How Can You Make More Money Selling Your Seattle Eastside Home?

It's simple.  Price your home right and it will sell quickly and for full price.  Overprice your home, it will take longer to sell and it'll sell for less than full price.  In today's hot real estate market, buyers know a good home when they see it because they run out to see everything as soon as it comes up for sale.  If it's priced right, a home will attract multiple offers and sell for full price or more.  If it doesn't sell quickly, given the shortage of supply, it's clear a house is overpriced and will need a price reduction to attract a buyer. 

Two thirds of the sellers got it right during the first quarter of the year and sold their homes quickly and for full price or more.  When you price your home, position yourself to be in that two thirds that sells for full price.  If you do, you'll end up walking away with more money in your pocket.

Posted on May 22, 2013 at 6:02 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Make More Money Selling Your Home, Real Estate, Seattle real estate, WA real estate | Tagged , , , , , , , ,

Free Shredding Event at Windermere/Yarrow Bay in Kirkland on Sunday, May 5th

Posted on April 29, 2013 at 7:01 am
The Beaupain Team | Category: For Homeowners, Kirkland, Windermere Real Estate | Tagged , , ,

Seattle Eastside Real Estate Sails into The New Year!

 

In January, buyers were lining up to buy the few available homes on Seattle's Eastside.  Sixty-five percent of the homes on the market sold!  There were so many buyers that most homes attracted multiple offers and sold for over full price. 

For many months now, I've repeated myself.  I've been reporting that the number of homes for sale during each of the last few months is the lowest number in 15 years, yet with each month the number has gotten smaller and smaller.  The start of 2013 marks the first time the number of homes for sale has dropped below 1000 homes in such Eastside cities of Bellevue, Redmond, Kirkland, etc,  I checked back to 1990, 23 years ago, and this is the lowest, and the lowest by far, number of homes for sale.  Traditionally, there are several thousand homes for sale.

Sales, on the other hand, are high.  Eastside real estate sales increased by 17% from January, 2012, while the number of homes for sale dropped by 44%.  Redmond and East Bellevue continue with the top the absorption rate.*  Over 95% of the homes near Microsoft sold last lmonth!  There were only 44 homes on the market in those areas and 42 sold! 

Fewer homes to buy + more sales = hot market. 

Sellers, your ship has come in!  But keep in mind, the homes that sell for the best prices are in show condition, not in need of repairs and are priced right. 

Buyers, you have more of a challenge in this market.  But it can be done.  You can buy a home.  Be prepared with a strong pre-qualification letter, learn your market, and have a Realtor representing you who is a savvy negotiator in multiple offer situations. 

 

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

 

If you'd like more information specific to your home, don't hesitate to contact us.

*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.

Posted on February 12, 2013 at 6:51 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , , ,

Seattle Eastside 2012 Real Estate Ends the Year on a High Note

What a year we had in real estate on the Seattle eastside!  December real estate was on fire, just like much of 2012!  Just over 1000 homes were for sale, about 1/2 as many as were for sale just a year ago.  It's been over 15 years since there have been so few homes for sale in Bellevue, Kirkland, Redmond and other eastside cities.   In a few eastside neighborhoods, every home for sale sold, but the bottom line is in every area most homes were selling, if they were priced right and showed well. 

The area with the most sizzling sales activity was near Microsoft, in Redmond and East Bellevue.  There was and is a dearth of listings, so every home that was for sale sold! Over 100% of the available homes sold in December!  More than likely a few homes sold before they were on the market, causing the percentage of those sold to top 100 percent.

Our listings have been selling in a matter of days with multiple offers.  Typically, homes sold for more than full price because of the intense competition and lack of inventory. 

In 2012, 7300 homes sold on Seattle's eastside.  Even with fewer homes for sale in 2012 than in 2011, more homes actually sold in 2012.  In 2011, 5440 homes sold.   In 2012, most of the homes sold were priced between $500-$750,000.  The second most popular price range for homes in Eastside neighborhoods was $350-$500,000.   Market time was really short by the end of 2012.  It would have taken about 2 months to sell every home for sale, which was half the time it would have taken to sell off all of the available inventory in 2011.

Here are the specifics for December 2012 as compared to December, 2011:

  • 46% of the available homes sold this past December,  17% sold in December, 2011.
  • Homes continued to sell quickly, in 63 days, which is down from 106 days in December, 2011. 
  • In 2011 median pricing in December was $460,000.  In 2012, median pricing was $506,000.

 

The median price of $506,000 listed above reflects the median price of the sales in December.  The median price for homes sold in all of 2012 was $525,399, up from $502,784 in 2011. The chart below shows the median pricing for each of the last 5 years.  As I've mentioned in previous posts, it makes more sense to look at the trendline (the red line)  for the year then to just compare one month to another.  It's clear that for the first time in the last 5 years, we are seeing a solid trend with price increases. 

The fabulous activity in the 2012 eastside real estate market should continue into 2013.  We've started the year with our listings selling just after the ink is dry on the listing and it's posted on the internet. With supply at an amazing low and demand still very high, there are multiple buyers for homes.

Seattle is on a strong path forward because of our strong economic footing, according to Jed Kolko, the chief economist at Trulia:

     On the other hand, metros like Seattle, which came in second on the list of cities with the highest asking-price recovery, are on a smoother path to growth because of their strong economic fundamentals, he said.

If you'd like more information specific to your home, don't hesitate to contact us. Have a wonderful 2013.

Posted on January 15, 2013 at 4:12 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , , ,

Many Homes on Seattle’s Eastside Are Selling For Over Full Price!

In the third quarter of 2012, almost 30% of the homes that sold in the cities of Bellevue, Redmond, Kirkland, Sammamish, Woodinville, Issaquah sold for over full price!  The demand by buyers for homes and the lack of inventory is creating this huge uptick in competition for a home. When more buyers are competing for the same house, the offers often have to be for more than full price to stand out from the competition.   Many homes are now getting multiple offers and many, almost a third, are now selling for more than the asking price. 

We've recently sold several listings in which the selling price was over $20,000 more than the asking price!  In one instance, the home had come on the market only hours before.  The buyers didn't want to take the risk that another offer would be written before the seller had time to respond, so they offered over full price.  Another home sold within 48 hours.  Three buyers made offers for that home. 

As you can see in the above chart, the homes that sell for more than full price, sell for about 3% above the asking price, with the range from just a hair over asking price all the way to 22.5% above the asking price!

Twenty-one percent of the homes sold for full price.  This means 51% of the homes on the eastside sold for full price or more!

The homes that sold above full price only lasted on the market, on average,16 days.  Homes that sold for full price were on the market for about a month. 

But what about the other 49%?  (Not to be confused with the 47% that was talked about in the election) 

Why did half the homes sell for less than full price if the market is so hot?  More than likely, one of these reasons was the cause:

 

  • Location
  • Pricing
  • Condition
  • Marketing
  • Competition

 

You can't change the location or the fact that there is competition for a particular home.  But when selling a home, you need to maximize your buyer attraction by pricing your home well, having it in stellar condition, and presenting it well to the buyers through fabulous marketing.

If you have questions about how to have your home be one of the 51% that sells for full price or more, feel free to contact us!

Posted on December 6, 2012 at 11:51 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Issaquah, WA, Kirkland, Real Estate, Redmond, Sammamish, WA, Windermere Real Estate, Woodinville, WA | Tagged , , , , , , , ,

How Safe Is Your Neighborhood? Crime Mapping Has Come to Bellevue and Kirkland

A public website where you can find out what types of crimes are happening in a neighborhood?  You can now find this online in Bellevue and Kirkland and some other Washington cities.  The City of Kirkland used a grant from Washington State to buy a crime mapping program that is available to anyone with a computer.  The goal of the program is to raise the level of awareness regarding crime in the neighborhoods.  The hope is people will see suspicious activity and report it to the police.  Citizens will be empowered to assist the authorities and will be more knowledgeable about what is happening in their neighborhoods.  

Aware citizens are a good thing.  Just recently 3 burglars in Kirkland were caught because neighbors were being vigilant and reported suspicious activity to the police. 

The program is not an attempt to scare people, but to raise the level of awareness of people within the community. With a raised level of citizen awareness, people will be even safer. No city is immune from crime, but here on the eastside, things are generally safe.

Who could benefit from this program? 

  • Anyone who wants to know about the safety of their neighborhood.
  • Anyone who wants to increase their level of awareness about what is going on in a city. 
  • Anyone who is thinking of buying a home and wants to check the safety of a neighborhood.

 

It's simple to access the program.  You can log on by going directly to the site or through a link on the City of Kirkland website.  When you input an address you can check for a variety of different crimes within a certain radius.  No actual addresses are given as crimes are reported by blocks instead of a specific address. 

The city has also added links to crime prevention tips for each type of crime and to the King County Sex Offender registry.

 

Other important things to know:

  • You can sign up for email alerts.
  • You can search for more than one place, ie.a school or job location.
  • You can create reports by category of crime or during a specific block of time.
  • There is a free iPhone app.

 

The information is updated by the police on a regular basis and is an attempt to keep the public well informed. In Kirkland data will be updated on Tuesdays-Thursdays.  However, if there is an active crime investigation going on, reports may be withheld. 

You can access a huge number of other cities across the United States.  Sometimes it is good to do that to see how safe living in Kirkland and Bellevue is when compared to other cities in the nation.

Posted on June 22, 2012 at 7:03 pm
The Beaupain Team | Category: Bellevue, WA, For Buyers, For Homeowners, Kirkland | Tagged , , ,

May Was a Strong Real Estate Market on Seattle’s Eastside

With a 46% chance of getting a home sold in May, home sellers in Bellevue, Kirkland, Redmond and other eastside cities had great odds of getting their home sold. We saw a slight uptick in the number of homes for sale, but that did not change the fast paced nature of the market.  When almost half of the homes for sale are selling, a few more listings doesn't make that much difference.

But if many more listing come on the market will that change the balance of the market between buyers and sellers? Time will tell, but historically when the demand outstrips the supply, we have a fast paced sellers market.  If the supply increases, the competition between listings could heat up and we could have a good market, but not as fast paced.  The market would be more balanced between buyers and sellers.  The market balance in the upcoming months will hinge on the supply of available homes and the number of buyers.

The market is great, but 54% of the homes did not sell. One of the necessary elements necessary for a quick, well priced sale was more than likely missing for many of these homes.  The homes that did not sell may have needed to be better priced or have sharper photos, smart staging and/or marketing.  These homes may not have gotten the attention from the  savvy buyers if one of the key elements for a successful sale was missing.  They focused on those homes that are well priced and show well.

How did this past May compare to May of 2011?

  • 46% of the available homes sold this past May, 24% sold in May, 2012.
  • Homes sold in 58 days, which is down from 76 days in May, 2012.
  • Median pricing remained the same at $500,000.  This is very good news!
  • Homes sold within 96% of the original asking price.  Last year homes sold within 92% of the asking price.
  • 23% more homes sold this year.

The market stats over the next few months will dictate whether Seattle-eastside real estate will remain a hot seller's market.

Will the number of listings increase?

Will the number of buyers decrease?

Will prices continue to increase slightly?

Stayed tuned to to see how our eastside real estate market turns out!  Check in with us next month.

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on June 13, 2012 at 12:37 am
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Market Statistics, Real Estate | Tagged , , , , , , , ,

Was May The Best for Condo Sales on Seattle’s Eastside in the Last 5 Years?

Even fewer condos were on the market in May on Seattle eastside and sales were still strong.  There were 6 fewer sales, but because there were fewer condos for sale, a slightly higher percentage sold. Slightly over 44% of the available condos sold in May, which could very well be the best odds of selling a condo in the last 5 years on Seattle’s eastside!  We expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.  But if many more condos come up on the market, then the odds of selling may dip slightly.  It is that old law of supply and demand.

It’s a great time not only to sell a condo, but to buy one, as the prices have not been this low since early in the last decade. But be careful out there.  Just because something is a fabulous price  doesn’t mean it really is a great deal or a great place to live.   Buying a condo also means you’re buying into an association.   It’s important to check the association rules, regulations and financial statements.

Last month my post about the condo market listed a number of questions sellers should ask before selling.  Many of these same questions should be asked by a buyer when planning to purchase a condominium. When you find a condo you like, you can make an offer because one of the conditions of all offers is for you, as the buyer, to have time to review all this information.  Condo buyers receive a copy of a “resale certificate as a condition of the offer.  This document has tons of information about the condo and the association, but that’s for another blog post!

Posted on June 11, 2012 at 9:31 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Market Statistics, Real Estate, Uncategorized | Tagged , , , , , , , , ,

How Do You Go From For Sale To Sold on Seattle’s Eastside?

Moving from "For Sale" to "Sold"

 

How  do you get from “for sale” to “sold?” It’s the price!  Even though the real estate market in Bellevue, Kirkland, Redmond and other eastside cities is red hot, the price is still critical to getting a “sold” sign posted on the “for sale’ sign in your front yard.

Almost half, 48%, of the homes for sale between September, 2011 and March, 2012 sold in 10 days or less! With these homes only on the market for fewer than 10 days, the homeowners and their Realtors did everything right.  The homes had to be priced right, show well, have fabulous photos and great marketing or the homes would not have sold.

Seeing these incredible numbers should help blow several common misconceptions out of the water:

1. Should you leave negotiating room when you set the price for your home?  NO. Some homeowners think they should leave bargaining room.  This, however, will send that homeowner down a path toward a longer market time and a lower selling price.  Look again at the top line of the first chart.  Almost half the homes sold within 99% of asking price and in under 10 days.  With sales prices coming in at 99% of the asking price, there was little bargaining in the final sales price.

2. What if you want to price your home high because you’re in no rush to sell? A homeowner who overprices a home will shoot themselves in the foot.  Let’s say a buyer is out searching to buy a home and sees 5 homes. The buyer will compare each one’s price, location, and features.  They don’t compare whether a seller is a rush to sell or has all the time in the world.  The buyer won’t know that.  The buyer will only know that when comparing the homes, the overpriced home will stand out.  Most buyers don’t bother to make an offer because there are 4 other homes that are more attractive and priced right.  There’s no need to waste time pursuing an overpriced home because, even though the supply is low, there are other homes on the market.  If today’s market pricing doesn’t meet a homeowner’s needs, then don’t put the home on the market.

3. Were these homes underpriced, because they sold so quickly? No. In today’s real estate market, we’re dealing with very savvy buyers.  They know the market and they know pricing.  They know when they see a home that’s well priced and they’ll pay for it.  The buyers don’t have time to waste.   The good homes are going fast.  Secondly,  does anyone really think that half of the homes that sold in the last 6 months were underpriced?  I don’t think so!

The other 52% of the homes took 149 days to sell and sold with an average of a 10% discount. If you look at the second chart, you can see for every 30 day period a home is on the market, the selling price drops.  Homes that were on market for a long time were the homes in which sellers could bargain with the buyers, but it usually meant the price dropped.  Buyers think a home is overpriced or there’s something wrong with it if the house is on the market for more than a month in this market.

If you decide to sell your home, you’ll need to decide in which half of the market you’d like to be.  Do you want to be in the market in which your home could sell quickly and for a good price or do you want to test the waters, take your time, and more than likely sell for less?  It’s your decision.

 

Posted on May 30, 2012 at 4:31 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Make More Money Selling Your Home, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , ,

The Real Estate Sales Numbers in Redmond, Kirkland, Bellevue Continue to Be Fabulous

This tells it like it is in the Seattle area real estate market.  The entire region, with the exception of Vashon Island in yellow, is a sellers market, which is indicated by the color red.  The top sales rate, not the most sales, once again goes to Redmond and East Bellevue near Microsoft.  In March, 80% of the homes sold there, while 69% sold in April! The odds of selling a home were the lowest in other parts of Redmond and Carnation.  But at 32%, the odds were still good.  This is a testament to the positive economy in the Seattle area and on the eastside.

Microsoft is hiring and moving people around the country.  We know this first hand as we’re working with three different buyers who are either moving into the Bellevue/Redmond area or moving out of state for Microsoft.

Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time. some price increases (although minimal) are happening all over the Seattle eastside real estate market.  The Seattle Times recently published a very positive picture of the local real estate market.

 

Here’s how your city did:

The cities below are reported together to follow our MLS areas (multiple listing service) information.

 

1. Redmond/East Bellevue

The odds of selling a home were 69%!!!!!

Median sales price decreased from $430,000 to $428,000 (y-o-y)**

97 homes were for sale

A total of 67 homes sold

Days on the market: 70

 

2. South Bellevue/Issaquah

The odds of selling a home were 48%

Median price increased from $520,000 to $522,000

244 homes were for sale

A total of 118 homes sold

Days on market: 85

 

3. The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 44%

Median sales price increased from $467,000 to $472,000

There were 467 homes for sale

A total of 203 homes sold

Days on the market: 110

 

4. Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 42%

Median sales price increased from $383,000 to $385,000

397 homes were for sale

A total of 165 homes sold

Days on Market: 103

 

5. Kirkland

The odds of selling a home were 36%

Median sales price decreased from $550,000 to $430,000

132 homes were for sale

A total of 47 homes sold

Days on Market:  72

 

6. West Bellevue

The odds of selling a home were 34%.

Median sales price increased from $973,000 to $1,185,000

118 homes were for sale

A total of 40 homes sold

Days on Market: 107

 

7. Redmond/Education Hill/ Carnation

The odds of selling a home were 32%

Median sales price increased from $452,000 to $538,000!

219 homes were for sale

A total of 69 homes sold

Days on Market: 159

 

If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.

*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

** (y-o-y)  median pricing is comparing year over year numbers.

How was real estate market in your area in April, 2012?

Posted on May 11, 2012 at 4:20 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Redmond, Seattle, WA, WA real estate | Tagged , , , , , , , , ,