ComeBuyAHouse.com

4 Reasons to Sell Now

Source: Realtor Magazine Online — [Annotated by Lynette]

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

1. Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.

 [We will compare many factors, including how much you bought for, what you owe, if this would cause a short sale, etc. Many factors go into these decisions.]

2. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.

[While this may not help you directly, it can help to sell your home. We are associated with a few lenders who have certifications with the House Key program and other down payment assistance programs that can be specific to a city.]

3. Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

[These include Federal Tax Credits as well as county specific rebates that run for specified time frames.]

4. Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

[Us for instance!]
Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Tags: home, Seattle, seller

Multiple Offers–In THIS Market?

Multiple offers?  

In the current market houses that range from $425-500K are getting multiple offers. 

If you are pre-approved and ready to make offers, and are just waiting for the one house that tells you “I’m the one you want”, there are currently lots of houses on the market in this range, and many have been sitting there for months.  You may have been through dozens of houses, or just a few, but none of them has been quite the right thing. Today your realtor has taken you to one house that just had a dramatic price drop.  It just went from $450K to $399K or in some cases even $350K.  Why?  You may wonder why–has it finally come down to it’s real value?

This may be a marketing strategy that allows this home to stand out from the relative abundance of homes available in this price range.

So you go– and it’s a great house, in fact, it’s prettier and shinier than many of the houses you’ve been to over the last few weeks. Clean, charming, just the right layout, very cool!  But WHY is it $399k?  There’s a window of pricing that causes buyers to line up for affordable housing and these homes often receive multiple offers.

Here’s what’s happening out there now in Seattle and some other markets.  There are some listing agents who along with their sellers are willing to take a risk.  They know that the house they are selling is worth $450k, in fact they have an appraisal from the end of 2008 showing a value over $450k.  And they are gambling that if they drop the price under the $400K threshhold, that they could very well stir up a bit of a feeding frenzy, multiple offers and a sale over the asking price.  It’s happening all over Seattle.  Many of the homes priced this aggressively are bank owned homes, and we’ve seen a high percentage priced at, say $250K end up selling for $10K-$100K over the list price.

Naturally there will be some fallout, some buyers will be disgusted with this strategy and tell their agent, “Pay over list in THIS market, NO way!” But we see it every day, that this market is in flux, changing all the time. It’s a fascinating and sometimes frustrating time. You may experience it as frustrating, and while we understand your frustration, we also find it fascinating.  In this way listing agents open the door to a great or at least better-than-average deal on a home a buyer might not otherwise be able to afford.  The trick for the buyer is not to fall in love with the home and cut bait if the seller/seller’s agent are unreasonable. 

We may or may not have reached the bottom of the housing market.  Realtors as a class can be very creative in their marketing, and Realtors and sellers are getting hungry and savvy enough to find ways to pique people’s interest.

Most of this kind of multiple offer situation is in the bank-owned arena.  But sellers are catching on, realize that they are in competition with the bank owned homes too, and the ones that get tired of sitting or simply need a quick sale may want to employ this kind of strategy.  Buyers need to be aware that just because it’s priced at $225k doesn’t mean that’s where it will sell.  And if you want to be the buyer of such a property and you want to win, well, money does talk.  You need someone that can negotiate hard among an array of sometimes dozens of other agents/buyers.

Buyers need to think about the price vs. the value as they decide what to offer, and also need to understand that there may only be one chance at it.  Consider the other homes you have been looking at.  This is the one that stood out to you–is it only because of price, or is it because it’s the right house, well kept, move in ready, in a great location.  There’s value in that!  Others see the value as well, and even with lots of houses on the market, in our experience, the number of well-kept homes for sale right now is lower in proportion.  People sell in the low ebb of a market when they have to, and lots of folks are in financial stress, which means that many homes for sale at what seems to be a relative bargain have not been kept up very well.

Most of this article has been about multiple offers and buying over the list price.  There are plenty of sales where the final selling price is under list–the majority in fact.  Statistics show that homes in the greater Seattle area sell on average at 3% under list price. 

These are exciting times for real estate buyers.

Tags: Around Town, buyer agent, home sales, Market news, Seattle

Want to look up weather info for your chosen city?

http://www.weatherreports.com/

Type in the city you want to know more about and then click go.  You get the current weather report, and if you look under the daily forecast there is a line with averages, like this:

Average temperature of July: 57°F. Average high temperature: 66°F. Average low temperature: 51°F. More Averages »

If you click on “More averages”  you can find the average rainfall, temps, snowfalls, all kinds of averages.

Know more about the town you want to live in!

Lynette Hensley
Associate Broker

Tags: Seattle, Weather

Seattle Public Utilities Refund

It’s all about fire hydrants.  Washington Supreme Court ruled that the city of Seattle must reimburse SPU for the cost of fire hydrants from 3/1/2002 to 12/31/2004. Seattle Public Utilities in turn must reimburse the costs to the customers who had active accounts during that time.

If you had an account and still do, it appears you will simply receive a credit on your bill.  If you don’t have an account anymore, you will need to apply for the refund.  Of course there will be a surcharge added to everyone’s water bill for 1.75 years.

Check out the notice at Seattle Public Utilities for details.

Water saving measures you can take:

• soaker hoses instead of sprinklers
• don’t pre-rinse dishes
• do laundry only with full loads
• shower instead of taking baths
• turn off the faucet when brushing teeth or shaving
• change to an efficient shower head
• check for leaks at sinks and toilets
• Save the water that runs while waiting for hot water. Use to wash produce, cleaning, watering plants.
• for warm water, turn hot water on first, then add cold water as needed.
• don’t use the garbage disposal, compost.

This info compiled from SavingWater.org

Lynette Hensley
Associate Broker

Tags: refund, Seattle, Utilities

Fremont — A state of mind

Fremont.
Any trip to Seattle deserves an excursion to Fremont The self proclaimed Center Of The Universe(vers,ers,rs). Just thumb through these pictures or follow these links to get only a glimpse of this funky, eclectic, eccentric borough of Seattle or just use a map and find your own way to and through.

Fremont The Chamber of commerce site
A map of (note the intersection of N 36th and N 34th which in some galaxies would be im-possible … Not here!

(ok so a closer view shows N 36th merges into Fremont Ave N, but where more appropriate for a tesseract than here) in Fremont!

View Larger Map

View Larger Map

Dusty strings–
Along Fremont avenue you will find a stairwell and signs pointing to Dusty Strings, if you like American folk instruments Do Not miss this. In business since the 1970s they are manufacturers of fine folk harps, hammer and mountain dulcimers, and they have one of the most playable guitar walls I have ever seen Martin, Taylor, and Collings, to name a few
Dusty strings http://www.dustystrings.com/

The solstice parade –
Every year on the Saturday of the solstice week a mini Mardis Gras takes place. Inventive irreverent, (body painted bicyclers are a regular attraction), expression for the eccentric, happens here.

Fantastic eclectic food–
Some of the great grubb in town is found here also, Jai Tai, Costas Opa, Café Lladro, to the south across the bridge to the Nickerson Street Saloon or Ponti (bring your gold card) or venture north up the hill to Swingside Café (a quaint name for one of the Finest Rotating menus in Seattle)

 

 

 

Antiques and Arts–
Fremont is Funky Urban Art, and many artists and galleries flourish here and intermix with the charm of a settlement grown from an 1880s milltown to an artists enclave in the 1920s to the present, reflected in the antique shops scattered about. Monuments from Rocketships to Trolls and Karl Marx in-between, the sign post to the Center Of The Universe, and stainless steel vines climb a building at the corner of 34th and Fremont.
I think my favorite link to Fremont is this last , an historical document of great civic importance, its Declaration of Independence.

Larry Baumgartner
Realtor

Tags: Fremont, Seattle, Washington

Entrance to 1-5 at Mercer Street

This entry to I-5 going North from Mercer Street has two lanes, or so it seems. The I-5 freeway is set up through Seattle to accommodate rush hour traffic with an express lane that changes direction depending on the time of day. There are barriers at the entry of the express lanes that open and close, and when the traffic is going south, this particular entrance to the freeway merges down to one lane pretty quickly around a blind corner. There are signs, but folks still get the surprise from time to time.

Entrance to I-5 at Mercer

Lynette Hensley
Associate Broker

Traffic light Photo by Edy Kizaki

Tags: Seattle, Streets, WA

A Seattle Street Car Experience

Ever since the end of 2007,  you could ride the South Lake Union Street Car!  South Lake Union has a 1.3 mile line, a beginning of the city’s commitment to light rail and public transit.  With over a 500,000 riders thus far, it has exceeded ridership expectations.

Ride the rail, and you will see real time arrival message boards, solar ticket vending machines, and human activated doors.  Visit the web at seattlestreetcar.org to find out the arrival times, and hook up your cell phone or PDA to the schedule so that you can be on the move and on time for the trolley.

South Lake Union, is in rapid development due to Amazon’s planned move to the area, the strength of the biotech industry in the area and new condos built to house the folks that will want to live nearby, and the trolley is contributing to the fun and ambiance of this wonderful area of town.

Lynette Hensley
Associate Broker

Tags: Around Town, news, Seattle, Street car