Powered by RealTown Blogs

ARDELL's Seattle Area Real Estate Blog

Jan. 12, 2014 - Selling a Home in Redmond Washington

Redmond Washington has two Zip Codes: 98052 and 98053. But unlike Kirkland which has more overlap for home buyers and home sellers between its two zip codes of 98033 and 98034, Redmond overlaps more with Bellevue than the further out Redmond Zip Code of 98053.

Redmond Real Estate is a lot easier than Kirkland Real Estate that required many graphs and two posts because of huge neighborhood price variances somewhat attributable to close into town and water access and/or water and mountain views. Redmond is a more cohesive market with less variance from high to low than Kirkland. 

I don't include 98053 with 98052 as that market is temporarily shifting due to new construction, but the sustainability in 98053 without a large vs small lot is clearly up in the air going forward when those homes come on market as resale homes.

For 98052 it is pretty simple...we can just use the Pie Chart for the three price tiers for this one.

In Redmond the only real issue as to pricing is Newer home or Older home. Big lot or Small lot. Busy Road or other nuisance issues or Prime location. The only big issue here is ranking of the Elementary School, and that alters the norm as to close in or not differently than Kirkland where the best schools are close in.

Basically Redmond operates like a suburb...cohesive...not a lot of major pitfalls that you can't readily see with your eyes or know by doing a little homework on the internet.

I'm not going to do an Absorption Rate Graph for Redmond. For those who need a review on what that is please read this morning's posts HERE, HERE and HERE if you haven't already done so.

The News for 2014 as to Low Inventory is pretty repetitive here without a huge glut in the high end like Kirkland because frankly, Redmond doesn't have a "high end". There is almost no inventory PERIOD until you get over $708,000 and even then there are very, very few homes who are priced out of the market altogether for Redmond at over a million dollars. A few of those will be with reason the same as I noted regarding Holme's Point and Goat Hill earlier today.

No big news for Redmond going into 2014 except finding a new construction house comes with severe constraints and potential financial peril, and you need to be VERY CAREFUL if you are buying NEW vs NEWer in Redmond. Complicated to explain in a blog why that is, but it's fairly apparent if you are out home shopping and are a fairly savvy home buyer.

*********

(Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Service NWMLS The MLS)

Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: None

Jan. 12, 2014 - Selling a Home in Holmes Point Kirkland WA

Before we move to Holmes Point and 98034 I am posting the absorption rate graphs summarizing the stats from this morning's post on 98033. In 98033, basically a strong seller's market for a full 2/3rds of the market priced at under $775k based on 2013 closed sale data and currently for sale in 2014 as of today. Still a seller's market but not as strong up to $1.5 Million where it abruptly shifts to a Buyer's Market with Nine Months of standing inventory before we add new listings in 2014. All this makes sense if you read this morning's post and for those who didn't the link is above. On to 98034.

In the graph below you see a very similar pattern BUT with different price points for 98034.

Again...almost NO inventory for 2/3rds of would be buyers in 98034. "would be" buyers means that 2/3rds of all people who purchased a home in 98034 in 2013 spent less than $494,000 for a home. In 98033 that cut off price was $774,000. HUGE difference in price point, but same pattern of less than a one month supply on market until we get to the last 1/3rd of "would be" buyers. In 98034 I had to break out that last 1/3 twice. In the first round in the graph on the right we only jump from a Seller's Market to a Balanced market until we break out that Balanced Market one more time into 3rds in the bottom graph. 

When we peek into the 6 months of inventory for homes priced over $670,000 in 98034 we see 14 months of inventory over $1.5 Million and shift from a Seller's or Balanced Market into a Buyer's Market at $1 million in 98034 vs $1.5 Million in 98033.

The 98034 neighborhoods of Holmes Point, Juanita Point, Champagne Point and Goat Hill will overlap into 98033 BUT will not carry the same price points as if they actually are 98033. Likewise the neighborhoods of Rose Hill and part of The Highlands will overlap more with 98034 pricing AND a small smidgen of Woodinville will overlap Kirkland.

The difference will be that 98034 with water access and view will still be at a disadvantage to say West of Market but at an advantage to Finn Hill. For those who know Kirkland somewhat, that will make perfect sense and be supported by the data above and in this morning's post. 

For specific information as to how the home you are selling or buying fits into this, you would have to call me at 206-910-1000 BEFORE you hire an agent. Agents are not allowed to discuss property with people who have already hired an agent. So do your homework before you pick an agent, so as to get the most info available before proceeding on your journey to home ownership or selling a home.

 

*********

(Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Serves NWMLS The MLS.)

Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: None

Jan. 12, 2014 - Selling a Home - King County Washington

If you are selling a home in King County you need to break the data down further than what appears in the charts and graphs below regarding County Wide stats. I am doing "break outs" for Zip Codes Kirkland 98033, 98034,Bellevue 98004 and Redmond 98052 for reasons to do with my current client base.

I posted broad info on Kirkland 98033 yesterday and you can calculate your own aborption chart for 98033 using the info there. But when I'm finished parking the County-wide stats here I will be doing the 98033 - 98034 Kirkland comparison and breakouts for all of the other Zip Codes noted above. So probably better to just wait for it and I will put a link below this sentence to all of the by Zip code data.

The post regarding the below data on a County-wide basis is on Rain City Guide in that link with some commentary on the big swings in Bellevue 98004 and 98005 and some other Eastside commentary.

 

In the pie charts below the right chart represents the five 20% each price breakdowns that buyer's paid in 2013. In the pie chart on the right you can see the # of homes currently for sale in each of those same price points. However the bar chart above shows you the months of supply that active inventory represents for each segment with more breakdown for the red section.

*********

(Required Disclosure: Stats in this post are not compiled, verified or published by The MLS, The Northwest Multiple Listing Service)

 

Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: None

Jan. 11, 2014 - Selling a Home - Kirkland WA

Selling a home in Kirkland Washington is not extremely difficult at the moment and has not been for the last few years. Focusing on 98033 stats excluding 98034 stats, it isn't hard to see why that is the case.

For anyone selling a home for $775,000 or less in 98033, there is LESS than a ONE MONTH supply of homes on market. If you are one of the people on market who can't sell your home in that price range, and there are very, very few of you, you need to focus on why, as it is NOT current market conditions that is holding you back.

In the $750- $1 Million range...still not difficult, though not necessarily as easy as the under $750,000 market depending on product and location of product. In the chart on the left looking at the bright turquoise pie slice you see on the left that 96 were sold in all of 2013 and there are currently 23 for sale. No where near the inventory standing of $750,000 or less at 2 to 3 weeks of inventory...more like four months of inventory. That's pretty high for this early in the year and new listings will start stacking on top and expanding the months of inventory on market.

Anything over $774,000 represents a full 1/3 of the number of homes sold BUT also represents 65% of the number that are for sale. Way out of proprotion and that gets worse as you get over a million or over a million-five.

Over a million five has a FULL YEAR of inventory with 28 sold and 27 for sale!

So...back to my opening statement, it is fairly easy to sell in Kirkland due to Supply and Demand factors...UNTIL you get to a million plus and over $1.5 million there will need to be many price reductions and that will hurt the $775,000 to a million listings as the reductions trickle down into the $1M to $1.5M range and beyond.

I'm thinking Kirkland is clearly one of the best if not THE BEST places to live...period. But home sellers still have to be careful not to dramatically overprice their homes. From what I have seen so far in 2014, most are pricing 10% to 20% higher than they should and the buyers aren't "buying it". The sky is not the limit.

Before you say "seasonal factors", I had no problem getting the price on my West of Market listing and more recently 5 insanely high offers on my Juanita condo listing.

Also...thinking you don't have to do much as to staging and online presentation because the home will sell whether there is a lot of effort put into it or not...not the case. Lots of buyers...but they can be pretty picky when it comes to online presentation and odors or other staging snafus when viewing your home. Not a good time to be overconfident in most any price range.

If you put the right amount of effort in...you will get an excellent result.

*********

(Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Service)

Comments (0) :: Post A Comment! :: Permanent Link
View more entries tagged with: None

Feb. 5, 2013 - Three Basics of Getting Your Home Ready to Sell

The Three Basics of Getting Your Home Ready for Market

PAINT - FLOORINGS - CLEAN

1) PAINT 

For the home above which was a Starter Home or Investor Property built in the 70's, I just went for the 90's Buzz Phrase "Light, Bright and Airy". I pulled everything out first...everything includes the curtains and the curtain rods and everything hangin on the walls. You want to fill  all the holes in the walls. So just pull everything down and out, spackle and paint.

A "Move Out" paint job is not the same as a "Move In" paint job when you are working with a minium price for the area property. You just want to create Light and Bright out of Dark and Gloomy. The biggest different between Move In paint job and Move Out paint job...is cost.

 

2) FLOORINGS

TILE? Leave it alone. Not a normal "get the house ready for market" thing to start jack-hammering out ceramic tile or travertine floors. Cleaning up the grout is good, but usually we don't get to it unless the rest of the house needs little or nothing done.

CARPET? If your carpet is over 8 years old, it almost always needs to be replaced. If you have pets and your carpet is less than 8 years old, it sometimes needs to be replaced to get rid of odors.

Almost NEVER does it make sense to put in expensive carpet or padding when selling your home! Living Room and Dining Room...odds are the new owner will be pulling that carpet out and putting in hardwood floors within the first 1 to 5 years...so put in a nice clean 5 year carpet to hold them until they decide what they want and can afford what they want after buying the home.

HARDWOOD FLOORS? Almost never do you install new hardwood floors when you are selling your home. Almost ALWAYS you are refinishing the hardwood floors unless the wood floors are bamboo or a newer engineered floor OR the home price is so low for the area as the one in the photo above, that it just doesn't make sense to spend the money on refinishing. Also, I have seen a few hardwood floors in seattle that have nail holes not just around the perimeter from carpet tack boards, but all over the floor. I have no idea why there are all of those nail holes. But usually the refinishing will not remove them, so it's a waste of money.

3) CLEAN Usually I end up with two cleanings. First I have the owners get it cleaned before I start. Assuming they just moved everything out, it's easier to paint and deal with other things if it is basically every day clean first. Then I have a 2nd Ready For Market Cleaning right before it goes on market. That is usually a deep cleaning of critical areas like bathrooms and kitchens so it shines! Often I clean light fixtures and some basic things while I am staging the house...but staging is a new and different post.

A couple more "AFTER" pictures showing CLEAN and refinished hardwood FLOORINGS. This one I painted the same color as it was...just a hair lighter.

 

 

 

 

Comments (2) :: Post A Comment! :: Permanent Link
View more entries tagged with: None

<- Last Page :: Next Page ->

ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

Real Estate blogs
Top Blogs

NAVIGATE

Seattle Real Estate
Redmond Real Estate
Bellevue Real Estate
Kirkland Real Estate
View my profile
Archives
EMAIL ARDELL
Blog Manager


Recent Comments

RE: Homes For Sale in Redmond WA
"Amongst the major museums in the east bay is the O..."
BANANA
"ブラントス`パ`コピ`瞳 マストな仟恬アイテムA?..."
RE: 40. Herstmonceux Castle
"domain authority backlinks"
RE: 38. Madonna's REAL House
"domain authority backlinks"
RE: What are Clerestory Windows?
"domain authority backlinks"


AREA LINKS

Rain City Guide
Emerald City
Seattle Google Map
Visitor&#39;s Guide to Seattle
ABOUT SEATTLE
Seattle SPIN
Seattle and Eastside Real Estate
The OTHER Blog
Home Inspector Stuff
Seattle Condo Info
Seattle Blog
Seattlest
SEATTLE CITY BUZZ
KIRKLAND WEBLOG
Architectural Depot
Bus Routes
Kirkland Neighborhood Map
City of Redmond Maps
Ask Ardell
Inman News
Real Estate Blog
South Beach Florida Blog
Ian Watt&#39;s cool Vancouver Videos
Seattle Bubble Blog
Seattle Technology News
Seattle Teach Street
Seattle Big Blog
Seattle Bon Vivant
Seattle Craigslist
Redmond Library Blog


Inman News