Eastside Real Estate Working-for-you!

Friday's Did You Know? Columbia Winery.

Did you know that Woodinvilles Columbia winery is a transplant from Seattle? The winery was started in the Seattle neighborhood of Laurelhurst by a group of ten friends.  In 1976 the winery moved to Redmond where production reached 9,000 gallons.  From Redmond, the winery moved to Bellevue so they could expand facilities as they were cranking out 30,000 cases.  In 1998 Columbia winery moved to its current home in Woodinville and have an average annual production of 170,000 cases.  Columbia winery, its been all over Seattle's Eastside, and not just in our glasses!

Understanding Real Estate supply and demand -- PENDING sales, your most important number!

Why do some homes sit on the market longer than others?  Why does a home sit for a long period, then all of a sudden receive multiple offers?  Why does the small rambler in the neighborhood sell for more than the larger  2 story down the street?  Real estate markets fluctuate based on supply and demand, right down to the neighborhood, house style and size!

Traditionally, when you are looking to determine market value of your house, a real estate agent will do a "CMA" (comparative market analysis).  To do a CMA, agents look at ACTIVE inventory, PENDING inventory, the EXPIRED inventory and the SOLD inventory.  When agents are working to determine value, they typically tend to put the most "weight" on the SOLD inventory.  Putting the most weight on the "SOLDS" is a big a mistake.  If you're always looking in the rear view mirror, you'll be either behind the market or chasing the market.  In my opinion the most important numbers to look at when determining value are the PENDINGS!

PENDINGS tell us where the market is today.  When we track PENDINGS we can tell what direction the market is going.  Even though we really don't know what the home went under contract for (we won't know this until the home closes), PENDINGS are the number that really tell us how strong the market is.

For the sake of easy math, if you were looking to buy a home in an area that 100 homes for sale in your price range, and there were currently 10 PENDINGS, you have a 10% market ratio.  Tracked on a weekly basis, this also means that there is at least 10 weeks of available ACTIVE inventory (the market absorption).  As a Buyer you'll know you have the advantage in negotiation, as a Seller you'll have to price very competitively for the market.

Conversely, if there are 100 homes in your area and price range, and there are 80 PENDING sales, tracked on a weekly basis, you'll sell through the inventory in 1.25 weeks and the market ratio is now 80%.  You'll find multiple offers in this market with Sellers in complete control.

Specific house styles can be tracked as well.  We often find that specific house styles, for instance a rambler style house, can have faster absorption and a lower market sales ratios than other styles in the neighborhood.   Remember, when the absorption is fast and the ratio low, the Seller can be more aggressive with pricing.

Very simply stated, ACTIVE inventory indicates supply, PENDING inventory indicates demand and SOLD inventory is historical data.

The Working-for-you team tracks the real estate market weekly -- by area and by price range.  We compute weekly absorption rates and market ratios to know what the market is doing today, and to see the direction the market is going. 

If you are ready to sell your home, YOU NEED THIS INFORMATION!  Give us a call today, and we'll be happy to help you determine the right market price for your home.

Monday's Inspiriaton! An interview with Christopher Gardner

At the Mastermind 2007 Conference that I attended in San Diego, Brian Buffini interviewed Christopher Gardner.  Here are some of the highlights of that interview.

In the "Pursuit of Happyness", actor Will Smith portrayed Christopher Gardner's character as he faced setback after setback while trying to achieve his goal of becoming a stock broker.  He was single father...and at one point ended up homeless on the streets of San Fransisco, while serving as an intern.  He relentlessly pursued his dream, and at the end of his internship was selected as a stock broker.

Chris Gardner doesn't become an inspiration if he remains homeless.

Chris said that his drive came because he "wanted to be world class at something."  His mother was his greatest inspiration.  He virtually had no dad and it was important to him break the cycle of the absent dad.  He made a promise to himself at 5 years old.  he realized that the problem doesn't have to be generational.  He said that being there for his son was "The most important thing I've ever done  in his life."

Here are some of the highlights in bullet points:

• Although his Mother's dreams were shattered, she still instilled in him that he could do anything and be anything.
• He made conscience CHOICE to go the other way from poverty, alcoholism and child abuse.
• He said the best time to make friends is before you need friends.
• "Always pursue happiness", is what he said when asked the "one thing" needed to live an inspired life.
• When asked if he would like any "do overs" in life he responded, "Absolutely NOT.  Change one thing, everything changes afterward."
• When asked, "What kept you from feeling overwhelmed?", he responded, "I embraced the spirit of life that he saw in my Mom.  I chose the light."

To learn more about this remarkable man, rent or purchase the DVD movie of his life "The Pursuit of Happyness"

Here is a video clip about Chris Gardner

Friday's Did You Know? - Coal Mines in Bellevue?

I've been to a coal mining city.  If you ever find yourself in Nye Montana, you'll know what I mean when I say those people are TOUGH!  Just as tough as the people of Bellevue?  Well, maybe!  Did you know that Newcastle the community just south of Bellevue,  used to be the home of the Lake Washington Company's first coal mine?  It opened in 1867 and during its first year mined over 150 tons of coal! Coal mine shafts in the area were often driven deep into a hillside, at a 12-percent grade, reaching lengths of more than a mile underground.

When common sense fails (part 2) Selling yourself (FSBO) just might cost you more $$!

Here's another area  Mr./Ms. Seller where you want to save lots of money.  Lots and lots of money.  You'll sell your castle yourself and save that nasty commission. 

Since you really don't know how much it's worth, how did you arrive at the price on your house?  Did you take your purchase price, add your improvements and just tack on $50k for good measure?  Did you consult Zillow and use their "zestimate"?

And how about presentation?  Do you know what draws Buyer's in so that emotionally they feel compelled to offer (full price or more) on your house?

Finally, what about the current market conditions?  Have you seen all your competition?  Do you even know who your competition is?  Do you know how many weeks of inventory exists at the current rate of sale?

Now you have your house on the market.  It's not selling.  You're starting to panic and now you're lowering your price beyond good sense.....and when it's time to negotiate, you give everything away!

But you can do it yourself.  And if you're successful, pray you did everything right.  Lawsuits are a bitch!

Counterintuitive thought #2:

Selling FSBO will not save you money!  Paying an experienced Realtor's commission can make you more money!

We know the market, we know what makes your Buyer act, and we know how to negotiate on your behalf.  We can assist you in pricing your home to make the most possible $$ on the sale.  Don't jump over $100 bills to pick up nickels.  Use a Realtor!

(For Counterintuitive thought #1, Click HERE)

Go Seahawks! 2007 Seahawks Football Schedule

Sunday     09/09     Tampa Bay          1:00 pm FOX
Sunday     09/16     @Arizona             1:00 pm FOX
Sunday     09/23     Cincinnati            1:00 pm CBS
Sunday     09/30     @San Francisco    1:00 pm FOX
Sunday     10/07     @Pittsburgh         10:00am FOX
Sunday     10/14     New Orleans         5:00 pm NBC
Sunday     10/21     St. Louis              1:15 pm FOX
WEEK 8 BYE
Sunday     11/04     @Cleveland          1:00 pm FOX
Monday     11/12     San Francisco      5:30 pm ESPN
Sunday     11/18     Chicago               5:00 pm NBC
Sunday     11/25     @St Louis            10:00am FOX
Sunday     12/02     @Philadelphia       10:00m  FOX
Sunday     12/09     Arizona                1:00 pm FOX
Sunday     12/16     @Carolina            10:00 am FOX
Sunday     12/23     Baltimore             1:00 pm CBS
Sunday     12/30     @Atlanta              10:00 am FOX

GO SEAHAWKS!

Greg Perry, Eastside Realtor: 425.829.7012
Brian Perry, Eastside Realtor: 206.852.0902

Buffini Mastermind 2007 Living an inspired life! Day One

Living an inspired life is the theme of Buffini's Mastermind conference in San Diego with over 5000 Realtors, lenders and their spouses/partners in attendance.

I've been to 8 of these conferences throughout the years.  So far, this year's conference has been the most moving.

The conference actually started on Sunday evening with a flashback of Mastermind conferences since 2000.  Artist Erik Whal, taught and entertained us and encouraged us to tap in to our creativity.

On Monday, Brian Buffini's theme was inspiration, which Webster defines as, 1. A divine influence on people. 2. To creatively stimulate. and 3. To breathe life into something.

His talk itself was quite inspiring.   However, in the afternoon, his special guest was Christopher Gardner, the true life character that the movie "The Pursuit of Happyness" was based on.  He interviewed Chris for over an hour.  It was entertaining and enlightening.  I'll expand on the interview in a few days.

The evening ended with a stirring performance by Oprah Winfrey's adviser, Wintley Phipps who sang "Amazing Grace" to an hushed crowd and ended the evening with everyone on their feet to "God Bless America"

Day one filled my tank.  One of the most poignant moments of the day was a video that Brian played that depicted an underdog story by an man who has an incredible gift. The video is from a British TV show called Britain's Got Talent.  The contestant is a man named Paul Potts who is a cell phone salesman.  You can see as Paul took the stage that he lacked confidence and the judges wore their skepticism on their faces.  All that quickly and completely changed after just a few bars of hearing his voice.   I have always found that whenever anyone nails a masterful performance, especially in music, that it creates an emotional response in people.  Paul Potts not only nails the performance, but represented the underdog.  This video is amazing.

 

Attractions on the Eastside

Without even considering all of the outdoor recreation we have at our doorstep, the Eastside communities of Seattle have an abundance of things to do.  Whether you are relocating, or have lived here for years, take an opportunity to get back out and discover, or rediscover the many attractions here on the Eastside.  I have compiled a small list of places from the top of my head.

Eastside attractions:

• Red Hook Brewery
• Columbia Winery
• St. Michelle Winery
• Bellevue Art Museum
• Bellevue Square mall
• Cougar Mountain Zoo
• North Bend Discount Mall
• Gilman Village
• The Herbfarm
• Country Village in Bothell
• Kelsey Creek Farm
• Kirkland Performing Arts Center
• Kirkland Waterfront
• Marymoor Park
• Molbak's Nursery in Woodinville
• Remlinger Farms
• Snoqualmie Falls
• The Summit at Snoqualmie. (ok thats pushing it.. but it IS east of Seattle)
• Tiger Mountain

Get out and rediscover!  If you have other attractions you think should be mentioned, let us know in the comment section.

Did you see Greg on King5 news last night?

Last night evening around 4pm, Jim Forman, reporter for King 5, called Greg and asked to interview him for the 10 pm and 11 pm news.  He found Greg's article "Mr./Ms. Seller, your number one concern now is "Will my house close", written on the Seattle PI Real Estate Professionals blog and wanted to do an interview around it.

Greg met Jim at one of his listings in Woodinville (that closes today) for the interview.

The piece aired last night.  Greg was pleased with how it came out.  We hope you were able to see it!

Friday's Did You Know? Kirkland, the Gateway to Seattle.

Did you know?  On May 18th 1926 the city of Kirkland's chamber officially adopted "Kirkland, The Gateway to Seattle" as the city's official slogan?  The chamber offered a whopping $10 prize to the citizen that could come up with a better one.  Despite the communities best efforts, the chamber stuck with the slogan they'd been using for years.  The most well like slogan in the contest  came from the Kirkland's womens club.  "Kirkland, the Glad Town", recieving 10 votes.  They got their 10 bucks.. but not the slogan used. 

Historylink.org has a complete list of slogan entries.  I have picked some of my favories.  Imagine the pride we could have in these slogans:

• Kirkland, Fruitland, Eggland, My Land
  Let Kirkland Feather Your Nest
  Follow the Yellowstone Trail to the Rainbow Land at Kirkland
  Kirkland, A Stock Broker’s Tip
  Land of Cockaine
  Kirkland, Eventually, Why Not Now?
  Kirkland, The Baby Elephant
  Kirkland, That Peppy, Friendly City
  Kirkland, The Comer
  
  and my all time favorite of the entries:  "Kum an’ C Us"

If we held a contest today, what would you submit?