Tellus Realty
Dupre + Scott (www.duprescott.com) has released their latest apartment update for the Puget Sound market. Check it out and let us know what you think. This is a great article on prices, especially for new apartment buildings.
Check out the article that goes with the video at the Dupre + Scott blog http://www.duprescott.com/productsservices/articleinfo.cfm?ArticleId=597
The Northwest MLS released sale and listing statistics for this past Janauary, last week. Their news release confirms what I’ve been seeing hte market. Prices are moving up and competition is stiff for good homes with good prices (meaning good condition and well priced, at or below the average $/SF). Here is an excerpt from the news release…
I think its important to keep in mind, of course, that not all sub-markets are created equial. While things are tight in some parts of King and Snohomish Counties, and other parts of western Washington. Many counties have 10 months or more supply of homes (so its still a buyer’s market there). Additionally, even within the tight markets, there are plenty of areas where demand is soft. The highest demand is in the more urban areas, with popular school districts, and close to major employers. These are the classic drivers of home demand
Take a look at the basic stats for yourself:
We’ve created this simple spreadsheet, that we use ourselves, to track our rental income and expenses, and to report information to our accountant. With it, you can create reports, including a Profit and Loss Statement (P&L) for each property or unit. You can also see how much you are spending by category. The spreadsheet is designed to do a lot of the basic work for you, while being customizable. You can add your own properties, expense categories, and income categories for use in tracking and reporting.
You can find a full description, and simple instructions here….
Check out the latest apartment update for the Puget Sound market from the great folks at Dupre+Scott (www.duprescott.com)
Check out the article that goes with the video at the Dupre + Scott blog http://www.duprescott.com/productsservices/articleinfo.cfm?ArticleId=596
A 3 hour class for real estate agents and investors presented by Asset Preservation Incorporated featuring Cris Anderson, Esq., Northwest Division Manager and 2007 Instructor of the Year, Seattle-King County Association of REALTORS®.
Only $20* for Class, Clock Hours and Lunch!Class Outline:
Thursday, February 21, 2013
Redhook Brewery Weatherman’s Room, Woodinville
10:00 am to 1:00 pm
Sign up at the IBA website: http://www.nwiba.com/poa/Default.aspx
Sellers: Think you can’t sell your home or investment property because you owe more than it’s worth? Buyers: Are you looking for a great deal on a home? In this class we’ll answer all (or at least most) of your questions about shortsales and the shortsale process. This class is being held as part of Sky Valley Community Schools in Monroe, Washington.
Check our class calendar for more information about this class and others: https://tellusre.com/ai1ec_event/shortsales-101-may-monroe-washington/?instance_id=
Check out the weekly apartment update for the Puget Sound market from the great folks at Dupre+Scott (www.duprescott.com)
Its amazing how many times I’ve heard this from a potential landlord “I don’t want to unclog toilets at midnight!” Its a common myth that landlords have to deal with emergencies such as these in the middle of the night.
It is true that you might have to deal with some emergency in the middle of the night. But, thankfully, unclogging toilets is not one of them. Washington State has some pretty clear requirements for how long landlords have to respond to tenant’s when they have a problem. The minimum response time is 24 hours, and that is for emergencies such as loss of water or heat. Clogged toilets don’t count as one of these emergencies. In fact, clogged toilets may be just the kind of maintenance issue you tell tenants is their responsibility to take care of.
This is just one of the issues we cover in our Landlord 101 class. Check out this video recorded in our last class. We go over the subject of ongoing relationship with tenants, including the landlord’s responsibilities for dealing with clogged toilets and other maintenance issues.
Several times a year we teach a live Landlord 101 class. In the class, we introduce the students to basic concepts that will help them be successful landlords. We recorded the fall class and are posting it to our site as a series of short videos. The first five videos are now posted. Each one ranges from 5 – 15 minutes long. Here is the list:
First steps – What to do immediately upon acquiring an a new rental property
Marketing your property – How to market your property to prospective tenants
Screening and choosing tenants – How to screen and choose tenants
Basic leases – Basic lease provisions
Deposits and Move-in – Handling deposits and the move-in process
That seems to be the big question with another glowing set of real estate stats from the Northwest MLS.
According to the latest NWMLS news release…
Prices on October’s sales were up 10.4 percent compared to twelve months ago. The median price for last month’s closed sales of single family homes and condominiums (combined) was $251,625; a year ago the figure was $228,000. The last time the multiple listing service reported an area-wide double digit hike in prices was March 2007 (up 11.3 percent).Prices for single family homes, which accounted for more than 86 percent of October’s sales, rose more than 11 percent, while prices for condominiums jumped 16.6 percent.
But, if you saw my post from our updated Foreclosures 101 class a couple of weeks ago, you’ll remember that foreclosure filings are up around 70% over last quarter. Washington state is now #11 in the country for foreclosure filings. I have a feeling that is going to put a damper on the recover, at least in some price points… mostly the lower ones that attract all the interest.
Also, some other things that can affect future sales: rising interest rates (which are likely to stay level for the next year, but not much longer), deductibility of mortgage interest (see my view on that deduction), etc.
For investors, this does may buying more of a challenging. With prices headed up and low inventories you may not be able to low-ball offers as easily. Keep your eye on the cashflow and net income, so that you can more readily negotiate a price that makes sense from an investment viewpoint… even if its not as low as you hoped.
For home buyers, I remind you, your home is not a financial ‘investment’. Its an expense. It may be a necessary expense, and even a desirable expense, but its not an investment. So, except for comparing prices to each other, and comparing owning vs. renting, don’t treat it like an investment. If you avoid that mind set, then the drama of rising and falling values when you buy won’t affect you. I don’t care how much my home is worth… I can afford my payments and I like living there. I’m not selling any time soon.
Jason Hershey, Designated Broker
Tellus Real Estate Solutions, LLC
Commercial, Residential, and Investment Real Estate
PO Box 1113
Duvall, WA 98019
Cell: 425-417-5389
Fax: 425-223-3148
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