King County Market Update- April 2012

Here’s more info:

http://www.housingwire.com/article/americans-committed-homeownership-goals-fannie

This is a trend we are definitely seeing here locally in King County as inventory levels lower than the median price continue to decline.  I have several clients looking to buy their first home running into multiple offer, highest-bidder situations.

We are seeing all the signs of a residential real estate market in transition.  Here’s a graph showing the absorption of inventory in King County below $300,000.  This number is up 101.3% over the same time a year ago.

King County Absorption of Inventory under $300,000

Effective April 1, 2012, RCW 19.27.530 requires the seller of any owner-occupied single-family residence to equip the residence with carbon monoxide alarms in accordance with the state building code before a buyer or any other person may legally occupy the residence following the sale. ¹  This requirement applies to all single family residences, including single family homes, condominiums, and manufactured/mobile homes.

The building code (WAC 51-51-0315) requires that an alarm be installed: (1) outside of each separate sleeping area in the immediate vicinity of each bedroom; (2) on each level of the dwelling; and (3) in accordance with the manufacturer’s recommendations. The building code also requires that single station carbon monoxide alarms comply with UL 2034. ²  There are no exceptions for properties that do not have fuel-fired appliances or an attached garage. The alarms may be battery operated and can be purchased for as little as $25 from a variety of sources.

The building code also requires that single station carbon monoxide alarms comply with UL 2034. There are no exceptions for properties that do not have fuel-fired appliances or an attached garage. The alarms may be battery operated and can be purchased for as little as $25 from a variety of sources.

In addition, effective April 1st, the building code requires a property owner to install carbon monoxide alarms when alterations, repairs or additions requiring a permit occur, or when one or more sleeping rooms are added or created. There has been a requirement to install carbon monoxide alarms in new construction since January 1, 2011.

Last time we were even close to those levels was March 2007.  We are continuing to have steady if not increasing sales demand and declining housing inventory levels throughout our market.

Here’s a link to a local(Seattle area) appraiser’s website that is a good source to watch market data:

http://www.alanpope.com/Feb12/King.pdf

It will be interesting to see if this is an anomaly or a consistent trend.  I have more than a few buyers that are already finding it difficult to find homes that aren’t already having multiple offers.  They’re finding that the good ones go fast.

King County Real Estate Market Update- March 2012

2. Guide to Buying a Home-Complete summary of the home-buying process.  This gives you a bird’s eye view from A to Z on how to successfully buy a home.

3. Broker Bio- A little about how I work and why I am motivated to work so hard for you.

4. 10 Deadly Mistakes- protect yourself from these ten common pitfalls

5. Lender info- Here’s a lender I trust that you can find information about a mortgage or get a second opinion from.

6. Real Estate Market Facts & Trends graphs- It’s crucial more now than ever to know what is going on in the market you’d like to buy in. (to be customized for your target market)

7. Market Summary Comparative Analysis- Summary of what’s currently for sale, what has sold and what they are actually selling for. (to be customized for your target market)

8. List of homes for sale- What is available to buy.(to be customized for your target market)

9. Home Comparison Sheet- Home-buying is a process of elimination rather than selection.

10. Sample copy of Purchase and Sale Agreement contract- Know what you are agreeing to BEFORE you sign it.

11. Guide to Closing Costs- this gives you an idea of the costs commonly associated with buying a home in today’s market.

 For a FREE Buyer’s Packet containing all of this valuable information email Nate at natethornton@windermere.com

Please visit www.NateRealEstate.com for more info or contact Nate directly at 206-235-4611

This information is courtesy of Nate Thornton, Windermere Real Estate/PSR, Inc.

If you or anyone you know needs help with storm cleanup including:
o        Tree Clearing
o        Snow Removal
o        Demolition
o        Structural Temp ups
o        Water damaged items removed

Let me know.  I have some great resources of some contractors and services to help.

Stay safe!

Ice storm damage 2012

What is the current weather map looking like?

http://www.weather.com/weather/map/interactive/47.44260787963867,-122.14752960205078+14526+SE+178TH+Pl%3A%3Aeaf3478acb3b3f0849066c2157c02fe9+98058:4:US?

How is the traffic in the Seattle area?

http://www.wsdot.wa.gov/traffic/seattle

What about the road conditions?  Which ones have been de-iced?

http://web1.seattle.gov/sdot/winterweathermap/

What are the hourly predictions for temperature, precipitation, etc? (Also tuned into our zip code)

http://forecast.weather.gov/MapClick.php?lat=47.43560&lon=-122.11400&unit=0&lg=english&FcstType=graphical