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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: 100 Days (Up from 98 last period)
Inventory of Active Listings: 582 (Up from 578 last period)
Inventory of Sold & Pending Listings: 249 (Up from… Read Full Post

You know you are ready to buy a home when owning is cheaper than renting and a home purchase is a natural fit for your lifestyle and financial needs, goals and obligations. Instead of making the home-buying decision based on income alone, consider it in a more holistic context that includes your complete financial picture. Viewing home buying in a vacuum is a common misstep first-time homebuyers should avoid. Other potential slip-ups include:
Not knowing the market
In a buyer's market, buyers who feel a competitive edge are more likely to leap before they look. The glut of information on the Internet makes obtaining home buying and local market knowledge a relatively easy task. Real estate agents, brokers, lenders, title companies and other real estate…

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1. Put fresh or silk flowers in principal rooms for a touch of color. 2. Add a new shower curtain, fresh towels, and new guest soaps to every bath. 3. Set out potpourri or fresh baked goods for a homey smell. 4. Set the table with pretty dishes and candles. 5. Buy a fresh doormat with a clever saying. 6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness. 7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space. 8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use. 9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork. 10. Turn on the sprinklers for 30 minutes to make the lawn… Read Full Post

If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:

*assum. fin. -- assumable financing
*dk -- deck
*gar -- garage (garden is usually abbreviated "gard")
*expansion pot'l -- may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase.
*fab pentrm -- fabulous pentroom, a room on top, underneath the roof, that sometimes has views
*FDR -- formal dining room (not the…

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If you are considering buying a brand-new or older condominium, here are the five key questions to ask to avoid buying a bad condo:

                              1. HOW DO THE MONTHLY CONDO FEES COMPARE WITH SIMILAR NEARBY CONDO COMPLEXES?
A sharp buyer's agent should have the monthly condo fees for comparable nearby condo complexes easily available. Be sure to ask what services are included for each complex because that can make a big difference.
For example, the condo where I currently own has a monthly fee that includes heat, but not air conditioning and other utilities. Also, we have voted to annually raise our monthly fees by 5 percent to increase our maintenance reserves.
That wise policy came in handy last year when the… Read Full Post

Northwest MLS Form 35N is used when a buyer is submitting an offer to purchase a home that is contingent on the buyer’s subjective satisfaction of the neighborhood in which the property is located. The neighborhood review may include a buyer’s investigation of the schools, proximity to bus lines, availability of shopping, traffic patterns, noise, parking and investigation of other neighborhood, environmental and safety conditions they buyer may determine to be relevant in deciding to purchase the property. The key for buyers and sellers to remember when this contingency is used is the buyer’s approval of the neighborhood review is completely subjective.

It is always a good idea for a buyer to conduct a neighborhood review regardless of whether this… Read Full Post

 
Real estate professionals agree: The single most important factor in selling your home today is price. With so many homes on the market now, setting the "right price" is critical.

During the housing boom of the past several years, some homeowners priced their properties aggressively--well above market value. That was yesterday. Today, overpricing simply turns away buyers who could otherwise afford your home (why look at homes outside your budget?), leaving your home sitting like leftovers in an overstocked fridge--stale and unappealing. On the other hand, you don't want to price your home so low you give away your equity.

If your home is priced just right, buyers--who are armed with online research and recognize true value compared to the many… Read Full Post

There's No Need To Panic

You don't have to look hard for news stories about changes in the nation's housing market. The media regularly reports on foreclosure rates being higher, home prices dropping in some areas and sales taking longer than they used to. It's all true, in some sense, but compared to what? A phenomenal housing boom that lasted nearly five years.You don’t have to look hard for news stories about changes in the nation’s housing market. The media regularly reports on foreclosure rates being higher, home prices dropping in some areas and sales taking longer than they used to. It’s all true, in some sense, but compared to what? A phenomenal housing boom that lasted nearly five years. The truth is, booms don’t last forever, and the adjustment…

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