Thursday, April 25, 2013

Bullitt Center Opened This Week!

Bullet Centter Exterior1The much anticipated uber-green Bullitt Center Building opened Monday at 11am with a ceremony; how very green of them to coordinate the opening to happen on Earth Day! They organized guided tours happening in the afternoon from noon-5pm, where the public could come check out the six story 50,000 sf space, which is designed to be one of the world’s greenest commercial buildings.
Governor Jay Inslee, and Mayor Mike McGinn spoke at the ceremony; and we're very interested to hear any feedback if anyone was able to go down check out the building?  According to the Daily Journal of Commerce, Dennis Hayes, president and CEO of the Bullit Center Foundation, was the coordinator of Seattle’s first Earth Day in 1970. What a wonderful day for Hayes and his colleagues to celebrate!

Friday, April 19, 2013

Competition in Housing Market Leads to Bidding Wars

housingCompetition in the housing market                                          has been creating bidding wars. Many offers are being countered by rival bids. Homes are selling for well over asking price. Sellers are holding out for better deals which lessens the amount of homes available to buy while buyers are wanting to purchase homes before prices and mortgage rates begin to rise.
Some buyers are having problems purchasing a home due to constantly being out bid buy other buyers. A couple in Florida offered $5,000 over asking price for a home only to lose to a counter offer of $55,000 over asking price. They tried offering $10,000 over a $600,000 asking price and lost to a higher bidder. That house was a short sale had been on the market for only two days. They became frustrated after putting offers on homes and never hearing back only to find that the houses they had bid on were sold to a much higher bidder. They finally were able to work with an agent who was working for both the buyer and seller which would earn her double the commission. She was able to help them make an offer and purchase a home for $30,000 less than the asking price.
The National Association of Realtors reported a 19.2% decline in inventory. It is expected that homes sales will grow with the Spring selling season but availability will remain low. The balance between buyers and sellers has been thrown off balance. Sellers are being more cautious while buyers are on the hunt.

Thursday, April 11, 2013

Advice for Buyers and Sellers in Today's Real Estate Market

for-sale-signWe have established that housing is beginning to get back on track, so what are the best moves to make today? Here are some very useful tips for the buyers, sellers, and owners in today’s real estate market.
Homeowners are starting to gain confidence in listing their homes due to the rise in traffic of buyers, and the growing popularity of bidding wars, and buyers are finally able to start searching for the perfect home again with low mortgage rates. According to CNN Money, 92 of the Country’s 100 largest metro areas have seen an increase in home prices, with costs rising as high as 23% in some cities, and 69 out of 100 of the areas also saw an increase in sales volume.
If you’re in the market to buy a home, know that you’re going to have to be competitive. Inventory is low, and doing your homework beforehand, and having all of the necessary information ready to present an offer with your agent will put you one step ahead of the game. It’s also best to understand the days of making an offer 20% below the listing price generally will not work. Presenting your best offer first will sit best with sellers, and it also helps to have a few contingencies in place, and move fast as sellers aren’t keen on having to go through the process again and again. Being flexible on closing can also work in your favor, as many sellers are scrambling to find alternative housing at the same time you are.
If you’re looking into selling your home, you’re in luck because it’s finally looking like a seller’s market! In order to get your pricing right, it’s best to list competitively to your market, and keep in mind pricing above recent sales might not get you what you’re hoping for. Many homeowners think their broker’s suggested pricing is too low, but pricing within reason will grab buyers’ attention, and land you more offers. If you’re looking into downgrading, choose an agent that is keen on investment properties. And if you’re not thinking about selling your home soon, you still take advantage of the market by taking the opportunity to refinance. It’s possible in recent years, that you haven’t enough equity to refinance the mortgage at these record low rates, but it might be time to give it another try.  Everyone can benefit in today’s market, and if you have any further real state related questions, contact your local real estate agent today.

Wednesday, April 3, 2013

Possible Denial of 24 Story Towers in Lake Union

Skyscraper1After an unofficial vote, it seems that building 24-story towers near South Lake Union may not happen. The majority of the vote agreed that 160 feet or 16-story towers would be more sufficient for the area and not shadow Lake Union park, as a taller building would.
It is still being debated whether or not to tweak the incentive-zoning policy which allows developers additional height by paying a certain amount of money towards benefiting the public. Vulcan, who owns the property, pitched the idea of 24-story towers along with  Mayor Mike McGinn. Vulcan is evaluating the options and deciding whether or not to agree to the 16-story towers.
An official vote from the council on whether to rezone Lake Union or not will take place April 22. The deciding vote will determine if 24-story towers will be allowed or not.