Seller's Closing Costs

When a homeowner decides it's time to move, they often talk to several Realtors to find out how much their home is worth.  Agents will then prepare a market analysis, comparing your property to other similar homes in your area that are active, pending and sold within the last six months.

Another part of the equation when calculating how much they will garner from a sale are the closing costs.  Closing costs are roughly equal to about 8-9%  of the sales price in the state of Washington.  So if you sell your home for $500,000, expect to pay out approximately $40,000 to $45,000. Your Realtor should provide a net proceeds sheet along with a market analysis so there are no surprises when you sell your home.

What goes into that 8-9% cost of selling?  Buyers and sellers equally share the escrow fees, Realtor fees are generally 6% of this with half going to the listing agent and half to the selling agent, excise sales taxes must be collected, there is a title policy and document prep fees, as well as recording fees.  The escrow company will prepare a HUD statement and list all the charges so you know exactly what the seller's obligations are.

Should you be considering selling your home, give me a call and I would gladly provide a complimentary comparative market analysis along with a net proceeds sheet.  That way you will know roughly what you can expect to receive from the sale of your home.

Coldwell Banker Bain leads the way on the Eastside!

I'm so glad to be working for Coldwell Banker Bain in Bellevue!  Once again, CB Bain Bellevue branch is leading the Eastside in the number of closed units and listings sold on Seattle's Eastside.  In terms of volume, CB Bain Bellevue Way has closed $425 Million year to date.  Our next closest competitor has closed less than $300 Million, which is more than 25% less volume.  Our 130+ active Real Estate agents are leading the way in sales once again.  Now why would you call any other branch on the Eastside to help you buy or sell real estate?

Tennants: No keys until you sign the inspection report!

Did you know that the Washington State Landlord/Tenant Act requires a written move in inspection report, signed by both parties if a deposit is collected?  If there is not written inspection report, the landlord cannot withhold any portion of the deposit, even if there are significant damages to the property and owe back rent.  Without a written report, it is impossible to prove that any damage did not happen before the tenant moves in.  The law specifies a written report.  Photos will not suffice.

The Unluckiest Number

I recently received a call from my clients who are looking to buy a home. They found the perfect home at an open house and wanted to put in an offer.  I said I would be happy to write up the offer, but wanted to see the home again with them.  They were very excited about the layout, location, etc.  Mr. Buyer asked if I would get any information about the house for them and pass it on when we met the following night.  I called the listing agent and asked a number of questions, among them, "why hasn't this home sold in 100 days if it's so nice?"  Her answer surprised me.  She said that the negative feedback she heard more than anything was regarding the house number.  I asked why that was and she said, "It's 1414"  to which I replied,  "and that's a problem?"  She said it wasn't to her, but in the Asian culture, the number 14 is considered the unluckiest number.  Evidently, in Mandarin the number 14, when pronounced sounds like "want to die."  In Cantonese, it sounds like "certainly die."  Either way, the superstition carries a lot of weight in the Pacific Northwest.  The number 4 is also considered unlucky for similar reasons....it is equated with the word death.  For that reason, Nokia cell phones have no cell phone series beginning with a 4, buildings in East Asia often do not have a 4th floor (this is similar to the Western world's phobia of the number 13).  In Hong Kong, some high rise buildings avoid any numbers with a 4 in them (ie, 4, 14, 24, 34, all the 40s, etc).  There is even an official name for this aversion or fear of the number 4: tetraphobia. 

In the end, my clients opted not to buy this beautiful home.  They did not have a problem with the home or the address, but feared when they wanted to move in a few years, they might have a problem with resale. 

425 poll ranks Kirkland as the best city on Seattle's Eastside!

Food and Dining, Health and Beauty, Business, Pets and Local Favorites....which are best on Seattle's Eastside?  The annual poll has been taken and results are in for 425 Magazine .  As a Kirkland resident, I was delighted to see that Kirkland was named "Best City" for 2011! 

Kirkland has recently doubled it's population with the annexation.  Now there are even more residents who will be enjoying the Lake Washington waterfront, popular shopping districts, wonderful art galleries,  workplaces, a notable school district, dozens of fantastic parks and diverse and distinctive neighborhoods.  So glad 425 recognized what so many of us knew from first hand experience:  Kirkland is a great place to live, work and play!

Selling Like Hotcakes in Bellevue!

So with all this bad national economic news....here's a bright spot in our corner of the world: Bellevue housing listed between $500K and $950K is selling like hotcakes! The demand ratio is 1.21:1....or put another way, for the 40 homes currently listed in this price range, there are currently 33 in this same price range that are pending. Anything less that a 2.5 ratio in this price range is considered a seller's market.

Fun Facts About Washington State

Did you know:
1. The forests of the Olympic Peninsula are among the rainiest places in the world and the only rain forests in the continental United States.
2. Washington has the largest ferry system in the nation; 26 million passengers travel by ferry each year.
3. Washington state is the nation's largest exporter, representing 34 billion dollars and 5% of all US exports which includes forest products, aerospace products, apples, tulips, hops, mint, wheat and several other quality food products.
4. Washington State defines innovation.  Some of the leading companies include Microsoft, Amazon, Nordstrom, Boeing, Costco and Starbucks.
5. Washington has hosted the World's Fair twice:  1962 in Seattle and 1974 in Spokane.  The first revolving restaurant in the US was built for the  Seattle World's Fair at the top of the Space Needle.
Washington is America’s coffee capital with more coffee bean roasters per capita than any other state.
6. “The Wave”, a popular fan cheer for the past 25 years, was started by Husky fans at the University of Washington.
7. The state is home to the world’s largest private car collection featuring over 3,000 vehicles.
8. Grand Coulee Dam, the largest concrete structure in North America, is located in Washington State.
9. Washington’s residents are educated with the most residents holding high school diplomas than any other state. Seattle leads the country in residents with more college degrees per capita.
10. The Boeing Plant, located in Everett, is the world’s largest building able to fit 74 football fields inside.
11. In Washington, a Seahawk is an athlete, not a bird. The closest thing to a seahawk is an osprey hawk.
12. Washington, the 42nd state in the union, is the only state named for a president.
13. Washington produces 70% of the nation’s hops used to brew beer.
14. With 37” annually, Seattle gets less rainfall than Atlanta, Boston, New York, Houston, Miami, New Orleans, Philadelphia, or Washington D.C.
15. Washington’s Hells Canyon is the deepest river gorge in North America, deeper than the Grand Canyon at over 5,500 feet deep.
16. Homegrown musicians include Jimi Hendrix, Nirvana, Kenny G, The Wailers, Pat Boone, Bing Crosby, Quincy Jones and American Idol runner up, Blake Lewis.
17. Petrified wood is the state’s gem. There is a petrified forest in the state that is considered the most unusual fossil forest in the world.
18. More people in Seattle commute to work on bicycles than any other city in the nation.
19. Far Side cartoonist Gary Larson is a Washington native.
20. The longest accessible beach in the U.S. is in Washington. The 28 mile long stretch is aptly named Long Beach.
21. Washington’s cows produce more milk per cow than any other state, totaling 1.3 billion pounds of milk each year.
22. The state’s nickname is the Evergreen State for its abundant evergreen forests.
23. The state is America’s raspberry capital harvesting more than 57 million pounds of raspberries each year.
24. Washington is the nation’s top apple producing state with 10-12 billion apples handpicked annually.
25. Seattle sells more sunglasses per capita than any major city in the nation.