lonniesnyder's Blog: For Sellers

 

With so much media attention on the housing market and mortgage industry recently, you may be hearing and reading some unfamiliar terms. Here's a glossary to help:

• Deed in lieu -- when a lender agrees to accept a property's deed (rather than foreclose on the property) to settle the borrower's obligation.
• Jingle mail -- when a borrower mails the home's keys to the lender to transfer control of the "collateral" behind the loan.
• Liar loans -- no-document, stated-income loans.
• Lis pendens -- Latin for "legal action pending," the formal notice that begins the foreclosure process.
• LTV -- Loan To Value percentage, e.g., 80% LTV on a $100,000 sales price is an $80,000 loan.
• NOD -- a Notice Of Default filed in court by a lender…

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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: 103 Days (No change from 103 last period)
Inventory of Active Listings: 576 (Down from 579 last period)
Inventory of Sold & Pending Listings: 219 (Down from 223 last period)
73 listings are absorbed by demand each month on average. (Down from 74 last period)
12% of active listings are selling each month on average.
7.9 Months Worth of Supply (Up from 7.8 last period)
Average List Price: $896,502 (Up from $891,592 last period)
Average Sale Price: $644,644 (Down from $676,382 last period)
Median Sale Price: $570,000 (Down from… Read Full Post

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

 

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

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

 

  These numbers are based on a three month historical analysis that is updated on a weekly basis. MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 97 Days (Up from 95 Last Week)
Inventory of Active Listings: 610 (Up from 590 Last Week)
Inventory of Sold & Pending Listings: 225 (Up from 252 Last Week)
75 listings are absorbed by demand each month on average. (Up From 74 Last Week)
8.13 Months Worth of Supply (Up from 7.97 Last Week)
Average List Price: $891,839 (Up From $887,468 Last Week)
Average Sale Price: $736,723 (Up From $736,144 Last Week)
Median Sale Price: $620,500 (Up from $615,000 Last Week) (1/2 sell for more & 1/2 sell for less) Analysis of MLS Area 500 for… Read Full Post

 

Generally speaking, there are two ways to go when you are thinking about home improvements. Either you splurge for something purely for the pure pleasure of having it -- that Italian marble bathroom you've dreamed about; that skylight that your spouse has been hinting at for the last six years -- or you take a pragmatic approach, putting in such amenities as a new kitchen or a redwood deck because you want to increase your home's market value.
Don't ever expect to score on both counts. Just because you pour $20,000 into your home doesn't mean that your house is worth $20,000 more, I had a guy who invested $100,000 in a $130,000 home after he lived there for four years. He put it on the market at $225,000. He was offered $170,000.  His mistake: spending…

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