More Good News for the Seattle Area

The Wall Street Journal is optimistic on Seattle:

Which Cities Will See Biggest Rebound?
Which cities are likely to be the hottest post-economic downturn destinations for young, brilliant, and highly mobile workers?

The Wall Street Journal surveyed six trend-spotting experts and they chose cities based on economic diversity, lifestyle and their own personal prejudices.

Here’s the top-10 list:

1. Washington, D.C. (tie)
1. Seattle
2. New York
3. Portland, Ore.
4. Austin, Texas
5. San Jose, Calif.
6. Denver
7. Durham, N.C.
8. Dallas
9. Chicago
10. Boston

Source: The Wall Street Journal, Sue Shellenbarger (09/30/2009)

Pending sales in Western Washington rise with improved affordability, buyer incentives

KIRKLAND, WA, May 5, 2009 –Northwest Multiple Listing Service members reported pending sales for April surged 11.4 percent compared to twelve months ago – and rose 21.3 percent from March.

Brokers reported 6,918 pending sales during April across the 19 counties that make up the Northwest MLS market area. That’s up from the year-ago total of 6,208, and the March figure of 5,701 pending sales (offers made and accepted, but not yet closed).

For the four-county Puget Sound area (King, Kitsap, Pierce and Snohomish), brokers notched 5,372 pending sales, the highest total since August 2007 and a jump of 26 percent from March.

Inventory is shrinking and prices are showing some signs of stabilizing, according to data in the latest report from Northwest MLS. The median price for last month’s closed sales of single family homes and condominiums area-wide was $270,000. That matched the figure for March, but still lagged prices of a year ago (down 12.9 percent).

Inventory is down 18.3 percent from year-ago levels, with Clark, Kitsap and Pierce reporting the largest drops. Members added 10,824 new listings of single family homes and condos to inventory last month, down almost 20.5 percent from the year-ago total of 13,607 new listings.

Lower prices, record low mortgage interest rates, improving consumer confidence, the $8,000 first-time buyer tax credit and other incentives for buyers are credited with spurring activity. Industry officials, noting activity is quite strong in the lower, more affordable price ranges, hesitate to declare a housing recovery is under way:

• Dropping inventories and rising affordability are positive signs, according to Frank Nothaft, Freddie Mac’s chief economist. “The housing market may be edging toward a bottom,” he stated.
• “April was a good market for new pending sales; we seem to be moving to a more balanced market,” said NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/Lake Stevens, Inc.
• “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,” said Lawrence Yun, chief economist for the National Association of Realtors®.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, described the market as “bifurcated.”

“Sales are up and prices have stabilized in the more affordable market,” he explained, while noting the mid- to upper-end markets are experiencing entirely different conditions.

NWMLS director Kathy Estey agreed. “We had our best month since September,” she commented, but said sales of homes priced at $1 million or more are still slow compared to the pace of a few years ago. Estey, the managing broker at John L. Scott’s downtown Bellevue office, said sales of high-end homes lag in part due to limited availability of mortgages for homes priced above conforming loan limits. (The median asking price for homes currently offered for sale in West Bellevue, a market served by Estey’s office, is more than $1.5 million.)

Another MLS director reported a “terrific increase” in first-time buyer activity in Seattle’s close-in neighborhoods, calling it the best it’s been in almost two years.

“We just had five offers on a Ravenna house priced around $400,000 and it sold for considerably more than the list price,” said Mike Skahen, the broker at Lake & Company. He also said another one of his agents represented a client whose offer beat out 10 competitors. “I hope we’re seeing the start of the spring selling season,” something he said was lacking last year for the first time since starting his real estate career 33 years ago.

In King County, pending sales of single family homes (excluding condos) rose more than 25 percent from March. Of six “sub-areas” the MLS tracks within the county, North King County (encompassing Shoreline, Lake Forest Park and Kenmore) and the Eastside areas had the strongest month-to-month gains. Compared to March, pending sales of single family homes for April shot up nearly 52 percent in the North King County map areas, and rose more than 35 percent on the Eastside.

Prices for sales of single family homes and condos that closed last month in King County continued to lag year-ago totals (down 15.3 percent), but edged up from March (up 4.5 percent). For single family homes (excluding condos), the median selling price for April’s sales was $350,000, up 4.4 percent from March.

Condominium sales area-wide were down about 7.5 percent from a year ago, but up significantly (40.8 percent) from the previous month. In King County, which accounts for about six of every 10 condo sales, pending sales were down 8.1 percent from a year ago, but jumped nearly 42 percent from March.

Tacoma broker Dick Beeson of Windermere/Commencement Associates also reports the market there is warming up, evidenced in part by increased traffic at open houses and phone calls. Many first-time buyers are still unaware of the $8,000 tax credit, according to Beeson, who says it is stimulating marginal interest. “It is almost a serendipity to first-time buyers when they discover they qualify.”

“Most everyone recognizes that real estate in our region is ‘on sale,’ and that’s certainly validated in the latest report,” stated Ron Sparks, managing vice president at Coldwell Banker Bain. Buyer demand has increased to 2006 levels in some notable area neighborhoods, according to an analysis by Sparks, who tempered his optimism by saying, “For the scale between buyers and sellers to balance, it’s important that buyer demand begin to increase so prices can stabilize. The MLS report and comments from agents in the field tell us we’re seeing some progress in that direction.”

Sparks also said in his experience, “highly advantageous buyer markets are pretty rare,” so when they appear, he’s inclined to advise people confident in their financial position to take advantage of it. He extends such advice to his own children, he admitted, noting one of them just closed escrow and another just made her first offer.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said in commenting on a new report from NAR that showed a nationwide rise in pending sales for March.

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 – April 2009

April 2009 Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
	New Listings	Total Active	# Pending Sales	# Closings	Average Price	Median Price
King	4123	13164	2646	1242	$417,500	$350,000
Snohomish	1579	5592	1111	535	$316,271	$290,000
Pierce	1556	6145	1238	580	$245,084	$225,000
Kitsap	539	1926	377	200	$294,353	$240,000
Mason	163	746	70	46	$138,542	$137,550
Skagit	267	1308	127	77	$261,968	$225,000
Grays Harbor	168	814	86	49	$143,465	$150,000
Lewis	140	710	72	40	$192,591	$174,951
Cowlitz	166	652	78	61	$187,488	$179,000
Grant	112	682	70	43	$166,568	$144,000
Thurston	494	1657	343	196	$246,875	$232,600
San Juan	57	457	11	4	$338,000	$226,000
Island	239	1040	109	68	$278,216	$244,450
Kittitas	136	553	52	30	$231,055	$196,000
Jefferson	84	533	24	22	$278,875	$213,750
Okanogan	68	343	21	16	$175,750	$149,000
Whatcom	521	1942	274	166	$279,088	$259,450
Clark	113	399	87	43	$219,781	$202,500
Pacific	63	396	21	15	$146,293	$135,000
Others	236	1088	101	45	$251,230	$224,500
MLS TOTAL	10,824	40,147	6,918	3,478	$316,979	$270,000

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

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

Union Hill Listing – 3130 asf. Redmond Two Story with Basement on Private, Shy Acre Lot

Redmond Listing
By: Tony Meier

Union Hill Home in Redmond – $575,000

6501 229th Ave NE, Redmond

Nestled at the end of a private drive, sits this charming two story with  daylight basement home. The gracious floorplan boasts 3130 s.f. and  features 3 bedrooms, 3.5 baths with den & bonus on a private, west    facing 40,510 s.f. lot! Recent updates include roof, exterior & interior paint. Sunken formal living room with built in shelves. Great room style kitchen, dining and family room. The updated kitchen has vaulted ceilings, skylight, new counters, gas range, built-in desk & breakfast bar. Formal dining room with hardwood floors. The family room has vaulted ceilings, a gas fireplace and French door opening to huge entertainment sized deck overlooking rear yard. Powder room on main. Wonderful main floor master suite with walk-in-closet, new tile counters on vanity, shower & jetted tub. Two bedrooms & full bath upstairs. On the lower level…  Spacious den with new floor. Huge bonus room with small kitchen and adjacent room with a closet – a full bath in the hall too!. The bonus room has a slider to the rear yard. The huge, west facing deck overlooks the private rear yard and is plumbed for gas BBQ – excellent for entertaining, relaxing or soaking up the sun! Lush trees & water feature make for a     serene setting! Attached two car garage with storage possibilities above. Laundry room with sink and extra storage. Outstanding Lake Washington schools – Dickinson Elementary, Evergreen Jr High & Eastlake High.

 

If you have any questions about this home, 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

 

Happy St Patrick’s Day!

In memory of my Irish mother… I would like to share some of my favorite Irish sayings and blessings with you.

 

An Irishman’s Philosophy
In life, there are only two things to worry about—
Either you are well or you are sick.
If you are well, there is nothing to worry about,

But if you are sick, there are only two things to worry about—
Either you will get well or you will die.
If you get well, there is nothing to worry about,

But if you die, there are only two things to worry about—
Either you will go to heaven or hell.
If you go to heaven, there is nothing to worry about.

And if you go to hell, you’ll be so busy shaking hands with all your friends
You won’t have time to worry!

 

Irish Diplomacy…
is the ability to tell a man to go to hell so that he looks forward to making the trip.

 

“May your home always be too small to hold all your friends.”

 

“May you never forget what is worth remembering,
Or remember what is best forgotten.”

 

A toast to your coffin.
May it be made of 100 year old oak.
And may we plant the tree together, tomorrow.

 

A Wedding Toast
Here’s to lying, cheating, stealing, and drinking.
If you lie, may you lie together.
If you cheat, may you cheat the devil.
If you steal, may you steal each other’s hearts.
And if you drink, may we all drink to your happiness.

 

An Irish Blessing
“May the road rise to meet you,
May the wind be always at your back,
May the sun shine warm upon your face,
The rains fall soft upon your fields,
And until we meet again,
May God hold you
In the palm of his hand.”

 

If you would like to learn more about St. Patrick and the day that celebrates him, check out: http://en.wikipedia.org/wiki/Saint_Patrick

Happy St Patrick’s Day!

 

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

Monday’s Market Update – Eastside Condos

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 Eastside 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 500 (Bellevue, South of I-90) = 63.6 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = 38 weeks of inventory

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 84.9 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 34.6 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 38.4 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 18.2 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 54.7 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 47.4 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
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

TONY MEIER – 2008 FIVE STAR: Best In Client Satisfaction Real Estate Agent!

Thank you to my clients who have nominated me as a 2008 FIVE STAR:  Best In Client Satisfaction Real Estate Agent!  With 14,000 agents in the Seattle area it is nice to be recognized as one of the best in my field. Here is the official press release:

Posted: December 5, 2008

Seattle, WA (December 5, 2008) – In the December 2008 issue of Seattle magazine, the 2008 FIVE STAR: Best in Client Satisfaction Real Estate Agents (SM) are announced.

Seattle magazine formed a partnership with Crescendo Business Services, an independent research firm, to identify the “best in client satisfaction” real estate agents serving the Seattle area. In May of 2008, Crescendo surveyed by mail and phone 29,000 Seattle area residents who had recently purchased homes. An additional 250 surveys were sent to mortgage and title companies, who are often best able to judge a real estate agent’s technical skills and knowledge.

On the surveys, recipients were asked to evaluate only real estate agents whom they knew through personal experience. They were asked to evaluate them based upon nine criteria, including, customer service, integrity, market knowledge, communication, negotiation, closing preparation, finding the right home, marketing of the home and overall satisfaction.

By June, stacks of surveys had arrived and Crescendo began carefully scoring and screening each nominee with both the Washington State Real Estate Commission’s database to make certain that licenses were up to date and that no disciplinary actions were pending. Before finalizing the list, nominated agents were reviewed by a blue ribbon panel of local industry experts.

The panel consisted of realty company executives, professional and trade association officers and others directly involved in housing-related businesses. Although panelists’ comments were incorporated into the final score, safeguards were built into the review process to reduce the ability of panel members to influence the composition of the final list on the basis of company affiliation.

This year’s list of “FIVE STAR: Best in Client Satisfaction” real estate agents represents less than 6 percent of actively licensed real estate agents in the Seattle area. We hope this list serves as a referral network for the 170,000 readers of Seattle magazine. Is this list exhaustive? Of course not. There are undoubtedly many other excellent real estate agents that are not on the list this year, but don’t be surprised to see them next year.

RESEARCH DECLARATIONS:

As with any research or recognition program, it is important that we provide you the following declarations:

·  The 2008 FIVE STAR Real Estate Agents do not pay a fee to be included in the research or the final list of FIVE STAR:Best in Client Satisfaction Real Estate Agents.

·  The overall evaluation score of a real estate agent reflects an average of all respondents and may not be representative of any one client’s evaluation.

·  The FIVE STAR Award is not indicative of the real estate agents future performance.

·  The inclusion of a real estate agent on the FIVE STAR Real Estate Agent list should not be construed as an endorsement of the real estate agent by Crescendo Business Services or Seattle magazine.

·  Working with a FIVE STAR Real Estate Agent or any real estate agent is no guarantee that the selected real estate agent will be awarded this accomplishment by Crescendo in the future.

·  For more information on the FIVE STAR Award and the research/selection methodology, go to: . www.fivestarprofessional.com/reresearch

Kind Regards,
FIVE STAR Marketing and Sales Team
Crescendo Business Services

 

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

 

Does the Current Real Estate Market Scare You?

Are you unsure WITCH way to turn?

There Is No Need To Worry!

The Real Estate Market Does Not Have To Be A Scary Place!

With two decades of experience, I know how to navigate the changing market successfully and profitably for my clients!  If I can help you get your home SOLD or assist with the purchase of a new home, give me a call at 425-466-1000

 

Happy Halloween from the Meier Family!

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

 

Time Change: We go back to Standard Time at 2 a.m. on November 2nd

My business coach, David Meihaus from Buffini and Company sent me this great item on the value of time. Enjoy!

TIME WAITS FOR NO ONE! May this reminder help you use it well!
 
The clock is running. Make the most of your time, and of today!

TO REALIZE THE VALUE OF:

ONE YEAR– ask a student who has failed his final exam

ONE MONTH–ask the mother of a premature baby

ONE WEEK–ask the editor of a weekly paper

ONE DAY–ask a daily laborer who has 10 children to feed

ONE HOUR–ask two lovers who are waiting to meet

ONE MINUTE–ask a person who has missed an airplane

ONE SECOND–ask a person who has survived an accident

ONE MILLI-SECOND–ask the silver medalist in the Olympics

Halloween Safety Tips

Halloween is almost here! As you prepare for the festivities, keep the following tips handy:

Costume Safety

-Check to make sure the costume is flame retardant.
-If the costume is made with dark fabric, use reflective tape or wear a glowstick necklace.
-Make sure your costume fits properly, hem any excess material to prevent tripping.
-Masks should fit properly allowing for sight and breathing.
-Use hypoallergenic make-up as an alternative to masks.

Pumpkin Carving

-Small children should not carve pumpkins. Allow them instead to draw on the face and have a parent do the carving.
-Keep pumpkins out of heavy traffic areas and away from curtains or other flammable items.
-Use votive candles, they are the safest burning.
-Never leave a jack o’ lantern unattended.

Home Safety

-Remove anything from your front yard or porch that is potentially hazardous to trick-or-treaters such as toys, hoses, potted plants, etc.
-Check outdoor lights, replacing any burn outs.
-Restrain pets.

Trick-or-Treating

-Always carry a flashlight with fresh batteries.
-Go in groups of three or more, younger children should be accompanied by an adult.
-Preplan your trick-or-treating route.
-Go to neighborhoods you are familiar with.
-Stay on sidewalks, following all pedestrian laws.
-Walk, don’t run.
-Avoid under lit houses.
-Never enter a stranger’s house.
-Don’t approach unfamiliar animals.
-Never accept rides from strangers.
-Inspect candy before eating, look for any loose or missing wrappers

I hope you and your family have a very Happy Halloween!

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

NAR: Home Sales Rise as Affordability Improves

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August. Home sales are 1.4 percent higher than the 5.11 million-unit pace in September 2007.

Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.

“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

NAR President Richard F. Gaylord says low home prices and low interest rates have helped attract buyers.

“This is the first time since November 2005 that home sales have been above year-ago levels,” Gaylord says. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.

Yun says there may still be market disruptions.

“The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac,” Yun says. “Inventory remains high, and price declines are pressuring owners.”

Yun says that an additional housing stimulus would stabilize prices more quickly and help bring faster stability to Wall Street.

“Removing the repayment feature on the [$7,500] first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory,” Yun says.

A Closer Look at the Numbers

• Total housing inventory: at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.

• National median existing-home price: $191,600 in September, for all housing types. That’s down 9 percent from a year ago when the median was $210,500.

“Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions,” Yun says. “These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”

• Single-family home sales: increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.

• Existing condominium and co-op sales: were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago.

By Region

Here’s a breakdown across the country of existing-home in September:

• West: sting-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.

• Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.

• South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.

• Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.

Source: NAR