Seattle & Eastside Market Report for March 2019

After King County home prices fell to a two-year low in January, the market is already showing signs of a rebound. With more inventory available, buyers now feel like they have something to shop for. Inventory = Opportunity. Not shown in the year-over-year stats: February saw multiple offers returning in some areas. While prices are down from this time last year, the current market is healthy for both buyers and sellers, and having an experienced agent who can translate year-over-year stats vs. real-time conditions is critical. Want to know more? I also have reports for Snohomish and Pierce counties as well.

SPRING SUPPLY AND DEMAND IN SEATTLE AREAS

By Chris Doucet 

I start every morning (early, about 4:30 am) by jumping on the Multiple Listing Service and checking on new inventory for all of the many market areas where I work. This area encompasses north to Mukilteo, south to Normandy Park and Seattle east to Sammamish. A broad area, I know, but one where my clients take me. It has been a point of discussion in many of my agent groups that the pickings are slim and the spring listing rush has not yet begun. It is widely known that, historically, spring is the best time to list and sell a home. Flowers are popping up, lawns are green and we are favored with a few more hours of daylight. Every year there are more people who get an early start and list in February. So far, that hasn’t happened and we are now into the 3rd week. Granted, we have been digging ourselves out of a historically long snowfall but this is unusual. 

Yesterday, in 9 market areas there were 3 new listings in a 24 hour period. 

Why should this be so when the interest rates have decreased and the buyers are out of the holiday hiatus? Prices have stabilized to a more balanced market so perhaps greedy sellers are not as predominant, but this is crazy. 

It is the old adage of Supply and Demand. We have buyers but not sellers. The few properties that I have listed over the last few weeks are getting tons of interest and multiple offers. Multiple offers are not a thing of the past, they are happening RIGHT NOW. 

If you are a seller, get that home listed NOW before everyone else does who is dragging their feet and waiting for spring to arrive. Take advantage of the demand without the competition that will invariably appear in mid March and April. 

The early bird gets the best buyers

The Compass Concierge Program

How It Works:

• Our team will develop a tailored project plan with suggested home improvements and updates to prepare your home for the market.

• You will contract directly with home improvement service providers.

• Compass Concierge will pay the associated cost for home improvement work performed subject to your agreements with home service providers.

• At the closing of the property, Compass Concierge will collect a fee that covers the cost of the work performed.

Key Eligibility Criteria & Restrictions:

• The program is available to all sellers with an exclusive Listing Agreement with Compass. 

• Prospective sellers interested in participating in the Compass Concierge program must review and execute the Compass Concierge Service Agreement outlining the program services.

• Properties that are short-sales or foreclosures are not eligible for the program. Structural or construction services will not be covered

• Payment for Services:
  Invoices should be sent to your Compass Agent for payment by Compass. 

• When your property closes during the term of the Listing Agreement, Compass Concierge will issue an invoice reflecting the total cost of services rendered. 

• Payment for the program services will be collected using your preferred payment method at the earlier of (a) the actual closing of the property or (b) the one-year anniversary of your participation in the program.

• In the event that your property does not sell or the Listing Agreement is terminated for any or no reason (including the property going off market), Compass Concierge will collect any actual costs incurred by the home improvement work performed (within 15 days).

Interested in more information for The Compass Concierge program? I would love to assist you. You may call me at 206.819.4663, email me at Chris@SeatlesGreatestHomes.com or fill out the form below!

#MiniMarketReport: The latest numbers are in, but what’s the real story?

#MiniMarketReport: The latest numbers are in, but what’s the real story? Inventory is growing, but prices are still higher than they were this time last year. Thinking of selling? The market is very strong with trade up buyers looking and new hires coming to the area. And for buyers, this is your chance to finally have some choices. We have the market knowledge and expertise to help you succeed in this market. Reach out if you’re ready for a new home in the new year! #CompassEverywhere #FindYourPlace #ClientsFirst

Sewer Issues: Regardless of the condition of the home, I always recommend a sewer scope to a home purchaser.

Sewer Issues 

When I became a real estate agent, I never expected to spend hours watching sewer scope videos on YouTube. Unfortunately, it has become routine. 

Recently I have represented both buyers and sellers on homes build between 1900 and 1940. All of these were in Seattle, where clay and concrete sewer pipe was common. Years of earth movement and root intrusion and the aging of these pipes can created blockages and offsets that can cause backups into home basements, lower levels, or allow raw sewage to flow directly into the earth. 

“Regardless of the condition of the home, I always recommend a sewer scope to a home purchaser. “

A surprise to most owners, they are responsible for the line to the city main that is usually in the middle of the street. Sometimes this can be a long line. Many times, sellers are unaware that they have an issue until a scope discovers one. 

The scope is inserted into the clean out at the home (you should know where this is) or a lower level toilet can be pulled to feed the camera through. Root intrusion can be jetted out but pipe cracks and displacement can be an expensive fix with either replacement or re-lining. 

Sewer companies recommend a product called Root X which helps with keeping the lines clear. 

If you have large trees or abundant vegetation of the property, a small displacement can cause big problems. 

Here is a link provided by the City of Seattle. 

http://www.seattle.gov/util/MyServices/DrainageSewer/YourPropertysSideSewer/index.htm

Please let me know if I can be of any assistance in recommending companies who do sewer scopes or repairs.