There has been so many real estate related articles lately, especially in conjunction with the National Realtors Convention held last week and recent sales numbers. Here is a sampling.
Rebound Talk is Big at Realtors Annual Gig: http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=nar180&date=20071117&query=real+estate
Real Estate Slide Hasn't Buried Equity for Most: http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=harney18&date=20071117&query=real+estate
Condos a Bright Spot in Housing Market: http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=condos17&date=20071117&query=real+estate
What real estate agents really mean when they say ...: http://seattlepi.nwsource.com/business/340482_listing20.html
Certain words off-limits in ads for houses: http://seattlepi.nwsource.com/business/340485_legal21.html
Seattle's housing holding up in market: http://seattlepi.nwsource.com/business/339982_condo17.html
Housing blamed for downturn in state revenue: http://seattlepi.nwsource.com/local/339862_revenue16.html
The housing boom? It's over, Realtors told: http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=realtor14&date=20071114&query=october+home+sales
Let the buyer rejoice: Home sales, prices fall: http://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=homesales06&date=20071006&query=october+real+estate+sales
Wednesday, November 21, 2007
Monday, November 12, 2007
Real Estate Buyers need a Good Reliable Team
When purchasing a home it is critical to have a good team working on your side including real estate agents, home inspectors, loan officers and closing agents. Having a capable, reliable team will help your transaction go more smoothly and avoid unnecessary problems.
Good Buyer's Agents are knowledgable about current market trends and pricing conditions. They understand purchase and sale agreements thoroughly. They are up-to-date on real estate purchase rules, regulations, and basic laws. They have strong communication skills to negotiate strategically with confidence. They are ethical and diplomatic. Good agents are concientious of deadlines and keep buyers on track to meet all obligations for closing. They are organized, thorough, prompt and accessible. They keep constant communication with all parties involved because they know they are the glue that holds the sale together.
Home inspections are essential to a purchase and well worth the money spent. Even if the offer is not contingent on an inspection, it is a good idea to have one just so the buyer knows what to expect once the home is theirs. Good Home Inspectors should have experience in construction related fields or extensive knowledge of construction materials, methods and common problems. Good inpectors are thorough and should look at all aspects of the house inside and out including crawl space and attic space. Buyers should be present at inspections if possible so they can see and hear any concerns the inspector may have and ask questions. And ultimately, good inspectors will generate a complete, easy-to-understand inspection report with pictures.
Good Loan Officers are reliable, honest and available. They provide detailed Good Faith Estimates to buyers upon application so buyer's know up-front what their costs will be. They answer buyers' questions knowledgably and confidently. They are organized and efficient. Good Loan Officers are proactive, head off foreseeable obstacles, and have a back-up plan if necessary. They are good at following up with lenders, escrow officers and buyers. They are persistant, sharp and focused because they know the whole deal hinges on whether the loan is approved on time or not.
Lastly, and just as important as all the others on your team, is a good closing agent which can either be an attorney or escrow officer. Closing agents are neutral third parties responsible for collecting and processing all the paper work and funds to transfer the property. Most of the time in Washington state, it will be an escrow officer. Good escrow officers have an efficient, well-organized office. They are honest, experienced and accessible. They are thorough in making sure the paperwork is correct and communicate concerns immediately. They can account for funds on demand. They are aware of deadlines and are ready to help to meet them.
Mistakes, oversights or ignorance by any of the team members may not aways be the end of the deal but they could cause delays, unnecessarly stress, and unexpected expenses. While no one is perfect, it is better to increase your chances of a successful purchase by working with experienced, knowledgeable and reliable team members. It can make a bigger difference than you think.
Good Buyer's Agents are knowledgable about current market trends and pricing conditions. They understand purchase and sale agreements thoroughly. They are up-to-date on real estate purchase rules, regulations, and basic laws. They have strong communication skills to negotiate strategically with confidence. They are ethical and diplomatic. Good agents are concientious of deadlines and keep buyers on track to meet all obligations for closing. They are organized, thorough, prompt and accessible. They keep constant communication with all parties involved because they know they are the glue that holds the sale together.
Home inspections are essential to a purchase and well worth the money spent. Even if the offer is not contingent on an inspection, it is a good idea to have one just so the buyer knows what to expect once the home is theirs. Good Home Inspectors should have experience in construction related fields or extensive knowledge of construction materials, methods and common problems. Good inpectors are thorough and should look at all aspects of the house inside and out including crawl space and attic space. Buyers should be present at inspections if possible so they can see and hear any concerns the inspector may have and ask questions. And ultimately, good inspectors will generate a complete, easy-to-understand inspection report with pictures.
Good Loan Officers are reliable, honest and available. They provide detailed Good Faith Estimates to buyers upon application so buyer's know up-front what their costs will be. They answer buyers' questions knowledgably and confidently. They are organized and efficient. Good Loan Officers are proactive, head off foreseeable obstacles, and have a back-up plan if necessary. They are good at following up with lenders, escrow officers and buyers. They are persistant, sharp and focused because they know the whole deal hinges on whether the loan is approved on time or not.
Lastly, and just as important as all the others on your team, is a good closing agent which can either be an attorney or escrow officer. Closing agents are neutral third parties responsible for collecting and processing all the paper work and funds to transfer the property. Most of the time in Washington state, it will be an escrow officer. Good escrow officers have an efficient, well-organized office. They are honest, experienced and accessible. They are thorough in making sure the paperwork is correct and communicate concerns immediately. They can account for funds on demand. They are aware of deadlines and are ready to help to meet them.
Mistakes, oversights or ignorance by any of the team members may not aways be the end of the deal but they could cause delays, unnecessarly stress, and unexpected expenses. While no one is perfect, it is better to increase your chances of a successful purchase by working with experienced, knowledgeable and reliable team members. It can make a bigger difference than you think.
Monday, November 5, 2007
Slow Market
It's quite difficult to have listings these days because inventory is growing and buyer traffic is quite sparse. Last few open houses have been very quiet with only one to three families coming through. Showings by agents are few if any. It's challenging to keep spirits up for the sellers as well as us agents ourselves.
With more financial headlines showing continued signs of the backlash of the mortgage meltdown, it doesn't look like there'll be a turnaround soon. While I'm still very optimistic for the longterm real estate market in Washington, we're going to need alot of patience and perserverence to weather this tough market.
The bad news for sellers is great news for buyers. Interest rates are still low and there's alot of inventory to choose from. There are also many motivated sellers that are making concessions and offering incentives. Basically, a great time for bargain hunting.
I'm waiting to see the October numbers when it is released by the Northwest Multiple, but it will only confirm what I already know - Rise in inventory and drop in pending sales.
With more financial headlines showing continued signs of the backlash of the mortgage meltdown, it doesn't look like there'll be a turnaround soon. While I'm still very optimistic for the longterm real estate market in Washington, we're going to need alot of patience and perserverence to weather this tough market.
The bad news for sellers is great news for buyers. Interest rates are still low and there's alot of inventory to choose from. There are also many motivated sellers that are making concessions and offering incentives. Basically, a great time for bargain hunting.
I'm waiting to see the October numbers when it is released by the Northwest Multiple, but it will only confirm what I already know - Rise in inventory and drop in pending sales.
Friday, November 2, 2007
Seattle Condo Projects
If you were wondering as you look at all the construction cranes in Downtown Seattle, "Just how many projects are in the works anayway?
NWREporter states, "More than 34 condominium and apartment buildings are currently being built or renovated in Seattle's "Center City," according to the Downtown Seattle Association. Those projects are expected to add 3,948 new residential units to the housing stock. Additionally, the South Lake Union neighborhood is projecting the development of 10,000 new residential units by the end of 2024."
It's exciting to think how vibrant the city's core is going to become with more restaurants, shops, and entertainment facilities that are sure to follow to meet the demands of increasing residents.
NWREporter states, "More than 34 condominium and apartment buildings are currently being built or renovated in Seattle's "Center City," according to the Downtown Seattle Association. Those projects are expected to add 3,948 new residential units to the housing stock. Additionally, the South Lake Union neighborhood is projecting the development of 10,000 new residential units by the end of 2024."
It's exciting to think how vibrant the city's core is going to become with more restaurants, shops, and entertainment facilities that are sure to follow to meet the demands of increasing residents.
Thursday, November 1, 2007
Lovely Renton Home for Sale
$515,000
This beautiful, stylish home features maple cabinets and granite counters in the kitchen, elegant spiral staircase, 4 large bedrooms, Juliet balcony, lovely stone accented exterior, and much more. Quality details throughout. Gleaming hardwood floors throughout entry, dining room and kitchen. All appliances, including refrigerator, washer & dryer stay with home. Next to cozy neighborhood playground in desirable Fairwood area. Kent School District.2,460 Sq. Ft. Built in 2003
This home is listed for sale by Skyline Properties NW.
If you know anyone that may be interested or would like more information, please contact Shari Song, 206-790-9044 or bellevuerealtor@gmail.com
WA Population Growth
While the current real estate market in the greater Seattle area is sluggish with growing inventory and declining pending sales, the future is fairly secure for Washington State according to a recent publication by the Washington Association of Realtors.
Citing forecasts from the Washington State Office of Financial Management, the association states "The home market isn't keeping pace with the growth of the state's population, which is continuing to increase at 1.8 percent per year. The state's population will increase by nearly one million over the present decade and reach 6.8 million by 2010. About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington."
At least there's hope for the future.
Citing forecasts from the Washington State Office of Financial Management, the association states "The home market isn't keeping pace with the growth of the state's population, which is continuing to increase at 1.8 percent per year. The state's population will increase by nearly one million over the present decade and reach 6.8 million by 2010. About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington."
At least there's hope for the future.
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