Seattle Real Estate Blog

Local real estate news in the Greater Seattle market: Home prices and trends in Seattle, on the Eastside, and across the Puget Sound region. Written by , Managing Broker with Coldwell Banker Danforth and State Director for Washington REALTORS.

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July 29, 2015

Seattle Real Estate Market Weekly Update - July 29, 2015

Seattle real estate market statistics update weeklyHere is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different.  Please contact us for a report on your local area if you're thinking of buying or selling.

Seattle real estate statistics for the week ending July 22, 2015

Average Listing Price last week: $624,000 - Up 1.0 percent, week-over-week

Median Sale Price: $482,000 - Up 6.7 percent, year-over-year

Total number of Seattle home sales: 3,002 - Up 5.0 percent, year-over-year

Give us a call or send us an email if you'd like more detailed information on your neighborhood, what your home's value is today, or to receive automatic emails when new listings go live in your neighborhood.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

July 22, 2015

Seattle Real Estate Market Weekly Update - July 22, 2015

Seattle real estate market statistics update weeklyHere is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different.  Please contact us for a report on your local area if you're thinking of buying or selling.

Seattle real estate statistics for the week ending July 01, 2015

Average Listing Price last week: $628,000 - Up 1.1 percent, week-over-week

Median Sale Price: $494,000 - Up 10.8 percent, year-over-year

Total number of Seattle home sales: 2,915 - Up 4.8 percent, year-over-year

Give us a call or send us an email if you'd like more detailed information on your neighborhood, what your home's value is today, or to receive automatic emails when new listings go live in your neighborhood.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

July 16, 2015

610 N 138th St Seattle WA 98133 For Sale

610 N 138th St

Seattle, WA 98133

Status

ACTIVE

MLS#

819315

List Price

$370,000

Bedrooms

3

Full Baths

1

Size

1,880

Lot Size (sq ft)

7,187

Property Description

 

Come home to this turn of the century residence, with decorative archways and hardwood floors. The main floor has two bright bedrooms, a full bath, and a retro classic kitchen. Downstairs has a non-conforming bedroom, storage, and a spacious bonus room. Entertain on the private backyard patio. This quiet, dead-end street is lined with attractive homes and is in a perfect commute location. The Interurban Trail, Bitter Lake Park, the library, and shops are just around the corner.

 

Additional Information

Days On Market

1 day

Community

Bitter Lake

Property Type

RESI

Style

16 - 1 Story w/Bsmnt.

Basement

Fully Finished

Year Built

1905

Parking Type

Garage-Attached

Total Covered Parking

1

Exterior

Stucco

Roof

Composition

Site Features

Fenced-Partially

Lot Details

Corner Lot, Dead End Street

Lot Topography

Level

Annual Taxes

$3,571

Tax Year

2014

School District

Seattle

Potential Terms

Cash Out, Conventional, FHA

Call 206-658-3225 for a showing or more info

July 15, 2015

Seattle Real Estate Market Weekly Update - July 15, 2015

Seattle real estate market statistics update weeklyHere is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different.  Please contact us for a report on your local area if you're thinking of buying or selling.

Seattle real estate statistics for the week ending July 01, 2015

Average Listing Price last week: $628,000 - Up 1.1 percent, week-over-week

Median Sale Price: $494,000 - Up 10.8 percent, year-over-year

Total number of Seattle home sales: 2,915 - Up 4.8 percent, year-over-year

Give us a call or send us an email if you'd like more detailed information on your neighborhood, what your home's value is today, or to receive automatic emails when new listings go live in your neighborhood.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

July 8, 2015

Seattle Real Estate Market Weekly Update - July 08, 2015

Seattle real estate market statistics update weeklyHere is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different.  Please contact us for a report on your local area if you're thinking of buying or selling.

Seattle real estate statistics for the week ending July 01, 2015

Average Listing Price last week: $628,000 - Up 1.1 percent, week-over-week

Median Sale Price: $494,000 - Up 10.8 percent, year-over-year

Total number of Seattle home sales: 2,915 - Up 4.8 percent, year-over-year

Give us a call or send us an email if you'd like more detailed information on your neighborhood, what your home's value is today, or to receive automatic emails when new listings go live in your neighborhood.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

July 1, 2015

Seattle Real Estate Market Weekly Update - July 01, 2015

Seattle real estate market statistics update weeklyHere is our quick weekly update for the Seattle real estate market. These stats cover the greater Seattle metro, but individual cities and neighborhoods may be significantly different.  Please contact us for a report on your local area if you're thinking of buying or selling.

Seattle real estate statistics for the week ending June 17, 2015

Average Listing Price last week: $741,000 - Up 0.5 percent, week-over-week

Median Sale Price: $487,000 - Up 10.7 percent, year-over-year

Total number of Seattle home sales: 2,984 - Up 12.9 percent, year-over-year

Give us a call or send us an email if you'd like more detailed information on your neighborhood, what your home's value is today, or to receive automatic emails when new listings go live in your neighborhood.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

June 5, 2015

Seattle Seller Squeeze: Inventory Drops To Another Low, Sale Prices 102% of List

The Seattle real estate market pushed into an even stronger seller's market in May.  Home prices rose, inventory dropped, and sale-to-list price ratios jumped.

If there was ever a time to sell in Seattle, this is it.

Seattle Real Estate - King Co Months of Inventory and Sale-to-List Price Ratio

Seattle real estate sellers market

Inventory in King County for residential real estate dropped to just 1.2 months of available homes for sale.  A balanced market should have closer to 5 months of available homes. That tight inventory makes buyer competition fierce in a region where the job market is strong, and new employees are relocating from all over the world.  The demand for homes is growing, and the supply of homes is not keeping up.

This drives the increase in sale price to list price ratios that we're seeing.  The average home sale last month was 102 percent of the list price. When you take into account older, stale listings that had long marketing times, it's clear that most new listings that sell in the first week or two are selling for significantly more than their list prices.

Of course, overpricing still has its drawbacks. Bidding wars drive a home to its market potential. Overpriced homes sit for a while on the market and buyers wonder, "What's wrong with this house?" when it doesn't sell in such a fast-paced environment.

The combined effect of rising Seattle home prices, new residents moving to the area, low interest rates, and miniscule real estate inventory are making this an ideal time to be a home seller in Seattle. If you're thinking about moving up, downsizing, or relocating any time in the next few years, now is probably the time.

Whether or not it's ideal for your long-term schedule, it's probably ideal for your pocket book.  Interest rates won't be this low in a few years. At that point, buyers for your home will be able to afford less home, and so will you. Make the move while you can lock in long-term financing at low rates instead of waiting to hear that the market has turned.

Give us a call. Let's get your home sold at a premium price, and have a managed plan to get you into that next home right away.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

May 5, 2015

Real Estate: What is Ginnie Mae?

ginnie mae

What is Ginnie Mae?

Real Estate Terms and Definitions:
Ginnie Mae

Quick Definition: The Government National Mortgage Association, or "Ginnie Mae," is a government agency supervised by HUD. A primary function of GNMA is to promote investment by guaranteeing the payment of principal and interest on FHA and VA mortgages. It carries out this function through its mortgage-backed securities program.

In-Depth Explanation of Ginnie Mae

For real estate consumer purposes, Ginnie Mae is simply an insurer of government-backed loans.  It's a way for FHA and VA loans to be originated for many borrowers, and for those loans to be turned into securities for investors that have insurance protection built in.

Ginnie Mae is just a small facet of the government-backed lending sphere, and one that most buyers and sellers won't be concerned with.  Fannie Mae and Freddie Mac or more closely tied to the actual borrower in home lending, but Ginnie Mae does provide the support for HUD that allows specialized loans like VA and FHA to remain viable.

How Ginnie Mae could affect your real estate transaction:

Contrary to most of our other real estate terms, Ginnie Mae is probably one you won't be hearing during your real estate transaction.  If you are financing a home with an FHA or VA loan, there's some inherent support of Ginnie Mae in the process, but you won't see it.  

You could say that Ginnie Mae has a hand in allowing you to buy a home if you're making a small down payment.  Its original role was to expand home ownership opportunities, and it has done that in the sense that it allows many more lenders to make loans at more attractive rates.

Want to know more about ginnie mae?

This post is for informational purposes only and is not legal advice. Buyers and sellers of real estate should not rely upon it to make decisions. Consult with a licensed real estate broker and/or real estate attorney before making real estate related decisions.

We have real estate brokers, mortgage lenders, inspectors, title officers, and others who can answer your real estate-related questions.  Give us a call or send us an email and we can put you in touch with someone who can answer your ginnie mae questions or any other questions about home buying, selling, and the real estate world.

Looking for more real estate terms and definitions?

Try the Real Estate Terms and Definitions Guide

Sam DeBord is Managing Broker with Seattle Homes Group and Coldwell Banker Danforth. Our team serves home buyers and sellers in Seattle, on the Eastside, and across the Puget Sound Region.

Explore Seattle Homes, and Search today's newest listings from every company in Greater Seattle.

May 4, 2015

Real Estate: What is a Fixture?

fixture

What is a Fixture?

Real Estate Terms and Definitions:
Fixture

Quick Definition: A fixture is something that is permanently attached to a property and belongs with the property when it is sold, such as a light fixture, ceiling fan, etc.

In-Depth Explanation of Fixtures

Fixtures are items which are attached to a piece of property in real estate.  They are "afffixed".  Fixtures commonly transfer from seller to buyer in the purchase of real estate, but since contracts can differ, it's best to be specific when writing a sales contract.

Real estate agents may say "If it's nailed, glued, or screwed to the property, it's a fixture."  This is generally true.  Large objects like refrigerators and ovens may seem like obvious components to stay in a home, but it they're just plugged in and not affixed, they'll often be taken by the sellers at closing.

Buyers and sellers should never rely solely on a generic rule, but as a starting point, they should assume that anything affixed to the property with a fastener or adhesive is a fixture and will convey from seller to buyer.

How fixtures could affect your real estate transaction:

Confusion over fixtures can, and does, create many problems in real estate transactions.  It is always best for home sellers to take inventory of the home with their agents before listing it for sale, and make notes of all the items that will convey to the buyer, and those that the seller will keep.

Fixtures can be kept by the seller, if the seller states it clearly in the sales contract.  It's best if the seller labels these items upfront as staying with the seller, and then reminds the buyers at the time of accepting an offer.  When a buyer moves into a new home and finds some of the components missing that were expected to be present, unnecessary legal disputes occur.

Some of the most common items that create disputes between buyers and sellers are window treatments and components, wall hangings, mirrors, shelves, light fixtures, and appliances.  The curtain rods might be attached to wall, but the curtains themselves might be taken by the sellers.  The shelves on the wall might seem decorative, so the seller may take them before the sale.  

The buyer may expect that laundry appliances, microwaves, or bathroom mirrors will remain in the home.  If they're affixed in some way to the home, they should, in most cases, be left by the seller.  There's no need to guess and hope at the close of the sale, though.  If seller and buyer do an inventory of items before signing the purchase contract around, the agents and the clients will all know which items are rightfully conveying from seller to buyer, and which aren't.

Want to know more about fixtures?

This post is for informational purposes only and is not legal advice. Buyers and sellers of real estate should not rely upon it to make decisions. Consult with a licensed real estate broker and/or real estate attorney before making real estate related decisions.

We have real estate brokers, mortgage lenders, inspectors, title officers, and others who can answer your real estate-related questions.  Give us a call or send us an email and we can put you in touch with someone who can answer your fixture questions or any other questions about home buying, selling, and the real estate world.

Looking for more real estate terms and definitions?

Try the Real Estate Terms and Definitions Guide

Sam DeBord is Managing Broker with Seattle Homes Group and Coldwell Banker Danforth. Our team serves home buyers and sellers in Seattle, on the Eastside, and across the Puget Sound Region.

Explore Seattle Homes, and Search today's newest listings from every company in Greater Seattle.

April 30, 2015

Real Estate: What is Freddie Mac?

freddie mac

What is Freddie Mac?

Real Estate Terms and Definitions:
Freddie Mac

Quick Definition: The Federal Home Loan Mortgage Corporation, or "Freddie Mac," is a government agency that performs a function similar to that of FNMA ("Fannie Mae"). FHLMC issues its own mortgage-backed securities, which are backed by the conventional mortgages it purchases.

In-Depth Explanation of Freddie Mac

There are lots of technical breakdowns of what Freddie Mac is, how it is governed, and how it works.  For the real estate consumer, though, the definition can be much more streamlined.  Freddie Mac allows banks to make loans to consumers, under strict rules and guidelines, and then sell the loans to Freddie Mac to free up bank funds and make more loans.

Freddie Mac, like Fannie Mae, is the grease that makes home lending work smoothly on a large scale.  Individual banks have a certain amount of money on hand to lend to borrowers.  If they can only lend that amount of money to borrowers, and then wait 30 years for the mortgage to fully mature and get the funds back, they will make very few loans.

By originating loans at the bank, and then selling the loans to Freddie Mac, the bank returns funds to its coffers and can make another loan.  The borrowers can continue buying homes.  Investors purchase the loans from Freddie Mac as securities.  They are investing in the repayment of mortgage loans and interest over time.

Freddie Mac and Fannie Mae are government-sponsored enterprises.  They were created to bring stability and predictability to the home lending market, because home ownership has been seen to be a benefit to the country as a whole.  Schools get better, crime rates drop, and communities improve when residents own their homes.  Real estate lending must have strong requirements that verify a borrower's ability to pay for a home long-term before making a loan.  We also need a system that includes a secondary market, supported by enterprises like FHLMC and FNMA to encourage responsible home ownership, as it is an overall benefit to our country.

How Freddie Mac could affect your real estate transaction:

If a buyer is financing a home purchase, the seller will often want to know what kind of financing the buyer is obtaining. There may be a financing contingency in the purchase contract that states this information.  Often it will show the amount of the buyer's down payment as well as the type of loan--conventional, FHA, VA, etc.

Conventional loans don't have to be Freddie Mac or Fannie Mae loans.  Many lenders originate conventional loans and sell them to FHLMC and FNMA, but others they keep on their books and "portfolio" the loans, or sell them elsewhere.  For a seller, though, a buyer with a conventional loan can be thought of as someone who is likely to be getting a loan underwritten with Freddie Mac or Fannie Mae standards.  That same conventional buyer could be getting their loan from a local lender or other entity that keeps the loans on its own books.

Want to know more about freddie mac?

This post is for informational purposes only and is not legal advice. Buyers and sellers of real estate should not rely upon it to make decisions. Consult with a licensed real estate broker and/or real estate attorney before making real estate related decisions.

We have real estate brokers, mortgage lenders, inspectors, title officers, and others who can answer your real estate-related questions.  Give us a call or send us an email and we can put you in touch with someone who can answer your freddie mac questions or any other questions about home buying, selling, and the real estate world.

Looking for more real estate terms and definitions?

Try the Real Estate Terms and Definitions Guide

Sam DeBord is Managing Broker with Seattle Homes Group and Coldwell Banker Danforth. Our team serves home buyers and sellers in Seattle, on the Eastside, and across the Puget Sound Region.

Explore Seattle Homes, and Search today's newest listings from every company in Greater Seattle.