing industry. Changes to the appraisal system need to be done right, but not by implementing a system that creates more problems. We must be fair to both buyers and sellers and make sure appraisals are coming in on time and at the value that exists in the marketplace.
It’s important for you to contact your congress person to see this law is passed to help protect the integrity of the system and ensure changes to the appraisal system are a benefit, not a detriment.
Open houses, real estate, Seattle real estate, Windermere Real Estate
In Bellevue Real Estate, For Buyers, For Sellers, King County, WA, Real Estate News, Seattle real estate, Windermere Real Estate, real estate, real estate opinion on June 25, 2009 at 9:57 pm
Windermere announced its company website will now include all open houses, not just Windermere Real Estate’s open houses. This is a good thing. Consumers expect to get quality information about the real estate market from a real estate website. Sharing all the data makes perfect sense.
A top quality website enhances the customer experience, which ultimately should be the goal. It’s not only a benefit for the real estate company and every buyer and seller, it’s a benefit for Windermere agents, buyers, and sellers. It’s a win-win situation for all.
The traditional real estate companies are so well versed in the home buying and selling process, providing all the real estate data online provides true full service to the consumer.
buying an Eastside condo, real estate, Seattle real estate, Seattle-eastside condo sales, selling an eastside condo
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 17, 2009 at 3:11 pm
Seattle-Eastside Condo Real Estate Statistics, May 2009
(pended means the number of condos that got offers this month)
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
1441 condos for sale 177 condos sold 12% chance of selling.
May represented the highest number of condo sales on Seattle’s eastside since June, 2008. The number of condos for sale increased dramatically this month, with the addition of 126 more condos for sale, whereas only 15 more condos sold in May than in April. There was a much bigger jump in the condos for sale than in the number of condos that sold.
Real estate activity, in general, is picking up. It will be interesting to watch how the fluctuating interest rates affect the sales of condos on Seattle’s eastside and in the real estate market overall. We have to remember that rates are still wonderfully low, even if they go up.
First Time home buyer credit, first time home buyer credit towards downpayment, HUD, IRS, Stimulus program for first time home buyers
In 2009 stimulus package, For Buyers, Mortgages, Real Estate News, financing, real estate on June 5, 2009 at 5:45 pm
Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle’s eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle’s eastside, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, financing, real estate on May 15, 2009 at 7:32 am
Seattle Eastside Real Estate Activity April 2009
The media was hopping with news stories about the increase in April, 2009 real estate sales in the Seattle area. Local TV stations KOMO and KING5, both had reports on the more positive real estate market. The Seattle Times, Seattle PI.com, and BizJournals all had stories with the same theme.
The chances of selling a home on the Eastside in April 2009 ranged from a low of 10% to a high of 23%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
April, 2009 3600 homes for sale 573 homes sold 16% chance of selling.
March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.
April, 2008 4017 homes for sale 489 homes sold 12% chance of selling
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(This monthly Seattle/Eastside real estate report now includes the chart above because it’s clear and easy to read. You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years, including median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the chart above. This is because the information for the charts is gathered at slightly different times. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on city names for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall Ciy
Median sales price decreased by 12% from $597,639 to $524,000.
Inventory was down by 12% and sales were down by 12% from last year.
West Redmond/East Bellevue
Median sales price decreased from $608,998 to $500,000 a decrease of 18%.
Inventory was down 6% and sales were up 15%.
South Bellevue
Median price increased by 8% from $600,000 to $649,900.
Inventory was down by 15% and sales were up 70%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Median price was down to $399,950 from $484,450, a 17% decrease.
Inventory was down by 6% from last year and sales were up by 44%.
Kirkland
Median price decreased by 8%, from $707,950 to $649,000.
Inventory was down by 8% and sales were up by 9.5%.
West Bellevue
Median pricing decreased by21% from $1,399,000 to $1,100,000.
Inventory increased by 5 % and sales increased by 18.5%.
Redmond/Education Hill/ Carnation
Median pricing decreased by 14% from $652,450 to $554,950.
Inventory decreased by 9% and sales decreased by 5%.
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Thoughts on the April 2009 Seattle Eastside real estate market:
- Ok, everyone, take a deep breath. Things are looking up! Seattle -Eastside homes are selling. Every eastside area had a double digit absorption rate, for the first time in months.
- All areas saw some very positive changes this past month. The positive changes are in bold print. Everycity had some positive change in the real estate activity. The number of homes for sale, the inventory, was down in every city, except one. The number of homes sold was up in all cities except two!
- The stand-out area, which is often the case, is the area in East Bellevue and Redmond, close to Microsoft. This area’s absorption rate was the last to slow down and is the first to come back to life. Twenty-three percent of the homes for sale sold there last month.
- Are real estate prices increasing on Seattle’s Eastside? No, the number of sales has increased dramatically though.
- April had the most number of home sales since June of last year. In King County overall, six of the last ten weeks have had the most number of sales since July, 2007.
- In some areas on Seattle’s Eastside, we are seeing a more balanced market between buyers and sellers.
- The $8000 buyers credit will now be available for a down payment. This is great news, which should help bolster the real estate market even more.
Case Shiller Index, real eastate, Seattle Eastside real estate, Seattle real estate
In 2009 stimulus package, For Buyers, For Homeowners, For Sellers, Real Estate News, Seattle real estate, real estate on May 4, 2009 at 11:17 am
Are home prices still declining in the greater Seattle area? Yes. However, according to the Case-Shiller Index , they are no longer falling off the cliff. No longer do you need your climbing ropes to hang on, you probably just need some skis to help take you more gently down the pricing slope. Standard and Poor’s Case-Shiller Index tracks the real estate activity in 20 cities all over the country. The decline in nationwide real estate prices was 18.6% from last February, however, Case-Shiller is based on a survey of 20 cities. Real estate on the Seattle-Eastside declined 15.4% in value from last February. We are not the best, but we are not the worst either.
There’s a lot of additional press and additional opinions raised all over the newspapers and blogs. It’s always interesting to see the kind of reaction people have to the same story. Here’s the Wall St Journal reaction to the story from their website:
“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” said David Blitzer, head of the S&P index committee.
Prices are “no longer falling off a cliff,” wrote Patrick Newport, an economist for IHS Global Insight. “Instead, they are rolling down a steep hill.”
The Seattle Times/Associated Press story written by Drew DeSilva reported:
Seattle-area home prices dropped an annual 15.4 percent in February from February 2008, compared with a 15 percent annual decline in January.
Seattle’s February annual price drop was the ninth-smallest decline among the 20 metro areas in the Case-Shiller index.
Seattle prices fell 1.5 percent in February from January, the fourth-smallest monthly decline among the 20 metro areas. The average monthly decline among the 20 cities was 2.2 percent.
There’s no doubt we’re still in a tough real estate market. But there are some lights on the horizon in the Seattle/Eastside real estate market.
Inventory is stabilizing throughout King County. Some weeks inventory increases, but in some weeks there’s a drop. It’s at a higher point for the year right now as 13,306 properties are for sale. However, last year at this time, there were 14,321 properties listed. We are far from the highest point of inventory which was reached at the end of July, 2008 with 16,618 homes for sale in King County. The largest number of properties for sale in King County so far this year has been 13,414 back in March.
The number of home sales in King County reached the second highest number of home sales for a week, 560 sales, since July, 2007. Five of the last 8 weeks were amongst the highest number of King County home sales in the last two years.
There’s a definite interest in real estate and buying homes. There wouldn’t be so much press written about real estate if this were not the case. I’ve written a number of blog posts on the first time home buyer tax incentive and all have had more hits than any of the other posts I’ve written. Previously, my posts on the Seattle Street of Dreams had received the most hits. But of my top 8 posts, according to WordPress, which is this blog platform, three of the five posts are about the stimulus package and the first time home buyer incentive. The top post has received 3700+ hits. I recently wrote about Washington State’s plan to allow the $8000 tax incentive to be applied towards a down payment. This post, too, is getting numerous hits. This tells me people are searching for information. They are searching for information about the options available to buy homes.
Listings are getting a lot of showings. Buyers are out there as the number of showings has increased.
I feel more homes will sell over the next few months. I do not feel that prices are heading up any time soon.
Bellevue Real Estate, buying a condo on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, selling a condo on Seattle's eastside, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 1:39 pm
Seattle Eastside March 2009 condo real estate statistics
March, 2009 1300 condos for sale, 123 sold, 9.5% chance of selling.
March, 2008 1288 condos for sale 175 sold 13.5% chance of selling.
(pended means the number of condos that got offers this month)
The good news is 36 more condos sold this past month than in February. There were, however, 105 more condos to choose from. I’m expecting more condos to come on the market per the typical spring real estate selling season. The chances of selling a condo increased slightly this month from February, as more buyers seem to have that spring time bug and are out shopping around.
Competition will remain fierce. Since there are many options in each price range, sellers will need to be realistic both in their asking price and what they’re willing to take for a final sales price. The good news is more people are buying and the realistic news is prices are not going up at this time.
Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle's eastside, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 12:33 pm
Seattle Eastside March Real Estate Statistics
The chances of selling a home on the Eastside in March 2009 ranged from a low of 6.5 % to a high of 15%, with an average 10% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.
March, 2008 3637 homes for sale 493 homes sold 13% chance of selling
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I’ve changed the format of this monthly Seattle/Eastside real estate report to include the trendgraphix chart above. This chart is clear and easy to read, so you can get the real estate data quickly. For those of you who want to get more detail, you can still read the MLS charts by clicking on each area below. The charts have some of the same information, but also show the real estate trend for the last 5 years, the median pricing, and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by area, you will notice the total number of homes for sale and the number of homes sold can vary slightly from the trendgraphix chart above to the MLS-Windermere graphs. Some of this may be a result of when the information for the charts are gathered . Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had an 8% chance of getting a home sold, THE SAME as last month and DOWN from 14.5% last year. Median home prices were DOWN from $579,500 to $513,025. Inventory was down by 6% and sales were down by 35% from last year.
West Redmond/East Bellevue
Sellers had a 15% chance of getting a home sold, UP from 10% last month, and DOWN from 19% last year. Median sales price decreased from $539,000 to $499,000, a decrease of 8%. Inventory was up 4% and sales were down 24%.
South Bellevue
Sellers had an 11% chance of getting a home sold, UP from7% last month and DOWN from 12% last year. Median price decreased by 21% from $659,900 to $519,900. Inventory was up 1% and sales were down 7%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 10% chance of selling a home, last month and DOWN from 12% last year. Median price was down to $450,000 from $525,000, a 14% decrease. Inventory was up by 4% from last year and sales were down by 16%.
Kirkland
Sellers had 6.5% chance of selling a home, DOWN from12% last month and DOWN from 9% last year. Median price decreased by29%, from $699,999 to $499,000. Inventory was up by 4% and sales were down by 33%.
West Bellevue
Sellers had a 9% chance of selling a home, The SAME as last month, and UP from 5% last year. Median pricing decreased by 5% from $1,250,000 to $1,185,000. Inventory increased by 1 % and sales increased by 57%.
Redmond/Education Hill/ Carnation
Sellers had a 11% chance of selling a home, UP from 10% from last month, and DOWN from 15% last year. Median pricing decreased by 20% from $600,000 to $481,975. Inventory increased by .3% and sales increased by 29%.
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Thoughts on the March 2009 Seattle Eastside real estate market:
- Most of the real estate sales activity is happening below the $750,000 range. Out of the 247 sales on the eastside in March, 210, or 85%, were below $750,000.
- Forty-eight percent of the sales were below $500,000.
- The chances of selling a home on the eastside increased from February to March in all areas except Kirkland.
- More homes are selling as the number of sales in just the first week in April increased by 37% more than most of the past 6 weeks.
- Both West Bellevue and Redmond, north of downtown, had an increase in the number of sales from last year to this year.
- Redmond, north of downtown, had a more balanced real estate market last month than any other area on the eastside. With the number of home sales increasing by 29%, the sales activity represented a more balanced market.
- Other eastside areas are still more of a seller’s market.
- More sales are beginning to happen, but prices are not going up.
- The great interest rates and the $8000 buyer tax credit may be starting to kick in.
For more on March, 2009 Seattle Eastside real estate statistics, you can check articles from the Ballard Tribune and the Eastside Business Journal.
2009 stimulus package, 2009 stimulus package and real estate, American Recovery and Reinvestment Act, real estate, stimulus plan for housing
In 2009 stimulus package, Real Estate News, Real Estate Tips, real estate, real world real estate on March 30, 2009 at 12:12 pm
Much has been written about the first time home buyer tax credit of $8000, but there are other real estate programs available. I touched on this in one of my previous blog posts on the 2009 stimulus package, but thought I would write another post about real estate and the stimulus plan because a client had an interesting question. She’d heard from another real estate agent she could rent her current home out and use the stimulus tax credit to buy another home. Unfortunately, this is not the case. The $8000 tax credit is for first time buyers or people who have not owned a home for the past three years, not for those who want to upgrade to a another home and keep their present home as a rental.
There are a lot of misconceptions out there. If you want the whole truth and nothing but the truth, the official White House site for The American Recovery and Reinvestment Act gives all the information about the stimulus plan, including incentives for real estate. You can read all about it by clicking on the link to the complete bill, all 407 pages of it. I’m not suggesting you read it all, but it’s worth skimming to see what’s available. The stimulus plan for real estate is not just for first time home buyers, there are incentives for rural home owners, Native Americans, and aid for the homeless. There are tax breaks for updating a home with more efficient energy systems, such as solar panels. Last week there was a good article in The New York Times that summarized the programs designed to help stimulate real estate:
| Housing; Tax Cuts for Individuals |
Incentive for first-time homebuyersmore »
Provide first-time home buyers with a refundable tax credit of up to $8,000, up $500 from the original credit enacted last year, for purchases made this year (before Dec. 1). The credit phases out for single taxpayers with adjusted gross incomes that exceed $75,000 (or $150,000 for married couples filing jointly). The buyer will forfeit the credit if he or she sells the house within three years.
|
$6.6 billion |
| Energy; Infrastructure; Housing |
Repair and modernize public housing units |
$4.0 billion |
| Housing |
Help states and local governments acquire and repair low-income housingmore »
Includes $100 million for competitive grants to local governments and nonprofit organizations to remove lead-based paint hazards.
|
$2.4 billion |
| Housing |
Make full-year payments to owners receiving Section 8 housing vouchers |
$2.0 billion |
| Housing |
Redevelop abandoned and foreclosed homes |
$2.0 billion |
| Housing |
Reduce homelessnessmore »
Provide short-term or medium-term housing assistance or relocation assistance
|
$1.5 billion |
| Housing |
Provide additional financing for Community Development Block Grantsmore »
Finance local economic development activities, like affordable housing programs.
|
$1.0 billion |
| Energy; Infrastructure; Housing |
Repair and modernize about 4,200 Native American housing unitsmore »
Half of the money will be distributed by formula and half will be competitively awarded to projects that can be started quickly.
|
$510 million |
| Energy; Housing |
Improve energy efficiency in government-subsidized apartment buildings |
$250 million |
| Housing; Aid to Individuals; Rural Assistance |
Provide loans for rural homeownersmore »
Support $11.4 billion in direct and guaranteed loans to provide home ownership opportunities for low to moderate-income families in rural areas.
|
$200 million |
Bellevue Real Estate, Kirkland real estate, Redmond real estate, Seattle/Eastside real estate
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 13, 2009 at 2:07 pm
The chances of selling a home on the Eastside in February 2009 ranged from a low of 7 % to a high of 10%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
February 2009 3556 homes available 308 homes sold 9% chance of selling.
January 2009 3294 homes available 325 homes sold 10% chance of selling.
February 2008 3303 homes available 453 homes sold 14% chance of selling.
Seattle/Eastside real estate Feb-2009
(chart includes Mercer Island homes, which are not included in my numbers above the chart)
_____________________________________________________________
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had an 8% chance of getting a home sold, DOWN from 11% last month and DOWN from 16.5% last year. Median home prices were DOWN from $599,950 to $522,250. Inventory was down by 5% and sales were down by 52% from last year.
West Redmond/East Bellevue
Sellers had a 10% chance of getting a home sold, DOWN from 11% last month, and DOWN from 16% last year. Median sales price decreased from $599,000 to $457,475, a decrease of 24%. Inventory was up 10% and sales were down 27%.
South Bellevue
Sellers had an 7% chance of getting a home sold, DOWN from11% last month and UP from 8% last year. Median price decreased by 12% from $659,000 to $579,950. Inventory was up 2% and sales were down 49%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 10% chance of selling a home, THE SAME as last month and DOWN from 12% last year. Median price was down to $381,450 from $549,950, a 30% decrease. Inventory was up by 16% from last year and sales were down by 6%.
Kirkland
Sellers had 8% chance of selling a home, DOWN from 11% last month and DOWN from 12.5% last year. Median price decreased by 3%, to $687,000 from $711,250. Inventory was up by 1% and sales were down by 38.5%.
West Bellevue
Sellers had a 9% chance of selling a home, UP from 7% last month, and the same as last year. Median pricing increased by $1000 from $999,000 to $1,000,000. Inventory increased by 26 % and sales increased by 19%.
Redmond/Education Hill/ Carnation
Sellers had a 10% chance of selling a home, UP from 9% from last month, and DOWN from 16% last year. Median pricing decreased by 21% from $694,970 to $542,900. Inventory increased by 18.5% and sales decreased by 24%.
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Thoughts on February’s real estate market:
- Most eastside neighborhoods experienced a decline in sales and an increase in the number of homes for sale. The only exception was West Bellevue. More homes sold in West Bellevue in February this year than last year and the median price was up by just a hair.
- Similar to last month all eastside areas, except the plateau area of Sammamish, Snoqualmie, Fall City, Issaquah, and North Bend, had an increase in the number of homes for sale when compared to last year. There were 40 less homes available to buy on the plateau this February than last. On the eastside, the plateau is the only area that had fewer homes for sale.
- The number of homes for sale is up this week. The total number of properties ( single family homes and condos) for sale in King County increased to 13,038 on March 9th. Expect more homes to come on the market over the next couple of months.
- Home prices are clearly shifting. For the first time in years more homes sold in the $350-500,000 range than in the $500-750,000 range.
- This past month there were more home sales happening below the $500,000 mark. Seventy one homes sold in the $350-500,000 range, while 63 sold between $500-750,000. There were also 37 home sales below $350,000. Two years ago, it was impossible to find homes in this price range.
2009 Stimulus plan, home buyer incentive, NPR, real estate, Tax credits for energy efficient improvements
In For Buyers, For Homeowners, For Sellers, Mortgages, Real Estate News, real estate on February 16, 2009 at 4:25 am
Most of the real estate commentary I’ve seen on the stimulus plan focuses on buying a home, mortgage rates, and mitigating disclosures. Here’s some of the highlights and other things to think about from final real estate version:
- Everyone now knows the tax credit will be $8000 with no payback required. It’s only available to first time buyers or those who haven’t been home owners for the past three years. The credit is available for homes purchased before December 1, 2009. I’m wondering if a buyer has to close on the home purchase before December 1st or have an accepted offer by that date. If the home sale must be closed by the first of December, then buyers need to be buying no later than the end of October to make sure they close on time. Does anyone have the answer and know whether it is an accepted purchase agreement or does the home sale need to be closed?
- Did you know if you use tax credit, you must stay in your home for three years or you would have to repay the credit? I like this idea because it helps to keep home ownership more like it used to be: buying a home to live in, rather than as a quick investment.
- Government backed loan limits will be $729,950 in areas with expensive homes. This should mean the Seattle/Eastside, but have not heard. Does anyone else know if this means us?
- There’s more than $50 billion designated for foreclosure mitigation, some of which will come from last year’s TARP money. It’s about time more is done to stem the tide of foreclosures.
In reading the summary of the stimulus plan I found this section, which I think is important for all homeowners. The quote below is taken from a summary of the plan released by lawmakers. You can find the summary of the plan’s key points in this Inman News article.
Tax Credits for Energy-Efficient Improvements to Existing Homes. The bill would extend the tax credits for improvements to energy-efficient existing homes through 2010. Under current law, individuals are allowed a tax credit equal to ten percent (10%) of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements installed during the taxable year. This tax credit is capped at $50 for any advanced main air circulating fan, $150 for any qualified natural gas, propane, oil furnace or hot water boiler, and $300 for any item of energy-efficient building property. For 2009 and 2010, the bill would increase the amount of the tax credit to thirty percent (30%) of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements during the taxable year. The bill would also eliminate the property-by-property dollar caps on this tax credit and provide an aggregate $1,500 cap on all property qualifying for the credit. The bill would update the energy-efficiency standards of the property qualifying for the credit.
The tax credits for energy efficient home improvements ties into this week’s NPR’s Sunday edition interview with The New York Time’s economic reporter, David Leonhardt. He had some great ideas to rethink how we spend our money. He thinks spending should be considered in tandem with future savings, not just with consumption. Investing in a more energy efficient furnace, as an example, would create future savings in your energy bill. Most of his suggestions centered on the cost of acquiring an item vs. the future savings benefit. A better furnace could cost more money in the beginning, but give a larger payback on monthly heating bills.
It’s unfortunate the home buyer tax credit was reduced. Fewer homes may sell as a result. However, cuts did need to be made in different parts of the plan to get it passed. I like the incentive for making energy efficient changes to a home. I’m hoping it will get more people to think to make a change as a long term payback.
What are your thoughts about the stimulus plan?
2009 Stimulus plan, home buyer tax credit, Nouriel Roubini, real estate
In 2009 stimulus package, For Buyers, For Homeowners, For Sellers, Real Estate News, financing, real estate on February 11, 2009 at 9:14 pm
What will the home buyer’s tax credit be when the stimulus plan is signed into law? Today’s news focused on the compromises being made between the House and the Senate to pare down the cost and reconcile the differences between the two plans. It’s looking like the Senate tax credit of $15,000 for a home purchase may be scaled back to the House plan of $7500. Both Houses seem to agree the credit would not need to be paid back.
From Nick Timiraos of www.wsj.com:
“But it’s far from certain that the House will accept the Senate version, which includes far more generous credits. The House version would modify an existing $7,500 credit so that it wouldn’t have to be repaid, while the Senate goes much further by doubling the credit, removing income limits, and extending it to existing homeowners, from just first-time buyers.”
Mr. Timiraos’ article had a poll in which he asked readers which version, The House or The Senate, did they prefer. As of 6:45 PM, PST, The Senate version was winning with 53.7% of the vote. The House version received 40.1% and there were 5.4% undecided voters.
Today’s www.wsj.com article sounds like “the die have been cast” and the House version will win out.
Jillayne Schlicke wrote a interesting article about the latest developments with the stimulus package over on Rain City Guide. She quoted Nouriel Roubini, an economics professor from NYU who happened to predict the economic decline pretty accurately. Last year at Inman News’ Real Estate Connect, Dr Roubini spoke very clearly about what has come to pass. At the time, most of the audience was shocked by his thoughts. There’s no doubt he was ahead of the pack with his predictions. My money is on what he has to say.
At this point, I’m anxiously awaiting the outcome and will do my best to summarize the details when they’re finalized. But I’m going to hop of the roller coaster until everything is finalized.
2009 stimulus package, home buyer tax credit, real estate
In 2009 stimulus package, For Buyers, For Sellers, Mortgages, Real Estate News, financing, real estate on February 6, 2009 at 10:49 am
I wrote about the 2009 Stimulus Plan and its proposed benefits to real estate, and here’s the latest update as of February 5th, 2009. Some thoughts from David Espo for the Senate proposal regarding the tax credit:
“The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.”
When I looked back at David Espo’s remark about the “tax break for the purchase of new homes only,” I wonder if he meant to say the original tax credit is for new home buyers, those who had not owned a home for three years.
There’s discussion now with the Senate proposal for the credit apply to all homes and buyers. I’m still not clear on this, so if you heard something please jump in.
Here’s a link to an article from the Kentucky Herald regarding the Senate’s proposed tax credit.
The Wall Street Journal had an interesting discussion. Most people thought the tax credit would encourage them to buy a home.
There’s a lot of discussion as to whether the housing industry is the linchpin to getting the economy back on track. Helping to move unsold homes and get people into homes that are so much better priced than in the recent past, is a good thing. The country has to start from somewhere to get the economy moving. I would much rather see tax money go to home buyers than bank executives with no accountability.
Hopefully, the new stimulus package will have clearer guidelines and expectations of those who receive any money or tax incentives. Incentives, whether it’s for housing or some other commodity will help get people moving, literally and figuratively.
What do you think of the $15,000 home buyer credit?
Bellevue Real Estate, buying a home, Eastside real estate, home buyers, home sales, home sellers, home selling, Issaquah, Kirkland real estate, NWMLS, Redmond real estate, Sammamish real estate, selling a home, Windermere Real Estate, Woodinville real estate
In For Buyers, For Sellers, Local news and information, Real Estate News, market statistics, real estate on January 15, 2009 at 2:31 pm
The chances of selling a home on the Eastside in December 2008 ranged from a low of 3% to a high of 12%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
December 2008 3169 homes available 243 homes sold, 8% chance of selling.
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
December 2007 2594 homes available, 295 homes sold, 11% chance of selling.
_____________________________________________________________
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had 11 % chance of getting a home sold, the UP from 9% last month and DOWN from 12% last year. Median home prices were DOWN, from $639,900 to $516,750. Inventory was up by 4% and sales were down by 1% from last year.
West Redmond/East Bellevue
Sellers had a 11% chance of getting a home sold, DOWN from 12%, and DOWN from 16 % last year. Median sales price decreased from $589,500 to $544,475, a decrease of 8%. Inventory was up 18.5% and sales were down 18%.
South Bellevue
Sellers had an 6% chance of getting a home sold, DOWN from 9% last month and DOWN from 9% last year. Median price decreased by 10% from $599,975 to $539,950. Inventory was up 7% and sales were down 26.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 7% chance of selling a home, DOWN from 8% last month and DOWN from 9% last year. Median price was down to $399,970 from $549,000, a 27% decrease. Inventory was up by 41% from last year and sales were down by 6%.
Kirkland
Sellers had a 6% chance of selling a home, UP from 5% last month and DOWN from 10% last year. Median price increased by 3%, to $694,450 from $676,475. Inventory was up by 17% and sales were down by 35%.
West Bellevue
Sellers had a 3% chance of selling a home, DOWN from 7% last month, and DOWN from 10% last year. Median pricing decreased by 15% to $935,000 from $1,099,000. Inventory increased by 60% and sales decreased by 44%.
Redmond/Education Hill/ Carnation
Sellers had a 7% chance of selling a home, DOWN from 12% from last month, and DOWN from 12% last year. Median pricing increased by 3% from $651,975 to $669,970. Inventory increased by 36% and sales decreased by 20%.
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Some milestones for December, 2008:
It was the toughest month to sell a home located on Education Hill.
Inventory dropped by 500 homes and there were 80 less sales than November on Seattle’s eastside.
The median price in North Kirkland, Woodinville, and Duvall fell under $400,000 for the only time in 2008.
Some big numbers: Inventory was up by 41% in the Woodinville area.
Inventory was up by 60% and sales were down by 44% in West Bellevue.
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Some year end thoughts on the eastside real estate market, many of which will be no big surprise if you are following real estate news:
Every area on the eastside experienced increased inventory and decreased sales when compared to last year. Every area saw a drop in the median price point, although in some months the median price went up. Kirkland is a great example of this. Several months of the year saw an increase in median pricing, although most months did not. People need to remember that an individual month’s real estate statistics reflects only the sales for that month, so, for example, if more expensive homes sold this year in December than last year, the median pricing for this December will be higher. It’s fair to say, no area experienced an increase in median price when the full year’s real estate statistics are evaluated. This is abundantly clear when we see almost every month in every area had more homes for sale and less sales than last year.
The silver lining at the end of the year? Inventory for the year is down dramatically. There were 500 less homes on the market in December than in November, 2008.
This year the uncertainty of the market continues. The latest news, with a possible impact on eastside real estate, is rumored reorganization/layoffs at Microsoft, one of our biggest employers on the eastside. The Seattle Times also had a story about Microsoft in today’s paper, but the rumors have been swirling for weeks. Hopefully, things will turn to a more positive note with a fresh start in The White House. I’m pleased to see the year start with less homes on the market than we saw in mid 2008, however, pricing is still significantly lower than last year. Sellers need to be prepared for the market before listing a home. Staging, competitive pricing, and stellar marketing are all key. Homes that meet these criteria will sell, but pricing will be dictated by the competition and the real estate market.
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Below you will find the real estate statistics for November:
The chances of selling a home on the Eastside in November 2008 ranged from a low of 5% to a high of 12%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
October 2008 3975 homes available, 320 homes sold, 8% chance of selling.
November 2007 3141 homes available, 423 homes sold, 13.5% chance of selling.
_____________________________________________________________
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 9 % chance of getting a home sold, the SAME as 9% last month and DOWN from 13% last year. Median home prices were DOWN, from $558,944 to $552,500. Inventory was up by 3% and sales were down by 26% from last year.
West Redmond/East Bellevue
Sellers had a 12% chance of getting a home sold, UP from 11%, and DOWN from 15 % last year. Median sales price decreased from $521,475 to $479,000, a decrease of 8%. Inventory was up 10% and sales were down 8%.
South Bellevue
Sellers had an 9% chance of getting a home sold, UP from 8% last month and DOWN from 12% last year. Median price increased by 13% to $685,000 from $605,000. Inventory was up 6% and sales were down 21%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 8% chance of selling a home, DOWN from 9% last month and DOWN from 14% last year. Median price was down to $411,750 from $492,975, a 16.5% decrease. Inventory was up by 26% from last year and sales were down by 27%.
Kirkland
Sellers had a 5% chance of selling a home, DOWN from 6% last month and DOWN from 11% last year. Median price increased by 7%, to $739,950 from $689,975. Inventory was up by 13% and sales were down by 52%.
West Bellevue
Sellers had a 7% chance of selling a home, UP from 6% last month, and DOWN from 9% last year. Median pricing decreased by 26% to $996,500 from $1,349,000. Inventory increased by 40% and sales decreased by 16%.
Redmond/Education Hill/ Carnation
Sellers had a 12% chance of selling a home, UP from 7% from last month, and DOWN from 19% last year. Median pricing decreased by 4% from $585,000 to $559,900. Inventory increased by 31% and sales decreased by 16%.
The number of homes for sale on the eastside continued its decline below the 4000 mark for the second month in a row
Median prices have dropped back in most neighborhoods, hovering at the last quarter of 2005 and the first quarter 2006 levels. In most areas, median prices are down from last November, 2007, but Kirkland and South Bellevue prices are not lower than the November 2007 prices. Remember, the median pricing for the month reflects only the sales for that month, not the median pricing for the full year. Sellers in Kirkland continue to have the weakest absorption rate for the eastside. In most of the Seattle/Eastside neighborhoods, besides the median pricing being lower than last year, inventory is up, and sales are down. West Bellevue had stronger sales this year than last, the only area on the eastside to do so. However, the 16% increase in sales in West Bellevue translates to 22 from 19 sales in 2007.
2009 resolutions, buying a home, home buyers, home pricing, home sellers, pricing a home right, Pricing a home to sell, real estate, real estate pricing, selling a home
In For Buyers, For Sellers, Real Estate News, real estate, real estate opinion, real world real estate on December 30, 2008 at 4:18 pm
I just turned down my first listing for 2009. The seller needs to get a certain price out of the sale of his home, a price the market will not bear. There ‘s absolutely no reason to take this listing, because the home won’t sell at the price the seller needs. The real estate market is not about what the seller needs. It’s about what the buyer is willing to pay. Those who really need and want to sell in this market will sell if the home is not overpriced. As Realtors we can’t change the overall economy, but we can contribute positively to the state of the real estate market by only taking listings that are priced right.
The real estate agent 2009 resolution:
Just “say no” to overpriced listings.
Tell sellers the reality of the marketplace.
Don’t list a home unless the seller is on board with today’s pricing, condition, and marketing.
Brooklyn, cohousing, New York, New York Times, Seattle
In Real Estate News, real estate on December 4, 2008 at 9:41 pm
Seattle is ahead of many areas with the cohousing options, some of which I mentioned in a previous post.
What is cohousing?
Cohousing is the new extended family, a community in which people live and work together to maintain the neighborhood. Think sustainable living, smaller carbon footprints, the synergy of community, and you have some of the principles of cohousing.
The New York Times had an interesting article about cohousing opportunities in a new development in Brooklyn. Selling a complete new development to a cohousing group means a developer can move the whole complex in one fell swoop. The opportunity for a cohousing neighborhood helps the economy and provides a cohesive friendly neighborhood environment. It’s not fre everyone, but it’s an interesting concept.
condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 21, 2008 at 2:09 pm
Sellers had a 12% chance of selling a condo on Seattle’s Eastside in October, 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
October, 2008 1324 condos for sale, 153 condos sold, 12% chance of selling.
September, 2008 1414 condos for sale, 173 condos sold, 12% chance of selling.
October, 2007 1121 condos for sale, 202 condos sold, 18 % chance of selling.
The number of condos/ town homes for sale on the Eastside is dropping from its summer high. The chance of selling a condo, however, has remained pretty constant throughout the year with 12-13% of the available condos selling each month.
Median pricing was down this month by about 13%, dropping from $345,416 to $300,215. Inventory is up by 18% from last October and sales have dropped by 24%.
I’ve seen some great condos sell and all of the ones that have sold were well priced and showed well, the key to success in this market. Sellers must be ahead of the curve in pricing or they stay among the pack of available condos.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 20, 2008 at 4:46 pm
The chances of selling a home on the Eastside in October 2008 ranged from a low of 6% to a high of 11%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
October 2008 3975 homes available, 320 sold, 8% chance of selling.
September 2008 4117 homes available, 513 sold, 12% chance of selling.
October 2007 3398 homes available, 461 sold, 14% chance of selling.
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(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 9 % chance of getting a home sold, DOWN from 14% last month and DOWN from 17% last year. Median home prices were essentially the same, from $559,000 to $559,194. Inventory was up by 13% and sales were down by 40% from last year.
West Redmond/East Bellevue
Sellers had a 11% chance of getting a home sold, the SAME as last month, and DOWN from 14 % last year. Median sales price decreased from $609,950 to $484,725, a decrease of 20.5%. Inventory was up 13% and sales were down 10%.
South Bellevue
Sellers had an 8% chance of getting a home sold, the same as last month, and DOWN from 12% last year. Median price decreased by 14% to $569,900 from $664,950. Inventory was up 5% and sales were down 32%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 9% chance of selling a home, DOWN from 12% last month and DOWN from 13% last year. Median price was down to $533,925 from $549,250, a 3% decrease. Inventory was up by 17.5% from last year and sales were down by 17%.
Kirkland
Sellers had a 6% chance of selling a home, DOWN from 9% last month and DOWN from 11% last year. Median price increased by 8%, to $709,475 from $657,475. Inventory was up by 17% and sales were up down by 41%.
West Bellevue
Sellers had a 6% chance of selling a home, DOWN from 8% last month, and DOWN from 10% last year. Median pricing decreased by 6% to $1,399,000 from $1,492,000. Inventory increased by 45.5% and sales decreased by 9%.
Redmond/Education Hill/ Carnation
Sellers had a 7% chance of selling a home, DOWN from 17% from last month, and DOWN from 16% last year. Median pricing decreased by 21% (oops, typo of 421% before!) from $599,475 to $472,425. Inventory increased by 24% and sales decreased by 44%.
October has been the toughest month to get a home sold on the eastside so far this year. This is not a big surprise, given the volatility of the economy, the bailout, and the pre-election jitters. Most neighborhoods saw the chances of selling drop to the single digits, with the exception being the East Bellevue and Redmond area around Microsoft. Eleven percent of the homes for sale in that area received offers last month, while it was toughest to get a home sold in Kirkland as only 6% of the homes sold.
Every area on the eastside experienced a decline in the number of sales when compared to October of last year. Ironically, most of this September’s sales were higher than September of last year. The number of homes for sale on the Eastside has dropped back below 4000 homes for the first time this year.
Median prices have dropped back, in many cases, to 2006 levels. In some areas, such as East Bellevue and Redmond around Microsoft, the median price has dropped below $500,000 for the first time since the beginning of 2006. Even though the number of sales are down, the median price continues to jump up or down. In Kirkland, the toughest area for a sale last month, prices went up almost 8%, while in Sammamish, sales were down, but prices remained stable. As I’ve mentioned in the past, it’s important to look at trends in each area over a few months. Prices and sales go up and down in each area and there isn’t always a correlation between the two.
Will things continue to drop or will they stabilize? Having the election behind us and giving the country a more optimistic focus than we have seen in a long time, it will be interesting to follow. It take a few months after the election before we see any changes.
But if you follow Forbes magazine, Seattle is looked at as the number one city to bounce back.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate, real estate opinion on October 15, 2008 at 10:05 pm
The chances of selling a home on the Eastside in September 2008 ranged from a low of 8% to a high of 17.5%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers. (Revised numbers)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
September 2008 4117 homes available, 513 sold, 12% chance of selling.
August 2008 4240 homes available, 503 sold, 12% chance of selling.
July 2008 4332 homes available, 543 sold, 12.5% chance of selling.
September 2007 3529 homes available, 443 sold, 12% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 14% chance of getting a home sold, UP from 13% last month and DOWN from 15% last year. Median home prices were down by 14%, from $602,500 to $519,000. Inventory was up by 10% and sales up by 1.5% from last year.
West Redmond/East Bellevue
Sellers had a 17.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 19 % last year. Median sales price decreased from $575,000 to $550,000, a decrease of 5%. Inventory was up 24% and sales were up 16%.
South Bellevue
Sellers had a 11% chance of selling a home, THE SAME as last month and UP from 10% last year. Median price decreased by 5% to $594,500 from $627,250. Inventory was up 7% and sales were up 19%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 12% chance of selling a home, UP from 11% last month and DOWN from 13% last year. Median price was down to $459,950 from $495,000, a 7% decrease. Inventory was up by 19% from last year and sales were up by 15%.
Kirkland
Sellers had a 9% chance of selling a home, THE SAME as last month and DOWN from 12.5% last year. Median price increased by 2%, to $695,000 from $679,975. Inventory was up by 20% and sales were up by 17%.
West Bellevue
Sellers had a 8% chance of selling a home, UP from 6% last month, and THE SAME as last year. Median pricing decreased by 15% to $1,314,000 from $1,550,000. Inventory increased by 49.5% and sales increased by 53%.
Redmond/Education Hill/ Carnation
Sellers had a 17% chance of selling a home, UP from 14% from last month, and UP from 11% last year. Median pricing decreased by 4.5% from $549,950 to $525,000. Inventory increased by 11% and sales increased by 58.5%!
Most eastside neighborhoods showed similar real estate activity in September as in August. The chances of selling a home hardly varied with the exception of the Redmond’s Education and Novelty Hill areas and Carnation. The area experienced a 3% increase over August activity. This area also saw the largest increase in sales from last September, 58% more homes sold.
Homes in West Bellevue had only an 8% chance of selling. However, West Bellevue had a huge increase in inventory, almost 50%, resulting in 53% more sales this year than last year at this time.
All the eastside areas dropped in median pricing, with the exception of Kirkland, which was up 2% this month.
The chances of selling a home on the eastside have not varied much in most neighborhoods over the past few months. However, in almost all neighborhoods, prices are down and inventory and sales are up.
Bellevue, Bellevue Washington, John Hill Auctions, Microsoft, Overlake, real estate auctions, real estate near Microsoft, Redmond, Redmond real estate, Redmond Washington
In For Buyers, For Homeowners, For Sellers, Real Estate News, Redmond, financing, real estate on October 10, 2008 at 5:45 am
Homes for auction in Bellevue and Redmond, Washington? I noticed the first signs I’d ever seen for the auction of residential real estate in the Overlake area of Redmond/Bellevue, just a hop, skip, and a jump from Microsoft.
I’d just left a meeting with a client in a nearby neighborhood and was surprised to stumble upon a sign posted advertising an upcoming real estate auction. I drove by the home and it had fabulous street appeal. Sited on a cul-de-sac, it looked to be nicely updated.
I know homes have gone into foreclosure and to auction, but it’s still a surprise to see a sign posted advertising a real estate auction in the area. The Redmond/Bellevue/Microsoft area has been the strongest performing real estate area on the eastside. That being said, there are people in all demographics and neighborhoods who are struggling and losing their homes. No area is exempt.
The auction company, John Hill, has a website and people are able to bid online, for this home. The auction is on October 13th at 7 PM. You can attend the auction in person at the neighborhood clubhouse or bid online.
home inspections, Jay Thompson, Kris Berg, Larry Cragun, Luxury Home Digest, mortgage fraud, Mortgages, Real Estate Undressed, Rhonda Porter, Sacramento Real Estate Voice, San Diego Home Blog, The FHA Mortgage Center, The Mortgage Porter, The Phoenix Real Estate Guy, Tucson Real Estate Blog
In For Buyers, For Sellers, Real Estate News, real estate on October 8, 2008 at 10:43 pm
Larry Cragun’s blog, Real Estate Undressed has nominated a recent Eastside Real Estate buzz blog post for his Magnificent 7 consumer information post contest. Larry selects 7 blog posts recognized for the post’s consumer related content. My post, The Top Ten Things Not to Do During a Home Inspection, was nominated. The other articles are great and I feel honored to be in such well-respected company.
Here are the other nominated posts:
The Tucson Real Estate Blog: loan fraud is accelerating.
The FHA Mortgage Center: Don’t allow your home to go to foreclosure or a short sale without contacting an FHA loan rep.
Sacramento Real Estate Voice: Tips for Buying a New Home. As a fellow Realtor, I could relate to this article. Buying a new home in today’s market requires navigating more difficult waters.
Luxury Home Digest: There are buyers out there, but the liquidity in the market has dried up.
The Mortgage Porter: an advisory post about predatory lending practices still going on in today’s market. I had the pleasure of meeting Rhonda Porter, who writes the Mortgage Porter, at this past summer’s Inman News Real Estate Connect Conference in San Francisco.
The Phoenix Real Estate Guy: Inspections can be stressful to both buyer and seller. I also briefly met Jay Thompson, the Phoenix Real Estate Guy, at the NYC Inman Connect this past January, although it was late in the evening. He was at the bar in the Marriott Marquis with Kris Berg of The San Diego Home Blog and a few other bloggers, so I doubt he remembers meeting me!
I met Larry Cragun at Inman Connect in NYC, too!
Four of the posts have to do with financing, fraud, and consumer awareness. Two have to do with building inspections, and one with the purchase of new construction. The emphasis on mortgage fraud is clearly a sign of the times. Each article has some solid advice for consumers and are worth a read.
ASF, green building, Joseph Vance Building, redcuing carbon footprint, SAF tours, Seattle Architecture Foundation, Seattle Architecture Foundation Tours, South Lake Union, sustainable design, sustainable living, sustainable materials, The Terry Thomas, Weber Thompson
In Built Green and Sustainable Living, Energy conservation, Real Estate News, Remodeling and style trends, architecture, real estate, sustainable living on October 6, 2008 at 4:31 pm
From the Seattle Architecture Foundation Newsletter:
The Terry Thomas: An Elegant, Environmentally-Correct Approach to Design
When: Friday, October 17
Group 1: 10:00am
Group 2: 11:30am
Cost: $15 advance registration required. No walk-ups accepted. Register online or call the SAF office at
206.667.9184.
Where: Weber Thompson offices in The Terry Thomas. 225 Terry Ave., N., second floor Joseph Vance Building: Historic Building, Modern Green Design
“Seattle Architecture Foundation is partnering with Weber Thompson to present The Terry Thomas: An Elegant, Environmentally-Correct Approach to Design, a one-hour guided tour. The Terry Thomas is a highly sustainable, commercial building located in the South Lake Union neighborhood. Wrapped in windows, it is a building designed along a modern aesthetic with a combination of time-tested strategies from the pre-HVAC era and complimentary new technologies.
…this tour explains how the project reduces its carbon footprint, the workings of the passive cooling system, strategies employed to reduce water usage by 50% and energy usage by 30% and how the building has met its original vision of thoughtful sustainable design and a workplace that contributes to the occupant’s well-being, satisfaction and productivity. “
_____________________________________________________________________________________
When: Tuesday, November 11
Group 10:00am
Group 11:30am
Cost: $15 advance registration required. No walk-ups accepted. Register online or call the SAF office at206.667.9184.
Where: Joseph Vance Building lobby, 1402 Third Avenue
“Elements of the project include restoring the building’s terra cotta façade, original ceilings, terrazzo floors, and operable windows, and updating the facility using sustainable materials, systems, and fixtures. Custom window shades and light shelves help preserve energy and maximize natural light while controlling heat gain and glare.”
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I’m really excited to see The Terry Thomas. This is one of the first buildings to be built in years with no air conditioning! The building is designed to maximize air flow/cooling through the use of sun shades, louvers, light colored roofing, and an interior courtyard. This tour ought to be interesting and filled with valuable information regarding “green building.”
Bellevue Towers, condominiums, high end condos, High End Eastside condos, KPLU, MLS, real estate, Seattle, Seattle/Eastside, Seattle/Eastside condominiums, Seattle/Eastside real estate, The Bravern
In Bellevue Real Estate, Bellevue, WA, Debra Sinick, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Real Estate News, Seattle real estate, market statistics, real estate, real estate opinion on October 2, 2008 at 3:56 pm
This morning KPLU had a story about high end condo real estate in Seattle and on the Eastside. Richard Hagar, the appraiser interviewed for the story, called condos priced above $5 million dollars as the high end, and, he says, these condos are in demand.
I was curious to know how may condos were for sale on Seattle’s Eastside in this price range and if any had sold. I checked the MLS and right now there are two condos priced above $5 million, both new construction in downtown Bellevue.
The most expensive condominium home is the penthouse at Bellevue Towers. It’s priced at $9.2 million with 6397 square feet, 4 bedrooms, and 4.5 baths.
The runner-up is priced at $5.2 million and is located in The Bravern, just a few blocks away. This condominium home is 3923 square feet and has 3 bedrooms and 3. 5 baths.
How many condominiums on the Eastside are priced between $4-5 million? 2
between $3-4 million? 4
between $2-3 million? 11
between $1-2 million? 75
How many condominiums have sold in the last 6 months for more than $5 million? none
between $4-5 million? none
between $3-4 million? 3 pending
between $2-3 million? none
between $1-2 million? 29
Is the high end really above $2 million on the Eastside, not $5 million? The number of condominiums available above $2 million drops dramatically from the condos available between $1-2 million. Seventeen condos are priced above $2 million. There are 75 condos between $1-2 million and 29 are pending or closed sales. Above the $5 million range, there haven’t been any sales and only 3 condos have sold between $2-5 million in the last six months.
We all know most people cannot afford the million dollar range of homes or condos, but it looks as if there is a high end real estate market between $1-2 million and an “ultra high end” when we talk about the Seattle/Eastside condo market.
condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, market statistics, real estate on September 18, 2008 at 3:25 pm
Sellers had a 13% chance of selling a condo on Seattle’s Eastside in July of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
August, 2008 1456 condos for sale, 195 condos sold, 13% chance of selling.
July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.
August, 2007 1002 condos for sale, 309 condos sold, 37% chance of selling.
Throughout the summer months, the chances of selling a condo have been pretty similar with about 12-13% of the condos receiving offers and selling each month. The number of available condos is only slightly less than last month. Still, the condo prices have gone up a bit, with a 2% increase this month. Each area on the Eastside of Seattle varies, however, and in some areas the competition is very stiff and values are lower. The best of the best are selling. Those condos that are overpriced are sitting on the market and helping the other condos to sell first.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on September 18, 2008 at 2:49 pm
The chances
of selling a home on the Eastside in August 2008 ranged from a low of 6% to a high of 19%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
August 2008 4240 homes available, 503 sold, 12% chance of selling.
July 2008 4332 homes available, 543 sold, 12.5% chance of selling.
August 2007 3336 homes available, 643 sold, 19% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 13% chance of getting a home sold, UP from 12% last month and DOWN from 21% last year. Median home prices were up by 4%, from $549,250 to $572,000. Inventory was up by 19% and sales declined by 22% from last year.
West Redmond/East Bellevue
Sellers had a 19% chance of getting a home sold, UP from 16% last month, and DOWN from 25 % last year. Median sales price decreased from $582,475 to $549,000, a decrease of 6%. Inventory was up 43% and sales were down 12%.
South Bellevue
Sellers had a 11% chance of selling a home, DOWN from 14% last month and DOWN from 20% last year. Median price decreased by 8.5% to $592,475 from $647,800. Inventory was up 14% and sales were down 38%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 11% chance of selling a home, DOWN from 15% last month and DOWN from 16% last year. Median price was down to $478,062 from $502,500, a 5% decrease. Inventory was up by 30% from last year and sales declined by 14%.
Kirkland
Sellers had a 9% chance of selling a home, DOWN from 10% last month and DOWN from 14% last year. Median price declined by 11%, from $649,950 to $585,000. Inventory was up by 29% and sales were down by 14.5%.
West Bellevue
Sellers had a 6% chance of selling a home, UP from 5%, and DOWN from 19% last year. Median pricing decreased by 37% to $999,950 from $1,582,500. Inventory increased by 73% and sales declined by 42%.
Redmond/Education Hill/ Carnation
Sellers had a 14% chance of selling a home, the same as last month, and DOWN from 26% last year. Median pricing decreased by 8% from $650,000 to $599,950. Inventory increased by 19% and sales dropped by 34.5%.
July and August’s market activity was very similar, with most neighborhoods seeing the same chances for selling in both months. However, the top area for sales on the Eastside, with the largest increase in chances from last month, was the East Bellevue/West Redmond/Microsoft area. The chances of selling your home in South Bellevue, North Kirkland, Woodinville, Kenmore, Bothell, and Duvall dropped by few percentage points. For the first time this year, West Bellevue’s median price dipped below $1,000,000. We’ve not seen median pricing in West Bellevue below $1,000,000 since 2006.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Be the best home out there and your home will sell. People are still relocating, changing jobs, needing more space, reasons that still exist for making a move.
The Seattle/Eastside area is still far more fortunate than many other areas of the country. For example, Southern California is looking at a 34% price drop from last year.
home buyers, home sellers, home selling, King County, King County Real Estate, real estate
In For Buyers, For Sellers, King County Real Estate, King County, WA, Real Estate News, market statistics, real estate, real world real estate on September 9, 2008 at 12:59 pm
Now that summer is winding down, whatever summer we’ve had that is, people’s fancy turns back to the business of selling their home. Today I received the traditional late summer/early autumn phone call from a client asking when would be the best to sell. Should they start later this fall or should they wait until next year, and if they wait until next year, when’s the best time? Bottom line, if you are thinking of making a move in 2009, it’s time to start thinking about it and getting ready to sell.
Seems too early to you to switch gears from thoughts of sun and fun to moving? Think about this: 2008 started with roughly 10,000 listings in King County. It’s now September and there are over 16,000 homes and condos for sale countywide… a 62% increase in inventory as the year has progressed. This year is showing the same trends we see every year, although, obviously, with larger numbers.
Here are some statistics from this year’s inventory of homes for sale in King County:
- January 2, 2008-10,322 the least amount of inventory for the year thus far.
- June 23, 2008- 16,030 homes for sale, the first time the market crossed 16,000 homes.
- July 28, 2008-16,618 the most number of homes on the market.
Two drops below 16,000 since June 23rd:
- July 7, 2008- 15,867.
- September 2, 2008 - 15,742
This chart has the totals for the year thus far, weekly-county-listing-count-9-8-08. The first chart shows the actual numbers for each week in the tri-county area. The second chart shows the trendline of the inventory.
Will the same thing happen next year? Will we see the same increase in inventory? There’s a good chance. Regardless of whether it is a seller’s or a buyer’s market, more homes and condos come on the market as the each year progresses. In my 22 years in the business of selling homes, the overall trend is to see the most number of sales happen in the spring of each year, usually in March.
Many people still think summer is the best time to sell, but it’s not. There’s far more competition and the amount of sales often decrease. Seattle is a gorgeous wonderful place in the summer and people take advantage of the sun and fun and postpone house hunting and buying.
But don’t many people want to move in the summer, between school terms? Yes, people often want to move during the summer to be ready for school, but those people should put their homes on the market no later than April, so their home can sell and close by the summer. If a home comes on the market in June, it needs to sell in 30 days or less to close before the start of the school year. In other years, it was easier to do, but still a challenge to sell a home this quickly. Market times are often several months, which could mean a closing date of 90-120 days or more from when the home first is listed.. If you wait to put your home on the market in June, you may not be able to make your move until the fall.
Is it worth trying to sell before year’s end? As the fall progresses homes usually start to come off the market. By holiday time, inventory is usually at one of the low points for the year. It’s can be counter-intuitive, but selling your home when everyone else is taking theirs off for the holidays puts your home up against less competition.
If the end of the year and holiday time does not work for you, then shoot for the first part of the year, before inventory begins creeping up. Spend the next few months laying your plans for the move. Talk to a Realtor who can give you the advice to put your home in top-notch condition and start packing. Clean out excess clutter and make the necessary cosmetic and structural repairs so your home is “dressed and ready to go.”
If you check this site, each month I will post statistics for each of the eastside MLS areas. It’s a good way to check market activity in your area. Statistics will vary from area to area. Feel free to contact me if you have further questions about your home or neighborhood.
First Time Home Buyer Tax Credit, first time home buyers, first time home buying, home financing, home mortgages, mortgage tax credits, Steve Tedrow, Windermere Mortgage Services, Windermere Real Estate
In For Buyers, Mortgages, Real Estate News, Real Estate Tips, financing, real estate on August 25, 2008 at 9:08 am
I asked Steve Tedrow of Windermere Mortgage Services to give his opinion, along with some of the facts, about the new tax credits available to first time home buyers. The program is part of The Federal Housing and Economic Recovery Act of 2008. Here’s what Steve said:
“I think first time homebuyers need to take a serious look at the new tax credit available to them. This could be very beneficial to many people. Any individual earning less than $75,000 per year or couple earning less than $150,000 per year can take advantage of the $7,500 credit. A tax credit means that once you calculate your final tax liability, you reduce that amount by $7,500. So, if you would have owed $1,500, then you deduct the $7,500 and would receive a tax refund of $6,000.
Some people complain that this is actually a tax free loan since the credit needs to be paid back over 15 years (or when the house sells). But their analysis would be short-sighted unless they realize that the tax benefits of home ownership are normally much greater than the $500 per year which would get repaid.
For many people, it is difficult to come up with a down payment. Consider this….a 3% down payment on a $250,000 condo is $7,500. People should consider borrowing from their 401k or against another asset in the short term, knowing that the loan could be repaid at tax time.
If you are a first time homebuyer, I recommend you take a serious look at the tax credit. It could be the key to many for getting into their first home. There are many extraordinary housing deals in the marketplace right now. Take advantage of those deals before interest rates go up and erode your buying power.”
Steve Tedrow
Windermere Mortgage Services
(425) 576-5461
buying, home, home sellers, home selling, Home stagers, home staging, landlord-tenant law, real estate, real estate agents, Sellsius real estate blog, Washington State
In For Buyers, For Sellers, Real Estate News, Real Estate Tips, real estate, real estate marketing on August 21, 2008 at 2:14 pm
This is really bad staging, but it’s nothing compared to the staging problems in this video on the Sellsius real estate blog . Here’s an example of bad decision-making and really bad home staging combining to create a terrible home selling situation. Something like what’s portrayed in the video rarely ever happens, but home sellers should take the right steps to minimize any problems.
The video proves the point that in real estate, as in life, many things can happen and many things can go awry. However, you can limit your risk by making sure you pick the right staging company to stage your home. In 99% of the cases, staging is a huge benefit to getting a home sold at the best price the market will bear. I always recommend staging a vacant home. I’ve got a list of great staging companies I know I can count on to bring quality furniture and design into an empty home, bringing more $$ to the closing table for a seller.
To help minimize problems and get the best service, seek the advice of a real estate agent who can recommend good staging companies or get references and photos of staged homes from other sellers. If possible, see homes staged by the staging company. Check the staging company out with the Better Business Bureau. Review the staging contract and contact an attorney if needed. Most staging companies do a stellar job, but be careful out there!
And, in case you haven’t figured it out, don’t let someone move into your home while your home is for sale! In the State of Washington, there could be a whole host of issues with landlord-tenant law. Certainly no way to have fun or get your home sold!
condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absdorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 2:26 pm
Sellers had a 12.7% chance of selling a condo on Seattle’s Eastside in July of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.
June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
July, 2007 918 condos for sale, 332 condos sold, 37% chance of selling.
The chances of selling a condo have been pretty consistent for the last three months, varying only by a percent. The number of available condos shrunk a little in June, but is now slightly over the number of condos available to buy in May.
Are condo prices still going up? Yes. However, this past month and in May, the increase in value was less than one percent. Increases in value have slowed down considerably, while the inventory and the chance of selling has stayed fairly constant. Cream puffs are selling, other condos are taking a very long time to sell. If you are buying, consider the best condo with the least amount of issues.
Is the condo located near employment, transportation, schools, shopping?
Is the condo in good condition?
Is the condo in a quiet location?
Does the condo have a strong amount in reserves?
Are the condo dues low?
Do the dues cover exterior maintanence, water, sewer, and garbage?
Anything else you should look for? Do let me know.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 1:58 pm
The chances
of selling a home on the Eastside in July 2008 ranged from a low of 5% to a high of 16%, with an average 12.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
July 2008 4332 homes available, 543 sold, 12.5% chance of selling
June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.
May 2008 4349 homes available, 522 sold, 12% chance of selling.
July 2007 3253 homes available, 773 sold, 23.8% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 12% chance of getting a home sold, DOWN from 17% last month and DOWN from 22% last year. Median home prices were up by 1%, from $569,800 to $575,000. Inventory was up by 18% and sales declined by 33.5% from last year.
West Redmond/East Bellevue
Sellers had a 16% chance of getting a home sold, DOWN from 23% last month, and DOWN from 34% last year. Median sales price decreased from $599,000 to $574,990, a decrease of 4%. Inventory was up 70% and sales were down 20%.
South Bellevue
Sellers had a 14% chance of selling a home, UP from 12.5% last month and DOWN from 23% last year. Median price decreased by 19% to $604,950 from $749,975. Inventory was up 24% and sales were down 24.5%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 15% chance of selling a home, DOWN from 15.5% last month and DOWN from 26% last year. Median price was down to $475,000 from $550,000, a 14% decrease. Inventory was up by 35% from last year and sales declined by 23%.
Kirkland
Sellers had a 10% chance of selling a home, DOWN from 16.5% last month and DOWN from 22% last year. Median price declined by 25%, from $757,475 to $569,000. Inventory was up by 25% and sales were down by 38%.
West Bellevue
Sellers had a 5% chance of selling a home, DOWN from 9.5%, and DOWN from 19% last year. Median pricing decreased by 29% to $1,354,975 from $1,748,000. Inventory increased by 85% and sales declined by 50%.
Redmond/Education Hill/ Carnation
Sellers had a 14% chance of selling a home, UP (barely) from 13% last month, and DOWN from 22% last year. Median pricing decreased by 15% from $644,435 to $549,375. Inventory increased by 18% and sales dropped by 25%.
The activity for May is included at the top of this article because July’s market performance is very similar to the market performance in May. June was a stronger month for sales for most of the Eastside neighborhoods than July has been. South Bellevue, and Education Hill, Carnation, and Union Hill areas were all stronger performing areas, but only by a fraction. Every other area of the Eastside showed less of an absorption rate than in June. West Bellevue, Medina and Clyde Hill, our most expensive areas, were hit the hardest with the biggest decline in activity and pricing.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition. Be the best home out there and your home will sell.
Bellevue, Bellevue Washington, Bottega Veneta, downtown Bellevue, downtown Bellevue living, Jimmy Choo, King County, Neiman Marcus, Red Door Spa, Schnitzer West, Seattle, Seattle/Eastside real estate, The Bravern
In Bellevue Real Estate, Bellevue, WA, Local news and information, Real Estate News, real estate on August 6, 2008 at 2:09 pm
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The following is excerpted from a press release from Margaret Nicoll at Gruman-Nicoll and Tami Elwin at Schnitzer West:
Top-Rated Luxury Brand To Open
First Northwest Boutique at The Bravern
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BELLEVUE, WA August 5, 2008 – When Schnitzer West opensThe Shops at The Bravern in September 2009, it will be home toBottega Veneta, rated the number one luxury brand in a recent survey conducted by the Luxury Institute. The Bravern will be Bottega Veneta’s first location in the Pacific Northwest where the leather goods purveyor joins a star-studded line-up of firsts for the region, including Neiman Marcus, Jimmy Choo and Red Door Spa.
“Bottega Veneta epitomizes the character of The Bravern in its commitment to fashion design, extraordinary craftsmanship and personal service,” says Tom Woodworth, senior investment director with Schnitzer West, developer of Bellevue’s only outdoor, upscale lifestyle shopping village.
“With the addition of retailers such as Neiman Marcus, Bottega Veneta, Louis Vuitton, Jimmy Choo and Red Door Spa, Schnitzer West has assembled a line-up that both validates the strength of the Pacific Northwest economy and will position The Shops at The Bravern and Bellevue among the top shopping destinations in the country,” says Maria Royer, principal with commercial brokers Real Retail in Seattle.
Currently under construction and scheduled for completion in 2009, The Bravern’s vibrant outdoor village will feature gracious arrival courts and European-style piazzas. The 1.6 million square foot development in downtown Bellevue, WAwill include approximately 305,000 square feet of fashion-leading retail and restaurants anchored by a 125,000-square-foot Neiman Marcus, 455 Signature Residences in two elegant condominium towers and two office buildings, which have been fully leased to Microsoft. When finished, the five-acre site will accommodate 2,300 Microsoft employees, approximately 1,000 homeowners and employ between 300 and 500 staff among the retail shops and services. The project also will include a 35-acre subterranean parking garage with 3,100 stalls.
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When I read the above press release, it is clear that even during this economic slowdown, Bellevue continues to be the stronger economic region of the Seattle/King County area. Luxury brands new to the area are choosing to move to the eastside, rather than to Seattle, because of this point.
discrimination, Google, home buyers, home sellers, Inman News, Kris Berg, listing agents, Microsoft, online marketing, real estate
In For Buyers, For Sellers, Real Estate News, real estate, real estate marketing on August 6, 2008 at 10:30 am
Look for information on Google? Duh! It’s second nature to all of us these days, but here are some other ideas about how you can you use Google in real estate. Kris Berg’s piece on Inman News blog talked about a multiple offer situation in which the agents bringing the offers were googled. The agent who didn’t appear professional online to the seller did not get their offer accepted. Hmm.. never thought of checking agents out online before accepting offers, but this is a great idea.
Want to know more about a potential listing agent? Google the agent to find out more about the agent’s online presence.
- Does the agent have a personal website (in this day and age, one would hope)?
- Does the agent blog about real estate?
- Does the agent appear knowledgeable about real estate from what’s written on the blog posts?
- Does the agent appear to be trustworthy and competent?
- Is the agent doing any business?
- Is the agent’s online marketing strategy evident?
- Does the online marketing look fresh, interesting, and relevant?
When you get an offer for your home do you want to know more about your buyer?
Past sellers have googled the buyer on a number of occasions to learn more about the buyer. As agents, our job is to ask questions about the buyer’s financial qualifications, but not about the buyer’s personal information. In fact, we agents have to be very careful to not violate fair housing laws and ask any questions which could be discriminatory. Since I work in Microsoft country, we can ask if the buyer works at Microsoft, since Microsoft is not a protected class! If you, as a seller, have your own questions about the buyer, google him/her/them.
The internet can tell you as a potential buyer or seller a lot of things about the people involved in the process. Google them!
Any other ideas about what you can Google to help with real estate listings, buyers, sellers, and agents?
Craig Newmark, Craigs List, Inman SF '08, Inman SF Connect '08, internet, internet sites, investigative journalism, Obama, politics, real estate, spam detection, U.S. Constitution
In For Buyers, For Sellers, Real Estate News, real estate on August 5, 2008 at 10:54 am
Craig Newmark, the founder of Craig’s List, a frequent guest at Inman Real Estate Connect, stole the show once again on the opening day of SF Connect. Craig is witty, self-deprecating, honest, interesting, and involved politically. Last Inman Connect, Craig described himself as “The George Costanza of the internet.”
At the recent Inman Connect, politics and political involvement were more the discussion between Brad Inman and Craig Newmark. Craig Newmark believes the US Constitution is the key to who we are as a country as it’s the perfect example of our representative democracy and describes the ability to “play fair.” He advocates extensively for investigative journalism because he believes journalism, with a critical eye, is vital to the survival of our republic. A liberal thinker and an Obama fan, he looks towards the reinstatement of the Constitution on January 20th!
A bit about Craig’s List: The “list” started modestly 13 years ago by matching friends up with information and things. 
Some facts about Craig’s List:
12 million (or was it billion?) hits per month
26 employees, 16 engineers
Company valued at $5 billion by either Forbes or Fortune magazine
96% of the traffic on Craig’s List is from the U.S.
Goals for the future of Craig’s List:
Site to be in more languages
Greater role for mobile devices.
Spam detection improvement
Disclosure Forms, distressed sale forms, Form 17, home buyers, home sellers, home selling, King County, Lead Paint forms, listing a home, real estate, septic systems, utility forms
In For Buyers, For Sellers, King County Real Estate, Real Estate News, real estate on July 31, 2008 at 11:18 pm
I wrote a piece on the Seattle Real Estate Professionals blog about the death of newsprint advertising for real estate and as things usually go in the blogging world the conversation in the comments drifted to the number of forms now used to list a home in Washington State. The list of forms has grown exponentially just recently because of the new distressed sale law and further clarifications about the disclosure form. So here’s the list of the forms and information pamphlets that I now use when listing a home:
- Agency pamphlet: Explains The Law of Agency and agency representation.
- Listing agreement: 5 pages includes 2 pages are the actual contract and 3 pages are the information forms to input the data.
- Disclosure form, Form 17: 5 pages in which sellers are to disclose anything and everything they know about their home. Additional pages can be added if further explanations are needed. Accompanied with a form letter explaining the disclosure form.
- Explanation form regarding seller’s disclosure rights: 2 pages
- Lead paint disclosure for all homes built before 1978: 2 pages
- Lead paint booklet from the Federal Government explaining the form.
- Utility addendum: 1 page listing all the utility companies and their addresses.
- Distressed sale form: 1 page ( Windermere company form)
- Distressed sale pamphlet explaining the Washington distressed sale law.
- Legal description: 1 page to be initialed by the seller.
- Business affiliation disclosure form: 1 page
- Have a septic system? In King County there are forms that must be completed and recorded regarding the care and “feeding” of the system.
- Facts about your home: 4 pages (my own form I use to get all the facts about a home)
There’s a lot to review and a lot to absorb. If you plan to sell your home, allow time to review and complete all these forms.
What other forms have you seen for listing a home in a county other than King County?
(*There are some forms that may vary from county to county.)
Gas prices, home buyers, Local building market intelligence, real estate, urban centers. John Burns market intelligence
In For Buyers, For Sellers, Real Estate News, real estate on July 24, 2008 at 7:26 pm
From my inbox the John Burns Real Estate Consulting Local Building Market Intelligence(TM) Report. John Burns Consulting reports monthly on housing starts and new construction. The following is from their latest report.
Gas Prices Shift Demand Back to the Urban Core
We believe that there is going to be a tremendous shift back to urban areas, led by those who bought homes in the outlying areas who lose their home to foreclosure. They will choose to rent near work to save money.
The high price of gas is playing a very important part in home buyer decisions. The phrase “drive until you qualify” has less meaning these days as each mile becomes more expensive. Our clients’ favorite question has shifted from “What markets will recover first?” to “What submarkets will recover first?” Our advice: put your money near the job centers.
bloggers Connect, Coldwell Banker, Connect SF "08, Inman News, Miller Samuel, real estate, Real Estate Connect SF, Real Estate News, realogy, Sellsius real estate blog, Stone Group, Windermere
In Real Estate News, real estate, real estate marketing on July 23, 2008 at 10:19 am
I’m at my third Inman News Real Estate Connect Conference. I’ve traveled coast to coast in the last year and a half to follow this Real Estate Connect. Why have I become a Real Estate Connect groupie? Because it’s one of the best, if not the best, real estate conferences out there today. It’s a chance for me to learn about the latest in the real estate industry from some of the top technology gurus in the country. 1000 Watt Consulting is here, as they will be at the Windermere Symposium this fall in the California desert.
It’s also a chance to hear from the industry leaders. Is the real estate market at the bottom or is there more to come? On Friday Alex Perriello CEO of Realogy, the parent corporation of Coldwell Banker and others, Joel Singer from The California Association of Realtors, Jonathan Miller from Miller Samuel, Inc. and Patrick Stone, Chairman of The Stone Group, will all give their opinions.
Today’s Blogger Connect, a day in which we bloggers get to hear about some of the crucial issues that affect the blogging world. Kris Berg of The San Diego Home blog, Joseph Ferrara of Sellsius Real Estate Blog, Seattle’s own Ardell of many blogs, including Rain City Guide, will speak. Jillayne Schlicke has already written about SF Connect. Of course, the conference started out last night with the all important Beer with Bloggers event.
condo buyers, condo buying, condo seller, condo selling, condominium sales, condominiums, monthly real estate statistics, real estate, Seattle real estate, Seattle/Eastside real estate, town home sales, town homes
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on July 17, 2008 at 8:58 pm
Sellers had a 13.6% chance of selling a condo on Seattle’s Eastside in June of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
June, 2007 840 condos for sale, 382 condos sold, 45.5% chance of selling.
The absorption rate, the chance of getting your home sold, did not vary much from May to June of this year. Inventory is actually down slightly, but the chances of selling were almost the same during the past two months.
Condo values on the Eastside continue to go up, but last month the increase was negligible at only .5% from June of last year. The actual number of sales is down considerably, by almost 50%. This means the cream of the crop of condos are getting the offers and other condos are just sitting on the market. Pick your condo/town home purchase wisely.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Kirkland, Kirkland real estate, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on July 17, 2008 at 10:23 am
The chances
of selling a home on the Eastside in June 2008 ranged from a low of 9.5% to a high of 23.2%, with an average 15.2% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.
May, 2008 4349 homes available, 522 sold, 12% chance of selling.
June 2007 3107 homes available, 841 sold, 27% chance of selling.
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(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 16.7% chance of getting a home sold, UP from 12.7% last month and DOWN from 25.3% last year. Median home prices were down by 2.6%, from $604,475 to $589,000. Inventory was up by 17.5% and sales declined by 22.6% from last year.
West Redmond/East Bellevue
Sellers had a 23.2% chance of getting a home sold, UP from 13.5% last month, and DOWN from 42.5% last year. Median sales price decreased from $624,500 to $549,500, a decrease of 12%. Inventory was up 80.4% and sales were down 1.3%.
South Bellevue
Sellers had a 12.5% chance of selling a home, UP from 11.5% last month and DOWN from 24.9% last year. Median price decreased by 15.7% to $588,975 from $699,000. Inventory was up 25% and sales were down 37.4%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 15.5% chance of selling a home, UP from 9.6% last month and DOWN from 26.8% last year. Median price was down to $498,875 from $522,475, a 4.5% decrease. Inventory was up by 37% from last year and sales declined by 20.9%.
Kirkland
Sellers had a 16.5% chance of selling a home, UP from 9.6% last month and DOWN from 23.5% last year. Median price declined by 4.5%, from $724,950 to $694,000. Inventory was up by 28% and sales were down by 10%.
West Bellevue
Sellers had a 9.5% chance of selling a home, UP from 7.3%, and DOWN from 34% last year. Median pricing decreased by 13.7% to $1,294,750 from $1,500,000. Inventory climbed by 95.7% and sales declined by 45.5%.
Redmond/Education Hill/ Carnation
Sellers had a 13.2% chance of selling a home, DOWN from 21.2% last month, and DOWN from 25.5% last year. Median pricing increased by 12.2% from $598,000 to $671,035. Inventory increased by 25.5% and sales dropped by 35%.
Inventory on Seattle’s Eastside dropped significantly from last month, by 195 homes, a 5% deline in inventory. All the eastside areas showed an increase in the absorption rate, the number of sales compared to the amount of homes for sale, except in the Education Hill, Union Hill, Carnation area. This area was the highest performing area last month, with the sales activity declining this month. West Redmond/East Bellevue had the best absorption rate of the Eastside once again. May was the only month this year that the area east of 405 and south of highway 908 was not the best performing area on the eastside.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition.
home buyers, home seller, home selling, home values, Jorrit Van Der Meulen, real estate, Sellsius real estate blog, Zestimates, Zillow
In For Buyers, For Sellers, Real Estate News, real estate on June 24, 2008 at 2:47 pm
Interesting and open, this is how I would characterize Jorrit Van Der Meulen, the Vice President of Partner Relations for Zillow. I had the opportunity to hear Mr. Van Der Meulen talk at my monthly Forum XXII networking meeting. He shared some of the history of the Zillow, the missteps, changes in direction, and future goals. For those agents out there, Zillow is NOT our competitor, but is trying to be a partner in our real estate business. This piece is an effort to understand Zillow’s current and future business model.
Initially Zillow hoped to change the way real estate business was conducted. But shortly after forming, the company realized the real estate industry “takeover” was probably not going to happen. The powers that be at Zillow recognized the real estate industry was far too complex to completely revamp.
Zillow has gone through several gyrations over the short history of the company. After many focus groups the company zeroed in on giving consumers information regarding prices, thus the infamous “Zestimate” was born. (*Zestimate is a registered Trademark of Zillow.) Zillow’s goal was to put a price point on every home in the United States. Mr. Van Der Meulen admits there’s a huge disparity between MLS, multiple listing data, and tax records. He stated Zillow is “not trying to give anyone the price for a house.” The “Zestimate” is “the starting point of a conversation”. He followed this with a recommendation for people to talk with real estate professionals, “someone who knows the real values”.
When asked about the 5 year plan for the company, Mr. Van Der Meulen talked about an expanded company offering. The company’s goal is to create an information site that generates revenue through advertising. They’ve launched a free mortgage site that’ll be transformed into a future revenue producer for Zillow and lenders. There’ll be a home improvement services component to the site and, again, the hope is to generate advertising revenue. Zillow’s online discussions are great, giving people the chance to talk about a myriad of real estate issues. There’s a whole host of question and answer pages which also give great information about the home buying and selling process. These pages are a great benefit to the public.
Back to the “Zestimate”, Zillow has always been a big question for me because the information provided is often inaccurate. Yes, they have all kinds of algorithms and tests to increase the accuracy of data and, yes, a home owner can claim a home and update the information. But at the end of the day, most of the pricing data Zillow provides is inaccurate. I rarely ever look at “Zestimates” for that reason.
But what’s the public’s perception of these values? Do most people look at the “Zestimate” as the gospel on pricing or at a “starting point for a conversation”? Is the consumer better served with this inaccurate information or is this information a detriment?
I advertise my listings on Zillow because I believe homes should be marketed wherever buyers are looking online. But I’ve always been concerned about the inaccuracy of Zillow’s data when advertising listings. The inaccurate Zillow data could influence a potential buyer or seller to make a bad real estate decision.
The comparables given for a home are nearby home sales, which may or may not have any correlation to a home’s value. For example, two comparables given for one of my listings, a ranch style home, varied greatly. My listing has new windows, carpets, moldings, doors, drop dead, private, gorgeous backyard and was impeccably maintained by its owners. The first comparable Zillow used was a ranch style home, whereas the second comparable was a duplex style home in a planned neighborhood. Someone looking at the second comparable would have no way of knowing it’s a duplex, because legally it’s considered a “single family residence.” Clearly, the duplex style home is not at all similar, but how would the public know? Ironically, the ranch style home was more comparable to the advertised home, but only on paper. Although similar in square footage, it was a completely different home. It had absolutely no updating and everything was original. It had an eyesore located in front of it and backed to the noise wall barrier of a busy highway. The backyard was small and so noisy as to render it unusable.
Joseph Ferrara’s blog, Sellsius Real Estate, has had interesting discussions about Zestimates and Zillow. Sellsius’ believes home owners should have the ultimate decision as to whether their home’s value goes online. To Sellsius, it’s a matter of choice, whereas, Zillow deems transparency of data is more important than choice, even if the data is inaccurate. When I mentioned this ongoing Sellsius discussion at our meeting, Mr. Van Der Meulen was clear that Zillow’s “transparency” whether accurate or inaccurate trumped choice. (And yes, I do know people can claim their homes and update the data. Another Realtor mentioned some home owners don’t want to publicize, perhaps to the tax assessor, their home is not what Zillow states.)
Zillow is a company still in its infancy that seems to be looking to grow and develop a relevant business model. They’re fortunate as a company to have the luxury to find their way. Here’s hoping they do and are able to provide something truly meaningful and different to the consumer. After all, it seems this was their original premise. For now, as a real estate professional, I’d like to see disclaimers about the values given and recommendations for the public to talk to real estate professionals, since Zillow is the “start to a conversation.”
Bellevue Real Estate, condo buyers, condo buying, condo real estate statistics, condo sellers, condo selling, Eastside real estate, Issaquah Real Estate, Kenmore real estate, Kirkland real estate, monthly condo real estate statistics, Redmond real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 4:13 pm
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in May of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.
May, 2007 761 condos for sale, 376 condos sold, 49% chance of selling.
Condo values on the Eastside continue to go up. Last month prices increased over 5% from May of last year. The actual number of sales is down considerably, which means the cream of the crop is getting the offers and the other condos are just sitting on the market. Pay attention to the competition in the area and price or buy accordingly.
Bellevue Real Estate, Issaquah Real Estate, Kirkland, Kirkland real estate, Medina, Medina real estate, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 8:07 am
The chances
of selling a home on the Eastside in May 2008 ranged from a low of 7.3% to a high of 21%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
May 2008 4349 homes available, 522 sold, 12 % chance of selling.
April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.
May 2007 2823 homes available, 871 sold, 30.9% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 12.7% chance of getting a home sold, DOWN from 15.4% last month and DOWN from 29.8% last year. Median home prices were up by 3.1%, from $596,450 to $614,900. Inventory was up by 36.8% and sales declined by 41.7% from last year.
West Redmond/East Bellevue
Sellers had a 13.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 63.8% last year. Median sales price decreased from $619,000 to $559,950, a decrease of 9.5%. Inventory was up 128% and sales were down 51.5%.
South Bellevue
Sellers had a 11.5% chance of selling a home, Up from 10.6% last month and DOWN from 29.1% last year. Median price increased by 1.5% to $699,475 from $689,075. Inventory was up 48% and sales were down 41.4%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 9.6% chance of selling a home, DOWN from 12.5% last month and DOWN from 24.9% last year. Median price was down to $499,950 from $525,000, a 4.8% decrease. Inventory was up by 47% from last year and sales declined by 43.3%.
Kirkland
Sellers had a 9.6% chance of selling a home, UP from 8.46% last month and DOWN from 31.3% last year. Median price declined by 15.1%, from $799,950 to $679,000. Inventory was up by 55.4% and sales were down by 52.3%.
West Bellevue
Sellers had a 7.3% chance of selling a home, DOWN from 9.03%, and DOWN from 29% last year. Median pricing decreased by 11.4% to $1,325,000 from $1,495,000. Inventory climbed by 103.2% and sales declined by 48.9%.
Redmond/Education Hill/ Carnation
Sellers had a 21,2% chance of selling a home, UP from 14% last month, and DOWN from 33% last year. Median pricing decreased by .08% from $654,950 to $650,000. Inventory increased by 60.9% and sales dropped by 3.2%.
County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 4349 homes for sale, a 32% increase. The median price was up in four areas on the eastside in April, but only in two areas in May.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, there is competition.
Distressed Sales, Distressed Sellers, home sales, home selling, real estate, Washington HB2791, Washington Real Estate, Washington Real Estate law
In For Buyers, For Sellers, King County Real Estate, Local news and information, Real Estate News, WA real estate, real estate on June 11, 2008 at 10:00 am
Many real estate bloggers are writing about the change in the real estate law, HB2791 which covers distressed home sales in the State of Washington. The bill is very complicated and very confusing, setting up some situations which may not be as the law was intended, to help seller’s in distress. The intent of the law is good, however the execution of the law is severely flawed. The legislature hopes to protect home owners going into foreclosure, but who are also 30 days late with a mortgage payment. This law is something we’ll be hearing more and more about in the coming months.
I thought two of the members of The Seattle Post-Intelligencer Real Estate Professionals Blog, of which I am a member, wrote some excellent pieces regarding the new law, Kary Krismer from Keller Williams and Dugald Allen from Windemere. Both of the articles and the resulting commentary are worth a read. Jillayne Schlicke over on raincityguide.com had another perspective.
There would never be this much discussion on blogs if the new law were not so complicated. It will be interesting to see how it all plays out. Again, I applaud the intent of the law, but question its execution.
building inspections, contractors, home repair, real estate, Remodeling, Repair
In For Buyers, For Sellers, Home maintenance tips, Real Estate News, Remodeling and style trends, real estate on June 2, 2008 at 7:11 pm
One of the perks of being a real estate agent is learning all kinds of useful information about real estate and homes. We learn about household maintenance when we attend building inspections. We learn about style, color, and popular finish work by looking at 100′s of homes each year. We attend seminars in which we learn about both. As agents, we are on the cutting edge of style, so we can give our clients the very latest information.
Sometimes we have the good fortune to meet great contractors whom we can turn to for tips, advice, repairs, and remodeling work. This is the time to get your home spruced up. If you need the name of a good contractor, don’t hesitate to ask. I can refer someone to you from my list of preferred contractors. This list consists of contractors I’ve used personally and professionally or other agents or past clients have recommended.
So fire up that tool box, get out the ladder, and go to work! Happy fixing!
360 Digest, art deco, Christie's, Fallingwater, Frank Lloyd Wright, Gamble House, Glass House, Kaufman house, Lincoln Logs, Lloyd Wright, Marmol Radziner, mid-century modern, Palm Springs, Palm Springs Modern Committee, Philip Johnson, Richard Neutra
In Real Estate News, Remodeling and style trends, architecture on May 20, 2008 at 6:34 am
Homes are shelter, homes are places we eat, sleep, work, celebrate, and ??? Some homes are more. They are architecturally inspiring. Marlow Harris often writes of unique homes on her blog, 360digest. Few homes achieve icon status, but those that do, are they art or architecture or art and architecture? Are these homes works of art?
There’s Frank Lloyd Wright’s Fallingwater, Richard Neutra’s Kaufmann House, Greene and Greene’s The Gamble House, and Philip Johnson’s Glass House, which opened to the public last year, just to name a few. These homes are all incredible, unique, and wonderful examples of superb design.
Two of these homes were owned by the same family, The Kaufmanns.
Not only did they own their namesake home, The Kaufmann House in Palm Springs, but they owned Fallingwater in Pennsylvania. A Pittsburgh department store family, they chose two titans of architecture to design and build two phenomenal homes. The Kaufmann house, built in 1946, was one of the first mid-century modern homes to dot the Palm Springs landscape.
Mid-century modern architecture has become to Palm Springs what art deco style has been to Miami Beach. Mid-century modern means clean, simple lines, big windows, and light, open and airy spaces. Glass, steel, wood, and stone are the materials of choice. Preservationists have been working hard to save these mid-century masterpieces which contribute to the uniqueness and very soul of Palm Springs. Over the last couple of decades, some famous properties and homes have been demolished in the area. Lloyd Wright, Frank’s son, had designed a hotel in the 1920′s which has since been torn down. (Interestingly, Lloyd Wright was the inventor of the all-important Lincoln Logs)
The current owners of the Kaufmann house purchased it as a run down fixer upper in the early 90′s. They hired the Los Angeles architectural firm of Marmol Radziner to help bring the home back to its original splendor. To help save the house from some future owner tearing it down, as has happened too often with iconic architecture, the owners hired Christie’s to auction their home off as an art piece. Their goal, as stated in Edward Wyatt’s The New York Times article was “promoting architecture as a collectible art worthy of the same consideration as painting and sculpture.” The New York Times article has some great photos of this masterpiece of modern design.
The expected selling price was to be between 15-25 million dollars. Last week the home sold at auction for $15,000,000 and some change.
So, is architecture art? Should it be up for auction?
Angelo's, Bellevue, Bellevue Square, Commercial real estate, El Gaucho, Google, Group Health, Issaquah, Kemper Freeman, Kirkland, Kirkland Parkplace, Microsoft, Nintendo, Seattle, Seattle/Eastside, The Bravern, The McLeod Project, Wild Ginger, XBox
In Bellevue, WA, Issaquah, WA, King County, WA, Local news and information, Real Estate News, Seattle real estate on May 19, 2008 at 8:05 am
Since the late 1980′s the Eastside of Seattle has exploded with development. Within the last few years, we’ve entered a completely new phase of development impacting many of the Eastside cities. Bellevue, Redmond, Issaquah, and Bothell are all undergoing big changes.
Here’s a list of some of the changes you will see on the Eastside. Much of this information was provided courtesy of Al Hodge, a commercial real estate broker with The Broderick Group, Inc. He has his ear to the ground and is very familiar with the latest happenings on the Eastside. Al Hodge made a presentation a couple of weeks ago at my Windermere office.
Downtown Bellevue is undergoing massive changes. I met a friend for dinner downtown the other day and we commented on how different things will be in downtown Bellevue over the next couple of years. There will be less of a need to go across the pond for great food and entertainment. (Not that there aren’t already some wonderful restaurants and entertainment venues on Seattle’s Eastside.)
Bellevue:
Microsoft has 3 million square feet of space.
Kemper Freeman is planning a $42 million upgrade of Bellevue Square.
El Gaucho restaurant is (rumored) to be opening in the new 26-story City Center Plaza off of NE 6th.
Other possibilities already reported in earlier posts:
John Howie of Seastar fame will open another restaurant.
Wild Ginger will also be on the Eastside.
Issaquah:
Opus Northwest will continue to have the largest retail center.
Group Health Hospital will keep its 26 acres of land/space.
Kirkland:
Parkplace is going through the review process for redevelopment.
Google is building 195,000 sq ft of space to accommodate about1000 employees.
Lake Street restaurants, including Hector’s, will closed and
The McLeod project is still under discussion. Approved by the city’s Design Review Board, the plan was voted down by the City Council.
Redmond:
4,000 space parking garage will be built to accommodate Microsoft employees. This billion dollar project will consist of a park and baseball field.
Nintendo, located nearby, recently sold Microsoft 40 acres of additional land for developing.
HP & EMC have moved in to the area
Angelo’s Nursery sold for $12 million for a future Elder Care facility.
Downtown Redmond:
Whole Foods has started the chain of new developments.
Costco will soon develop on 28 acres alongside the Business Park.
Xbox will stay for now possible move after Microsoft parking garage is built.
What do you think about all this growth, all these changes? Is it a good thing for the Eastside, or not?
Bellevue Real Estate, condo buyers, condo buying, condo sales, condo sellers, condo selling, condominium sales, Issaquah Real Estate, monthly real estate statistics, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 14, 2008 at 6:04 pm
Sellers had a 15.9% chance of selling a condo on Seattle’s Eastside in April of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
April, 2007 621 condos for sale, 377 condos sold, 60% chance of selling.
Condo values on the Eastside continue to go up. Last month prices increased over 7% from last year and this month prices are up 12.6%. This is not to say it’s easy to sell a condo. Clearly, the actual number of sales is down considerably, by 41%.
Pricing a condo for sale should be based on the amount of competition and the most recent sales. Sales from even a few months ago are out of date. Understanding the competition when you go on the market is the key to a successful sale. Pricing must be competitive so a condo stands out from the pack.
credit scores, financing, home buyers, jumbo loans, Mortgages, real estate, Steve Tedrow, Windermere Mortgage
In For Buyers, For Sellers, Mortgages, Real Estate News, financing, real estate on May 14, 2008 at 7:51 am
Attention all home buyers! Here’s a brief update on some changes in financing I heard about from Steve Tedrow of Windermere Mortgage:
Conforming Jumbo loan rate is now at 5.25% for a 5/1 ARM, only 1/8% higher than conventional, non-jumbo loan. Fixed jumbo rates are at 5.875%
Limited or no documentation loans are dead and gone.
Credit scores need to be above 700 for almost all of today’s loans.
Financing regs and requirements are changing from moment to moment, so check with a lender you trust for the very latest information.
Bellevue, Bellevue Real Estate, Eastside real estate, home buyers, home sellers, home selling, Issaquah, Issaquah Real Estate, King County, King County Real Estate, Kirkland, Kirkland real estate, monthly real estate statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Seattle/Eastside real estate statistics, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 12, 2008 at 7:50 am
The chances
of selling a home on the Eastside in April 2008 ranged from a low of 8.46% to a high of 19%, with an average 12.8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
April, 2007 2444homes available, 734 sold, 30.0% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 15.4% chance of getting a home sold, UP from 14.5% last month and DOWN from 29.4% last year. Median home prices were down by 6.2%, from $637,000 to $597,639. Inventory was up by 48.8% and sales declined by 22% from last year.
West Redmond/East Bellevue
Sellers had a 19% chance of getting a home sold, DOWN from 21.7% last month, and DOWN from 46.0% last year. Median sales price increased from $569,000 to $608,998. Inventory was up 110% and sales were down from 63 sales to 55 homes, a 12.7% decline.
South Bellevue
Sellers had a 10.6% chance of selling a home, DOWN from 12.3% last month and DOWN from 25.9% last year. Median price decreased by 19% to $600,000 from $741,150. Inventory was up 54.5% and sales were down almost 36.7%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 12.5% chance of selling a home, a minimal change from 12.3% last month and DOWN from 37% last year. Median price was down to $484,450 from $514,950, a 5.9% decrease. Inventory was up by 60.1% from last year and sales declined by 45.9%.
Kirkland
Sellers had a 8.46% chance of selling a home, DOWN from 10.7% last month and DOWN from 30.5% last year. Median price declined by .03%, from $710,000 to $707,950. Inventory was up by 62.6% and sales were down by 54.8%.
West Bellevue
Sellers had a 9.03% chance of selling a home, UP from 7.26%, and DOWN from 28.3% last year. Median pricing increased by 42% to $1,399,000 from $985,000. Inventory climbed by 106.2% and sales declined by 34.1%.
Redmond/Education Hill/ Carnation
Sellers had a 14.0% chance of selling a home, DOWN slightly from 14.8% last month, and DOWN from 20.9% last year. Median pricing increased by 13.1% from $577,015 to $652,450. Inventory increased by 71% and sales dropped by 14.5%.
County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3985 homes for sale, a 26% increase. The chances of selling in the different eastside areas varied very little from March’s numbers. However, if sales were down in an area, there was no absolute correlation with median price. Even if sales were down, the median price could still go up. The median price was up from last April in four of the eastside areas and down in three of the areas.
If you are trying to get a feel of the market in a particular area, look at several months worth of data. This will give the most realistic view of the market. Pay particular attention to the increase in inventory in your area. Sellers. regardless of what’s happened in a previous month, make sure you understand how much actual competition there is in your area before establishing a sales price and going on the market.
Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, competition for the buyer is fierce.
Add new tag, condominiums, condos, Eastside real estate, home buyers, home sellers, home selling, real estate, real estate market statistics, real estate update, Seattle/Eastside, Seattle/Eastside real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on April 10, 2008 at 3:43 pm
Sellers had a 16% chance of selling a condo on Seattle’s Eastside in March of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
February, 2008 1230 condos for sale, 140 condos sold, 11% chance of selling.
March, 2007 535 condos for sale, 405 condos sold, 75% chance of selling.
The eastside certainly doesn’t follow expected trends. Even with the more than double the inventory, pricing is still 7.4% higher than last year. Usually, if there are more properties available and less sales, then the prices go down, but not on Seattle’s Eastside.
Add new tag, Bellevue, Bothell, Duvall, Eastside real estate, home buyers, home seller, home sellers, Issaquah, Kenmore, Kirkland, market statistics, monthly real estate update, Redmond, Sammamish, Seattle, Seattle/Eastside real estate, Woodinville
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics on April 10, 2008 at 2:29 pm
The chances
of selling a home on the Eastside in March 2008 ranged from a low of 7.26% to a high of 21%, with an average 13.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.
March, 2007 2126 homes available, 826 sold, 38.8% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 14.5% chance of getting a home sold, DOWN from 16.4% last month and DOWN from 40.4% last year. Median home prices were down by 2.4%, from $593,950 to $579,500. Inventory was up by 59.7% and sales declined by almost 42% from last year.
West Redmond/East Bellevue
Sellers had a 21.7% chance of getting a home sold, UP from 15.6% last month, and DOWN from 58.8% last year. Median sales price decreased from $598,725 to $539,950. Inventory was up 127% and sales were down from 70 sales to 59 homes, a 15.7% decline.
South Bellevue
Sellers had a 12.3% chance of selling a home, DOWN from 13.4% last month and DOWN from 40.7% last year. Median price decreased by 1.5% to $669,950 from $659,950. Inventory was up 60.6% and sales were down almost 51.2%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 12.3% chance of selling a home, as 12.3% last month and DOWN from 35.1% last year. Median price was down to $525,000 from $540,450, a 2.9% decrease. Inventory was up by 57% from last year and sales declined by 44.9%.
Kirkland
Sellers had a 10.7% chance of selling a home, DOWN from 12.5% last month and DOWN from 28.2% last year. Median price declined by 2%, from $714,950 to $699,999. Inventory was up by 57.2% and sales were down by 40.2%.
West Bellevue
Sellers had a 7.26% chance of selling a home, DOWN from 9%, and DOWN from 35.2% last year. Median pricing increased by 2.9% to $1,250,000 from $1,215,000. Inventory climbed by 136.9% and sales declined by 51.2%.
Redmond/Education Hill/ Carnation
Sellers had a 14.8% chance of selling a home, DOWN from 15.8% last month, and DOWN from 48.9% last year. Median pricing decreased by 11.5% from $678,225 to $600,000. Inventory increased by103% and sales dropped by 38.5%.
King county wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3637 homes for sale.
As I mentioned in a previous post, if you’re considering a move, whether you’re buying or selling, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. The information here is a great snapshot for the eastside. But when looking at the price for a particular home, it’s best to look at the information in a smaller area than what’s shown above.
Also, look at several months worth of data. It’s interesting to see how things can fluctuate each month. For example, in West Bellevue, median price has been declining over the past few months and this month median pricing is up. If you look at several months worth of statistics, you’ll get a more realistic flavor of the market in a particular area. It obviously is still a tough market for sellers and a much better market for buyers. Pricing and condition is key in selling a home. It always has been, but now it’s even more critical.
Bellevue, condo living, Eastside, Jimmy Choo, luxury high rise, luxury shopping, Microsoft, Neiman Marcus, Seastar, Seattle, Seattle real estate Bellevue real estate, The Bravern, Wild Ginger
In Bellevue Real Estate, Bellevue, WA, For Buyers, Local news and information, Real Estate News, real estate on March 20, 2008 at 2:16 pm
Gorgeous, gorgeous, The Bravern is one of the premier condominium towers being built on Seattle’s Eastside. The Bravern is at the corner of NE 8th and 112th Ave NE, perhaps the new luxury corner of downtown Bellevue? Comprised of residential condominium towers, an office complex, and luxury shops anchored by Neiman Marcus and Jimmy Choo, The Bravern will be one of the premier destinations and addresses in Bellevue.
Here are some of the features of the complex:
24 hour concierge
7 floors of parking for homeowners with a private elevator
valet parking available
25,000 square foot private roof garden
Protected easterly views
Auto court, similar to the Fairmont Hotel in Seattle
Luxury shopping with the feel of a European Village
I attended an open house a couple of weeks ago and had a chance to see some of the floor plans and finish work of the model homes.
The office space has been leased to Microsoft. The retail space is filling up, although names of all the tenants are not yet public. Premier restauranteurs, such as John Howie of Seastar fame, will be opening restaurants. The first eastside outpost of the Seattle’s wildly popular Wild Ginger restaurant will also be in The Bravern. The Bravern should be a dynamic new addition to Seattle’s Eastside and downtown Bellevue.
Bellevue, buyers, Eastside Seattle real estate, home sales, Issaquah, Kirkland, real estate, Redmond, sellers, statistics, Woodinville
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA Real Estate, market statistics, real estate on March 13, 2008 at 11:26 am
The chances
of selling a home on the Eastside in February 2008 ranged from a low of 9% to a high of 16.4%, with an average of a 13.7% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.
January, 2008 2963 homes available, 346 sold, 11.6% chance of selling.
February, 2007 1910 homes available, 699 sold, 36% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 16.4% chance of getting a home sold, UP from 13.3% last month and DOWN from 35.7% last year. Median home prices were down by 3.8%, from $623,495 to $599,900. Inventory was up by 65.4% and sales declined by almost 24% from last year.
West Redmond/East Bellevue
Sellers had a 15.6% chance of getting a home sold, DOWN from 15.8% last month, and DOWN from 58% last year. Median sales price increased from $579,000 to $599,000. Inventory was up 168% and sales were down from 57 sales to 41 homes.
South Bellevue
Sellers had a 13.4% chance of selling a home, UP from 7.2% last month and DOWN from 34.6% last year. Median price decreased by 2.4% to $659,000 from $675,000. Inventory was up 65% and sales were down almost 35.8%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 12.3% chance of selling a home THE SAME as 12.3% last month and DOWN from 37.6% last year. Median price was up to $549,950 from $549,000, a .2% decrease. Inventory was up by 68% from last year and sales declined by 44.5%.
Kirkland
Sellers had a 12.5% chance of selling a home, UP from 9.8% last month and DOWN from 29.8% last year. Median price declined by 15%, from $839,925 to $711,250. Inventory was up by 51% and sales were down by 36%.
West Bellevue
Sellers had a 9% chance of selling a home, UP from 7%, and DOWN from 29% last year. Median pricing dropped by 31% to $999,000 from $1,449,500. Inventory climbed by 101% and sales declined by 38%.
Redmond/Education Hill/ Carnation
Sellers had a 15.6% chance of selling a home, UP from 12.4% last month, and DOWN from 44% last December. Median pricing increased by 6.8% from $650,950 to $694,970. Inventory increased by 85% and sales dropped by 35%.
Inventory is up from the numbers we saw early last year. January and February had the lowest inventory in 2007. September 2007 saw the highest inventory. There’s a yearly cycle showing a similar trend in the inventory. Inventory is generally the lowest at the beginning of a year, peaking either in the summer or fall:
June and July in 2004
October in 2005
September in 2006
September in 2007
If you are an active buyer or seller, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. For example, the numbers listed above for Woodinville, Duvall, and Bothell encompass a huge area with a variety of homes. When looking at the pricing for a particular home, it’s wise to target the information relevant to that home and price range.
If you are looking in Woodinville, as an example, then look more specifically at the numbers just for Woodinville. Look at the inventory and how homes are selling in a particular area and price range. If you want to buy or sell homes on large lots priced in the 600′s, then determine the amount of inventory and the absorption rate for these homes.
This holds true for all of the areas. Here is another example of a more specific analysis of the data: In West Redmond/East Bellevue, the inventory is actually down in the Redmond area from last fall’s peak. Buyers near Microsoft may encounter more competition for that reason. Here is an article I wrote on my Redmond blog describing the market conditions in that area.
Bottom line is competition is tough. There are some great homes available and in order to be the seller who snags the buyer, a home will need to stand out from the crowd as a great value and in great condition. Anticipate realistic pricing and longer market time.
built green, eco-terrorism, Seattle/Eastside real estate, Street of Dreams, sustainable materials, WA, Woodinville, Woodinville real estate
In Built Green and Sustainable Living, Local news and information, Real Estate News, Woodinville, WA, Woodinville, WA Real Estate, real estate on March 7, 2008 at 8:46 pm
buyers, Eastside Seattle real estate, home sales, real estate, sellers, statistics
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA, Woodinville, WA Real Estate, market statistics, real estate on February 12, 2008 at 4:01 pm
Here are the condo stats for January, 2008.
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in January of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
January, 2008 1059 condos for sale, 149 condos sold, 14% chance of selling.
December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.
January, 2007 507 condos for sale, 288 condos sold, 56% chance of selling.
This January inventory more than doubled from last year, while sales declined by almost half of what sold last January. However, the chances of selling a condo are the same as last month. Both inventory and sales increased this month, keeping the chances for selling at the same level.
Median pricing dipped a bit from last month by just a few thousand dollars. In December the median price for condo sales was at $344,414. This month it’s $341,249. Last year, even though the market was popping, the median price was $267,949.
So, we defy the trends again with a 27.4% increase in pricing in a “down” market? This number may be an anomaly as pricing for all of 2007 condos increased by 8%. The median price for any month is a reflection of the sales for that particular month, so last January’s sales may have included more entry level condos, which resulted in a huge increase in median pricing this year when more expensive condos sold. When we see February’s statistics, which will come out in March, we will have a better feel for the actual increase in pricing.
Gardner Johnson, J.L. Scott, price reductions, prices, real estate, real estate signs, selling homes, Windermere
In For Buyers, For Sellers, Real Estate News, real estate on February 5, 2008 at 9:08 pm
The front page of last week’s Puget Sound Business Journal had an article written by Barbara Clements about the abundance of new signs decorating homes for sale. According to the article, of the 7000 homes on the market in the Tacoma area, 1000 are reduced and displaying a sign that states: “Price Reduced”.
Dick Beeson, an owner/broker at Windermere Real Estate voiced his opinion:
“Beeson’s plea for the area’s real estate agents to ditch the signs, first issued on a Tacoma real estate blog three weeks ago, has ignited debate over the topic that touches raw nerves among professionals trying to earn a livelihood selling houses in a showing market.”
“If agents were to stop posting those “reduced” signs, Beeson said, buyers would feel more positive about making an investment, and it would change the dynamic of the market.”
Another agent, Kari Scott, with John L. Scott, believes in signs which read “New Price”. In her view, buyers see the change in price posted on a sign and it draws interest.
Matthew Gardner of the Gardner Johnson real estate advisory firm weighed in with a third opinion and stated: “Many buyers have been online already and have an abundant amount of information. That might make the yard signs useless.”
My vote goes with Matthew Gardner. I believe so much information is available on the internet in today’s world, it’s redundant to put the reduced or new price up on a home.
What do you think? Are “price reduced” or “new price” signs a motivating or de-motivating force in the real estate marketplace? Do these signs help or hurt buyers and sellers? Do the signs make you want to buy or run for the hills?
Angelo Mozilo, Chuck Prince, Citigroup Countrywide, Henry Waxman, Merrill Lynch, real estate, Stan O'Neal, subprime
In Real Estate News, real estate on January 30, 2008 at 8:00 pm
Let’s make ‘em pay!
Finally, someone in Congress may be getting it. Michelle Leder in the Footnoted blog says a hotter ticket than the Superbowl will be for the House Committee on Oversight meeting on February 28, 2008. Congressman Henry Waxman has invited Angelo Mozilo of Countrywide, Stan O’Neal formerly of Merrill Lynch, and former Citigroup head, Chuck Prince to a meet and greet in the halls of Congress. Henry Waxman wants to know why these heads of financial institutions are raking in the money, even as they are “let go” and/or their companies and the country are foundering. It’s about time somebody noticed! The only article I could find when we first heard about Stan O’Neal deploring his golden parachutewas by at USA Today writer, Rich Unger. The kings of the mortgage/credit mess are raking in big bucks. There’s something very wrong with this picture. Angelo Mozilo will be giving up his golden parachute of $37 million. He’s starting to get it, but a little too little and a little too late. We will not shed any tears for his “loss”.
Back in October I started writing an article about Stan O’Nealand his golden parachute. (Keep in mind when reading this, Stan O’Neal is easily interchangeable with Angelo Mozilo or Chuck Prince.) Stan ONeal /Chuck Prince/Angelo Mozilo “retired” from his many posts and titles at Merrill /Citi/Country. He was given the option to retire, rather than be fired. Merrill/Citi/Country was unhappy with his performance as he failed to see the danger coming in the subprime market, putting the company earnings and stock price at risk. Here’s a man who had been incredibly successful, made a lot of money, made a lot of mistakes, and the board chose not to fire him, but allowed him to retire, collecting a huge sum of money, give or take $160 million.
Let’s see, what could that money do? 
What if Mr. O’Neal only took $10 million and gave away a $151 million? Maybe he could pick one of his favorite charities and donate the money to the organization, a la Bill Gates. Just think of the impact this gift could have for many people. Maybe Mr. O’Neal/Prince/Mozilo could fund college scholarships or donate to The Nature Conservancy or The American Cancer Society. Or maybe he could start a fund that could be distributed to people in danger of losing their homes. Standards would have to be met, people would need to qualify. Obviously, a strong program with strong implementation would be needed. Maybe people who have been laid off from their job and can no longer afford their monthly payments could apply to get some of this money. Maybe money is given to some of the people who lost their homes in New Orleans or in the California fires. The money Stan /Angelo/Chuck will retire with could have such a positive effect on the world. Just think of the great publicity Stan/Chuck/Angelo would get, rather than all the negative press. Sounds like a win-win situation to me. Imagine the possibilities….
So, Mr. Waxman, since you invited these men over to your “House” for a visit, see what you can do. At the very least, see what you can do about executive compensation, so the rich don’t become richer and the poor become poorer.
bailout plan, debt, NPR, piggyback loans, subprime, Ted Koppel, tradelinesolutions
In Real Estate News, real estate on January 29, 2008 at 7:02 pm
On my way home this evening, I heard Ted Koppel’s piece on NPR’s ”All Things Considered” entitled “America’s Economic Woes: Loose Spending, Lending”. This link will take you to the podcast. Mr Koppel gave his thoughts about the President’s bailout package. He doesn’t think it’ll work. He wonders, as many people do, where all the money will come from to take care of the lost revenue. According to Mr. Koppel, the President’s plan is like a glorified Ponzi Scheme.
Not to minimize concerns with the bailout plan, what really piqued my interest in the piece, was Mr. Koppel’s reference to a company called Tradelinesolutions. This company promises, for the small fee of $1399.00, to clean up your credit history with a piggyback loan. Here’s how they do it, and I quote directly from the company website:
“SEASONED PRIMARY ACCOUNTS
1. You are matched with an open credit account drawing near its closing. You’re added as a joint account user.
2. The previous account holder is transferred off or to another account.
3. The account stays open with your name still on it.
4. You assume the credit history and own the account and when you pull your credit report this account shows up as your own account.
5. Now you can get a loan!”
So people with bad credit get to “piggyback” on someone else’s good credit to boost credit scores. Unbelievable! When I went to check off a category for this post, I couldn’t find one that really fit. I was thinking maybe I need to have a category labelled unbelievable!
buyers, home sales statistics, Seattle real estate, sellers
In For Buyers, For Sellers, Local news and information, Real Estate News, market statistics, real estate on January 26, 2008 at 4:32 pm
Here are the condo stats for December 2007 and a wrap up for 2007.
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in December of 2007. ( click on 2007 year to date statistics in the link above for a chart showing the condo report)
December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.
November, 2007 1076 condos for sale, 172 condos sold, 15% chance of selling.
December, 2006 439 condos for sale, 229 condos sold, 52% chance of selling.
So buyers and sellers, there was a huge change in the chances of getting a condo or town home sold in December of ’07 when compared to December of ’06. Over half of the condos for sale in December ’06 received offers and sold. This December’s 135 sales represented a 14% chance of selling, quite a change from last year’s 52% chance.
However, we are defying real estate market trends as the median price for December, $344,414, was just a hair under the year’s high. In October the median sales price for a Seattle/Eastside condo was $345,416. Condos ended the year with almost an 8% higher median price point. The overall price increase for 2007 is counter to traditional real estate market trends. Usually, if there is such a drastic decline in sales, a decline in prices follows, but not in Seattle’s eastern suburbs in 2007!
The Seattle/Eastside condo market at a glance:
Highest median price: October
Lowest median price: January
Greatest amount of inventory: September and October.
Lowest amount of inventory: January
Largest number of pending sales: March
Lowest number of pending sales: December
In my summary for the Seattle/Eastside 2007 residential market post below, I made some comments about this year’s real estate market, which I believe to hold true for the condo market:
“This will be a more realistic year. The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.
Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers should also plan to buy and stay put for at least 3-5 years.
Keep in mind, we are one of the stronger markets in the country. There have been other realistic real estate markets in Seattle before. I’ve seen a few over my 20 year real estate career. The market will change once again. It always does!”
Seattle Real Estate buyers sellers home sales statistic
In For Buyers, For Sellers, Real Estate News, market statistics, real estate on January 25, 2008 at 3:28 pm
The chances of selling a home on the Eastside in December 2007 ranged from a low of 8.9% to a high of 16.1%, with an average of a 9% absorption rate. The chances of selling a home have slipped a little over the last few months. Single family sales activity:
________________________________________________________________
December, 2007 2594 homes available, 295 sold, 9% chance of selling.
November, 2007 3141 homes available, 423 sold, 13.4% chance of selling.
December, 2006 1726 homes available, 472 sold, 25.7% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 12.2% chance of getting a home sold, DOWN from 12.9% last month and DOWN from 29.2% last year. Median home prices were up by 7.2%, from $596,800 to $639,900. Inventory was up by 39% and sales declined by almost 42% from last year.
West Redmond/East Bellevue
Sellers had a 16.1% chance of getting a home sold, Up from 14.5% last month, and DOWN from 31.3% last year. Median sales price increased from $525,000 to $589,500. Inventory was up a whopping 139% and sales were down by 17%, a huge change since last year.
South Bellevue
Sellers had a 8.9% chance of selling a home, DOWN from 11,6% last month and DOWN from 25.6% last year. Median price decreased by 4.8% to $668,222 from $637,619. Inventory was up 50% and sales were down almost 37%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 9.3% chance of selling a home, DOWN from 13.8% last month and DOWN from 28.4% last year. Median price was up to $549,000 from $464,500, an 18% increase. Inventory was up by 46% from last year.
Kirkland
Sellers had a 10.2% chance of selling a home, DOWN a hair from 10.8% last month and DOWN from 19.5% last year. Median price increased by 5.7%, to $676,475 from $639,950. Inventory was up by 38% and sales were down by 28%.
West Bellevue
Sellers had an 9.7% chance of selling a home, UP from 8.8%, and DOWN from 31.3% last year. Median pricing dropped by 8% to $1,099,000 from $1,198,000. Inventory climbed by 91% and sales declined by 41%.
Redmond/Education Hill/ Carnation
Sellers had a 12% chance of selling a home, DOWN from 18%, and DOWN from 26% last year. Median pricing declined by 5.4% from $689,500 to $651,975. Inventory increased by 26% and sales dropped by 41%.
So how did your neighborhood end up at the close of 2007?
The areas that ended up with a higher price point than last year:
-
The plateau: Sammamish, Issaquah, Snoqualmie, North Bend
-
West Redmond/East Bellevue
-
Woodinville, Bothell, Duvall, Kenmore, Kirkland north of NE 116th
-
Kirkland, south of NE 116th AVE
Areas in which the price point is lower than last December:
-
Area with the highest % price increase when compared to Dec. ’07: Woodinville
-
Area with the biggest % price decline when compared to Dec. ’07: West Bellevue
-
Area with the greatest % increase in homes for sale when compared to Dec. ’07: West Redmond/East Bellevue
-
Area with the largest % decline in sales when compared to Dec. ’07: South Bellevue
-
Area with the smallest % decline in sales when compared to Dec. ’07: West Bellevue
So here you have it, the total increases and decreases in pricing and inventory in Seattle’s Eastside real estate market.
This will be a more realistic year. The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.
Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers should also plan to buy and stay put for at least 3-5 years.
Keep in mind, we are one of the stronger markets in the country. There have been other realistic real estate markets in Seattle before. I’ve seen a few over my 20 year real estate career. The market will change once again. It always does!
buyers Michael Shermer NYC Inman News Real Estate Conne
In For Buyers, For Sellers, Real Estate News, real estate on January 24, 2008 at 6:18 pm
”A is waiting in line at a movie theater. When he gets to the ticket window, he is told that as he is the 100,000th customer of the theater, he has just won $100.
B is waiting in line at a different theater. The man in front of him wins $1,000 for being the 1-millionth customer of the theater. Mr. B wins $150.
Amazingly, most people said they would prefer to be A. In other words, they would rather forgo $50 in order to alleviate the feeling of regret that comes with not winning the thousand bucks. Essentially, they were willing to pay $50 for regret therapy.”
Michael Shermer, the keynote speaker at NYC Inman News Real Estate Connect, was just quoted in the LA Times about “Why People believe Weird Things About Money“.
He cited the above example to demonstrate how most people think of money.
“Regret falls under a psychological effect known as loss aversion. Research shows that before we risk an investment, we need to feel assured that the potential gain is twice what the possible loss might be because a loss feels twice as bad as a gain feels good. That’s weird and irrational, but it’s the way it is.”
Loss aversion explains why people are consumed with our more difficult market.
Loss aversion explains the bubble bloggers.
Loss aversion explains why so many buyers hesitate to make a purchase.
Buyers, even in a buyers’ market, fear they will lose, and, as Mr. Shermer states, a loss feels twice as bad as a win. This also explains why so many buyers jump on the bandwagon in a sellers’ market and buy even when caught in multiple offer situations and bidding over an asking price. As counter-intuitive as it seems, buyers believe they will “win” and make money in a sellers’ market, and “lose” in a buyers’ market.
My advice in our buyers’ market? Think seriously about buying. With interest rates at the lowest point in years, it’s a boon to buyers. However, if you buy, plan to stay in your home for no less than 3 years, and, preferably five years. The Seattle real estate market goes in cycles and the market will be in the sellers favor once again. It has happened before and will happen again.
Will you buy at the bottom of the market if you buy now? No one will ever know when the market is at bottom until after it has passed.
What we do know now is rates are great, pricing is in favor of buyers, negotiation is expected, deals can be had, there are many homes to choose from, and real estate goes in cycles.
Foreclosures, Inman News Real Estate Connect, Last Chance Mortgage
In For Buyers, For Sellers, Real Estate News, real estate on January 14, 2008 at 11:19 am
Everyday there’s something written in the press about the dire shape of the housing market. Reporters, bloggers, homeowners, lots of talk about the downward movement of the housing industry.
It’s time to be proactive. It’s time to do something to help provide some relief to the people who are in danger of losing their homes. The number two million keeps getting bandied about, a lot of people and a lot of homes. This will have a profound affect on the country as a whole. Neighborhoods will be affected if there are a number of empty homes.
While at Inman News Real Estate Connect, an interesting proposal was presented by Dr. John Vogel, a professor at Tuck School of Management at Dartmouth College, “The Last Chance” mortgage. I explained the details of Dr. Vogel’s proposal in an articleI wrote for The Seattle P-I Real Estate Professionals blog. Larry Cragun also attended Inman News Real Estate Connect and presented his thoughts on his blog, Issaquah Undressed.
Our society, our government need to take steps to mitigate this problem. Unfortunately, little action is being taken. Take a close look at our Presidential candidates. See if the candidate of your choice has a proposal to ease the credit crunch and check how promising the proposed plan will be. It’s important to all of us.
Inman News, NYC, real estate, Real Estate Connect, Seattle, Seattle PI, WA
In Real Estate News, real estate on January 11, 2008 at 7:19 pm
I just returned from NYC and the Inman News Real Estate Connect conference, one of the best real estate conferences out there. Here’ s a photo of the view from my hotel room. When I looked outside at the low clouds and blowing rain, I couldn’t help but feel ”at home.” The view of the Hudson River was pretty gray and wet. I was on the 32nd floor of the Marriott Marquis in Times Square. (Of course, there are just a few more buildings in New York than in Seattle.)
While at the conference, I had a chance to hear some great speakers talk about the state of the economy and real estate, with some suggestions for the future. I’ll be sharing some of what I learned over the next week, mostly on The Seattle PI Real Estate Professionals Blog. I’ll link to a couple of articles from that site to keep you in the loop. Stay tuned!
loan origination, real estate, WA State
In For Buyers, For Sellers, Real Estate News, real estate on January 4, 2008 at 10:20 am
The new year brings in a new licensing requirement for loan officers in Washington State. It has been the talk of the media and blogs over the past week. Elizabeth Rhodes reported on the changes in the industry and the requirements in a recent article in The Seattle Times. Larry Cragun also commented on the changes over at the Seattle Real Estate Professionals blog. Jillayne Schlicke wrote a detailed post about the changes over on Rain City Guide.
Here are some interesting facts:
13,722 loan originators took the test, 90% passed.
Only 5,720 completed the full process to become licensed.
Interestingly, loan officers who work for banks, credit unions and some financial institutions are not required to be licensed by the state.
Check out your loan officer at The Washington State Department of Financial Institutions website or at 877-746-4334. It is important for you to know whom you are dealing with when financing a home.
buyers, Eastside, homes for sale, market statistics, real estate, Seattle, sellers
In For Buyers, For Sellers, Real Estate News, market statistics on December 28, 2007 at 3:32 pm
What do Seattle, Portland, and Charlotte, N.C. have in common? These three cities are the bright stars of 2007 real estate. Each city posted gains in real estate appreciation, although modest, this year. The news we hear is not the best for real estate, but the major problems are happening elsewhere in the country.
Has the market softened in Seattle and on the Eastside this year? Yes, there’s no doubt about it. According to the Case-Shiller Index, reported by Aubrey Cohen in the Seattle PI, our market appreciation from last October has been 3.3%, the lowest since 1996.
I’ve been reporting on the decline in market performance each month on this blog. However, some of this year’s decline is subprime related, some of it is cyclical, and some of this is media/fear driven.
Seattle is known for its cycles in the real estate market. Usually at the end of one decade and the beginning of the next, we see a major slowdown. This decade has been a bit different. We saw the big spike up in appreciation in 2005, whereas we normally see the peak of appreciation around the 7th or 8th year of the decade. With this spike, usually comes a fall or softening in the prices. The spike is earlier this decade and so is the softening in prices. I am not categorizing what is happening in the Seattle/Eastside marketplace as a fall, but merely a softening. Normally, the softening of the market would be in the 9th or 10th year of the decade, but we are there now at the end of 2007.
Are homes selling? Very much so. But less homes are selling each month, competition is fierce, and clearly it’s a buyers’ market. But this, too, shall pass as all markets do. We’ve had a terrific run as a sellers’ market and now we are in a buyers’ market. We have seen this before, and, I imagine, will again.
When the December statistics are available for the Eastside market, sometime in the middle of January, I will do a “State of The Market” report, summarizing the 2007 Eastside real estate activity.
We are fortunate to have such a strong economy to support our real estate market. I think 2008 will prove to be a very active real estate market. Stay tuned, take a deep breath, and have a Happy New Year. Here’s to 2008!
buyers, home selling, market statistics, Seattle/Eastside real estate, sellers
In For Buyers, For Sellers, Real Estate News, market statistics on October 12, 2007 at 3:50 pm
The chances of selling a home on the Eastside in September 2007 ranged from a low of 9% to a high of 18%, depending on the neighborhood. All the Eastside areas experienced a decline in the chances of selling a home.
The plateau: Sammamish, Issaquah, North Bend and Fall City
(click on the name of each area to for a chart showing the latest stats in the area)
Sellers had a 15% chance of getting a home sold, DOWN from 20% last month and DOWN from 31% last year.
Median home prices were up by 8.4% to 602,500 from $555,950.
Inventory was up by 41% and sales declined by 31% from last year.
Interesting that last month home prices declined by 5% and this month they are now back up. This shows how difficult it is to measure the market by looking at month to month changes only. Comparisons showing a minimum of 6 months will give a better picture of the market.
West Redmond/East Bellevue
Sellers had a 18% chance of getting a home sold, DOWN from 24% last month and DOWN from 33 % last year.
Median sales price increased to $575,000 from $549,000 last year, a 4.7% change.
Inventory was up by 31% and sales were down by 27%.
Last year the number of sales dropped and the inventory increased dramatically in September. In August of 2006, 53% of the homes sold, whereas in September 2006 33% sold. Last fall, was also a bit of a slow down from the previous 8 months.
South Bellevue
Sellers had a 9% chance of selling a home, DOWN from 19% last month and DOWN from 19% last year.
Median price dropped to $627,250 from $685,950, a 8.6% decline.
Inventory jumped by 32% and sales were down by 33%.
Again, there was a large drop last year from August to September of 2006, 21% less homes sold.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 13% chance of selling a home, DOWN from 16% last month and DOWN from 28% last year.
Median price was down from $499,950 to $495,000, a 1% decrease.
Inventory was up a whopping 60% and sales are down by 27%.
Again, in September 2006, there was a drop of 13% in the chances of getting a home sold.
Kirkland
Sellers had a 10% chance of selling a home, DOWN from 14% last month and DOWN from 14 % last year.
Median price dropped by 5.6%, to 679,975 from $719,990.
Inventory was up by 14% and sales were down by 24%
Last year, the number of sales dropped from 21% in August to 14% in September.
West Bellevue
Sellers had an 8% chance of selling a home, DOWN from 18%, and DOWN from 23% last year.
Sellers had a 12% chance of selling a home, DOWN from 25% last month and DOWN from 25% last year.
Median pricing rose by 19% to $1,550,000 from $1,295,000.
Inventory climbed by 33% and sales declined by 54%.
Percentage wise, the number of sale dropped precipitously from last month and last year. This translates to 20 less sales this month than last September.
Redmond/Education Hill/Carnation
Sellers had a 12% chance of selling a home, DOWN from 25% last month and DOWN from 25% last year.
Median pricing was down from $619,000 to $549,950, a 11.2% decrease.
Inventory was up by 38.6% and sales were down by 35%
I repeat my comments from last month:
Are we seeing the real estate market behave like fall of 2001? It reminds me of what happened to the economy after 9-11. After the terrorist attacks, everyone froze and no one did anything. Homes, cars, boats, none of the large consumer goods were selling. When 2002 came, everyone breathed a sigh of relief and was able to move forward as if the country was off to a fresh start. In the Puget Sound region with our strong economy, there is no reason to stop looking for and purchasing homes. Homes will still appreciate. Prices will not become significantly less expensive in this area.
I wrote about the good state of the economy in this region on a post at The Seattle PI Real Estate Professionals blog. I think buyers are fearful and waiting to see what will happen next. Unfortunately, no one will ever know exactly when the “lowest” point of the market is until it is too late and it’s already passed by. Only when the market begins to go up will we realize we’ve reached bottom.
The selection of homes is terrific right now. Sellers are negotiable. If you buy now will you buy at the bottom of the market? Maybe yes and maybe no. But you will be buying in a much lower priced market and one that is very “pro” buyers. It’s been a long time since the market has been such a strong buyer’s market.
Have there been slower markets? Most definitely. However, with the state of the LOCAL economy, we should be just fine. Do you plan to be in your home for a few years? Then you, too, should be just fine. The people who are at risk for losing money on a home purchase are those that plan to hold onto a home for a very short period. Those buyers should not buy and expect to make a profit. It will not happen over the short term. I believe when the clock strikes and 2008 hits, we will return to a more frenetic market. Come February or March, it may be more competitive when trying to buy a home.
Condo stats are coming, stay tuned!
In For Buyers, For Sellers, Local news and information, Real Estate News on September 13, 2007 at 10:55 am
Bart Harrington, the head of Windermere Mortgage Services, spoke at my Windermere Real Estate/East, Inc. office meeting this week regarding the latest mortgage news. Mr. Harrington had some postive news about mortgages in the Northwest.
He shared with our group that the amount of subprime loans made in the recent past varied according to locale. Washington State had amongst the lowest percentages of subprime loans made. Because of our strong job market, buyers here were able to qualify for more traditional loans. Not as many buyers were approved with no income verification loans and low credit scores.
The national average for subprime loans was 20%, and in Washington State only 8% of the loans were subprime loans. Whereas in Las Vegas, for example, 40% of the loans made were subprime loans. The mortgage fallout in Las Vegas stands to be far more damaging than in King County.
Other interesting information: The three top states with strong performance for mortgages backed by Fannie Mae or Freddie Mac, were all in the Northwest: Washington, Oregon, and Idaho.
Remember that real estate is local, varying dramatically from place to place. King County and Washington state are some of the strongest locations in the country because of the healthy economy and job market. Is the market softer than earlier this year? Yes, however, it is a great time to buy because the market is slower and some sellers are willing to negotiate.
In Real Estate News on September 6, 2007 at 6:33 pm
Do you remember when you were young and your Mom had to run to the bank before it closed at 3 PM? I remember that time. The banks closed early so the tellers’ tills could be balanced. Times were simpler then. You went to your local bank to deposit money, cash a check or get a loan for your new home. Everyone knew whom they were dealing with. Business was often done with a handshake.
Fast forward to today’s climate. In last Sunday’s New York Times as mentioned in a previous post, Roger Lowenstein reported about the subprime meltdown. Mr. Lowenstein explained in very clear terms how we went from a country in the 50′s and 60′s, when homeowners dealt with the local bank, to the 70′s when loans were packaged into securities and sold as investments. These changes in mortgages brought creative financing and looser regulations. Home lending switched from the individual home owner model to the investor model. Ironically, the very “safety” of these securities created more of a risk for the investors. Lowenstein calls for re-regulation of the mortgage industry. The time is right for the mortgage industry to reclaim a bit of the safety of the past without losing sight of today’s realistic options.
In Real Estate News on August 31, 2007 at 8:20 pm
This morning on National Public Radio, Steve Inskeep interviewed Roger Lowenstein about the economy and the housing market. Roger Lowenstein, the author of The Origins of The Crash: The Great Bubble, a book about the Wall Street crash of the 1990′s, has written an article which will be in Sunday’s New York Times magazine about the housing market. In today’s interview, he brought up some interesting points about the history of mortgages in this country. According to Mr. Lowenstein, in the 1950′s local banks gave people mortgages. Investment accounts earned 3% and bankers used this money to provide 6% mortgages. People dealt with the local bank as, obviously, today’s myriad of lending institutions did not exist.
In the 1970′s Wall Street got into the mortgage lending act and created new securities from mortgage money, which were then sold to investors. Bankers would get paid to originate the loan and then would sell the loan to investors. Local mortgages were no longer the only source for money. All kinds of options for lending were created. Through the 80′s and 90′s, more “new style” loan programs were created. These new loan packages contributed to the problems we are seeing today.
I am sure Mr. Lowenstein’s article will be an interesting and informative read. I will add my thoughts to this blog after I read his article.
However, it is important to remember there is both a national and a local economy. Our local economy is still amongst the strongest in the country and will continue to be so because of our strong job market.
Two Seattle Times articles, an article from the 30th and the headline story in today’s paper, report Washington State led the nation with the most number of cities, 5, in the top 20 cities for appreciation so far this year. Prices in Wenatchee were up 23.54% , Longview saw a 13.6% increase, and the Seattle/Bellevue/Everett area experienced a 9.89% increase. Appreciation in the state as a whole ranked third in the nation with 9.12% growth.
It is clear the increase in appreciation happened earlier this year, however, economist Stanley Duobinis states the key to Washington states’s economy, “It always comes down to the local economy. Washington’s has been an above average performer because of the monster companies there, and their business is pretty solid.”
His other comment, “A lot of growth restrictions are basically driving up the price of land, and therefore changing the nature of the house you can build on the land and causing prices to rise quite rapidly,” echoes remarks I made in earlier posts this year. The two issues, the great economy and growth management issues will continue to help our real estate market over the long haul.
Please let me know if you have any comments about this article or after you read The New York Times this weekend.
In For Buyers, For Sellers, Real Estate News on August 27, 2007 at 1:38 am
For my last thoughts on the Real Estate Connect conference, Connect SF, here are some of the trends we should expect to see in real estate. Many of these trends are already here and becoming part of the very social fabric of our lives, not just in real estate. A case in point: In the August 27, 2007 issue of Newsweek, the cover story was about Facebook and how it jumped from a venue for college students to a site for everyone and anyone to connect. Turning to the section called, “My Turn”, the Dean of Admissions at Pomona College, Bruce Poch, wrote about looking for authenticity when reviewing college applicant’s information. Frank Rich of The New York Times said in the August 19th edition, “The rise of YouTube certifies the passing of Mr. Rove’s (Karl Rove) era, a cultural changing of the guard in the digital age”. Open information, connectivity, and authenticity on the internet, web 2.0, is everywhere, including real estate.
Here is what we should see in the world of real estate:
A national multiple listing service – every home everywhere in one database.
Video presentations for homes on the internet – real people talking about real homes.
Real time video tours of a home with viewer interaction.
Mapping will no longer be “flat maps”, but will show homes at different angles. Layers of maps with different information regarding a specific property will be superimposed onto each other.
Web 2.0 is a place for collaboration and conversation. Think Craig’s List, think Facebook, these sites are just the tip of the iceberg. Everything will be open and available on the internet.
Localism - This is huge! People crave information about the area, the neighborhood, the street and it will all be open and out there for buyers to review. Buyers are demanding more detailed information about schools, commutes, shopping, a particular street, the neighbors, and neighborhood activities. Finding out the local school’s test scores is no longer enough.
Real estate – real time. Mobile real estate. Picture yourself walking by a home for sale and checking all the information, including video tours and photos on your phone.
Blogs will be the future of Realtor advertising. A blog will give the public insight into the writer, the Realtor. Authenticity will be the key to success. Buyers and sellers will first “interview” prospective Realtors by getting to know them online. Buyers and sellers will contact the Realtor with whom they feel most comfortable.
More of an online presence for traditional media.
The beauty of web 2.0 is the amount of valuable information out there for the public. It’s refreshing to see buyers and sellers become more educated.
In For Buyers, For Sellers, Real Estate News on August 16, 2007 at 5:09 am
Back to a few more articles on Connect SF, Real Estate Connect in San Francisco. Connect SF was great, but nothing was more fun and interesting than the keynote speaker, Hugh MacLeod. Hugh is a cartoonist, humorist, and viral marketer extraordinaire. He has a website called gapingvoid.com. One of his jobs is marketing wine for a South African winery, Stormhoek.
(This is my photo of the Blue Monster cartoon taken during Hugh’s talk at Connect SF. Great copies of the cartoon can be found on the attached Gaping Void links.)
His sense of humor and creativity resulted in a marketing campaign that greatly increased the number of cases of wine sold. Here is how he did it. Hugh created this cartoon which he passed onto a friend who worked at Microsoft and the cartoon took off. Microsofties have gotten a big kick out of it, downloaded the cartoon, and put it on computers and T shirts, you name it. There is even a group on Facebook called Friends of the Blue Monster.
Part of the beauty of this cartoon is the website for the winery, Stormhoek, is listed at the bottom of the cartoon, along with Hugh’s gapingvoid.com website. This, of course, piqued a whole lot of people’s interest, resulting in a new segment of the market finding out about Stormhoek and buying the wine. Hugh sent complimentary bottles of wine to bloggers who subsequently blogged about the wine, helping again to increase wine sales dramatically.
The message here: The job description for Realtors includes marketing properties. Realtors need to think outside of the box. It is even more important now when the market is tougher.
When you hire a Realtor to market your home, your Realtor should use creative internet and web 2.0 marketing to showcase and sell your home. There are new and great sites for putting homes and information out in front of buyers. The old marketing strategies of newspaper ads and open houses is not enough. A dynamic web presence is the key to maximum exposure and maximum dollars to home sellers. As I mentioned on a previous post, Street Advisor is just one example. This site gives neighbors a chance to comment on the nature of the neighborhood. For example, does everyone get together for an Easter egg hunt or a summer picnic. The internet is the portal to community information. What about Craigs List? This is a “community based” website which is the perfect vehicle for advertising a home. Try using Zillow. Realtors can advertise homes on the site. Expolive, Microsoft’s website is another great marketing tool.
Bottom line, there are great marketing tools out there to reach a vast number of people. Make sure your home gets full advantage of these marketing sites.
In For Buyers, For Sellers, Real Estate News on August 9, 2007 at 4:29 am
In San Francisco, I had the good fortune to sit with Drew Meyers, who is a Community Relations Specialist for Zillow, during one of the main events. However, I think Drew’s title should be Zillow’s blogger extraordinaire.
I mentioned to Drew that I liked to advertise my listings on Zillow, but was concerned because “zestimates” were often much lower than market values and listing prices. If the “zestimate” for a home was much less than the sales price for the home, I would not advertise the home on Zillow. Drew let me know that Zillow is very aware of the issue and is working on new algorithms which should give more accurate “zestimates” of value. By the way, I am sure many of you know that as a home owner, you can log onto the site and update your home information to get a more accurate “zestimate” of value. Zillow has no way of knowing if you have done some major updating of your home unless you add that data.
It’s also free for Realtors to advertise listings on Zillow. Your home should be advertised on the local MLS, but your Realtor should be advertising in all the right places. Your home should be advertised where buyers are searching for homes, which (no big surprise here) is now on the internet. In today’s world, your home should be listed on many real estate sites, not in the newspaper.
Besides Zillow, another great tool that your Realtor can use is vflyer. This is an internet flyer service that will post your home sale on Trulia, Oodle, Edgeio, Vast, and Craig’s List. The beauty of internet advertsing is you can track the hits or views your home receives online. You know if buyers are looking at your home. It’s so much more meaningful than the newspaper.
I am excited about this, because for so many years Realtors would advertise homes in newspapers and get little or no results. Sellers would always want their homes advertised in the Sunday paper, but rarely did it generate any activity and hardly ever resulted in the sale of a home.
There was talk at the conference that many of the large real estate companies might cut back on their newspaper advertising in the near future. (Ironically, the New York Times just switched to smaller sized pages in a cost savings measure) Do I hear the sound of the death knell for real estate print ads?
On another note, Drew had also been a presenter in the first Blogger Connect seminar in which the participants spoke about “Finding Your Voice” as a blogger. His panel consisted of two other great Seattle bloggers, Marlow Harris of 360Digest and Ardell DellaLoggia of Rain City Guide. Dustin Luther, the founder of Rain City Guide, presented during another of the Blogger Connect meetings. Seattle is again out there in the forefront of real estate information and technology with these interesting people.
In For Buyers, For Sellers, Real Estate News on August 6, 2007 at 8:20 pm
Okay, so I am now back from Connect SF, Real Estate Connect, in San Francisco. It was pretty intense with long days, great speakers, and great information. I’m going to write a series of articles about what I learned while at the conference. First, I thought I’d tell you what Turn Here, Street Advisor, Sellsius, and Live Deal are all about, since I mentioned them in my first article. This is innovative stuff that will be available to all, if not already.
One of the key issues at this conference, all of which I will detail in another article, is the advent of videos on the internet. Turn Here is a company that produces videos for all kinds of venues, including real estate. Their videos of homes are professionally made, but with the home owners or Realtors speaking, not a professional. Their videos encompass views of the home for sale with shots of the surrounding neighborhood. Their video demonstration at the conference depicted a woman who was walking through her neighborhood with her dog, showing all the parks and restaurants, etc., that were located nearby her home. Videos are a great opportunity to showcase the area around homes. Buyers want to know what is available nearby and what the community is like.
What do your neighbors think about your street? Soon all of this will be on the web at Street Advisor. This website has been created by an Australian group who presented at the 
conference. Anyone who lives on a particular street can post reviews on the street, the neighborhood, you name it. People who live on the street can communicate with each other. This website represents another of the growing trend on the internet: to bring all information out on the table and give people an opportunity to connect, share, and have conversations. I truly liked this company as they must have been thinking of me when they created their logo and T-shirts. My favorite color scheme of black, red, with a dash of white!
Do you want to get to know your neighbors even better? Fat Door is coming to a neighborhood near you! One of the founders of this website is an ex-Microsoftie who moved down to Palo Alto to start this company. The company is out of beta and live in the Palo Alto area. The Seattle area of the site should be up and running in a few months. This site is an opportunity for you to get to know your neighbors even better. People who are neighbors will be able to introduce themselves to each other via email. I have a few ideas for these people based on my volunteer work for the Kirkland Senior Council in Kirkland. I have already talked with the founder and will be contacting him about some ideas.
Live Deal is a bit like Craig’s List in that you can post all kinds of things for sale, including real estate.
By the way, Craig Newmark, the founder of Craig’s List, was a featured speaker and winner of an Inman News innovative award. His site won for the Craig’s List community as a whole for the spirit of community the website supports.
Last, but not least, is Sellsius, a real estate blog that has been around for a bit. The two writers of the blog, Joe Ferrara and Rudy Bachraty, III, did a road trip across the United States from NYC to the conference at in San Francisco, meeting bloggers along the way.
More on the latest trends and Connect SF in upcoming blogs….
In For Buyers, For Sellers, Real Estate News on August 2, 2007 at 5:51 am
Turn here, Live Deal, Sellsius, StreetAdvisor, do you know these real estate websites? They are all here in San Francisco this week. I came to San Francisco for the Real Estate Connect conference put on by Inman News. I plan to come back to Seattle having learned quite a bit about blogging, the latest real estate trends and innovations. The real estate world is constantly changing. It’s exciting and fun for me to keep up with all the new “stuff” and bring the latest data and marketing ideas to the table. Who knew this inner geek would come out! I’m here to find out more about how technology can help me provide the latest marketing tools to my clients. 
We will hear from Dustin Luther of Move.com. the founder of RainCity.com, Rich Barton of Zillow, Glen Kelman of Redfin, J. Lennox Scott of John L. Scott, interesting that they are all people from Seattle. Seattle is a hub of new ideas and it is clear that we can see this by the Seattle companies at this conference. Competition for me? No problem, there is room for all of us out there in the real estate world. (Of course, it never hurts for me to find out what the competition is doing!)
Over 1700 people are here from all over the country, excuse me, the world, to learn about what is new and exciting and different. Actually there were people from all over the world in attendance. The man sitting behind me in the audience is from Perth, Australia! At a meeting later in the afternoon, there were even more people from Australia, New Zealand, and Romania.
This afternoon I heard about some great things with Zillow and The National Association of Realtors, but it is about 11 PM and it’s been a long day of meetings. So, stay tuned. When I catch my breath, maybe after I return to Seattle, I will post several different blogs about what I learned at Blogger and Real Estate Connect.
In For Buyers, For Sellers, Real Estate News, Remodeling and style trends on July 29, 2007 at 4:30 pm
It is that time of year again when the luxury home tours happens in the Seattle area. Actually, this year marks the 20th year of the Seattle Street of Dreams and it is happening in “Quinn’s Crossing” in Woodinville, Washington. What is new and exciting and different at this year’s show is the emphasis on Built-Green homes. The homes in the show all have a minimum of a 3 Star rating and have been built with environmentally “green” building materials. Home #5, The Urban Lodge, is the only 5 Star home in the show. The Seattle Master Builders Association is concerned with the built-green concept as I mentioned in a previous post
I went to the Street of Dreams on one of two Realtor Days. We Realtors get free admission to see the homes so we can then talk about the homes with our clients and maybe even sell one of the homes as a result! This year’s “Street” is a cluster of 5 homes located around a cul-de-sac. The exterior styling is more craftsman, lodge-like, and prairie style home. The first home stands out on the “Street” as unique to the show with its very European, Tuscan feel.
Pictures and comments on the individual homes are below, but you might need to scroll down to see them due to Blogger formatting issues…
| #1 – La Belle Fleur
It definitely had the most formal street presence with its stucco style siding and European flavor. There’s a lot of elegant ironwork, limestone, Venetian plastering, and wall murals. There’s even a fish tank, but it was not operating when we were there.  |
The master suite was the best of the five homes, more elegant than my taste generally, but you could just imagine yourself relaxing in the sitting area which comes complete with a built-in fridge. There was a private balcony and a gorgeous, huge dual headed shower. The tub conjured up relaxing images of soaking and gazing out at the view. However, I think you might take your life in your hands trying to get out of the tub with wet feet. It looked a little dangerous to me.  |
| #2 – Greenleaf Retreat
This home was truly unique to the show. It had the cleanest, most contemporary lines of any of the homes. I would call the exterior style transitional, but the interior was very contemporary. It seemed far more contemporary than the exterior of the home. Some retro furnishings, glass topped tables with metal legs were used to decorate the home. There’s a huge great room area with french doors that lead to the exterior and a unique outdoor metal fireplace, built-in grill, and fridge. 
|
I loved the master bath with its see-through fireplace, gorgeous shower and interesting sinks. This master bath is more my style. Check out the tile work on the master bedroom side of the fireplace when you go to the show. I thought it was done well. Upstairs there was a huge bonus/media room that had a built-in coffee maker.  |
The entry is graced by a beautiful waterfall, a beautiful touch. |
The backyard was great, beautifully landscaped with some nice plantings. You could almost see the family dog running across this backyard. It was the best backyard of the five homes. There’s an outdoor room with a fireplace that looked like a great place to relax and unwind.  |
| This home is a well done re-creation of a Craftsman style home done in the Arts and Craft tradition, think of an updated version of the Greene and Green homes, such as the Gamble house in Pasadena. There’s lots of wood paneling, built-in glass shelving, and great period style light fixtures.
   
|
There is a beautiful yard, unfortunately, most of it was to the side of the house.  |
| I was surprised to learn that California Closets installed the furniture in one of the offices. It looked terrific. The majority of the wood used in the flooring and woodwork is reclaimed hickory. Much of the cabinetry throughout the home was sleek in appearance, a little surprising because of the heavier look of the hickory wood trimwork. |
Summary
Besides an emphasis on the “green building” for all of the homes, the show continues its traditional alliance with Make-A-Wish Foundation. A room in each home is decorated to mirror a wish that has been granted by the foundation. Drink up and eat at the show as a portion of the concession stand sales will be donated to help grant future foundation wishes.
My show favorites:
- Best home overall – #5 The Urban Lodge
- Best kitchen – #4 Tamarack
- Best master bedroom – #1 La Belle Fleur
- Best master bath – #2 Greenleaf Retreat
- Best backyard – #3 Copper Falls
- Best outdoor room – #5 The Urban Lodge
My Street of Dreams picks, tell me what you think! What were your favorites?
In Real Estate News on June 14, 2007 at 3:46 am
I happened to read about the most expensive zip codes in the Puget Sound area in one of the recent issues of the Puget Sound Business Journal. The survey looked all over the sound at the average cost of housing, the average income of the residents, and the average net worth in each zip code. The data used to determine the wealthiest zips is measured by these statistics, not just the real estate values. However, I did a bit of a reality check on some of the real estate numbers. I reviewed Multiple Listing statistics to see how they compared to the data in the Journal.
No big surprise, Medina is the wealthiest community in the area. The median price for homes is well over $1,000,000. Mercer Island ranked as the second wealthiest community, with the median pricing falling in the $800,000+ range.
What other zips on the Eastside made the top ten, according to the Business Journal?
- 3-98075-Sammamish
- 4-98053-Redmond
- 5-98074-Sammamish
- 6-98077-Woodinville ( the county areas)
- 7-98006-Bellevue (South of I-90)
- 8-98004-West Bellevue, Hunts Point, Clyde Hill
- 9-98110-Bainbridge Island
- 10-98177-Seattle, including The Highlands
This article sees the wealth of the region moving east, east even of Lake Sammamish, to the city of Sammamish, with its two zip codes, then to 98053, the county areas of Redmond, and to Woodinville. Ironically, only one Seattle zip made the top 10.
One of the big surprises is the ranking of the city of Sammamish. In the past two years, Sammamish has surpassed many of the Eastside’s other communities and has achieved a top ten ranking. The city’s two zip codes rank in the top five. There is a home listed as selling for $28 million. It does not show up in MLS stats and could have been a private sale. This huge sale would raise the median pricing for the area by quite a bit.
The 98053 zip code encompasses more outlying areas of Redmond and is in the county, not in the city. I attribute the wealth of this area to such established neighborhoods as Gun Shy Ridge, Westchester, Hunter’s Glen, and Hunter’s Wood. These are all large neighborhoods on acre lots.
The King County portion of Woodinville, 98072, also boasts estate properties and large neighborhoods with homes on acre plus lots.
Very surprising to me was the rating of 98004 at number 8, down from number 4, the Clyde Hill, Hunts Point, and downtown Bellevue areas. Hunts Point is one of the wealthiest cities in the nation. The majority of the homes fall on large lots of several acres facing waterfront either to the west or east. A tear down home is in the multi-million dollar range. Clyde Hill also ranks up at the top of the list in home prices. I checked the Multiple Listing stats for home and condo sales, and the Business Journal’s numbers were pretty accurate.
However, if you take out the condominium sales, it would bring the median price range up from about $700,000 to $1,005,000. The lowest sale of $160,000, as reported in the Journal, was for a condo, the least expensive home sale was $377,000. I do believe that as far as real estate values go, the single family homes in 98004 rank far higher in value than at number 8.
The addition of condo sales brings the median pricing down. The condo market is changing quite rapidly because of all the high end condo complexes currently under construction in downtown Bellevue.
In Real Estate News on May 22, 2007 at 2:04 pm
Less new construction + job growth=higher real estate appreciation.
Seattle is still one of the hottest real estate markets in the country. This is no big surprise to me as I see this on a daily basis. In my monthly market update postings, you can see which areas on the Eastside are hotter than hot. Of course, we still have months or areas that perform better or worse. But the overall message of the article from Inman News attached below is we are still on a real estate rise in values. When we end 2007, homes will be worth more than now. This article mirrors what I have seen and predict for this year in Seattle/Eastside real estate. Furthermore, when you look at other parts of the country as described in this article, you can see the strength of our real estate market.
The attached article mentions the all important reasons for our booming market: the economy and the growth management policies in the area. Thanks to Microsoft (the gift that keeps on giving) and all the other companies that are growing and hiring in the area, our job market is one of the best in the country.
The growth management act, which has some very good points, has placed lots of controls on development. It is harder and harder for developers to build in this area. The Eastside runs into water and mountains, so our supply of good land is very limited. Wetlands, native growth protection, salmon streams, traffic flow, etc all contribute to the cost of development and translate to higher mitigation fees for builders. Ever wonder why building lots have become smaller and smaller? The cost of construction has much to do with the diminishing lot sizes.
The good news for current home owners: we do not have the runaway development found in places like Las Vegas or Phoenix.
Read the attached article to find out more about the gold and the cold areas in real estate. It will be no surprise that some of the areas with the greatest declines are those that recently had huge spikes in appreciation, such as Sarasota, Florida.
http://www.inman.com/hstory.aspx?ID=63271
In Real Estate News on April 14, 2007 at 1:45 pm
As part of my monthly networking group Forum XXII, I was fortunate enough to hear Michael Miller, the president of Miller Condominium Marketing. Michael’s company develops condominium projects all over Puget Sound. He has developed many projects in downtown Seattle. His company is developing the old Queen Anne High School and the Cosmopolitan in Seattle and did the Boulevard in Kirkland. The company has about 20 projects planned in the next couple of years, so I would say he knows the condo market well!
He presented a lot of good information about condos and I have included some of the highlights of his talk below.
Who has been buying the Seattle condos?
38% are local Seattlites who come from other parts of the city.
33% are boomers
18% are from out of state.
Multiple family members are buying units in the same building. Because of these new condos there has been a 20% increase in downtown Seattle’s population
There are 10,000 new condo units projected to be built in Seattle. Right now there are only 3000 units that have obtained financing. So the question is, will all of these projects get built?
His predictions:
Condo complexes will be created in the suburbs that will mirror a small urban village. These new villages will be similar to urban neighborhoods with restaurants, shopping, and amenities all on site. A new village themed project is coming into downtown Burien with 300 units and a retail core. In a 600 unit complex in downtown Woodinville, there will shops, wineries, restaurants, even a spa!
What will be hot: dog parks, pea patches, and car wash areas.
What will not: media rooms, business areas, and conference centers.
Other thoughts:
There have been 7000 rental units lost to condo conversions over the last few years, so the apartment market is tight.
Condos are booming in Snohomish county, too. The condo market there appreciated 25% in 2006.
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On a similar note, the April issue of Seattle Metropolitan magazine has a whole section called Condo Mania. There is a great checklist of things to look for when buying a condo, information about upcoming projects, and a condo shopping guide. I thought the questions to ask when looking at condos were great questions. A couple of questions raised here were ones many buyers do not think about. When you look at a condo conversion, ask whether the condo has been brought up to current building codes, including standards for earthquakes and fires. It is important to know what you are buying so you can make an educated buying decision.
In Real Estate News on April 11, 2007 at 3:07 pm
Did you see the article in Parade magazine last week? (see the link below) I was quite surprised by many of the myths the writer proposed. I didn’t see many facts to support her statements about the myths of real estate.
As a Realtor for the past 20 years who has worked in all kinds of markets, I feel qualified to comment on myth #1, #2, and #5.
My take on myth #1 -Only a licensed Realtor should sell your home.
The writer states a home owner knows more about their home which is very true. However, the home owner doesn’t know all the details involved in the sales process. Selling a home and obtaining the highest possible price is a result of many factors, a multi-staged process, and the result of a successful partnership between a good Realtor and a home owner.
A good Realtor knows the competition inside and out. I showed a home today that has a great view of the mountains and the lake. You couldn’t see any rooftops or other houses. Something like this is priceless and not something you find from the internet. Do internet evaluations know these subtle, but very valuable differences? Positioning the home properly against the competition is often the key to making the most money for a home owner.
A good Realtor knows the current absorption rate, how many homes are available and how many are selling. Even in my local market, the eastside of Seattle, there are “mini” markets that demand different pricing structures.
A good Realtor minimizes the stress of a home sale. A home is not a commodity, like a car or boat. It is a measure of one’s personal taste and lifestyle. Having strangers/buyers come into your home is stressful enough, without having to deal directly with the buyer.
A good Realtor is your advocate and will negotiate from a position of strength and experience and is able to evaluate all the terms and conditions of an offer. Offers can run between 10-15 pages.
A good Realtor is a strong negotiator in a multiple offer situation. This can be tough for even the most experienced Realtors, let alone a home owner who has never done any negotiation.
A good Realtor knows the sale of a home is a three stage process:
-Assisting the home owner with presentation, staging, pricing, and top notch marketing
-Marketing the home to Realtors and buyers
-Following the transaction through the inspection, appraisal, financing all the way to a successful close.
My take on myth #2- Your broker does not want you to get the highest price for your home.
There is no data in the article to support or explain this statement.
Home owners should know the answers to the following questions before reviewing an offer:
Are you selling in a fast or slow market?
How many showings have there been?
Has anyone come back to your home for multiple showings?
How many hits have there been on various internet sites?
Are any of the agents calling to ask questions about the house?
What is the buyer/agent response after viewing your home?
What is the average market time for a home in your local area?
Working with a knowledgeable, reputable Realtor, home owners will have the answers to these questions. The home owner can then make an informed decision about the offer price. Maybe the price is too low and should be countered. Maybe it should be accepted because it’s what the market will bear.
My take on myth #5-your home must be turned into a showplace before it is listed.
A home should be a showplace when selling. The homes in mint condition sell for the most money. Since agents are hired to help home owners make the most money, agents should be advising them to make their home a showplace.
A good Realtor should recommend the most cost effective improvements to bring the home to show condition. Realtors should use their contacts to help home owners do inexpensive fixes. New carpet, paint, and lawn maintenance will bring home owners more money. If some of these things are not done, it can cost a home owner dearly in the sales price of the home. Buyers always think it costs more to do these things and can choose to buy another home that is more market ready.
Remember buying and selling is an emotional process for both parties, the home owner and the buyer. Presenting a home for sale that is maintained well, staged beautifully and photographed by a professional will create the warm ambiance a buyer is looking for when purchasing a home, not just a house. A good Realtor will position your home so that its best qualities will shine and excite buyers. The home will be priced so you get what you deserve, a great price and a stress-free transaction!
Any thoughts about this article?
http://www.parade.com/articles/editions/2007/edition_04-08-2007/5_Real_Estate_Myths
In Real Estate News on January 18, 2007 at 2:31 am
It is interesting to see the cost of home ownership in most of the other major metropolitan areas of the country. The National Association of Realtors has compiled a list of the cost for homes in the major metropolitan areas of the country. The chart shows the median sales price for each of the areas from 2003 through the third quarter of 2006. In addition, you will be able to see the percentage of appreciation for the three quarters of 2006 in each area. Double digit appreciation was on the rare side for most of the country. However, in the Seattle area, the overall appreciation for the first three quarters of 2006 was 14%. We actually experienced great appreciation for last year when compared to other parts of the country. The area with the greatest appreciation for the first three quarters of 2006 was (drumroll, please) Salem, Oregon with an appreciation rate of 24.7%. Following closely behind was Elmira, NY. Homes appreciated at the rate of 21% (Elmira? I want to know what is going on there!) It is also interesting to see the many areas that declined in appreciation last year. Many of the stronghold areas of appreciation in the country, San Diego, Los Angeles,etc, experienced negative appreciation or single digit appreciation.
The range of appreciation in the Seattle area varies according to the specific city and neighborhood. But, stayed tuned, more on that will be coming in a later posting for our Eastside neighborhoods…
http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf
Eastside Real Estate Buzz
