The National Association of Realtors was formed in 1908.  The only older, professional organizations in the United States are Doctors, Lawyers and Engineers.  In 1913, the Code of Ethics was adopted to assure appropriate, professional representation for the Real Estate Buying and Selling public.  Each licensee in Washington State takes a refresher course in Ethics and the Realtor Code of Ethics every four years, at least.

March 18, 2010

As of July 1, 2010; your favorite real estate agent will have a new title.  With increased educational and oversight requirements, the basic license is for Brokers (used to be salespersons) and those with advance requirements (yours truly included) will be known as Managing Brokers (formerly Associate Brokers).

Along with more stringent educational requirements, all licensees will need to submit fingerprints and be subject to a background check.

Both educational and security requirements are intended to assure a better overall experience for the public.

March 11, 2010

The Eastside and Seattle median real estate prices rose ever so slightly from February 2009 to February 2010.  Eastside prices were up one percent and Seattle an even smaller amount.  County-wide the prices dropped one-half of one percent.

Volumes were up 51% in King County, the ninth month of year-to-year gains.  Good inventory, low rates, tax incentives and a mild winter are all aspects that helped with the local real estate market activity.

Windermere EAST (six office group I belong to) saw an increase of activity at 70%!

March 5, 2010

.

The Seattle Times reports that the net new payroll jobs in the state of Washington have risen for the first time since November 2008.  This increase is based on the addition of 12,400 new jobs; which is also the largest one-month increase in 3 years.  IHS Global Insight also predicts that Washington wil lead the nation with a 1.42% projected jobs increase this year.  Texas, Virginia, California and Iowa round out the top 5 states for projected job growth.

One month certainly does not make a trend, but we will definitely take this one step forward.

March 3, 2010

Figures are recently out for the Case-Shiller home-price index for December 2009.  The seasonally adusted numbers show Seattle-area homes to be at a value of 148.37 as compared to 145.87 nationally.  These numbers are based on a value of 100 for January 2000.  The index value for the Seattle area has been inching ever so slightly upward since September 2009.

February 28, 2010

Acording the The Associated Press, fewer homeowners are missing their home loan payments.  The number of homeowners behind on their loans is declining, for the first time in 3 years.  While loan delinquencies, foreclosures and short sales are still ocurring at a high rate, it looks like this statistic may be improving soon.

February 22, 2010

Seattle median home prices rose from $400,000 in Jan 2009 to $415,000 in Jan 2010.  City prices rose 3.8% in this timeframe.  The Eastside is still soft, with closed sales prices down 6.5% from 2009 to 2010. 

With all areas considered, King County median prices dropped 2%.

February 6, 2010

It's that time again!  The Northwest Flower and Garden Show starts Wednesday, Feb 3 and runs through Sunday, February 7.  This is one of the top garden shows around and is a wonderful place to visit for inspiration and the sight of blooming flowers in the middle of winter.

We almost lost this gem of a show, so show your support and drop on by.  More information at:

http://gardenshow.com/

Feb 1, 2010

Moody'sEconomy.com ranked Tacoma and Seattle in the Top 5 in the nation for Predicted Real Estate values in 2010.  Tacoma actually ranked Number 1 with a projected value increase of 2.44% and Seattle ranked Number 5, with a .50% reduction in values to be expected.

Memphis, Pittsburg and Charleston were 2,3 and 4 with predicted increases of less than 1%.

January 11, 2010

The Puget Sound Business Journal featured photographs of Bellevue in the recently published Annual Book of Lists.  They cited the focus on Bellevue as being due to its increase of private sector jobs of late.  While Seattle lost 1.9% during 2000-2008, Bellevue gained 8.2% in the same timeframe.

The Journal concludes that Seattle may become a city of residents who work in the suburbs.  Quite a change from my youth and also indicated by the huge increase of reverse commuters on 520 each day.

January 10, 2010

The Seattle Times reported today that December's countywide sales were up a stunning 57% from December 2008 (which was a miserable month for closings).

Eastside closed sales were 78% and Eastside Pending sales rose 81%.  Pending sales are negotiated sales that have not yet closed, a good indicator of upcoming closings.

Prices are down 5.8% over December 2008.

January 6,2010

Chase announced today that they will open 24 Homeownership Centers across the country, including Seattle.  These are in addition to 27 centers currently up and running.  These centers allow homeowners who carry their mortgage through Chase, to meet with mortgage specialists who assist borrowers who have fallen behind in their mortgage payments.

The counselors educate borrowers about options for staying in their home.  Chase initiated over 568,000 loan modifications in the last year.

For more information visit www.Chase.com/MyHome

December 22, 2009

Everyone affected by Short Sales is hoping the Obama Administration's Standardized Short Sale Plan  will smooth out the generally difficult process of a Short Sale.  A Short Sale occurs when the property owner wants to sell their home, but will not be able to sell for a high enough price to pay off the full balance of their loan or loans.  One major difficulty in dealing with Short Sales as a seller/buyer/agent is that the approval process generally does not start until there is a qualified buyer in place.  Even with a buyer in place, it can take 4+ months to receive lender approval and close.  Not many buyers are willing to stick around that long, especially when they can be bumped months into the transaction.

The new plan includes uniform documentation and financial incentives for homeowners, mortgage holders, investors and second-lien holders who participate.  Hopefully this will lead to more successful Short Sales and fewer foreclosures.

December 21, 2009

Had lunch with a longtime friend last week and answered  a few re-fi paperwork questions she had.  She said Wells Fargo called her to offer a free re-fi with a lower than existing rate, in order to keep their long-time, valued customers.  Usually I would think that falls into the "If it seems too good to be true, it usually is!" category. 

It's actually legitimate.  Wowee!

I received a call that same day to offer me the same kind of deal.   (Of course I returned the call by dialing a phone number I know to be at Wells Fargo, just to be safe).  My friend and I both are apparently the kind of customer (one who pays their mortgage) that Wells Fargo would like to keep; rather than lose them to another lender.

If you are a Wells Fargo client, you might want to check this out.

December 8, 2009

In a study published December 2, researchers at the DOE's Lawrence Berkeley National Laboratory declared that wind farms have no measurable effect on nearby property values.  This was determined after review of 7500 sales of properties in ten communities near two dozen wind farms in a total of nine states.

While I haven't seen any local windmills (although there is a suspicious-looking feature on the Shirey Eco-House being built in Bellevue...) there are many near Central Washington University in Ellensburg.  While visiting England recently I also saw dozens of windmills on the land and crossing the English Channel between London and Amsterdam.  Made me wonder if they are also harnessing wave energy.

On a final note, I just finished the book "The Boy Who Harnessed The Wind" by William Kamkwamba.  It is an amazing story of a poor teen in Malawi who builds his own windmill, to provide electricity to his family.  Recommended for anyone on your Christmas list.

December 6, 2009

S&P/Case-Shiller distributes figures each month comparing the historical real estate prices in 20 metropolitan markets, individually and as a 20 city composite.  Just released figures for the month of September show that  Seattle is at the same value (148.94) as May 2005; with the high at 192.30 in July 2007.    Nationally, the 20 city composite is at a value of 146.51, the same as September 2003; with a high of 206.38 in June 2006. The figures are based at a value of 100 for January 2000 for each of the areas and the composite. 

As a small consolation for us locally; the national figures show an average reduction in value of 29%, while Seattle values have dropped just 22.5%.

For more speciifc information on values, feel free to call me at 425-444-3305.

November 30, 2009

National home sales volume, as reported by the National Association of Realtors, jumped 23.5% over the level of October 2008.   Sales activity is reported as being at the highest pace since February of 2007.  The median sales price is reported at $173,100; which is a reduction of 7.1% from 2008.

Locally, the market is similar; with an increase in volume and a decrease in sales prices.  For homes in the Greater Eastside areas; sales volume for the second half of the year (to date) soared 21.7% over the same timeframe in 2008.  Prices during the same period have dropped 9.1% to a median of $450,00; which includes single family homes and condominium homes.  Local statistics are derived from available NWMLS statistics.

November 24, 2009

Closed home sales in King County were up 33% in October 2009 over sales in October 2008.  Snohomish County sales improved 42% in the same timeframe.  More home sales were closed in October, than in any month since August of 2007; which is when the sub-prime crisis really began to affect real estate lending and sales.  Home sales on the Eastside jumped 54% over last year.

The year over year price decline was 3.7%, the smallest drop in the last year.  October is the fifth consecutive month of year over year sales increases in King County.

Sales activity has been spurred by reduced prices, low interest rates and the First Time Homebuyer Credit.

All statistics via the NorthWest Multiple Listing Service.

November 6, 2009

Great News! On November 5, 2009; Congress extended and amended the current First Time Homebuyer's Tax Credit. Full information can be viewed at The National Organization Of Realtor's website, link below.  The timeframe is extended to contracts signed by April 30, 2010 and closed by July 1, 2010.  A smaller credit will be available to all buyers of homes during that time frame.

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

November 6, 2009

King County Real Estate sales activity increased 14.3% from September 2008 to September 2009.  Seattle increased 16.5% and the Greater Eastside increased 13.7%.  Some of this activity can be attributed to the $8000 First Time Buyer Tax Credit of $8000; which is only in effect for closings before December 1st   fthis year.

Median Sales Prices have dropped slightly year over year; from 3.6% drops in Seattle to 6.4% on the Greater Eastside.

October 9, 2009