Tony Meier – Part of EastsideHomes.com – Seattle’s Eastside Real Estate Resource

October 16, 2009

Landscaping to Increase Property Value

Filed under: About Tony, Information for Buyers, Information for Sellers — tonymeier @ 11:56 pm

About a month ago, I was interviewed for the Lowe’s for Pros website on landscaping ideas to improve the market value and salability of a home.Below is the text of the article and here is the link:
http://www.lowesforpros.com/landscaping-to-increase-property-value


 




October 6, 2009

Another Great Testimonial Came In Today…

Filed under: About Tony, Information for Buyers — tonymeier @ 12:04 am

“Tony, you really earned our respect.  You even found someone to show us around when we could only come up on a weekend you were out of town.  You always returned by emails and calls promptly.  I really liked the fact that you read into what we were looking for in a home.  You knew the areas well and even gave pointers about the commute times I could face for work.  I appreciate all that you did and would refer you to a friend or family member in the future.  Thank you for everything!!!”



Jennifer & Jeff Killingsworth


 


It was a pleasure helping Jeff and Jennifer! They relocated to the Seattle area from Southern California for her business. I helped them buy a great Issaquah home, which I know they will enjoy for many years to come! Here is a photo:


 


Killingsworth


 


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

  

June 11, 2009

Eastside Residential Pending Sales Continue to Rise!

This week’s numbers show a continued rise in pending sales on the Eastside of Seattle. These represent the highest numbers in 2 years or more! Interestingly, short sales, pre-forclosures and bank owned homes made up over 25% of the pending sales last week. See the snap shot below.


Eastside Pending Counts - snapshot  


Here is a look at the last 2 years:


Eastside Pending Count 


If you have any questions about this information or want to know the pace of the market in your neighborhood, give me a call at 425-466-1000.


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

June 4, 2009

Inventory shrinking, sales rising, prices stabilizing in some Northwest MLS areas

Filed under: Information for Buyers, Information for Sellers, Market Statistics — tonymeier @ 8:56 pm

KIRKLAND, WA, June 4, 2009 – Waiting longer to buy a home is not likely to pay off, according to Northwest Multiple Listing Service director Kathy Estey after reviewing reports summarizing May activity. Estey pointed to shrinking inventory (about 20 percent fewer listings than a year ago), double-digit increases in the number of pending sales (up 17.7 percent from a year ago), solid open house activity, and signs of stabilizing prices (eight of the 19 counties in the report show price gains since January) as indicators of an improving market.

Northwest MLS brokers notched 7,160 pending sales during May. That total out-gained the year-ago tally by 1,075 transactions (up 17.7 percent) and improved on April’s total by 242 sales for a 3.5 percent increase. For the four-county Puget Sound area, pending sales jumped 21.5 percent from a year ago, rising from 4,526 to 5,498 transactions.

Buyers had fewer choices during May than at this time a year ago. At month-end, member-brokers reported 41,318 active listings throughout the NWMLS service area. A year ago, there were 51,817 active listings. Current inventory includes 11,278 single family homes and condos that brokers added during May. For the same month a year ago, brokers added 14,176 new listings to inventory.

Estey, the managing broker at the Bellevue Downtown office of John L. Scott Real Estate, said affordable homes inventory is down to the levels of a normal market and reaching for a sellers’ market. “Multiple offers are common in the under $400,000 range when the home is priced well, shows nicely and is marketed professionally,” she remarked. “Buyers who are waiting for prices to come down more have missed the bottom,” Estey believes.

Close in markets are the most active, with rural areas still lagging, but Estey says there is now some activity where little to none had existed in the first quarter. She believes prices have adjusted and completed new construction is still a very attractive purchase. “Builder inventory is being absorbed and there are fewer incentives. In January builders were giving away the farm, by March it was only half the farm and now they may just give away a chicken or two in order to make the deal.”

Prices are showing signs of stabilizing, according to NWMLS data. Prices area-wide are down around 10 percent from twelve months ago, but a comparison to January shows price gains in eight of the 19 counties in the NWMLS report. System-wide, prices for single family homes and condominiums that closed last month are up about 2.6 percent since January. (See chart, page5.)

In King County, prices dipped about 12 percent from twelve months ago and have declined about 3.5 percent since January, but a closer look shows considerable variation within sub-areas. Prices in southeast King County fell 20 percent from a year ago, but since January are down only about 2.8 percent in north King County.

Condominium activity remains slow. Pending sales are down about 15 percent from a year ago. The median sales price of $240,000 is about 7.7 percent lower than a year ago. Condos in King County sold for a median price of $270,450 last month, which compares to the year-ago price of $287,925, a drop of about 6 percent).

Demand for high-priced homes is also tepid. According to Estey, there are “amazing opportunities for buyers with good credit scores and 25 percent down payment in the $900,000- plus marketplace.”

“What we’re currently seeing is real estate’s version of Back to the Future,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He believes the combination of historically low interest rates, adjusted lower prices, and the $8,000 tax credit has created advantageous conditions for buyers that haven’t been seen in decades. He noted sales in the four-county area continue to see double digit increases. “The more affordable markets are seeing a major boost which is leading to higher sales in the mid-priced markets and causing some increases in activity in the upper end,” Scott remarked.

While cheered by the more vigorous activity, brokers note short sales and foreclosures continue to be a drag on the market. Such properties, often sold at deep discounts, may take extraordinary time to close once there has been mutual acceptance of an offer. (Note to editors: see explanatory note, p. .5)

NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/Lake Stevens Inc., said her office represents the buyer of a short sale that has been pending since October. The buyers who hope to purchase the home in Mukilteo have been very patient, but are becoming less so and are ready to move from the small apartment where they have been living with two large dogs. “Every time we think we are getting close, the lender changes what they want,” Hutchings stated.

Another NWMLS director, Pat Grimm, reported similar experiences with a short sale. “We just closed one in Montlake on May 28 — after the parties to the transaction reached mutual acceptance on Feb. 10, said Grimm, the owner/broker at Windermere Real Estate/Capitol Hill. (NWMLS defines a short sale as a transaction that does not produce sufficient funds to cover the existing monetary encumbrances against the property, closing costs, real estate commissions, and other financial requirements of closing.)

Tacoma broker Dick Beeson of Windermere/Commencement Associates said he has several agents deeply involved in handling short sales since Pierce County is so hard hit. He estimates around 25 percent of all properties for sale are either bank owned or short sale, and one of every three pending sales is one or the other.

“Short sales play a big role in what many buyers are looking for,” according to Beeson, who also noted these buyers often fail to realize the extraordinary length of time it takes to close a sale – generally twice as long as a conventional sale. “Many get discouraged after 60 or 90 days and withdraw from a sale, never having received notice form the underlying lender what they are willing to take for the property. Many properties end up going to foreclosure because of the inefficiency of the banks in providing answers to offers,” Beeson commented.

The recent uptick in pending sales, both locally and nationally, is a hopeful sign that we’re putting the worst of the market behind us, suggests Ron Sparks, managing vice president at Coldwell Banker Bain.

“As you would expect in a recovering market, not all neighborhoods are uniformly performing, and for home sellers particularly, there are plenty of challenges that remain.” However, he observed, “In many neighborhoods where just a few years ago broad affordability had all but vanished, lower prices, flexible terms and very low interest rates are pushing inventory absorption for single family homes to levels not seen since 2007.”

Sparks said multiple offers for the best listed properties are occurring everywhere, including Pierce and Snohomish counties. “Improving sales in one neighborhood helps dwindle inventory, and can push motivated buyers to search for homes in other neighborhoods. This process typically occurs before prices start to stabilize,” he explained.

Has that stabilization begun? “As my old Magic 8-Ball used to tell me: signs point to yes,” according to Sparks, who noted eight counties served by the NWMLS have seen price increases since January. “The sales volume in my Bellevue office is now roughly 10 times what it was in February, with expanded sales in almost every price category. Overall inventory levels have dropped substantially as well. Does this mean the optimal time for home buyers to take full advantage of favorable market conditions has passed? I’d probably defer that to the Magic 8 ball also…“Ask again later.”

Recent fluctuations in mortgage rates have brokers and buyers alike wondering if rates will escalate as inflation worries return.

“While rates now are wonderfully low, waiting has cost buyers. Loans recently available for 4.75% are now 5.25%,” according to broker Kathy Estey. On a $400,000 loan, that means the monthly payment rises from around $2,128 to about $2,253 – and increase of nearly $125. She believes it would be wise to act now for the best selection in the affordable homes. “Who knows if we will see rates of 5% or below again anytime soon,” she wonders.

Commenting on a recent report from the National Association of Realtors showing a third consecutive month of improving pending sales, Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.

Statistical Summary by Counties: Market Activity Summary – May 2009

May 2009
Single Family
Homes + Condos

LISTINGS

PENDING
SALES

CLOSED SALES

New
Listings

Total
Active

# Pending
Sales

#
Closings

Average
Price

Median
Price

King
4310
5473
2801
1618
$423,875
$351,500
Snohomish
1759
2254
1160
666
$325,502
$299,950
Pierce
1632
2092
1196
643
$252,431
$225,000
Kitsap
531
639
341
219
$292,797
$240,000
Mason
182
209
73
56
$189,062
$161,405
Skagit
258
255
140
78
$251,548
$207,250
Grays Harbor
180
260
75
63
$139,161
$114,000
Lewis
152
196
78
40
$159,230
$138,150
Cowlitz
113
169
82
55
$194,685
$177,900
Grant
145
179
73
36
$166,956
$148,450
Thurston
521
629
406
214
$273,164
$247,000
San Juan
64
79
14
4
$464,750
$410,000
Island
253
232
107
86
$299,378
$248,500
Kittitas
152
159
48
38
$250,716
$170,000
Jefferson
84
91
34
12
$298,000
$294,500
Okanogan
86
68
27
17
$159,435
$140,000
Whatcom
496
622
311
179
$269,633
$250,000
Clark
106
167
64
57
$229,296
$206,900
Pacific
60
82
39
13
$157,333
$175,000
Others
194
321
91
60
$218,748
$214,000
MLS TOTAL
11,278
14,176
7,160>
4,154
$329,680
$280,000

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

3706

4778

5903

5116

5490

5079

4928

5432

4569

4675

4126

3166

2001

4334

5056

5722

5399

5631

5568

5434

5544

4040

4387

4155

3430

2002

4293

4735

5569

5436

6131

5212

5525

6215

5394

5777

4966

4153

2003

4746

5290

6889

6837

7148

7202

7673

7135

6698

6552

4904

4454

2004

4521

6284

8073

7910

7888

8186

7583

7464

6984

6761

6228

5195

2005

5426

6833

8801

8420

8610

8896

8207

8784

7561

7157

6188

4837

2006

5275

6032

8174

7651

8411

8094

7121

7692

6216

6403

5292

4346

2007

4869

6239

7192

6974

7311

6876

6371

5580

4153

4447

3896

2975

2008

3291

4167

4520

4624

4526

4765

4580

4584

4445

3346 2841 2432
2009 3250 3407 4262 5372 5498              

©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVED. This material may not be published, broadcast, rewritten or redistributed without prior permission.

June 2, 2009

Washington State… one of the first few states to exit the recession?

If you read the new report from Moody’s Economy.com and MSNBC.com you would think so!


They list Washington state as one of the last places to enter the recession and likely one of the first few out. They predect that five states including Washington will begin to recover in the 4th quarter of 2009. This is due in large part to our high tech industry and expect our employment to rebound in the 4th quarter of 2009.


Here is their map:


Recession


For full details on the article, go to:


http://www.msnbc.msn.com/id/30991972/

March 18, 2009

Cost vs. Value 2008 – The Replacement Projects

Filed under: Information for Buyers, Information for Sellers — tonymeier @ 9:38 am

In the final installment of cost vs. value segment we’ll be looking at two replacement projects that most owners of 20+ year old homes will be looking at. Here are the latest numbers for the Seattle area.


Window Replacement   Project Description:  Replace 10 existing 3-by-5-foot double-hung windows with insulated vinyl replacement windows. Wrap existing exterior trim as required to match. Do not disturb existing interior trim.


Project cost:  $11,820                     
Resale value:  $11,074                  
Cost recouped:  93.7%


Roof Replacement   Project Description:  Remove existing roofing to bare wood sheathing and dispose of properly. Install 30 squares of 235-pound fiberglass asphalt shingles (min. 25-year warranty) with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing. Assume a 5-square hip roof; custom flashing at two average- sized skylights; and custom cap treatment at vented ridge.


Project cost:  $20,864                     
Resale value: $17,541                   
Cost recouped:  84.1%


All of the statistical information was provided by c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com


If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

March 16, 2009

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor


 


This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:


1.    These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com


2.    These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.


3.    When measuring the heat of the market, the following rules apply:


a.    12 weeks or less = Seller’s Market


b.    12-24 weeks = Balanced Market


c.    24 or more weeks = Buyer’s Market


All areas showed some improvement as compared to 4 weeks ago, except area 560 which slipped a little further into a buyer’s market. Area 560 showed an increase in listings and a decrease in average sales per week.


Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 42.3 weeks of inventory (was 42.6 four weeks ago)


Residential Only, NWMLS Area 510 (Mercer Island) = 76.9 weeks of inventory (was 97.5 four weeks ago)


Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 49.8 weeks of inventory (was 68.8 four weeks ago)


Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 32.1 weeks of inventory (was 32.9 four weeks ago)


Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 39.9 weeks of inventory (was 42.3 four weeks ago)


Residential Only, NWMLS Area 550 (Redmond/Carnation) = 36.4 weeks of inventory (was 45.5 four weeks ago)


Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 48.9 weeks of inventory (was 39.1 four weeks ago)


Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 40.1 weeks of inventory (was 45.1 four weeks ago)


If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

March 11, 2009

Cost vs. Value 2008 – Additions

Filed under: Information for Buyers, Information for Sellers — tonymeier @ 9:33 am

Thinking of adding on to your abode?  In this week’s cost vs. value segment we’ll be looking at three popular additions that can make your home much more enjoyable! Here are the latest numbers for the Seattle area.


Family Room Addition   Project Description:  In a style appropriate to the existing house, add a 16-by-25-foot room on a crawl space foundation with vinyl siding and fiberglass shingle roof. Include drywall interior with fiberglass insulation, pre-finished hardwood floor, and 180 square feet of glazing including windows, atrium-style exterior doors, and two operable skylights. Tie into existing HVAC. Add electrical system to code, including 12 recessed ceiling lights.


Project cost:  $91,065                     
Resale value:  $70,426                  
Cost recouped:  77.3%


Deck Addition  Project Description:  Add a 16-by-20-foot deck using pressure-treated joists supported by 4×4 posts anchored to concrete piers. Install composite deck material in a simple linear pattern. Include a built-in bench and planter of the same decking material. Include stairs, assuming three steps to grade. Provide a complete railing using a matching system made of the same composite as the decking material.


Project cost:  $16,252                     
Resale Value:  $14,673                 
Cost recouped:  90.3%


Master Suite Addition  Project Description:  Add a 24-by-16-foot master bedroom suite over a crawl space. Include walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface countertop. Bedroom floor is carpet; bath floor is ceramic tile. Painted walls, ceiling, and trim. General and spot lighting, exhaust fan; electrical wiring to code.


Project cost:  $114,787                   
Resale Value:  $90,399                 
Cost recouped:  78.8%


All of the statistical information was provided by
c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com


If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

March 10, 2009

Monday’s Market Update – Seattle Area Condo

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor


 


This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:


1.    These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com


2.    These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.


3.    When measuring the heat of the market, the following rules apply:


a.    12 weeks or less = Seller’s Market


b.    12-24 weeks = Balanced Market


c.    24 or more weeks = Buyer’s Market


 


Condo Only, NWMLS Area 140 (West Seattle) = 45.3 weeks of inventory


Condo Only, NWMLS Area 380 (Central Seattle) = 66.5 weeks of inventory


Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 78 weeks of inventory


Condo Only, NWMLS Area 390 (Central Seattle) = 29.9 weeks of inventory


Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 39.3 weeks of inventory


Condo Only, NWMLS Area 701 (Belltown, Downtown) = 51.5 weeks of inventory


Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 36.1 weeks of inventory


Condo Only, NWMLS Area 710 (North Seattle) = 24.4 weeks of inventory


Condo Only, NWMLS Area 715 (Richmond Beach) = 28.2 weeks of inventory


Condo Only, NWMLS Area 720 (Lake Forest Park) = 30.5 weeks of inventory


If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com


Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

March 6, 2009

English Hill Listing – 3 Bdrm, 2.25 Bth Two Story Home on a Quiet Cul-De-Sac in Redmond’s sought after community of English Hill

Redmond Listing – $500,000 – Charming English Hill Home in Olde Morrison Place!
17633 NE 129th Pl, Redmond
2300 s.f., 3 bedroom, 2.25 bath two story home nestled in the back of a cul-de-sac on a west facing 7,850 s.f. lot in Olde Morrison Place on English Hill!

For more information and DOZENS of photos go to http://EnglishHillHome.com


Nestled in a quiet cul-de-sac in Olde Morrison on English Hill, sits this charming two story home. The gracious floorplan boasts 2300 s.f. and features 3 bedrooms, 2.25 baths on a private, west facing lot! Many recent updates include – high quality roof, exterior & interior paint, neutral carpets & rear landscaping! Sunken formal living room with vaulted ceilings and French doors to rear deck & yard. Formal dining room with ample windows. Spacious kitchen with serene views overlooking the rear gardens, includes a large breakfast bar, vaulted ceilings, skylights, built-in desk, huge walk-in pantry & attached nook. Large family room with plenty of room to relax features a beautiful brick fireplace and slider to rear deck & yard. Laundry room with sink off kitchen for your convenience. Generously sized powder room on main. Wonderful master suite with double door entry, walk-in-closet, large double vanity with make-up counter & double shower. Two additional bedrooms upstairs are very spacious. The full bath in the hall bath is oversized. Two cozy decks in the rear yard are private & surrounded in greenery – great for relaxing or soaking up the sun! Lush trees and planting beds make for a gardeners paradise! Attached two car garage with storage possibilities above. Outstanding Northshore schools – Sunrise Elementary, Timbercrest Jr High & Woodinville High.



Flyer 


For more details on the highly sought after Redmond neighborhood of English Hill visit; http://EnglishHillOnline.com


EHO-small  


Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

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