Team Reba Open houses for weekend of May 16th & 17th 2009

We’ve got open houses going on this weekend for the following listings:

Saturday, May 16th 1-4pm and Sunday, May 17th 1-4pm:


Price: $525,000
MLSID: 29065712
11714 NE 149th St
Kirkland, WA 98034

This fantastic Chancellor home located in High Woodlands has incredible space for the price. With 3220 sqft of space encompassing 5 bedrooms, an office, bonus room, and extra finished room you’ll love it. Then you’ll love even more the thoughtful built-ins that help maximize the space you get. Easy access to transit and commuting options make this a fantastic place to call home. Relax in the large back yard on the deck, or shoot some hoops and then ease your muscles in the hottub.

Take a Virtual Tour

This house is open 1-3pm on Sunday, May 17th in the Lakeridge neighborhood of Seattle:

Price: $425,000
MLSID: 29014980
10509 Rustic Rd S
Seattle, WA 98178

This 1950′s rambler with daylight basement has just completed a cosmetic update and is ready for a new owner. Wonderful privacy up on the ridge of Lakeridge Park overlooking trees to the west and partial views of Lake Washington to the east. New items include: countertops and flooring in kitchen along with all new appliances, carpet in Master bedroom, landscaped yard, new tile on carport deck, new interior lighting on main floor and more! Beautiful and open main floor layout.

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Team Reba REO Squad coming to local neighborhoods soon

A new relationship we’ve built with a lender will have Team Reba hosting open houses for REO sales. These are bank owned homes, meaning that a foreclosure has been completed and the bank is selling the “real estate owned” asset on their balance sheet.

We’ll be posting our open houses here and on Twitter for anyone who would like to come see us and the properties. Currently targeted neighbhorhoods are Kirkland’s Bridle Trails, Bothell, Greenlake, South Seattle/Rainier Beach, and West Seattle.

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JUMBO loans seem to be splitting lenders focus in 2009 market

For the last half of 2007 and all of 2008 the hardest to sell market in the Puget Sound area was homes that were in the roughly $650,000 to $1.5M range.  Why?  Because most of those properties required JUMBO loans for the buyers to secure the purchase and this was the first and hardest hit segment of the credit market for residential sales.  Most of these loans were held in portfolio programs at banks because they weren’t easily bundled into the other securitized packages that were being sold on to Wall Street because of their perceived higher level of risk because of the dollar sizes involved.

For those uninitiated to the world of JUMBO loans these are the ones that are just above the conforming limit, which has been at $417,000.  There is a temporary bump up in higher priced areas (of which the Seattle/Bellevue area qualifies) to $567.5k and $506k but those still have a slightly higher rate associated of around a half point (.5%) above the rates available at $417k. 

What’s interesting right now is that there is a mixed bag of news regarding JUMBO loans and their availability.  One report shows a lender that specialized in these type loans filing Chapter 11 and getting out of the market.  But another report says that some of the bigger players have decided it’s an underserved market and they’ll be moving back into that realm. Two of the lenders looking to provide JUMBO loans are Bank of America and ING.

I’m hoping that if these bigger players do get into that lending niche it will help open up some of the buyer activity for homes in that price range in our area.  We’ve got a client or two that could use it right now and we’d like to see that part of our market get moving in a positive direction again.  Cities like Bellevue, Newcastle, Medina, Mercer Island, Redmond, and Woodinville as well as higher priced areas of Seattle could really benefit.

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Need a copy of an oil tank decommissioning report?

Since there is an abundance of older housing stock in the City of Seattle, it’s not uncommon to have the question of whether or not an oil tank is on a property. To determine if a tank has been decommissioned it is possible to contact the local Fire Department and have them look up the address to the property and see if one has been filed.  In this case I called the Fire Marshall’s office for the City of Seattle

The Seattle Fire Marshal’s Office is located at:

 220 3rd Avenue South
Seattle, WA 98104-2608

Phone: 206-386-1450
fax: 206-386-1348

Business hours are:

Monday through Friday
8:00 AM to 4:30 PM.

Most decommissioning reports have only been in place for roughly the past 10 years so if it was done earlier you may not have a record available to you.  I’ve found that most municipalities are similar in process to this method of investigation so depending on where you live, you’ll want to contact the fire department responsible for your area whether in city limits or in an unincorporated area. 

Most reports are faxed and not emailed, so be sure you can provide a fax number to whomever you speak to.  Some lenders require a copy of decommissioning reports so be prepared to give a copy to your mortgage company/broker/lender, escrow and other parties as necessary.

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Burn ban expanded to King, Snohomish, and Kitsap Counties

Message from the Puget Sound Clean Air Agency

Stage 1 burn ban called for King, Kitsap, and Snohomish counties; remains in effect for Pierce County

January 18, 2009 – Due to stagnant weather conditions and increasing air pollution levels, the Puget Sound Clean Air Agency is expanding a Stage 1 burn ban to include King, Kitsap and Snohomish counties effective 12:00 PM, January 18, 2009. The ban in Pierce County issued Friday remains in effect. 

Stagnant weather conditions are entrenched over the Puget Sound area and expected to persist through Wednesday night. These conditions greatly increase the potential for air pollution to reach levels considered unhealthy for sensitive population groups. The Clean Air Agency is closely monitoring these conditions and will take additional actions as necessary if conditions degrade to unacceptable levels.

During a Stage 1 burn ban:

*No burning is allowed in fireplaces or uncertified wood stoves, unless this is your only adequate source of heat. Residents should rely instead on their home’s other, cleaner source of heat (such as their furnace or electric baseboard heaters) for a few days until air quality improves, the public health risk diminishes and the ban is cancelled. 

*Natural gas, propane and pellet stoves or inserts ARE allowed.

No visible smoke is allowed from any wood stove or fireplace, certified or not, beyond a 20- minute start-up period.

*All outdoor burning is prohibited, even in areas where outdoor burning is not permanently banned. This includes recreational fires such as bonfires, campfires and the use of fire pits and chimineas. Burning of storm and flood damage debris is also prohibited.

*Burn ban violations are subject to a $1,000 penalty.

(Note: The Seattle Parks Department prohibits beach fires at Alki and Golden Gardens during the burn ban.)

This ban is in effect until further notice.

Puget Sound Clean Air Agency staff will continue to monitor the situation to determine when the burn ban can be lifted. You can check conditions and forecasts at http://m1e.net/c?89487606-2LuFIG7kBpWNo%403906342-qhoH/zvQHCPCE

The Washington State Department of Health recommends that people who are sensitive to air pollution limit time spent outdoors. Air pollution can trigger asthma attacks, cause difficulty breathing, and make lung and heart problems worse. Air pollution is especially harmful to children, people with heart and lung problems, and adults over age 65.

This is the first burn ban of the season and the first since a new state law went into effect lowering the air-quality trigger for calling a burn ban. The trigger level was lowered to align with the US Environmental Protection Agency (EPA) health standard for fine particle pollution, which was tightened in 2006 to better protect public health. 

For additional information visit pscleanair.org.

#   # #

The Puget Sound Clean Air Agency is an air quality management agency serving King, Kitsap, Pierce and Snohomish counties. Created as a result of the 1967 Washington Clean Air Act, the agency protects public health and improves air quality by adopting and enforcing air quality regulations, educating individuals and businesses about clean-air choices and sponsoring voluntary initiatives to improve air quality.

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In today’s more competitive selling environment, does it make sense to stage?

My 2cents on that is a resounding YES!  However, to provide support from a source outside of my own real estate practice I think it helps to see the stats that a local staging company has been providing on the subject.  They’ve somehow been gaining access to MLS data showing sold homes in a variety of mid-to-upper end homes and this is what they’ve found in 2 recent reports they sent out.

Report released December 8th with viewing of properties sold for the prior 90 days through to December 5th:

In our research, we found that in the Seattle Area in the past 90 days, 480 homes have sold that were listed between $500,000 and $1,200,000. Of those that sold (excluding the 20 Waterfront and Waterview listings) 79% were STAGED HOMES, 21% were unstaged or vacant. Sample locations were West Seattle, East Side/South, Mercer Island, Bellevue-East of 405, Bellevue-West of 405, Kirkland/Bridle Trails, Queen Anne/Magnolia, North Seattle, and Ballard/Greenlake. All data provided by Northwest Multiple Listing Service and based on online photos.Pretty interesting stuff, huh?

The study they released today had the past 30 days information on homes sold through January 6, 2009:

Building on last months study, we again reviewed all sold homes in the Seattle area.  From our sample, it is clear that homes that are Staged are selling at a much higher rate than those that are not. In our research, we found that in the Seattle Area in the past 30 days, 116 homes have sold that were listed between $500,000 and $1,200,000. Of those that sold (excluding Waterfront and Waterview listings) 81.5% were STAGED HOMES, 18.5% were non-Staged or vacant.  For those that sold, Time on Market for Staged Homes was 79.5 days while non-Staged homes was 125 days.  Purchase price for Staged Homes was $40,209 less than asking price while purchase price was $46,842 less than asking for non-Staged homes. The dollar value that Staging brought to these home sellers was $6,633 in the sale price of their home and 45.5 less days on market. Sample locations were West Seattle, East Side/South, Mercer Island, Bellevue-East of 405, Bellevue-West of 405, Kirkland/Bridle Trails, Queen Anne/Magnolia, North Seattle, and Ballard/Greenlake. All data provided by Northwest Multiple Listing Service and based on online photos. Now, what I’d really like to know is how many houses were there on the market during that period of time?  Not just how many of the sold units, but to compare that to all of the properties available.  Now THAT would be some awesome numbers to show although this is mighty powerful information for sellers to consider since you want to be in that top 80-ish percent of sold and for higher prices than your competitors.

For agents, like me and my team, who have been doing this kind of servicing since DAY 1 with our Concierge Services we are pleased to see someone provide hard evidence of the value that this kind of service provides.  If you are considering selling your home, we’d love to be able to show you the difference that our staging provides!

Anyone else have thoughts they’d like to share on staging?  Please feel free to comment!  What did or did not work for you?

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Staging really does pay off in helping your home sell

A local company called Staged By Design recently sent out a newsletter (December 8th) that had the headline of, “In past 90 days, 79% of Homes Sold in Seattle Area were Staged”.  These statistics were developed and researched by SBD since there is no one that really tracks this within the local MLS.  How they got access to all of the property information is unknown but I’m assuming a real estate contact of theirs somehow helped them out.  They broke their research into specific areas so it may not be across the board for all of Puget Sound, but I’d still say that the number is compelling and applies to areas like Bellevue and Kirkland as well.

All the Team Reba members agree with this philosophy and we have for some time having been providing these services for over 5 years for both interiors and exteriors of homes.  Team Reba offers staging consultation and light staging services as part of our standard Concierge Services listing package and we can do bigger staging jobs for an additional fee if a client needs it.  Because each listing is unique and different from the next, it practically requires us to have a specific approach to each client so we get into specific details during our collaborative sessions to determine what is appropriate and what fits our clients budget.

You can tell the properties that we’ve listed using our Concierge Service versus what we’ve helped our buyer clients purchase as buyer’s agents on our featured properties page of our Team Reba site, most notably by the difference in photos and how the interiors look.  We like to think that we provide a superior product, not only in our services but in the properties that we help present to the marketplace.  Check it out and see if you can tell the difference.

What are your thoughts on staging?  Do you think it’s a valuable service and necessary in today’s real estate marketplace?

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New Chancellor style 5+ bd/2.25 ba home in Kirkland listed

This fantastic Chancellor home has incredible space for the price. With 3220 sqft of space encompassing 5+ bedrooms, an office, bonus room, and extra finished room you’ll love it.  Thoughtful built-ins help maximize the space you get and keep clutter at bay. Easy access to transit and commuting options make this a fantastic place to call home. (Metro buses 236 to downtown Kirkland and 257 to downtown Seattle come by within a half block.) 

Relax in the large back yard on the deck, or shoot some hoops and then ease your muscles in the hottub. You can’t go wrong with this home!  To make it even more relaxing, there is a 1-year basic American Home Shield home warranty that is available to the buyer at closing to help cover the appliances and systems in the home.

A slideshow of all the photos is available here.  A total of 17 photos to be exact showing all the rooms of the house except for the garage interior and laundry room.  There is an eat-in kitchen with space for a couple of barstools and/or a kitchen table for more informal dining.

 

 

The home is located near Totem Lake, where Evergreen Hospital is growing by leaps and bounds and it is also near one of the first Trader Joe’s in Washington.  Lots of local amenities and there is a community pool you’ll have access to as well.  Better get busy before Labor Day weekend if you want to enjoy it this year!  Local park & ride nearby makes the possibilities of reducing your carbon footprint easier.  Easy access to Eastside companies and employment centers(Bothell, Bellevue, Redmond) such as Microsoft, Expedia, and Overlake Hospital.

We’ve even got a great offering from Eric Aasness (one of our co-contributors) that if you use his office for the financing portion, they’ll offer 1% of the loan amount toward your closing costs!  With 10% down, the loan amount will still be under the new, temporary increased level of conforming loan limits – which is $567,500.

Come swing by and take a look for yourself!

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