Wednesday, March 26, 2014

Tips for Buyers in a Seller's Market

wash park colonialSynced from Seattle and Real Estate Blog
We’ve been saying it for the past year and a half, but we’ll say it again; Seattle is definitely a Seller’s market at present. There is nothing more frustrating for a buyer than having everything in order for the home purchase, and not being able to make the purchase due to no fault of their own. There are more buyers than sellers in today’s marketplace, and homes are moving quicker than ever in many neighborhoods. The home buying process has evolved, and if you want to close on the home of your dreams, you’ll need to think outside the box, act fast, and be prepared to work hard at the home sale. Here are some useful tips to keep in mind on your quest for the perfect home.
With low inventory, many buyers tend to be looking for the same thing, and the buyers who come out on top aren’t using your typical search methods. You can work with your agent to check out homes without “For Sale” signs in front, expired listings from years past, or pre-market homes that aren’t necessarily listed on the mls. If you’re interested in a home in the neighborhood, don’t be afraid to reach out to them inquiring if they plan to sell, because chances are you’re not the first buyer to inquire. Getting pre-approved for a mortgage before you buy is another great way to stay one step ahead of the game. Buyers who are well organized and ready to move when they find the right home are generally the ones who get the listing, and it’s important to deal with any issues you might have on your credit report before moving forward in this competitive market.
Are you interested in a particular neighborhood in Seattle? Find an agent who specializes in the area. A good local agent will know when to submit the offer, and is usually the difference between getting your offer accepted and making several offers with no success. A local agent might know the selling agent, and might have made a deal with them previously in the neighborhood, and that might be enough for the seller to suggest they accept your offer over another inquiry.  If you’re interested in buying a home in and around Seattle, remember the early bird gets the worm. Contact your local real estate agent today to start the home buying process.

Wednesday, March 19, 2014

Home Sales And Prices Dip For Second Straight Month

371 Prospect
Synced from Seattle and Real Estate blog.
The Seattle area saw median home prices and number of home sales fall for the second consecutive month in February, according to new data from the Northwest Multiple Listing Service. The price of single-family homes in King County fell from $410,000 to $405,400 in February, and that there was little growth in the number of homes for sale. The number of pending home sales is also down about 13% from the same month last year. However, the median price of single-family homes in King County is still 11% higher than it was in February 2013.

Members of the NWMLS believe the dip in sales is not due to a shortage of buyers, but a severe shortage of housing inventory. King and Snohomish Counties both have less than a four-month supply of homes available. According to the NWMLS report, bidding wars are common in markets with less than four months of inventory. Some sellers are also delaying selling their homes because they’re underwater on their mortgages and are holding out for a continued rise in home-price appreciation. Zillow reports that one in five homes in the Seattle metro area has a mortgage with an outstanding balance higher than the home’s value.
For more information on Seattle real estate, contact your local real estate agent today.

Thursday, March 13, 2014

Bellevue Real Estate Recap: February 2014

Syndicated from the Seattle and Real Estate Blog
The Real Estate market in Bellevue has continued to improve at a striking rate.  Although the number of homes closed in February 2014 was nearly identical to February 2013, the median selling price rose 10.1% to $670,000.  The average single family home sold for $909,494, and the average selling price for a condominium was $302,694 in Feb 2014.  In February 2013 the average selling price for a single family home was $677,773 and for a Condominium was $399,002.  The ratio for the listing price versus the selling price in 2013 was 99.6% and in 2014 it was 100.09% (according to the Northwest Multiple Listing Service).
bellevue homeThe average days on the market for a single family home in February 2013 was 40 and for Condominiums was 71.  In February 2014 the average for a single family home to be on the market was also 40 days and for Condominiums it was 55.  For single family residences, homes containing 3 or 4 bedrooms sold in about 25 days, versus 37 days in February 2013 and homes having 5+ bedrooms taking around 3 months to sell versus 61 days in February 2013.  Bellevue’s most expensive home sold in February was an Italian Style Villa that sold for a vast $4.8 million.  The home rested on a half acre of Lake Washington Waterfront and was 7,606 square feet and built in 2003 and took 226 days to sell.
Bellevue continues to be extremely desirable right now which is highlighted by the increase in sales prices and the amount of home selling for above their asking price.  The numbers discussed clearly demonstrate that it is a great time to sell in the Bellevue and King County areas. If you would like more information about the current value of your home in this strong real estate market, please contact me for a free market analysis and discussion about your home.

Wednesday, March 5, 2014

Sales of New Homes on the Rise Nationally

west seattle homev
In some surprising and encouraging news for the national residential housing market, sales of new homes in January rose by 9.6 percent, the highest rate since July 2008, and it is predicted that the rate for both new and existing home sales will continue to rise in 2014.
Economists had predicted a drop in the rate for January, mostly due to winter storms across much of the country, but only the Midwestern market posted a decline in new-home sales for January, dropping 17 percent. Sales in the northeast rose by 74 percent, followed by the west at 11 percent, and the south by 10 percent. The median new-home price also rose 3.4 percent from a year ago to $260,100.
Despite the 30-year mortgage rate having just risen to 4.33 percent, signs are pointing to a healthy residential market in 2014 as a result of growing household incomes, and double-digit growth in residential construction over the past two years, which contributed to the nation’s overall economic growth.