5 Biggest Real Estate Myths

Real Estate Myths

5 Biggest Real Estate MythsI have a great respect for Barbara Corcoran, a self-made salesperson who took $1,000 and challenged the giants of New York City’s legendary real-estate industry. Her entrepreneurial journey makes a great story — girl meets boy, boy gives her $1,000 to start a real-estate firm, boy cheats on girl, girl builds multimillion-dollar business as revenge.  She sold The Corcoran Group in 2001 for a reported $65 million, and has become a well respected face of residential real estate.  Sixty-five million, not bad return on her initial investment – and to think she started it all at only 23 years old.  She now serves as a real-estate contributor on NBC’s Today Show and helps rising entrepreneurial stars as a judge on ABC’s Shark Tank.

Barbara Corcoran was recently featured on the Today Show discussing the Five Biggest Real Estate Myths.   This is a must see or need to watch for both Buyers and Sellers.  Understand that we as real estate professionals do not have a crystal ball.  Questions like “Is this a good time to sell?” or “Should I purchase a home in the Greater Seattle area now?” cannot be answered generally.   Each situation is unique, your goals and needs are part of the reason it is either a good or bad time to buy.

It is helpful to understand these myths and how they may apply to your situation. These myths are:

MYTH #1:  Sellers are desperate

TRUTH:  this isn’t  so – in King and Snohomish Counties less than 20% of the listings are “short sales”or desperate sellers.

MYTH #2:  Don’t buy before prices have bottomed

TRUTH:  who can predict the bottom?  Did you know that with every point raised in interest rate you lose significant buying power? So the moral of the story is to buy NOW with interest rates at their all time low!

MYTH #3: You can’t buy a home unless you have 20% down

TRUTH:  FHA  (3.5% down) and VA loans are still alive and well, as are conventional with second programs

MYTH #4: Now is the absolute worst time to sell

TRUTH:  it depends on your goal – Did you know the current inventory level in the Greater Seattle area is less than 3 months – which places us in a SELLERS MARKET!  We are seeing more and more “multiple offer” situations!

MYTH #5: Before you refinance, shop around

TRUTH:  you will save a lot of time and money if you use your current lender – they don’t want to lose your business and the refinancing cost should be lower if you use them.  If you do choose to shop around be sure you are comparing apples to apples – there are various “hooks” lenders use to get your business.  Full disclosure and understanding is key.

To see more on the subject visit the Today Show’s Real Estate Myths.

Are you interested in buying, selling or investing in real estate in the Greater Seattle area? Interested in finding out the current market value of your single family home, condo or investment property? Then call Seattle Real Estate Broker, Carol DelRosario at (206) 245-9942 to discuss what is happening in today’s Greater Seattle area Real Estate Market. She and her team at Seattle Realty Source would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional current Seattle Market Trends here.

Posted by Seattle Real Estate Broker, Carol DelRosario (206) 245-9942 on 1 February 2012

Real Estate Hard Money…What is it and why use it?

Saavy Seattle real estate investors see hard money loans as a benefit!

Seattle Real Estate and Hard Money Loans

Courtesy of http://loanmortgagecalculator.biz/

Do you think that “hard money” is a only used as a last resort for people who what to invest in real estate?  Sometimes.  However, savvy real estate investors in Seattle and across the county use it to their advantage.

As you know, times have changed and changed fast!  Gone are the days when you could simply walk into a bank and easily get financing on real estate – whether to occupy yourself or purchase it as an investment.  All is not lost though!  Regular mortgage financing does still exist, however the criteria for qualifying for a loan has become extremely stringent.

So, what do you do if your credit has suffered over the past several years and you want to take advantage of this great real estate market?  A hard money lender may be the answer.  

What is a Hard Money Loan? 

Simply put, it is an asset-based loan secured by a deed of trust (in the State of Washington), specific to a parcel of real estate.  Very few commercial institutions issue hard money loans.  Most are made by private lending groups or private investors that want to make their money work for them.  They are expensive and usually have a short term payoff period.  Why?  Because many hard money lenders will lend on the “deal” and not neccessarily on credit worthiness, thus the lender takes on the risk.

Why do investors use Hard Money?

It all goes back to the investment strategy of using “OPM” or other people’s money.  Why tie up your cash when you can use someone esle’s?  Real estate investors typically purchase properites to:  1) wholesale  2) fix and flip  or 3) hold as a long term investment/rental.  Hard money is great for options 1 and 2 because you can hopefully get in and out quickly – minimizing your expense.  It also allows time to arrange long term financing for option 3 – especially if you risk losing a great investment opportunity.

Read also: Seattle Real Estate Investor | Flipping – Wholesaling vs. Fix and Flip

Hard money makes things happen now, which is crucial in a highly competitve investment market like we have in the greater Seattle area!  Because hard money loans are expensive and somewhat risky, it is important to work with a real estate professional that is well versed and educated in this topic.

Interested in working with a real estate investment specialist?

Then call Real Estate Broker, Carol DelRosario at (206) 245-9942 to discuss what is happening in today’s Seattle area Real Estate Market. She and her team at Seattle Realty Source work with clients interested in 1) wholesaling  2) fixing and flipping as well as investing in 3) long term rentals.  They have hard money sources that you can easily tap into and have taken the guess work out of the process.

Interested in conventional financing?

Read also:  Seattle Home Buyer Tip – Things to Avoid Before Purchasing a Home

Read also: Seattle Home Buyer Tip – Don’t Make Any Large Purchases Before Buying a New Home!

 

Would you like a private showing of a greater Seattle area home?  Or, are you thinking of selling your home? Interested in finding out the current market value of your single family home, condo or investment property?  She and her team at would be happy to give you a personalized Comparative Market Analysis for your home or assist you in purchasing a home. View additional Seattle Home Sales Market Statistics here.

Posted by Seattle Real Estate Broker, Carol DelRosario (206) 245-9942 on 27 June 2011

Investors Dressing Up The Neighborhood – One House at a time!

Good News! The investor that just bought the house next door is doing your a favor!

You have seen them, they are the houses in the neighborhood that no one seems to be taking care of. They are homes that have been abandoned by homeowners that can no longer afford them – that the banks may or may not have foreclosed on yet. Or maybe the owner has lost his/her job or has suffered a hardship and doesn’t have the means or ability to maintain their home. Whatever the reason, these homes exist and unfortunately they are affecting the house values for all the homes in your neighborhood. Help is available! Here is an example of a home that was in desperate need of a “face lift” – and then some!
Investor rehab house snohomish county

House Front - BEFORE

This was a home that was purchased at the Foreclosure Auction and the initial thought was that it would take about $7500 – $10,000 to fix up. Special Note: inspection of the property is limited when buying a home on the “court house steps.” What was observed from a physical inspection of the property – looking through windows was:
  • 1. The yard was extremely overgrown – with a rusty damaged chain link fence in front
  • 2. The roof needed some repair – there were missing shingles
  • 3. The gutters were full and dirty
  • 4. The end caps of the roof gables were rotted
  • 5. The kitchen cabinets appeared to have been painted over several times
  • 6. The walls appeared to need paint
Rehab house in Marysville ready to go!

House Front - AFTER

So a quick clean up, new paint, maybe some new kitchen cabinets and counters and a few shingles and this one would be good to go – right? Wrong! There were some surprises. Once a professional home inspector was hired the real scope of the work was determined. The home actually needed the following repairs – BEFORE even considering the “cosmetic” repairs.
  • 1. Complete lift off and replacement of roof was needed- due to mold and leaks
  • 2. Dryer vent needed to be redirected – it was venting directly into the crawl space
  • 3. Firewall was missing between house and garage and needed to be installed
  • 4. Subfloor in main bath needed to be replaced
  • 5. Leak in bathroom ceiling needed to be repaired
  • 6. Leak in wall behind shower surround needed to be repaired
  • 7. Vegetation and soil needed to be removed away from the foundation of
  • the house
  • 8. Bees and Wasps nests needed to be removed from the eaves and attic
  • 9. Electrical repair was needed to for the kitchen and garage
  • 10. The bathroom pocket door needed to be repaired or replaced
  • 11. The crawl space needed a secure hatch installed
Rehab home in Marysville Snohomish county

House Back - BEFORE

Snohomish county rehab in Marysville

House Back - AFTER

These investors chose to do a number of “cosmetic” fixes as well. They installed new carpet and padding, new lighting throughout the house, new paint, new door hardware and hinges, new counters, sinks and faucets, new tub surrounds, new tile, new dishwasher. In addition they resurfaced and painted the kitchen cabinets and opened up a wall to make the rooms flow.
Lower profit margins – but the neighbors are happy!
This project cost the investors approximately $27,000 which resulted in a tighter profit margin so the neighbors are the real winners here! Here are some before and after pictures to enjoy!
Marysville rehab house kitchen before

Kitchen - BEFORE

main bath rehab after

Main Bath Vanity - AFTER

After picture of the Marysville kitchen rehab

Kitchen - AFTER

bathroom vanity before snohomish house

Main Bath Vanity - BEFORE

Seattle Real Estate Investors | Fixers – Are They Good Investments?

Investor fix and flip property in SeattleFixers – Are they good investments?

We all dream of buying the perfect home – beautiful, turn-key, brand new and ready to move right in.   But some of the best Seattle area homes may be less than perfect – diamonds in the rough.    You have seen them – the yards are over grown with shriveled plants and weeds, peeling paint, out dated interiors, not to mention wallpaper that needs to be removed, etc.  If the seller is looking for top dollar, these are problems that must be addressed before the house goes on the market.  Why?  It is hard for most buyers to see beyond all the negative factors.   For those who can – investors or buyers not afraid of a little (okay, maybe a lot) of sweat equity, home like these have the potential of being a great way to make money or build equity quickly.

Read Also: Seattle Real Estate Investor | Flipping – Wholesaling vs. Fix and Flip

Looking to purchase a Seattle area fixer?  Here are some important things to consider:

Purchase Price 

It is essential that you know your numbers.  What you pay for the home will impact your future profit so be sure to use a formula that analyzes your net profit.

Renovation Expenses  

If you are not familiar with renovation expenses, the cost of labor and the cost of materials the easiest thing you can do is to bid out the job.  Have sereral contractors provide you with an all inclusive bid – be specific with your vision, quality of materials, worksmanship and other expectations.  Pad your budget to allow for the unexpected repairs that even a home inspector may not discover.

Carrying Costs 

There will be costs that you will have to pay while you own the home.  These include: utilities, mortgage and or hard money payments, taxes, and insurance must be factored into your numbers.

Read also:  Real Estate Hard Money…What is it and why use it?

How To Set The “Re-Sell” Price

How do you determine the “after repair value” of your Seattle area fixer? Is the market stable enough to come up with a reasonable price based on what is selling today?  What if it takes you 6 months to finish the renovation and get the home on the market?  The Greater Seattle area real estate market is a moving target – some areas are stable, some are inching their way up and others are still declining.  A real estate agent can help you set the price, but you won’t know what the market will bear until you actually put the home on the market.  An agent may also have a back end buyer just waiting for your fixer to become their diamond.

Costs to Sell

Lastly, it is important to understand what the costs are to close when you sell your newly renovated home.  These include: prorated property taxes, real estate commissions, excise tax, escrow fee, title, etc.

Handyman specials and fixer uppers can be a great way to get a deal on a home.  As home flipping reality TV shows gain popularity so has the idea of flipping homes.   Having a plan and knowing your numbers will help you walk away with a profit.

Read Also:  Home Improvements That Pay Off When You Sell

Steps to take

1.  Hire a great real estate agent to find potential investments

2.  Analyze the scope of work

3.  Create a realistic budget – leaving a cushion for unanticipated expenses 

4.  Determine your carrying costs, selling price and costs to sell

5.  Hire a great real estate agent to list, market and find a buyer for your “flip”

If you are the type of person who recognizes a great deal in a fixer upper, you’ll know a good deal when you see one.  Interested in purchasing an investment property in the Greater Seattle area?  Call Carol DelRosario and her team at Seattle Realty Source  at (206) 245-9942 TODAY!

OR  Interested in finding out the current market value of your single family home, condo or investment property? Then call Seattle Real Estate Broker, Carol DelRosario at (206) 245-9942 to discuss what is happening in today’s Greater Seattle area Real Estate Market. She and her team at Seattle Realty Source would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional Seattle Home Sales Market Statistics here.

Posted by Seattle Real Estate Broker, Carol DelRosario (206) 245-9942 on 22 July 2011

Anti-flipping Law Real Estate Investors need to know about?

Interested in “flipping” houses?  This is important to know!

Flipping Seattle homesDid you know that there is an Anti-flipping law?  What does that mean to a Seattle area Real Estate Investor? It means if you purchase a property as an investor and you want to flip it, you have to wait 90 days BEFORE YOU can accept a contract for the property. It’s across the board, conventional, FHA, and VA.

Investors need to be prepared to hold the property for 90 days.  Additional information on the FHA regulation:

FHA Handbook 4155.2.  HUD’s website has a 466-page handbook. In Chapter 4, page 25, the anti-flipping regulation is laid out.  A specific answer to the question as to when the 90 days begins can be found at 4155.2 4.7.e, which is on the bottom of Chapter 4, page 26.  It is very clear that the 90 day clock begins ticking on the “Seller’s date of acquisition as the date of settlement on the seller’s purchase of that property, and re-sale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan.”

Read also:  The difference between “wholesaling” and “fixing and flipping”

Want to become a Real Estate Flipper?

Thinking of investing in the Greater Seattle area?   Interested in finding out the current market value of your single family home, condo or investment property? Then call Carol DelRosario and her team at Seattle Realty Source – (206) 245-9942 to discuss what is happening in today’s Greater Seattle Real Estate Market.

Seattle Real Estate Investor | Flipping – Wholesaling vs. Fix and Flip

 The difference between “wholesaling” and “fixing and flipping”
 
 

Real estate investors flipping homes in Seattle

Photo courtesy of theinvestorinsights.com

There is a very active market in the Seattle real estate market – the investor market!   As defined in Wikipedia, “Flipping is a term used primarily in the United States to describe purchasing a revenue-generating asset and quickly reselling (or “flipping”) it for profit. Though flipping can apply to any asset, the term is most often applied to real estate and initial public offerings.  For our purposes, we are looking at flipping as it applies to real estate.”

Types of Flipping

1.  Assigning a Contract (or wholesaling) lowers the risk

Generally profits are gained by obtaining a contract to purchase from the seller and then turning around and selling the house for more than the purchase price.  When a flipper ”assigns” the contract they are in essence ”selling” it to another party prior to closing – usually for more than the price they agreed to purchase it.  When the contract is assigned, the flipper keeps the difference in price.  The contract usually includes the right to access the property and a contingency or two, allowing termination of the contract with little or no risk.

Many times, if a second buyer is not found prior to the closing date, the flipper cancels the contract relying on the contract language to allow return of their earnest money.  Because this practice requires little or no money to be secured in escrow,  and the flipper never intends to actually purchase the property; this practice is often referred to as “wholesaling.”

Caution must be taken when entering into a contract like this.  It is important that no fruadulent misrepresentations be made in obtaining the contract as there is often no benefit to the seller.  All parties involved should be very clear as to the expectations – after all a Seller could very well feel taken advantage of when they realize the “profit” that was made by the flipper – money that could have been the Sellers.

2.  Multiple investor flipping

This scenerio takes “wholesaling” one step further.  Under the multiple investor flip, one investor purchases a property at well below-market value, assigns or sells it quickly to a second investor, who subsequently sells it to the final consumer, closer to market value.

3.  Real estate flipping

Profits from flipping real estate come from either buying low and selling high (often in a rapidly-rising market), or buying a house that needs repair and fixing it up before reselling.

Under the “fix and flip” scenario, an investor or flipper will purchase a house at a relatively low price- many times deeply discounted from the house’s market value. The discount may be due to the house’s condition (e.g., the house needs major renovations and/or repairs) or due to the owner(s) needing to sell a house quickly (e.g., relocation, divorce, pending foreclosure). The investor will usually perform any necessary renovations and repairs, and attempt to make a profit by selling the house quickly at a higher price or closer to market value.

Read also: Home Improvements That Pay Off When You Sell

Want to learn more about flipping?

Read also: Anti-flipping Law Real Estate Investors need to know about 

Are you interested in buying, selling or investing in real estate in the Greater Seattle area? Interested in finding out the current market value of your single family home, condo or investment property? Then call Seattle Real Estate Broker, Carol DelRosario at (206) 245-9942 to discuss what is happening in today’s Greater Seattle area Real Estate Market. She and her team at Seattle Realty Source would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional Seattle Home Sales Market Statistics here.

Posted by Seattle Real Estate Broker, Carol DelRosario (206) 245-9942 on 10 June 2011

Home Improvements That Pay Off When You Sell

Which improvements have the highest return on investment?

If you think your home needs updating, then you might want to consider spending your money on areas that will gain you the most value for your money.  Knowing the homes in your area and what market values are should help you keep your improvements realistic.  You also want to carefully allocate your budget – it would be a shame to spend your entire budget in the remodel of your kitchen and then have to leave the bathrooms in terrible condition.

Of course there are things to consider – are these updates for your pleasure, are you planning on selling, or is there no choice as something is broken.  After evaluating your home make a list of projects to be undertaken.  Next to each item put a cost estimate for figuring purposes, and number them in order of importance and then figure out a time line of when you can afford to undertake each project.

Your list will depend on the current condition of your home and you may be lucky enough to have just one item, so everyone will have to decide what the starting point will be for their own circumstances.  The following items all have proven paybacks of at least 50% and many are between 70% all the way up to 100%.

Kitchen

Spend your budget carefully.  Look into cabinet re-facing if you have wood cabinets.  Granite countertops are nice, but there are wonderful solid surfaces that are also available.  Stainless steel appliances are great, but black also has a wonderful look to it.  Counter space, storage, and general flow are very important.

Bathrooms

Your goal is to have a functional and attractive room.  A new vanity, faucets, and replacing the old medicine cabinet go a long way.   If your tub and shower are in bad condition you can have the tub resurfaced.  If you are doing a complete tear out, then you might consider a separate shower and tub.  If there is only one bathroom you will be well advised to keep the bath tub. There are attractive linoleum products to choose from if slate is not in your budget.

Attics and Basements

There is good value in adding livable space to your home.  Make sure the structures are in good condition and then go from there.  Again, the budget will go quickly, so spend wisely and select items that will stand the test of time.

Decks

A deck always adds value.  Be sure that it is large enough to be a comfortable gathering area and is of good construction.  Do your research and select the materials carefully – consider upkeep, on long the materials will last in addition to the cost.

Windows

Replacing windows won’t always get you a good return, but the fact that windows are old can sour a deal if you are selling.  You will certainly see an improvement in energy efficiency with new windows.

Energy

A new furnace and adding air conditioning improves your energy efficiency and certainly is an added value.  Like installing new windows, a new heating/cooling system might not give you 100% payback, but it certainly is a good selling point.

Painting

One of the most cost-effective improvements you can make is painting.  Choosing neutral colors and having a professional result can give you over a 200% payback.

Swimming Pools

A swimming pool is an expensive addition.  Almost certainly you will not get a good return on your money.  In many instances it will make your home more difficult to sell, as many buyers are nervous if they have small children, and many people don’t want the added work and expense.  This is a personal choice for your family and it may be well worth it to you.

All in all, improving your home is a worthwhile venture.  Have fun, spend wisely, and enjoy the results!

For more information on Seattle home investments where home improvements would pay off, contact  Real Estate Broker, Carol DelRosario and her team of Seattle area Real Estate Specialists at Seattle Realty Source at (206) 245-9942.

Posted with permission from  Colleen Kulikowski by Seattle Real Estate Homes Sales Specialist, Carol DelRosario at (206) 245-9942 on 10 June 2011.

North Seattle Market Report | 1st Quarter 2011

Market Snap Shot for North Seattle | 1st Quarter 2o11

Market Snap Shot for North SeattleInformation is always a good thing.  The more we learn, the more informed we are, and the easier it is to make educated decisions.  Whether you are buying, selling or investing in a North Seattle (Ballard, Wallingford, Greenlake and the University) home you need to do just that - make an educated decision!  We’ve put together a snap shot of what the real estate market in West Seattle looked like for the 1st quarter of this year.  Enjoy!

There were 884 homes on the market from January through March 2011 with the following stats:

  • Average Days on Market was 105  -   based on a range of 1 - 592 days on the market
  • Average List Price was $425,774  -   based on a range from $69,900 – $4,250,000
  • Average Sales Price was $405,689   -  based on a range from $69,900 – $3,400,000
  • Average Sales Price to List Price Ratio was 97%  -   based on a range from 53% – 164%
  • Average Price per Sq Ft was $230.o0  -   based on a range from $64.05 – $1470.85
  • Average Square Footage was 1715  -   base on a range from 420 - 5,400 (Note: this includes 44 properties that did not disclose square footage)

Of the 884 homes on the market 108 Bank Owned/Foreclosures and 86 Short Sale Properties.

Thinking of selling your or buying a Seattle area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Real Estate Broker, Carol DelRosario and her team at Seattle Realty Source (206) 245-9942 to discuss what is happening in today’s Seattle area Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional Seattle Home Sales Market Statistics here.

Want to see what is currently on the market in North Seattle?

Search here NOW to find your next North Seattle home

Additional area Market Reports:

Market Snap Shot for Central Seattle | 1st Quarter 2o11

Market Snap Shot for West Seattle | 1st Quarter 2o11

Market Snap Shot for South Seattle | 1st Quarter 2o11

All Statistics are gathered from the Seattle King County Association of REALTORS® and the NWMLS.  

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.

South Seattle Market Report | 1st Quarter 2011

Market Snap Shot for South Seattle | 1st Quarter 2o11

Market Snap Shot for South SeattleInformation is always a good thing.  The more we learn, the more informed we are, and the easier it is to make educated decisions.  Whether you are buying, selling or investing in a South Seattle home you need to do just that - make an educated decision!  We’ve put together a snap shot of what the real estate market in West Seattle looked like for the 1st quarter of this year.  Enjoy!

There were 293 homes on the market from January through March 2011 with the following stats:

  • Average Days on Market was 119  -   based on a range of 1 - 998 days on the market
  • Average List Price was $348,229  -   based on a range from $50,000 – $1,650,000
  • Average Sales Price was $329.53   -  based on a range from $50,000 – $1,575,000
  • Average Sales Price to List Price Ratio was 97%  -   based on a range from 48% – 113%
  • Average Price per Sq Ft was $170.74  -   based on a range from $66.88 – $1,058.51
  • Average Square Footage was 1874  -   base on a range from 570 – 5,160 (Note: this includes 15 properties that did not disclose square footage)

Of the 293 homes on the market 48 Bank Owned/Foreclosures and 42 Short Sale Properties.

Thinking of selling your or buying a Seattle area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Real Estate Broker, Carol DelRosario and her team at Seattle Realty Source (206) 245-9942 to discuss what is happening in today’s Seattle area Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional Seattle Home Sales Market Statistics here.

Want to see what is currently on the market in South Seattle?

Search here NOW to find your next South Seattle home

Additional area Market Reports:

Market Snap Shot for North Seattle | 1st Quarter 2011

Market Snap Shot for Central Seattle | 1st Quarter 2o11

Market Snap Shot for West Seattle | 1st Quarter 2o11

All Statistics are gathered from the Seattle King County Association of REALTORS® and the NWMLS.  

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.

Central Seattle Market Report | 1st Quarter 2011

Market Snap Shot for Central Seattle | 1st Quarter 2o11

Market Snap Shot of Central Seattle Real Estate

Photo courtesy of my colleague Ben Kakimoto

Information is always a good thing.  The more we learn, the more informed we are, and the easier it is to make educated decisions.  Whether you are buying, selling or investing in a Central Seattle home you need to do just that - make an educated decision!  We’ve put together a snap shot of what the real estate market in Central Seattle looked like for the 1st quarter of this year.  Enjoy!

There were 961 homes on the market from January through March 2011 with the following stats:

  • Average Days on Market was 133  -   based on a range of 1 - 1,210 days on the market
  • Average List Price was $631,948  -   based on a range from $58,000 – $7,950,000
  • Average Sales Price was $511,071   -  based on a range from $94,000 – $4,700,000
  • Average Sales Price to List Price Ratio was 96%  -   based on a range from 69% – 123%
  • Average Price per Sq Ft was $342,52  -   based on a range from $ $82.58 – $1792.75
  • Average Square Footage was 1671  -   base on a range from 548 - 10,095 (Note: this includes 63 properties that did not disclose square footage

Of the 1254 homes on the market, 100 were Bank Owned/Foreclosures and 92 were shortsales.

Thinking of selling your or buying a Seattle area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Real Estate Broker, Carol DelRosario and her team at Seattle Realty Source (206) 245-9942 to discuss what is happening in today’s Seattle area Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional Seattle Home Sales Market Statistics here.

Want to see what is currently on the market in Central Seattle?

Search here NOW to find your next Central Seattle home

Additional area Market Reports:

Market Snap Shot for North Seattle | 1st Quarter 2011

Market Snap Shot for West Seattle | 1st Quarter 2o11

Market Snap Shot for South Seattle | 1st Quarter 2o11

All Statistics are gathered from the Seattle King County Association of REALTORS® and the NWMLS.  

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.