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

We 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.

Possible Denial of 24 Story Towers in Lake Union

After 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.

Home Prices are Finally Back on Track!

According to the latest report from Fiserv’s Case-Shiller, home prices are predicted to return back to normal, and we should expect gains in our future! After many years of unpredictability, a market increase is headed our way. According to the report, home prices are estimated to increase 3.7%  beginning in the third quarter of 2013 and 2014, and home prices in nearly every metro market are expected to see an increase in 2013. This past year we’ve seen a glimmer of a recovery, and home prices are expected to stabilize, more-so than they have in the past 15 years. From 1998 to 2006, home prices rose 5% or more each year, and once that housing bubble peaked, the plunge was devastating; dropping nearly 30.5% through September of 2012.
In the 4th quarter of 2011 is when we finally began to see signs of stabilization, according to a report by CNNMoney. From Sept 2011-2012 US home prices were on the rise, and several of the metro cities hit hardest by the housing downfall, saw the greatest gain during this time. By the end of 2013, Fisver predicts that nearly all housing markets will see an increase. If you’re looking to sell your home, contact your local Real Estate agent today!

$800k Price Drop in the Highlands!

When an Arthur Erickson designed home hits the market, most Seattleites gain interest in the story but when an Arthur Erickson designed home in the Highlands has a price drop of nearly $1,000,0000; well, now we’ve got your attention. Originally built in 1979, this home has been recognized among the most significant homes in the Pacific Northwest, and sits on 8+ acres in the Highlands. The home boasts white polished concrete & glass ceilings and an open floor plan.  To the south the home looks out over an impressive swimming pool with a sculptural meadow and a prominent woodland backdrop and to the northwest over a reflection pool with mountain and sound views beyond.  The estate also includes a James Cutler designed 1,700 sf guesthouse tucked away so not to disturb the views of the main house.  The estate was previously listed for $4,495,000 and has recently been re-listed for $3,695,000.

Over the past year, there have been six residences that sold in the Highlands, three of which exceeded $3 million. Currently there are 10 active listings in the Highlands. Click the link for more information on this home or others in The Highlands.

Congrats to our Commercial Brokers for Winning Costar Power Broker Award!

Costar, a Washington State Commercial Real Estate information company has released the list of recipients for their annual Power Broker Awards. The winners for the top retail leasing brokers include Tom Graff, and Cameron Kent of Ewing & Clark, who together have established a strong leasing presence in the surrounding Seattle area. What are the awards based on you might ask? The Power Broker Awards are given to those in the community who  have an outstanding performance in what is now an increasingly competitive commercial real estate market. Performance is based on their overall leasing transaction volume for the previous year, as reported by Costar, and measured against all of the active commercial real estate brokers in their market.
Congratulations to Mr. Kent and Mr. Graff for their achievements in the industry! As Costar is among one of the largest research organizations in the US, being recognized as one of the top real estate firms and deal makers around should be considered a great achievement. For more information on the 2012 Power Broker Awards, visit Costar.

Solar Neighborhood Project Energizes Seattle Neighborhoods

Many in Seattle question whether it’s worth investing time and money in solar panels given that Seattle isn’t known for its constant sunny days. Keith Hughes, owner of West Seattle Natural Energy, pointed out that, “Berlin, Germany receives 3.2 peak sun hours per day, and 44 percent of Germany’s energy production comes from solar” where as “Seattle receives 3.8 peak hours of sunlight per day and only 1½ percent of its energy comes from solar power.”

Seattle City Light and Northwest Sustainable Energy for Economic Development (Northwest SEED) are working together to promote and change the way Seattle uses renewable energy through their  Washington initiative. The goal is to change one neighborhood at a time and to have 150 solar systems operating by the summer 2013 . Projects have already been done Queen Anne and Magnolia as well as other Seattle neighborhoods. When a community agrees to go solar Northwest SEED searches for vendors that will give bulk discount for supplies and installation to the homeowners. Each neighborhood is set up on a grid so that the energy that is not used by one homeowner will flow to other neighbors within the grid.
It is estimated that in the past two years Washington has pumped nearly $4 million into the local economy, created 14 new jobs and has generated more than 600 kilowatts of solar electricity to Seattle’s grid. Seattle City Light estimates that only 600 out of its 400,000 customers use solar energy. Benefits of using solar panels are tax credits and rebates as well as lower energy bills. Living in Seattle helps a little too. Seattle’s annual lower temperatures allow the solar panels to work better and the rain washes them off.

Will Streetcars be Returning to Seattle?

It has been over 70 years since Seattle has had streetcars. Once people began moving out of the city and into suburbs and cars became more popular and convenient, there wasn’t as much of a need for them. The rails were removed and paved streets took their place. But now, as more and more people begin moving back into the city the idea of bringing back functioning streetcars has emerged.
One idea is to have the streetcar run down 4th and 5th which would serve mostly commuters and may not have as much use on the weekends as the more favored idea of having the streetcar run down 1st Avenue would. Although having it run on 4th and 5th would be almost $50 million cheaper, being on 1st, the streetcar would run past bars, new restaurants, shops and places that are more popular to tourists all days of the week including weekends. Tom Graff of Ewing and Clark, Inc. agrees that running down 1st is the better option. It would help boost business and attract more to the area.
Some business owners are concerned that if the project does move forward, construction may cause problems by limiting parking spaces and obstructing accessibility to their businesses. They realize that they will benefit from it being on 1st and accept the idea if construction can be controlled. The City of Seattle held an open house Wednesday evening for those who wanted to learn more and discuss the topic as well as to kick off the  Center City Connector Project which will explore transit options for downtown.