Recent Seattle Times article about declining home prices

A few days ago Seattle Times posted an article about home prices declining in Puget Sound. Sometimes media ads their own twist on things, so I am writing this post to clarify things for you – readers. Prices of homes in Puget Sound have been declining since early spring of 2007.  You can find the copy of the article by clicking here.

Seattle SeaFair Blue Angels Airshow

I checked out Blue Angels air show yesterday. I go every year to watch this awesome show. This year I happened to go to Mercer Island and watch from Luther Burbank Park. This place is great because I did not have to struggle with parking situation and there is a beach and of course, the water, so that if you get hot, you can swim and cool off. There are picnic tables there, so even if you go with kids, you can be comfortable. The view is not the greatest, but it works. I think that the only better way to go about the Seafair, and       4th of July fireworks show at Lake union is to drive a truck or SUV and have your bicycles with you. Park somewhere and ride a bike up close. Any ideas from you? Leave your comments. Thanks

 Pavel Vasilyuk

Seattle Street of Dreams

Two days ago I went to see Seattle Street of Dreams. You would think that the houses would be so nice that a person would want every one of them. Well, it isn’t so. This year the houses are all under two million dollars, where last year they were around five million. Out of the 5 houses showcased, only two are actually nice. One gave me the impression that the builder or designer had no taste in what they were doing. Another one I would’n pay more than a million for it. Last one had great outdoor living area, but lacked in design inside. 

         For those that are planning on going to this year’s Street of Dreams, I have $3 off coupons. All you need to do is email me at Pavel@kw.com, or call me at (206)406-8664 and I will give you as many as you need.

         For current real estate information, newsand listings, visit my websites, whichever you like          www.RealtorPavel.com         www.NWresidences.com     www.IntegrityRealtyCrew.com

            

Alki Beach condos

Today’s post is about Alki Beach in West Seattle. This is one of the few best places to live and hang out if you like to live practically on the beach. Across the street from the beach are different restaurants, bars, cafes, bakeries and more. The beach is sandy in one place, but covered in little stones in another area. On the weekends, this is a get-together spot for friends. Across the water you can see downtown Seattle. This is a gorgeous place.

           Condos in this place are supprisingly affordable. They start at $200,000 and go up to over a million for a really nice one. This is a great area if you enjoy watching the water, boats, and people strolling, jogging, biking down the beach. It’s also great for sunbathing and then cooling off in cool water. You can search for homes in this area on my website NWresidences.com. If you have questions, leave them in comments area, email to pavel@kw.com or call me for a free, no obligations consultation at (206)406-8664.

Seattle Street of Dreams

Seattle annual Street of Dreams is open. For those that don’t know, it is a showcase of top builders and architects, as well as some additional vendors that hosts 80-100,000 people every year and benefits organizations that help children in need. This is truly a magnificent show of talent, creativity and skill in construction and decorating of residential homes. These top homes are for sale at a very reasonable price and all sell very quickly.  2007 Seattle Street of Dreams is located in the brand new community of “Quinn’s Crossing”. Five eco-friendly show homes, ranging in size from approximately 4,200 – 4,750 square feet are featured. The show homes are priced up to $1.975M with each home uniquely designed and displaying the latest trends in architecture, interior design, home technology and landscaping.  Street of Dreams is open daily from 10 AM to 9 PM July 14th through August 19, 2007. Visit SeattleStreetofDreams.com for more information and to buy tickets.

Slowing market in Puget Sound

            I recently listed two houses for sale, and I have to say that it has been an awakening for me. What I personally realized is that homes are not selling so quickly as they used to. One house has been for sale for 60 days, and another one for seventy, and very few people come look at them. No offers to purchase yet. This is totally different from previous years. Further, aggressive pricing does not work in market like this. You have to price the property on the low end of price range if you are serious about selling it.

        We are heading into the buyer’s market. This is unusual for many sellers in Seattle area that have gotten used to houses selling fast without much effort to sell them. Sellers will not only have to price their homes well, but prepare the house to look really good, to appeal to prospective buyers. Inventory of homes on the market has doubled or even tripled, without additional buyers on the market. Staging a home to look like a model home is a good thing to invest into when putting a home on the market. Also, fixing anything that’s broken is necessary. No longer will buyers buy a home that smells ar needs new carpet, unless of course it is priced really low, which is not typical. Most sellers that I’ve seen price the house at the top of the price range and say that they will credit some money for new carpet. That won’t work. Now sellers need to change carpet and possibly paint the house to generate any interest from the buyers. Leave your questions or comments below, or visit my website to request booklets about common seller mistakes to learn more. Thank you.

Pavel Vasilyuk

www.realtorpavel.com

www.integrityrealtycrew.com

www.nwresidences.com

pavel@kw.com

Realtors: Good Vs. Bad

Previous post led me to writing this one. Just because you as a seller are paying full commission for real estate service, it still doesn’t mean you are getting the service you need. All I can say is find out how the property will be marketed to make sure that a buyer is found for it. Ask an agent if they know the kind of buyer that would buy that home and where will the agent find that buyer. If the agent has a good targeted marketing plan that makes sense, then you’re probably getting what you need. If the agent only offers you MLS, flyers, yard sign, and newspaper or magazine advertising, chances are they are just another agent who doesn’t know what it will take to sell your home, and therefore is not a good person to let sell your home. Even if the second agent will generate a buyer for your home, chances are you are not netting the most from the sale of your home, or it’s taking too long to sell your home.

          Your agent shoul also be an expert negotiator, so that he or she may deal properly with the other party to get you the most money and the best terms. Visit my website and read About Me page to find out about two ways of negotiating, and then you will know what questions to ask the agent you are interviewing for the job. That is all. To the next time.

Home sales in Seattle Area

    As a residential specialist in my market, it is my job to know and be able to sell houses in any kind of market. There has been a lot of rumors about prices dropping and etc. Most of this information has been coming from sources that are not involved in Seattle real estate market, and therefore don’t know much about what’s going on in the Puget Sound of our evergreen state. There has also been a lot of talk about internet based real estate companies, that they will soon replace the high cost realtors.

       Well, that is a bunch of bull$#!t.  As a listing agent, I realize that homes do not sell just by being in the MLS or the internet. It takes a marketing expert for that area to advertise the property to the right audience to procure a buyer. That is something that does not happer automatically when the home is put in the multiple listing service or internet.

         Real estate market is a locally driven market, therefore there is a lot more to it than internet. The agent has to research the local market and come up with a source of a possible buyer for the particular property, and then market through various channels to that group of people. That is why the real estate commissions are what they are. Nobody in their right mind would do a job for free. If the agent is charging a small commission, then don’t count on getting this kind of marketing I’m talking about here. They simply are not experts in the market, and therefore the only way for them to get your business is by discounting the commission. Just because you are paying low commission doesn’t mean you are netting the most money from your sale. The only way to get the most money from the sale of your property is to attract the most buyers, and when the offers come in, have a negotiations expert do the job of getting the most money possible.

          The way I make my money is by either providing a great real estate service that results in less hassle, less time, and more money for my sellers, or discounting my commission and possibly getting more listings. The problem with the second option is that I do not provide much marketing to these sellers, because I don’t have time to deal with that. Many companies that follow that business model don’t even negotiate on behalf of their sellers. They don’t have time for low paying job. They want to be compensated fairly, therefore they don’t do much service for the small commission they get. How is that for an eye opener?

          The model I follow is providing the most service for the dollars spent. It takes an expert in marketing and negotiation to net the most money in the sale of real property. I also have to spend my marketing dollars wisely and on the right kind of advertising, so that I attract the most buyers for that home. This again takes expertise in the market. I work every day on different ways to sell those listings, so that I will be compensated for the work that I’ve done. In the slow market, it takes even more work to sell a house. I have a specific marketing plan for every house I list on how to sell it. Of course, I cannot make a buyer for that home, but I have to know where to look for them. That is what separates me from some other bad real estate companies. My service is valued and well compensated for by my sellers. They love what I do to sell their home.

Home loans in default

Recently I heard some scary statistics about home loans, that every twentieth loan is in default. People bought too much of a house and cannot pay the mortgage. A lot of negative amortization loans lead to that. Since beginning of year 2007, more than 60 mortgage banks and brokers closed. The reason was a bunch of bad loans they lended. Wall Street got tired of lending money to bad lending institutions and stopped lending. Banks and brokers were forced to close, as they no longer had money to lend.

     As a result of these bad loans, banks and investors tightened up the requirements in getting a loan, so now many first time buyers need down payment to buy a home.

     Bad loand lead to an increase of sales of foreclosed properties. We are getting into a good time for investing.

Life in Bellevue, WA

        Yesterday I drove to Bellevue to preview the Real Estate for sale by downtown. It is a beautiful area to live in. The sense of nice community with gift shops, restaurants, and of course, the mall with the theater. All of this within walking distance from residential neighborhoods of West Bellevue, Medina, and Enatai. West Bellevue is a nice neighborhood that is in transition from old homes to really nice million plus homes. The Medina is even more upscale because many homes have views of Lake Washington. The least expensive home that I was able to find cost a million dollars, and prices just go up. If you don’t have the kind of money to buy a home, and still want to live by downtown Bellevue, there are new construction townhouses starting around $600,000 for 1500+ sf with attached garage. Bellevue was voted the best city in the State of Washington by CNN Money magazine. I believe it is in the top 100 cities in the United States. It offers plenty of entertainment, shopping, dining, bars and other things. Crime rate is way below national average, so it’s a good place to raise a family or just live a fun life. The shopping mall is incredible. It takes up a few city blocks and has very many stores, restaurants, and a big new theatre with leather seats and great sound. This is a very hip city. Many people drive fancy cars and wear expensive clothes. It is a very desirable city to live in. It is located close to the Cascade Mountains andski resorts. In the summer, you can go swimming, boating, or jet-skiing on the lake. Come to the Sea-Fair and watch hydroplane races. This is and awesome place. Come check it out. Leave your comments about this city or anything you want to discuss or comment. Thanks

Pavel Vasilyuk

www.RealtorPavel.com