Real Estate Review…FREE!

Here’s what I’ve found to be a great tool to better serve my clients before they buy or sell.  I’ve called it a Real Estate Review…and it’s FREE!  This is a complimentary service I perform for my clients and future clients.

Whether you know it or not, you’ll be moving.  Surprise!  Maybe not in the next 180 days, but you will be contemplating a move in your future.  The average American lives in a single home for 7 years…to some that seems long & to others who have lived in a home for 40+ years, they don’t understand the “nomadic” lifestyle.

 So I’ve prepared a document similar to a market analysis but in most cases reports more info.  It reviews the immediate neighbors home values so the client has a good feel of their neighborhood trend.  Also, it includes various statistics and local demographics.  I end it with a very pictorial view of what’s happening in the Seattle Eastside Area as well as history on interest rates.

 The combination of all the info presented will put a client in touch with the current real estate market in their specific area.  My clients are thrilled with this analysis!  If nothing else, it will establish a baseline for when we prepare the Real Estate Review again next year, making them more informed when they do enter the real estate market.

 Are you interested in your Real Estate Review?  Contact me today!

What’s Up with the Real Estate Market?

What’s up with the Real Estate market?  During the month of December 2012, 54 homes were sold from this Totem Lake/Kirkland Windermere office…Are you sensing a changing market from even a year ago?  Here’s the local Seattle Eastside stats you can relate to since November 2011:

1. 41%  less Active Inventory
2. 9% less Active Market Time
3. 22% more Pending properties(properties under contract)
4. 3% higher Median Sales Price (Closed properties)
5. 22% more Closed Transactions

Everything in these stats are part of a bigger picture, and that is that the market has experienced a rebound.  The biggest thing that will change in the coming months will be the Active Inventory…Jan – July are traditionally the months where the most inventory is available on the market, changing the landscape slightly from a strong seller’s market (now…Red on the color map), to a more balanced market as we get more into 2013.  Buyers will have more to choose from and more negotiation power with sellers.  Luckily, interest rates are   supposed to stay really LOW, as stated by the Federal Reserve Chairman Ben Bernanke, well into 2015, stimulating buying and bringing buyers more buying power for their dollar.

I still can’t emphasize enough that a home MUST be priced for the market…overpriced properties will sit far longer than the average market time and usually succumb to a far lower sales price than if originally priced according to the market.

Keep watching…I’ll continue to share the market stats.  The market is really heating up…if it’s your time to make a move, don’t get caught on the sidelines!

Seattle Eastside Real Estate Stats for June 2012

Seattle June 2012 Stats

What’s happening in your neighborhood?  Month over month, year over year, the real estate landscape is improving in the Seattle area…Again, the Seattle area is RED…0-3 months of inventory!  We continue to watch the Seattle Eastside (areas 500-600) @ 1.5 -2.8 months of inventory…So what’s the long and the short of it?  Low inventory, low interest rates, multiple offers and prices are rising!  Don’t get too anxious…this market is more reasonable than days of old…climbing slow & steady.  This is a market for buyers, because it’s not going to be this good as the months go on…as I’ve said before, the Seattle economy is diverse and thriving.  Are you ready for a better real estate market?

Seattle Eastside Real Estate Stats for May 2012

Seller’s Market May 2012

The Seattle area real estate market is continuing to improve!  The Eastside (Areas 500-600) average 1.8 months of inventory and prices have come up 2% this month…if no new listings came on the market, we would sell out of homes in less than 2 months…!  The homes in better condition and priced well will go first in this market especially.  Our local economy continues to help our real estate market by becoming as much of a tech-resource as the Silicon Valley has been.  Twitter just announced they’re opening up office space in the Seattle area…all of the social media giants plus Microsoft and Amazon have realized the valuable tech resources we have in the NW so they are creating a presence here!

Reading the chart below, it shows how the strong real estate market continues to be during May for the Seattle Eastside Areas (500-600).  Inventory is down 34% and sales are up (pending 23%, closed 13%) thus, months’ supply of inventory is down to 1.8 (or 48%). Prices are increasing (closed sales price YTD up 2%).  If there’s anything I can do for you, don’t hesitate to let me know!

May_2012_Seattle_RE_Stats

What’s the Seattle Real Estate Market Doing Right Now?

Seattle Real Estate Market

What’s the Seattle Real Estate Market Doing Right Now?  Have you wondered what is up with the entire Seattle Real Estate Market lately?  I get that question all the time.  Property is actually selling again!  YaaaHoooo!  And not only selling, but in some cases, selling  with multiple offers in record time!!

So what’s driving this “new” market we’re experiencing in the Seattle area again? In a word, it’s ECONOMY.  Our economy is strong.  What makes it strong?  Diversity!  Seattle just got tagged as the No. 1 in the Tech Job arena…From Microsoft, Amazon.com, Ebay, Google, Facebook and all of the others, tech jobs have put Seattle on the map as No. 1…!  Boeing is doing well and on a big hiring surge for tech professionals and engineers.  We’re a Bio-Tech region, supporting world-re-known healthcare facilities. How about Starbucks & Tully’s, Nordstrom & Eddie Bauer?  All of these make our world go ’round, both locally as well as  internationally.

I almost forgot to mention the still record low interest rates!

With all of that commerce, home builders are back in action too and having a hard time keeping up with demand.  Sellers have been slow to return to the market, so housing inventory is low.   What are you seeing in your neighborhood?

The Importance of Pricing Your Home to Sell in the Seattle Area

Priced To Sell

How important is pricing your home to sell?  Huge question… So huge, I chose this snowy picture to illustrate a point:  when priced right, you too can sign a Purchase & Sale contract during a snowy holiday…!  It’s the difference between drawing attention to your home from qualified, active buyers to no activity, or so you think.  Consider when you contemplate the purchase of a household appliance and you do your comparative shopping for that item.  You look at all the features, the colors, the upgrades, the attachments, the “things that make your item cool” and weigh that against the price.  Same goes for a house.  Whether it’s area/neighborhood/location/school district, size of lot, size of home, condition of the home/upgrades to the home…all of these things factor into how you price your home.  Your home may be the one that everyone is comparing to as the “overpriced” home…not the attention you want!

So what happens if you realize you’re priced too high…it can be a vicious cycle of chasing the Seattle market.   The chart below will depict this vicious cycle…It’s better to over-correct on your price and let the market react.  Otherwise you can be chasing your tail, so to speak.  The good part of our Seattle market right now is that when you are priced appropriate to the market, you just might see an offer in record time &/or see multiple offers…yes they’re back!

Overprice-Chart

So even though Seattle may be coming out of the “depreciating market”, now is not the time to put your house on the market using 2008  Seattle housing market values.  Our market is seeing a healthy, slow & steady uptick in prices.  That’s good for you and me and the economy…don’t hesitate in contacting me to discuss your particular real estate needs.

Seattle Eastside Real Estate Stats for April 2012

Seattle Eastside Real Estate Stats for April 2012

The April 2012 Seattle Real Estate Stats are out…the RED on the map indicates a Seller’s Market of 0-3 months of inventory; most of the Seattle area is showing 2 months or less of inventory.  This has snapped a 50-month string of negative numbers year-over-year price comparisons.  Area brokers, buyers & sellers must be realistic in their expectations; the market recovery will be slow and incremental.  Right now, demand exceeds supply, competition may intensify, especially for homes that are well-priced and in good condition in desirable locations.

So, the message I’m sending is that the local real estate market is back.  The Seattle area is very low on inventory, interest rates are still at record lows and prices will only rise with time, making it a great time to buy now, if you’re contemplating the idea.  New construction is tipping the scale right now.  Builders slowed way down or stopped producing new homes altogether, during the last 5 years.  Consequently, the consumer has been denied new construction, creating an intense demand with a short supply.  New construction prices will rise faster, which will then fuel the resale market as well.   As I said earlier, sales prices are on the rise, but all indications are that they will do so at a much slower pace than we have seen in the last 15 yrs.

Be prepared for a return of multiple offers and short listing periods for well-priced properties in good condition in many parts of  the Seattle area.

Seattle Eastside Real Estate Stats for March 2012

So this time I’m letting a picture say it all…just look at a year ago and look at NOW!  All areas of the Seattle Eastside (and nearly all of Seattle) are seeing inventory levels at a 2 months supply or less!!!  Sellers, this is your time!  Buyers, be prepared, be educated, be knowledgeable!

Seattle Eastside Real Estate Stats for Feb 2012

Seattle Eastside Real Estate Stats for Feb 2012

Have you been hearing that we’ve hit the bottom of that proverbial real estate market for the Seattle area…well, it does appear so.  I like to let the stats do the talking, but here are a few of the major highlights:

• Lowest inventory levels since early 2007
• 2.3 months’s supply of inventory (if no new inventory, it would take 2.3 months to sell all active listings at the sales pace we are experiencing)
• Active residential listings are down 29% from a year ago
• Pending residential sales are up 16% from one year ago
• Closed residential transactions are up 8% from a year ago
• Median closed sales price is down 2% from a year ago for the Eastside & Seattle; King County is down 8%.
• The closer to the job centers of Bellevue & Seattle are proving better for the real estate market.

The Seattle area and especially the Eastside have moved into the Seller’s Market…0-3 months of inventory!!  We haven’t seen this much RED in I don’t know when!!

Have We Hit the Bottom of the Seattle Real Estate Market?

Have you been hearing we’re in the perfect storm for Seattle Area Real Estate for a while now…?  Well it really isn’t hype.  Have we hit the bottom of the Seattle Area Real Estate Market?  Here’s the secret; by the time we KNOW we’ve hit bottom of the turbulent real estate market, we’ll be on the way back up.  It’s fact; here are the signs:

• 3- quarters of record sales recorded in 2011 (qtrs 2, 3 & 4) over prior years
• Record low interest rates…sounds like a line, but it takes a 10% price reduction to make up for 1% of interest rate reduction…Interest rates are POWERFUL right now!
• Prices have come down since 2008, but the signs are there that we’re stabilizing at a Balanced Market (source: NWMLS)
• New construction is rising by approx. 40% for 2012 and even more for 2013 & 2014.  This has been stagnant since 2008.
• Seattle Economics are diverse and strong (consider all of the large companies here)

Where do YOU think we are?  Are you still waiting to find the bottom?