Were October Seattle Eastside Real Estate Sales Still Strong?

 

Real estate sales were still strong in October on Seattle's Eastside.  Fewer homes were for sale than in September, but sales increased (the red line shows the pending sales for each month)  October was far from the slowest month for sales.  There were fewer sales in five other months this year.  As you can see, April-August had the best run of real estate sales and October was just behind August for the number of sales. 

Here are the specifics for October, 2013 as compared to October, 2012:

  • 51% of the available homes sold this past October,  43% sold in October, 2012.
  • Homes sold in 41 days, down from 62 days in October, 2012. 
  • In 2012 median pricing in October was $515,000.  In 2013, October's median pricing was $572,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

 

Posted on November 11, 2013 at 6:27 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

King County Assessor Lloyd Hara to host Town Hall Meeting in Kirkland, Washington

Are you questioning why your property taxes may have gone up?  Many people do.  Every year I get phone calls from neighbors and clients asking me why their taxes have increased.  Most people hope to contest King County's tax assessment if they think the property tax increase is unfair.  Before you decide to contest your taxes, it's a good to know how and why the taxes increase.   As a citizen and tax payer, you'll have an opportunity to meet Lloyd Hara, the King County Tax Assessor, at a town hall meeting. Mr. Hara will discuss the ins and outs of property taxes and how one can make an appeal. 

 

Below is a a copy of the press release regarding the Town Hall Meeting:

 

King County Assessor Lloyd Hara from the Department of Assessments will host a town hall meeting on Tuesday, November 12th from 6:00 PM to 7:30 PM to discuss property valuations, taxes and the services the Department of Assessments provides to assist King County property owners. The King County Board of Equalization and Tax Advisor’s Office will also present information on property valuation appeals.

 

Tuesday, November 12, 2013
6:00 p.m. – 7:30 p.m.
Kirkland City Hall – Peter Kirk Room
123 5th Ave, Kirkland, WA 98033

 

This town hall will be an opportunity for residents to learn more about their property assessments and values, senior and disabled exemptions, online services and the appeals process.

"We are beginning to see a recovery in the housing market in King County," said King County Assessor Lloyd Hara. "Though property values continue to decline in selected areas, there are also a number of areas where property values are increasing, including in the City of Seattle and the Eastside.”

Property taxes are mixed in King County for 2013, with property values and property taxes down for many. However, some property owners from will see their property values decline while their property taxes increase, and other property owners will see both their property values increase and property taxes increase.

If you would like more information, please visit the King County Assessor’s website at www.kingcounty.gov/assessor or contact Phillip Sit at 206/263-2261 or phillip.sit@kingcounty.gov.

 

Posted on November 4, 2013 at 6:30 pm
The Beaupain Team | Category: For Buyers, For Homeowners, For Sellers, King County Real Estate, King County, WA, Kirkland, Real Estate | Tagged , , ,

How Strong is the Seattle Eastside Condo Real Estate Market?

The pace of the market seems very much like September, 2012.  Fifty-two percent of the condos for sale sold this past September, whereas in September, 2012, 55% sold.

However, the difference this year is median pricing was still much stronger than last year and has been consistently above $260,000 since April.  In September, 2012 median pricing  stood at $225,000. Market time was twice as fast as 2012.  Homes sold in a little over a month.  In 2012, it took over 2 months on average for a home to sell.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on October 25, 2013 at 5:33 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Real Estate, Windermere Real Estate | Tagged , , , ,

Cooler Weather Brings a Cooler Real Estate Market on Seattle’s Eastside

 

Along with the cooler fall weather on Seattle's Eastside, the real estate market has cooled a bit.  The hot market of early this year began to cool off in July and continued into September.  

Does this mean we are in a bad real estate market?  Each time the market changes, people read more into it than is needed.  Our market is slower, but still very strong.  We're in a more balanced, evenly paced market, which is a good thing.   With homes selling on average in a little over a month, the real estate market is a good one.  The market is a strong market, it's just not as crazy and fast paced as earlier this year. 

The number of homes for sale dropped for the first time this year and inventory remains low.  Sales activity, although still good, also declined. Ironically, the percentage of homes selling as compared to what's available, 41%, is not that much different than last year when 37.5% of the homes sold.  The pace of the market is very similar to September, 2012, however time on the market is much shorter and median pricing is much stronger.

As I mentioned last month, this means pricing is paramount.  With our more realistic market, buyers won't be as willing to jump.  They're going to be more critical and evaluate the pricing of a home more carefully. We're in a more normal market in which buyers have the luxury of a little more time.  They will evaluate and pick and choose those homes that are priced right and show well. 

 

Here are the specifics for September, 2013 as compared to September, 2012:

  • 41% of the available homes sold this past September,  37.5% sold in September, 2012.
  • Homes sold in 37 days, down from 68 days in September, 2012. 
  • In 2012 median pricing in September was $500,000.  In 2013, September's median pricing was $585,000.

If you'd like to know more about the value of your home, please don't hesitate to contact us.

 

Posted on October 21, 2013 at 6:26 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Real Estate, Seattle real estate, WA real estate | Tagged , , , , ,

Was The Seattle-Eastside Condo Market Still Strong in August?

 

Sixty percent of the available condos on Seattle's Eastside sold in August.   It's terrific to think that 2/3 of the August inventory sold.  The number of sales was none too shabby, but the market has slowed.  Earlier this year, 8 out of 10 condos sold in a given month.  But selling 6 out of 10 condos is still nothing to sneeze at.  It's still a very strong condo sales market. 

Median pricing stayed the same as July, $272,000. Median pricing seems to have stabilized as pricing for the last four months ranged from $269,000-$279,000.

Condos were on the market for 45 days.  If no other condos had come up for sale, it would have taken less than two months to sell all of the inventory available in August.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on September 19, 2013 at 6:13 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Real Estate, Seattle real estate | Tagged , , , , ,

Has The Seattle Eastside Real Estate Market Changed?

 

The Seattle Eastside real estate market is beginning to level off.  For the first time in months, only about half the homes for sale sold.  This is more typical of a balanced market between buyers and sellers, not the hot sellers' market we've seen over the last few months. 

The number of homes for sale is starting to look more like 2012's numbers, although there are more homes selling now than  in 2012.  The supply of available homes is is almost twice what it was in January of this year.   Homes are still selling well as the number of homes sold in August was among the largest this year.  When you compare inventory to previous years, we still have far fewer homes on the market.  This past August had the fewest number of homes for sale in any August ever!

Our market is a more evenly balanced market, between buyers and sellers.  This shift started to happen in July, but was more pronounced in August.  This means pricing is far more critical than it was this past spring when so few homes were on the market.  If a home is not priced right, buyers will pass and wait for another home to come on the market that's priced more competitively.  With more homes coming on the market, there are more choices for buyers and less wiggle room in pricing for sellers.

Median pricing was only $1000 greater than July's median pricing.   Generally, we've seen a much larger increase in pricing from one month to the next this year, so this is another indication the market is leveling off.

Here are the specifics for August, 2013 as compared to August, 2012:

  • 48% of the available homes sold this past August,  38% sold in August, 2012.
  • Homes sold in 32 days, down from 63 days in August, 2012. 
  • In 2012 median pricing in August was $518,000.  In 2013, August's median pricing was $575,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

Posted on September 18, 2013 at 10:59 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,

Seattle Eastside Condo Sales Sailed Through July

 

More condos were for sale in July than any month so far this year, but condo sales were still strong.

Median pricing dropped a bit from June to $272,000.  This does not reflect a drop in prices, but only that the median price of the condos sold in July was less than what sold in June.

We expect prices to continue to increase.  As an example of what's still happening in the market, we just sold a condo in Redmond in less than 2 days for 10% above the asking price! Not all condos or homes, for that matter, are selling over full price because of the increase in inventory.  Our listing was staged beautifully, professionally photographed, and priced realistically.  It immediately caught the buyer's attention and the seller received a fabulous offer.

Condos were on the market for less than 45 days.  It would have taken less than two months to sell all of the inventory available in July.

Since there still are a number of condo owners "under water" who are waiting for prices to increase even more, expect the market to remain strong, even if inventory increases.  We still have a shortage of condos for sale when compared to the demand.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on August 16, 2013 at 6:48 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Redmond | Tagged , , , , ,

July Brought Sunny Weather and Great Real Estate Sales on Seattle’s Eastside

More homes were for sale on Seattle's Eastside in July, the most number of homes we've had for sale so far this year.  The inventory is still below July of 2012, when there were 240+ more homes for sale.  Competition is a little stronger as we see more homes come on the market.  The good news is more homes are actually selling this year than last in most eastside neighborhoods.  As the number of homes for sale has increased, the actual number of sales has also increased. 

There's a very healthy turnover in the homes for sale as 1145 homes came on the market in July.  Pending sales stood at 901 homes, a new high since 2005. This represents a fabulous number of sales. 

I've seen some "for sale" signs up for a little longer than in the spring and there's been an increase in price reductions.  Still, there are some homes that are selling with mulitple offers.  Usually, these homes stand out from the competition with a great price, great condition and great marketing.   

The market is beginning a very slow re-balance between buyers and sellers, as the number of homes for sale increases.  That being said, don't be surprised to see anything and everything happen in this market.  Expect the good homes to sell in a heartbeat, while others take a little longer.  There are some reductions for the sellers who were still unrealistic as to what the market will bear.

Our listings continue to sell quickly and for strong prices.  Through July, all of them sold in less than a week!

The median price for sales was higher in June than July.  This does not mean prices have dropped, it just means the median price for all the homes sold in July happen to be slighty less than the median price for all the homes sold in June.  If we look at the full year, with the exception of July, there's been a steady increase in median pricing. 

As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.

Here are the specifics for July, 2013 as compared to July, 2012:

  • 60.9% of the available homes sold this past July,  37% sold in July, 2012.
  • Homes sold in 28 days, down from 65 days in July, 2012. 
  • In 2012 median pricing in July was $511,000.  In 2013, July's median pricing was $574,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

Posted on August 15, 2013 at 2:27 am
The Beaupain Team | Category: For Buyers, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

Trying to Save Money on a Loan Can Be Costly

Our client found the perfect home for an incredible value.  We negotiated the sale and a fabulous offer was secured for our buyer.  He had instant equity upon closing.  But the sale never closed.  

We'd recommended lenders to him, but he chose to use another lender.   Why?  Because he would save $1000 in closing costs. 

Unfortunately, this lender rarely spoke to the buyer and would not return our phone calls.  Without this communication, it was clear what was happening.  Nothing.  After two weeks, our client got nervous and decided to switch to a recommended lender.  This lender was getting the job done, but having lost the first two weeks of the transaction time, this lender asked for a week's extension. 

The seller refused to extend the closing date to accommodate the extra needed time for financing.  He decided he'd sold his home for too low of a price and he could get more money for his home.  He wanted to put his home back on the market.  Our buyer lost this fabulous home and the equity he would've had if he'd been able to close the sale.  The equity he lost was worth far more than the $1000 he could have saved on the loan.

It's always important to work with a lender who'll get the job done for you.  It's even more critical in our fast paced market.  Sellers may not be inclined to let you change lenders or extend the closing time.  If you change lenders after the offer has been accepted, the seller has to agree in writing to the lender change.  You, as the buyer, can't just up and change lenders without the seller's permission, as you could be in default on the contract and lose your earnest money.*   What if you need an extension?  The seller also has to agree to any extension to the closing date.  If the seller doesn't agree in writing to an extension, then the offer dies on the original closing date and the seller is free to sell the home to another buyer. 

Keep in mind how important it is to use a lender with fair pricing, but also a lender who has a proven track record to get the job done.  Get referrals from your Realtor, friends or family.  Choose a known quanity to do the job.  You could lose a lot more than $1000, you could lose the home you want to buy.

 

*As always, with any legal issues, it's important to seek the appropriate legal advice from an attorney.

 

Posted on July 22, 2013 at 5:48 am
The Beaupain Team | Category: For Buyers, Mortgages, Real Estate | Tagged , ,

June Condo Sales on Seattle’s Eastside Were Still Smoking!

 

 

Seattle Eastside Condo Real Estate is still terrific!  Since so many of the available condos sold in June, like most months this year,  it seems like it's impossible to get a condo.  If you're are looking for a condo to buy, more are coming on the market each month, so there's a fresh supply available.  You've just got to be quick as they sell so quickly.  Condos are selling in just over a month!  In June of 2012, it took 3 months to sell a condo.  This is still a very fast paced market. 

Median pricing jumped up to $280,000 in June and I hope we can cross the threshold to $300,000 for a median price in the near future.  The good news is as the prices go up, more condos will come on the market as more sellers will be able to afford to sell.  Higher prices are great for sellers, but not all bad for buyers, since it means more condos should come on the market.

If you'd like to know more about the condo real estate market, please free to contact us.  We're here to help!

Posted on July 12, 2013 at 5:46 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,