Wednesday, March 27, 2013

A Sense of Urgency in the Seattle Home Market

seattle homes, seattle realtor
It seems today's home buyers are feeling a very strong sense of urgency in the greater Seattle area.  With the 30-year fixed-rate mortgage expected to rise to above 4 percent some time this year, and home prices rising, Buyers are wanting to get into something now to take advantage of the lower rates and prices.  The only problem with this plan is that with our extremely limited inventory it is causing quite the frenzy and crazy bidding wars!  Buyers are feeling the stress of potentially getting priced out of the market as it seems home prices are rising weekly right now!

I'm experiencing this first-hand in the entire Seattle metro area in pretty much all but the highest price points.  Some agents are recommending very large earnest money deposits ($50,000+) and waiving all contingencies, including financing.  I can't in good faith support this practice, especially if the buyer is indeed planning to finance the purchase.  It is just too risky, and with how rapidly our prices seem to be increasing there is a high likelihood that the appraisal on the home (selling for substantially over the asking price) will not come back high enough to justify this price. This would mean the Buyer may need to bring in cash to make up the difference, or risk losing both the home and their earnest money since their loan will not be approved with the low appraisal.  There are other ways to make your offer strong and to give a Seller good reason to accept your offer that includes a financing contingency.  If you are needing to obtain a loan to purchase a home, you should really never waive the financing contingency.  There is no reason to if your agent is familiar with how the standard NWMLS financing contingency works and can explain to a Seller how it can benefit them as well.

Every transaction and offer I have been involved with this year has been a multiple offer situation, even when you're the very first buyer (submitting an offer within 30 min. of the home being listed in the MLS), it seems you will likely still be dealing with competition.  Please make sure you've got an agent that knows all the ins and outs of how to best structure your offer to make it as strong as possible but still keep you protected.  And if you're a home seller, please make sure your agent knows exactly what is happening in your local market week-to-week and is experienced in dealing with these multiple offer situations.  It's really not the kind of market you want to hire a rookie or part-time agent in, regardless of whether you're buying or selling.

To all the people in the greater Seattle area trying to purchase a home right now....Hang in there!  It is a tough market and it's easy to feel discouraged or beaten up, but the right home is out there for you!  It might just take a little longer than you originally expected! 
And to all the homeowners who have been considering selling - We have not seen a better time to sell since prices began to fall in 2007, and we have never seen such a discrepancy in supply and demand!  You may be very surprised at how much your home may sell for in today's market in just a few days!  I'm happy to provide a free, no-obligation market analysis to anyone who's curious. 

Monday, March 25, 2013

Beacon Food Forest

I'm still very much in love with this "food forest" idea!  I wish there were more in Seattle!  What a fantastic move towards permaculture and community sustainability!  Personally I think all of those grassy/weedy abandoned city alley ways throughout Seattle residential neighborhoods should be turned into P-Patches, food forests or some other form of community edible gardens!

Way to go Beacon Hill!  I was driving by last weekend and checked it out and there was a large neighborhood work crew getting it ready!   Yay for community!

Tuesday, March 12, 2013

SeattlesHomes has a New Home Search!

seattle real estate is sporting a slightly new look and a very new home search.  This was a long overdue upgrade and is quite snazzy if you ask me.  The map-based home search is super responsive and is also very "touch-friendly" for your tablets and phones.  All of the search criteria can be changed in the upper left and includes things like "green homes", "bank-owned homes", "brand new listings", and more.

Please understand we're still working out a few bugs with the rest of the site so if you see something wonky do let us know!  Or if you like the new search we'd love to hear that too!

Saturday, March 09, 2013

New Homes & Live/Work Units Under Construction in Greenwood

There are some new homes under construction right near the remodeled Fred Meyer in Greenwood.  Kohary Construction is the builder and pre-sales are now available.  The free-standing townhomes (no shared walls) are priced at $549,000 and the duplex live/work spaces along 3rd Ave. are priced at $449,000.

It's good to see lots of new construction back in the neighborhood! 

A Greenwood fixture prepares to say goodbye!

The eclectic eye-catching antique shop at the corner of Greenwood Ave. and 85th St. will soon be closing its doors.  "Antiqua" has been a community fixture since 1996 so it will be sad to see it go!  The owners, Meridee and Fevzi, say it is simply time for them to retire.
Everything is 40% off so get in there and wish them the best with the next chapter in their lives and take home some great finds!  We will miss you Antiqua, but thank you for the many years as a great Greenwood community business!

I wonder what will take its place?  Any businesses out there looking for a very cool space in a prime location?

Friday, March 08, 2013

Rare In-City Vacant Land Up For Grabs!

Due to the great success from the auction of the old fire stations last year, Seattle City Light has decided to also auction off 4 plots of vacant city land that used to home old sub-stations.  What???  You mean there is actually vacant land in close-in Seattle?  Yep!  A rare opportunity for sure.

One lot is zoned for multi-family possibilities and the other three for single family homes.  They are listed with Colliers International and each have a minimum bid price. Starting bids vary for each lot but are as low as $286,000 and go up to $650,000 for the multi-family lot. They are expected to sell around 20% over the starting bid price.  More info can be found here:

View City Light Parcels in a larger map