It's A Great Time to Sell or Buy a Home

If you have been waiting for the local real estate market to rebound, your wait is over. Mercer Island, the communities surrounding Lake Washington, and even Seattle and Bellevue are very hot real estate markets now. In a nutshell: home prices are up, demand is high, and inventory (homes currently on the market) is low. In fact, the conditions are right for bidding wars for available properties. 

Recently, Seattle was listed as one of the top markets in the country for home sellers, in a feature article in Money Magazine. The housing market is changing, creating a “new playing field for homeowners, who are finally able to sell, as well as would-be buyers who’ve been delaying a purchase in anticipation that prices would keep falling,” Money reported. In addition, Seattle, Los Angeles, San Jose and Phoenix were listed as top markets for sellers, while Philadelphia, Chicago, Albany and New Haven/Stamford were top markets for buyers. According to the feature article, sellers should keep their expectations in line: Price increases are to be modest and gradual. According to Money, home sellers may have the most bargaining power in the West, while homebuyers may be more in control in the Midwest and Northeast.

 

Real Estate inventory on Mercer Island normally averages about 100 homes at this time of year. Today there are less than 60 homes available, and most of those available are in the very high end of the price range. On Mercer Island Median prices in 2011 rose 2.5 percent from $835,000 to $857,000.

Lawrence Yun, Chief Economist for the National Association of Realtors®, reported recently that sales are being driven by strengthening fundamentals – the improving jobs picture, rising rental rates, continuing low interest rates, and housing affordability – and prices are gaining on reduced supply.

Here is an example from a recent personal experience representing buyers who made an offer on an Issaquah home. After only a few days on the market, the listing agent had 12 valid offers on the property. My clients were among the 12. The offer accepted by the seller was possibly more than 10 percent over the listing price. I fought hard for my clients, but I could not advise the client to pay that much for that particular home. The sale of this home was frenzied, with too many buyers and too many emotions driving offers. 

This example is not a bad situation for the local residential property market. However, there are several clear implications to be drawn:

1.       Buyers should not be surprised by frenzied competitive bidding for available properties

2.       More homes are being listed every day, and patience will win out in the end

3.       People buying homes in this market would do well to trust and follow the advice of their Realtors® or Brokers, especially if they are new to the area.

4.       Homeowners, who have been waiting for the right time to sell, should call their consulting Realtor® today to discuss their options.

The Seattle-Bellevue-Mercer Island-Lake Washington communities real estate market is unique. Today it is a zooming market. Whether you are buying or selling, I advise patience and good counsel. If you have been waiting for the right time to list your home, please let me assure you that the time has come. I would be honored to list your home and assist you as your Realtor® and listing agent. If you are in the market to buy, it would be my pleasure to help you find and purchase the right home for your needs. Call me today at 206-499-4948.

What we bought in 2012 | Local housing snapshot | Homes & Real Estate | The Seattle Times

Lots of great news and info about our local market in this article.  The best news was that for the first time since the housing bubble burst in 2007, median prices of single family homes increased last year.  From my point of view I want to add that the trend only started shifting towards year end.  Can't overlook that we've gone into 2013 on a very positive track.  For more facts and figures: What we bought in 2012 | Local housing snapshot | Homes & Real Estate | The Seattle Times

Plenty of Bright Spots in Housing, But Threats Remain

This author sites a few very strong positives for the national Real Estate market.

• Existing-home sales jumped more than 9 percent in 2012, the highest level in five years.
• New-home construction reached a 54-month high in December 2012
• The delinquency and foreclosure rate is at its lowest level in four years.
• A home remodeling index reached 55 in the first quarter of the 2012, the highest reading since 2004 (readings above 50 indicate a growth in remodeling activity).

This definitely applies to our local market.  However, I don't totally agree with the challenges outlined in the article. I am much more optimistic. For example, I don't agree inventories will remain constrained.  I feel as soon as homeowners realize there are many buyers for their home and that the value has increased they will want to sell.  There is always a natural need for people to grow and move up, this creates inventory!

Read more......Plenty of Bright Spots in Housing, But Threats Remain

The Color of the Year for 2013 Is …

Anyone surprised there's a color of the year? Well of course you want to know what it is!!  Would you believe........

Read more: The Color of the Year for 2013 Is …

What's Motivating Buyers

I just read about the results of a recent survey by Fannie Mae the government-backed mortgage investor.  This survey seems to shed light on what is motivating buyers right now.
In the survey of 1,002 adults in December, Fannie found the highest share of consumers in the surveys 2 1/2-year history who expect home prices to rise in the next 12 months. Forty-three percent expect mortgage rates to jump, and 49 percent think the cost of renting will increase.
Clearly any or all these expectations are driving buyers into the market. 
They want to take advantage of this "perfect time to buy".  What is missing from this equation? More owners listing their homes for sale. 
The flip side of this equation is that sellers can get more now for their homes.  More than they probably think.  Any property owners with any interest in selling should be speaking to a Realtor like myself.  If for nothing else to get a better read on there home value.  Read more: http://mobile.dispatch.com/wap/news/text.jsp?sid=1003&nid=277467716&cid=20834&scid=-1&ith=2&title=Life+and+Entertainment&headtitle=Life+and+Entertainment

Get to Know the East Seattle Community

This post is the third in a series offering insights into the unique characteristics of specific neighborhoods on Mercer Island and surrounding Lake Washington, including Dawn Vista, Tarywood, Parkwood, Sammamish, Issaquah, Newcastle, and Judkins Park.

Located at the northwest corner of Mercer Island, East Seattle is one of the oldest and most historic communities on the Island. It has a fascinating history as the area where Mercer Island's development first began. The Mercer Island Historical Society referred to East Seattle as the “birthplace of Mercer Island as a community.” 


In the late 1800's, the development of the Island, and East Seattle, began when C.C. Calkins started buying land on the Island to create a primarily residential community, free from industry. Calkins built a hotel near the ferry dock to attract residents of Seattle to Mercer Island. Visitors flocked to the hotel, and they grew to love the small community that included rental cottages, several homes, ferry dock, store, school, church, post office, and dance hall -- all within the area of East Seattle. President Benjamin Harrison stayed at the Calkins Hotel in 1891. The popularity of the hotel ended only when it burned down in 1908.


After the first bridge was built, the business district was moved to its present location on the island. Until 1960, there were two municipalities on the Island: one known as East Seattle, and the other called Mercer Island. In the early 1960s, the two merged and became The City of Mercer Island. The first East Seattle School property eventually became the location for the original Boys and Girls Club and Secret Park. 


The East Seattle community covers an area of .62 square miles, with a population of 1,368. Boundaries are roughly west of 71st Ave SE, to Lake Washington; south to SE 32nd and 67th Ave SE to the lake; and north SE 20th St and Roanoke Way.
 
 
East Seattle boasts some of the oldest homes on Mercer Island, as well as, some of the newest and most expensive. There are many excellent examples of restored classic homes, some dating back to the original development of the Island, and even a few considered Gold Coast level. Currently, a waterfront property is for sale at $6,895,000.

 
East Seattle also has many points of interest, including Slater Park, Secret Park, Calkins Landing, Garfield Landing, and Proctor Landing. The landings provide public water access points to Lake Washington. East Seattle is also one the best locations to enjoy Seafair weekend. It is home to several viewpoints facing the lake events. 





 
East Seattle is an ideal area for a walking tour of historic and architecturally interesting homes. Many people are fascinated by the blending of historic and 21st century homes. I invite you to share your knowledge of East Seattle. If you have other questions about East Seattle, please contact me at 206-230-0833.

 
Ken Urman is a professional Realtor® who lives on Mercer Island, WA and serving Mercer Island and the waterfront communities around Lake Washington. He is profoundly committed to the communities and neighborhoods of this area, and he is passionate about selling real estate. Ken brings to each client relationship the power of experience, professionalism, and perseverance. Learn more about homes and land currently for sale in this area and why Ken is a better choice for your real estate needs at http://www.KenUrman.com.