» What were the Chances of Selling a Condo on Seattle's Eastside in August, 2007?

What were the Chances of Selling a Condo on Seattle's Eastside in August, 2007?

Sellers had a 30% chance of selling a condo on Seattle’s Eastside in August of 2007.

August, 2007 1002 condos for sale, 309 sales, 30% chance of selling.

July, 2007 918 condos for sale, 332 sales, 36% chance of selling.

August, 2006 545 condos for sale, 419 sales, 76% chance of selling.

Calling all first time buyers, move down buyers, empty nesters and those looking for a more maintenance-free lifestyle. Now is the time for all “good” buyers to be looking at homes and condos to purchase. If you are a “good” buyer, someone with great credit and a steady job, you should be out there looking to buy. Median prices have dipped a bit since June, so pricing and inventory are on your side. There are some great properties for sale out there!

For sellers, as I have mentioned, appreciation has been very strong over the last 4 years, particularly in 2006. Your condo is worth far more than its purchase price. As an example, a client of mine bought a condo last fall for $260,000. A similar condo in her complex just sold for $315,000. The appreciation in less than a year? 27%

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Joel

“If you are a “good” buyer, someone with great credit and a steady job, you should be out there looking to buy.”

I have great credit and a steady job at MS. Where in Bellevue/Redmond/Kirkland can I find a house whose monthly PITI will be around $1400/month?
http://www.debrasinick.com Debra Sinick

Hi Joel,

Here are some numbers for you from Steve Tedrow at Windermere Mortgage:

Here’s what a $1,400 payment would buy:

$200,000 mortgage

Interest only payment @ 6.25% = $ 1,041
Real estate taxes 175
Homeowner dues 200

total payment $ 1,416

A house in the Bellevue/Redmond/Kirkland area no longer exists unless you were to put at least 50-60% down. A condo purchase would be the way to go. If you want to keep your payments in the $1400 range, it would bring the price of the condo down some because home owners dues are included in your monthly expenses. The price of the condo would depend on your downpayment. Given the appreciation rate of condos in the cities you prefer, it would be smart to get into a condo. Many buyers are just starting out like you and should consider buying a condo. The condo market has been experiencing great appreciation. The appreciation, with the tax write off, and saving some money every year will help you move to a bigger place later on.
http://www.debrasinick.com Debra Sinick

Hi Joel,

I looked at the numbers again and realized Steve had included the Home Owners dues. This is a ball park figure for dues and they can be higher, depending on the complex.

Just to let you know, I am closing on a condo sale this week that was $215,000. The condo is a one bedroom in Redmond only a few miles from Microsoft. There are some condos out there.