The Seattle-Eastside Condo Market is Back!

by The Beaupain Team

Seattle-Eastside Condo Sales Through March, 2013

The condo market has come roaring back! Seattle-Eastside Condo sales are skyocketing! About 89% of the condos for sale in March sold! Harder hit than single family resales, it's fabulous news for those condo home owners who were so battered by the real estate downturn.

Prices are still not at the peak prices of 2007, but price increases have been pretty typical. As I mentioned in last month's post, the mid $200's price range has been the median price range for months now. Median pricing jumped from $200,000 in March, 2012 to $238,000 in March of this year. The hottest price range for condo sales continues to be under $350,000.

Since almost every condo for sale this past month sold, now is a great time to sell. Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo has increased dramatically. Last year at this time, there were about twice as many condos for sale. A third of those condos sold, but today, almost all the condos for sale are sold. It's a huge difference from last year.

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

Bellevue Real Estate • Bellevue, WA • Eastside Real Estate • For Buyers • For Homeowners • For Sellers • Issaquah Real Estate • Issaquah, WA • King County, WA • Kirkland • Market Statistics • Real Estate • Redmond • Seattle • Seattle real estate • April 8, 2013

Seattle Eastside March Real Estate Marched On!

by The Beaupain Team

Seattle Eastside Real Estate Sales Through March, 2013

Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!

Did this increase in inventory dampen the number of sales? So far, nothing has slowed down the rate of sales. In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February. Seventy-eight percent of the homes on the market sold! There is still more than one buyer for each home, so multiple offers remain the norm.

It's been hopping out there in the real estate market on the eastside. We're starting to see some Eastside buyers behave like Seattle buyers. This past weekend, a buyer pre-inspected one of our listings before making an offer. Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer. Buyers in Seattle have pre-inspected homes for years when the market has been hot. It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues.

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

78% of the available homes sold this past March, 44% sold in March, 2012.
Homes sold in 62 days, down from 109 days in March, 2012.
In 2012 median pricing in March was $470,000. In 2013, March's median pricing was $560,000. We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.

The Seattle Times reported a 17% increase in pricing from March, 2012 on the eastside.

It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.

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

Eastside Real Estate • For Buyers • For Sellers • Make More Money Selling Your Home • Real Estate • April 3, 2013

In This Hot Real Estate Market, Do You Still Need a Realtor?

by The Beaupain Team

Many homes are selling in a matter of days. So why do you need a Realtor?

In this hot Seattle Eastside real estate market, Realtors help you earn the most money for your home before it goes on the market, when an offer is negotiated, and after the offer is accepted.

Here's how Realtors help you make the most money:

Before you go on the market:

Help you prepare your home for sale- recommending only those things that will help you make more money.
Recommend good contractors who get the job done.
Accurate pricing-the key to success. Having the latest pricing information, so you get the most for your home. In other words, setting a price the day before you go on the market. In today's market, pricing from a week ago may no longer net you the most money for your home.
Stellar marketing with staging, well written descriptions, and fabulous professional photography.
Be available to agents and buyers who have questions and want answers about your home.

Here's what we do when offers come in:

Negotiate the offer(s).
With the lack of inventory, many homes attract more than one buyer at the same time. It can be a delicate balancing act to manage the different agents/buyers. We must maintain a positive and honest working relationship with all buyers so that you, the seller, don't lose anyone during the negotiation phase. The ultimate goal is to secure the best offer for you. It may be the highest price, the best closing date, the best financing and inspection timeline or any combination of these terms.

After the offer is signed:

First and foremost is making sure all the deadlines in the contract are properly met.
The contract needs to be sent to escrow, the lender and the title company.
Earnest money needs to be collected and verified.
Proper receipt of the disclosure form is needed.
Negotiating the inspection. This is a huge part of the transaction process. Buyers expect everything to be perfect and sellers know they are not seling a new home and no home is perfect. It can often be a very emotional time for both parties. Striking the right balance between these expections is important to keeping an offer together.
Working with an appraiser. With prices going up because of the intense competition, appraisers have to scramble to justify increases in prices in a short period of time. A good Realtor will know about the homes that have sold and can help navigate through this process, etc.
Following the transaction through closing, until you get your check!

Here's just a sample of issues that can come up during the time of the sale to closing:

One party dies, loses their job or gets transferred.
The buyer charges to much on their credit card, increasing their debt and no longer qualifying.
The inspection does not reach a solution satisfactory to both parties and the offer falls apart.
A question comes up on your title report, such as encroachment on your property. This must be resolved before the closing.
The square footage of your home does not match county records, creating an uphappy buyer.
Repair work required by an inspection is not performed properly.

Every home, seller, and buyer is unique. Therefore, every transaction is unique. Some transactions are very smooth and everything goes like clockwork. Much of the time these transactions go smoothly because the Realtor has anticipated any issues and has handled them efficiently to minimize any stress during the transaction. Most sellers don't think about it, but a lot of the work a Realtor does takes place before the sign goes in the yard and after an offer is signed.

Sometimes things happen that are out of anyone's control and a Realtor who is experienced and knowledgeable will be able to guide you from the beginning to the end. It really doesn't matter whether it's a hot market or a slow market. Experience is an invaluable commodity when buying or selling a home.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • March 20, 2013

The Seattle-Eastside Condo Market is Steady and Strong!

by The Beaupain Team

Condo Sales on Seattle's Eastside Through February, 2013

A few more condos for sale and a few more sales in February than in January! We crossed the threshold and are now back at over 300 condos for sale, the first month since last November. There were 311 condos for sale with 237 or 76% of them selling. The January pace of condos sales held steady into February.

Median pricing increased from $181,000 in February, 2012 to $247,000. Seattle-Eastside condo owners can be assured that median pricing for condos is firmly established in the mid $200,000's, since this has been the median price point since last May. How much higher prices will go depends on the supply and demand. If our supply remains low, as it has been for many months, and the demand remains high, expect the median price to increase.

The majority of condos that sold in February were priced under $350,000.

Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo increases dramatically. If you're thinking of making a move, now is a great time to do so.

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 • March 18, 2013

If You Had a “For Sale” Sign in Your Yard in February on Seattle’s Eastside You Probably Sold Your Home!

by The Beaupain Team

Seattle-Eastside Real Estate Sales Through February, 2013

Did February's real estate sales top January? They sure did! Seventy-four percent of the homes on the market sold! Homes continue to sell with multiple offers and for over full price.

The number of homes dropped only a bit from January, and was the lowest number of homes for sale in over 20 years. Sales skyrocketed though, climbing from 605 to 713 homes. This number doesn't sound like a lot, until you consider the fact that only 968 homes were for sale.

The hot market continues, but two areas of Seattle's eastside were on fire. South Bellevue and Issaquah and East Bellevue and Redmond, near Microsoft. If a home had a "for sale" sign in the yard in these areas, it sold last month!

Sellers still need to price their homes for the market or the buyers will not come. Buyers will pay more than full price if there's competition from other buyers and the house is a well maintained with a market value price tag on it. Homes don't sell for more than full price if they are overpriced when they go on the market. But if buyers see the value of the home and there's more than one buyer, that's when a home sells for more than full price. Sellers must attract the buyers with a good value if they truly expect to attract multiple buyers and sell for at least full price and possibly more!

Buyers, since the ball is in the seller's court in 2013, you have to be prepared. Work with a Realtor who knows market value and whether it's worth paying more for a home if there are multiple offers. Find out if your Realtor has worked in this kind of seller's market before and how they handle multiple offers. Get pre-approved by your lender and have it in writing to present with your offer. Make a simple, clean offer. Include a good earnest money check to accompany the offer. Pre-inspect the house if the seller allows it, so you can be assured of an inspection, but not have it be part of the offer. It's one less contingency that you and the seller will have to sort out when comparing the offers and puts your in a better position.

The hottest selling price range was for homes priced under $350,000. Right behind it were the homes priced between $500-750,000. Fifty three homes sold for over $1,000,000 this past month. There's less than 2 months worth of inventory for all homes priced below $750,000!

The strong real estate market should continue. In the Seattle Times, Dick Conway, an economic forecaster said:

…. robust job creation by the likes of Boeing, Amazon and other major companies headquartered here should create more demand for new housing, which in turn will create construction jobs, and hunger for more housing.

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

74% of the available homes sold this past February, 33% sold in February, 2012.
Homes continued to sell quickly, in 79 days, which is down from 119 days in February, 2012.
In 2012 median pricing in February was $447,000. In 2013, February's median pricing was $525,000. Median pricing has been a solid $500,000+ for months now and should continue to be for the next few months

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.

Financing • For Buyers • Mortgages • Real Estate • March 1, 2013

Buyers, Interest Rates Are Hot!

by The Beaupain Team

After I wrote my last post on the state of the Seattle eastside real estate market, I felt it important to remind buyers that even though it's a seller's market, Interest rates are hot! Interest rates are on your side. Prices are starting to increase, while interest rates are still on the incredibly low side. It's a recipe that calls for action, for not sitting on the fence and for making a move. Literally.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • February 14, 2013

Do You Want to Sell Your Seattle-Eastside Condo? The Buyers Will Come!

by The Beaupain Team

Seattle Eastside Condo Sales Through January, 2013

Yes, Veronica, there are some condos for sale on Seattle's eastside, but there are slim pickings. The number of condos for sale over all of the eastside stood at less that 300 for the second month in a row.

It's clearly a seller's market as 80% of the condos for sale in January sold! The number of sales jumped up by almost 60% in just one month. December had 145 sales and in January, there were 229! Sales also increased almost 40% from January, 2012. None of this is surprising though, given the lack of supply.

Median priciing increased from $168,000 in January, 2012 to $225,000 this past January. Before you get too excited, no one will tell you that prices have gone up by 26% just in one month. Remember the median pricing must be viewed over several months to see the true pattern in gains or losses in value. The good news for Eastside condo owners is the median price has been above $200,000 since March of last year, fluctuating between a low of $200,000 and a high of $239,000.

Given the fact there are so few condos for sale, if you plan to make a move this year, now would be the time. With the competition at an almost all time low, the chance of selling your condo increases dramatically. There are a lot of buyers out there right now!

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

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Kirkland • Market Statistics • Real Estate • Redmond • February 12, 2013

Seattle Eastside Real Estate Sails into The New Year!

by The Beaupain Team

Seattle Eastside Real Estate Sales Through January, 2013

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:

65% of the available homes sold this past January, 24.5% sold in January, 2012.
Homes continued to sell quickly, in 71 days, which is down from 106 days in January, 2012.
In 2012 median pricing in January was $470,000. In 2013, median pricing was $514,000.

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.

Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • January 18, 2013

How Many Homes Sold for More Than Full Price on Seattle’s Eastside?

by The Beaupain Team

What a difference a year makes! Who had any idea a year ago that 1/3 of the Seattle Eastside homes that sold in December, 2012 would sell for over full price? No one anticipated the lack of inventory, the level of competition, and the subsequent increase in prices. The market picked up steam on the eastside as the year progressed. The trend became apparent as each month had buyers clamoring for homes and fewer and fewer coming on the market. The year finished with a fabulous sales record. One third of the homes sold for over full price, 23% sold for full price and 42% below full price.

Market time dropped to record lows as homes were snapped up. The homes that were well priced and in great condition are those that sold for more than full price.

We start out 2013 with these positive trends in the marketplace. Expect it to continue!

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Kirkland • Market Statistics • Real Estate • Redmond • January 15, 2013

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

by The Beaupain Team

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.