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February Eastside Real Estate Market Report
2007-03-15 00:00:00
By Greg Perry Here is the Eastside real estate report for NWMLS areas 500 (I 90 corridor/Issaquah), 510 (Mercer Island), 520 and 530 (Bellevue), 540 (Sammamish), 550 (Redmond/Carnation), 560 (Kirkland) and 600 (No. Kirkland to the Snohomish County line). Buyers...
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10 ways to make your best first impression!
2007-03-14 00:00:00
by Greg Perry In my years of experience assisting Sellers gain an edge in the marketplace, one of the easiest areas to make a difference is the presentation. Buyers generally make their decisions on the emotional appeal of the house....
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The Advantages of Home Ownership (pt4)
2007-03-06 15:02:01
Capital Gains Exclusion What are capital gains?  Well, Wikipedia says:  Under the U.S. Tax Code's section 1222, gain or loss from sale or exchange of a capital asset is a capital gain or loss. Per IRS Tax Topic 409, "Almost everything you own and use for personal or investment purposes is a capital asset. Examples are your home, household furnishings, and stocks or bonds held in your personal account." If a person sells a capital asset for more than he or she paid for it, the gain is taxable. However, for personal-use capital assets, such as a personal automobile, a capital loss is not deductible. NOW, check this out:  As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 of your gross profits from being taxed. If you are a couple you can exlude up to $500,000. You can excersize this tax right every 24 months without being penalized...so in theory can sell your home every two years and pocket all of the eq...
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Stopped at the street!
2007-03-04 21:00:08
By Greg Perry Inside, the house had been completely remodeled.  New, better than average cabinetry, and new appliances were installed.  New bathrooms with beautiful tile were installed, brand new vinyl windows and flooring replaced throughout. A wall had been removed to open up the floor plan and the home was completely re-insulated.  Of course, it had been completely re-painted and brand new 6 panel doors had replaced the dated slab doors throughout.  In short, a beautiful remodel of an older home. It's a home being sold by owner (FSBO).  I've met the owner, like him and his house.  We don't have a lot of MLS inventory in this price range.  He's offered to pay me a commission to sell it, so I drove my clients by for a look.  I could not talk them into going inside.  Why?  Here's what the impression is at the street. This house has a major problem. The house sits down a little from street level.  The color of the house...
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The five critical areas to squeeze out the last dollar Part 5 of 5
2007-03-04 09:00:10
Price it Right  Crit ical area #5 This is the most important area of all!  It is very important to price your home at a competitive value when you list it.  Markets are so competitive that over pricing by only a few thousand dollars could mena that your house will not sell.  It's been my experience that the Seller's first offer is their best offer.  Pricing your home right from the beginning will net your more in the end! An overpriced home: Lowers showings Brings lower offers Lowers agent response Limits financing Limits qualified buyers Nets less for the Seller. If you are unwilling to price at current market value, you would be better off not putting it on the market at this time.
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A river runs through it.....
2007-03-02 14:57:01
By Greg Perry In my first meeting with Marilyn, she told me her dream.  She's a self-professed hippie and loves to fly fish.  She ws tired of traffic and wanted a place with some land, close to fishing.  She decided to look on the Kitsap penninsula, and found a home that she loves, with a creek running through it. She's in heaven. My job was to sell her condo in Raquet Club estates in Bellevue.  Marilyn was a wonderful seller.  She cleaned, repainted, replace light fixtures and accomplished all my suggestions.  Marilyn's condo closed this week.  She recieved multiple offers on the sale and it was trouble free.  Have a blast on your "river" Marilyn.  I hope you catch lots of fish.
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Friday's Did You Know?
2007-03-02 14:57:01
The city of Redmond was founded in 1871 and originally named "Salmonberg" because of the huge amounts of Salmon found swimming in the Sammamish river. Can you name the two men identified as the first settlers of Redmond?  The first person with the right answer will win a $5.00 Starbucks gift card!
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When a Seller expects too much
2007-03-02 02:56:01
by Greg Perry In late 2005, I had a listing appointment with Mr. and Mrs. P.  They lived on a very nice golf course in South Snohomish County.  In our initial meeting, I gained immediate and deep rapport with Mr. and Mrs. P.  In fact, we were all in love with each other......that is until my second meeting with them when I shared my market conclusions.  You see, Mr. and Mrs. P thought their 3400 s/f home on that golf course was worth a million dollars.  I thought their market range, based on data and condition, would come in between $800,000 and $850,000.  You know, I'm good at communicating these things, but Mr. P took a disliking to me at that very moment.  How dare I suggest such a low price?  About that time, 2 homes came on the market in the area almost simultaneously.  We had been handed a gift.  I offered to take Mr. and Mrs P into these home so they could compare theirs with the competition.  At first, Mr P agreed, t...
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The Advantages of Home Ownership (pt 3)
2007-03-02 02:56:01
Deducting your mortgage interest. Owning your home provides a tax shelter.  We have clients looking to buy a home just for this benefit alone.  So often we ask why they are looking to buy, and we'll get the response "Because I am getting KILLED on my taxes!" As long as the balance of your mortgage is lower than the price of your home the interest you pay on your mortgage is fully deductible on your tax return.  Oh, and by the way...The interest is usually the largest portion of your mortgage payment! Benefit #3: Getting some back at tax time!
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Home Improvement Cost vs. Value (pt4)
2007-03-02 02:56:01
In our final home improvement cost vs. value article we break down some outdoor(ish) projects.  The window replacement represents the highest return on your home improvement dollar  (Unless you get screwed over by a window co. like my first experience...thats another story all together) and it will save you money with energy savings over the long term.  Since you've made it this far in the article series you should have all the tools you need to build your deck, and the roof is a very common expense when you go to sell an older home...its good to see the money should be coming back to you!  These numbers are compiled by Remodel Magazine from projects done to homes in the Seattle area.  Resale estimates are based on a sale scenario a year after project completion.  Window Replacement Project Description:  Replace ten 3x5' double-hung windows with vinyl or aluminum-clad, double-glazed, wood replacement windows.  Wrap the exterior trim as r...
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Kirkland annexation meeting reminder!
2007-03-02 02:56:01
Kingsgate, Finn Hill and Juanita areas annexation meeting held by the City of Kirk land on Thursday March 1 at 7pm.  To see details click here.
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So....how's the market?
2007-03-02 02:56:01
By Greg Perry One of my greatest sources of entertainment is to ask another real estate agent, or to overhear agents talk about the market.  Some agents are "glass 1/2 full" people and will always portray a positive spin, while others can't wait for the bottom to drop to fulfill a 10 year prophesy that "this market can't last, the bottom is just around the corner."  I think the truth mostly lies in the agent's personal experience at the time.  If they haven't sold anything for awhile, the market is slow, if they've had a couple recent sales, it's hot. We tend to want to categorize markets into Buyer's markets or Seller's markets.  I actually believe we have 3 markets:  Buyers, Sellers and Balanced.  If we have more inventory than Buyers, the Buyer has an advantage in negotiation.  If we have more Buyers than available houses, then the Seller has the negotiating advantage.  A balanced market has no advantage for ...
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A rainy day dream kitchen.
2007-03-02 02:56:01
By Greg Perry It's one of those cold, rainy and dreary days here on the Eastside.  Not fit to be out in, but one of those great dream building days.  Here's some thoughts on a dream kitchen. A good kitchen is not only functional, but is also the social hub of most homes.  When I ask Buyers about their wish list for their new home, a large modern kitchen is normally at the top of their list.  What makes your dream kitchen?  Here are some ideas of the latest trends in kitchen layout and amenities: à       Deluxe cabinetry with all the bells and whistles.  Engineers and designers have come up with hundreds of interior pull out and swing out features that make functionality and storage a dream.  For the exterior, there are many door styles, specialty fillers, bookcases, wine racks, moldings, glass doors and hardwoods to choose from.  Glaze finishes are popular.  Closed grain hardwoods are popular, open grain woods ...
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Tips for you First Time Home Buyers
2007-03-02 02:56:01
By Ryan Jensen So you?ve decided it?s time to buy your own place. Whether you have just finished school, finally got that dream job, and just can?t live at home for a minute longer, you are ready to take that next big step in your life. Personally, working with first time home buyers is one of my favorite parts of this job. It?s fun to work with people that are as giddy and excited about the experience as though it were a first date. There are also lots of questions and concerns about how the process works. But let me tell you, being a first time home buyer is not as difficult as it used to be. If you have a steady job and decent credit, you may find the process a lot simpler than you would have thought. Here are a few tips for you as you prepare to buy your first place. 1)      Make sure your credit is in order. A lender will want to see that you are a responsible debtor. A good rule of thumb would be to have at least 3-4 trade lines (i.e. credit cards, auto ...
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Home Improvement Cost vs. Value (pt3)
2007-02-22 20:54:02
Additions. Here is the third installment of the cost vs. value series.  Today we take a look at expansion...the good kind, not the belt kind.  Adding on to a home can add value to it when it's done where it makes sense.  These two home improvement projects are quite the undertaking so most of you will hire out contractors.  If you are a DYI'er these projects could net you some SWEET tools if you negotiate with your wife properly (email me for tips).  Part tres of our series covers Family room and Master Suite additions.  These numbers are compiled by Remodel Magazine from projects done to homes in the Seattle area.  Resale estimates are based on a sale scenario a year after project completion.  To check out part 1 Kitchens click here, or for part 2 Bathrooms click here. Family Room Addition Project Description: In a style and location appropriate to the house, add a 16-by-25-foot room on a crawlspace foundation with wood siding and fiber...
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More January Eastside real estate stats
2007-02-22 02:52:01
By Greg Perry In January , the numbers for East side real estate were revealing.  These charts show the history for the Eastside, starting in January 2003. These numbers are for residential Eatside real estate only (no condos).  The first graph charts the median price of the PENDING inventory and the available ACTIVE inventory:  (click on graphs to expand) You should notice a general down trend in available inventory over the years, however, the the middle months in 2006 starting in April, started to swell some in inventory.  Inventory dropped in Oct/Nov/Dec.  Look what happens every year at the end of December, first of January. The next Eastside real estate graph charts the Pending sales and the market absorption rate measured in months of inventory.  You'll notice that the we had more ACTIVE inventory and fewer PENDINGS, so the months of inventory rose as the year went on (adding an additional 2 months supply of inventory which means longer mark...
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The Five Critical Areas to Squeeze Out the Last Dollar Part 3
2007-02-22 02:52:01
Critical Area #3        Paint and Floors By Greg Perry If you want your biggest bang for your money, paint!  Nothing tells the Buyer that a home as been well cared for better than new paint.  It freshens the environment both to the eye....and the Buyer thinks it smells clean.  You don't want your home on the market with chipped paint, exposed wood or faded and dirty walls.  Be aware of consumer trends in colors and paint for the next Buyer's taste, not yours!  We can assist you with colors to sell! Floors are another big area that Buyers rate your home on.  Replace worn, dirty, dated or unusually colored carpets and vinyl.  Don't try to sell your house with broken tiles or hardwoods that are in a worn, sorry state.  Speaking of hardwood floors, homeowners are pulling carpets and installing hardwoods at record rates.  A huge draw for a buyer is expansive hardwood floors.  If you are lucky enough to hav...
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The March of the Penguins
2007-02-22 02:52:01
Buffini & Company 2007 Turning Point Retreat The Emperor penguin is a small bird with short wings exclusively used for swimming, 4? legs and a body shaped like a bowling pin.  Every year the emperor penguin walks 70 miles in 7 days to their breeding grounds over some of the most inhospitable land in the world?What in the heck does that have to do with real estate?  Many things were covered in day one of the 2007 Buffini Turning Point retreat, but of them all, I came away with a renewed confidence that we are doing business the right way.  We do things that set us apart from the average agent, though sometimes it?s at the cost of instant gratification.  ?You can?t have the fruits without planting the roots?.  The Turning Point retreat is not about teaching agents how to overcome buyer or seller objections, or anything as shallow.  It's about teaching how to service your clients in a real estate transaction at such a high leve...
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Home Improvement Cost vs. Value (pt2)
2007-02-22 02:52:01
Earlier we looked at the home improvement cost vs. value for kitchens.  Now lets take a look at bathrooms.  Oh, the bathroom...the little room that could, and should!  A bathroom should be a place of comfort, pleasure.  A place to read, meditate or just get away from your significant other...among other things.  Being serious now? lets take a look at what kind of return you can expect when you pimp out the box with the porcelain throne.  These numbers were compiled by Remodel Magazine on projects done in the Seattle area.  Figures are based on a resale scenario one year after project completion. Bathroom Addition  Project Description: Add a full 6-by-8-foot bathroom to a house with one or one-and-a-half baths. Locate it within the house's footprint. Include cultured-marble vanity top, molded sink, tub/shower with ceramic tile surround, low-profile toilet, general and spot lighting, mirrored medicine cabinet, linen storage, vinyl wallpaper,...
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The Five Critical Areas to Squeeze Out The Last Dollar Part 2
2007-02-22 02:52:01
Critical Area #2     Clean and Clutter by Greg Perry Once you get your Buyer into your house, they can be turned off be even the smallest amount odor or uncleanliness.  You'll be able to net hundreds, if not thousands of dollars more if your house is squeaky clean!    Eliminate the clutter.  You're going to move anyway so why not move out the excess now to open up your spaces so your house looks larger?  Many Sellers will arrange temporary storage for their excess.  Eliminate just about everything from your kitchen and bath counters.  Excess also means furniture.  Most people live with too many furniture items which tends to make rooms look smaller.  Remember you want your closets to look spacious, so remove the unnecessary and organize them.  Remove about 3/4 of those knick knacks you love and completely remove collections, ie. doll collections, train collections, etc.  We offer staging advice to our client...
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Seattle and Eastside area utilities page
2007-02-22 02:52:01
Hot off the press...the new Utilities page is up and running.  Click on the "utilities" button on the right hand side of the page to find all of the numbers you'll ever want for your Western Washington utilities needs.  It is broken down by East side area utilities, Seat tle area utilities and Other area utilities.  We'll get you to the people that will hook you up....just don't blame us for the bills! Click here to check it out!
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The January Eastside Real Estate Condo Statistics
2007-02-22 02:52:01
By Greg Perry Here's the January numbers for East side condos.  Touch these charts and you may pull your finger back with a burn!  Condo s continue to maintain their hot pace in the market as they represent the entry level price for Eastside real estate.  For the last few years, entry level condos have achieved a a higher rate of appreciation than any sector in the Eastside real estate market.  Recently I sold a No. Kirkland 1 bedroom condo that a client purchased in 2005 for $100,000.  After just under $10,000 in improvements, sold it for $180,000 after 14 months of ownership! There just isn't enough of them!  Look at the 3 year slide in number of units available.  Like the residential graph, Eastside condo inventory did swell some, and like  residential inventory, dropped dramatically as the 2006 turned into 2007.    You will notice a noticeable drop in the median price of the the Pending inventory.  We'll need to watc...
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The Five Critical Areas to Squeeze Out The Last Dollar
2007-02-22 02:52:01
By Greg Perry    Your best opportunity for selling your property is within the first seven weeks.  There are many studies that show that the longer a property remains on the market, the less the Seller will net.  Here are 5 CRITICAL AREAS to look at to accomplish the goal. CRITICAL AREA #1     CURB APPEAL If a Buyer doesn't like what they see on the outside, they will not go inside.  Clean away all clutter.  Trim overgrown trees bushes away from the house, and especially open up the windows!  Walkways, driveways and sidewalks should be pressure washed.  People love their yards, so make sure the grass is mowed and edged.  Clean away all debris and remove parked cars.  Paint your front door.  Put on new door hardware if it's old and worn and lay out a new "welcome" mat!  The icing on the cake is clean flower beds free of weeds, with a fresh layer of bark or compost, and beautiful blooming...
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Good Credit Tips
2007-02-22 02:52:01
written by Ryan Jensen If I could pick one complaint about what high schools are not teaching teenagers, it?s understanding how one?s credit works. I graduated from high school with about as much understanding of credit scores as I did nuclear physics. Having good credit is so vital in the world we live in today that it is something everyone should have a good working knowledge of. Here are a few basic tips for anyone looking to improve their credit or maintain the high scores they already have. 1)      Despite what people may have told you, credit cards are not evil. They are actually one of the great building blocks towards establishing good credit. I?ve seen many young people who make good money, but can?t get a good mortgage because they have no credit history. It?s a good idea to carry 2 to 3 credit cards that are at least 2 years old. This allows the credit bureaus and lenders to see your ability to make payments over time and how responsible you are wi...
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Rental Scam!
2007-02-22 02:52:01
By Greg Perry Here's an article from our local MLS.  It seems a scammer has figured out how to profit on the rental market!  Internet exposure may be a double edged sword.  Yes the exposure is great, but there is no limit to the creative imagination of scammers!  Could a variation of this be used on a FSBO, or even an agent representing a Seller?  Be careful out there! From NWMLS:  A member was contacted a couple of weeks ago about a rental he had listed on the Internet in Dash Point. He received an email from "Rena Luna" who was being transferred here from Scotland by his company and he wanted the rental sight unseen. His company would send a check for the deposits ($3600.00) plus an additional amount for a decorator to furnish the place. Emails went on for about two weeks when he received a cashier?s check for $8500.00. The "renter" then decided he wanted the "decorator" fee -- $5,000 back -- he would decorate it himse...
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Cost vs. Value (pt.1)
2007-02-14 08:49:02
If you?re like Jennie and I (Jennie's the wife), you are always looking for home improvement opportunities.  While we both enjoy the value it adds to our humble abode, we each have ulterior motives.  You see, she enjoys the comfort and better living the home improvement provides in the end, and I love any excuse for a new tool!  My rationale is always that if we include the tools in the cost of the improvements that upon resale the tools will be virtually FREE! HAHA yes! Now I have data to back up my thinking.  Check out the cost vs. value survey done in the Seattle area by Remodeling Magazine.  The survey compares the 11 most common home improvement projects and is based on a resale scenario a year after the project completion.  Please keep in mind that the location of your house plays the most important consideration of appreciation despite what you do to the shack! Here is part one:  Kitchens. Minor Kitchen Remodel Project Description:&nbs...
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January Eastside Real Estate Stats Are In
2007-02-13 20:48:01
Written by Greg Perry   The January East side real estate stats are in.   Some of these numbers may surprise a few people.  The statistics are for Residential and Condos in MLS areas 500 (South of I-90 through Issaquah), 510 (Mercer Island), 520 (Bellevue west of I405), 530 (Bellevue east of I405), 540 (Sammamish Plateau), 550 (Redmond through Carnation), 560 (Kirkland and Bridle Trails), and area 600 (No. Kirkland-Woodinville-Duvall). In January 2006, there were 4834 practicing real estate agents on the Eastside, in 2007 we had 5208, in increase of 374 agents. In January 2007, the number of ACTIVE listings was greater(2402) than 2006 (2031), but fewer than 2005 (2652). The ACTIVE inventory median prices jumped from $561,442 in 2006 to $585,072. The months of inventory available was barely off the all time low of 2.7 months last year to only 3 months of inventory this year. Market stats compiled by Windermere RE EAST form MLS information.  Click on the ...
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Interest-only loans: Good or bad?
2007-02-13 20:48:01
Written by: Ryan Jensen       When I am working with a client, one of the most common questions I hear is ?Aren?t interest-only loans really bad?? It seems this type of loan, while exploding in popularity, has earned itself a bit of a bad rap. For those of you unfamiliar with the product, an interest-only loan is a fixed or variable 30-year mortgage where the borrower is only required to pay the interest due each month on the principal balance for the first 5 to 10 years. The borrower can pay principal if they wish, but have that as an option. This results in a monthly payment dramatically smaller than a traditional fully-amortized payment.             While I agree that an interest-only mortgage is not the loan to carry on your home for a full 30 year term, it does have it?s usefulness in today?s market. As home prices have steadily risen over the past few years, more people are finding themselves priced out ...
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A personal evaluation
2007-02-13 20:48:01
Written by Greg Perry In our weekly meeting this morning, our broker gave us a Business Evaluation to fill out and contemplate.  I'm blessed in that the office environment that I work in has by and large seasoned, full time agents.  I would bet the average years in the industry here would exceed 15 years.  Most agents here view their real estate business as a business.   Here's the evaluation.  We rate each of these 10 categories 1-10, 10 being the highest: 1.  My business is a self sufficient business mode which is able to weather any market rather than being in survival mode. 2.  I am disciplined in my business rather than being "busy" with non-productive activities. 3.  I always have a strategy to my business rather than a reaction. 4.  My business is built on solid systems which help my business survive. 5.  I make it a priority in my business to exchange ideas with my colleagues, read relevant articles/bo...
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Kirkland Annexation Meeting March 1
2007-02-12 08:46:02
Written by Greg Perry The City of Kirkland is considering the annexation of the Finn Hill, Upper Juanita and Kingsgate areas.  If brought to a vote, the approx. 33,000 residents of these areas will decide if they should become a part of Kirkland complete with services such as parks, police and roads.  The Kirkland City Council invites all interested parties to attend a meeting at the Peter Kirk Community Center  on Marc h 1, 2007 starting at 6:00 pm for an open house and a presentation and discussion starting at 7:00.  To see a map of the area to be annexed, click here. To see the decision making flow chart, click here. To view the most frequently asked questions and answers, click here. We encourage all affected residents to attend these meetings as they could impact the value of your Kirkland real estate values and your basics services.
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