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Ardell DellaLoggia is a Broker at Sound Realty

To see an up to date list of Homes Sold and Sellers or Buyers Represented by ARDELL click HERE

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Jan. 2, 2015 - 2015 Home Prices in Redmond Washington

 Home Prices in Redmond Washington 98052 (vs 98053)

Quick Facts based on prior 365 days and year end 2014 price start point for 2015.

1,018 people bought a home in Redmond 98052

404 of them bought a condo and 614 of them bought a house. 

The median price of a single family home in Redmond 98052

is $660,000

Of the 404 condos sold, 200 were one level condos and 204 were townhome style condos.

The median price of a one level condo in Redmond 98052

is $223,000

The median price of a townhome style condo in Redmond 98052

is $428,000

236 of the 404 Single Family Homes sold were less than ten years old.

The median price of a SFH less than 10 years old in Redmond 98052 is $791,000

The median price of a SFH more than 10 years old Redmond 98052

is $573,000

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98053 Redmond vs 98052 Redmond is a secondary market much like Sammamish and Bothell vs Kirkland, parts of Bellevue and Redmond 98052.

491 homes sold in 98053 of which 433 were single family homes.

Historically people would purchase a bit far out in the 98053 vs 98052 zip code to get a lot more land with their home than they would in 98052. 166 of the 433 homes sold fit that description with lot sizes of 15,000 sf or more and a median price of $715,000.

ONLY 19 of the homes sold in 98053 with lots that are 15,000 sf or more were less than 10 years old, and those sold for a median price of $900,000. 

The trend to go to 98053 to get a NEW house on a small lot is relatively new, and the question is will the prices they pay to go that far to get NEW hold when they try to sell that house as NOT new.


Quite a bit of in between here, much like Sammamish, but mostly I say if you are going out a bit from Redmond 98052 then put closer in Sammamish in the mix along with 98053 before making any permanent decisions between the two. Sometimes an almost new in Sammamish is better than a brand new in 98053 and often most any age 98052 is better than new in 98053. Not always, but worth taking the time to compare the options with a high degree of due diligence before buying.

 (Required Disclosure: Stats in this post are not compiled, published or verified by The Northwest Multiple Listing Service NWMLS. They are hand compiled by Ardell DellaLoggia as she was writing the post in real time.)

 

 

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May. 18, 2014 - What is Appraised Value vs Market Value or Assessed Value?

Current Value of a home is always somewhat subjective and accurate only to the degree required for a given purpose.

When buying and selling a residential property to live in, you are basically dealing with FOUR different values to four different purposes all at the same time. Let's address them in chronolocigal order.

1)  ASSESSED VALUE

The Tax Assessed Value of the home establishes the yearly amount of Real Estate Taxes you will need to pay. While you may not think of this as the first valuation of importance when buying or selling a home, it is, and here's why.

When a buyer goes to their lender to get a pre-approval before they even go out to look at homes to purchase, the lender is not really qualifying them based on a purchase prie, even though the pre-approval comes out in writing as a purchase price. The letter says you qualify for a home priced at $650,000 with 20% down. That is what the pre-approval  letter says. BUT that is a conversion of what the lender actually did to give you that approval. All lenders are approving you based on monthly payment, not purchase price. They convert it to a price because that is what they think everyone wants, and usually but not always, that works. UNTIL you are buying a screaming deal or a condo-townhome vs a house. Then it doesn't work. So you need to understand the basic assumptions.

PITI + RE Taxes + Homeowner's Insurance + Condo FEE

The lender is making some assumptions as to the above when giving you a pre-approval letter. If you are saying you want to buy a single family home and not a condo, then the condo fee will not be used to determine the amount you are pre-approved to purchase. The lender will ASSUME an amount for RE Taxes and Insurance. Consequently the pre-approval is ony as good as these assumptions turn out to be later when you choose a property to purchase.

IF you are qualified up to $650,000 as noted above, the lender may assume RE taxes of $6,500 a year and Homeowners insurance of $650 a year. If you are lucky enough to buy a screaming deal, then the ASSESSED VALUE will be much higher than the Price Price AND the RE Taxes will be much higher than the lender assumed they would be when they told you how much home you could buy AND your loan can fail and you can lose your Earnest Money if you find this out too late. Same is true if you buy a Condo instead of a house.

So Assessed Value actually kicks in first, as it is influencing the amount noted on your preapproval letter, before you even go out to see homes to purchase.

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2)  CMA VALUE - ASKING PRICE - OFFER PRICE

This is actually a fourth valuation method not noted in the caption of this post in that it is not the Assessed Value or the Appraised Value or Market Value. It is related to all three, but a mash up of all potential outcomes and values. It comes in SECOND because most buyers are looking at homes that have an Asking Price based on a CMA (Comparative Market Analysis) and then the buyer is changing that up or down in their Offer Price based on specific market conditions on the day of offer.

A seller and the seller's agent are looking at the same information as an appraiser and adding a layer of "what will the market bear" and also what does the seller want in terms of price and terms. An Asking Price should not be higher than 95% of anticipated sold price. Some sellers will price higher and often because they are testing the market and not really in a big hurry to sell and leave. Some sellers want to stay after closing until they find a house to move to and those sellers will usually prie lower so as to have a pool of buyers to choose from in order to find one who will not require that they leave on the day of closing. What a buyer is going to offer on a house is always an unknown to the seller at the time they establish the Asking Price.

How close the Asking Price is to Market Value and whether it is higher or lower is something the buyer has to consider in their offer strategy. All subjective calculations, but not without solid basis. 

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3) APPRAISED VALUE

 

 

 

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Jan. 17, 2014 - What are Clerestory Windows?

Clerestory Windows, pronounced clear-story, are not really a type of window but a position of window. Here in the Seattle Area clerestory windows are often narrow and wide. What actually makes them clerestory windows is not the shape or size of the window, but that they are placed high in the room and usually above the average ceiling height. The roof line is usually raised at that point as well so that the windows bring in additional natural light, but usually someone of average height cannot see into them from outside and from inside all you can see through them is the sky.

Here is an example from a condo I just helped a client sell in Kirkland. The owner had installed blinds over these and there were closed. Usually you would not put blinds on clerestory windows at all, and I had the owner go up and open the blinds that were closed.

Usually best if there are no blinds or window treatments at all on clerestory windows.

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Jan. 15, 2014 - Reviews and Ratings - Ardell dellaLoggia

 A dozen or so of my past clients just posted a rating and review on Zillow. I was surprised by some of the writings. Click HERE to see them.

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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.

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

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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

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