Friday, March 24, 2017

Seattle's Red Hot Housing Market

We’re all aware of the low inventory of single family homes and the price wars that ensue because of this.  However, an article from the Puget Sound Business Journal this past week highlighted that it isn’t just homes that are in short supply.  Demand for condos is also through the roof.  Last weekend the Nexus in downtown Seattle opened its doors to pre-sales with non-refundable deposits.  Despite the rain, a line grew AROUND THE BLOCK for people looking to secure a unit!  The units range from $350,000 to $3.5M, and the nonrefundable deposit was 5% of the purchase price (AKA $17,500 to $175,000 – these nonrefundable deposits weren’t exactly chump-change!).  The building isn’t even expected to open until mid-2019, yet by the end of the weekend 75% of the building’s 382 units had been purchased.  GET OUT OF TOWN!  This is officially crazy.  Link to this story is HERE. 

So it looks like single family homes, townhomes, AND condos are all in short supply, but where is all this demand coming from?  As discussed in this CNBC story, last year alone Seattle’s tech industry needed to import around 3,500 people with computer science degrees.  Really quick, let’s go back to simple economics:  high demand + short supply = increasing prices.  With Seattle and all its tech titans hiring faster than the UW/WSU and other area colleges can produce computer science graduates, the high demand and low supply of these candidates has resulted in the highest annual salary [adjusted for cost of living] in the country!  After accounting for cost of living, a computer science graduate has about $46,000 more annual spending power in Seattle than in San Francisco ($21,000 more than Chicago, and $47,000 more than New York).  No wonder the attraction to Seattle!  This article pretty much summarizes why I don’t think Seattle is in a housing bubble, and why prices aren’t going to fall anytime soon – Despite Seattle’s housing market appreciation, Seattle’s overall cost of living after accounting for average income is still much lower than many other large and desirable metropolitan cities nationwide.  I would contend that the appreciation rate will eventually slow, but I don’t see the housing market DEpreciating anytime soon.

Happy Investing!

Today's blog post courtesy of Kyle Bergquist, Guild Mortgage. 
Cell:  425-478-0961
Licensed Loan Originator NMLS - 918621
Guild Mortgage Company NMLS - 3274
Equal Housing Lender
The information provided herein has been prepared by a third party company and has been distributed for education purposes only.  Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

Monthly savings for qualified borrowers will vary based upon a variety of factors including, but not limited to loan amount, existing interest rate, and the rates the customer qualifies for.

None of the interest rates in this history represent interest rates that Guild Mortgage has offered or is currently offering. Rather, they are for informational purposes only and reflect historical interest rates that were available in the marketplace at some point during the period to which they relate. For current interest rates and annual percentage rates that Guild offers, contact Guild.

The positions, strategies, or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates.

Thursday, March 16, 2017

New Seattle Listing

Affordable! 

Sweet bungalow on a quiet side street just 15 minutes from downtown, 12 minutes to Boeing Field, 10 minutes to SEATAC; boasting a large fully-fenced yard, newer garage, furnace, hotwater heater; 3rd bedroom on upper level is accessed by pull-down stairs in corridor by main floor bedrooms. 

Shrewd investors, add this to your portfolio - rented now through May 1.

Just listed today for $275,000. 
9959 14th Court S, Seattle 98108 

For a complete listing contact Wendy Ceccherelli at wendy@c21nwr.com
or call our 24/7 recorded real estate hotline: 888-621-4999.

By appointment, please call

(360)513-4643

Wednesday, March 15, 2017

Housing Appreciation

Want to see how much housing appreciation has happened in your state, recently and over the past few decades?

Check out the stats on Washington state.
This is a great link!

http://estateofmindsites.com/subscriber_new/map.php?uid=gii&quarter_index=avg&share=y

Happy Investing!

Monday, March 13, 2017

Housing Market Trends

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends February 2017 Newsletter http://wendywonder.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. 

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://wendywonder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Sincerely yours, 

Wendy Ceccherelli
Century 21 NW Realty 
206-355-1706 
wendy@c21nwr.com

Friday, February 24, 2017

Honest Advice for Sellers

Here is a real ad that has run recently in Seattle's Craigslist:


If you have real estate you may be selling, PLEASE:
✜✜ Be aware there will be a line of people who have made jobs for themselves of trying to essentially steal your house from you, wasting your time at best, and scamming you at worst ✜✜
Word of the day: wholesaler. These are people who are trying to get into real estate investing, or are comfortable being bottom feeders. Their competitive edge is often found in deception and dishonesty, and after providing you with (not really) "comparable" sales to convince you that your house is worth nothing, they will sign a contract to buy it for much less than it's worth.
But they won't be buying it - they will ASSIGN (sell) the contract to other investors (for a fee) before the sale closes, making money just off the fact that they hoodwinked you. If they don't find a buyer, they walk, and take months of your time with them. Beware of any contract that says "OR ASSIGNS" after the buyer's name. Further, also beware of any sales contract that isn't the standard NWMLS (Northwest Multiple Listing Service) contract.
Also, watch out for contingency or inspection periods, especially longer than 2-4 weeks. This will tie you up for 1-3+ months and then, GUARANTEED, after that period they will want to renegotiate the price based on some problem they "found."
It really is not easy to go FSBO (For Sale By Owner) and be your own real estate agent. Be prepared for a ton of showings, questions, and potentially costly mistakes. Everyone who is selling a house should at least TALK TO A REAL ESTATE AGENT and get a free "Opinion of Value" from them, so you can know where you are starting.
Now, in terms of where I come in: I am a native Seattleite who fixes up and rents houses...
  • Due to my established, long term approach, if you desire flexibility such as continued residence/tenancy or other creative sales terms, we might be a particularly good match.
  • Any offer I make will be a fair, reasonable market offer - no wasted time and no funny business (references if desired)
  • I am able to make both all-cash offers and "seller financing" offers, which turn your house sale into an interest-bearing investment yielding roughly $182k total for every $100k of value while avoiding 25% capital gains taxes
Please, start off by scheduling a free consultation and opinion of value with a real estate agent. Then, before you sign a listing agreement with them, feel free to drop me a line...

I happen to agree that ALL sellers should talk with a professional real estate sales agent like myself, prior to a sale. I look at houses and prices every day, and I understand the Seattle real estate market. There may be many reasons why an off-market sale will make more sense for some sellers than a listing on the NWMLS. But a competent real estate professional will be able to provide options. And armed with good information, a seller is in a better position to make an intelligent decision.

I am happy to provide a FREE, no-obligation, confidential in-home assessment and evaluation of your real estate portfolio, whether that is one home or multiple income properties.

I do buy homes as well as list them, but only if that makes sense for both the seller and me. If you are interested in learning more, please email me at HomeLandInvestment@gmail.com or call my recorded hotline at 888-621-4999.

Happy Investing!