Real Estate From the Inside

Numbers to Consider

2010-01-15T17:42:00Z

As of today there are a total of 19,072 Active Properties Listed for the Six Counties.

1515 of these are Bank Owned Properties.

291 Bank Owned Properties have been released for bid since Jan 01 of this year.

170 Bank Owned Properties have been reported as Pending subject to Inspection since Jan 01 2010. Of these, the original list price average was $268,762 with an adjusted list price prior to pending of $256,263 average. Average market time of 95 days and average asking price per square foot of $125.73.

From Jan 01 2010 there have been 74 Bank Owned Properties closed, Average sale price of $218,664, Average cost per square foot of $128.92, average days on market of 107. Average Sale price percentage to list price of 98.53%. ( Please note the difference of the cost per square foot of the pendings vs. closed )

What does all that mean?

The market for Bank Owned properties is extremely hot. The discounts on Bank Owned Properties are killing the regular market and will continue to do so until the inventory is depleted. The numbers indicate the tax credit is working. This is a Great Time if you can Buy and Hold for a minimum of 2 years as we liquidate these assets. All indications are we should resume to normal after that period. Not Crazy normal, just normal. It also shows that if a house is priced well it sell very fast in this market..

Beat the Bank 1/15/2010

2010-01-15T17:42:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Mount Vernon/Big Lake Area, 3630 sq.ft. 2 story on 23 acres with 6 gar garage. Nice House and acreage according to the picture, now reduced to $469,900

info@scionre.com

425-387-5983

Beat the Bank 12/20/2009

2009-12-20T17:39:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Mukilteo, Here is one that Bank of America is going to take a bath on. Someone Stole the Kitchen!, other than that this is an awesome 2007- 5,000 sq./ft. custom home on 3/4 acre in an exclusive area. Assessed in 2009 for over one million. Now offered at $639,000. Anyone like to make an offer at 1/2 of assessed value?

2.) Bothell, 3,800 sq./ft. on 1/2 acre offered at $370,000. That is less than $100 per square foot. Can't built it for that.

#3.) Lake Forest Park, they just reduced the price $60,000 on this 3,920 sq./ft home to $239,900. Now that is what I like to see.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Beat the Bank Suggestions 12/17/2009

2009-12-17T19:47:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Today for Snohomish County there are 9 new price reduced Condos in a new development in Arlington. They are really nice and Horizon Bank is dying to get them off their books. They are priced now from $149,950 to $164,950. Good Buys!

2.) This is an odd house with what looks like a lot of potential, 3920 sq./ft. in the Lake Forest Park area on 1/4 acre offered at $299,900.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

VA Loan Limits Change for Our Counties

2009-12-17T19:37:00Z

http://www.homeloans.va.gov/loan_limits.htm

This is the link for the new 2010 VA loan limits. They have changed for our counties!!

2010 loan limits for King, Peirce, and Snohomish counties is $481,250 vs $550,000 in 2009
2010 loan limits for San Juan county are $505,000 vs $525,000 in 2009

Beat the Bank Suggestions 12/16/2009

2009-12-17T07:03:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Lake Stevens, 2000 sq./ft. split, offered at $214,434.

2.) Marysville, 1600 sq./ft. on 1/4 acre offered at $174,900.

3.) South Everett, Nice townhouse, 3 bdm., 2 bath and garage offered at $99,000.

4.) Maple Valley, 6000 sq./ft. with 22 car garage on 7.5 acres, offered at $775,000.

5.) Federal Way, 1800 sq./ft. Split $179,000.

6.) Enumclaw, 4000 sq./ft. on 4 acres $593,237.

7.) Covington, 1700 sq./ft split offered at $164,500.,

8.) Sammamish, 5300 sq./ft. on 1/2 acre with Lake View, offered at $826,500.

9.) Coupeville-Penn Cove condo with sound view $114,900.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Buying Foreclosed Properties

2009-12-14T18:24:00Z

This weekend we came across a good example of the difference between buying at the foreclosure auction and buying with Scion Realty Group. A house at 9418 105th Ave. NE in Lake Stevens was built in 2004 and needs about $10,000 to repaint the interior, carpets and some trim work. It is on a nice 1 acre lot in a nice neighborhood. It is assessed at $450,600, it came up for Auction at $390,000. Nobody bid on it, Now it is offered at $330,000. That is a big difference and unlike the auction, you don't need cash. You get a clear title as well, and you can do a structural inspection. It is a Great example of the difference between the two ways to Buy Foreclosed Properties. If you have any questions, email me or give me a call.

Move up Buyer / Seller

2009-12-10T17:56:00Z

Many people can see that Now is the time. We have recently been helping referred clients to make the Move Up.

One of our recent clients moved up from a 1200 sf rambler to nearly 3000 sf new construction two story with 4 bedrooms, den, granite counter tops and everything they wanted for their growing family. Their smaller home was in the right price range and we had a buyer in just 33 days (average time on market for most homes was around 100 days plus). What they saw was the opportunity to get their dream home at a vastly discounted price (when compared to just a couple of years ago). This meant that while they couldn't get as much for their old home as they might have a couple of years ago, they more than made up for it on the home they purchased.

We are currently working with another client in a similar situation. We found them the home of their dreams and they took the plunge. They were able to get into the new home for $125,000 less than what it was originally listed at. We'll be selling their previous, smaller home at a competitive price in the next couple of weeks (feel free to inquire about the details of the home that will soon be on the market). The new home is luxurously appointed, but in their price range with the current state of the market.

Many other people are realizing the possibilities, and the fact that these conditions may not be around much longer. Have a similar experience? Questions? Let us know.

Tax Credit Extended, and expanded to include more buyers

2009-11-04T16:45:00Z

Scion Realty Group Some great news to help out homebuyers (and the economy)

Senators Agree To Extend Homebuyer Tax Credit - Money News Story - KIRO Seattle

Source: www.kirotv.com

WASHINGTON -- Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. Wednesday, October 28, 2009.

Price Reduced on 8227 158th Dr NE in Getchell

2009-10-20T17:58:00Z

Getchell, Lake Stevens - Announcing a price reduction on 8227 158th Dr NE, a 1,632 sq. ft., 2 bath, 3 bdrm 1 1/2 story "Cape Cod". Now MLS® $265,000 - Great Cape Cod Home.

Property information

Open House in Getchell on Sunday

2009-09-20T19:36:00Z

Getchell, Lake Stevens - We invite everyone to visit our open house at 8227 158th Dr NE on September 20 from 2:00 PM to 4:00 PM.

Property information

First Time Homeowner Tax Credit .... Set to END NOVEMBER 30th

2009-09-14T23:19:00Z

Here is a video explaining the First Time Homeowner Tax Credit. Keep in mind, this program ends November 30th.

http://www.youtube.com/watch?v=qIVb2ordwNQ

Price Reduced on 8227 158th Dr NE in Getchell

2009-09-12T22:13:00Z

Getchell, Lake Stevens - Announcing a price reduction on 8227 158th Dr NE, a 1,632 sq. ft., 2 bath, 3 bdrm 1 1/2 story "Cape Cod". Now MLS® $275,000 - Great Cape Cod Home.

Property information

Anticipate buyer’s mindset

2009-08-07T15:19:00Z

Anticipate buyer’s mindset

For repairs or upgrades most buyers will want to make, advise the seller to get contractor estimates for the improvement and present them to interested prospects. You might even suggest the seller hire a home inspector, make the essential repairs and show the receipts to serious buyers.
Sellers should also consider projects that can lower insurance premiums. Electrical and plumbing upgrades may cut rates. If a roof needs replacing, have sellers check with their insurer about discounts for wind, hail and fire-resistant roofing. The same may be true for burglar and fire alarm systems.
Some improvements have regional appeal. In the West and Southwest, after a few seasons of extreme weather, homes with backup power generators got very attractive. Homes with steel replacement roofs are now popular in parts of California subject to wildfires. In tech savvy regions, “wired” homes with broadband access already installed have extra pull.

The goal is to create positive buzz around a listing. The ideas I’ve shared here are the ones that seem to be working to create that buzz in the market today.

Open House in Getchell on Sunday

2009-08-07T15:17:00Z

Getchell, Lake Stevens - We invite everyone to visit our open house at 8227 158th Dr NE on August 9 from 1:00 PM to 4:00 PM.

Property information