Let's talk about what is really going on with real estate in my local area - Stanwood, Arlington, Camano Island and most of Snohomish County in WA.
The most important thing to remember is that Real Estate is LOCAL!
The strength of our economy is one reason why housing in our area has such a bright outlook. Our economy is great! With our three main diverse job hubs here - technology, aerospace and medical research not to mention the local coffee market and other strong retailers, our job growth is strong and we have seen some of the highest appreciation in the nation. Seattle still has an especially hot job market, and anticipates continued high paying jobs which will lead to many people who will continue to move to our area. The current estimates are around 135,000 over the next five years, because our economy is so strong. The Port of Seattle currently handles approximately 2 million containers annually and are anticipating doubling that number in the years to come. Some of the big name employers, like Boeing and Microsoft, are expanding payrolls and Costco is considering serious expansion into our region. This growth is helping Washington!
Home foreclosures may be at record highs nationally, but take a minute and look at what those numbers are for your area. If you hear the media saying that foreclosures are up 33%, what does that mean? In my market, only 1% of all loans went into foreclosure. Now only 1.33% of all home loans are anticipated. 1.33% doesn't sound nearly as scary as a 33% increase. Many local experts say that Snohomish County has been insulated from the mortgage crisis. I think a large reason for this is because fewer homes were purchased as investments in our area, versus states like Nevada, California or Florida.
Now, it is true that homes aren't appreciating as quickly as they have over the last several years or even selling as rapidly. This is actually a good thing and shows we are just returning to a normal, healthy market. It is not a sign of a housing meltdown. On Camano Island, instead of your home appreciating 11.4%, last year we saw appreciation rates at 5.8%.
According to a government report, residential construction in our area shows a 2.6 percent drop in housing starts. Compare that to 37.7 percent for the Northeast and 18.4 percent in the West, we are still going strong here too!
Another factor that I anticipate will affect our housing prices are the 2010 Winter Olympics in Vancouver. History has shown that anytime the Olympics (or the 1962 Seattle's World Fair for example) come to an area, the housing prices soar. Combine that with the fact that our area is doing everything imaginable to be able to drive business through Seattle (passing through Stanwood & Camano Island!!!) to Vancouver, and you have the making for a continued hot market for many, many years to come!
"Washington State continues to defy national trends in home prices, lending, and sales," Washington REALTORS® recently stated. "Nationally home prices are down; sub-prime mortgages and foreclosures are up. But, in Washington State, foreclosures and sub-prime lending occurred at lower rates than just about anywhere in the nation. Home appreciation in Washington also continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995."
With all this information, how can it not be a good time to buy and sell in Washington?
 |
|
|
Looking for a Equestrian Property, Investment Property, a Home or Land in Stanwood, Arlington & on Camano Island? When it comes to real estate, my goals are simple. Let me put your needs first.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Hi Jen,
I am happy for you guys in your market area, we are doing pretty good in the Hudson Valley, NY area.
Jan - I totally agree and keep saying it over and over again - Real Estate is Local!! Great thoughts!
Dear Ben,
Thank you for your response and your email.
I have had my eye on your property in Camaloch for over the last year now. Your property is stunning and had it been marketed effectively, should have sold long ago. Let me first point out the 4 main reasons why I believe your home is still on the market then I will go over some suggestions that may improve your chances of selling.
1) Unfortunately, your home a classic example of why I caution sellers not to price too high. The original price of $795,000 in February 2006 was above the current market and even though you reduced it by June that year to $775,000 then in August to $750,000. If your home had an incredible water view and was not on the main road, then $795,000 may have been feasible, but location plays a big factor. The impression that buyers and agents had at that time was that it is "overpriced." Once that label is put on your home, it is hard to get the attention back. You end up having to reduce the price far beyond the market value in order to attract buyers and agents back to your home. I know that you've seen exactly that since you are now listed at $699,000.
2) I many cases it is hard to sell a property before construction is complete. Most buyers need to envision themselves in the home and that is hard to do when it is still a construction site and not a home. Even once your home was complete, I never saw a "grand opening" or any event that would let buyers know to come back and take a look. It's all about creating a "buzz' around the property.
3) Overall, I think the photos and descriptions that were used in advertisements for your home could have been much better. They need to reflect the quality of the home, and frankly, they did not. With descriptions, it is about allowing the buyer to "move-in mentally" and with the research that most buyers do online, you need photos and virtual tours to reflect the quality of the home and the surrounding neighborhood. In all my virtual tours, I not only include the home itself, but also the surrounding amenities. In your case, I would showcase the Camaloch Golf Course and the State Park further down the Island.
4) The comments that agents wrote in after your home was complete were all along the lines of "seller will look at any offer," "must sell," "priced below appraisal," etc. When you are trying to sell a home in the price range you are in, you need to create value for the buyer. Those types of comments immediately take away from that and may make some people skeptical. Let's be realistic, buyers have so many choices on Camano Island that your home needs to be set apart from the rest.
As far as getting your home sold, you need an agent who is focused on finding a buyer for you. Many listing agents get the listing then sit back and let the office run an occasional ad in the newspaper or online and just wait for someone to come along with an offer. I think that is a disservice to my sellers and take a pro-active approach in finding a buyer.
Let's be honest, I can't reasonably reach every potential buyer out there. I can reach most every agent who has a potential buyer, so a large portion of my marketing is spent on other agents. As you know, I am a newer member in Active Rain and will post your home here, I will put a virtual tour of your home on youtube, and I have developed lists of agents I have met across the nation. I will also actively seek out agents who produce consistently (with homes at your level) and market to them. The majority of agents that I work with are in the Seattle/Bellevue/Redmond area and also in California because I have found that is where most of our buyers on Camano Island come from. I create a focused and customized marketing plan for each of my listings, which is why they have all sold fairly quickly.
Ben, I love discussing real estate and think your home has a lot to offer. Feel free to contact me if you would like to sit down and brainstorm about some new marketing approaches.