Zillow released its' Seattle Real Estate Trends yesterday for the third quarter (July, August, September) of 2008. Their calculations show that Seattle home values have decreased -7.53% compared to the third quarter of 2007. As a point of comparison, home values Nationally decreased -9.7% for the same quarter.
If you click through the links to Click for Seattle values you will find on the left under Seattle, the Excel icon . When you click there, you will find 5 tabs at the bottom of the page; "Summary", "Metro Area & County", "City", "Neighborhood", and "Glossary". I found the information shown under City and Neighborhood to be the most interesting, as the value data that Zillow has compiled is broken down to what most Seattle home buyers and Seattle home sellers will find the most interesting; their particular neighborhood or city.
These numbers are "Year over Year" of the "% change for the Zillow Home Value Index or "Zindex" over the last year (12 months)". In other words, Zillows "Zestimate", the median value for homes for in that area, and the percent less value compared to last years' Zestimate median value.
Unlike the Northwest MLS which only uses actual sales data of homes sold through the NWMLS, the Zillow figures use all home sales, then calculates values to all homes, assigns their Zestimates and determines the median value for an area. Which makes this a useful tool for looking at values and comparing them to get an idea of how values increase or decrease over time. However, these percents are not a good way to look at the value of a particular home, just a rough tool for understanding an idea of an areas value relative to last year.
Here are a few cities and neighborhoods of current interest to me as well as my current and recent clients:
Beacon Hill -8.0%
Clyde Hill -4.4%
Columbia City -12.7%
Magnolia -8.3% (Magnolia is shown twice)
Magnolia -6.5%
Mercer Island -6.3%
Montlake -7.0%
Normandy Park -5.8%
Queen Anne -4.7%
West Seattle -7.4%
Have fun following the links to find the City or neighborhood that interests you!
All year long the good folks at the Seattle Goodwillset aside fabulous donated fashion items and save them up for a weekend event called the Glitter Sale! This event has become a weekend "must do" for "Budget Fashionistas" to score some fabulous fashion finds.
To kick off this years Glitter Sale, Goodwill launched its' 1st Annual Glitter Galaon Thursday November 13th, 2008 in the Metropolitan Ballroom at the Sheraton Hotel. This years' Glitter Sale is Saturday and Sunday, November 15th & 16th from 9am to 6pm and there will be a line of dedicated Glitter Shoppers!
There will be designer, retro, vintage, dresses, gowns, jackets, tops, handbags, belts, shoes, jewelry and more! "Stuff" will often be sparkly, sequined, gold, silver, beaded, fringed, silky, velvet, leather, feathered, brocaded, embroidered, embellished....and will absolutely satisfy your inner "Dress-up Girl" with Fun Fashion and Glamour Galore!
A few years ago I went to the Glitter Sale with some friends and we had fun in the fashion frenzy finding a few new favorites to add to our collections. So, if this seems like your kind of fun....check out the Glitter Blogfor shopping tips and enjoying Betsy McFeely's posts on some of the finds she has highlighted and more. While the Glitter Sale is a wonderful event everyone attending, there is a purpose to all that Glitters...helping people through Goodwill's job training and education programs.
Today, Betsy took me on a Pre-view tour of all the wondrous LOOT that will make up the Seattle Goodwill Glitter Sale and I have put together a slide show of what I saw...and ooooh how I would have loved to have been able to shop right then and there! Many thanks to Betsy and all the people at Goodwill who have worked so hard to organize and merchandise all the wonderful things that kind, and thoughtful people have donated to help fund Goodwill's job training and education programs.
This month was extra exciting since the friend I was with wanted to see a customer, Fred Lisaiusof hers (she's the Manager at the BellevueDaniel Smith Art Supply Store ) who was showing at the Linda Hodges Gallery. Meeting, and talking to Fred Lisaiuswas fun, it made it all the more interesting to see his beautiful paintings!
We also met up with two more people to do the Art Walk with. While walking around, we also unexpectedly wandered into the Greg Kucera Galleryand the opening for some work by a sculptor whose beautiful Horses I have always want to see and experience in person, Deborah Butterfield.
We began our Art Walk in Occidental Park visiting the many artists at their booths. At one booth, a beautiful necklace by Joy Gonyea-Robertson (Jewelry by Joy) caught my eye as well as my interest when I heard it's story...I bought it, and wore the necklace the rest of the evening!
There is always so much to see at the Seattle First Thursday Art Walk in Pioneer Square, it's a great way to enjoy Downtown Seattle, and buying some Original Artwork for your home is a wonderful way to enhance your home!
Recently I was asked by someone who knows I am a Seattle Real Estate Agent, about whether or not is was a good time to sell her home. She was asking out of simple curiosity because of what she has been hearing in the media.
I told her that if she has a reason to sell, then it could be a good time to sell if she is willing to adapt (a motivated seller) to the new Seattle realestate market.
That means making sure her house is in very good shape (the best house for the price and location) and priced properly... even aggressively... for the market.
BUT... if she really does not have a real need (not motivated) to sell, then it's not a good time because of the current high inventory levels, and slower sales compared to last year:
ACTIVE listings (houses & condos) for the month of June, 2008, King County had 15,831 active listings, June 2007 was 12,282, a 28.9% INCREASE, that means a lot more houses competing for buyers this year.
PENDING listings (houses & condos) for the month of June, 2008, King County had 2,549 pending listings, June 2007 was 3,766, a 32.32% DECREASE, that means a third less buyers making accepted offers on houses this year.
SOLD listings (houses & condos) for the month of June, 2008, King County had 2,148 sold listings, June 2007 was 3,634, a 40.89% DECREASE, that means more than a third fewer buyers are buying homes.
The absorption rate for June 2008 is 7.3 months of inventory to sell at the current rate of sales, and for June 2007, it was 3.3 months of inventory. A big change in the Seattle real estate market. Those absorption rate numbers are just a snapshot for June 2008 and 2007. These months on hand numbers do not show trending sales.
0 to 3 months is a sellers market
4 to 6 months is a balanced market
7 plus months are a buyers market
Of course, different cities, or neighborhoods (location, location, location) of King County will have very different numbers and absorption rates and this is just a general overview. Absorption rate can also be analyzed by criteria such as price range, or type.
I did not, of course have these numbers off the top of my head for her, but I described in general terms, that the Seattle real estate market has changed from being a sellers market to a buyers market.
As we were finishing the conversation, she said that since her only reason to think about selling was mostly for a change, that she would wait. I said that in that case, she might want to think about making updates to her bathrooms, and kitchen so that with those changes she increases the enjoyment of her home. Then, when she really has a good reason, or need to sell her home, it will also be in better condition to go on the market.
So answering the question: I'm Thinking About Selling My Seattle House, is Now a Good Time? It depends!
Well, it's that time of the year again and it's The Georgetown Art & Garden Walk! This year is the 13th year that the Georgetown neighborhood in Seattle has shown off it's unique and very individual styles of Gardening. From the front yard, the side yard, the backyard, and even the "Hell Strip" that exists between the sidewalk and the street there are sure to be surprises and delights to enjoy!
The Georgetown Art & Garden Walk is this Sunday, July 13th from 10am to 5pm. The Georgetown Neighborhoodwebsite has this to say about it"
"So much to see! Colorful gardens, artist studios, food and drink, plus tours of the Georgetown Powerplant Museum and the Museum of Communication. Free and no registration required. Maps available on the day of the walk at the Bank of America parking lot, 1112 South Bailey Street."
I did not get to attend last year's Georgetown Art & Garden Walk, (I met with clients to see a house in the morning and had an Open House in the afternoon) but I'll be there this year early with a friend to take an adventurous walk through Georgetown in Seattle!
Enjoy this slide show of my walk in Georgetown in 2006....
It's gray, drizzly and the first Saturday in May which means it's the Opening Day of Boating season in Seattle! The Seattle Yacht Club in Montlake, is celebrating their 87th year of kicking off the Opening Day of Boating in Seattle.
A few days ago the boats began tying up to the log boom just outside of the Montlake Cut outlining where the Parade of Boatswill travel and the rowing regatta for the Windermere Cup will race. While driving back to Seattle from my office in Bellevue, I stopped near the Museum of History and Industryto take a look at the boats lining up and mooring at the log boom to take some photos.
For more about the Opening Day of Boating in Seattle....please click here
I believe in blogging so much that I have been spending about 8 to 10 hours a week (time for attending the demos etc.) blogging [ DanielSmithArt] for friend's business. It has been fun and I think that doing it will help keep me sharper at blogging since it's different. It is an Art Supply company called Daniel Smith Artists' Supplyhere in Seattle.
The current blog is the testing version (a free blogger account) and I am now working with the Real Estate Tomato(who I am also working with on my SeattlesUrbanVillages blog) to create a custom blog. I hope that the new one will be launched in the next couple of weeks.
I have an art background, so getting involved with this art blog is making me think about painting again...I haven't painted in a long, long time.
Although I admit that initially it was hard to find my rhythm doing it, I think I have this week, and I have also been able to post on all four of the blogs I write for, so far this is my 12th post total this week!
That is going to be my primary job this coming week, writing articles to post in it. There are also "pages" of information on Seattle neighborhoods and relocation information to write and post...and while it is going to be a BIG job, I am really looking forward to it.
I already have an outside blog through Typepad [ SeattlesUrbanVillages.typepad.com] but I never really liked it, and always hoped to hire The Real Estate Tomato to customize it...that's why I chose Typepad to host since that is what The RET uses. Well, as it turns out, Jim at The Real Estate Tomato prefers Wordpress. So now I have a blog that will languish in the Internet, and become a blog ghost... *sigh*
But the great news is that I will have a much better blog to put my time and effort into...I am sooo excited!
Are you ready to finally become a Homeowner? If you are, then come to the Open House this Sunday, April 27 from 1 to 4. If that is not convient, then call me (206-618-0565) to come and take a look at this great starter home with a quick and easy 10 minuet communte to Downtown Seattle. Great Starter Home price at $259,000.
This 3 bedroom, 1 bath home with attached garage, was REBUILT (effectively rebuilt in 1999 per the Tax records) with a new kitchen, bath, interior doors & trim, fireplace, double paned windows, electrical, drywall, furnace and roof...the hard part has been done! All this work was done with permits by professional contractors, no weekend handyman projects here, so lots of peace of mind for a new homeowner.
There are hardwood floors, and a huge walk-in pantry. One car attached garage with storage shelves. The lush, private backyard is fully-fenced and has a nice patio to enjoy on warm sunny days. Just a quick 10 minuet drive to Downtown Seattle. The home is vacant and ready to move-in. Imagine finally owning your own home!
Last chance to come and see this terrific rebuilt rambler! This is the last weekend on the market, if no offer by the end of the month it goes back to being a rental...come and check it out before too late!
Are YOU ready to take Make a Move into Homeownership?
Last week I posted that I was finally at the point for hiring The Real Estate Tomato to design and set up a custom blog for me.
Since then I have been having trouble with finding (went through more than 2200 images) the right image for the header with istockphoto, I knew what I wanted...I just could not find it. Finally we got a break in the clouds (so to speak!) and the sun came out enough on Thursday for me to take about 150 photos of one of my favorite views in Seattle. It's from Queen Anne's Kerry Park and has killer views of Downtown Seattle, the Space Needle, Elliott Bay, the Sound, Alki Point and when the clouds have cleared enough....Mt Rainier! Yes the archetypal Seattle view.
This is the view that many people are familiar with because it is seen often in movies, on postcards and on the news. Just recently while at Kerry Park, I saw one of our local stations doing a broadcast from here.
A few months after I moved to Seattle, I went driving around Queen Anne just looking for the view I had seen in postcards, movies and the news. When I found it I was so excited, it was just breathtaking...
I have never, never forgotten my first live view! So more than any other view of Seattle, this means Seattle to me.
So here is the winning photo that I am using (it is cropped to fit my header format) for my new custom blog.....
So what do you think....it's beautiful...just breathtaking!
Adventures in Seattle Real Estate...Exploring Seattle's neighborhoods or what I call Seattle's Urban Villages! Find out what makes each Seattle neighborhood a unique and wonderful place to live and make a home.
Deborah Burns ~ Seattle Real Estate Agent
. When you click there, you will find 5 tabs at the bottom of the page; "Summary", "Metro Area & County", "City", "Neighborhood", and "Glossary". I found the information shown under City and Neighborhood to be the most interesting, as the value data that Zillow has compiled is broken down to what most Seattle home buyers and Seattle home sellers will find the most interesting; their particular neighborhood or city. 
I told her that if she has a reason to sell, then it could be a good time to sell if she is willing to adapt (a motivated seller) to the new Seattle real estate market. 
;)
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