North Seattle Homes Selling Through Estates

There seems to be a growing "changing of the guard" in our local area here in North Seattle. More homes are being sold through the owners' estate as their families try to deal with the assets left behind by a loved one's passing.

Just in the Northgate/Maple Leaf/Pinehurst areas there have been more than 10 homes sold through estate in the last 6 months, with more currently active on the market.

A quarter of my sales in North Seattle have come about this year when someone has passed away and his/her family chose to put the home on the market. I've learned quite a bit through these experiences and thought I'd jot a few things down.

1.) Many people who purchased a home during the "boom" of the 50's and 60's in the Northgate/Maple Leaf/Pinehurst areas loved their neighborhood so much they never left! One factor I use to evaluate a neighborhood is to research what I call it's "turnover factor". Meaning how often people move in, then move out, of the neighborhood. Maple Leaf tends to have the lowest turnover in this area, which means people really love living here. As a fellow Maple Leafer, I can see their point!

2.) Many times you don't realize just how much stuff an elderly person has in their home until they pass away and you are now in charge of finding a new home for their books, furniture, tools, and knick-knacks. I've found second-hand stores and estate sales to be particularly helpful in this situation. Sometimes the second-hand store will bring a truck and pick up a lot of items that didn't sell at the estate sale. This can be helpful after relatives have already chosen remembrances from the home and you find there are still many belongings left that need a new home.

3.) If you are considering buying a home through estate, take a quick look at how the individual paid the property taxes. Most will have been paying a discounted senior tax rate and may have been paying this tax in advance for the whole year. If they pay their taxes one year in advance, then you may have to come to the table with a little more money than you thought. You may need to pay your taxes in advance for that first year. Somehow the state wants to keep its records in order, so if the previous person paid their taxes in advance, you may need to as well for that first year and that can be quite a surprise when you go to your final signing.

- Jay Silver