Windermere Woodinville Blog

The debate continues that real estate agents aren’t worth their commissions.  Those critical of the traditional business model pronounce it dead on arrival in the face of on-line listings and limited-service providers.  Well, the Internet failed to kill travel agents (who are making a come back) and full service real estate agents  have never gone away.

Of course there’s a place for limited service providers.  Consumers should have a choice. You get what you pay for.  You want low cost tires … they’re available.  You want more long lasting rubber, you can pay for it.   You want limited services in the buying or selling of your home? Okay, there are those who will provide them.  And hey, many real estate transactions like many appendectomies go smoothly and without incident … so why not the low cost solution.  But when things go wrong, when the unexpected crops up in the house deal, when a bleeder cuts loose … who do you want watching your business?

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The subprime mortgage collapse and the ensuing credit crisis have setback U.S. finances.  The housing market suffers.  Transactions are down.  Brokerages and agents work overtime.  Commissions and company dollar are under pressure.

Strangely enough, a bank failure seems to have signaled the bottom of an economic dip and ushered in a come back.

As quoted in CNNMoney.com in an article by David Goldman, Harry Clark, chief executive of Capital Management Group said IndyMac’s failure served as a catalyst for turn around in U.S. financial fortunes.

“Every major bank failure over the last 40 or 50 years represented a market bottom,” said Clark.

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People are on the fence. There’s a lot of pent-up demand for houses and condominiums in the Puget Sound area.  The tri-county region will not follow the downward trends found in other parts of the country, concludes local appraiser Philip Pinkstaff as reported in an article in the NWREporter of Friday, July 11, 2008.

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Agents don’t like to disappoint sellers about the possibility of selling a home, selling it quickly, and selling it at market price.  Disappointment looms, however, for clients who ignore the comparative market analysis and just want to test the market  to get “their price.”

In today’s market  seller’s have to ask themselves if they really want to test.  If the right motivation is missing, selling a home right now could be a frustration where - despite advice on market value -  you have to get “your price.”

Save yourself some grief.  This is a tough market to get what you “want” for your home, “what you saw your neighbor get for their place some time back,” “what you have to net for an investment project.”   If that’s your motivation in today’s buyer’s market, you might wait to list.

You may end with multiple offers on your home … all well below your asking price.

On the other hand, if your reason for wanting to sell is compelling, then yes, let’s get that home repaired, staged, looking best in class, beautifully photographed, priced right and listed for sale.  It can be sold.

What might be compelling reasons to sell?   You might  need a larger home to provide bedrooms for new additions to the family; need  a rambler to accommodate a wheelchair person; sell because of a domestic split; or need to sell and move because of your job. 

In other words, if you have a compelling reasons to sell, if  you’re not a  test-the-winds seller, a “let’s just see if we can get our price” sort of seller … then by all means let your real estate professional sell your home.  In the hands of a competent agent you will get market value and not a penny less. 

If you’re not that sort of seller, if you haven’t done a reality check on today’s market … don’t grieve your spirit. Wait to sell.

Thank you for reading our blog.

We thank senior agent Leanne Finlay, Windermere Real Estate/East. Inc. (Yarrow Bay), 425-822-5100 for the inspiration and ideas for this blog.

 What’s happening in the market place?  Has the built up tension in the Puget Sound residential real estate market erupted in a rash of sales?  Not really.  But the seismology reports from the flanks of the volcano indicate the magma rises.

High rents put a tremor in buyers.  Stiff rents appear to be a spur to action.  Many first-time home buyers think the time right to buy that  Woodinville home. Why?  With rents high, paying a mortgage is in the same ballpark as present budget.

We see increased sales activity for first time home buyers because they don’t have to sell a home to move up.  They just need to get out from under an increasingly heavy rent bill. 

They  also do the math with an eye to beating rising mortgage rates. 

Buyers hate the thought that they might buy now  and the house go on to lose some value. Why not wait to buy to see if prices drop further?   You can take that risk but watch the price of money. Professional agents counsel buyers that even an up-tick in mortgage rates could wash out any sticker-price savings.

These new buyers enjoy the cat-bird-seat when it comes to bargaining.  There’s lots of inventory out there.  The first-time home buyer can negotiate the purchase of a condo by demanding:  price concession, new granite countertops and stainless-steel appliances.  They might also ask the seller to pay their closing costs

Overall in King County, the median condo price was up from May and the previous June.  (Median is the midpoint, meaning half the properties sold for more; half for less.) But prices on the Eastside did not fair as well.

Prices might edge up but they still don’t meet what many seller’s want for their properties. In some cases, that’s given rise to a new phenomenon: multiple offers below asking price.

Offering below asking price or not, what those multiple offers tell us is that the magma’s rising.  There is a pent up tension in the market place.  This is a state with a healthy economy. Buyers want to buy.  It’s a question of when.  Is this the time?  It’s certainly the time to make offers.   Given interest rate movement, it might be time to seize the optimum price point.

Watch the seismology.  The magma is rising.

Thanks for reading this blog.

The Washington State Department of Transportation is working with the University of Washington and Cascadia Community College to build a new entrance to the south side of the Bothell campus. 

If you’ve driven through here, recently, you’ve noticed all the trees removed and lamented their loss.  There’s a good reason we had to sacrifice the greenery.  Needed road improvements are on the way.

The plans include improvements to State Route 522 (Bothell Way NE) from the I-405 interchange to Kaysner Way in Bothell.  A special lane off 405 will be dedicated to reach the campus.

The new highway section takes cars off city streets, eases congestion at the north Beardslee Boulevard entrance to the campus and provides transit with easier access to the north campus stop by reducing number of vehicles using that entrance.

By Bothell city ordinance UW Bothell and Cascadia Community College must construct a south access to the campus from SR 522 in order to grow from 3,000 full time students to 10,000 full time students.

Construction began in April 2008. The contractor expects to complete this project by Summer of 2010.

Existing view

Proposed View

Thanks for reading this blog. For a fuller report and to see where we took our facts, some text and photos, visit DOT’s site for this project.

You’re a financially distressed home owner?  Having trouble making your mortgage  payments?  Facing foreclosure?  Your housing debt appears greater than what your house will sell for?  Should you try a “short sale?”  Should you just allow the foreclosure to proceed? 

What alternatives to these steps might you consider? Need some advice?

Besides a trustworthy professional realtor or real estate attorney consider a HUD approved counseling agency.

Acorn Housing Corporation - 206-723-5845/acornhousing.org

Pierce County, Department of Community Services, Housing Programs - 253-798-7038

Urban League of Metropolitan Seattle - 206-461-3697/urbanleague.org

Fremont Public Association - 206-694-6700/fremontpublic.org

Credit Counseling Northwest - 800-244-1183/cccs-nw.org

These resources courtesy of  real estate educator Jillayne Schlicke, head of CE Forward 206-6836287 and jillayne@ceforward.com

Thank you for reading this blog.

Professional realtors stand ready to help you decide if this is the time to buy (or sell) in our Woodinville area.  We’re more than happy to sit down, at no charge, and discuss your decision.

Though we like to think we’re the best, we don’t have the corner on the market. There are also other resources available to assist you with your decision.

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“Oh my good St. Joseph, please pray to God for me to provide a buyer for my home.  Thank you.  Amen.”  Consider that this prayer is from the lips of a non-Catholic, nondenominational believer who hasn’t set foot in a church in some time.

Yes, it’s a buyer’s market in Woodinville. Some sellers have sought help from non-traditional sources.  Homeowners of all denominations have asked for St. Joseph to help bring in that interested party.

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When business is tough for real estate agents, when sales are slow there are a couple of choices:  sit home on the pity pot or rise up and get out in the community and help someone.  Nothing helps business more than a little selfless help of neighbor.

What goes around comes around.

This thought found expression in a recent editorial by Jan Edmondson, Chief Marketing Officer for Windermere Real Estate.  A thoughtful and reflective Edmondson wrote:

“It’s easy to get caught up in the negative chatter about our economy.  When headlines scream about rising gas and food prices, the credit crunch and falling house prices.  It’s natural not to worry.

“In my view we have a choice about how to react - and act - during all sorts of hard times.  We can hunker down, wring our hands and worry.  Or we can be thoughtful about ways to get out there and perhaps make a difference.”

“…

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