June 10th, 2009
Posted by Larry Cragun
HOME SALES ARE UP IN A COMPLEX MARKET
The Seattle real estate market has (finally) gained some traction. Since the beginning of 2009 there has been a steady increase in closed sales. This is good news. As has been pointed out, the recent decline in home prices, historically low mortgage interest rates and the $8000 first time home buyer tax credit has had a positive influence on motivated buyers. I would like to caution you that it isn’t exactly time to pop the champagne (although I can think of other reasons to do so!). Let’s take a look at some sobering numbers that may put things in better perspective:
SEATTLE HOME SALES
It’s a sight for sore eyes to see the trajectory of the market going up! This last year has been a roller coaster ride. It is important to note that May 2009 sales were down 28% from a year ago and I think it’s important for you to see how current sales compare to those of recent years:
This is a “graphic reminder” that the real estate market is not exactly “coming back.” Sales are anemic compared to several years ago (when anyone with a pulse could purchase a home). The comparison may not seem fair, but the fact is, we are living in more difficult times. There are some huge macro-economic forces that may continue to moderate home sales for a long time: unemployment levels, tighter credit markets and lending standards, issues with distressed property sales, etc.
KING COUNTY HOME SALES
I’ll let you draw your own conclusions about the home sales in King Co. over the last 5 years. As a Realtor® and a resident of King Co. I expect home sales to remain static for the remainder of the year. I believe the most difficult obstacle to the real estate market is the sense of uncertainty that Americans feel these days. There are some experts who predict that the next wave of foreclosures will further dilute home values and this is keeping buyers on the fence at a time when home affordability is better than it’s been in years.
February 20th, 2009
Posted by James Lupori
Ballard Undressed, Best of Bothell Unressed, Issaquah Insurance Undresed, North Seattle Undressed
February 9th, 2009
Posted by James Lupori
Seattle Home Sales: Frigid Like the Weather!
I have been waiting anxiously for January Seattle home sale statistics. There has been an incredible amount of buzz in the real estate community about how much “activity” there was and the increase in pending home sales. I hope that the pending sales translate into actual closed sales in February; however, the numbers from January were not exactly robust.
I’ve provided you with four charts that show some key home sale numbers: a) Total Sales, b) Average Sale Price, c) Days-on-market and d) Percentage of homes that sold for 100% of the last asking price. If you click on the charts, you will see a larger version for easier viewing.
Then number of closed sales in Seattle was almost 44% lower than in January 2009. As I mentioned above, many of my colleagues here at Keller Williams Greater Seattle indicated that they have been hearing from more potential buyers lately. As Spring approaches people tend to start kicking tires.
Home prices and days-on-market are fairly self-explanatory; however, the last chart is informative: Only 25% of homes are selling at 100% of the last asking price. This is still a strong indication that prices are still soft.
If you are interested in learning more about the real estate market or have any questions about purchasing or selling your home, please don’t hesitate to contact me:
James Lupori, Associate Broker/Keller Williams Greater Seattle
206.713.2102/jlupori@gmail.com
February 8th, 2009
Posted by James Lupori
This is a reprise of a post on my primary blog: www.kenmoreundressed.com. As a Realtor who specializes in residential real estate in North King and South Snohomish Counties (my specialty is Kenmore, WA), I feel it’s an opportune time to have a serious discussion about purchasing a home in this unbelievably unpredictable housing market.
One of my favorite on-line real estate publications is www.marketwatch.com. Quite often I find that the authors provide honest and sober analysis of the marketplace. Yesterday, Marketwatch published two interesting articles: Five Reasons to Buy a Home This Year and Five Reasons Not to Buy a Home This Year. I’m going to list the reasons for and against and I’m also going to comment briefly on each.
First, lets summarize the 5 reasons to buy:
- Affordability is better than ever
- You have a large inventory to choose from
- Builders are offering big discounts
- Mortgage rates are historically low
- You can get a Federal Tax Credit
All five of these factors are, indeed, the case in our local market. Many homes have dropped to 2005 values. The inventory is still historically high. Builders have been quite willing to work with buyers on both price and concessions. Yes, mortgage rates hovering around 5% are downright wonderful. And, as far as tax credits go, we may see some very generous tax benefits once the new stimulus package passes.
Now, 5 reasons not to buy:
- Prices are still dropping
- This sale will be on for a while
- You may not stay put
- Your job could be the next to go
- Your cash reserves will be eaten up
There are fears that there will be a huge number of bank-owned homes entering the market in the next several months. If this is the case, it is likely that property values will drop even lower. And, yes, many economists believe we will not see the end of this decline well into 2010. Because there has been a decline in property values, buyers need to consider how long they will stay in their home. The old rule of thumb was that Americans move every 7 years. Now it appears that home owners will have to stay put for 10 years to realize any financial benefits. Regarding jobs locally: it’s clear that we are not immune to the current recession. It’s really important to watch this trend. Finally, you better have at least six months of cash reserves in the bank because this market may be difficult for a long time.
So, after I posted this article, I received a couple of responses from two Realtors whose opinions I respect. I think you’ll find their thoughts quite illuminating:
“I think people can make a better decision when they have all the facts. In my personal experience, developers were bullying buyers and not willing to budge…wow what a different story today. Buyers may be in the drivers seat today, but things can change in a snap. I feel like if you are in the market to buy, buy now. Whatever the trend may over the next few years. It’s all a gamble really, and I’d say a buyer has their best odds at this very moment with no ‘promise’ of the future.” Danita Jolley – www.burienundressed.com
“I know it’s not a popular reason, especially coming from a Realtor, but I still think it’s a good time to buy because for all the hoopla (is that a word?) you still end up with a home. A place to live. A place to paint and decorate and refloor and landscape and have friends over and get a dog and notch your kids’ heights on the door jamb and take the same Christmas photo in the same spot year after year.
I bought in July ‘07 and people ask if it bothers me that I’ve lost money. I haven’t lost a dime. I gained a home. I didn’t make a dime during the boom years, either. I made quite a few dimes once I sold, but selling high and buying high cancel each other out…just like selling low and buying low do.
Buy a house, make it a home, ignore the market.” Matt Thompson – www.gigharborundressed.com
Ultimately, if you are a potential home buyer or seller, it’s critical that you plan for success in this market. It’s also imperative that you take a careful look at your motivations because purchasing property can be an intensely complicated process.
February 7th, 2009
Posted by James Lupori
RON SIMS – Under-Secretary of HUD!
This last Summer I had the pleasure of meeting Ron Sims at the official opening of a new Burke-Gilman underpass in Kenmore, WA. My wife and I have been riding a tandem bicycle for many years and we rode our bike over to the opening on our tandem. After the ribbon cutting I approached Mr. Sims and introduced myself. He was kind enough to spend a couple of minutes with me to discuss the Brightwater Treatment System being constructed over by my house and to talk briefly about the purpose of government. He’s one of those really smart guys that likes to share what he knows without being condescending.
There are few local politicians who inspire more controversy from angry detractors or utter praise from admirers than King County Executive, Ron Sims. So, for what it’s worth I’ll tell you what I think: I have always admired Ron Sims. He has impressed me as a leader who always kept his focus on the “big picture” never forgetting that real people, with real lives were affected by his decisions. Face it, King County is plagued with the “let’s-study-it” syndrome to the point of insanity and Mr. Sims was still able to move the county (kicking and screaming) into the 21st Century.
I think the thing I’m going to miss most (when/if he’s confirmed) are his appearances on the local NPR affiliate KUOW. It was always interesting to hear what he was doing as the executive and to have him answer questions from callers. Always polite and always thorough.
I wish Ron Sims the best in his new position as Under-Secretary of HUD. The other Washington’s gain is this Washington’s loss. Good luck Ron!
January 27th, 2009
Posted by James Lupori
KELLER WILLIAMS GREATER SEATTLE
1307 N 45th Street, Suite 300 Seattle, WA 98103
(425) 939-1010
We are really proud of our new office on the corner of 45th Street and Stone way in Seattle. Inauguration Day, January 20th was a grand day of celebration: First, President Obama took the oath of office which was inspiration on steroids. Then Keller Williams Greater Seattle hosted it’s first Open House/Grand Opening. It turned out to be a great party.
It was a very successful event with over 400 guests! Of course having some yummy food didn’t hurt. Also, one of my favorite treats was an excellent Caffe’ Latte made by Holly Patton, owner of Espresso Elegance (pictured above). I’m fond of having coffee stands at events. You can contact her at 206.282.8155 or see her website: www.espressoelegance.com.
We are really proud of our new office. Currently, there are 60+ Full-Time Realtors working here and we fully anticipate to have a larger staff of Realtors in the near future. Our office features high tech conference rooms, elegant offices and much, much more.
As 2009 unfolds and the Real Estate market reboots, I sincerely hope you turn to Keller Williams Greater Seattle for all of your real estate needs. My specialty is residential real estate in North King and SouthSnohomish County . If you need help with other locations or types of real estate, please don’t hesitate to contact me as I can refer you to a wide range of high quality professionals.
James Lupori
Associate Broker
206.713.2102
November 6th, 2008
Posted by Larry Cragun
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September 15th, 2008
Posted by Larry Cragun
Travel + Leisure Travel + Leisure Magazine Magazine just ranked 25 cities in the United States. Seattle gets number one in a few categories. Seattle ranks #1 for Intelligent People Seattle ranks #1 for Summer Vacation. Read more about Seattle Rankings at Ashlar Undressed… photo courtesy of Flickr and papalars
September 2nd, 2008
Posted by Larry Cragun
Welcome to Queen Anne Living Undressed, one of our newer Seattle area Hyper Local Real Estate Blogs:
August 22nd, 2008
Posted by Larry Cragun
There is a link when you click the balloon.
THE MAP IS A LINK ALSO, CLICK IT
They are also categorized in the right side bar. Give one of our top real estate agents a call. Let them also refer you to a lender, it’s a way to get the best out there.
