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Do You Want to List Your Home or Get It Sold?
“Can I start out pricing my home higher and then come down in price?” This is one of the most common questions I get asked by people planning to sell their home.
Statistics from March Seattle-eastside home sales show a home will sell faster and for a better price if priced correctly to start. Overpricing a home can result in a longer market time and a lower price.
Moving Your Home From "For Sale" to Sold
So do you want to start with a higher asking price and come down? If you’re serious about selling your home, price it right, otherwise you risk putting a “for sale” sign in your yard, but not selling your home.
What do you think?
How Did April, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did April, 2009 stack up to April, 2010 in your neighborhood?
(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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $524,000 to $514,950.
The number of homes for sale dropped by 20% and sales were up by 75% from last year.
The odds of selling a home were 35%.
Median sales price dropped from $500,000 to $450,000.
The number of homes for sale dropped by 2% and sales were up by 57%.
The odds of selling a home were 34%.
Median price decreased to $599,900 from $649,000.
The number of homes for sale dropped by 21% and sales were up 23%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price increased to $409,500 from $399,950.
The number of homes for sale declined by 12% and sales were up by 18%.
The odds of selling a home were 22%.
Median price decreased to $575,000 from $649,000.
The number of homes for sale declined by 23% and sales were up by 102%.
The odds of selling a home were 20%.
Median pricing was down from $1,100,000 to $849,000.
The number of homes for sale decreased by 27% and sales increased by 62%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
Median pricing decreased from $554,950 to $514,995.
The number of homes for sale decreased by 11% and sales increased by 32%.
When compared to April, 2009, only one area of Seattle’s eastside showed an increase in median prices. This area encompasses Woodinville, Bothell, Kenmore, and Duvall.
The most significant decrease in pricing was in West Bellevue, just like last month. Home values in West Bellevue dropped by 23%. The other Seattle-eastside neighborhoods experienced a reduction in sales price, but not by as much.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in the Woodinville area to 102% in Kirkland, the only area with a triple digit increase in home sales this month.
Eighteen percent less homes are for sale on the eastside this year than last year.
What’s happening in your area? Are home sales strong? Do you expect it to continue?
The Number of King County WA's Properties For Sale is Climbing
The number of properties for sale in King County Washington is climbing. The total took a big jump over the last few weeks when 783 properties came up for sale. Since January when the year started with 9726 King County properties for sale, the numbers have gone up by 28%. Right now, the total is just 452 shy of the highest number of properties on the market in 2009. The big difference in 2010 is sales activity is going strong and beating 2009 numbers by a huge margin in all areas. Some Seattle neighborhoods, like Queen Anne, are seeing multiple offers. In the area where I work, Seattle’s eastside, has had double and triple digit increases in home and condo sales.
The increasing number of listings may change that some in the coming months. I’ll be watching the real estate sales numbers and keep you posted.
King County Properties For Sale
How Did March, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did March, 2009 stack up to March, 2010 in your neighborhood?
(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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $513,025 to $497,500.
The number of homes for sale dropped by 22% and sales were up by 154% from last year.
The odds of selling a home were 34%.
Median sales price dropped from $499,000 to $464,995.
The number of homes for sale dropped by 12% and sales were up by 84%.
The odds of selling a home were 27%.
Median price increased to $539,450 from $519,900.
The number of homes for sale dropped by 24% and sales were up 93%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price decreased to $396,725 from $450,000.
The number of homes for sale declined by 18% and sales were up by 68%.
The odds of selling a home were 22%.
Median price increased to $515,000 from $490,000.
The number of homes for sale declined by 22% and sales were up by 118%.
The odds of selling a home were 18%.
Median pricing was down from $1,185,000 to $921,500.
The number of homes for sale decreased by 28% and sales increased by 24%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 29%
Median pricing increased from $481,450 to $529,450.
The number of homes for sale decreased by 21% and sales increased by 18%.
When compared to March, 2009, three areas of Seattle’s eastside showed an increase in median prices including South Bellevue and Issaquah, Redmond and Carnation, and Kirkland. South Bellevue and Issaquah home prices remained steady for the third month in a row, which is the only area on the eastside to experience a consistent upswing in pricing.
The most significant decrease was in pricing was in West Bellevue, where median home values dropped by 22%. Most Seattle-eastside neighborhoods experienced a reduction in sales price.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in Redmond and Carnation to 154% on the plateau, Sammamish and Issaquah.
Twenty-one percent less homes are for sale on the eastside than last year. Although over 200 more homes are for sale than in February, which is typical for this time of year.
Seattle eastside home sales should continue to be strong through April. We’ll see what happens after that time, however, I don’t expect much to change for the higher price ranges. And nothing may change at all. We could continue to have a strong real estate market.
What’s happening in your area?
King County WA has 3000 More Properties For Sale
King County has a lot more properties for sale than the first week of the year. The first quarter of 2010 has passed and there are now 24% more homes and condos for sale, exactly 3000 more. Each week of the year has seen an increase in the number of properties for sale with the exception of one week. Right now there are 12,726 properties for sale and we started the year with 9726 available properties in King County.
This is typical of the Seattle area real estate market. Each spring the number of properties for sale increases dramatically. The good news is most Seattle areas are experiencing a huge jump in real estate sales. But that’s for another post!
King County WA Real Estate 3-29-10
How Did February, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did February, 2009 stack up to February, 2010 in your neighborhood?
(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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19.5%.
Median sales price dropped from $522,250 to $499,995.
The number of homes for sale dropped by 18% and sales were up by 98% from last year.
The odds of selling a home were 29%.
Median sales price dropped from $457,475 to $430,000.
The number of homes for sale dropped by 26% and sales were up by 120%.
The odds of selling a home were 25%.
Median price stayed the same at $579,950.
The number of homes for sale dropped by 30% and sales were up 193.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price increased to $397,000 from $381,450.
The number of homes for sale declined by 26% and sales were up by 95%.
The odds of selling a home were 21%.
Median price dropped from $687,000 to $537,500.
The number of homes for sale declined by 28% and sales were up by 106%.
The odds of selling a home were 16.5%.
Median pricing was down from $1,00,000 to $981,750.
The number of homes for sale decreased by 33% and sales increased by 52%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 25%
Median pricing decreased to $474,950 from $524,900.
The number of homes for sale decreased by 27% and sales increased by 90%.
Median home prices in February, 2010 increased only in one Seattle-Eastside area, which includes Woodinville, North Kirkland, Bothell, and Duvall, when comparing 2-09 to 2-10. Although, if you look at the full year, prices in that area did not increase. Remember, this post only compares the month of February’s numbers to last February and does not include the entire year’s activity and information. South Bellevue and Issaquah home prices remained steady for the second month in a row, which is a very strong sign for those neighborhoods.
Most of the other Seattle-eastside neighborhoods experienced a reduction in sales price. The most significant decrease was in Kirkland, where median home values dropped by 21%. Sales in Kirkland, however, are up by 106%. I think Kirkland home buyers are feeling that real estate prices are more manageable in Kirkland and are more willing to buy a home in Kirkland now.
The increase in the number of home sales ranged from 52% in West Bellevue to 193.5% in South Bellevue and Issaquah. However, with the exception of West Bellevue, the increase in Seattle-eastside real estate sales was no less than 90% more than last February’s home sales.
The number of homes for sale in all Seattle-eastside neighborhoods was lower than last February with an average of 25% less homes for sale. This number will not be as low come March as more Seattle-eastside homes have been coming up for sale since the beginning of the month. Stay tuned for next month’s report, when I’ll have all the real estate data for the month.
I anticipate Seattle-eastside home sales to continue at this strong pace during the month of March as home buyers scramble to use the 2010 home buyer tax credit.
What do you think?
Should You Buy a Home on Seattle's Eastside Now or Wait?
Should you buy a home now on Seattle’s eastside now or wait until after the tax credit expires at the end of April?
People were talking on the Wall Street Journal site and on Zillow about this very issue. Today people don’t just ask, “How’s the real estate market?” They ask, “What do you think will happen to the real estate market after the tax credit?”
Here are some of the things people are wondering:
- Do I buy now?
- Do I wait?
- Will I get a better deal now or if I wait?
- Is it worth passing on the tax credit and waiting to see if prices come down after April 30th?
- Is it better to buy now because there is a healthy number of homes for sale and good interest rates?
- Will there be more homes to choose from later?
- Will interest rates go up and cancel out any possible decline in prices?
I got my crystal ball out as did many others. Money Magazine made a strong case for buying now. Warren Buffett, on the other hand, thought the real estate market would pick up in 2011. Luke Mullins of US News and World Report presented the positive aspects of home ownership, even in today’s real estate market. Truthfully, no one knows what will happen and we can only speculate about what may happen with prices, the number of homes on the market and interest rates. But all these variables should be considered when making a decision about whether to purchase a home now or later.
I believe there are good deals on a home now and will be after the tax credit, but it’s on a case by case basis. Here’s why I say this:
Right now…
$6500-8000 home buyer tax credit available for most buyers.
Historically low interest rates.
Good selection of homes, many with very realistic home sellers and prices.
Having the tax credit of $6500-8000 and terrific interest rates, increases buying power. Typically, your loan payment is amortized over 15 or 30 years, a lower interest rate means more dollars per month in your pocket.
Later…
Will prices drop after the tax credit goes away on April 30th? No one really knows. There may be more homes on the market, which we typically see in the summer months in the Seattle area. If so, the law of supply and demand will kick in. More homes + less demand= lower prices. But we really don’t know if this will happen. We don’t know if there will be less demand. We can only guess. We can only gamble on what may be.
However, there’s a good chance interest rates will go up, which means purchasing power will go down. If rates go up 1%, then purchasing power goes down by about 10%. This means if you could afford a home for $330,000, if rates do go up by 1%, you would then qualify for a home at $300,000.
The impact of interest rates on buying power
Buying a home will, obviously, be less expensive if prices drop (but we don’t know if they will), and mortgage rates could also be a higher ( again, just a guess, but looking pretty certain), which could more than cancel out any savings in the price of the home. Remember, I’m not just talking about your initial investment, I’m talking about spreading the total cost out over the time you own your home.
The location factor:
Real estate is hyperlocal. There is no one size fits all real estate locales, individual buyers or individual sellers. Some areas of the Seattle- eastside real estate market will remain stronger than others. Within each city on the Eastside, Bellevue, Redmond, Kirkland, it will vary. The East of Market neighborhood in Kirkland may be vastly different than Kirkland’s Rose Hill real estate market. We see that today with a difference in real estate sales performance in different areas on Seattle’s eastside. So no one should make a “one size fits all” about the real estate market. It will depend on how hot the area is, how many homes are on the market, and how hot the house may be. ( The Queen Anne neighborhood in Seattle seems to remain hot through most real estate markets, as an example.)
Some neighborhoods will be full of homes for sale and the homes in these areas will need to be priced more competitively. Other areas will have fewer homes to buy. These areas will have stiff competition among the sellers to grab the buyers. Buyers will be looking harder at the overall value each home brings them.
The home factor:
In every real estate market, you’ll find fabulous homes. These homes will be perfect, priced right, and terrific values. Homes that shine will be the ones to sell in any market.
The emotional factor…
For most people, it’s a huge personal decision when to buy and what home to buy. If you find a great house and are able to get it for a reasonable price for the real estate market at the time, it may make sense to you to buy. There are the financial aspects of buying a home and the emotional aspects. You might find the home you can’t live without and it’ll be worth it to you to buy now rather later. You may not find a home now and miss using the home buyer tax credit, but you may not want to buy a home now just to get the tax credit.
There are going to be great homes now and in the future. There are also going to be great deals now and in the future. The difference in today’s market is you’re dealing with a known quantity. You have to decide what works for you.
What do you think will happen with the Seattle-eastside real estate market later this year?
Is The Seattle Eastside Home Sales Race Soon to Be On?
Everyone who has wanted to sell on Seattle’s eastside in the last few years seems wants to sell in the next 60 days, including me.
I know some home sellers Angie Bondurant, my business partner, and I will be representing have been madly getting their homes ready to sell. I bet contractors on Seattle’s eastside are busier than they’ve been in a long time. The contractor I use has gone from working on a rental home I plan to sell to a client’s home. As home seller wanna-bes, we’re all in the same boat, scrambling to meet the looming deadline of April 30th. We’re hoping to catch that home buyer who wants to get the benefit of the 2010 home buyer tax credit. (By the way, I don’t think the market will fall apart after April 30th, 2010, but those thoughts will be for another post)
Right now, the number of homes and condos for sale in King County is doing it’s normal spring time creep up (yes, it’s spring here in Seattle). So far, the number of properties for sale isn’t unusually high.
- King County, WA Real Estate For Sale, 3-2-10
In some of the Seattle-eastside neighborhoods where I’ve sold a lot of homes and which I blog about, I’ve talked about the fact that there are fewer homes on the market. I think that may be changing and I am wondering if others are experiencing the same thing.
Are other Realtors seeing the same thing happening with their business?
Do you have more homes coming up for sale in the next 60 days?
Do you expect to sell more homes or condos in the next 60 days because of the tax credit?
Are home owners seeing more “For Sale” signs popping up in their neighborhoods?
How Did January, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did January, 2009 stack up to January, 2010 in your neighborhood?
(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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 21%.
Median sales price dropped from $535,000 to $499,000.
The number of homes for sale dropped by 24% and sales were up by 60% from last year.
The odds of selling a home were 28%.
Median sales price dropped from $480,000 to $450,000.
The number of homes for sale dropped by 22% and sales were up by 103%.
The odds of selling a home were 27%.
Median price stayed the same at $559,000.
The number of homes for sale dropped by 27% and sales were up 84%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 18.5%.
Median price decreased to $389,725 from $438,200.
The number of homes for sale declined by 21% and sales were up by 63%.
The odds of selling a home were 23%.
Median price dropped from $512,440 to $499,950.
The number of homes for sale declined by 21% and sales were up by 90.5%.
The odds of selling a home were 12%.
Median pricing was down from $1,027,500 to $899,000.
The number of homes for sale decreased by 32.5% and sales increased by 35%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median pricing increased to $524,990 from $484,950.
The number of homes for sale decreased by 21.5% and sales increased by 73%.
Median home prices in January, 2010 increased only in one Seattle-Eastside area, Redmond, when comparing 1-09 to 1-10. If you look at the full year, prices in that area did not increase. South Bellevue and Issaquah home prices remained steady when compared January, 2009.
All other eastside areas showed a decline in pricing. The most significant decrease was in West Bellevue, where median home values dropped by almost a third. Sales in West Bellevue continued to increase from last year, although the increase was lower than what was seen in December, ’09.
Redmond, near Microsoft, and East Bellevue are booming with home sales once again, after a couple of slow months. But again, the statistics do not show prices up in this area, although home sales certainly are up!
With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For these reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.
