Thankful for our changing market!

Our market is changing!  That's a good thing.  When examining the market in 2008 and compare it to today's 2011 market, consider the following:

1.  Mortgage rates were 6.75% in 2008 for a  30 year fixed rate mortgage.  Now that same mortgage is going for 4.125% .  The same payment that bought $500k then buys $669k now.

2.  Does it seem like there are fewer homes with FOR SALE signs on them?  That's because there are!  On the Eastside, we had 3023 listings on the market.  We now have 1957, which is about 1/3 fewer.

3.  Pending sales are up.  In 2008, there were 412 homes in queue to close.  Today, we have 931, which is a 126% increase.

4.  How about foreclosures?  In 2008, we had 10,375 foreclosures.  That is about 1 in every 264 homes going back to the bank.  Today we have 2,684 which is 1 in 1,049. 

Sure, we have a long way to go, but look how far we've come in 3 years.  For this, we can all give thanks.

Earnest Money Reminders

The state of Washington  has laws governing earnest money deposits.  If earnest money is in the form of a peronal check, it requires 10 business days before being considered available funds.  If the transaction close date is 10 days or less from deposit, then funds must be in the form of a wire or a cashier's check drawn by a Washington financial institution.  An out-of-state cashier's check requires 10 business days before being cosidered available funds.  Buyers, make sure your Realtor gives you a receipt of your earnest money deposit.

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!