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2007 off to a good start in Wenatchee - 02/28/07 11:01 PM
First off, as bad as some would have you believe 2006 was, it was the third best year, nationally, since NAR started keeping statistics (1952). What is always of interest is Real estate is largely a local issue controlled by local events. As a result what is happening in San Diego is not Tulsa nor Dallas. Seattle is not Wenatchee and so forth. Certain national events and trends may effect the local market but we have also seen examples of local markets going the exact opposite of national. So (as I have said before), my reality is what is here, it is … (0 comments)
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Affordable Housing - 02/25/07 10:43 PM
This weekend the "Wenatchee World" had an excellent editorial that captured the underlying problem with our otherwise hot real estate market. About 35% of our buyers are from out of town. Wenatchee also has a growing population of professional and affluent home buyers. However we are still an Agricultural community and as a result not everyone is in the$400K+ price range. In fact the homes available below 200K (as I write this there are 10) which are reachable by many of our citizens are drying up. Consider that when people sell they usually move up 150% ( 200K to 350 etc) we … (2 comments)
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Internet Real Estate - 02/24/07 11:08 AM
The WR weekly bulletin is just out and they quote some interesting stats from California relative to Internet and Real Estate. Here are a few (from 2006 survey):
92% of internet buyers found their agent on a web site; 63% tthrough a search engine.
In 2000 28% said they used the internet as an important part of home buying in 2006 70%
Internet buyers spent an average of 2.2 weeks searching with an agent. Tradational buyers 7.7 weeks
Number of agents internet buyers interviewed on the median 1 traditional 3
Plus a whole lot of other data that is interesting.
IMHO the … (0 comments)
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2006 Year End market - 02/17/07 11:47 PM
The 2006 numbers for Wenatchee and the surrounding area are finally in (hey I think the compiler still uses an abbacus). In general the news is pretty favorable. Here are some highlights:
2005 2006
TOTAL MLS Volume Sold YTD @ 12/31 289,709,957 314,776 711 +9%
# Homes Sold YTD @12/31/06 1391 1314 - 6%
Median Sales Price 179,900 218,000 +21%
Homes Listed 1,714 1,712
Inventory in the MLS from under $100,000 to $250,000 is judged to be a one month supply. From $250 to 300 is a two month supply. From $301 to 350s a four month supply and from $350-400 is … (4 comments)
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Form over substance - 02/12/07 07:39 AM
There is a move on at the state level to start to look at uniform forms throughout the state. Currently Northwest MLS has their own forms. Spokane and Vancouver do too. Several smaller MLS's use WAR (Wenatchee is one) and NAR has theirs too.
The concern is not that there is a problem with the forms but rather a legal ambulance chaser may attempt to bring suit based on content of the forms (and I suppose usage or mis-usage). With all the different forms they MAY start with a smaller MLS using their own forms. A Mls that may not be able to … (0 comments)
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2007 Market in Wenatchee - 02/10/07 09:00 AM
Had lunch with the manager of one of the Title Companies yesterday and the day before that with a local lender. We discussed the coming marketing year and our expectations. All of us believe the year will be another strong year in River City (Wenatchee). In fact 30 days ago I was opining "good but not quite as good as last year" now I think it may be as good or close to it. Of course a lot can happen.
January pendings (at our office) were ahead of a year ago by about 20%. Personally, on the 9th of Feb I have already written … (1 comments)
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Recent Rankings - 02/07/07 08:34 AM
Herein is a quote from Seattle real estate Blog "360 digest" and also the Business Journal that you might find of interest....
"The Puget Sound Business Journal ranked the top 25 residential real estate firms ranked by residential sales volume in millions, for 2006. The top 5 were:
1. Windermere ($23,709.6 / 60,200 transactions)2. J.L. Scott ($12,745.6 / 32,590 transactions)3. Coldwell Banker Bain ($7,998.7 / 19,131 transactions)4. Re/Max International ($6,649.4 / 19,662 transactions5. Prudential Northwest ($2,997.6 / 8,719 transactions)
20 more were listed, including Gordon Stephenson's RPA, Real Property Associates. This year, his firm placed #17 with a reported volume of $146.9M in sales. … (0 comments)
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Super Bowl - 02/04/07 10:13 PM
Super Bowl is over but you may have an opportunity to enter the Super Bowl of Real estate (at least in our MLS)!
I am referencing a Super Bowl of sorts that happens when a buyer finds out there are multiple offers. If you are in that position there are certain game plays you can use that will help you score with an accepted offer (ok, ok, this is getting trite and I'll knock off the football stuff...lol).
First and foremost see if your agent can find out anything about the other offers. Many listing agents (with their clients approval) will divulge the form … (0 comments)
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Dual Agency - 02/03/07 01:29 PM
In Washington Real Estate it is permitted for an agent to be a dual agent (represent both the buyer and seller on a transaction). Naturally, it has to be disclosed and both the buyer and seller need to agree to it .Many if not most agents will act as a dual agent. However, I don't like it and usually won't. I think the potential for liability is too high and certainly the appearance of conflict or actual conflict of interest makes me uncomfortable!Honestly, how can you negotiate for one party when you know what the other party will do? How can … (3 comments)
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Perrin Cornell, Broker, ABR
Wenatchee,
WA
More about me…
Century 21 Exclusively, Wenatchee, WA
Address: 135 N. Mission, Wenatchee, WA, 98801
Office Phone: (509) 662-2100
Cell Phone: (509) 669-0354
Email Me
Comments and advice on the Real Estate market in Washington State and the housing market in and around Wenatchee, East Wenatchee and the Wenatchee Valley.
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