For Buyers • Mortgages • Real Estate • July 22, 2013

Trying to Save Money on a Loan Can Be Costly

by The Beaupain Team

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.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • July 12, 2013

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

by The Beaupain Team

Seattle Eastside Condo Sales Through June, 2013

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!

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • July 11, 2013

Low Inventory, High Sales Numbers, Great Median Price, All in June on Seattle’s Eastside!

by The Beaupain Team

On Seattle's Eastside, we're starting to see the seasonal creep up in listings we see in most summers. However, we still have far fewer homes on the market than we usually do. In 2012, there were about 400 more homes for sale than this past June. Our inventory is so low, that it would've only taken 1.5 months to sell all of the available homes for sale if no other homes had come on the market in June. The supply is low, considering the number of buyers out there hoping to buy a home.

Home sales increased in June from May, but at a slower rate than in previous months this year. The number of sales was not too shabby, though, as 60% of the available homes sold. A very healthy, brisk rate of home sales, but slower than the 75% that sold in April. However, pending sales were at the highest they've been since 2005, another significant milestone!

Homes were gone in a flash. It took only 38 days to sell homes in June! It was not that long ago that it could take 3 months to get a home sold. (Think 2011).

The big news is median pricing crossed the threshold to $600,000! As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.

What a difference a year makes! Here are the specifics for June, 2013 as compared to June, 2012:

60.9% of the available homes sold this past June, 37% sold in June 2012.
Homes sold in 38 days, down from 72 days in June, 2012.
In 2012 median pricing in June was $514,000. In 2013, June's median pricing was $600,000!

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

For Homeowners • Recycling • Windermere Real Estate • July 10, 2013

Free Eastside Recycling Event This Weekend at Windermere Real Estate

by The Beaupain Team

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • June 13, 2013

Seattle Eastside Condo Sales Were Booming in May

by The Beaupain Team

Looking for a condo in Seattle's Eastside cities of Bellevue, Redmond, Kirkland, etc? There are a few more choices, but they are going fast. If no other condos were to come up on the eastside, it would only take 1.4 months to sell all the available condos. Supply increased in May, but sales were also up. Condos on Seattle's Eastside are still hot! May condo sales were as as hot as April. In both April and May, 86% of all the available condos sold.

As I mentioned last month, condo owners suffered the most during the downturn, so we're pleased to see the market improve for them. We've had several sellers who have been waiting for a few years for values to increase to the point that they no longer are under water. Some of these sellers are now thinking about making a move!

Median pricing jumped up to $272,000 in May, which is exactly where we thought median pricing would be based on the huge amount of activity.

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

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • June 11, 2013

May Real Estate on Seattle’s Eastside Was Frenzied and Fast Paced

by The Beaupain Team

Seattle Eastside Real Estate Sales Through May, 2013

Seattle Eastside real estate continues with its frenzied, fast pace. Sellers could not ask for anything better than the market we have on the eastside this year. If no other homes were to come on the market, it would only take two months to sell all the homes that were for sale in May, when 71% of the available homes sold. Most homes sold at the asking price, with many selling over full price because of the demand with multiple offers.

As typical of the late spring and early summer, more homes are coming on the market, but the supply is still incredibly low. We're far below the supply in May, 2012, when there were almost 500 more homes for sale.

This year, the pace of the sale has kept up with the increase in listings. The number of sales per month has increased from 587 in January to 944 in May.

What a difference a year makes! Here are the specifics for May, 2013 as compared to May 2012:

71.5% of the available homes sold this past May, 41% sold in May, 2012.
Homes sold in 41 days, down from 74 days in May, 2012.
In 2012 median pricing in May was $500,000. In 2013, May's median pricing was $565,000.

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

Eastside Real Estate • For Buyers • For Sellers • Make More Money Selling Your Home • Real Estate • Seattle real estate • WA real estate • May 22, 2013

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

by The Beaupain Team

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.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • May 15, 2013

Seattle Eastside Condo Sales Keep Popping!

by The Beaupain Team

Seattle-Eastside Condo Sales Through April, 2013

Condos on Seattle's Eastside are still hot! There's been a negligible increase in supply, while the number of sales have increased. In April, 86% of the available condos sold, so the fantastic market continues for condo sellers. Since condo owners suffered the most during the downturn, it's great to see the market improve for them.

We're starting to push up to the higher $200+ price median price, so prices are creeping higher. We expect that to continue.

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

Eastside Real Estate • For Buyers • For Sellers • Kirkland • Market Statistics • Real Estate • WA real estate • Windermere Real Estate • May 15, 2013

April Showers Brought More Real Estate Sales on Seattle’s Eastside

by The Beaupain Team

Seattle Eastside real estate sales keep climbing! Home sales have increased by 35% since January of this year.

Buyers don't despair. We're starting to see a significant increase in the number of homes for sale, which is good for buyers. Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.

Will the market ease up for buyers if more homes come up for sale? More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic. It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out. We believe more homes will come up for sale as typically happens each summer as the school year comes to a close. Will this change the marketplace dynamics between buyers and sellers? Probably not much at this point, because we're still on the low side of supply.

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

80% of the available homes sold this past April, 41% sold in April, 2012.
Homes sold in 48 days, down from 101 days in April, 2012.
In 2012 median pricing in April was $485,000. In 2013, April's median pricing was $565,000. Wow, that's a huge jump in median pricing. We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market.

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

For Homeowners • Kirkland • Windermere Real Estate • April 29, 2013

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

by The Beaupain Team

Free Shredding Event at Windermere Real Estate on Sunday, May 5th, 2013