So what were the chances of selling a home on the Eastside in March 2007?

Sellers had a 46% chance of getting a home sold in March.

The real estate market is only getting better and better this year! The overall Eastside market is following our typical spring trend with a high proportion of the listings receiving offers and selling. We are still behind last March’s booming market when 54% of the homes for sale received offers. Still, this year with each passing month, the market is improving. Unlike February when only 23 more properties were on the market, there was a spike in listings in March. Two hundred thirty-six more properties were offered for sale last month, an increase of 9% in inventory.

Bottom line for March: there were 9% more properties to choose from than in February and there was an increase of 4% in the amount of homes receiving offers.

So which Eastside markets sizzled in March?

The plateau area with Sammamish, Issaquah, North Bend, and Fall City wins again as the area with the most homes for sale and the most sales during the month. There were 559 single family homes on the market, a whopping 35% increase from March of 2006. Sales for the month totaled 226, the most on the Eastside. However, the plateau was sizzling even more last year at this time. Inventory has increased dramatically, but the number of sales has dropped from last year by 22%, from 290 to 226 sales. This year it’s a bit harder to sell a home on the plateau. This year there was a 40% a home would sell and last year there was a 70% chance!

The West Redmond/East Bellevue area is hopping, but in a different way. This area wins for the greatest percentage of homes selling this month. Fifty-eight percent of the homes for sale received offers. This area has had some of the lowest amount of homes available for sale anywhere. No wonder there’s been a lot of multiple offers. There were 119 homes for sale, up from 96 in February of 2006 and up from the 98 homes available in this February. Homes receiving offers this month jumped up from 57 homes last month to 70 homes sold. Even though last year 80% of the homes sold during the month, still some pretty incredible numbers here!

Woodinville/Bothell/Kenmore/Duvall saw inventory shoot up by 71%, an in increase higher than any other area. Sales, though, were down by almost 8%. The chances of selling a home dropped considerably from last year. Last year 65% of the homes sold, while this year only 35% of the homes sold.

Kirkland sales were a bit slower this year than last as 29% of the homes sold. Last year there were sales of 36% of the available homes. Inventory increased by 18% and sales declined by 8% this year.

South Bellevue sales numbers were similar to last year, dropping by 5 sales, but inventory increased by almost 20%. The chances of selling a home were 40%, similar to the chances on the plateau. Last year, 50% of the home owners received offers during the month.

Areas with more of a chance of selling this year than last year?

West Bellevue: Inventory was down by 24 homes or 16%, one of the few areas where less is on the market this year than last. Sales, however, increased by 13% from 38 to 43 homes. The chances of a home selling in March in West Bellevue were 35%, whereas last year the chances were only 26%.

Redmond/Education Hill/Carnation: There was a slight drop in inventory of 9 homes, a 4% decline, but sales increased by almost 13% to 96 homes from 85 last year. The chances of selling a home this year were 48% while last year it was 41%.

Our March market is strong, but a bit slower than the booming market we had last year.


News for condo sellers and buyers: Available condos increased by 25% from 427 in March of last year to 535 this year, yet only one more condo sold this year than last year! In March, there were about 20 more condos available than in February. I just posted a commentary on the Seattle/Eastside condo market. In this post, I mentioned some interesting trends to watch. Also, if you are buying a condo, you should pick up April’s edition of Seattle Metropolitan magazine. It has great information about condo complexes and the purchase process. I thought the article presented some great questions to ask when looking at a condo to purchase.

Don’t forget to look at the attached charts on my website for this past month and past year. (Click on statistical reports for 2007 and for March 2007). Look at statistics-year to date charts to find this information.


http://debrasinick.com/docs/2007_Year_to_Date.pdf

Debra’s monthly tip: Spend a little green to make a little green. Now is the time to take care of your yard. A nice yard is a great way to “frame” a home.

Let's All Lose a Little Weight and Celebrate Earth Day!

As everyone knows, tomorrow, the 22nd of April, is Earth Day. It seems as if for a lot of years people ignored Earth Day. I remember it being quite a big deal when Earth Day began in the 1970's. Now there is a renewed interest and awareness which seems to have begun with Al Gore's Inconvenient Truth. The awarenenss level with global warming, pollution, etc. has increased dramatically.

I came across this website called www.41 pounds.org. Apparently, the average junk mail we each receive every year comes out to 41 pounds. Imagine the amount of waste that is created! Even if the junk mail is recycled, there is energy used to create the paper, print the mailings, send the mail, and to recycle this junk.

So if 100 of us contact this website and asked to be removed from "junk" mail lists, we could potentially save 4100 lbs of mail! Over two tons of junk!
http://www.41pounds.org/


For more about Earth Day, you can check out:
http://www.earthday.net/

Anyone up for the challenge?

We are going to the dogs!

I just finished a post about the condo market and had mentioned dog parks were one of the new hot buttons. I opened the latest Broker Agent News and read about the new neighborhood "must have", the dog park. Looks like this is a hot topic!

We are very lucky to have Marymoor Park with its huge off leash area right nearby. A good friend of mine refers to the dog park as "Doggy Disneyland"!

The only other dog park I found on line that was even close to the Eastside was in Luther Burbank Park on Mercer Island.

http://www.nwsource.com/ae/scr/edb_vd.cfm?c=&ven=3336&s=nws

http://www.brokeragentnews.com/news/residential/2007_4/4_13_2007_lv_1176507626.html

What's happening on the other side of the pond, condos, and other things

As part of my monthly networking group Forum XXII, I was fortunate enough to hear Michael Miller, the president of Miller Condominium Marketing. Michael's company develops condominium projects all over Puget Sound. He has developed many projects in downtown Seattle. His company is developing the old Queen Anne High School and the Cosmopolitan in Seattle and did the Boulevard in Kirkland. The company has about 20 projects planned in the next couple of years, so I would say he knows the condo market well!

He presented a lot of good information about condos and I have included some of the highlights of his talk below.

Who has been buying the Seattle condos?

38% are local Seattlites who come from other parts of the city.
33% are boomers
18% are from out of state.
Multiple family members are buying units in the same building. Because of these new condos there has been a 20% increase in downtown Seattle's population

There are 10,000 new condo units projected to be built in Seattle. Right now there are only 3000 units that have obtained financing. So the question is, will all of these projects get built?

His predictions:

Condo complexes will be created in the suburbs that will mirror a small urban village. These new villages will be similar to urban neighborhoods with restaurants, shopping, and amenities all on site. A new village themed project is coming into downtown Burien with 300 units and a retail core. In a 600 unit complex in downtown Woodinville, there will shops, wineries, restaurants, even a spa!

What will be hot: dog parks, pea patches, and car wash areas.

What will not: media rooms, business areas, and conference centers.


Other thoughts:

There have been 7000 rental units lost to condo conversions over the last few years, so the apartment market is tight.

Condos are booming in Snohomish county, too. The condo market there appreciated 25% in 2006.
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On a similar note, the April issue of Seattle Metropolitan magazine has a whole section called Condo Mania. There is a great checklist of things to look for when buying a condo, information about upcoming projects, and a condo shopping guide. I thought the questions to ask when looking at condos were great questions. A couple of questions raised here were ones many buyers do not think about. When you look at a condo conversion, ask whether the condo has been brought up to current building codes, including standards for earthquakes and fires. It is important to know what you are buying so you can make an educated buying decision.

The Myth about 3 of the 5 Myths of Real Estate in Parade magazine

Did you see the article in Parade magazine last week? (see the link below) I was quite surprised by many of the myths the writer proposed. I didn't see many facts to support her statements about the myths of real estate.

As a Realtor for the past 20 years who has worked in all kinds of markets, I feel qualified to comment on myth #1, #2, and #5.


My take on myth #1 -Only a licensed Realtor should sell your home.

The writer states a home owner knows more about their home which is very true. However, the home owner doesn't know all the details involved in the sales process. Selling a home and obtaining the highest possible price is a result of many factors, a multi-staged process, and the result of a successful partnership between a good Realtor and a home owner.

A good Realtor knows the competition inside and out. I showed a home today that has a great view of the mountains and the lake. You couldn’t see any rooftops or other houses. Something like this is priceless and not something you find from the internet. Do internet evaluations know these subtle, but very valuable differences? Positioning the home properly against the competition is often the key to making the most money for a home owner.

A good Realtor knows the current absorption rate, how many homes are available and how many are selling. Even in my local market, the eastside of Seattle, there are “mini” markets that demand different pricing structures.

A good Realtor minimizes the stress of a home sale. A home is not a commodity, like a car or boat. It is a measure of one's personal taste and lifestyle. Having strangers/buyers come into your home is stressful enough, without having to deal directly with the buyer.

A good Realtor is your advocate and will negotiate from a position of strength and experience and is able to evaluate all the terms and conditions of an offer. Offers can run between 10-15 pages.

A good Realtor is a strong negotiator in a multiple offer situation. This can be tough for even the most experienced Realtors, let alone a home owner who has never done any negotiation.

A good Realtor knows the sale of a home is a three stage process:
-Assisting the home owner with presentation, staging, pricing, and top notch marketing
-Marketing the home to Realtors and buyers
-Following the transaction through the inspection, appraisal, financing all the way to a successful close.


My take on myth #2- Your broker does not want you to get the highest price for your home.

There is no data in the article to support or explain this statement.

Home owners should know the answers to the following questions before reviewing an offer:

Are you selling in a fast or slow market?
How many showings have there been?
Has anyone come back to your home for multiple showings?
How many hits have there been on various internet sites?
Are any of the agents calling to ask questions about the house?
What is the buyer/agent response after viewing your home?
What is the average market time for a home in your local area?

Working with a knowledgeable, reputable Realtor, home owners will have the answers to these questions. The home owner can then make an informed decision about the offer price. Maybe the price is too low and should be countered. Maybe it should be accepted because it’s what the market will bear.


My take on myth #5-your home must be turned into a showplace before it is listed.

A home should be a showplace when selling. The homes in mint condition sell for the most money. Since agents are hired to help home owners make the most money, agents should be advising them to make their home a showplace.

A good Realtor should recommend the most cost effective improvements to bring the home to show condition. Realtors should use their contacts to help home owners do inexpensive fixes. New carpet, paint, and lawn maintenance will bring home owners more money. If some of these things are not done, it can cost a home owner dearly in the sales price of the home. Buyers always think it costs more to do these things and can choose to buy another home that is more market ready.

Remember buying and selling is an emotional process for both parties, the home owner and the buyer. Presenting a home for sale that is maintained well, staged beautifully and photographed by a professional will create the warm ambiance a buyer is looking for when purchasing a home, not just a house. A good Realtor will position your home so that its best qualities will shine and excite buyers. The home will be priced so you get what you deserve, a great price and a stress-free transaction!

Any thoughts about this article?





http://www.parade.com/articles/editions/2007/edition_04-08-2007/5_Real_Estate_Myths

Protect your personal and financial information

Today when you apply for a new loan or refinance, credit bureaus can sell your entire credit report to competing financial institutions. This means that anyone in those institutions will have access to your personal information. They will have your social security number, your contact information, and your credit card information. In addition, you also can receive unwanted emails, phone calls and junk mail from random lenders trying to solicit your business.

This is completely legal and the only way to stop it from happening to you is to log onto www.optoutprescreen.com and request your information not be shared with anyone for 5 years. It has to be done at least 5 days prior to letting anyone pull your credit report since it takes that long for it to take be processed.

If you choose to shop for a mortgage, make sure you are only giving your information to reputable lenders that have been referred to you or have a known track record of solid performance. Do not just let your personal information out to anyone and everyone!
www.optoutprescreen.com