Sunday Night Stats – King County

An update to the Property Stats for King County from last week:

Residential – Single Family

For sale – 8376 – UP 279

In escrow – 1809 – UP 27

Closed in Janaury so far – 236 -NEW CATEGORY

Condo 

For Sale – 2,870 – UP 125

In escrow – 780 – UP 47

Closed in Jan so far – 69 – NEW CATEGORY

 

Apologies Sandy, no Bellevue Stats today.  I’ve decided to do them in map grid first, and visit some of the new on markets for commentary on how the new is comparing to old listings, and to track if the new listings are selling at a higher rate than current inventory.

Broker’s Opens are on Thursday.  I’ll report afterward.

“Statistics not compiled or published by NWMLS.

Sunday Night Stats

I know how much I enjoy being able to check RCG for mortgage rates every Friday, thanks to Rhonda.  I’m going to try to do the same for King County Stats on Sunday nights.  Each week I will also highlight a different City or Seattle Zip Code over on my blog.  Tonight I did Kirkland Stats.

I don’t have any commentary for King County Stats tonight.  But there’s plenty of commentary on the Kirkland Stats.  There’s less than a three month supply of inventory for property priced at or below the median price sold in 2007.  There’s a very strong buyer’s market in the high end of $1M or more for condos and $1.5M or more for single family homes.

I’ll try to post the stats here every Friday night for King County, but until we get a couple of months of sales, or the full first quarter of 2008, commentary would simply be conjecture.  I don’t expect the number of homes sold in 2008 to be dramatically different in the first half of 2008, as they were in the last half of 2007. 

I expect that brown slice of December 2007 closings to change a bit each week as agents post late.  There were even a few late postings for November and October since last week.  I’ll try to update and keep the data as accurate as possible.  As always, and by mls rule, I must disclose that I, ARDELL compiled these stats using MLS as a source only.  The data is not compiled by NWMLS.

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“Statistics not compiled or published by NWMLS.

How difficult is it to find a good rental in Seattle?

I have a few “Google alerts” set up to be notified when certain terms are published on the web, such as Rhonda Porter, Mortgage Porter and West Seattle.   Tonight, the West Seattle Google alert pointed me to someone who is looking to rent a 2 bedroom home with “a soul” for up to $2800.  

We are moving to Seattle very soon. Need online resources to find a nice rental home for the two of us. We are looking in the Ballard, Queen Anne, and West Seattle areas. I’d prefer non-mega corporate rentals, ie. one or two unit townhomes, a house, or a smallish apartment building. I’m familiar with craigslist, which I’ve been using a lot. Also familiar with NWapartments. The larger sites like rent.com list rentals that are just too cookie cutter and commercial for us. Please give resources to help us find a nice, unique, home with a soul. BTW, we are looking at the $1800-$2800/month rent range for a 2bedroom.

Are rents that high?  Do rental homes really lack soul?  I rented my two bedroom in West Hill Auburn on Northlake a short time for $1800 per month a couple years ago that had “the soul” of worn out shoes.   I loved that funky house.   However, it was not a “good rental” for many reasons (1/3 acre garden, septic tank, etc), I clung onto it for personal reasons and have since sold it. 

I’m just full of questions after reading this!  🙂  Guess you could call it soul searching.

Historic Photos of Your Seattle Home

Did you know that if your home was built prior to 1930, there may be a photo of it in the State Achieves that you can obtain?

It takes a couple weeks to receive the photo and for a few cents extra, you can order the records that they [photopress:prince.JPG,thumb,alignright]have available from that time.    The black and white photo is from 1939 of the property which was built in 1927.   The color photo is a current picture of the home.

To order a photo of your home from the Puget Sound Achieves, click here to send an email.   You will need to provide:

  • Property address
  • Tax Parcel Number (I can help you find this if you don’t have this handy)
  • Legal Description (lot/block…they just want a brief one)
  • Your name and contact info

You can order anything from a 5×7 for $17.00 to a 16×20 for $55.00.   They will let you know what years are available.  It’s kind of fun to frame the older photos or to at least have them on hand.

A bit of staging magic goes a long way

This past weekend I attended a three hour class on staging. I was motivated to take the class because, as a real estate photographer, it helps to understand something about staging a property as agents frequently defer to me over last minute details of the home staging when I am on site doing the shoot. It’s not part of my job description but many agents have come to expect it and I do enjoy surveying a room and making simple, and quick, recommendations. I am fascinated by the psychology of staging and the dramatic changes staging can have on our perception and impression of a property.

Prospective buyers largely lack the imagination to see what one can do with a space so the seller, listing agent and/or stager need to provide it for them and hopefully do it well. In some cases it may be adding, subtracting or both. Immediately after my class I had a shoot that the listing agent had requested a few new photos as they had redone the staging since the original shoot. I think this is a great example of how a few changes really add considerably to the appeal of this condo. I especially appreciate the accent wall which was easy and inexpensive but really makes this condo, or at least the photo, look so much more inviting.

And to just pass along a tip to realtors from the class I took, get rid of dead vegetation in the landscaping. Especially in the front of the house. I walked by a home for sale in my neighborhood and I saw some dead plantings and I could see how detracting it was from the impression, or curb appeal, of the property.

I’d also recommend checking out Barb Schwarz’s existing book on staging and/or pre-ordering her new one that will be available in May.

Learn as much as you can about staging, regardless of who does it.

Your seller, (and photographer) will love you for it.

Before:
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After:
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Affordable Condos or Cheap Apartments — Who's choice is it?

I’m not typically one to go on about property owner’s rights vs government(s) ability to control code enforcement and reasonable use of property without infringing on others.  I think active involvement in zoning, environmental protection, etc are way too important for market forces only. But when the politicians start butting in without thinking about the unintended consequences it’s time to speak up.

For the last couple years we’ve all heard a lot of complaints about the shortage of affordable home ownership in and around Seattle. At the same time, it’s been a dismal market for landlords as the rental market has been very low. Given that situation, wouldn’t you do what a lot of apartment owners are doing — go condo. Better return for the owner and it increases the supply of available equity housing in the market.

From an article in the Seattle Times, Condo Wave leaves renters battered, apparently State Senator Ken Jacobson believes those evil property owners shouldn’t be allowed to put their real estate to it’s highest best use. Apparently we must stand up for low-rents, tenant rights over landlords and above all no more development. Let potential homeowners look farther away from the city to live — they can afford it. Ok, I’m exaggerating and ranting – but figure out the obvious. They’re not eliminating housing — just switching it to the ownership market.

If you live in Washington State, please be sure to check out the Seattle Times article and contact Senator Jacobson with your opinion on his proposed legislation. A hearing is scheduled for Thursday in the Senate Consumer Protection and Housing committee, so don’t wait.

7 Reasons for Real Estate Agents to Blog

A recent conversation on Tribe got me thinking about my experiences with being a real estate blogger. Here are my seven reasons real estate agents should consider blogging:

  1. Fun. I really enjoy the many conversations that I’ve had with real estate professionals from all over the world that would never had taken place had I not started this blog!
  2. Expertise. By simply writing about real estate and your local community in a public forum (like this!) you become an expert. Anna gets emails and calls from people on a regular basis asking for her opinion on real estate issues. I’m a transportation engineer, but even my opinion on real estate issues holds some weight! For example, someone from my wife’s corporate office recently called to get advice on how to better use technology in real estate.
  3. Trust. A client recently told my wife that he completely trusted her advice because of the honesty in her writing! That’s darn near impossible to get with a regular website.
  4. Knowledge. I follow local news, national news, local blogs, real estate blogs, tech blogs, etc, because I feel a responsibility to my readers. Maybe you won’t feel that internal pressure, but it definitely drives me to ensure that I’m up-to-date on real estate news.
  5. Ranking. Because of all the unique content, we get hits on all kinds of unusual real estate searches. In addition, because we’ve gotten some links from some high-ranked websites (mostly other blogs), her site ranks really well when compared to most real estate sites. Additionally, on typical real estate searches like “Seattle real estate”, we’re ranked very high (#7 on Google) for such a new site and I know that we’re beating out sites that are spending $1000s a year on marketing their site.
  6. Cost. Compared to most marketing techniques that agents are using, blogging might as well be free. I pay $100 a year to host this site. That’s it! The cost of blogging is measured in time, not money!
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  8. Potential. Rain City Guide is not even 10 months old yet. Give us two or three years of blogging, and we’ll easily be the most popular real estate site in Seattle. Ideally, the site will continue to grow as the web technologies evolve and more perspectives are added. I’d love to do more podcasting and videoblogging. I’d love to have someone document the building or remodeling of their home. I’d love to have some more real estate agents blogging about their local areas (Seattle, Bellevue, Redmond, etc. neighborhoods). I’d love to have someone take on some more analytical issues (Tom?). There are so many interesting ways that Rain City Guide can evolve that I feel like we’re only touching the surface of it’s potential.

When I look into my crystal ball to see the future of real estate blogging, I see one or two real estate blogs in each major city that have really captured the local market by having a group of prolific real estate professionals (agents, brokers, lawyers, etc) writing about local issues. I see people turning to these blogs to get unique and personal perspectives on issues like moving, building, buying and listing. I don’t think you’ll be surprised to hear that that is where I plan on taking Rain City Guide!