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

by The Beaupain Team

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!

For Homeowners • Recycling • May 31, 2012

Free Shredding Event This Saturday In Kirkland

by The Beaupain Team

Got piles of important documents you no longer need to keep? Have you been meaning to dispose of these documents, but haven’t had a chance to do so? This weekend at my Windermere Real Estate office in Kirkland, you’ll have the opportunity to dispose of all your outdated documents responsibly and safely.

I’m heading off to my garage now to look through some boxes of old files. I know I have boxes of documents that can go.

If you’re concerned about how long you should keep certain documents, take a look below. Happy shredding!

Free Shredding Event - June 2nd at Windermere Yarrow Bay

Bellevue Real Estate • Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Kirkland • Make More Money Selling Your Home • Market Statistics • Real Estate • Redmond • May 30, 2012

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

by The Beaupain Team

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.

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Market Statistics • Real Estate • Redmond • Seattle • WA • WA real estate • May 11, 2012

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

by The Beaupain Team

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?

Bellevue, WA • For Buyers • For Sellers • Kirkland • Market Statistics • Real Estate • Seattle real estate • May 10, 2012

April Showers Brought Lots of Real Estate Sales to Seattle’s Eastside

by The Beaupain Team

Seattle Eastside Real Estate Sales Through April, 2012

The Seattle eastside real estate market is still hot! Real estate sales’ numbers on Seattle’s Eastside are terrific. April sales numbers were similar to March when 46% of the available homes sold. In April, because there were about 100 more homes for sale, the odds of selling dropped slightly to 42% sold. Home sellers in Bellevue, Kirkland, Redmond and other eastside cities have the best odds of selling a home since 2007! Much of this is due to the positive economy here in the Seattle area.

New listings are coming on the market and selling quickly. If no other homes were to come on the market, it would only take 1.4 months to sell all of the eastside homes. Demand is high, helping the good homes that are well priced, show well, have fabulous photos, and great marketing to fall into the 42% of homes that sold last month. Some homes have sold for over full price with multiple offers.

Remember, 58% of the homes did not sell and, more than likely, are missing one of the necessary elements necessary for a quick, well priced sale. The homes may need to have a better price tag or photos, staging or marketing. It’s still competitive and buyers are savvy enough to identify those homes that are well priced. Even though there aren’t a lot of homes for sale, there’s enough new listings coming on the market each month to guarantee a fresh supply of available homes. With interest rates remaining low, some buyers still take time to make a buying decision.

We sold several homes last month in a matter of days, with multiple offers and for over full price. We worked with all of the sellers for a while before their homes actually came on the market. One seller contacted us last summer so she would have the time to do everything needed to get ready to sell without creating additional stress. Most of our sellers contact us a few months before going on the market. It gives us enough time to get contractors in, if needed, to paint, re-carpet or refresh the landscaping.

How did this past April compare to April of 2011? Truly, there’s not much of a comparison between this year and last, but here it is:

42% of the available homes sold this past April, 23% sold in April, 2011.
Homes sold in 101 days, which is down from 105 days in April, 2011.
Median pricing was down to $485,000 from $492,000.
Homes sold within 94% of the original asking price. Last year homes sold within 91% of the asking price.
23% more homes sold this year.

So if you plan to land in the 42% of homes that sell, not the 58% that did not, start the process by contacting your Realtor well ahead of time.

Bellevue Real Estate • Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Market Statistics • Real Estate • May 10, 2012

Condo Real Estate Sales Are Blooming All Over Seattle’s Eastside, But Should You Sell?

by The Beaupain Team

The Seattle eastside condo market sales are still great. Sales numbers for April were similar to those in March, which is good news. Thirty-seven percent of the available condos sold in April of this year, whereas in March, 39% sold. March and April have been the best months to sell a condo in Bellevue, Kirkland, Redmond, and other cities east of Seattle in the last 5 years, We expect this positive market to continue.

This is a great to sell your condo, but is it the right time for you? It’s not a simple decision. Not only is there the personal question you need to answer about whether you want to move, there are other questions you’ll need to get answered. Because condo owners are also owners in an association, the health of the condo association can affect a buyer’s ability to obtain financing and buy your condo.

We’re working with several clients who are considering whether to rent or sell. We recommended they get several questions answered by their home owner’s association. The answers to these questions can determine whether it would be best to stay put, rent or sell. Your Realtor can help you navigate through these issues and evaluate the answers so you can make the right decision.

The owner occupancy ratio in your complex.
The cap on the number of rentals in the complex and whether the cap has been met.
Check the CCR’s to see what the rules are regarding rentals in the complex.
Find out exactly what you owe, so you know how much you have to pay the bank.
Check to see if there are any judgments or liens against the association AND individual units in the complex.
Are there any pending assessments?
Are there home owners who are in default with the HO Dues?
Are there any condos that are currently short sales or foreclosures?

Do your research, contact your Realtor, and determine whether now is the right time for you to sell. Good luck!

Eastside Real Estate • For Buyers • For Sellers • Real Estate • Real Estate Tips • Uncategorized • April 19, 2012

How Do You Compete With Multiple Offers?

by The Beaupain Team

Multiple offers for a home in the Seattle area? Yes! You heard me correctly, there are multiple offers happening all over the eastside suburbs of Bellevue, Kirkland, Redmond and Sammamish.

The real estate market is going hot and heavy right now. If you’ve followed my posts regarding the Seattle-Eastside real estate market, you’ll know that just about 50% of all the homes in the eastside communities of Bellevue, Redmond, and Kirkland sold last month.

It’s not unusual for 2, 3, or 4 offers to happen all at once when a good home comes on the market. I even heard of one home in Bellevue with a drop dead gorgeous view that had 26 offers on it! I happened to know who the winning buyer was and was able to ask how they were the chosen ones. I will share that with you later in this post.

How do you get the house if your offer is one among many offers? Other than selling your first born, there are some things you can do.

Write a very, clean, straightforward offer.
Don’t ask for any extras.
Don’t use unusual time frames.
Put down a good, solid amount of earnest money. There’s no set amount, but show you are serious by putting down 2-3% of the offer price as your earnest money amount. If you’re worried about this, then ask your Realtor to explain the ways you could lose your earnest money in a transaction and also how you can legally get it back because of the contingencies in an offer.
Include a copy of a pre-approval letter from your lender.
Find out the seller’s hot buttons. Do they want the fridge, washer, dryer or would it be more convenient for them to leave these appliances?
Find out what works for the seller in terms of closing. If the seller wants to stay a little longer, use a date that will work for the seller. Allow the seller to stay in the house for free for a week after the closing to allow for an easy move. Imagine the power of this for a seller. (Banks will limit the time a seller can stay in the home after the sale is closed, so nothing beyond 30 days will work)
Use short timelines for contingencies.
Once you determine the time frames that work for the seller, use those and incorporate short dates for any contingencies. Know how quickly your lender can close your loan for any home before you make an offer, so you can use the shortest date possible time frame for financing.
The same thing should apply to the inspection time frame. Shorten the time frame from the boiler plate time of 10 days to 5 or less. You can easily find an inspector in a short period of time which should make it possible to do an inspection in a matter of days.
Ask your Realtor to make a personal presentation to the seller. It helps to humanize you as a buyer. If your Realtor is able to do so, then wait outside in your car in case a quick response is needed. You’ll be there to immediately sign any changes. (this can only be done if the listing agent and seller allow your Realtor to make the presentation. Many do not.)
Pre-inspect the home before you make the offer. This may sound radical, but when the market was booming 5 years ago, buyers in Seattle routinely did this before writing an offer for a home.

You would need the seller’s permission to do this, but it might make the difference between winning or losing the home. Usually an inspection happens within the first week-10 days after the sale and then negotiations for repairs begin. If you and the seller don’t agree on what will be repaired, you can back out of the sale. as long as you and your Realtor follow he time frames and guidelines of the contract. Imagine the power of coming to the table with an offer in which there’s no inspection. It’s no longer a concern for the seller. It’s not a concern for you, because you’ve already done your inspection. It gives you a lot of power as a buyer. You’ve had the opportunity to determine whether the house is a well-built home…or not. In this scenario, if the house has a lot of problems, you may not want to make the offer to start. By pre-inspecting a home, you’ll know before you get involved in all the emotional ups and downs that accompany a multiple offer situation whether you truly want the home. There is a chance you could do an inspection, make a great offer, and still not get the house. But it may be better to lose the money on the inspection than lose a home you really want.

By the way, the buyers who got the house out of the 20+ offers paid a much higher price, had a great earnest money, pre-approval letter, great dates, and …pre-inspected the home!

There are other suggestions to strengthen an offer? What else can you suggest?

Bellevue, WA • For Buyers • For Sellers • Issaquah, WA • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA • Seattle • WA real estate • Woodinville, WA • April 13, 2012

Real Estate Sales in Bellevue, Kirkland, and Redmond, Etc Are Hot!

by The Beaupain Team

Red is busting out all over the map of Seattle Real Estate Sales! Red means it’s a sellers market in which homes, on average, are selling in less than 3 months! The numbers are really strong in all of the eastside cities, but top sales go to the 80% sales rate in Redmond and East Bellevue near Microsoft last month! Incredible odds! In every other area on the eastside over 40% of the homes sold.

Closed sales, the sales in which the new buyer now owns the house, are showing lower sales numbers because the homes that closed in March actually got offers in January or February. Expect the number of sales for each of the coming months to jump higher because March home sales will be closing in April and May.. Market time will continue to decrease as this faster sales market continues.

Pricing has still been dropping as you can see below, but should become more stable as the prices from these March sales becomes public. Some areas actually showed an increase in pricing, but remember, it is a representation of the sales that sold in March only.

Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time are all the buzz words for the Seattle eastside 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 80%

Median sales price decreased from $476,000 to $427,000 (y-o-y)**

95 homes were for sale

A total of 76 homes sold

Days on the market: 135

2. Kirkland

The odds of selling a home were 57%

Median sales price decreased from $570,000 to $469,000

137 homes were for sale

A total of 53 homes sold

Days on Market: 83

3. West Bellevue

The odds of selling a home were 46%.

Median sales price increased from $888,000 to $1,000,000

117 homes were for sale

A total of 54 homes sold

Days on Market: 70

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

The odds of selling a home were 44%

Median sales price decreased from $505,000 to $462,000

There were 436 homes for sale

A total of 193 homes sold

Days on the market: 127

4. (tie) South Bellevue/Issaquah

The odds of selling a home were 44%

Median price increased from $510,000 to $560,000

225 homes were for sale

A total of 98 homes sold

Days on market: 99

5. Redmond/Education Hill/ Carnation

The odds of selling a home were 43%

Median sales price increased from $411,000 to $472,000

193 homes were for sale

A total of 83 homes sold

Days on Market: 100

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

The odds of selling a home were 42%

Median sales price decreased from $423,000 to $369,000

365 homes were for sale

A total of 151 homes sold

Days on Market: 100

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

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

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

Bellevue Real Estate • Bellevue, WA • Eastside Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • April 12, 2012

Seattle Eastside Condo Sales are Popping!

by The Beaupain Team

The Seattle eastside condo market is pretty incredible. Thirty-nine percent of the available condos sold in March of this year. Quite an eye popping number, since the high for last year happened when 20% of the available condos sold in a month. Sales are up and supply is down, causing the huge increase in the number of condos sold in Bellevue, Kirkland, Redmond, and other cities east of Seattle.

If you can afford to sell your condo and want to make that move up or out, now is a great time to go for it. If you’d rather wait to sell your condo until prices increase, then expect to wait a good 5 years to see any significant appreciation. Prices are the most affordable we’ve seen since 2007.

Since 39% of the condos sold last month, it still means 61% of the condos did not sell. It’s important to get the proper staging and pricing advice to be in that 39% of condos that sell. Sellers have to be ready for the market to join that 39%. Buyers are still pretty savvy, as they should be, about value and condition.

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • April 11, 2012

A Stampede for Homes in Bellevue, Kirkland and other Eastside Cities in March

by The Beaupain Team

46% of the available homes sold this past March. 23% sold in March, 2011.
Homes sold in 109 days, which is down from 137 days in March, 2011.
Median pricing was down to $470,000 from $500,000.
Homes sold within 93% of the original asking price. Last year homes sold within 91% of the asking price.
24% more homes sold this year.

I expect to see this real estate data change as this fast paced market continues. Expect to see median home prices stay more level, market time to decline, and homes selling closer to the asking prices.

The Seattle eastside market is not following the usual trends we see this time of year. Usually market trends follow more of what the chart shows for last year. The number of homes for sale usually increases each month until in peaks sometime in the summer. As the year comes to an end, the number of homes for sale usually drops. We’re not seeing this at all this year. This year, we see fewer homes for sale each month. The big news, though, is still in the number of homes that sell each month.

Not all homes sell in a heartbeat. You can’t just put a sign in the front yard and expect everyone to line up.
The homes that are positioned properly in terms of price and condition relative to the competition are the homes that sell quickly. Your home has to show well and be priced competitively in order to grab the attention of the buyers.