How Strong Were June, 2011 Real Estate Sales on Seattle's Eastside?

by The Beaupain Team

Home Sales on Seattle's Eastside Through June, 2011

Seattle-Eastside Real Estate Sales Through June, 2011

How strong were June, 2011 real estate sales on Seattle’s Eastside? This summer’s real estate market is going to stay stronger than what we usually see during a Seattle summer. Traditionally, the highest number of homes for sale during a year comes near the end of July. With this increased competition, it can make it more challenging to sell your home. Although the number of eastside homes for sale has increased each month, the increase is nothing like the numbers we’ve seen during June of the last few years.

This year, the number of homes for sale is increasing, but at a much slower pace than last year. In King County as a whole, there are 11,320 properties for sale. Last year at the end of July, there were 14,639 properties on the market. This translates to 33% fewer homes on the market in King County this year. On the eastside, there were 15% less homes for sale in June. Since there’s still a great selection of homes for sale, the smaller number of available homes increases the odds of a home selling.

In fact, we had multiple offers on two listings this week alone. I find we have a lot of showings on our listings, so buyers are definitely out there more than they usually are in the summer months.

The number of sales this past month dipped a little from the previous month, but only by 12 homes. In May, we saw the highest number of homes sell in a month so far this year. As a reminder, in April of last year, there’s a very high number of home sales. This was artificially high as buyers tried to “cash in” on the tax credit. This year, the sales numbers are not inflated by any other issue. Real estate sales are fueled by the amount of job hiring in the area and by buyers who are more willing to move on with their lives, literally.

In June 2011, there were 2880 homes for sale and 661 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 23%. Almost one quarter of the Seattle eastside homes for sale sold in June.

How is the real estate market doing in your area? Is it as strong as what we’re seeing here or is a little slower.

For Buyers • For Homeowners • For Sellers • Home maintenance tips • Real Estate • Real Estate Opinion • Redmond • July 7, 2011

It Could Be The Difference Between Selling and Not Selling Your Seattle-Eastside Home

by The Beaupain Team

“It could be the difference between selling and not selling your Seattle-Eastside Home,” she said while sitting in her friend’s Redmond condo. The “she” is not me, but a home owner who contacted me to talk about selling her home. At one point, our discussion moved towards the things she would need to do before putting her home on the market. I rattled off the usual maintenance and upgrade items, which I’ve recently written about on this blog. She nodded her head. She understood. But instead of the usual comments I get regarding maintenance and upgrades, she knew it didn’t mean her home would sell for more than it’s worth. She knew that handling the maintenance items and some upgrades before her home went on the market simply meant she’d have a better chance of selling her home.

Most of the time when I talk with home sellers, the more common response is: If I do these maintenance and small upgrades, how much more will my home be worth? Most people think doing these items, like cleaning windows, replacing roofs or carpets will net more money than a home is worth. More than likely it won’t. It will, as she said, make the difference between selling and not selling an eastside home.

As an example, a home has to have a roof with 5 years of life left in it in order for a home to qualify for financing. Yes, a home must also qualify, along with the buyer, in order for the loan to go through. Having a good roof or a new roof, will not net more money, it simply will mean a home can sell and the buyer is able to get a loan on the property.

New carpet, as opposed to old, dirty or worn carpet also means the odds of selling a home will increase. Buyers don’t buy homes with old, worn materials. In today’s real estate market, buyers don’t have to. There are a lot of choices out there. Many of the homes are good homes that are priced right and show well. These are the homes that make it into the “sold” category. They are the homes that sell. The homes with deferred maintenance or few upgrades will be in the category of homes that don’t sell.

The Seattle’s eastside real estate market is a different than some other parts of the country. Back east, where I’m from, many homes are older and the expectation for updating and upgrades is not the same. Here on Seattle eastside, the typical buyer is looking for homes that are move-in ready. These buyers have are extremely busy. Some are handy with a hammer, some are not, but most want to move in and not have to think about fixing up a home.

So take a look at the link in the first paragraph. To sell in the eastside market, you’ve got to do some of the things on the maintenance/upgrade list. There’s a whole host of things that should be done before a home goes on the market so the home will net the price it deserves.

For Buyers • Real Estate • July 5, 2011

Are You Looking For Good Contractors to Help You With Your Seattle-Eastside Home?

by The Beaupain Team

Are you looking for good people? Good people are hard to find. I‘ve got good people, good people who can help you take care of your home. Recently, my real estate networking group created a huge list of good contractors for almost anything and everything to do with a home.

As an example, do you have any of the following?

got stumps to grind (not an ax), but stumps in your yard
got an oil tank?
got mold?
got moles?
Got pests? (The four legged critter kind)?

Do you need the following?

A sewer scope?
Septic system checked or pumped?
dock permit?
Well driller?
Security system?
Estate salesperson?
garage salesperson?
Granite installer?
painter?
roofer?
Furnace technician?
Garage door fixed?
Concrete installer?

I have the person(s) for you. Having connections helps me, and you, a lot. Between my personal experience with a number of contractors and my connections to other Realtors and past clients who have great recommendations, I have the list of good people for you and your home!

Contact me if you’ve got a problem or need a service, I have good people for you! By the way, if you know good people, feel free to send them my way. I’m always happy to add to the list.

For Buyers • For Homeowners • For Sellers • Home maintenance tips • Real Estate • June 27, 2011

What's the Difference Between Home Maintenance and Upgrades When Selling Your Seattle-Eastside Home

by The Beaupain Team

Getting ready to sell your home? You’ve contacted your agent who’s given you a laundry list of things to repair, replace or upgrade before your home goes on the market. Are the things your agent wants you to do maintenance items or upgrades?

If these items are completed, does it mean that you can get more for your home? Probably not, but it means you won’t sell your home for less either.

Most people don’t think about having to do much before selling a home. But on Seattle’s eastside, the buyers don’t buy if things aren’t done. Buyers here think homes built in 1991 are old. They’re looking for a fresh, new feel. My east coast friends have trouble understanding this because they often live in homes that are 50 years old or more, but here on the Seattle’s eastside it has become the normal expectation.

Many home sellers confuse needed maintenance with upgrades. Some of what needs to be done before putting a home on the market falls in the category of maintenance and some falls under upgrades. A lot of people confuse the two items.

What’s maintenance and what’s a true upgrade?

Some of the basic maintenance items that everyone should do before putting a home on the market:

Bark and edge the planting beds
Get rid of weeds
clean windows
Clean the roof and gutters
Pressure wash the driveway, walks, decks, and patios
clean the carpets

The list below includes more maintenance items. Many home owners think these are upgrades, but they’re not. If any of the following needs to be done, it means a home needs these repairs. It also means the home will sell for the true value it deserves, not for more, and not for less. Buyers won’t buy a home that needs paint or a new deck. The bank also gets involved in some of these issues. If a roof doesn’t have 5 years of life, the bank won’t loan on the home. If the deck is a safety hazard, again, it becomes an issue for the bank and the deck will need to be repaired in order to sell the home.

paint the interior or the exterior if needed
replace or repair the deck or patio
Repair or replace your roof

Upgrades that are considered part of maintenance because you’re replacing things that are older:

New light fixtures
New faucets
New appliances
New counter tops
New carpet

But even these upgrades won’t bring you more money than the value of your home. It helps you get the true value you deserve for your home.

What’s a true upgrade that will net you more money?

Stainless Steel appliances, granite counters, new kitchen cabinets
Remodeled bathrooms
Expanded decks
New landscaping

If you hope to make more money for your home than its actual value, plan to do some remodeling. It will cost you money, of course, but you’ll generate quite a bit of it back when you sell your home. There needs to be some major updating and remodeling to net more than the actual value for your home. Most of the things that you need to do a

The reality is most people have to spend some money to make any money when selling a home. Some only need to spend $1500-$2000 to do the basic maintenance items. Others have to spend more if they have tired, older looking fixtures or more cleanup work to do, but doing these items short of the major remodel will help to sell your home for the price it deserves, not for more money. It will also help you to keep from selling your home for less than its truly worth.

Bellevue Real Estate • For Buyers • For Sellers • Issaquah Real Estate • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA Real Estate • Woodinville, WA Real Estate • June 15, 2011

How Many Real Estate Sales Were in Your Seattle Eastside Neighborhood in May, 2011?

by The Beaupain Team

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]

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

May real estate sales are proof again that real estate is local. Seattle eastside real estate is doing relatively well when compared to the last few years and to other parts of the country. Regardless of what the national news reports about real estate, Seattle area real estate sales are better than most parts of the country.

In most eastside areas, roughly 1/4-1/3 of the homes on the market sold. In some areas of the eastside, such as East Bellevue, Redmond near Microsoft, and Kirkland, more than 30% of the available homes sold. These areas tend to shine, particularly East Bellevue and Redmond, near Microsoft. These neighborhoods have a mix of housing styles and prices and are located close to good schools and jobs. The areas that are further out tend to be on the slower end of the sales spectrum. More home buyers in today’s market are looking for the convenience of living close to amenities.

I also should qualify my statements regarding the market. Prices are not up, but remained stable in some areas and lost ground in others.

Seattle’s eastside has a “normal” real estate market when considering the market over the last few years. A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling. “Hot” homes are great values with a good price tag, are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.

From the Seattle Times Eric Pryne:

While the rise in pending sales was more modest on the Eastside, King County’s priciest area, closed single-family sales in May actually were up 6 percent from the same month last year — bucking the countywide trend — while prices fell just 4 percent, less than half the countywide drop.

Windermere’s Deasy attributed that in part to hiring by major Eastside employers. “People will start to see houses sell before they have a chance to act on them,” he predicted.

Eastside condo sales also were up from May 2010, climbing 15 percent. Countywide, however, condo sales fell nearly 4 percent, and the median price — $215,000 — was down 14 percent.

(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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 22%.

Median sales price dropped: $559,880 to $487,000.

There were 752 homes for sale.

A total of 186 homes sold.

Redmond/East Bellevue

The odds of selling a home were 34%.

Median sales price decreased to $409,000 from $480,000.

189 homes were for sale

A total of 73 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 29%.

Median price decreased from $624,975 to $538,000.

342 homes were for sale.

A total of 113 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 28%.

Median price was down from $451,126 to $375,000.

541 homes were for sale.

A total of 177 homes sold.

Kirkland

The odds of selling a home was 30%.

Median price decreased from $575,000 to $538,500.

282 homes were for sale.

A total of 94 homes sold.

West Bellevue

The odds of selling a home were 29%.

Median pricing increased from $1,280,000 to $1,350,000.

167 homes were for sale.

A total of 51 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median pricing decreased from $519,950 to $411,950.

325 homes were for sale.

A total of 74 homes sold.

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

Bellevue Real Estate • For Buyers • For Sellers • Issaquah Real Estate • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA Real Estate • Seattle real estate • Woodinville, WA Real Estate • June 14, 2011

How Many Condos Sold on Seattle's Eastside in May, 2011?

by The Beaupain Team

Seattle eastside condos sales dropped a bit from April’s high, but sales were still strong. Condos are still selling better than they have in the last few years. The number of condos for sale has increased slightly each month since January, but the number is still really low when compared to last year.

Condo Real Estate Sales on Seattle's Eastside

Seattle Eastside Condo Sales Through May, 2011

There were 1126 condos for sale on the eastside and 207 of them received offers. Eighteen percent of the condos for sale had accepted offers. May’s odds of selling were far better than any month during all of 2010. But the odds were still slightly less than 20%, so it’s very competitive out there. Price and condition are so important.

Buyers still have a lot of choices and are generally not in a rush to buy, so if you’re selling your condo, be careful to keep up with the changes in the market. Make sure to get an update on any competition at least every 2 weeks. Too much happens during a month’s time to wait 30 days to look at the competition. Your condo could get left behind, if better priced homes are up for sale.

If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market. If your home is positioned properly, it can be one of the lucky ones to get an offer.

Bellevue, WA • For Homeowners • Not Real Estate • June 10, 2011

Free Shredding Event at Bellevue's Windermere Real Estate Office

by The Beaupain Team

Bellevue Real Estate • For Buyers • Issaquah Real Estate • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA Real Estate • Seattle real estate • Woodinville, WA Real Estate • June 9, 2011

May Real Estate Sales Were Strong on Seattle's Eastside

by The Beaupain Team

Seattle Eastside Residential Real Estate Sales Through May, 2011

On Seattle’s eastside, there have been 6 straight months with an increase in the number of real estate sales. There’s clearly a trend here, although some people do not agree there’s a trend in Seattle real estate. The trend in sales is matched by the slower increase in the number of homes for sale. If you look at May last year, there were 3360 homes for sale on the eastside and this year there were only 2733 homes for sale.

The number of homes that sold in May, 2011 is close to the highest number of sales for last year, which happened in April. Last year sales were inflated by the tax credit. This year there’s no tax credit available. This year’s real estate sales are fueled by buyers who feel comfortable moving forward and purchasing homes because prices are down, they want and need to buy. Interestingly, when I speak with buyers at open houses they tell me they’re seeing some of the good homes moving rather quickly. The buyers are taking notice and buying those homes that are priced well.

In May 2011, there were 2733 homes for sale and 720 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 26%. One-fourth of the Seattle eastside homes for sale sold in May.

How is the real estate market doing in your area?

For Buyers • For Sellers • Real Estate • May 26, 2011

Yet Another Reason to Work with a Buyer's Agent

by The Beaupain Team

Recently, I was reminded yet again about why it’s so important to have your own agent when buying a home.

Here’s what reminded me of this. Buyers were interested in purchasing one of my listings, however they already had an offer on another home. I found this out because their Realtor happened to mention it to me. She probably shouldn’t have said something to me because she was representing the buyers. It was not something she should have disclosed, but that discussion is for another post.

My point is if these buyers had gone through the listing agent when they made the offer on the first house, there’s no way this situation could have occurred. The agent could not have represented these buyers on another purchase when the buyers had an offer on the agent’s listing. Having their own agent allowed these buyers the flexibility to write an offer on another home, while keeping the first offer in place. Their agent told me if the buyers really wanted my listing, they would back out of the first offer and walk away from their earnest money. They’d already gone through an inspection on the other home and had no legal reason to back out of the offer, but would have done so if they decided to go forward with my listing.

Could these buyers have done this if they had gone through the listing agent to buy the first home? Absolutely not. The listing agent has a fiduciary responsibility to the sellers, obviously, so the agent could do absolutely nothing to jeopardize the sellers’ interests, such as writing up an offer on another home for the buyers.

This situation reminded me of how many times I’d been in negotiations while representing a buyer and another home came on the market that was better for the buyers. Each time I immediately contacted my buyers and we went and looked at the other home. Each time they bought the new listing instead of going with the first offer. It was easy to do for each of these buyers. I was still keeping an eye out for new listings even as we worked on the offers. We just jumped in the car and quickly took a look at the new listing.

Most people think it’s great to go through the listing agent to buy a home. For some people and for some situations that works beautifully. But what if you decide you want out of the sale? You want out of the transaction to buy another home or because of an inspection issue or because you’ve changed your mind. It’s much harder to do when the agent who wrote the offer represents the seller, too.

You never know what can happen. It’s best to give yourself options and have your own agent so you don’t close the door to any opportunities. Your agent can give you advice on anything and everything, unlike the agent who represents a seller. Shouldn’t you have that level of service available to you? After all, buying a home is a huge decision and you should have resources that are completely available to you at your finger tips.

Can you think of other situations where your buyer or you as a buyer benefited from having your own agent?

For Homeowners • For Sellers • Make More Money Selling Your Home • Real Estate • Seattle • Seattle real estate • May 20, 2011

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

by The Beaupain Team

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:

Chrome Faucet- good for updating a bathroom

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

Entry Light that will dress up a home

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?