Why NOW is the Best Time to Sell Your Home

sell

Between there being little inventory available in Anacortes and its surrounding areas and rising prices and interest rates, buyers often waste little time looking and want to purchase a home fast.

A recent profile of home buyers and sellers by the National Association of Realtors (NAR) indicates that homes are selling in about four weeks and for roughly 98% of the listing price, despite prices being about 6% higher.

If you are considering selling your house in the near future, contact us today for a complimentary and no-obligation market analysis of your property.

Jean Groesbeck & Assoc. LLC proudly serves the counties of Skagit, Island, Whatcom and San Juan and Team Groesbeck is available daily at (360) 941-3734, Jean@JeanGroesbeck.com, or stop by our office is located in Old Town Anacortes at 809 7th St.

Spring 2016 – Real Estate Newsletter

Every quarter, Jean Groesbeck & Associates brings you a Real Estate Newsletter with the latest news and trends in our current Real Estate market in Anacortes and the surrounding areas.

Here is our Spring Real Estate Newsletter. Feel free to share with your friends and family!

Baby Boomers in Anacortes

It seems that nowadays, most of the luxury buyers in Anacortes want durability and low maintenance in a home. Retirees or part-time home owners not only want move-in ready homes, but also low maintenance landscaping, and durable and easy to maintain interiors. Many home owners are replacing carpet with tile or vinyl… YES VINYL! New vinyl flooring that looks so much like real tile or wood that you can not tell the difference unless you touch it and it is a breeze to clean. Engineered wood flooring is also being favored over real hardwood because it is more durable, easier to maintain and it also is Eco-friendly!

Because the luxury market in Anacortes is dominated by baby boomers (born 1946-1964), we see an increase in the demand for main level living homes with views. Jacuzzi tubs are no longer in vogue, and boomers opt for easily accessible showers with multiple shower heads and/or steam. In two level homes, we see buyers prefer a master suite on the main level and a second suite in the upper level where they can enjoy more of a view with the idea that as they age, they can use the suite on the main level to avoid stairs. Another trend is homes built with closets aligned on each level to accommodate an elevator in the future.

Even if you are not old enough to be a baby boomer, you might want to consider these trends so that you are able to enjoy your home for a long time and age in place or even make your home more appealing when you list your home for sale in Anacortes.

If you would like more tips on how to make your home more appealing to the current luxury buyer’s market in Anacortes or if you would like to make improvements to age in you current home with ease, please let us know! We are here to help.

Info@JeanGroesbeck.com

(360) 941-3734

809 7th St Anacortes, WA - (360) 941-3734

809 7th St Anacortes, WA – (360) 941-3734

2015 was a Home Run year for Skagit County

2015 was a great year for real estate in Skagit County.

Take a look at our 2016 Winter edition of Real News! We will tell you why 2015 was a “Home Run” year for our market and we will discuss if the real estate market in Skagit County will continue to improve in 2016.

Interested in market statistics for your area? Let us know! we will gladly share the information with you. Call, text or email us today!

 

(360) 941-3734

Info@JeanGroesbeck.com

809 7th St Anacortes, WA - (360) 941-3734

809 7th St Anacortes, WA – (360) 941-3734

2016 Forecast Highlights for the Puget Sound Region

2015

The 2016 housing market in our area is expected to be fast paced and of solid growth. Here are some market highlights in the Greater Puget Sound Region to support this idea.

1. There have been 174,000 people that have exchanged their out of state driver’s licenses for Washington state licenses in the last 12 months. Assuming there are two drivers per household, that’s 87,000 new households moving to Washington. Roughly 75% of those moved to the Greater Puget Sound region, more than 60,000 new households in Seattle-Everett-BellevueTacoma area.

2. In the last 12 months only 7,500 single-family building permits have been issued.

3. Unlike the last fast-paced market (2003-2007) there is not an overbuilt situation (see #2) allowing for speculative buying and flipping.

4. Unlike the last fast-paced market, buyers must be qualified to obtain a mortgage and second home mortgages are requiring more than 20% down.

5. There is more than 8,000,000 square feet of office space under construction in the Puget Sound Region. Of that, 70% is pre-leased. a. Assuming 110 square feet per employee that means employers are planning to hire more than 70,000 employees in the next 3 years. That is in addition to those who moved here in the last 12 months (see #1 above).

6. Delta Airlines’ location of an international hub at SeaTac will add $10 billion in construction work over the next 8-10 years as SeaTac adds 35 new gates for Delta’s hub. At completion and full utilization that can accommodate more than 840 incoming and outgoing flights per day and upwards of 10,000 new jobs for pilots, flight officers, flight engineers, airline mechanics, etc. All high-paying jobs.

7. While the Fed increased its internal interest rate from 0% to 0.25% a couple weeks ago, it has had almost no impact on home mortgages. That is because the increase was for banks borrowing money from the Federal Reserve and not home mortgages. Home mortgage rates will increase slightly throughout the next 2 years, mostly because demand for housing will be greater than supply.

So yes, we think the 2016 market will be at least as fast-paced as 2015, and the 2017 market will be slightly less fast-paced as more single-family and condominiums become available late 2016 and into the 2017-2018 periods.

(source Coldwell Banker Bain/Seal)

If you would like more information on the current real estate market statistics in your area, please let us know. We will gladly share this information with you and answer any questions you might have on the current market trends in your area. We have access to real estate market information in all counties in Washington State. Call, text or email us today!

 

(360) 941-3734

Info@JeanGroesbeck.com

809 7th St. Anacortes, WA 98221

809 7th St.
Anacortes, WA 98221

More Good News for the Anacortes Real Estate Market!

Here is the latest information on the real estate market provided by the NWMLS:

Home sales for 2011 finished much stronger than they started.  According to the figures from the Northwest Multiple Listing Service, pending sales in the fourth quarter of 2011 out gained the first quarter of 2011 by 21 percent.

Pending sales for December 2011 also increased by 20 percent from the year before.  Also, both November and December 2011’s pending volume exceeded the total number of new listings.  A disproportion like this has not occurred since November of 2006.

December 2011’s closed sales also surpassed the totals recorded from December 2010 by 7 percent.  Prices continue to come down, due in a large part, to the  many distressed typically low-priced  properties on the market.

In addition to low prices, there is also little inventory in the marketplace with a 17.2 percent decrease in the amount of active listings in the MLS database from December 2010 to December 2011.  The inventory in Seattle  is also down 30 percent from the previous year.

The combination of shrinking inventory with favorable financing is causing some areas to lean toward a seller’s market, as measured by the supply of homes.  Currently there is about a five month supply of homes, which is usually considered a balanced market for both buyers and sellers.

This bodes a happy 2012 for the real estate community!

Statistical Summary by Counties: Market Activity Summary – Dec. 2011

Single
Family
Homes

+ Condos
LISTINGS PENDING
SALES
CLOSED SALES
New
Listings
Total
Active
# Pending
Sales
# Closings Avg.
Price
Median
Price
King 1,552 7,472 2,060 1,849 $359,912 $291,000
Snohomish 763 3,249 1,013 846 $252,144 $222,750
Pierce 846 4,280 923 791 $199,071 $175,199
Kitsap 202 1,403 201 201 $259,441 $228,000
Mason 47 590 47 39 $156,752 $133,800
Skagit 125 863 100 101 $216,803 $200,685
Grays Harbor 102 735 52 60 $133,550 $117,500
Lewis 78 613 48 46 $142,388 $117,750
Cowlitz 74 472 57 59 $138,786 $140,100
Grant 61 470 35 36 $160,490 $146,450
Thurston 211 1,324 230 228 $226,824 $212,000
San Juan 17 329 13 18 $442,235 $361,000
Island 92 739 67 79 $259,915 $215,000
Kittitas 44 398 39 36 $201,072 $177,995
Jefferson 35 435 23 34 $188,685 $152,500
Okanogan 31 349 15 11 $136,666 $117,000
Whatcom 131 1,267 152 170 $236,790 $219,000
Clark 22 191 29 28 $187,891 $170,500
Pacific 31 347 21 23 $176,752 $137,000
Ferry 2 58 1 1 $250,000 $250,000
Clallam 37 365 41 34 $210,326 $194,900
Others 101 690 70 51 $220,919 $169,900
MLS TOTAL 4,604 26,639 5,237 4,741 $276,009 $225,000

*This information is provided courtesy of the Northwest Multiple Listing Service

We would love to help you with your real estate needs whether you are looking to buy or sell a home. For more information on Anacortes real estate, please contact Jean Groesbeck or Linda Harris!

Contact Jean Groesbeck – Jean@ColdwellBanker.com or (360) 941-3734
Contact Linda Harris – AnacortesRealEstate@gmail.com or (360) 202-8888

What We Can Learn From Black Friday

 

You most likely saw the thousands of shoppers lined up outside of stores to take advantage of advertised bargains on Black Friday.  Shoppers stormed the stores scooping up bargains and the frenzy generated excellent sales results (if we ignore the injuries that occurred again this year).
 
The consumers were so anxious to spend money on bargains, and the stores were so anxious for sales, Thanksgiving was transformed into Black Thursday for some retailers!
 
What does this have to do with real estate?  To me, it proves that consumers that have jobs and/or disposable income want to start buying again!  As one reporter said, “People have been shopping out of their closets for 3 years and they are not willing to keep to doing it.”
 
It use to be that supply and demand controlled our economy, and although they factors still control pricing, the stimulus to purchase has changed dramatically.  Consumers are fearful of spending and we don’t see buyers purchase until the consumer’s individual demand exceeds the fear of parting with their money.  That is what we saw on Black Friday and what we see in real estate.
 
The pent of demand for those advertised bargains was obviously huge, as is the pent up demand for homes.  We have never seen so many people that WANT to move.  You probably know someone that says they want to downsize, move closer to family, or move to a better home.  What is stopping them?  Not the real estate market, but their fear of parting with their cash or the fear of taking on debt.  However when we see aggressive pricing of homes for sale, the type of pricing that occurred on Black Friday in the retail industry, we see multiple offers with stiff competition among buyers looking to scoop up bargains.
 
Retailers can get people to buy by announcing that prices are only in effect for a particular length of time.  Home sellers don’t have the exact same luxury, but savvy home buyers are well aware that interest rates have ticked up and even the slightest movement means tens of thousands of dollars of interest.
 
Home sellers need to pay heed to the lessons of Black Friday and realize that there are a lot of buyers out there and the buyers really want to buy.  But they will only buy if they feel that see a tremendous value that will not last…in others words the house has to be priced to the point where the buyer feels that they must jump up and buy it now before someone else does.  If they think this is the typical “sale” price, they will not see an incentive to act now and will wait to see if something better comes along even it means they wind up shopping the sales after Christmas when there is less inventory.
 
What can buyers learn?  When you see what you want at a good price you better jump in and buy it.  The “sale” prices will not last forever, and if you lined up outside of Best Buy for the TV steal of the century and didn’t get it, you also missed getting the great sales at all of the other retail outlets and will wind up paying more or settling for fewer features.  Prices in Anacortes are not going to increase next year, but interest rates most likely will. 
 
If you are looking for the Black Friday of real estate, it is today.  Inventory is good, interest rates are low, and prices are incredible.  Sellers-price to stimulate action out of buyers.  Buyers-when you see at a great price you should buy it because you could pay more and if interest rates go up, you will pay dearly.
 
Real estate agents….we add the incredible power of advertising, especially the internet.  A great price and wonderful features of a home need to be communicated in the appropriate way through broad local, regional, national, and international advertising.
 
If you like to see a pricing model for your home for a sale in 60 days, 90 days, and 120 days, along with the most comprehensive marketing program in NW designed to reach home buyers, then please give me a call at 360-941-3734 or email Jean@ColdwellBanker.com

Motivated buyers returning to the housing market

FOR IMMEDIATE RELEASE                                                                                    February 3, 2011

KIRKLAND, Wash. (Feb. 3, 2011) – Dramatic increases in open house activity and shrinking inventory are fueling optimism among members of the Northwest Multiple Listing Service. Commenting on the just-released M L S report on January’s housing activity, one director stated, “There is a strong belief in the industry that the worst is behind us and we can look forward with confidence.”

Members reported 5,393 pending sales (mutually accepted offers) of single family homes and condominiums during January. That compares to 5,579 pending sales for the same period a year ago, and marked a big gain from both January 2009 (4,353 pending sales) and January 2008 (4,499 pending sales).

Distressed properties are making up an increasingly greater share of sales than a year ago, and that trend is expected to continue.  Noting the sales price for distressed properties could be 20-to­30 percent less than for normal sales, it’s no surprise that a greater percentage of low-priced distressed properties is pulling down the median price.

Members also expect more balance, with sales more evenly distributed during the year, unlike 2010 when sixty percent of their sales occurred in the first half of the year.  Also predicted are closed sales will increase year over year, while at the same time pending sales might decrease year over year. This is the result of a higher percentage of pending sales actually closing citing various factors. Banks are better at short sales, brokers are better at short sales, appraisal issues are less frequent, and lending standards are becoming more stable.

Accurate pricing is paramount. Sellers are learning there is a small window of opportunity to have consumers sees their home before ruling it out and moving on.

Our advice to buyers in today’s market is to get pre-approved prior to starting their home search in order to avoid any delays that might result from the new lending standards process, this way buyers are ready to act quickly when they do find a home on which to make an offer.  Pricing must be comparable with the other properties that have recently sold in their local area and the home must be in pristine show condition from day one.

Several other NWM LS directors commented on the impact of distressed properties:

  • We still have the better part of the next five years to work through short sales and bank owned property but this is a start.  The statistics from January 2010 were an anomaly due to the tax credit, and even though last month was down in many respects compared to last year, it better reflects the true market. It is good to start a new year off without any government incentives and is hopefully the start of returning to normal.
  • Some owners are opting to rent their homes as the market recovers. As demand increases and rents rise, investors are returning.  Also emerging is a new group of renters – past owners who lost their home to foreclosure or short sale, he noted, adding,  These renters are willing to sign long-term contracts so they can get their credit rating repaired. They are looking at a very long term commitment to renting to help them save money and recover from their loss.
  • Buyers are reluctant to look at distressed properties not because of the characteristics of the property, but because of the process. Long delays with lenders regarding the sale of distressed properties a major choke point.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service M LS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.
We pride ourselves, here at Coldwell Banker Island Living, with providing you the latest market news.  Let us place our expertise and experience to work for you.  Call the office today at 360-293-4511 to discuss your future plans.

"Value-Hunters" seizing opportunities to buy more affordable homes

Excerpts from Press Release from the NWMLS. 

KIRKLAND, Wash. (Sept. 3, 2010) – Value is what’s selling in the current housing market, according to members of Northwest Multiple Listing Service. Commenting on the MLS report summarizing August activity, directors agree conditions continue to favor buyers, although one industry official cautioned a looming change in mortgage insurance premiums could erode purchasing power.Members reported 6,037 pending sales last month, the highest volume of mutually accepted offers since April when buyers scrambled to beat a tax incentive deadline. Last month’s volume was down nearly 20 percent from the same month a year ago when members reported 7,539 pending sales, but the total was up 8.4 percent from the number of transactions (5,571) notched during July.

Prices on last month’s closed sales of single family homes and condominiums (combined) were down slightly (2.35 percent) from a year ago. The median sales price for last month’s 4,211 completed transactions across the 21 counties in the MLS system was $269,450. That compares to a year-ago median price of $275,945.Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington around Western and Central Washington.

For single family homes (excluding condos) the median price was $275,000, down 3.5 percent from a year ago. Prices increased from 12 months ago in nine counties (Clark, Grays Harbor, King, Kitsap, Kittitas, Mason, San Juan, Skagit, and Thurston), led by San Juan (up 23.8 percent) and Mason (up 20.8 percent).

In King County, which accounted for more than one-third of last month’s closed sales of single family homes, the median price was $380,000, an increase of 1.3 percent from the year-ago figure of $375,000.

Along with lower prices and record low mortgage interest rates, buyers have abundant inventory to consider, further bolstering their bargaining position.

NWMLS members added 9,533 new listings to inventory last month. The mix included 8,172 single family homes and 1,361 condominiums. With these additions, the number of active listings at month end totaled 44,186, an increase of 6.4 percent from a year ago. Sixteen counties reported larger inventories than twelve months ago.

To see up to date real estate stats on ANACORTES,  CLICK HERE

To see up to date real estate stats stats on LA CONNER,  CLICK HERE

To see up to date real estate stats stats on OAK HARBOR OR WHIDBEY ISLAND,  CLICK HERE

To see up to date real estate stats stats on GUEMES ISLAND,  CLICK HERE

To see up to date real estate stats real estate stats on SKAGIT COUNTY,  CLICK HERE

To see up to date real estate stats real estate stats on SAMISH ISLAND,  CLICK HERE

 

Housing Market in Washington State Indicates Recovery

KIRKLAND, Wash. (March 4, 2010) – Northwest Multiple Listing Service members reported strong gains in home sales during February, with brokers pointing to several encouraging signs for a busy spring season. Improving consumer confidence and a looming deadline for homebuyer tax credits are helping to boost activity, according to NWMLS officials.

“We are entering what is traditionally our busiest home selling season,” said NWMLS director. The NWMLS director also reported “significant traffic” at open houses, which he attributes to the first-time homebuyer tax credit and rising consumer confidence.

Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to a year ago, marking the 11th straight month of month-over-month increases. Closed sales also outperformed year-ago totals, rising 33.5 percent. Members tallied 3,214 completed transactions last month, up from the 2,407 closed sales for February 2009.

 MLS members added 10,663 new listings to inventory last month, bringing the total number of active listings in the system to 36,350. That total is down 7.5 percent from the same month a year ago, creating a more balanced market that favors neither buyers nor sellers.

 Move-up buyers are accounting for some of the surge in activity. Brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and thawing jumbo loan market as factors in spurring activity for this segment.

 Interest rates on jumbo loans fell to 5.79 percent on a 30-year fixed-rate loan in the past few weeks. That’s a five-year low, according to Informa Research Services, whose clients include the nation’s top 25 banks.

Noting the peak real estate season is approaching, the MLS director pointed to several encouraging signs. “Homes are more affordable, mortgage rates are at all-time lows, and employment in the state appears to be on the rise,” said the MLS Director.

“All signs point to a strong spring,” she added.

 Earlier in the week, the state Employment Security Department reported the state’s economy “picked up some steam in January,” adding an estimated 12,400 jobs – the first monthly gain since November 2008. The plethora of shorts sales and foreclosures has diluted the price point of many homes that are selling, making appraisals more challenging. Buyers should be reminded of the possibility of rising mortgage interest rates due to the Federal Reserve’s plan to stop buying mortgages by the end of March.

Click Chart to View Full Size

 

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest.