Sales are up! There are 84 pending Duvall/Carnation home sales for the first 90 days of 2012.
Of the 84 pending sales, 20 of them were short sales and 11 were bank-owned; leaving 53 that were not distressed sales. About 20% of these first quarter pendings have closed with more than half of the closed sales garnering 100% of the last asking price (but averaging about 7% below their original prices).
Increased consumer confidence and low interest rates are causing buyer to start looking for a larger home. The LINNEROOTH Team represents the two largest homes in the Duvall city limits. Act now, inventory is low! MSN Real Estate just reported that Seattle is one of the top 10 cities for lowest inventory.
The Federal Government’s
Home Affordable Foreclosure Alternatives (HAFA)
Program went into effect on April 5, 2010 and is designed to provide
incentives for borrowers to do a short sale (or a deed in lieu) in order
to avoid foreclosure. HAFA assists eligible homeowners in quickly
implementing short sales by providing financial incentives to participating
As of June 1, there will be
significant changes to the HAFA program. The updates will allow a homeowner to
remain current on their mortgage, qualify for HAFA, and go through a short sale
with less of an impact on their credit.
The major changes include:
▪ The deadline for submitting
for HAFA eligibility will be extended a full year, from December 31, 2012 to
December 31, 2013.
▪ The removal of occupancy
requirements: HAFA until now has required homeowners to have lived in the
property within the last 12 months. This requirement is being removed.
▪ The $3,000 relocation
incentive will be limited to properties occupied by an owner at the time of the
▪ Mortgage payments will be
allowed to exceed 31% of the homeowner’s gross monthly income. The effect of
this will be to allow a homeowner to remain current on her mortgage and still
qualify, minimizing the overall potential impact to her credit, and certainly
shortening the waiting period to purchase in the future.
▪ Junior lienholders may
receive up to a maximum of $8,500, up from $6,000 previously (these are
incentives to junior lienholders).
▪ There are also new mandates regarding
what the lender can state on the borrower’s credit report that, reportedly,
will lessen the impact on the borrower’s credit rating.
What questions do you have
about the HAFA changes?
Seattle area buyers are taking advantage of some great deals by purchasing foreclosures and short sales properties at steeply discounted prices compared to non-short sale and non-foreclosed properties.
Foreclosed homes are sold as-is. Arizona builder Fulton Homes put together a nifty spreadsheet to help consumers figure out the true cost of buying a foreclosure. Simply input the purchase price, size of home and check the items that will need repair or replacement. Hit the enter key and you will find out what the true cost is! Note: you may need to adjust pricing for regional differences in cost.
Great article in The Seattle Times Feb 12th edition
Price your home aggressively- less than 10% of listed homes sell every month. Rely on a local market specialist and then price your home at least 1% below the competing homes.
Stage like a pro- Choose a Realtor that has an Accredited Staging Professional to make sure you home will appeal to the broadest base. It’s a price war and a beauty contest out there. The Linnerooth Team specializes in complimentary home staging.
Go all-out online- It isn’t good enough to be listed solely on the MLS. Savvy Realtors can generate excitement by marketing your home on sites like youtube, craigslist, Realtor.com, FrontDoor. The Linnerooth Team uses TourFactory.com to ensure maximum expososure.
Be flexible- Financing is difficult these days. Make sure the Buyer is truly approved. Consider additional incentives to sweeten the pot.
2011 real estate closed sales of single family homes and condominiums across the Puget Sound improved by 7.4% over 2010 sales. Prices continue to fall. Median home prices fell 10.3% during 2011. The median price for 2011 was $235,000 compared to 2010 median price of $262,000. Additionally, the % of closed distressed properties in King County built to a 4th quarter high of 33%. Distressed properties are homes that are either bank-owned or short sales.
On a local level, 241 Carnation and Duvall sellers had success selling their homes in 2011 compared to 178 in 2010. This represents a 35% year-over-year increase in sold homes. Median home prices fell 17% during 2011. The median price for Carnation/Duvall was $326,452 compared to 2010 median price of $391,000. 36% of Carnation/Duvall homes were distressed properties, 31% were new construction. The average home sold in 126 days for an average price/sq. ft. of $147. The average home size was 2,304 sq ft.
Windermere Real Estate continued to be the top selling real estate firm for the Carnation/Duvall area. The Linnerooth Team can be reached at 425-788-9222 or SueL@Windermere.com for a complimentary market analysis of your home. Our team also provides short sale expertise.
source: NWMLS and Trendgraphix
The humans have their favorite local places: Match Coffee and Wine, Starbucks, The Grange, Duvall Grill etc.
Where do the valley dogs go to meet up with their friends?
They go to the Carnation Off-leash Dog Park located at the end of W. Entwhistle.
This 8+ acre fully-fenced park is the perfect doggie meet-up location.