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Survey Reveals Notable Decline in First-time Buyers
While over a month old, this is interesting. I wonder: how does the percentage of hopeful first time home buyers compare to years past? Given that first time home buyers are typically younger, is their decline because homes became less accessible to them, or could it be that they are less interested in purchasing, due to aversion to risk (they have seen that depreciation is possible), they have more of a “sharing economy” mentality, or some other factor?
National Association of Realtors, www.realtor.org
Seattle Real Estate Supply according to the cranes
Been thinking about how much the construction cranes tell us about housing inventory in Seattle. The red and white cranes to the right are building Insignia; the only significant condo project coming out of the ground. The rest of the cranes represent new jobs (commercial office) and non-owner occupied housing units (apartment buildings) in South Lake Union. Through this lens, the strong seller's market makes more sense.
Rent or Buy?
Hiring
ThriveSeattle (my real estate business) is growing! Thanks to so many of you, I am being asked to serve more and more great people. Thank you!
I am looking for someone to help Kenna (my Operations Director) so that I can focus on strategy and negotiations while backed by a smooth-running office operation.
So, if you know of someone you think would thrive within my team, please send them my way.
First and foremost, I am looking for the right type of person:
-obsessed with customer service
-extremely well-organized
-high capacity for detail
The work will begin as:
-part-time, hourly position; approximately 1/2 time
-physically in-office at Windermere Lakeview; 1920 N. 34th Seattle 98103
-real estate license not necessary
Then, we’ll see where we go:
-I appreciate that some people might prefer for the job responsibilities to remain the same. As long as we have a good fit, I would love that type of consistency. Warning: if it works well, I will likely want this to become full-time.
-I also respect and applaud the desire to grow, so will support a career path into real estate agency
To start, I am looking for help with:
Listing Preparation
-coordinating pre-inspections, vendors, stagers, photographers, marketing placement, etc.
-interaction with title company and affiliated businesses
Transaction coordination
-interaction with title and escrow
-coordinating vendors (inspectors, movers, etc.)
Supplies and basic admin support
-listing packets, marketing material procurement, etc.
That’s it. Thanks!
Windermere Cup
Windermere Cup Shore Party
Saturday, May 3, 2014
Best view on the shore!
Entertain your friends, family, and clients at this exclusive shore party, where you’ll enjoy prime viewing of the Windermere Cup races and Opening Day boat parade from the northeast shore of the Montlake Cut (next to the UW waterfront activities center). Don’t miss it. Come for all or part of the day.
$40.00 ticket price includes: continental breakfast, lunch buffet, beverages (including beer and wine), and souvenirs.
Shore Party Schedule of Events:
-9:30 a.m. Continental Breakfast
-10:00 a.m. – 11:45 a.m. Races (Watch as more than 800 athletes, ages 14 – 70, compete.)
-11:45 a.m. Lunch Buffet
-12:00 p.m. Seattle Yacht Club’s Opening Day Boat Parade
Enjoy one of the largest boat parades in the world.
This year’s theme is Toys Ahoy!
I would be happy to have you as my guest. If you are interested in joining me, please let me know so I can take care of the tickets. Email or call at mdoyle@windermere.com or 206-669-0203.
Can you find the Rainier…
Compliemtns of Cleary O'Farrel Photography; best use of Rainier box in a real estate photo. Can you find it?
Where Prices are Headed over the Next 5 Years?
This seems like one of the most balanced approaches to real estate price prediction: Where Prices are Headed over the Next 5 Years?
King County Supply Map February 2014
Well…this pretty much speaks for itself, but…influx of high-paying jobs + rising rates + rising prices. Contact me to talk through your ideas/situation.
Curious about Seller Financing?
I was recently asked by a buyer friend/client about whether the owner of an un-built lot that interests him would consider seller financing. Here are some things to consider:
-most banks don't offer land loans. It makes sense when you consider risk from their perspective. Unimproved land (lots) are more risky because without homes on them, they are far less liquid than properties with homes on them (improved).
-smaller local banks are more likely too; they "know" what they are lending on better than the bigger guys.
-most sellers want to sell because they want a lump-sum payment in order to buy something else, fund retirement, etc. While there are some exceptions – people who don't know where they would put cash if they get it because they don't want to buy more real estate and don't like stocks/bonds – most sellers turn to seller financing as a 2nd option. That is, if they can at least get someone to pay them a down payment and then monthly payments, they'll be getting some value out of their asset, but…they'd rather avoid the hassle and get the money quickly.
-so, if they think you can get approved by a lender, they will prefer that.
-and if they think you can't get approved by a lender, they will consider you a higher than normal risk, and will want to charge you more for the loan (higher rate).
-so, most buyers who are able to get loans end up doing so.
-call with questions!
Argument that housing is actually underpriced
Interesting presentation Wednesday at Windermere Premier Properties Breakfast. Gardner acknowledges potential economic issues (more national than regional) and posits that home prices in the Seattle Market may be underpriced v. the trend line. My take: that is likely true for some properties, and appreciation may cure all, but…in this market of low supply/high demand, there is always the risk of over-payment. Said more clearly, I think the value is there on a lot of the transactions out there, but…some of the new owners will need many years of appreciation to protect them from the risk of having to sell what they’ve bought in a Buyer’s market. Advice: It is OK to pay top dollar for a great property…but be mindful of resale value.
