Tag Archives: Coldwell Banker Bain

Shift in the Market?

We are seeing a shift in the market, but it’s not a cause for alarm. This shift is a balancing. We have reached the point where prices have hit the top and now they’re settling down. A recent article from CityLab.com explains it well:

“Housing prices are cooking. Across the nation, the price of homes is rising faster than the rate of inflation—in some places by a factor of three. That’s true of high-cost cities such as Seattle and San Francisco and lower-cost cities such as Charlotte and Tampa alike. And the overheated market for homes is costing the middle class the American dream.

Nationwide, the price for homes is approaching the zenith seen in 2006, just before the market fell into a foreclosure crisis and the economy sank into the Great Recession. . . 

But there are key differences between the housing peak in 2006 and the housing peak today. This surge in housing prices is not necessarily evidence for a bubble—much less any indication that a bubble is about to burst.

Late in July, the S&P CoreLogic Case–Shiller U.S. National Home Price NSA Index tracked a 6.4 percent annual gain in home prices for May 2018. This index has recorded year-over-year increases of at least 5 percent every month since August 2016—a sign of the strength of the recovery. . . . in Seattle, which saw a year-over-year price increase of 13.6 percent for May, home prices are already well above the 2006 high-water mark.

But since most workers aren’t earning 6 percent raises year after year, eventually this party has to come to an end. (Indeed, for four-fifths of privately employed workers, wages are actually falling.) Housing prices will stabilize or soften because they have nowhere else to go. The prevailing trend is unsustainable. “If something can’t go on forever, sooner or later it will end,” says David Blitzer, managing director for S&P Dow Jones Indices. With mortgage rates and prices rising, sales in both new homes and existing homes are starting to slow. ‘Either buyers have gone for the summer, because it’s too hot to look at housing, or they’re pausing to see what’s going on,’ Blitzer says. ‘If the pause continues, you’ll see sales go down.'”

And this is what we’re now seeing in Seattle. Most homes are not selling in 7 days and significantly above list price right now. I’m seeing a significant increase in price reductions and less multiple offer situations as well.

What does this mean for you? If you’re a buyer, this is all good news. It means you may be able to get into the market without a bidding war and having to look at homes significantly below your price point.

If you’re a seller, it’s not a time to panic. This shift is actually creating a healthier market. You probably will get less for your home than if you listed 6 months ago. But you probably will still have significant profits if you sell as prices are at record highs. We still have a significant shortage of housing so even with the increased inventory, demand still outweighs supply. Inventory levels are still under 2 months which means it’s a seller’s market – a balanced market would be 4-6 months, and a buyer’s market would be greater than 6 months.

As I’ve said often, there’s no crystal ball in real estate. In my predictions for 2018, I said price increases would slow down. In fact, year over year prices are still up about 11%. I also predicted interest rates would hit 5% before year-end; we have already hit this number which is reducing buying power for buyers.

If you’re thinking of buying, this is the time to get pre-approved and start your buying process. If you’re a seller, I’d be moving quickly to get your home on the market while prices are still at the peak. Please call me at 206-790-0081 or email me at Jamie@JamieFlaxman.com for a complimentary market analysis for your home.

Just Listed on Phinney Ridge

Just one block from Green Lake and three from the restaurants and shops of Phinney Ridge, this home offers all that you’re looking for.

  • 4 bedrooms, including a master on the main floor and 2 ¼ bathrooms
  • Master bedroom has large walk-in closet designed by California Closets and includes a washer/dryer hook-up
  • 2,370 square foot home on a 4,960 square foot lot
  • 10-year-old roof
  • Seismic retrofitted
  • New sewer line in 2013
  • Rainwater collection system
  • Beautiful gardens
  • Large 2-car garage with a 3rd off street parking spot, all accessed from the alley
  • Copper plumbing
  • Most windows are double pane
  • Basement is largely unfinished but offers good ceiling height and the potential for a rec or media room

Offers will be reviewed upon receipt and the sellers have already conducted a home inspection.

Upcoming Open Houses
Sunday, August 5: 1:00pm-4:00pm
Monday, August 6: 11:30am-1:30pm & 5:00pm-7:00pm
Wednesday, August 8: 11:30am-1:30pm & 5:00pm-7:00pm

(If the home has not sold by August. 10, open houses will be held on Saturday and/or Sunday, August 11 and 12.)

Or call for a private showing.

For more information, download a flyer or check it out here.

Marketing Plans

This morning I’ve been working on marketing plans for two different sellers, so I thought I’d share with you what goes into a plan.

First, no two plans are identical. Price range, location, timing, features of the home – all of this comes into consideration.

It all starts with pricing. I will do a market analysis to determine a recommended price range for your home. I don’t rely on automated values, but look at actual listings and sales, market activity, and market conditions. If we don’t price your home properly, no matter how great the marketing materials, it probably won’t sell. With our current market, you definitely don’t want to overprice your home.

The first thing I look at is if your home meets the criteria for Coldwell Banker Global Luxury. This is based on zip code and condition/features of the home. If your home qualifies, it will be included in Coldwell Banker’s luxury marketing materials.

Are staging and landscaping necessary for your home? We want your home to show at its best. All homes I list will have high definition professional photography, and then depending on many factors, some form of video. That video might be a video tour, a live walk-through video, a 3-D Matterport video, and/or a neighborhood video. Most listings will have drone photos as well.

The photos and video will be used for all the online marketing, including the listing itself and its syndication, social media, and websites. Photos will also be used for print marketing such as home flyers/brochures and mailings to neighbors and targeted buyers.

Most listings will have 3-4 open houses during the first week on market. I also network to my local sphere of real estate brokers.

Want to know what a marketing plan for your home might look like? Give me a call at 206-790-0081 or email to chat.

Giving Back

I love helping people find the home of their dreams and I love helping people sell their homes to move on to the next stage of their lives. Although I miss working with the many wonderful non-profit groups I used to work for, I have been able to combine my successful real estate business with my passion for philanthropy—every sale I close results in a charitable contribution—either through a community partnership with a non-profit or a direct contribution I make. I also volunteer for a host of groups including FamilyWorks in Wallingford.

I am looking to grow my business this year, so that I can support even more charitable causes. You can help me out with this goal by sending people my way who are interested in buying or selling real estate. Whether it’s a vacation home on Whidbey, a condo downtown, or a house in Bellevue, I can help your friends and family with their real estate needs. Through the Coldwell Banker network, I am also able to help with real estate purchases and sales anywhere in the U.S. and most international locations.

For every closed transaction this year, I will make a donation of $500 to a local non-profit organization. I also have community partnerships with FamilyWorks, Wallingford Senior Center, Wallingford Boys & Girls Club, and the Central Area Senior Center. Through these partnerships, Coldwell Banker Bain and I donate 10% of our side of the commission to the partner organization. Most recently, we donated $2,685 to FamilyWorks, from Mark & Kat’s purchase of a home in the Roosevelt area of Seattle.

I appreciate all the referrals I receive and am happy to reciprocate by referring people to you as well. I look forward to offering you and your friends/family/colleagues these services, and I want to thank you for the opportunity to serve you as your REALTOR®.

Real Estate Sale Benefits FamilyWorks

In June, I had the honor of listing the home of my fellow FamilyWorks board member Will and his wife Patty. Not only was the home a beautiful Seattle Craftsman and the sale exceeded the hopes of the sellers, the sale of this home resulted in Coldwell Banker Bain and I making a donation of $2,970 to FamilyWorks through our community partnership program.

Non-profit organizations who partner with Coldwell Banker Bain and I receive a donation equal to 10% of our side of the commission on the sale or purchase of a property. In addition to FamilyWorks, I have partnerships with Wallingford Boys & Girls Club, Central Area Senior Center, and the Pancreatic Cancer Action Network. I would love to add additional organizations to the list, contact me for more information.

Will and Patty’s home was listed on June 12th for $840,000, received 5 offers, and closed on July 6th at $990,000, 18% above list price.

“Jamie was a tremendous help in the sale of our home in Wallingford. We would recommend her in a heartbeat.”

~Will and Patty Lewis