Bellevue, WAEastside Real EstateFor BuyersFor SellersIssaquah, WAKirklandMarket StatisticsReal EstateRedmondSammamish, WAWoodinville, WA September 15, 2011

How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in August,

Seattle-eastside real estate sales results were so similar during June, July, and August I could have posted the same report with just a few exceptions each month!  Overall, 23% of the available homes sold in August, the same as June and July!

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Eastside+of+Seattle&aq=&sll=47.610377,-122.200679&sspn=0.123598,0.359459&vpsrc=0&g=Bellevue,+WA&ie=UTF8&hq=Eastside+of&hnear=Seattle,+King,+Washington&t=m&ll=47.615847,-122.302272&spn=0.338201,0.11521&output=embed&w=425&h=350]

The only significant change happened in West Bellevue and East Bellevue and the Microsoft area around Redmond.  Both these areas had fewer home sales in August than in July.  It was most noticeable in the neighborhoods around Microsoft where sales have been consistently strong.  In July, 38% of the homes sold and in August the sales numbers dropped back to 24%.  The area still had the best return on the eastside, but it was more in line with other eastside neighborhoods.

There’s a good real estate market out there.  The last time we saw a similar real estate market was back in the years between 1998-2002.  The market during those years was what we considered to be a “normal” market,  not a crazy market.  Once again, we see a more “normal” market today.

How many homes sold in August, 2011 in your neighborhood?

(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%)

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

The odds of selling a home were 21%.

Median sales price dropped: $479,895 to $475,000.

There were 725 homes for sale.

A total of 174 homes sold.

Redmond/East Bellevue

The odds of selling a home were 24%.

Median sales price decreased from $494,900 to $479,950.

207 homes were for sale

A total of 60 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 22%.

Median price decreased from $550,000 to $512,225

367  homes were for sale.

A total of 94 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 23%.

Median price was down from $415,000 to $381,650.

589 homes were for sale.

A total of 148 homes sold.

Kirkland

The odds of selling a home was 22%.

Median price decreased from $641,000 to $595,000.

280 homes were for sale.

A total of 73 homes sold.

West Bellevue

The odds of selling a home were 17%.

Median pricing decreased from $869,000 to $754,500.

169 homes were for sale.

A total of 40 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median pricing decreased from $549,950 to $534,900.

319 homes were for sale.

A total of 79 homes sold.

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



Bellevue Real EstateFor BuyersFor SellersIssaquah Real EstateKing County Real EstateKirklandMarket StatisticsReal EstateRedmondSammamish, WA Real EstateWoodinville, WA Real Estate September 12, 2011

Real Estate Sales on Seattle's Eastside Are The Best in Years!

Real Estate Activty on Seattle's eastside

Seattle-eastside real estate sales through August, 2011

The Seattle-eastside real estate market is only getting better and better!  August home sales beat July and were way ahead of last August.  This August was one of the best real estate markets in years!

Real estate sales were hopping.  Thirty-three percent more homes received accepted offers this August than August of 2010.  Almost 20% fewer homes were on the market, so less supply + more demand equaled more sales. In August, 22% of the homes for sale on Seattle’s eastside got offers.  This means out of the 2811 homes for sale, 609 homes sold.  On average, most homes sold within 85 days.

In King County, the number of homes for sale dropped below 10,000 for the first time since last May.  Here on the eastside, we’re also seeing the lowest number of homes for sale.   More than likely, the peak number of homes for sale was 2879 back in June.

Last month I questioned whether the surge in real estate sales would continue because of the volatility in the stock market.  With August sales numbers, we’re seeing the most robust market we’ve seen in a long time.  The stock market didn’t put a damper on eastside home sales.

Was your market affected by the stock market “roller coaster?”

Exploring the EastsideJust for FunLocal news and informationNot Real Estate August 5, 2011

The Blue Angels are Here in Seattle!

Seattle Seafair Blue Angels Show

The Blue Angels are here in Seattle for Seafair.  This is Seafair’s biggest weekend with the Blue Angels and the hydroplane races happening on Lake Washington.  Yesterday, I got to out on Lake Washington and watch the Blue Angels in a practice session for Saturday and Sunday’s big shows.  It was amazing to see all the boats out there on a gorgeous Friday afternoon.  We we just north of the I-90 bridge and got a great view.  Unfortunately, my photos don’t do the show justice.  The planes move so fast that by the time I captured a plane (s) in my viewfinder, they were long gone!  It’s thrilling to see the planes fly in formation.  At one point, some of the planes were flown upside down!

Here are some great photos and a video from the West Seattle Blog.

KIRO is the official station for Seafair.

If you live in the Seattle area, come out to see the show.  It’s spectacular.

 

Just for FunNot Real EstateSeattle August 2, 2011

Playing Tourist in Seattle and on the Eastside on a Beautiful Summer Weekend

I played tour guide and tourist in Seattle and on the eastside last weekend.  I had family visiting me who had never been out to the Northwest.  So I donned by tour guide guise and off we went.  It was the perfect time to do this as the weather was just gorgeous and lots of fun “stuff’ was happening.

We started first at the Seattle Art Museum Olympic Sculpture Park.   The park is a fabulous, dynamic place with interesting landscaping, views, and world-class sculpture.  There are terrific views of Puget Sound and the Olympic Mountains.  Plus, you get to see a lot of the harbor traffic.  On Saturday, there were three huge cruise liners docked and ready to pick up passengers for a cruise to Alaska.
Olympic Sculpture Park-The Eagle

The Calder at Olympic Sculpture Park

Seattle's Olympic Sculpture Park

Richard Serra at Seattle Olympic Sculpture Park

Next we paid a visit to Pike Place Market  which,  I’m willing to bet, was filled with people sightseeing around Seattle before they boarded one of those big ships to Alaska.  It was mobbed, but still it was wonderful to be there.  We ended up having a great lunch of gazpacho soup along with some take-out seafood appetizers.  I had Alaskan King Crab, which was to die for!  I also went to one of my favorite bakeries for dessert, 3 Girls Bakery, and had one of their rugula.   We took home a whole wheat hazelnut-currant bread.  All in all it was a pretty “tasty’ experience.

Seattle's Pike Place Market

Saturday Crowds at Pike Place Market

Pike Place Market-Seattle

Seattle's Pike Place Market

Berries at Seattle's Pike Place Market

Gorgeous Berries

Check out these $400 truffles!  Would you pay that much for imported French truffles?  Amazing.

Expensive Truffles at Seattle's Pike Place Market

$400 Truffles!

After seeing all the salmon for sale at the market, we finished our day with a tour of the Ballard Locks, which were built 100  years ago to accommodate boats moving from Puget Sound to the Lake Washington Ship Canal. It’s fascinating to see the locks move the ships between the two areas.  There’s also a fish ladder where  you can view the salmon heading upstream to spawn and die.  These fish are amazing to watch as they struggle against the tide, so to speak.  The locks are one of my favorite places to visit in Seattle.

Seattle's Ballard Locks

The Ballard Locks

On Sunday, we ventured out to the king of art fairs, The Bellevue Museum Art Fair, which is held in the parking garage of the mall.  I know that sounds strange, but after 25 years of attending the fair, I’ve gotten used to the fact that it’s in a parking garage.  (It’s so Bellevue!).    There’s terrific art, crafts, clothing, jewelry, sculpture, you name it, at this fair.   It’s hard to find a better art fair anywhere.

The fair also included some live performers.

Bellevue Arts Museum Fair

Performance Art at the Bellevue Arts Museum Fair

There’s so much going on in the Seattle area and on the eastside in the summer.  If the weather cooperates, as it did last weekend, it’s a fabulous place to visit.  What are some of your favorite places to take visiting friends and family?

But most importantly, would you pay $400 to buy truffles?

For HomeownersFor SellersMake More Money Selling Your HomeReal EstateSeattleSeattle real estate May 20, 2011

Spend a Little Money on your Home to Make More Money When You Sell Your Home

If you spend a little money to fix up your home, it will help you make more money when you sell. The little things can help you dress up your home and give you a lot more bang for the buck.   As I’ve mentioned in previous posts,  there are some easy and inexpensive ways to give your home a newer feel.  In the eastside neighborhoods of Seattle, it’s important to do some of these updates because buyers still have a lot of homes to choose from.  Plus, buyers always think it’s harder to make updates than it really is and it will cost them more to do than it really does cost.  This could mean the buyers make a lower offer or they don’t make an offer at all.   I always tell my sellers when the buyers walk into the entry, you don’t want the first thing they think to be:  “I have to change that brass chandelier in the entryway.”  Your goal should be to have the buyers walk in and focus on the home, not something that needs an update.  Eliminate an old light fixture before it becomes an issue.

Recently, I made the trip to Home Depot and Seattle Eastside’s Crescent Lighting Store with one of my clients.   My goal for this home was to update it with some great looking fixtures, but in as economical way as possible. The home is in excellent condition and shows well, but some new fixtures would dress it up beautifully.  The fixtures below are great for traditional homes and work well for homes in the Seattle area that are below the $650,000 price point.  More expensive homes may command more expensive fixtures.  When you go looking for fixtures, take some photos of your spaces and the existing fixtures.  It will help you to pick out the right style for your home. 

Below are some of the plumbing and lighting fixtures we picked out:

Fixtures for updating a home

Chrome Faucet- good for updating a bathroom

Updating a Bathroom to sell a home

Brushed Nickel Faucets

The lighting fixtures should relate well to one another and share a similar style.  If you buy brushed nickel lights, then all of the fixtures should match with a  brushed nickel feel.    The same should happen with the shades or glass bowls.  Many of the bowls today are a smooth frosted look.  Again, all of the lighting should have the same glass look.   Talk with some of the people working in the store and have them help you to choose lighting that comes from a similar line and works well together.

Light fixtures to update a home for sale

Kitchen light fixture to update a home

Fixtures to update a home

Entry Light that will dress up a home

Fixtures to Dress Up a Home for sale

Dining Room Light Fixture

The total cost for this project was about $500.00.  It is $500.00 that is very well spent and will add that finishing touch to a great home.  Can you think of some other inexpensive ways to dress up a home?

Bellevue Real EstateFor BuyersFor HomeownersFor SellersKing County Real EstateKing County, WAMarket StatisticsReal Estate March 30, 2011

The Seattle-Eastside Real Estate Market Is Better Than You Think!

Number of homes for sale in King County

Number of Properties for Sale in King County

It’s simple.  Mix one part law of supply and demand;  one part the more positive economy;  and one part more ready, willing, and able buyers.  Mix with more realistic pricing that meets the market demand.  You now have the well priced homes selling and the most positive real estate market the eastside has had since mid 2007.

The supply of King homes and condos, the number of those for sale, is shown above.    This week, near the end of the first quarter of 2011, there are about 2000 less homes and condos for sale in King County than last year at this time. This means there are 16% less homes and condos for sale.  That’s a big difference.  It’s noticeable in a lot of neighborhoods. It’s noticeable to a lot of buyers.

The eastside statistics mirror those in the county. There are pockets on the eastside where home sales are popping, because there are only a few really great homes that come on the market.  I’ve seen this happen in different price ranges and different cities all over the eastside, including Bellevue, Kirkland, and Sammamish.

Real Estate Sales on Seattle's Eastside

Seattle Eastside Residential Real Estate Sales Through February 2011

Supply is key to the more positive eastside real estate market.  With less supply out there and more homes selling (other than March and April of 2010, which was the result of the tax credit) than any other month in a few years, this is a stronger real estate market.

With less supply, it’s a faster paced market.  It’s happening in many eastside neighborhoods, but not all.  It’s happening with some homes, but not all.  With less to choose from, the better valued homes are selling more quickly.  There are some great homes that I’ve previewed or shown over the last month and I can almost tell which homes will be sold inside of a week or two.  Almost everyday we see the number of pending sales outstrip the number of new listings coming on the market.  And yes, there are  homes still sitting on the market for a long time, are distressed sales or homes that don’t sell.  Despite this, there’s a big difference in the eastside real estate market.

Now I know you’re going to say this is not what you’re reading in the media.  Here’s the latest real estate article in The Seattle Times continuing with the same doom and gloom report about the real estate market. From the this article:

In the Seattle metropolitan area, which includes King, Snohomish and Pierce counties, prices are back where they were in September 2004, according to Case-Shiller.

Two things to consider when evaluating the above statement.  The first is Case-Shiller lumps King County statistics in with Pierce and Snohomish Counties.  King County has a far more positive economy than the other two counties. Seattle and Bellevue, the economic hubs of the region are both in King County.  The number of distressed properties is much smaller in King County than elsewhere in the region.

The second thing to remember is Case-Shiller is reporting on the past few months, not what’s happening in the market today.

I agree with Case-Shiller regarding home values, although home values may not be quite as low as 2004 pricing in some areas. Prices are down and probably will stay at these levels for a while.  I don’t anticipate prices going up any time soon.

But I do see a stronger market in many eastside neighborhoods.  People are ready to move on, literally, and they’re tired of waiting. Buyers are ready to buy and more sellers are pricing their homes to meet the current market demand. All in all, right now the Seattle-eastside has the best real estate market it’s had since 2007. It’s not the old real estate market of the past, but it’s a good, realistic market.

Dining on the EastsideExploring the EastsideUncategorizedWoodinville, WA March 21, 2011

Have You Been to Woodinville's Wine Country?

I went to France this past weekend.  Ok, I didn’t really, but last Saturday I imagined I was transported to France when I sat down with a glass of wine in my hand and looked out over the valley in Woodinville.  It felt like spring was almost here in the Seattle area.  Spring was almost here by the calendar, but the weather also supported that spring feeling.  It was sunny and just plain beautiful.

Woodinville, WA

The Sammamish Valley in Woodinville, WA

My husband and I decided to head up to Woodinville for some lunch at one of our favorite spots, The Purple Cafe and Wine Bar, and then do a tasting at some of the wineries.  Right near the restaurant, you can find 22 wine tasting rooms in just a short distance.  We checked out two of our favorite wineries on Saturday,  Brian Carter Cellars

Brian Carter Cellars

Enjoying Wine on the Deck of Brian Carter Cellars

and DeLille Cellars.  These two wine tasting rooms were hopping with people enjoying wine and enjoying the day.

There are a lot of wineries to choose from in Woodinville.   I counted over 60 listed on The Woodinville Wine Country site!   Woodinville has become a magnet for locals and tourists alike who want to taste some of the great wine available in Washington State.  Most of the wineries are located in and around the picturesque Sammamish River Valley.

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=14419+Woodinville+Redmond+Rd+NE,+Woodinville,+WA+98072&aq=0&sll=37.0625,-95.677068&sspn=32.38984,90.175781&ie=UTF8&hq=&hnear=14419+Woodinville+Redmond+Rd+NE,+Woodinville,+King,+Washington+98072&z=14&ll=47.731131,-122.140468&output=embed&w=425&h=350]

Locals come, tourists come, people rent limos and take group tours.  It’s a fun thing to do around Seattle and you don’t even have to go to France!

What’s your favorite winery in Woodinville?

For BuyersFor SellersReal EstateSeattle real estate March 14, 2011

There are Two Different Real Estate Markets on Seattle's Eastside

There are two different real estate markets on Seattle’s eastside. I didn’t make this up.  I heard this from several buyers at an open house this past weekend.

I held an open house at a home which I knew would attract buyers.  It’s new on the market, shows fabulously, has little competition, and is in a great Kirkland location.  I had this conversation with several different buyers, which prompted me to write this post.   They told me there were a lot of homes sitting on the market and then there were the other homes. These are the great ones.  The great ones sold quickly.  Hence, there are two real estate markets out there on Seattle’ eastside.

Real Estate Market #1- This market is filled with the best homes. They’re priced well, show beautifully with minimal work needing to be done, and sell in less than a week. These are the homes where it makes sense to hold a public open house.  Because the home shows so well, when the buyers find it online, they come specifically to see the home.  They’re already excited before they come through the door.  You get “real” buyers who are checking the house out as a potential buy, not just neighbors and “lookie loos.”

Real Estate Market #2 This market is filled with homes that are the good, and the not so good. They aren’t priced well or don’t show well.  Most of these homes eventually sell, although some do not. When they do sell, it’s often after one or two price reductions.  Distressed home sales, the homes that are short sales or bank owned properties, are part of this group of homes.  But this market isn’t filled with just distressed sellers.  It includes those homes which may not have been maintained well, are not updated, are overpriced or fit all of these labels.  If a home doesn’t show well, have professional photos, and isn’t priced well,  it will be part of real estate market #2.

If you want your home to be part of real estate market #1,  prepare your home properly for sale. This means doing the updating you’ve wanted to do but never had time to get around to doing.  Take out the blue flowered vinyl in your bath.  Change your carpet so it’s no longer green. It means having your maintenance items done.  Get your furnace serviced, the drainage issues resolved, your water heater checked, and your roof in good shape.  Don’t go on the market until these items are done.  Then make sure your home has professional photos, staging, a video, and a great price tag.  There’s a very good chance your home will sell quickly, if it meets all these criteria.

Otherwise, your home will be in real estate market #2 and you’re going to have the “for sale” sign in your yard for a long time.

Despite what’s broadcast by the media, there are homes selling in a flash.  Buyers are seeing this in the eastside real estate market. These homes fit real estate market #1.  Buyers are in a great position to know what’s really happening with homes for sale because they’re out there on the eastside.  They’re living it everyday as I’m doing.  These buyers are in the real estate market trenches with me.

It’s too bad the media only reports on real estate market #2 and hasn’t gotten in the trenches with us to see the full picture.

For BuyersFor SellersReal Estate March 10, 2011

Top 7 Reasons Real Estate Sales Fail to Close

I’m gearing up to do monthly statistics on how the real estate market is doing on Seattle’s eastside.  Every month I report on how many homes have sold and I also mention how many real estate sales have failed.   Contracts on homes close all the time, but there’s always a certain number each month that don’t close.  There are many reasons why this can happen.

Here are 7 of the top reasons home sales fail to close:

Buyer rejects the seller’s disclosure form. The disclosure form, form 17, is a 5 page document delivered to the buyer no later than 3 days after a purchase and sale agreement (the contract) is mutually agreed upon by both parties.  The buyer has 3 business days to review the form.  The disclosure form covers many issues about the home, including defects, remodeling, permits, whether the home is on septic or sewer and hooked up to public water or on a well.  If the buyer disapproves of anything in the form, the buyer has the right to terminate the purchase and sale agreement.

The inspection falls through. Inspections fall through because there’s something structurally wrong with the house.  The structural problem can’t be fixed, the seller refuses to fix it or the buyer no longer wants to buy the home because of the problem.  Sometimes the repairs requested can be remedied, but the buyer and seller don’t come to agreement on which repairs will be done or how to do the repairs.  The buyer can also terminate a contract based on the inspection without giving a reason to the seller.

The buyer walks over neighborhood review. Some offers include a clause giving the buyer an opportunity to check out schools, crime, views, and other neighborhood issues in the 3 business days after an offer is signed.  If the buyer finds something they don’t like about the neighborhood, they can terminate the agreement and walk away.

Good old fashioned buyer’s remorse. Buyers get cold feet and decide not to buy the home.   Buyers have the right to serve the seller a termination notice, get their earnest money returned, and continue to look for a home without giving the seller a specific reason.  This can happen only during specific times outlined in the contract.  For example, the buyer can simply terminate the contract during a neighborhood review or the review of the disclosure form.

A low appraisal on the home.  The home sells for $500,000, but the bank appraiser says the home is only worth $485,000. The seller doesn’t agree to the lower purchase price to the appraisal price, so the buyer can choose not to buy the home.

Running up a credit card bill.  The buyer buys a new car before closing the sale on the new house, running up a credit card bill.  Incurring more debt before closing can mean the buyer no longer qualifies for the loan.

Death of a buyer or seller. I recently heard of this happening in a sale on the eastside. It happened during one of my closings a few years ago.  The seller passed away during the closing period.  Luckily, the heirs saw the sale through.  Heirs can contest a sale if it’s in process.

It sounds pretty daunting when you read this list, but the reality is most months only 1 or 2% of the home sales fail to close.  Clearly, the majority of homes that sell go all the way to the closing table.

By the way, each state has different contracts with different clauses, so what happens in Washington State real estate contracts stays in Washington State.  This post is not legal advice.  If you have questions or concerns about real estate contracts, you should consult an attorney.

What are some of the other reasons home purchases fail to close?  There are many more reasons out there.  Do you know of some unique situations that caused real estate sales to fail?

Bellevue Real EstateBellevue, WAFor BuyersFor SellersKing County Real EstateKing County, WAMarket StatisticsReal EstateRedmondSeattleSeattle real estateWindermere Real Estate March 4, 2011

How Badly is Seattle's Eastside Real Estate Affected by Distressed Sales

“Distressed Homes Sales Dragging Prices Down” screamed the print version of The Seattle Times, while the online version shouted  “Median Home Price in King County Drops in February, Dragged Down by Bank Repos.

Pretty scary headlines.  Scary headlines certainly attract readers. Distressed home sales, bank repos and short sales, are out there and affecting home values, but in varying degrees depending on which neighborhood is being discussed.    If you read further down in the article:

The percentage of King County single-family homes that fit the “distressed” category in February varied widely by area, according to Windermere’s analysis.

By lumping all of King County together, it gives an inaccurate picture of Seattle real estate.  Seattle real estate is far more localized. The neighborhoods of Queen Anne and Capitol Hill are usually the strongest performing areas, while the eastside suburbs of Bellevue, Redmond, Kirkland, and others are doing better than most of King County.  The suburbs of Mercer Island and Medina have few distressed properties for sale.

The chart below gives a picture of the 2010 distressed property sales for all the counties around Seattle.  My focus is on Seattle’s eastside neighborhoods, since it’s the market where I work. The eastside data is broken out from the rest of King County, because it’s usually different than the rest of the county.   The pattern for distressed sales activity can be seen through 2010.  The eastside had less distressed properties for sale than the rest of King County. I expect a similar pattern to continue in 2011, although the numbers may be different.  When the 1st quarter numbers are released, I’ll report those numbers.

Irrespective of the distressed sales issue, homes are selling well in some areas.  Prices are less than they were, but there are fewer homes for sale in many neighborhoods.  So the old law of supply and demand is working in these neighborhoods. Near Microsoft in Redmond, there were three home sales that closed this past week.  All the homes sold in less than 8 days.  One was for full price, another for slightly over, and one sold for about 2% less than the asking price. Neighborhoods in Kirkland have a lot less homes for sale than is typical.

Distressed home sales are a part of the picture of Seattle eastside real estate, but they are not the complete picture.  Too bad the screaming headlines didn’t balance more of the good news with the bad.

Seattle Area Distressed Property Data

2010 Distressed Properties by Seattle Area Counties

What is happening in your neighborhood?  Are homes selling?  Are there a lot of distressed sales?