Seattle Housing Buzz

Buyers, sellers and real estate enthusiasts can now receive up-to-date sold property information via email. John L. Scott Real Estate, the first company to publish sold property data, has added a sold email feature.

Users can now easily keep track of Seattle’s housing activity. Whether you’re a buyer or seller you can sign-up to receive notification when a property has closed and at what price it sold for. Since the information comes directly from the NWMLS it’s the most up-to-date available.

To utilize the feature, sign up for a John L Scott’s Property Tracker account and create a search using the Interactive Map search option.

Related:
Improved search information on John L Scott
Neighborhood Wizard search feature

Tags: John L Scott, Seattle Real Estate

Apparently, the blogoshpere is getting heated, especially in our small Northwest neck of the woods. Recently, I found myself at the receiving end of another agent’s deceptive Google Adwords campaign.

In respects to blogging, my primary focus is The Seattle Condo Blog. The condo blog has risen to become one of the top condo websites in Seattle - it’s #1 in Google’s organic search results for a myriad of condo related keywords and receives the most visitor traffic (per Compete, Alexa and Quantcast metrics) among Seattle-based condo blogs and websites. And, the exclusive partnership with King5.com is a testament to the blog’s reputation. Admittedly, it’s a nice position to be in.

Well, it appears an agent with a competing condo blog got a little envious and started to play dirty. The agent bought Google Adwords with my name as the keyword search term as well as the title of the ads themselves. Thus, if someone googled my name, the other agent’s ads would show up on the right hand side of the page with my name. As users click on my name thinking they were going to my site, they were instead directed to the other agent’s site. Here’s a screen print:

When confronted the agent removed the ads. Of course, this agent claims no knowledge of this pathetic and unethical attempt to steal traffic and use my name to mislead the public. The agent blames the webmaster, who wouldn’t…but then the agent is closely related to the webmaster.

Our industry has a bad public image and it doesn’t help when a “respected” colleague resorts to this sort of tactic.

Tags: Seattle Real Estate

Ok, so I’ll weigh in here. Redfin recently announced their updated buyer-side performance statistics. Redfin agents, they say, beat other companies by negotiating 1.015% off the list price compared to .087%. Locally, Redfin states they’re able to negotiate more off the sales price for their buyers compared to all other agents, 98.89% to 99.38%. And, when combined with buyer rebates, they save their buyers $12,262 on average. This amounts to 2.45%…what they call the Redfin Advantage. Very commendable, indeed.

So, how did my buyers fare? Would they have done better with Redfin?

Over the same period, on average, I negotiated 2.76% off the list price saving my buyers $15,666 off the top. This figure does not include subsequent seller concessions such as seller paid closing costs (not wrapped into the sales price) and credit for repairs and so forth, which amounted to an additional $3,833, on average.

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Redfin buyers save on average: $12,262 which include the buyers rebate.

Ben’s buyers save on average: $19,499.

Tags: Buyers Agent, Redfin, Seattle Real Estate

The Washington Realtor Association recently surveyed home buyers throughout the state and compiled some interesting results.

Home buyers typically purchased a home within 13 miles of their current residence, averaging 1,790 sq ft with a median price of $300,000.

• Of homes purchased, 72% were single family dwellings and 25% were new construction.
• First-time buyers accounted for 41% of all homes purchased in 2007. They had a median income of $54,700 and their median age was 31 years. Nearly half of first-time buyers were between 25 and 34 years old.
• Of all buyers, the median household income was $73,900 with a median age of 38 years.
• Demographically, 63% were married couples, 21% single females, 6% single males and 9% were unmarried couples. (Don’t know who the other 1% were, though.)
• Seventy-six percent of buyers between 18 and 24 purchased a home out of a desire to own and establish a household.

Technology-wise, 73% of buyers began their home search online while 14% of first-time buyers and 22% of repeat buyers began their search by contacting an agent.

• However, 91% of all buyers utilized the internet at some point to search for homes.
• Interestingly, 37% reported they first learned of the home they purchased through the internet while 30% said their Realtor located the property for them.
• The typical internet searcher was 38 years old and visited a median 12 homes. The typical buyer who did not utilize the internet was 49 years old and only saw a median 4 properties.

Real estate agents assisted 85% of buyers who purchased a home.

• Though, buyers tended to search for homes for two weeks before contacting an agent.
• During the home search process, 72% of buyers indicated their agent was a useful information source.
• Of qualities important in selecting an agent, 98% of buyers stated honesty and integrity were most important. When asked to rate their agent’s performance on those qualities, 87% indicated they were “very satisfied”.
• And, 68% of buyers stated they would use their agent again.

Tags: Home Buyer, Home Search, Seattle Real Estate

Last week the state legislature overwhelming approved bill 2778 reforming the licensure of real estate agents. The bill now heads to the governor’s desk for signing. The bill, which strengthens consumer protections and professional accountability, received widespread support within the industry.

The core reforms include:

• Elimination of the real estate salesperson classification, leaving broker, managing broker and designated broker classifications.
• Amends the licensing and educational requirements for brokers to 90 hours. Essentially, the “new” broker designation replaces the “salesperson” classification which only required 60 clock-hours of education.
• Implements greater oversight of licensees.
• Requires a background check by the Washington State Patrol.

Once signed by the governor the bill will become effective July 1, 2010.

Personally, I’m all for this bill even though it should be tougher. There is a definite need to increase the educational and licensing requirements of real estate professionals in Washington State. The changes will help to assure consumers that individuals practicing real estate are qualified, above board, full-time business persons. It’ll eliminate the plethora of agents who aren’t committed to improving their own skill sets or who treat real estate as a hobby or second job.

Tags: Housing Legislation, Real Estate Legislation, Real Estate Licensing, Seattle Real Estate

(Press Release from the NWMLS)

Members of Northwest Multiple Listing Service tallied more than $32.3 billion in sales of single family homes and condominiums during 2007 . The MLS also reported 18 of the 19 counties in its market area experienced increases in median prices compared to 2006, with one county matching the 2006 price.

In its year-end summary report, Northwest MLS, whose service area covers about 80 percent of the state’s population, logged more than 82,000 closed sales during 2007. Single family homes accounted for nearly 82 percent of the number of sales and about 86 percent of the dollar volume, with condominiums making up the balance.

Last year’s volume, measured by number of units, amounted to a drop of about 14.5 percent from 2006. The dollar volume, compared to the previous year, was down about 8.7 percent. Underscoring the “real estate is local” mantra, median price gains among the counties ranged from zero to nearly 16.1 percent.

Among highlights the broker-owned service noted for 2007:

• The median price for single family homes that sold last year area-wide was $342,000, up 5.9 percent from the previous year.
• Among the counties, the median selling price of a single family home (half sold for more, half for less) ranged from $154,500 in Grant County to $563,250 in San Juan County.
• Five counties reported double-digit price gains for sales of single family homes compared to 2006, topped by Lewis County at 15.9 percent.
• Condominium prices jumped 10.6 percent from 2006 to 2007. The area-wide median price rose from $235,000 to $260,000.
• Kitsap County topped the charts in price gains for condos. Last year’s median sales price of $337,400 was 82.4 percent higher than the 2006 figure of $185,000. Several new developments contributed to the price jump.
• 2,311 residences fetched more than $1 million, a 10.1 percent jump from the previous year. Of the million-dollar-plus sales, 2,186 were single family residences.
• The MLS area covering Bellevue/West of 405, including the “Gold Coast” district encompassing Clyde Hill, Hunts Point, Medina, and Yarrow Point, had the highest number of million dollar-plus sales with 240.
• 1,115 condominiums sold for $500,000 or more (including 125 condos that sold for more than $1 million). Seattle’s Belltown area claimed the highest number of condos that sold for a half-million dollars or more, with 201.
• In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), less than 5 percent (4.68 percent) of single family homes sold for under $200,000. Nearly three of every 10 homes (28.9 percent) sold for $500,000 or more.
• Brokers added nearly 153,000 new listings of single family homes and condominiums to the inventory during 2007 (up from 140,449 the previous year).
• NWMLS members sold more than 15,000 condominiums, about the same number as the previous year (15,038 in 2007 compared to 15,318 in 2006). About 63 percent of all condos that sold were in King County.
• Single family homes accounted for about 83 percent of all residential sales. Of these transactions, more than half (52 percent) had three bedrooms.
• The second quarter was the most active for pending sales, with 31.4 percent of those transactions being written during April, May or June. The last quarter, reflecting the usual seasonal slowdown plus turbulence in the mortgage market, was the slowest, with only 17 percent of pending sales taking place during that timeframe.
• Counties within the MLS service area have wide variation of prices for 3-bedroom homes. For pre-owned homes (built 2005 or earlier) the median sales price ranged from $145,000 in Grant County to $500,000 in San Juan County. In King County it was $408,000.
• For new homes (built in 2006 or 2007), the most expensive homes are found in San Juan County, where the median selling price was $685,000. In Grant County the median price on new homes was $182,059, earning it the distinction of being the only county in the NWMLS service area with a median selling price under $200,000 for a newly built single family home.
• Mercer Island had the highest priced homes when comparing median prices by school district. Single family homes that sold in that district during 2007 had a median selling price of $1,081,250, followed by the Bellevue School District at $720,000.
• Measured by “month’s supply” last year’s average was 5.57 months (meaning it would take that long to exhaust inventory at the current sales pace). The national average is 10.3 months, according to the latest report from the National Association of Realtors®.
• Northwest MLS members maintained a high ratio of cross sales: about eight of every 10 sales (79 percent) were listed by one office and sold by a different office.
• In King County, the average price of a residence (single family home and condo combined) that sold in 2007 was $497,855, more than twice the price paid a decade ago (1997 - $213,821). For single family homes (excluding condos) that sold in King County last year, the average price was $564,468; in 1997 it was $230,345 and in 1990, the average sales price was $178,187.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Tags: NWMLS, Seattle Housing, Seattle Real Estate

One of the Puget Sound’s pre-eminent builders, John F Buchan Homes, is offering buyers a private jet membership with Flight Options. The membership package is valued at $100,000 and can be used to fly on one of several private jets operated by Flight Options.

“John F. Buchan has set the standard for luxury home construction, backed by a tradition of quality and design,” said Louis Howard, Buchan’s EVP. “We also pride ourselves on being innovative and going above and beyond the competition.”

Howard says that he not only sees the private jet membership as an incentive for buyers, but also as a means to take their lifestyle to an entirely new level. The jet membership campaign launched on December 7 and will run through January 31. Only full-price, non-contingent offers on completed John F. Buchan Homes priced at 1.2 million dollars and higher are eligible for the private jet program.

Buchan communities are predominately located on the Eastside and Bainbridge Island. For more information on Buchan properties, please visit www.buchan.com.

Tags: Buchan Homes, John F Buchan, John L Scott, Private Jet, Seattle Real Estate

There have been significant news reports about the housing market in the media lately. Most of the reports focus on falling prices, increasing foreclosure rates and rising inventory, but at a national level. Locally, how has Seattle fared?

In November, Seattle’s residential median price of $405,000 reflected a 2.2% increase over October, but a 4.7% decrease compared to the same period last year. As the graph below shows, the median price has been underperforming for the past few months.

In reviewing month over month figures, the single family home median price has stabilized while condominiums have declined the past two months. However, when compared to last November, both single family homes and condos saw higher median prices in November 2007, increasing 3.3% and 2.5%, respectively.

Read more »

Tags: Seattle Condos, Seattle Housing, Seattle Housing Market, Seattle Real Estate

KIRKLAND, Wash. (Dec. 6, 2007) –A “typical holiday market,” “the start of an optimum buy zone,” “a good time to beat the spring rush,” and a “wonderful time to be a home buyer” are among reactions by directors of Northwest Multiple Listing Service upon viewing the activity summary for November.

The latest recap report issued by Northwest MLS shows little price fluctuation from a year ago, ample inventory (about 31 percent more listings than a year ago, but 6.3 percent fewer than the previous month), the expected seasonal slowdown of sales activity, along with reports of “busy agents” who are working with motivated buyers and sellers.

For its 19-county market area, MLS members reported 5,194 pending sales of single family homes and condos (combined) last month, down from 7,022 for the same month a year ago, a drop of 26 percent.

An analysis of the falloff in activity in the four-county Puget Sound region from October to November shows this year’s decline, at 12.4 percent, is the third lowest of the past eight years. Since 2000, pending sales from October to November have dropped from a low of 5.3 percent (in 2001) to a high of 25 percent in 2003.

Prices on completed sales of single family homes and condos dipped slightly — 1.35 percent area-wide — from a year ago. For November’s closed sales, the median price was $315,000, which compares to the year-ago figure of $319,300.
For the four-county Puget Sound region (King, Kitsap, Pierce and Snohomish counties), the median selling price for last month’s closed sales of single family homes and condominiums was $340,000, down about 1.2 percent from the same month a year ago when the price was $344,000. For single family homes only (excluding condos), the median price for the four-county area rose about 1 percent, from $363,500 to $367,352. For condos, the median price increased more than 3.9 percent, from $255,000 to $265,000.

In King County, the median price declined 2.9 percent for the “blended” property types (single family homes and condominiums); the price declined from $397,500 to $385,990. The price for single family homes only (excluding condos) was unchanged at $435,000. The median selling price for condos that sold in King County last month was $284,450, an increase of 4.2 percent from twelve months ago when the median price was $272,950. One factor contributing to the price dip is the growing popularity of condos, which tend to have lower prices. A year ago, condos accounted for 25.3 percent of closed sales in King County; last month, condos made up 30.3 percent of sales countywide.

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Tags: Housing Market Report, NWMLS, Seattle Housing, Seattle Real Estate

Most professions have they own vocabulary, jargons and euphemisms employed to obfuscate the less desirable. And, real estate, like many sales professions, has its own set of doublespeak terms. Most are well known and are easily deciphered by smart buyers, some aren’t.

The Seattle PI’s Aubrey Cohen recently noted how listing agents are becoming more creative with their marketing remarks as the market changes. The sad thing about the article…there’s truth to it.

Here’s some of my faves from the article:

• Very quiet interior: You can barely hear the freeway with the windows shut.
• Seller has left you to your own imagination: Hasn’t been updated since 1940.
• Turnkey: Just overhauled, complete with granite countertops and stainless-steel appliances…and laminate floors.
• Walk to Fremont: Fremont’s 20 blocks away.
• Unique: Remodeled by someone on acid.

The article noted a Canadian university’s study on the impact that words have on selling time and pricing. “Move-In”, “Motivated” and “Beautiful” apparently incite buyers to make offers sooner and at a premium.

Hmm, “motivated” doesn’t quite seem to equate to higher prices or faster selling times in Seattle. If anything, it’s a beacon to buyers that the seller is desperate and the listing is stale.

My personal pet peeve is the ever expanding neighborhoods that listing agents create. Somehow Maple Leaf, Northgate and the Oak Tree area have been annexed to Green Lake. And, apparently, Ballard now extends to the Shoreline border. Then, again, Bainbridge condos were once transplanted to downtown Seattle.

Tags: , Seattle, Seattle Real Estate, Selling Real Estate