Buyers |
 Search for Renton real estate, Newcastle real estate, South Bellevue real estate as well as property listings in any other city the Pacific Northwest has to offer. Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. Be sure to check out my neighborhood events calendar for the latest things to do in and around Renton, Newcastle and South Bellevue. My community info page will give you detailed neighborhood reports and be sure you don't forget to visit my Renton Info Blog if you are looking for a regularly updated source of local real estate news. Read more. |
Sellers |
 The decision to sell a home is often dependent on many factors. If you are looking for market statistics, selling tips or home values, you have come to the right place. Whatever your reasons are for selling, my real estate marketing strategies will ensure that you get the highest possible price for your home. I will provide you with professional, ethical and confidential service and keep you fully informed every step of the way. Read more. |
News! 08/26/08
Home Inspections: An Overview
A home inspection is a little bit like an annual check-up at the doctor, only in this case the patient is your new home! A home inspection first assesses the skeleton, or structure, of a property, then reviews the property's major systems. Home inspectors tend to start by looking at a home's foundation, then move on to other large-scale structural elements - such as its walls, roof, basement and crawl space, windows and doors, and how well attached decks, porches, sidewalks and related construction have been built. Then the inspection narrows in on specific systems, such as heating and cooling systems, plumbing, and electrical systems.
Make sure your home inspection gives attention to these systems:
The Foundation: Holds a Home in Place
The Structure: Holds a Home's Shape
The Roof: Keeps the Home Dry
The Exterior: Protects From the Elements
The Interior: Circulates Heat, Air and Water
The Plumbing System: Transports Water and Waste
The Electrical System: Keeps Lights and Appliances Running
The Heating and Cooling Systems: Creates a Comfortable Environment
I personally use Stu Anderson at WIN Home Inspection. Stu can be reached at 425.277.5666 or via e-mail at anderson359@comcast.net. He services homes in King, Pierce, Kitsap and Snohomish Counties.
News! 08/25/08
Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of August 25th, 2008)
Note: NWMLS implemented some Area Designation and Boundary changes in the Newcastle/Renton area to more accurately reflect the true market areas in this section of Bellevue/Renton. The boundary changes took effect on June 24th, 2008. To view a map that shows the old and new boundaries, click here: http://www.nwmls.com/discover/library/monday_update/MonUpdates/MU2008/Jun08/KC_SW_350_500.pdf.
These numbers are based on a three month historical analysis that compares this week with last week.
MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 101 Days (Up from 101 last period)
Inventory of Active Listings: 572 (Down from 580 last period)
Inventory of Sold & Pending Listings: 250 (Down from 252 last period)
83 listings are absorbed by demand each month on average. (Down From 84 Last Period)
6.9 Months Worth of Supply (No change from 6.9 last period)
Average List Price: $889,834 (Down from $892,966 last period)
Average Sale Price: $701,754 (Down from $709,307 last period)
Median Sale Price: $630,000 (Up from $629,950 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Single Family Homes: This area is balanced between buyers over sellers based on the fact that there is a 6.9 month supply of homes. This means that if no additional homes were listed, it would take 6.9 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
Condominiums
Average Days on Market: 81 Days (Up from 79 last period)
Inventory of Active Listings: 158 (Up from 157 Active Listings last period)
Inventory of Sold & Pending Listings: 84 (Up from 83 last period)
28 listings are absorbed by demand each month on average. (No change from 28 last period)
5.6 Months Worth of Supply (No change from 5.6 last period)
Average List Price: $330,100 (Down from $331,033 last period)
Average Sale Price: $314,965 (Down from $318,608 last period)
Median Sale Price: $306,746 (Up from $303,300 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven
months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/500-East%20Side-South_all.pdf
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 107 Days (Down from 108 last period)
Inventory of Active Listings: 453 (Down from 462 last period)
Inventory of Sold & Pending Listings: 243 (Down from 250 last period)
81 listings are absorbed by demand each month on average. (Down from 83 last period)
5.6 Months Worth of Supply (No change from 5.6 months last period)
Average List Price: $549,968 (Down from $553,201 last period)
Average Sale Price: $457,615 (Down from $451,902 last period)
Median Sale Price: $420,000 (Up from $413,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
Condominiums
Average Days on Market: 92 Days (No change from 92 last period)
Inventory of Active Listings: 81 Active Listings (Up from 78 last period)
Inventory of Sold & Pending Listings: 41 (Down from 43 last period)
14 listings are absorbed by demand each month on average. (No change from 14 last period)
5.8 Months Worth of Supply (Down from 5.5 months last period)
Average List Price: $247,714 (Down from $248,465 last period)
Average Sale Price: $236,052 (Down from $242,440 last period)
Median Sale Price: $213,725 (Down from $225,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.8 month supply of homes. This means that if no additional homes were listed, it would take 5.8 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/350-Renton%20Highlands.pdf
MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 104 Days (Up from 103 last period)
Inventory of Active Listings: 400 (Up from 393 last period)
Inventory of Sold & Pending Listings: 193 (Down From 195 last period)
64 listings are absorbed by demand each month on average. (Down from 65 last period)
6.2 Months Worth of Supply (Up from 6.0 months worth of supply last period)
Average List Price: $426,997 (Down from $427,073 last period)
Average Sale Price: $363,982 (Down from $367,642 last period)
Median Sale Price: $355,000 (Down from $357,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 6.2
month supply of homes. This means that if no additional homes were listed, it would take 6.2 months to absorb the current inventory. A market
is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply
of seven months or more would favor buyers.
Condominiums
Average Days on Market: 87 Days (Up from 86 last period)
Inventory of Active Listings: 126 (Up from 125 active listings last period)
Inventory of Sold & Pending Listings: 52 (Down from 56 last period)
17 listings are absorbed by demand each month on average. (Down from 19 last period)
7.4 Months Worth of Supply (Up from 6.6 last period)
Average List Price: $226,719 (Down from $227,771 last period)
Average Sale Price: $211,421 (Up from $210,820 last period)
Median Sale Price: $212,500 (No change from $212,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condos: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of condos. This means that if no additional condos were listed, it would take 7.4 months to absorb the current inventory. A market is considered balanced when the supply of condos is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/340-Renton-Benson%20Hill.pdf
If you are interested in statistical information for an MLS area not covered here, please respond to this post to let me know what neighborhood you live in and I will follow up with the statistics specific to your area of interest. You are also welcome to visit my website at www.davidjedwards.com where you can access my Market Snapshot research tool found on the left side of the homepage.
This information is deemed reliable but it is not guaranteed to be 100% accurate. I generated these statistics using the Northwest Multiple Listing Service. These statistics were not compiled or published by the Northwest Multiple Listing Service. The analysis of each MLS Area is
based on the market statistics but is the personal opinion of the author.
News! 08/24/08
Bonds and home loan rates have been battling some tough opponents at home.
Bonds began the last week trading lower due to inflation fears after crude shipments from Georgia were halted amid the Russian bombardment of the country. However, some poor economic reports (remember, bad economic news is bad for Stocks and typically causes money to flow from Stocks into Bonds)...including poor earnings reports from Macy's and farm equipment maker Deere & Co....helped Bonds and home loan rates regain some of the early ground they had lost.
Bonds continued to rally in the latter part of the week despite the hotter than expected read on consumer inflation in the July Consumer Price Index (CPI) report. According to the index, consumer prices increased 5.6% over the last year, which is the biggest year-over-year increase since January 1991. However, Bonds shrugged off the bad inflation news and traded higher because this hot reading came during the time that oil prices spiked to $147 a barrel in the month of July. Since then, oil prices have dropped significantly and are now $113 a barrel, which left traders thinking that next month's CPI reading may be tamer. And Bonds and home loan rates continued their rally on Friday in response to some tame inflation news within the Empire State Index Report.
While inflation has been a tough opponent for Bonds and home loan rates, the technical factor known as the 25-day Moving Average (a moving average is the average closing price of a financial instrument over a given time) has been an even tougher opponent of late. Bonds and home loan rates have attempted to improve past this level several times over the last few weeks, finally succeeding on Friday to end the week nearly unchanged from where they began.
Remember when Bond prices move higher, home loan rates move lower...and vice versa. Bonds and home loan rates were able to battle back and end the week near where they started. However, a new level of resistance at the 50-day Moving Average (seen as the solid Black Line) may have an affect on the direction of home loan rates. I will be watching to see whether Bonds and home loan rates can beat out their next opponent to reach even better levels.
News! 08/22/08
Public Meeting To Discuss the Newcastle Sports Park
Newcastle City Hall
6:00 - 8:00 PM
September 15th, 2008
Join us for Newcastle's Sports Park Facility at our third Open House. Come see the preferred site design alternative and provide input towards the development.
Ed MacLeod, Landscape Architect of MacLeod Reckord will be present to give a brief presentation pertaining to the details of the preferred alternative.
For additional information contact Michael Holly, Parks Program Manager at 425-649-4444 X 142 or e-mail michaelh@ci.newcastle.wa.us
News! 08/21/08
Nehemiah Program Update
I just heard from a preferred lender of mine who has been communicating with the folks in charge of administering the Nehemiah Program. According to the administrators of the Nehemiah Program, a Loan Officer has to register all of their Nehemiah loans online by 9/30/2008, to reserve the funds. After this date, the loan program will go away.
My lender has been trying to get clarification on the deadline to close these loans after registering them. The Nehemiah administrators said their is no specific date because the funds are coming from the Seller and the registration would have been executed by the Loan Officer to hold the funds.
I am not sure about that answer because I had one FHA Nehemiah transaction in June that I didn't close on time. The loan was registered and the funds had been at Escrow for 2 days. When my lender called the Nehemiah Program to ask how long the funds could say at Escrow, she was told 3-4 days. After that, the funds would have to be returned.
As I find out more on this subject I will let you know immediately. My point is that if you have an FHA Nehemiah deal try to close it as soon as possible.
Mortgage rates are on the rise. Today rates are around 6.625% for a 30 year fixed Conventional loan and 6.50 for FHA/VA 30 year fixed. FHA 3/1 arm is around 5.75%.
News! 08/20/08
July’s Pending Home Sales Dip Slightly From June, Prices Edge Up
KIRKLAND, Wash. (August 6, 2008) – Inventory remained plentiful during July, pending sales nearly matched June’s volume, and last month’s selling prices edged up from June in more than half the counties served by Northwest Multiple Listing Service, according to a new report.
“Considering the market adjustment because of the sub-prime mess, we're doing better than expected,” said NWMLS director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma.
Northwest MLS brokers reported 6,350 pending sales (offers made and accepted, but not yet closed) during July. That volume was down slightly from June’s total of 6,470 sales, which was the highest level in ten months, and off about 26 percent from the same month a year ago. Ten counties reported more pending sales in July than in June.
Prices showed resiliency in many areas, despite being about 8 percent lower than a year ago for the area overall. The median selling price for last month’s closed sales of single family homes and condominiums across the MLS service area was $310,000. For the same month a year ago, it was $337,500 and for June it was $314,900. Ten counties reported price gains for July’s transactions compared to sales that closed in June.
For the four-county Puget Sound region, the median selling price for single family homes and condominiums (combined) was $340,070, slightly more than June when the price was $340,000.
This may be an historic opportunity to buy in Washington State, suggests Scott Jarvis, director of the state’s Department of Financial Institutions. He believes the true nature of the state’s real estate market has been lost among the national headlines.
Among reasons Jarvis cited for optimism were attractive long-term mortgage rates, generally stable prices, a relatively strong local economy, and local availability of loans from various institutions DFI oversees. “Excellent financing options” exist for homebuyers with reasonably good credit, “including great programs for first-time homebuyers,” he noted in a statement.
Northwest MLS brokers added 13,093 new listings to inventory during July. That was nearly 1,800 fewer than the number of residences (14,875) added the same month a year ago. At month end, buyers could choose from 51,694 total active listings, up about 9.7 percent from the year-ago inventory of 47,106 listings.
The current selection includes 43,688 single family homes and 8,006 condominiums.
“Buying smart in today’s market got a little easier last week following the signing of the Housing and Economic Recovery Act of 2008 by President Bush,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The passing of this legislation marks the beginning phase of the next 10-year housing cycle in which prices in the more affordable markets will only continue to appreciate,” he stated, adding, “Contributing to rising prices is population growth, the impact of Generation Y, inflation, and growth management.”
Scott believes homes in the more affordable price ranges in many markets have already adjusted and the new housing legislation will continue to boost this positive momentum. He expects increased sales in the more affordable markets will set a new foundation for housing, helping to stabilize the overall real estate economy.
Beeson described July as a month of transition with the passage of the federal housing bill and new incentives for first-time buyers. Despite persistent uncertainty among would-be buyers, he said his Tacoma office had its best month for sales so far this year, spurred in part by brisk sales in the medium to lower price ranges, first-time buyers utilizing incentives, and shrinking inventory in Pierce County. (The number of active listings is down 6.6 percent from a year ago.)
“The balance of the year appears to portend more even-handedness in the market place,” Beeson commented. Serious sellers are pricing properties more realistically, he reports. “While it is not 2005, 2006 or even 2007, we are beginning to see more balance between demand and supply,” the veteran Realtor noted.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.
Statistical Summary by Counties: Market Activity Summary - July 2008
|
July 2008 |
LISTINGS |
PENDING |
CLOSED SALES | |||
|
New |
Total |
# |
# |
Average |
Median | |
|
King |
4862 |
16313 |
2365 |
2041 |
$502,500 |
$401,500 |
|
Snohomish |
1973 |
7459 |
883 |
719 |
$367,055 |
$332,500 |
|
Pierce |
2100 |
8123 |
1036 |
796 |
$286,666 |
$255,000 |
|
Kitsap |
603 |
2838 |
296 |
242 |
$321,076 |
$266,500 |
|
Mason |
202 |
1012 |
85 |
68 |
$212,234 |
$195,000 |
|
Skagit |
281 |
1402 |
145 |
114 |
$307,542 |
$259,995 |
|
Grays Harbor |
229 |
1067 |
94 |
85 |
$198,119 |
$169,900 |
|
Lewis |
181 |
847 |
89 |
54 |
$211,934 |
$189,900 |
|
Cowlitz |
162 |
838 |
86 |
64 |
$214,426 |
$199,425 |
|
Grant |
167 |
735 |
95 |
81 |
$188,759 |
$165,000 |
|
Thurston |
615 |
2249 |
349 |
322 |
$281,932 |
$256,326 |
|
San Juan |
96 |
476 |
24 |
18 |
$549,152 |
$497,500 |
|
Island |
264 |
1318 |
123 |
80 |
$320,136 |
$255,200 |
|
Kittitas |
163 |
792 |
65 |
52 |
$239,806 |
$218,500 |
|
Jefferson |
90 |
610 |
37 |
35 |
$320,523 |
$275,000 |
|
Okanogan |
97 |
547 |
40 |
19 |
$179,779 |
$130,000 |
|
Whatcom |
527 |
2351 |
316 |
262 |
$294,844 |
$265,000 |
|
Clark |
157 |
831 |
64 |
72 |
$275,114 |
$245,000 |
|
Pacific |
58 |
472 |
32 |
25 |
$163,016 |
$144,000 |
|
Others |
266 |
1414 |
126 |
122 |
$232,573 |
$188,950 |
|
MLS TOTAL |
13,093 |
51,694 |
6,350 |
5,271 |
$376,604 |
$310,000 |
4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec | |
|
2000 |
3706 |
4778 |
5903 |
5116 |
5490 |
5079 |
4928 |
5432 |
4569 |
4675 |
4126 |
3166 |
|
2001 |
4334 |
5056 |
5722 |
5399 |
5631 |
5568 |
5434 |
5544 |
4040 |
4387 |
4155 |
3430 |
|
2002 |
4293 |
4735 |
5569 |
5436 |
6131 |
5212 |
5525 |
6215 |
5394 |
5777 |
4966 |
4153 |
|
2003 |
4746 |
5290 |
6889 |
6837 |
7148 |
7202 |
7673 |
7135 |
6698 |
6552 |
4904 |
4454 |
|
2004 |
4521 |
6284 |
8073 |
7910 |
7888 |
8186 |
7583 |
7464 |
6984 |
6761 |
6228 |
5195 |
|
2005 |
5426 |
6833 |
8801 |
8420 |
8610 |
8896 |
8207 |
8784 |
7561 |
7157 |
6188 |
4837 |
|
2006 |
5275 |
6032 |
8174 |
7651 |
8411 |
8094 |
7121 |
7692 |
6216 |
6403 |
5292 |
4346 |
|
2007 |
4869 |
6239 |
7192 |
6974 |
7311 |
6876 |
6371 |
5580 |
4153 |
4447 |
3896 |
2975 |
|
2008 |
3291 |
4167 |
4520 |
4624 |
4526 |
4765 |
4580 |
News! 08/20/08
Fed Stands Still – Time to Make Your Move
The Federal Reserve held the line on Tuesday–leaving the Fed Funds Rate at 2.00% for the third straight meeting. The decision, however, was anything but cut-and-dry.
Earlier in the week, the Personal Consumption Expenditure data indicated that inflation climbed 0.8% overall in June, which is the highest inflation jump in 27 years. In addition, the report indicated that inflation now sits at 2.3%–above the Fed’s desired range of 1-2%.
Although the Fed ultimately left interest rates unchanged, inflation obviously remains a concern and the recent rise may lead to an interest rate hike by the Fed in the near future.
What Does This Mean to You?
Many experts believe the housing market is nearing the bottom and may even be set to bounce back up. For now, home prices remain low, personal incomes are high, and interest rates are still very attractive.
If you've been weighing your options and waiting to see how things shake out, this is the ideal time to act–especially when you consider the new Housing and Economic Recovery Act benefits for home buyers:
Tax credits. First-time home buyers who purchase their primary residence between April 9, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, as long as they haven't owned a home in the last three years. The credit is actually a generous interest-free loan, so we’ll have to talk about some income parameters and payback terms. But if you're a new home buyer – or know someone who is renting or in the market to buy – this is a huge benefit that we should discuss.
Lower rates for larger loans. In the past, mortgages of $417,000 or more have been considered "jumbo" loans that were more expensive to finance. Thanks to recent provisions, however, those jumbo loans were able to qualify for better financing rates in some parts of the country. Although those provisions were set to expire, they are being extended–with a minor change to the maximum amount eligible. This is great news that may save you a ton of cash, so call me to find out how this impacts our area, and if it could help you.
Down Payment Assistance...going, going, not gone yet. Another provision of the legislation eliminates some down payment assistance programs later this year...but they are still available right now, and depending on your circumstances, we may be able to take advantage of them to double your benefit as a home buyer.
Bottom line...now may be the ideal time to put together a purchase strategy based on your unique situation.
Call today to discuss your situation and set up a time to talk.
Want more news affecting Renton, Newcastle and South Bellevue? Visit my real estate blog at http://www.davidjedwards.com/renton-info-blog.asp.