The Original…Trilogy at Redmond Ridge Market Report – August 2016
Compliments of Your Neighborhood “Premium Service” Realtor
Eight Closings for August!
Pending Contracts Setting up for a Big September.
What are Normal Duties for a Real Estate Broker?
Eight Sales in August; Down One-Third from July
|Model||Original Asking Price||Asking Price when Sold||Final Sale Price||Days on Market||Notations|
|Orchard||$479,000||$479,000||$485,000||8||Stand Alone Bargain|
|Whidbey||$672,000||$672,000||$691,500||4||Tasteful Newer Home|
|Vancouver||$734,950||$734,950||$725,000||51||Near Club on Pond|
|Hemlock||$759,000||$759,000||$752,000||82||Vine Maple Way|
*ARCH housing involves special pricing determined with a formula used by ARCH. The Regional Coalition for Housing sets the price based upon a combination of factors including what the Seller paid for the home, the average sales price for a home in King County last year and, and, if you’re lucky, a stipend for any upgrades you may have done. There are maximum income and number of occupant restrictions.
The average days on market for these eight homes was 28 ranging from zero to 82. Although there were one-third more sales in July, the market time was exactly half at 14 days. For August, under $700K averaged less than four days selling for full-price or better while over $700K averaged over 67 days on market, all experiencing significant price drops. I would anticipate pricing to be more realistic and days on market to extend as we slowly transition to a more balanced market, allowing buyers to make more careful decisions and forcing sellers to be a bit more flexible.
Due to the large number of homes pending the close of escrow (17), we should be reporting strong sales in the September. Conversely, due to the lack of inventory, unless we have a big wave of sought after inventory coming on and quickly selling, I would not look forward to big numbers the remainder of the year. Fall setting in, the holidays just around the corner and, of course, the Presidential Election will all be major factors. That doesn’t mean waiting until next year, if you’re prepared to make a move. Just be careful to hire a listing broker with years of experience in this unique niche community; one that can’t tell time.
Normal Required Broker Duties vs. Seeking Extra Perks
Certain things are required by licensed Real Estate Brokers simply to be able to perform capably in the everyday business of selling real estate. They are duties any exam passing broker screaming inside their car, “I PASSED” is ready to initiate. It’s impossible to perform your duties without them and all of us learned them in Real Estate 101. These basic skills are taught in The Fundamentals of Real Estate School. Just to name a few, they include (Bullet Point A) :
• Preparing and Presenting a Comprehensive Market Analysis of Your Home (Known as a CMA)
• Arranging a Staging Consultation with a Professional Staging Company (Seller usually pays for)
• Arranging Professional Photography of Your Home (Seller may pay for)
• Creating a Virtual Tour of Your Home (usually just a slide show of your photography w/ music)
• Listing your Home on the Northwest Multiple Listing Service
o Other sites like Zillow, Trulia and Realtor.com will pick up your listing automatically at no effort of the listing agent.
• Installing a Key Box on Your Home
• Opening the Preliminary Title Report with a Reputable Title Company
• Provide Color Flyers for the Yard Arm Out Front
• Hold Open Houses and Brokers Opens
• Negotiate and Review Written Offers/Contracts on Your Home
• Oversee Inspection, Finance, Community Document Review, Title and Other Contingencies
• Deliver the Resale Certificate to the Buyer’s Agent (For Condos or Cooperatives)
• Coordinate the Signing of Your Closing Documents
• Handling the handover of House Keys When the Deed has been Recorded
Others, go the extra mile and some even further. This is why going with a broker with a well-known track record in your community is so important. If you don’t know one, interviewing two or more brokers would be a very good idea. You’ll find it educational and well worthwhile when escrow is cutting your proceeds check.
Here are few of those “Extra Perks” a handful of your best brokers offer. (Bullet Point B)
• Extensive years of experience in your particular neighborhood. (13 for the Elephant)
o Ask your candidate how many sales they’ve had in your neighborhood.
• Complete Preparation & Project Management
• Complimentary Staging (Not just an introduction to someone you pay)
• Complimentary Pressure Washing
• Complimentary Landscaping
• Magazine Quality High Definition & Aerial Photography, Hollywood Quality Videos and 3-D Walk-Throughs
• An Outstanding Marketing Plan and Internet Presence so Buyers Can Find You
• Professionally Designed & Printed, Full Color Fold-Out Brochures on quality stock
• A Ready List of Handymen, Carpet Cleaners, Window Washers, Carpenters, furniture & antique dealers, etc.
• So much more!!!
Most Brokers don’t do bullet point B. I do and more, every time. Most mediocre do more than bullet point A. I don’t want to give all my secrets away but know that I have the budget and the broom to share in the effort and expenses of marketing any home. A “Premium Service Broker” owns a broom, a tool belt, a checkbook and knows how to use them. He or she has a phone and a ready list of vendors eager to go to work. 99% of Buyers begin their search on the Internet. They have to be able to find you. Try entering “Trilogy at Redmond Ridge” into a Google search. There are over 20,000 sites that pop up. DevinSanfordHomes.com is #1. Guess who’s listing on the home page of my site is going to be seen first? My Clients’, Baby!!! That doesn’t happen by accident. Google chooses sites that have hit after hit, year after year, attractive sites people like, well-designed sites with lots of action.
I don’t wish to hide my desire to provide you with “Premium Service”. It’s what I do. It’ s my life’s purpose. You’re important to me so keeping you from getting served is my duty.
“Pending” Homes Hit a Near Year High with 17.
September looks promising for closings.
Here’s what’s currently “Pending” the Close of Escrow
|Model||Original Asking Price||Asking Price when Offer Accepted||Days on Market||Notations|
|Chelan||$445,000||$445,000||9||Adair Creek Way|
|Orchard||$499,500||$499,500||26||Attached & Priced Right.|
|Washington||$569,900||$569,900||1||I thought Under-Priced|
|Whidbey**||$617,000||$617,000||1||Unique Half Wall in Great Room.|
|Bainbridge||$715,000||$715,000||4||Beautiful Garden Patio|
|Bainbridge||$715,000||$715,000||2||Nice Upgrades and Tidy|
|Hemlock||$775,000||$739,000||34||$36K Price Drop by a Discount Broker. There goes the 2% Savings!|
|Hemlock||$759.950||$745,950||34||2% Price Drop by a Discount Broker.|
|Bainbridge||$749,950||$749,950||38||Greenbelt & Water Feature|
|Hemlock||$789,000||$789,000||3||Big Back Patio & Yard|
|Oakwood**||$974,900||$974,900||47||Over 14th Fairway|
|Monticello||$1,099,000||$1,039,000||54||Custom Millwork & Landscaping|
*Homes in bold & Green; the Elephant’s Work Representing Sellers.
**Homes Pending Inspection
There was a very nice spread of pricing across all five collections of homes running from $445,000 with smooth incremental stair-stepping to $789,000 with one home pending at $1,039,000 after a $60,000 price drop. Sometimes Sellers and Brokers may throw a price against the wall and see if it sticks, particularly if the home appears to have a higher level of fits and finishes, as in this case. I don’t necessarily disagree with that strategy, when used sparingly and strategically. The key is to catch the wave when the surf is at its peak and not on the way down.
One interesting fact is that the biggest price drops on pending properties were homes listed by “Discount Brokers”. Once again, you get what you pay for; sometimes even less. Proper pricing, preparation and presentation go a long way to not having to apologize for your asking price. Years of specific experience are required for gut instinct pricing when comparable sales are all over the board.
Current Inventory is low, low, low…
FOUR! I’m not talking Golf!
|Model||Original Price||Asking Price||Days on Market||Elephant thoughts:|
|Vashon||$739,950||$739,950||16||Should go Fast!|
|Alder||$980,000||$946,000||56||3.5% Price Drop with 2% Discount Broker.|
|Maryhill||$1,250,000||$1,250,000||26||Golf Course Location|
Note: All currently available listings are posted at www.DevinSanfordHomes.com on the home page. Just scroll over to the Trilogy tab and select “Current Trilogy Listings” from the dropdown list. For all listings, “Click” the big green tab to the right. It says, “View all Trilogy at Redmond Ridge Listings.” Within this report, we share what is available at the first of the month for consistent and measurable
month over month reporting.
Take a quick look at this recap of home statuses so far Year to Date:
That’s a wrap for August. Thanks for reading. We hope these facts have been of some use and, if we may help you in any way, just let us know. We measure our success by how well we serve others.
Devin & The Entire Elephant Support Team
“The Elephant Way”
by Your Neighborhood “Premium Service” Realtor