Pending Sales up in May Year-over-Year in most of Seattle by Rebecca Carlson

According to the NWMLS, pending sales of residential homes was up in May 2011, compared to May 2010, for most of the main neighborhoods in Seattle.  One of the ‘hottest’ areas was MLS area 380 – which encompasses Mt. Baker, Columbia City and Seward Park (among others).  Pending sales were up 61% in May 2011 compared to the same month in 2010!   71 units were pending in area 380 in May this year, versus 44 units  in 2010.  Area 390 (Capitol Hill, Madison Park, Madrona) was a close second at 60% increase year over year in May.  And, in third place is West Seattle (area 140), with 48% increase and the highest number of units (151 units pending).  It’s also interesting to note that the average days on market of these pending sales is lower in 2011 than in 2010 in two of the three mentioned areas above (area 140 & 390).  This matches the sentiments of many Realtors this past month who have seen multiple offers on many properties, some selling in just a day!  In fact, this surge in pending sales has left many buyers out there frustrated by the lack of good options right now.  While buyers are still very ‘picky’, well-appointed homes are selling quickly.  If you are a seller hesitant about the market, you might want to reconsider! 

Email me at rebeccacarlson@cbbain.com if you’d like a copy of the entire report.

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Tighter Rental Market could make it a Better Time to Buy by Rebecca Carlson

A few months ago, I wrote about how the rental market is tightening up in Seattle.  Since then, a few new stories have surfaced reinforcing the fact that it’s harder for renters to find what they want.  In a March 15th Seattle Times article entitled “It’s landlord’s time in rental market” by Elizabeth Economou, she states that vacancy rates are now at 2007 levels.  And, as prices go up, incentives are going down.  “The rental market is changing quickly from a renter’s market to a landlord’s market…Vacancy rates in highly desirable neighborhoods, such as Capitol Hill, Queen Anne and Fremont, are about 3 percent, the lowest in Seattle…”  There are many things contributing to the tightening rental market.   One of the contributors is the lack of new apartment developments under construction, as well population growth.

In a recent CNNMoney.com story, they looked at 10 cities across the country to determine which cities were better to buy or which ones were still best to rent.  Seattle was rated as a “buy”!  Based on our historical average price gains in homes, and the price reductions in homes over the past few years, they believe that renters should considering buying than renting.

Of course, no matter how great the real estate market may be for buyers, not everyone should become a homeowner.  Beyond the obvious things, such as bad credit, or unstable work situation, if you don’t plan to live in the city you are currently at for more than two years, renting is the best way to go.  If you are not sure what to do, a reputable lender can help you look at all of the costs to determine the best scenario for you!

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10 Things I Love About Seattle by Rebecca Carlson

In the July issue of “Seattle Metro Magazine”, they list their Top 100 Reasons to love Seattle.  I’ve lived in Seattle for over 20 years and thought I’d share some of my top reasons.  Here are 10 (in no particular order): 

1. So many great restaurants, so little time!  We are definitely a city that loves to eat out.  (me included!)  No matter where you live in Seattle, there’s a great restaurant.  And, just when you think you have hit them all, another one pops up.  I guess that’s why we are one of the best cities in the country to start a new restaurant!
2. The water and views of water.  Whether you like a salt water view or a lake view, we’ve got them! 
3. Speaking of water, I love the West Seattle Water Taxi. 
4. Summers in Seattle.  Yes, we have to put up with long, dreary winters, but it’s soooo worth it! (ok, except this summer, which has kind of sucked the past few weeks!)
5. Proximity to Canada.  I spend a lot of time in Whistler and Egmont, and love that we’re just a few hours from Beautiful British Columbia!
6. Our liberal views.  Being one the least religious cities in the country probably has something to do with this, but I love our progressive, open-minded attitudes.  (well, at least most of us — although we aren’t perfect!)
7. Being eco-friendly is a normal way of life here.  Whether it’s the recycling nazi’s who will fine you for not recycling enough of your garbage, or all of the cool salvaged goods stores like Earthwise and Second Use, it’s hard not being eco-friendly.   In fact, it’s almost gotten to the point where if you don’t compost and recycle you get the “Scarlet Letter” written on your eco-friendly, organic t-shirt.   (instead of “A” it’s “R” for Recycle!)
8. So many amazing neighborhoods.  For those of you who follow my blog regularly, you know my favorites.  But, for you newbies, here are just a few I never tire of visiting:  N. Admiral (West Seattle), Mt. Baker, N. Capitol Hill, Sunset Hill (Ballard), Queen Anne, Washington Park, Magnolia and Bryant.  (ok, that’s more than a few, but there’s just too many I couldn’t stop!)
9. The Space Needle.  While I think it’s too expensive to pay for the elevator ride to the top, I love how it’s such an iconic symbol of our city.  And, it’s such a beautiful part of our skyline view. 
10. We have a lot of rich people in this city, but you’d never know it.  We don’t have a lot ‘old’ money like you find on the East Coast, which gives us a more laid-back attitude about money.  Thanks to companies like Microsoft and Amazon (just to name a few), we have a lot of millionaires, many of whom drive a Prius and strut around the city wearing their nylon rain jackets.  (ok, so we may not be the best dressed city out there.)

In writing this, I  realized it’s hard narrowing it down to just ten.  And even now, I’m wondering if I should change a few out.  But, there it is!  I’d love to hear your thoughts on Seattle and what you love the most about it.

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Huge price gap in North Capitol Hill right now by Rebecca Carlson

If you are looking for a great home priced in the low million dollar price range in N. Capitol Hill, there’s nothing available in single family homes right now. While December tends to be a slow time of the year, there were definitely buyers out there looking for their dream N. Capitol Hill home. If you are considering listing your home in the $900K – $1.5M price range, early January would be a great time to do it. There is no competition and there are lot of buyers looking. Take the time now to get your home ready to sell so it is in tip-top shape. Homes priced in the low $900’s have done very well over the past few months, but the right homes can easily command $1MM+ prices in this amazing neighborhood. Take advantage of the pent up demand by timing your listing so it’s first on the market at the beginning of the year, priced appropriately and well-staged. This could make all the difference in ensuring you sell your home quickly at the market price you want!

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