January Closings Up 50% Over December And Triple 2014’s Opening Month.
Six Homes Sold in January
Sales tripled for January year over year but fall just short of the seven closing in January of 2012. It seems its hit and miss for this cold and rainy time of year.
Take a look:
|Model||Original Asking Price||Asking Price when Sold||Sale Price||Days on Market|
*Homes in bold; the Elephant’s Work representing the Sellers, as well as the buyers.
We’ve been writing for months sharing the lack of supply and pent up demand for homes under $550K. A few came on market and sold quickly, even though it was the holiday season. It seems the higher the price, the longer on the market. The Elephant’s opulent golf course Redford tested the waters of what a high quality home can bring. It sold in about 3.5 months which, considering the price range was fairly quick. The less expensive Cedar took longer and a second listing agent before finding a buyer at a bargain price. This home spent 143 days on the market when it started at $709K then sold in 17 days at an asking price of $698K. I wonder if it would have sold full-price or close to if it had started at $698K nearly five months ago. I have to believe so. In the real estate business, it’s amazing how the perception of value to a buyer can change with a single dollar. Would you rather pay $700,000 or $699,999 for something? Honesty says, “Just ask $700K.” Statistics say “Homes with a six in front of the price sell faster than those with a seven.” Things that make you go, hmmm…
Five New Pending Sales!
Here’s what’s currently Pending or Pending Inspection. These are homes which have reached mutual terms between a buyer and a seller but have not yet recorded with the county. Attitude is everything and there’s a reason why all five of them are contracts written by the Elephant. Things are only slow if you allow them to be. Here’s what we have waiting to close escrow:
|Model||Original Asking Price||Current Asking Price||Days on Market||Comments|
|Orchard||$439,950||$439,950||2||Offer in 1 Day|
|Vancouver||$565,000||$565,000||0||Lovely Corner Greenbelt Home|
*Homes in bold; the Elephant’s Work.
Sometimes taking your home off the market during the holidays makes great sense. It’s usually very dead between the 10th of December to about the first week of January. However, there is no rule. A savvy broker will have a strong pulse on what has or hasn’t been happening in the market in the prior several months, weeks and even days. If you have a good idea of what buyers are looking for and where there is a lack of inventory, the good advice might be to stick it out for the one potential buyer as we found out this past holiday season with a few different price ranges. It only takes one; you just have to know how to bait the hook. A good broker should have some inventory up their sleeve too, if they truly know the neighborhood. Our Vancouver, for example, will not be listed on the NWMLS due to the multiple’s rules of advertising a sale that was not made available to the general broker pool. In this case, the seller didn’t have to deal with the hassle of making the bed every day.
There Are 15 Homes Actively For Sale!
As of day one of 2015, inventory is up 50% over December and 500% over January of last year when there were only three expensive homes to choose from. It seems our Members have been doing their homework as to just when is the right time to sell.
|Model||Original Price||Asking Price||Days on Market||Elephant thoughts:|
|Angeles||$419,000||$419,000||10||1st Angeles in a while|
|Hemlock||$785,000||$785,000||101||Golf/Mtn. View Hm.|
*Homes in bold; the Elephant working for our Sellers.
Please, keep in mind all the following data is as of January 31st, 2015 at midnight for month over month accuracy. Statuses of some of these homes have changed by the time you receive this report. Add the appropriate days per the month of February for time on market of available homes.
The Match Tic
|Low – YTD||High – YTD||Prior Month||January|
The total amount of all Northwest Multiple Listing statuses measured 26 at month end. Status may include Active (Homes currently available for sale), Pending Inspection (Homes under contract but still in the home inspection process), Pending (Homes that have worked through the inspection process successfully), Sold (Homes that have closed escrow), Contingent (Sold homes that are contingent upon the buyer selling their own home) and TOMK or BOMK (Homes that are either Temporarily Off Market or Back on Market after being temporarily unavailable.)
The elephant and the green and white colors I use are the result of a significant investment in researching how prospective home buyers react to symbols and colors. The investment has produced outstanding dividends for my clients. It’s a symbol reflecting strength and memory, qualities I believe are essential in working with my clients and friends. Besides, who doesn’t love Elephants?
Today, I learned something new from one of our cherished clients, a Seller, who sadly is moving back home to Kansas City. She loves her home here but misses her friends and roots. She gave me a very thoughtful gift. It’s a Ganesh Chime; a very brightly colored chime sporting seven metal plates, one atop the other, with a hook at the top and a very cute chime at the bottom. Each plate has the cheerful head of an Elephant stamped through it. “Ganesh? What is Ganesh, I asked?” “Read it”, she said. There’s a laminated card at the top explaining each color from top to bottom starting with Purple, then Blue, Teal, Green (I love Green), Yellow, Orange and last but not least Red. Respectively, the colors mean Receptivity, Intuition, Clarity, Compassion, Confidence, Creativity and Stability; all things I believe in and aspire to live. Above the colors is a sentence; Ganesh: “The remover of obstacles assisting in clearing each Chakra. Ring Often!” (In Indian thought) a Chakra is each of the centers of spiritual power in the human body, usually considered to be seven in number.
Wikipedia says, “Ganesh (or Ganesha) is widely revered as the remover of obstacles, the patron of arts and sciences and the deva of intellect and wisdom. I’ll plead the 5th regarding intellect and wisdom but I very much aspire to being “the remover of obstacles.” That’s what makes our work worthwhile and now we have one more confirmation of why we selected the Elephant. Thank you, Patty. You are very special and will be missed. “Ring it often!” it says. I love the sound of it. It makes me feel good. I think I will ring it often as a constant reminder to measure our success by how well we serve others.
What is the Form 17?
The Northwest Multiple Listing Service has had their lawyers prepare many forms for us real estate brokers. All of them have a number on the upper left hand corner. One of these forms is the “Real Property Transfer Disclosure Statement” a.k.a. “Form 17.” Real Property, blah, blah, blah is just too much to say. REQUIRED BY STATE LAW. RCW 64.06 requires this form to be used in all transfers of residential real property. If the Seller fails to provide the form to the Buyer as required, the Buyer retains the right to rescind the contract at any time prior to closing. Many of you have asked me lately, in light of the current settlement with Shea homes, what must be disclosed on this form. First of all, I’m not an attorney and I do not have a license to practice law. Notwithstanding, I have attended several classes regarding the interpretation of this form. Although there are different arguments, there are a couple of understandings real estate brokers have pretty much across the board. The main theory is “when in doubt, disclose”. Honesty is always the best policy. The next important thing is that the Seller fills out the form and not the agent. Yes, the agent (broker) can help you to understand the questions but they’ve never lived in the home so it’s the home owner that is required to share what they know about the home.
Is anyone exempt from filling out this form? Yes, if you are deceased or mentally incompetent, you are exempt under RCW 64.06.010 which says the form does not apply to the following transfers of real property:
(1) A foreclosure or deed-in-lieu of foreclosure;
(2) A gift or other transfer to a parent, spouse, domestic partner, or child of a transferor or child of any parent, spouse, or domestic partner of a transferor;
(3) A transfer between spouses or between domestic partners in connection with a marital dissolution or dissolution of a state registered domestic partnership;
(4) A transfer where a buyer had an ownership interest in the property within two years of the date of the transfer including, but not limited to, an ownership interest as a partner in a partnership, a limited partner in a limited partnership, a shareholder in a corporation, a leasehold interest, or transfers to and from a facilitator pursuant to a tax deferred exchange;
(5) A transfer of an interest that is less than fee simple, except that the transfer of a vendee’s interest under a real estate contract is subject to the requirements of this chapter;
(6) A transfer made by the personal representative of the estate of the decedent or by a trustee in bankruptcy; and
(7) A transfer in which the buyer has expressly waived the receipt of the seller disclosure statement. However, if the answer to any of the questions in the section entitled “Environmental” would be “yes,” the buyer may not waive the receipt of the “Environmental” section of the seller disclosure statement.
We Love Feedback
Your emails are very welcome. If you have anything you’d like us to address, by all means, drop us a line! Of course, we are not perfect so mentoring is very welcome, as well. We love growth in any facet. Thank you, in advance.
That’s a wrap for January
Devin, Bridgette & Team