Home selling
Residential Housing Statistics in King County December 2009
February 4, 2010 by Sebnem Oden · Comments
I was just asked this week how is the Real Estate Market in King County since I mentioned earlier about Snohomish County. Well here is information which was requested about King County. Northwest Multiple Listing Service (MLS) reported as following statistics for Dec 2009. Jan 2010 stats will be published in the coming weeks. We still got 21 months of inventory in King County while Snohomish County got 19 months of inventory of homes for sale.
| UNITS | ACTIVE | PENDING | SOLD | ||
| DEC 09 UNITS | 6,918 | 1,413 | 1462 | ||
| DEC 08 UNITS | 8,707 | 911 | 929 | ||
| Total Unit +/- | -1789 | 502 | 533 | ||
| Difference DEC % | -20.55% | 55.10% | 57.37% | ||
| YTD 09 UNITS | 33,744 | 23,019 | 16,022 | ||
| YTD 08 UNITS | 38,889 | 18,895 | 15,991 | ||
| Total Unit +/- | -5145 | 4124 | 31 | ||
| Difference YTD % | -13.23% | 21.83% | 0.19% |
As seen above chart, Residential active listings units dropped 20.55% from 8707 units in 2008 to 6918 units in December 2009 while Pending Residential units increased 55.10%, as Dec 09 pending listings were 1413 units compare to 911 units in December 2008. There is a huge increase in sold units at 57.37%, 1462 units closed in 2009 vs 929 units in 2008. Snohomish County Sold Residential unit increase is at 89.02% when compared to 2008.
| MEDIAN PRICE | ACTIVE | PENDING | SOLD | ||
| DEC 09 MEDIAN | $425,000 | $349,000 | $380,000 | ||
| DEC 08 MEDIAN | $495,000 | $374,900 | $403,500 | ||
| Price +/- | -$70,000 | -$25,900 | -$23,500 | ||
| Difference DEC % | -14% | -7% | -6% | ||
| YTD 09 MEDIAN | $479,950 | $370,000 | $380,000 | ||
| YTD 08 MEDIAN | $509,950 | $424,950 | $429,950 | ||
| Price +/- | -$30,000 | -$54,950 | -$49,950 | ||
| Difference YTD % | -5.88% | -12.93% | -12.0% |
As seen above chart, Median Price declined all across for Active, Pending and Sold Listings. For December 09 sold median price was $380,000, dropped 6% compare to Dec 2008 while year to date Median price dropped further to 11.62%.
| DAYS ON MARKET | ACTIVE | PENDING | SOLD | ||
| DEC 09 DOM | 131 | 89 | 83 | ||
| DEC 08 DOM | 128 | 87 | 84 | ||
| Days +/- | 3 | 2 | -1 | ||
| Difference DEC % | 2.34% | 2.30% | -1.19% | ||
| 09 YTD DOM | 109 | 77 | 78 | ||
| 08 YTD DOM | 93 | 75 | 73 | ||
| Days +/- | 16 | 2 | 5 | ||
| Difference YTD % | 17.20% | 2.67% | 6.85% |
As seen above chart, the other important indicator to watch is “Days on the market” (DOM). There isn’t a significant difference, as little as 1.19% for Dec 09 and 6.85% for the year.
Over all, Inventory of homes dropping while sold home units are increasing. December 2009 Market Trend is showing a promising future for buyers and sellers. Yes, values are declining as there is activity out there…..
If you would like more personalized information for your area, please contact me via emailSebnem.oden@exprealty.com or visiting my website www.ProKeyRE.com
Wishing you a prosperous real estate future….
Home selling
Residential Housing Statistics in Snohomish County December 2009
January 29, 2010 by Sebnem Oden · Comments
What is going on with the real estate market in Snohomish County? As being a Snohomish County resident and a Real Estate Agent, I feel as I need to share the factual numbers which are published every month by Northwest Multiple Listing Service (MLS) with my clients.
I often get calls from my active buyers asking “when to buy”. My sellers are asking me “when you sell”. Each party wants to know how long to wait before pulling the trigger. My answer is “when it is the right time for you, your budget and your family”. Each person has a different life event that calls to buy or sell real estate.
Northwest Multiple Listing Service (MLS) reported as following stats for Dec 2009.
| ACTIVE | PENDING | SOLD | |||
| DEC 09 UNITS | 3,533 | 628 | 654 | ||
| DEC 08 UNITS | 4,362 | 455 | 346 | ||
| Total Unit +/- | -829 | 173 | 308 | ||
| Difference DEC % | -19.01% | 38.02% | 89.02% | ||
| YTD 09 UNITS | 15,025 | 9,979 | 6,644 | ||
| YTD 08 UNITS | 17,483 | 7,693 | 6291 | ||
| Total Unit +/- | -2458 | 2286 | 353 | ||
| Difference YTD % | -14.06% | 29.72% | 5.61% |
As seen above chart, Residential active listings units dropped 19.01% from 4362 units in 2008 vs 3533 units in 2009 for the month of December while Pending Residential units increased 38.02%, as Dec 09 pending listings were 628 units compare to 455 units in December 2008. There is a huge increase in sold units at 89.02%, 654 units closed in 2009 vs 346 units in 2008.
| DEC 09 MEDIAN | $319,950 | $285,495 | $287,000 | ||
| DEC 08 MEDIAN | $379,950 | $309,000 | $318,694 | ||
| Price +/- | -$60,000 | -$23,505 | -$31,694 | ||
| Difference DEC % | -15% | -8% | -19% | ||
| YTD 09 MEDIAN | $349,999 | $289,000 | $299,950 | ||
| YTD 08 MEDIAN | $399,000 | $339,950 | $345,000 | ||
| Price +/- | -$49,001 | -$50,950 | -$45,050 | ||
| Difference YTD % | -12.28% | -14.99% | -13.06% |
As seen above chart, Median Price declined all across for Active, Pending and Sold Listings. For December 09 sold median price was $287,000, dropped 19% compare to Dec 2008 while year to date Median price dropped further to 13.06%.
| DEC 09 MEDIAN | $319,950 | $285,495 | $287,000 | ||
| DEC 08 MEDIAN | $379,950 | $309,000 | $318,694 | ||
| Price +/- | -$60,000 | -$23,505 | -$31,694 | ||
| Difference DEC % | -15% | -8% | -19% | ||
| YTD 09 MEDIAN | $349,999 | $289,000 | $299,950 | ||
| YTD 08 MEDIAN | $399,000 | $339,950 | $345,000 | ||
| Price +/- | -$49,001 | -$50,950 | -$45,050 | ||
| Difference YTD % | -12.28% | -14.99% | -13.06% |
As seen above chart, one other important factor to watch is “Days on the market” (DOM). Due to better pricing of the homes as they get listed, DOM has dropped 12.3% for sold listings in December 2009 vs 2008.
Over all, Days on the market is shortening, Inventory of homes dropping while sold home units are increasing. December 2009 Market Trend is showing a promising future for buyers and sellers. Yes, values are declining as there is activity out there…..
If you would like more personalized information for your area, please contact me via email Sebnem.oden@exprealty.com or visiting my websitewww.ProKeyRE.com
Wishing you a prosperous real estate future….
Home selling
Historic Downtown Snohomish Living
December 29, 2009 by Sebnem Oden · Comments
As the Antique Capital of Northwest, Snohomish, WA is home to nearly 450 antique dealers. Snohomish, with a population of 9145, was founded in 1859 and is listed in National Register of Historic Places.
This quaint river-side towne is famous for its Historic Homes and Gardens. Snohomish architecture contains a delightful variety of styles. As an example, Blackman House is a must see. A Dutch colonial style with Queen Anne Towers, it is located on the corner of Fourth Street and Avenue D. Snohomish architectural collections reflect Queen Anne Victorians, English Tudors and Dutch Colonials as a testament to the diversity of Snohomish pioneer residents. Historic Homes Tour are offered for those who appreciate a stroll among gorgeous historic homes.
Snohomish Garden Club held its 25th Annual Snohomish GardenTour 
on July 26th 2009 featuring gorgeous gardens among Historic Snohomish Homes on a lovely Sunday afternoon. Do not miss this Summer’s 2010 Garden Tour.
Historic Downtown was a busy hub for milling, timbering and farming in 1860s. Today, there are delightful varieties of charming shops on First Avenue where visitors can take a day and…
- Discover antiques, collectibles and modern gift shops,
- Explore Native American artifacts and stain art glass shops,
- Recall your parents past with nostalgic vintage and contemporary items at Pegasus Theatre Store
- Relax at Bee Hive Day Spa
- Enjoy a nice selection of brews at Fred’s Rivertown Alehouse,
- Snohomish Bakery will entice and satisfy you with arguably the best European pastries and breads in Washington- my personal favorite!
The Snohomish and Pilchuk Rivers border the town and provide a long list of recreational activities for the whole family. A natural choice for a scenic route through downtown is the Snohomish Riverfront Trial.
For those with more lofty ambitions or the need for adrenaline try out Airial Ballon Co’s Hot air balloon for stunning views of Snohomish River Valley and Harvey Airfield for Skydiving lessons, helicopter tours and even chartering your own plane.
Snohomish Farmers Market is available on Thursday Evenings, 3pm until 7:30pm May 14th – Sep 24th. And offers wide varieties of cut flowers, fruit and farm fresh vegetables.
In Snohomish’s Ghost Sightings are common, especially at the Oxford Saloon. You may want to stop by to check out the picture album of ghosts… You may meet Joe, Madame Kathleen and Mr Peterson.
Some of the upcoming events are fun for kids all ages, GrandFrog Day, Easter Parade, Snohomish Festival of Pumpkins, Kla Ha Ya Days… Snohomish activities list is endless…
Snohomish is a strong cohesive community even though many residents commute to Everett, Seattle and Eastside. Snohomish residents take pride in maintaining the historic values of their town and are proud to be Snohomish Residents. The county is also well managed fiscally. Snohomish residents enjoy lower real estate taxes than their King County neighbors
The town of Snohomish is very dear to my heart since one of my best friends lived and owned a business, Casa e Cucina Francesca in town. Local residents are very welcoming and friendly to visitors or to new home owners. If you know anyone who would like to make Snohomish their home, there is a wonderful Victorian is for sale located at 324 Avenue E, Snohomish, WA 98290.
This True Victorian was crafted in 1890 and sits on 1/4 acre lot in Snohomish’s Historic District. The garden boasts 70+ types of Roses and delicious Wine Grapes to eat or make wine. The outdoor pond makes a great place to relax 
watching the Hot Air Balloons float by from the valley below.
Inside this home the gourmet Kitchen was recently updated with granite counters and elevated maple cabinetry (ideal for taller cooks). The Wood floors were just refinished and are beautiful. Sconces & chandeliers reflect Victorian Era romance! Enjoy the cozy gas fireplace during chilly winter nights. The original 1890’s deed, signed by United States President, US Grant and the original Heirloom Oil painting of the home make this a truly unique home of historic significance.
This wonderful Victorian is only a short stroll to the shops and restaurants described above.
Home selling
Top 10 Reasons Your House Isn’t Selling (Part 1)
Unless you’ve been living in a cave, you know that the past 18 months have seen record numbers of homes hit the Seattle real estate market. And not just Seattle’s market, but all markets across the country. The combination of panic, desperation and fear has caused “For Sale” signs to spring up faster than Rush Limbaugh’s assistant when somebody yells “free cake”. The good news is that the tide seems to be turning toward a more balanced and stable market. However, that isn’t really all that reassuring if you’ve been watching your house sit on the market for 6 months and your agent keeps pestering you to drop the price. There are lots of reasons why your house could be getting the cold shoulder. Some of the usual suspects:
1. Your house is over priced. Duh! That’s always the first thing anybody will tell you, especially your agent! And while that may be true, it could also be-
2. Your house is ugly. Sorry… but houses aren’t people, and looks do matter. I don’t care how much personality or sense of humor it has- if your house is bright pink with wood paneling and tortoise-shell mirrors, I’m not calling again!
3. Your house is viewable by “appointment only” because you have sensitive pets…and 12 kids…and visiting relatives. Hey, do you want to sell the house or not?! Nobody’s gonna buy it if they can’t even get in to see it. Make it easier for people to get in there.
4. Your house smells like 1933. Again, sorry, but if your house smells like dust, mold or the recently deceased, and the walls are the color of Austin Powers’ teeth, it’s time to make some changes. Try some new paint and re-carpeting. You’d be surprised at what a difference that makes for a minimal expense. It doesn’t even need to be nice carpet- the buyer will probably just tear it out and refinish the hardwood floors somebody decided to cover up in the early 60’s for god-knows-what reason. The point is, it won’t smell like FDR’s inaugural bathrobe anymore.
5. Your house smells like cats. Litter-boxes are very much like screaming children: if you have them, it doesn’t take long before you figure out how to pretend they aren’t there. However, other people don’t have that luxury. Other people can still hear and smell… Imagine you’re out at a restaurant and I’m at the next table over from you. Although you are evidently oblivious to it, I CAN hear your kids screaming and whining, no matter HOW good you’ve gotten at hiding inside your parental isolation bubble. The same is true when it comes to the stench emanating from that cat-toilet you keep in your bedroom. Look, I’m not going to judge you for letting an animal repeatedly relieve itself five feet from where you sleep. To each their own, as they say…But come on, it stinks…and I don’t want a house that smells like that, and neither do my clients. End of story.
6. You have a collection of life-sized circus animals on display throughout your yard. I have actually seen this… Hey, I get it…the grandkids love the zoo and you thought it’d be super-cute to create a happy place for them to visit. Well that all changed when you decided to put your house on the market. It’s not about the grandkids, anymore. Now your house is reduced to a punchline for snarky blog writers, and the first reaction of visitors is snickering and laughter. Probably not the reaction you want at an open house. Lose ‘em!
Thanks for reading! For more information on the Seattle area and Seattle real estate, please contact Rob LeRoy at 206.883.6668 or rob.leroy@exprealty.com, or visit his website www.TheRealEstateNovelist.com!
Home selling
Top 10 Reasons Your House Isn’t Selling (Part 2)
7. You have WAY too many knick-knacks and personal items covering your shelves and walls. If your house looks like an indoor flea-market, potential buyers have a hard time imagining their own crappy junk littering the house. The same goes for pictures of your wedding, vacations or grandkids- if home shoppers feel like they’re in your house, it’s hard or them to begin to think of it as their house. Get yourself a professional staging expert. It is statistically proven that staged homes tend to sell faster and for more money, usually more than enough to cover the staging expense. At the very least, do what you can to de-personalize your home. I know you have to keep living there and you want it to feel like it’s still your home. But remember, once you’ve put it on the market, it’s really somebody else’s home. You’re just waiting for them to show up.
"Howdy, neighbor!"
8. Your neighbors live like extras from “Deliverance”. No matter how nice your house may be…no matter how clean the kitchen is or how fresh the paint is on the trim, if your neighbors have 3 broken down cars on their lawn, beer bottles lining the driveway, and four layers of paint in various colors peeling away from the walls, your house will not sell quickly. If it looks like your neighbors are selling more drugs than Rite Aid, buyers will be scared away. Maybe it’s time to have a friendly chat with them. For instance, you could tell them about CarAngel, a charity organization that will haul away their old beaters. Maybe you could offer to hire a couple of college kids on Craigslist to repaint their house or clean up the yard. Sure, it might be awkward, but it will probably go a long way toward getting your house sold without having to drop your price.
9. You picked the wrong listing agent. Believe it, or not, there are some not-so-good agents out there. Choosing a qualified listing agent is crucial and there is a lot more to being qualified than having the ability to stick a sign up in the yard. Being somebody’s friend-of-a-friend or mother-in-law, or having 30 years in the business are not sufficient qualifications. Agents with decades of experience are often less likely to be aware of the latest developments in technology, rules and regulations, or marketing strategies, all of which are essential. Veteran agents are often a little too comfortable with their own track record and fail to remember that this business requires constant education, adjustment, and re-invention. Agents who are socially awkward, ill-prepared or under-qualified are often successful in spite of themselves, simply because they have been doing this for so long or because they happen to be related to somebody. There are also plenty of part-time real estate agents out there who decided to get a license because they were “thinking of buying a house, anyway” or “have lots of friends and family considering the market” and thought “hey, why not?” However, real estate is NOT a part-time job. Good agents do this full-time, and then some. A great agent spends countless hours learning the market, networking, and mastering the art of negotiation, so that when they offer advice, they do so with the confidence and integrity that is only afforded through real effort and earned knowledge. Choosing an agent for any other reason leaves you exposed to the threat that they might inadvertently sabotage your listing or your offer, either through ignorance or social ineptitude. Either way, it’s costing you money.
Thanks for reading! For more information on the Seattle area and Seattle real estate, please contact Rob LeRoy at 206.883.6668 or rob.leroy@exprealty.com, or visit his website www.TheRealEstateNovelist.com!
Home selling
Top 10 Reasons Your House Isn’t Selling (Part 3)
And last, but certainly not least…
10. You’re cheap- Guess what- if you aren’t offering a competitive selling commission (aka buyer’s agent commission or SOC) on your listing, you are doing it wrong. It is time to get serious about selling your house, and short-changing the professionals whose job it is to get it sold is a great way to shoot yourself in the foot. This is one of the biggest (if not THE biggest) financial transactions of your life. Do you really want to trust it in the hands of someone who is willing to take a fee-cut without even negotiating? While that last statement applies more to the listing agent, it goes both ways. There are agents, like myself, who understand that the ethical (and common sense) approach is to show homes based upon the needs of their clients, not their personal bank accounts. Those agents will show your house regardless of the offensive and laughable 1.5% SOC you are “offering.” Those same agents are probably smart and confident enough to remind their clients that the SOC is negotiable and that their expertise and effort deserve respectable and commensurate compensation. And then there are the rest of the agents. Here’s an example of what is probably a very common scenario.
An agent has out-of-town buyers visiting for a weekend. They have two days to find a suitable house, in order to close in time to start a new job. There is only enough time over those two days to comfortably tour 15 homes. An MLS search reveals 30 homes that more-or-less match the buyer’s needs. Let’s say 4 of those homes have reduced SOC’s, the rest have 3%, with all other factors remaining equal. Which ones do you think will get crossed off the list first?
That’s not even the worst of it. There is an unfolding trend that has become a major pet-peeve of mine. It starts with the aforementioned reduced SOC. Then there’s the price drop. As I mentioned earlier, the price drop is almost always the first thing that happens when a house isn’t selling. And that’s fine…it is usually a smart move, especially if your house has been listed for more than a few weeks, or months, these days… However, you’re making a huge mistake, in my opinion, to reduce the price before raising the SOC. Here’s a real-world example I saw earlier this week:
A home was listed for 6 weeks for $350,000 with an SOC of 2.25%, which is low by any standard. This week they dropped the asking price to $325,000. In case you don’t have a calculator handy, that’s a $25,000 drop. Want to know the difference between a 2.25% SOC and 3%? At the original asking price of $350k, that is a difference of $2625, barely more than 10% of the price drop. How does that make sense? Keep in mind here that it costs you NOTHING out of pocket to raise the commission vs. dropping the price. I understand that staging, painting and re-carpeting is expensive and requires out-of-pocket investment with no real guarantee of a return, but this costs you nothing. Instead, the person in this example just gave away $25,000 before any possible offer negotiations could begin. Why not do it the other way? I’ve seen agents offering 4% commissions, or combinations of cash bonuses to buyers and their agents. In the above scenario the owner could have raised the SOC to 4% AND offered a $10,000 buyer bonus (for paint, repairs or closing costs, etc.) and still come out $1000 ahead vs. the price drop. It won’t necessarily get your house sold, but it will probably get you a lot more attention, and you can bet it won’t be the first one crossed off the list anymore!
Thanks for reading! For more information on the Seattle area and Seattle real estate, please contact Rob LeRoy at 206.883.6668 or rob.leroy@exprealty.com, or visit his website www.TheRealEstateNovelist.com!
