Perhaps as expected, when comparing homes currently for sale (Active) to those under contract (Pending) to those where the sale actually closed (Sold), those homes pending or sold were considerably lower in price and were on the market for fewer days than those currently Active.

Market Update 7/19/10

As expected, short sales and bank-owned houses continue to play a dramatic part of house sales in the areas. Year to date, of the 275 sold houses, 45 were short sale transactions. Year to date, approximately 16% of all homes sold in Auburn were short sale properties. …. But WOW, notice that almost 29% of the current Active home listings in Auburn are short sales!

… while 89 additional houses were bank-owned.

So … short sale properties and bank-owned properties make up 38% of the current Auburn market, while almost 49% of all closed sales so far this year were short sale or bank owned!

Every transaction, every house sale is different. Is it a good time to sell your house? Looking at information like this that’s customized specifically for you is one place to start. If you have questions about selling your home, no matter what your motivation, please give me a call or send along an e-mail message. I’m always delighted to be of service to you, your family, friends, and co-workers!

Although I run statistics frequently, I hadn’t actually compared different parts of the region as far as distressed property sales. Curious, I went to our Northwest Multiple Listing Service to run some quick stats. No, it’s definitely not just my imagination: short sales and bank-owned properties are far more prevalent in my business areas of the south King County and Pierce County areas. 

So here are the facts as of this morning, May 18, 2010 of the residential properties that I work most frequently (single family, condominiums, and manufactured homes): 

In King County, there are currently 15349 unsold properties. (Some of these do have offers of one sort or another.) Of those unsold properties, 971 are noted as being Bank-Owned, while another 4207 are noted as requiring Short Sale or some other third-party approval before the sale can close. Okay, that computes to about 33.7% of unsold properties being either bank-owned or short sale nature. 

In Pierce County, there are currently 6755 unsold properties. Of those, 741 are bank owned and 2178 are short sales. That’s approximately 43.2%. 

Now, to get even more specific, I live and focus my business (although not exclusively) in Auburn, a smaller community that spans the King and Pierce County lines. In the Auburn area, there are 463 unsold listings, 68 bank-owned and 228 short sale properties. YIKES! That’s 63.9% of all listings in my area!

So here’s the point: If you plan to buy or sell a property in the south King County or Pierce County areas where properties are so affordable, be sure that you’re working with an experience Short Sale or Foreclosure Agent. 

Taking the certification class was a fascinating experience – of the group of approximately 50 agents present, fewer than 30% of the agents had ever handled either the buyer or seller side of a short sale property! Wow, where have they been and how on earth are they still in business?

When questioned about where they work, well over half of the agents at the class focused on the east and northeast sides of King County – i.e., Bellevue, Redmond, Issaquah, Sammamish, etc., where short sale and bank owned properties aren’t as prevalent as they are in my practice areas. (Briefly, a short sale property is identified in our MLS as one where a property’s sale price is less than its outstanding indebtedness and some sort of negotiation, concession and/or approval is needed by the lien holder(s) before a sale can be completed.)

These types of transactions – for BOTH Sellers and Buyers – require considerably more experience and expert handling than do “regular” purchases and sales (whatever those are – I’ve almost forgotten!). From our informal classroom survey, it’s possible than over 70% of agents in our area have never handled a short sale or bank-owned property!!

Therefore, when you find yourself in need of help – or know someone who does – buying or selling short sale or foreclosure properties, call an experienced agent! I can be reached by phone at 206.300.8421 or by e-mail at gabrielle@gabriellenemes.com.

1.      Shop Shop Shop (well, you know, it IS the key to happiness … err maybe that’s the money I’d save by …) … shopping at the SuperMall of the Great Northwest! Truly good buys here in a totally undercover outlet mall. Come visit!

SuperMall
1101 SuperMall Way, Suite 1268
Auburn, WA 98001
www.supermall.com

2.      Play the ponies at Emerald Downs! — I always walk away with a coupla bucks left in my pocket … but after a full day of entertainment with the whole family, awesome nachos at the taco bar, and a couple of margaritas, life is GOOD!

Emerald Downs
2300 Emerald Downs Drive
Auburn, WA 98001-1633
(253) 288-7000

3.     Have dinner at the Auburn Avenue Dinner Theater — and laugh hysterically if you visit on Comedy Night!!

Auburn Avenue Dinner Theater
10 Auburn Avenue
Auburn, WA 98001

4.    Chase a golf ball around at one of three fantastic courses:

Auburn Golf Course
29630 Green River Road SE
Auburn, WA 98092
253-931-3005
www.auburngolf.org

A full-service 18-hole facility, the fair, but challenging par 71 course is just over 6,450 yards and hosts over 50,000 rounds of golf each year. 

Jade Greens Golf Course & Driving Range
18330 SE Lake Holm Road
Auburn, WA 98092
253-931-8562
www.jadegreens.com

A 9-hole public course that is described as very player friendly, junior and senior rates are available Monday through Friday. There are additional sets of tees that can be used when playing an eighteen hole round.

Washington National Golf Club
14330 SE Husky Way
Auburn, WA 98092
253-931-8562
www.washingtonnationalgolfclub.com

Located on the scenic Auburn plateau, the par-72 course was co-designed by John Fought and Orrin Vincent. Already recognized as one of the Northwest’s golfing treasures, Washington National combines world-class golf with a campus-like atmosphere as the entire project features a University of Washington theme.

5.       Break out the inline skates .. or skateboards … at 

Brannon Skate Park
611 28th St. N.E.
Auburn, WA 98001

Opened in 1999, this 8,000-square foot, free-form skate park is designed for both skateboard and inline skate enthusiasts. It offers a long snake, three bowls, 3-foot pyramid and grinding rails. 

6.     Bring the earplugs and visit the drags, roadraces, or karting at Pacific Raceways! For us ‘old’ folks, this was always known as SIR — Seattle International Raceways! … I remember burning up the engine on my brand new Mazda R100 …. sigh.

Pacific Raceways
31001 144th Avenue Southeast
Kent, WA 98042-4601
(253) 639-5927
www.pacificraceways.com

Okay, well technically this has a “Kent” address, but for anyone that knows Auburn, this is located just at the end of the Highway 18, 304/312 exit in AUBURN!

7.      Go to a show at the White River Amphitheatre — the biggest names play here, and the setting is spectacular with an ‘in-your-face’ view of Mount Rainier

White River Amphitheatre
40601 Auburn-Enumclaw Road SE (Hwy. 164)
Auburn, WA 98092
206494-2134
www.whiteriverconcerts.com

8.      Take in a family-friendly show at the Heavier Than Air Theatre at Green River Community College. My kids loved this and it became one of our regular “what’s going on at the Theatre?” when looking for a fun weekend afternoon!

Heavier than Air Family Theatre Company
Performing Arts Building
Green River Community College
12401 SE 320th Street
Auburn, WA 98092

9.      Did you know that Auburn boasts one of the finest symphony orchestras in all the Pacific Northwest! ?? Comprised of over 60 professional musicians from the Seattle Pacific Northwest Ballet and other Northwest orchestras, this is not just a small-town orchestra. The Auburn Symphony is a professional, incredible! group of musicians that put together highly technical performances.

Auburn Symphony
Auburn Performing Arts Center
700 East Main Street
Auburn, WA 98002
http://auburnsymphony.org/

10.      Have an outdoor picnic at Flaming Geyser State Park. Yes, there really is a Flaming Geyser at Flaming Geyser State Park

Flaming Geyser State Park
23700 SE Flaming Geyser Rd
Auburn, WA 98092

Located on the Green River, the park is another of my favorite summer-fun places. As I look through their site, though, here’s what I didn’t know: There’s a full-blown remote control model airplane field there! Whoo hoo! Gotta check this out!  

This unique Northwest home has so many things to offer!

The main living area with kitchen, dining room (centrally located by the kitchen and living room), and living room is open and spacious — perfect for family & friend gatherings. There are two bedrooms on the main level and one full bath. Upstairs is a fabulous master suite, while the lower level offers a large family room, 1/2 bath and huge bonus room. There is a two-car garage plus two-car carport, wonderful yard, and view like no other.

Call to see this home today!

Listing courtesy Geri Wehry of RE/MAX Select R.E.

The first two months of sales data in the greater Auburn, Washington tell the story perfectly — Want or Need to Sell Your Home Fast? — Drop The Price! Or at least price it within the range of those houses that are actually selling:

Granted, this little chart only shows three months of home sale activity in the greater Auburn area, but it clearly reflects that homes sell faster when they are nearer the lower end of the pricing spectrum.

Here you can see that the average home listing price is above $300,000, but the average price for home sales that actually closed (i.e., made it all the way to the exchange of keys!) was in the low-mid $200,000 range. It’s further telling that homes in those upper dollar amounts for Auburn, stay on the market longer than those than ultimately are priced in the lower $200′s — 100+ days compared to 58 days and 82 days.

It’s important to remember that “Solds” are a result of homes that went Pending 30-60 days prior.

So ……

Compare the number of days for houses that went pending in December to those that closed in February. For houses that sold in December, one would need to compare the days on market for those that went pending in October or November.

And I’m thinking that the closed prices in March will be higher too! Look at the pending $$ for February! (Yeah, I know, I get excited about these things ……………..)

Just so you know … Days on Market is the number of days the property was Active; i.e., available for sale and not under any sort of a purchase contract. Sometimes, especially where short sales are involved, a property may go in and out of Active status, however once a contract is fully signed by both the Buyer and the Seller, the property is “Pending” and the time during which the bank considers the sale does not affect the Days on Market.

Obviously the bulk of closed sales was for single family homes. So who sold these houses and why?

41% of the closed sales were from Short Sales and Bank-Owned homes. The good news: Almost 60% of closed residential sales were from private sellers!! YES, you CAN sell your house!

Information for these charts and graphs was manually compiled (by me) from the Northwest Multiple Listing Service and is for properties with Auburn addresses. Data for your individual neighborhood will be different and you’ll want to know exactly what’s going on around your own home when you consider selling.

Please remember that I specialize in Houses & Condos, buyers and sellers, and especially short sales! Interviewing for a progressive, knowledgeable, tenacious agent to buy or sell? Don’t hesitate to give me a call.

Sale Pending!

Got horses, goats, alpacas, mini-beef?

Close to Auburn, Lake Tapps and city commuting, this five-acre mini-ranch is the best value in the neighborhood and perfect for your equestrian or other animal pastimes.

From the moment you enter the property through the remote-controlled gate, you’ll both be charmed by the thoughtful touches surrounding the house itself, and completely impressed by the two huge shops! There’s way too much to describe here, but consider that the flower beds are surrounded by poured concrete edges, there are numerous little water features, the house is surrounded by a walk-around deck, and entered through a wonderful covered porch. Step inside to a sun-lit entry (complete with a sun-tube), and then on to the generous formal living room/dining room combination, and a family room with a free-standing woodburning stove.

This home was well loved and it shows. Set up as a warm haven after working out on your own five-acre parcel, you’ll appreciate all the little touches that make this it truly a home. As you come in from the back into the mudroom, you’ll find plenty of places to stash the boots, even a built in window seat with storage. The kitchen is well appointed with new(er) black appliances and loads of cabinets.

The master bedroom has a huge walk-in closet complete with loads of wire shelves & storage units, and a five-piece bath with tiled double-sink vanity and soaking tub. The 2nd bedroom is just off the family room and also has private access to the 2nd full bathroom.

Outside are five fenced and cross-fenced, hot-wired acres plus two shops, RV-size carport, barn with hayloft, 2-horse (only one stall) loafing shed, well house, a fish pond, your own private well and septic system.

Barn measures 42′ x 50′

Hayloft 11′ x 50′

Five stalls (four with outside gates) with concrete pads

Three additional rooms on opposite side of stalls. Corner room is plumbed with utility sink

Extended covered storage on back and sides

1st Shop as you enter the property

42′ x 24′, plus 12′ x 24′ attached carport, all with concrete floors

2 rollup doors with openers, plus one sliding door

Shop/storage room at one end

Pull-down ladder to additional loft storage

Insulated, 220V

2nd Shop, behind the house

36′ x 24′, plus shop bay

Insulated, 220V

Concrete floors throughout, plus parking pad

2 rollup doors & sliding door & barn doors

Edged by large kennel

Enter using the Aviation Court, then turn right — We’ll be located near the Black Minerals and Glow Golf stores.

I’ll be there greeting everyone that walks in … with a display of houses for sale and information, should you want to talk real estate! (of course!!!)

Every exhibitor will also have a raffle item, but you’ll need to visit individual booths to sign up!

Hope to see you Saturday at the Auburn Chamber of Commerce Trade Fair! It’ll be fun; come by!

Graphs bring that information down in a visual, manageable method, making it a bit easier to figure out what’s really going on.

The graphs here are for the Auburn, Algona & Pacific areas of King County, known by the Northwest Multiple Listing Service as Area 310. At the time we look at your home’s individual value, however, this information will be localized even further, helping everyone involved understand what the appropriate market price for your home really is. It’s tough to make educated decisions without the hard facts backing them up.

This first graph illustrates the average price for homes on the market (active) vs the average price for those homes where the sale was completed (closed) in the same month. Here one can see that there was a spike in sold prices in July, with a drop in August.

This next chart shows the average sales price for homes in Area 310 (not just Auburn –gotta fix that chart title) .. by month since the start of 2005. So …. if you purchased your home in August 2005, it’s easy to see that your home’s value may be slightly less than that $$ amount in August 2009.

Next: The number of new listings coming on the market each month since 2005. Good for helping decide when the right time to list might be.

And look how the number of closed sales went month by month for the same period. (still gotta change these titles — this is for Auburn, Pacific & Algona, not just Auburn Addresses!). Remember that sales typically receive a mutually accepted offer 30-45 days prior to closing. Look at August — there’s that July housing shopping in action!

I like this next chart! Look how far the inventory has fallen. Either houses are selling, or listings are being cancelled or expired. There are certainly fewer of them! It’s really important to remember here, however, that this little chart only compares one month’s of active listings to one month’s of closed sales — That’s a bit limited in scope, but gives you an idea.

These are just a few of the statistics I use to help you work on your own home’s value. Don’t hesitate to give me a call or an e-mail if you want to examine your own situation!