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10 Tightest housing markets, Seattle #…?
An article posted by MSN real estate shows the top 1o major housing markets with the shortest supply of homes available for sale. #3 on the list is the Seattle-Bellevue-Everett area. With low inventory levels, houses are getting multiple offers and in some cases going for above asking price. Can you afford to wait?
http://realestate.msn.com/10-major-housing-markets-with-the-shortest-supply-of-homes#4
Home Prices Stabalize?
A recent report by Clear Capital found that in the top 15 Metro areas REO’s(Foreclosed Properties) increased in February, however those areas showed average gains or stable home prices compared to the previous month which is a good sign, however is unusual. REO’s typically will put downward pressure on home prices causing depreciation.
http://realtormag.realtor.org/daily-news/2012/03/06/home-prices-stabilize-despite-increase-in-reos
This Weekend’s Open Houses
Open houses being held this weekend at the following properties:
**Saturday February 18, 2012 12-3pm**
2118 N 145th St. Shoreline
Offered at $249,500
3 bedrooms/1 bath/1390sf/Hardwoods, new kitchen counters, stainless appliances/cul de sac access
http://www.matrix.nwmls.com/Matrix/Public/PhotoPopup.aspx?tid=1&key=47843920&n=15&mtid=1&L=1
**Sunday February 19, 2012 1-4pm**
1208 8th Ave N. Edmonds
Offered at $638,500
4 bedrooms/2 baths/2388sf/.56 acre
http://www.matrix.nwmls.com/Matrix/Public/PhotoPopup.aspx?tid=1&key=50728230&n=10&mtid=1&L=1
Common Title Questions…and Answers
Many buyers and sellers have questions regarding title, that sometimes the title office can answer best. These can be regarding different deeds depending on the type of sale or recording taking place. In addition, questions about liens or ID affidavits(usually associated with more common names, IE. John Smith). Attached is a link that can hopefully provide answers to some of those questions you have.
http://www.cwtitle.net/index.cfm?fuseaction=page.display&page_id=88
This Weekend’s Open House
Open house scheduled for this coming Sunday January 15th 1-4pm. 3 bedroom rambler, updated, good sized lot.
Jobless Rate Drops to Lowest Since 2009
Private sector job growth has moved the unemployment rate for Washington state to 8.7%, down from 9.1% in October. Professional and business services added 4,200 jobs, Leisure and hospitality added 3,800 and construction added 2,000. This drop follows the U.S. trend of 8.6% Unemployment rate.
Some critics may argue that with the Holiday season that these numbers are skewed or misleading, in any event adding jobs is a good thing. Lets say some of these are seasonal hires, many times those “seasonal hires” will turn into full time jobs.
Information provided by the Associated Press.
This Weekend’s Open House
On Sunday December 18th from 1-4pm I will be holding this New listing open. Rambler on a cul-de-sac, hardwood floors, hot tub, great yard, private setting, great house.
http://report2.matrix.nwmls.com/MatrixReportServer/Output/32080/Resi_Photo_Gallery4023.PDF
Who is buying those REO’s?
REO’s(real estate owned) are also referred to as Bank owned properties. In a recent article by Inman News regarding Fannie Mae, Freddie Mac and FHA, the three are selling houses faster than ever. Fannie Mae had 162,489 houses in it’s stock in January, as of November 1, they were down to 122,616. 60% of those sales were to owner occupants or non-profits.
Freddie Mac has sold close to 80,000 REO’s in the first 9 months of 2011. 70% of those units have been purchased by owner occupants with an average discount of 6%. In the fiscal year(ending Sept. 30, 2011) FHA set an all time record in selling 102,195 REO homes.
Many REO properties have waiting periods on when a non-owner occupant can have their offer accepted, ranging anywhere from 5-15 days depending on the bank or agency. In addition, to encourage owner occupants to purchase, incentives are offered on many properties in the form of low down payment programs and closing cost credits.
Will that remodel payoff?
Whether you’re considering a remodel for your own enjoyment while you’re living in your home or a remodel prior to selling your home, how much of that cost will you recoup? Well, it depends not only on what grade (mid range, upscale, etc) of remodel you do, but also where you live and what the project is. A new report from Realtor magazine (Cost vs. Value) analyzes various remodel projects.
Here are a few interesting facts I grabbed from it. This years highest return (90.2%) in the Seattle area came from…siding replacement using fiber/cement siding, compare this with last years return of just 72.8%. So much for that Chef’s kitchen or spa-like master bath. On the other side, the lowest return came from a home office remodel, returning only 48%, up less than 5% from a year ago.
A couple of more high profile remodels, Major Kitchen Remodel (upscale) projects about 68% return in the Seattle area compared to a National average of 57%. A mid range bathroom remodel returns about 69% in the Seattle area compared to the National average of 62%.
Most of the remodel projects in the Seattle area listed (36 total) were at or above the National average in percent of cost recouped. So, you may not recoup all of your cost, you will recoup the majority and if you remodel while you are living in the property, you will also receive the enjoyment of the finished project until you decide to move.
