Facebook
Twitter
Pinterest
Copy Link
Seattle Eastside 2012 Real Estate Ends the Year on a High Note
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.
The Hot Seattle Eastside Real Estate Market Helped to Warm Up Our Chilly November!
How did this past November's Seattle eastside real estate compare to November of 2011? Low inventory, strong sales, short market times, and increasing home values continued through November.
Why are so few homes for sale? Some sellers are underwater, some are waiting for prices to go up, and some are just not ready to move. Given this situation, expect to see our great real estate market continue into next year.
Our listings have been selling in a "heart beat," which is not surprising given the lack of inventory. We've listed 3 homes since the beginning of December and all have sold with multiple offers in 4 days or less and for over full price! Remember we said this holiday season is a great time to sell your home.
The reality is, even in this market, not all of the listed properties have sold. The homes that go in a "heart beat" show well and are priced well. We've had wonderful sellers to work with who have done all the right thihgs to get their homes ready to sell. In addition, our staging, photography, and pricing structure have helped them to sell their homes for more than full price
Here are the specifics for November 2012 as compared to November, 2011:
- 45% of the available homes sold this past November, 20% sold in November, 2011.
- Homes continued to sell quickly, in 66 days, which is down from 107 days in November, 2011.
- Last year median pricing in November was $469,000. This year, median pricing was $525,000.
If you'd like more information specific to your home, don't hesitate to contact us. We'll do a wrapup of 2012 after the first of the year. Have a wonderful 2013.
Seattle Eastside Real Estate in October, 2012? Fabulous!
How did this past October's Seattle eastside real estate compare to October of 2011? Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.
Here are the specifics:
- 51% of the available homes sold this past October, 21% sold in October, 2011. Over half the homes on the market sold!
- Homes sold in 62 days, which is down from 97 days in October, 2011. Homes are selling fast!
- Last year median pricing in September was at $469,000. This year, median pricing was $515,000.
- Homes sold within 4% of the original asking price.
Did the number of sales increase?
Yes, by a whopping 47%!
Did prices continue to increase?
Yes, they've continued to increase. Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend.
How does all this information impact you, if you're a seller? This is the best time to sell your home in 5 years!
Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced. If you have very few showings, then your home is overpriced. Since there are so few homes on the market, if your home is priced right and shows well, it will sell. If it's not, then it will sit there. In this market your home should be selling, if not, then look at your asking price. Even though there is not a lot for sale, buyers will still not overpay for a house.
How does this information impact you as a buyer?
Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this. When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up. Expect multiple offers, if the house is a good one. Be prepared with a preapproval letter to accompany your offer. If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.
If you'd like more information specific to your home, don't hesitate to contact us.
Top Ten Ways to Turn a Buyer Off To Your Home
You've decided to sell your home. Now buyers will be coming by to see your home. These buyers will decide if your house can be their home.
It feels strange to have people walking through your home. It also feels strange to have photos of your home online for all the world to see. Selling a home is not like living in a home. When you live in your home, it's your private retreat where you can keep you home as clean or as messy as you want. But now your home is "on the market" with online photos and buyers coming by. It's a very different experience, which means you will need to live differently.
Here are ten things you should not do while your home is for sale.
1. Be home during the showing. Leave when buyers are coming so they feel comfortable looking through all the rooms, cabinets, and closets. Buyers will feel free to discuss whether a home works for them.
2 Offer to show buyers around. Often sellers focus on what they think is important and what they love, but it may it may not be what a buyer loves. Imagine you had a gorgeous jacuzzi style tub and showed it off to buyers. If the buyers prefer showers, the jacuzzi tub may mean nothing. When sellers show buyers around, it makes the buyer feel you're still too tied to your home and not ready to sell.
3. Draw blinds and leave lights off. A house that feels dark doesn't feel warm and comfortable.
4. Have an unmade bed. Need I say more about this?
5. Leave dishes in the sink and on the counters. Again, pretty self explanatory, but buyers really don't want to see your mess.
6. Leave personal items out in the bathroom. No one wants to know you brush your teeth or blow your nose. Buyers want to feel the bathroom is pristine and ready for them.
7. Your PJ's on the floor. Oh, please.
8. Smoke smell. Buyers worry it will take a professional cleaning to eliminate smoke smell or the smell cannot be eliminated at all.
9. Cooking odors. Many people love to cook, but they don't want to smell food when they look at homes.
10.Unsecured pets. Make sure your pets, who think they need to protect your home, are secured and don't interfere with buyers who are looking at your home.
There are many other things you should not do that will detract from the buyer's experience when viewing your home. Remember, the buyer needs to feel good about your home if they plan to buy it. If they think the house is unkempt or you make them feel like they're intruding, more than likely they'll go buy another home. Show buyers you're ready to sell. Give them a positive picture and the "space' to buy your home.
August Real Estate Keeps Moving on Seattle’s Eastside
How was the real estate market on Seattle's eastside in August?
The market has been" steady as she goes!" This is a very good thing. We are experiencing a great real estate market that has followed a trend over the last few months and is far better than last year at this time.
The number of homes for sale has hardly changed at all. Ok, there were 8 fewer homes for sale in August, but that's just a drop in the bucket. And as we mentioned in a recent, the exact same number of homes were for sale in both June and July!
Did the number of homes for sale increase?
No, It hardly changed, but it did decline slightly. This had little impact on the market.
Did the number of sales increase?
Yes, by 6%. So we had about the same number of homes for sale, but more homes sold in August. This sounds good to me.
Did prices continue to increase?
Yes, they have continued to increase, but only slightly. Median pricing in July was $512,000. This August it's $520,000. Last August median pricing for the eastside was $506,000.
This is the third month in a row that median pricing has been up for the year. Again, this is a great trend!
The Seattle Times gave a very positive picture of the entire King County real estate market, which includes Seattle and the eastside cities of Bellevue, Kirkland, Redmond, Issaquah, Woodinville, and more. Glenn Crellin of UW's Runstad Center for Real Estate Studies said:
But for now, he added, the local market looks healthy. Rising prices are giving more formerly "underwater" homeowners — who once owed lenders more than their homes were worth — equity in their houses again, he said.
How did this past August compare to August of 2011?
- 38% of the available homes sold this past August, 20% sold in August, 2011.
- Homes sold in 63 days, which is down from 85 days in August, 2011. Homes are selling more quickly.
- Last year median pricing in August was at $506,000. This year, median pricing was $520,000.
- Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.
Is the Seattle eastside market strong? Yes, particularly compared to last year when there were almost 1000 more homes for sale! Add that to the fact that almost 1/3 more homes sold this past August than in 2011!
How does all this information impact you, if you're a seller?
Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, there's a good chance your home is overpriced.
We recently spoke with a seller and told him the last few homes in his area in his price range sold in 2, 5, and 11 days. If his home is on the market for about 10-12 days with no offers, then his home will be overpriced for the market. Pricing a home correctly is the most important thing you can do as a seller. The next most important thing to do is hire someone who will guarantee you"ll have professional photography. Your home will have about 3 seconds to grab a buyer's attention on the internet, so make that 3 seconds work for you. If your home has lousy photos, you could potentially lose a good buyer. Make sure your home is decluttered, staged with your own furniture and good staging advice or with staged with the stager's furniture. As a seller, you're painting a picture for the buyer of how "cool" and wonderful it would be to live in your home, so set the stage, literally!
How does this information impact you as a buyer?
There is enough turnover in the supply each month for buyers to learn what values are in the marketplace. Find out what's available in your price range in your areas so you'll be prepared when the right home comes up. In some areas, multiple offers are the norm. In others, there may be some flexibility in the price. But if it is a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.
If you'd like more information specific to your home, don't hesitate to contact us.
The Strong Real Estate Market Continued Through July on Seattle’s Eastside
How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
Excerpt Revisionse="" target="_blank" title="">
How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
Strong Signs Continue for a Positive Real Estate Market on Seattle’s Eastside
How hot was the Seattle Eastside real estate market in June? In May I mentioned the market stats over the next few months would dictate whether Seattle-eastside real estate will remain a hot seller's market. In May I asked the following questions about Seattle eastside real estate. Now I'm asking those same questions about June's real estate market.
How did the real estate market do in June?
Did the number of homes for sale increase? Yes, by 85 homes, which is not a huge increase, but an increase just the same.
Did the number of buyers decrease? Sales decreased by 52 homes, which, truthfully, is not a big decline.
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
The Seattle Times stated that prices increased by 10% from June, 2011 to June, 2012. Truthfully, prices have not increased by 10% on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If that were the case we would be heading towards a market similar to what existed before the market crash. We really aren't seeing that right now. Prices have gone up, but on the eastside it really closer to a 2% increase from last year. Remember, to get an accurate read on price increases or decreases, it's important to track the prices over the year.
With a 40% chance of getting a home sold in June, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high. But since March, the odds of selling a home on the eastside have been consistently over 40%.
How did this past June compare to June of 2011?
- 40% of the available homes sold this past June, 20% sold in June, 2011.
- Homes sold in 70 days, which is down from 94 days in June, 2011.
- Median pricing remained almost the same. Last year median pricing was at $514,000. This year, median pricing was $513,000.
- Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.
- 10% more homes sold this year.
All these statistics point to the positive. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
It’s A Great Time in Seattle To Get Your Camera and Take Photos of Your Yard
I love this time of year in Seattle. I was out taking pictures of my yard the other day. Even if it's gray outside, which it often is, the flowers, the plantings and all the trees look just gorgeous. My yard is starting to look its best. Your yard is probably looking great, too. The fresh growth on the plants and trees and the flowers make such a beautiful backdrop for a home this time of year. Even if you don't have a lot of flowers, the fresh green colors still look terrific, so don't overlook your shrubs and trees.
Now think of your yard and how it looks in November. There's no comparison. It's obvious how wonderful everything looks compared to how the exterior of your home and yard look in November.
Don't waste this opportunity. Take time to snap some photos of your home and your yard. You'll have them available whenever you sell your home. In today's world, the online photos of your home are the first thing most buyers see. If the photos are great, there's a far better chance that a buyer will come see your home.
And don't forget to take pictures of your deck. Most of us don't have our patio furniture out in November so now is your chance.
Remember, you could sell some day in the throes of a deep and dark November! I'm sure you'd rather use photos of your yard taken in June than in November. You can always use great shots of your landscaping no matter the time of year you might be selling your home.
Happy picture taking!
How Do You Go From For Sale To Sold on Seattle’s Eastside?
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.
It Could Be The Difference Between Selling and Not Selling Your Seattle-Eastside Home
“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.
