Seattle Eastside Real Estate Stats for Aug 2012

Continuing with a Seller’s Market for Aug 2012…this is very encouraging news, as the rest of the country has not had this strong of a comeback in the real estate market or this fast.  The rate of market value increases has been slow, but steady.  We’re seeing anywhere from 2-4% increase in market value over this time last year.  Remember, slow and steady wins the race!  Here’s some more

Aug 2012 Seattle RE Stats

facts and data:

•   Months Supply of Inventory              2.1                     -46% change
•   Total Active Listings                           1859                    -33% change
•   Pending (YTD)                                       6837                     22% change
• # of Closed Sales (YTD)                       4746                    19% change

Always available to share/explain this info in detail, so never hesitate to engage me.  Here’s to a very active and solid 4th qtr for our Seattle Real Estate Market!

What Does Your Realtor Do For YOU?

Up-scaled Kitchen

As I go about my real estate work day, I had a conversation with another Realtor®   about what I do for my clients.  As our conversation went on, he said, “You do all that?”  My response was, “I genuinely like my clients; I do what it takes to make their real estate transaction the best it can be.”

So I decided to share some of the things I’ve done for my clients:

• Help find quality vendors for repair/home-maintenance/remodel work
• Suggest the types of home updates that will help their home sell faster and for more money
• Help shop for best-buys in appliances, carpet/flooring selection, lighting (etc, the “pretty things”!) to bring the home forward with a more current style; suggest the things to do that will provide the most return for the seller
• Help analyze the tasks at hand to break them down into manageable events
• Pay for a pre-inspection on a listing…this gives the seller a thorough understanding of any deficiencies that should be corrected before the home goes on the market…creating more value for both a buyer and the seller in a transaction
• I provide vignette staging to better show-off a home
• For buyers, I’ve done many of the same things, but also help them acclimate to a new area, providing them with local knowledge
• Analyze the potential purchase with the buyer to make sure they’re getting a good value
• Marketing via Social Media

So I do ALL of the usual & standard “stuff” a Realtor® should be doing for their clients:  searching, showing, marketing, writing contracts, helping a client price their home for sale, negotiating, monitoring the transaction through to a successful closing… but I view my role as more than that.  I view my role as their friend and partner in achieving their goal.  Is that what your Realtor® does for you?

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?

Trending Seattle Home Features

Mud-Room

What’s trending these days with new construction homes?  Well, we’re seeing this list of wants by buyers and a positive response by local #Seattle builders:

• A Flexible floor-plan (spaces for dens, guest rooms, bonus/media rooms)
• 3-car garages
• Upstairs  vs. Main floor Laundry…50/50
• Mud-Rooms
• Main-floor Ensuite Guest Rooms
• Clean lines & upscale finishes
• Large gourmet kitchens,  kitchen islands & family living
• 3/4 Bath vs. 1/2 Bath Powder Room

And what “trends” for New Construction then becomes the desired remodel for the “re-sale” home…

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?

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 Jan 2012

Seattle Real Estate Progress

This time, I decided to let the Seattle Real Estate Stat picture say a thousand words.  It’s screaming…can you hear it?

Carrying Costs in Real Estate

So have you heard of Carrying Costs when talking about real estate?  If I were to answer for you, I’d say most haven’t considered all of the aspects of selling a home, including Carrying Costs.  Does it have anything to do with how aggressively you price your home (or not)?

You first have to analyze your own moving scenario:  timing, if a job change is involved, relocation, down-sizing, up-sizing, change of scenery, change of household members and many more that might be specific to you.  Do you have a deadline to meet in order to make your move optimum?  In most cases, the answer is “yes”.  So have you considered the financial aspects of moving, or worse yet, trying to move yet not selling as fast as you’d like?  Here’s a list of those financial aspects commonly called “Carrying Costs”.

1. Mortgage payment including interest
2. Taxes on your property
3. Insurance on your property
4. Utilities: gas, electric, water, sewer, trash, cable
5. Yard maintenance
6. Staging fees of the “For-Sale” property

What if your move is contingent on a new job in a new city?  You could have these costs to consider:

1. Temporary living expenses (rental) & utilities
2. Moving costs

What if you’re planning to make a purchase right away, or making that next purchase is the reason for selling?  What are the tangible costs of moving forward prior to selling your home?

1. Earnest Money & Down Payment
2. Closing Costs
3. The new Mortgage including Principle, Interest, Taxes & Insurance
4. Moving Expenses

So not to mention the significance of additional costs to moving without having your past residence sold, what is the real question here?  How can I avoid months of Carrying Costs when selling my home?  Maybe the answer is back at the beginning…How aggressively should you price your home?  You need to there by when…?

Seattle Real Estate, Here We Come!

Are you ready to be a buyer in the Seattle Real Estate market?  What about a seller?  I’m ready to tell you that the Seattle Real Estate market is alive and well and coming back!

So if you’re a buyer, what do you need to know?  You need to know that inventory is still low, which will and is currently allowing prices to inch back up in positive appreciation.  You need to know that we just may have seen the bottom, because by the time we know we’re at the bottom of the Seattle Real Estate market, we’ve already turned the corner and are heading up.  You need to know that the joblessness rate is slated to improve by 2+% for 2012 in Seattle…that’s a huge thing, bringing back consumer confidence.  Seattle has a  strong aerospace, tech, bio-tech, & insurance employment base, not to mention coffee and the headquarters for several large clothing companies.  You can expect competition on real estate again.  I’m already seeing it on the Seattle Eastside.

So what do you need to know to be a seller?  Less inventory increases your odds of selling, but you still have to have a commodity that people want and are willing to pay for.  What does that mean?  It means you don’t want to assume you  can overprice and expect to sell.  Sellers still have to be realistic.  I’m seeing buyers are willing to pay for quality, whether it’s re-sale or new construction.

So do you have what it takes to be a buyer or seller or even both in the Seattle Real Estate market?  Sure you do, because in every market, buyers want to buy and sellers want to sell.  Have you got any advice you want to share??