"For a Special Breed of Homeowners"There is a new 18 lot equestrian community currently being developed in East Wenatchee.    The "Highland Estates", situated over the ridge (below) the Highlander Golf Course, is touted as being "For a Special Breed of Homeowner".  The lots are 2 acres each and the community will feature a private equestrian facility and a 37 acre riding trail.   For additional information, individual listing details, or a plat map of this new home community for horse lovers, please contact:
Carol@TopPropertiesWenatchee.com

Do Your Own Property Search
Current Wenatchee real estate info, news & trends

A few weeks ago, I started another blog called "Wenatchee: Birth-Of-A-House" which is solely for the purpose of following the process of having a custom home built with my clients, Wayne and Susan Gerald.  This will chronicle EVERY step of the process, including choosing a lot, selecting a builer, identifying and customizing a floor-plan,  and on through the completion of the home.    Over the next several months, I will post photos and commentary covering the process step-by-step.

Carol@TopPropertiesWenatchee.com
Search the local, state, or national MLS database
Follow the construction of a custom home being built
Stay current with Wenatchee real estate news, info and trends

For the last few weeks, I've been negotiating with a builder to assist some clients to get a custom home built.  About 3 weeks ago, we spent 4 hours on-site discussing everything the buyers wanted.  Eventually, the builders came back with an estimate of costs.    So, we sat down over a conference table last Saturday to hash out the details.  At that time, the builders indicated they wanted to work on a "cost plus" basis.  This means cost of materials, labor, plus a guaranteed profit margin for the builder.   My buyers wanted a day or so to make a final decision.   In the meantime, the builder came back with an "actual list price".    Without going into all the details, let me just say this sounded safer for the buyers knowing they would be locked in with an actual price.  So, we agreed to their terms (with a couple of minor conditions attached).    WELL, the builder came back to us this morning saying they WON'T attach an actual price to the home until the home is framed and drywalled.   This could be 3 or more months away because it will take 5-8 weeks just to get the permit approved, then the foundation must be poured before the framing can begin.   Good grief.  What a merry-go-round. 

The gist of the apprehension on the builders part is that costs are going up so fast, they are literally scared to set a price this far out from completion.   Don't ask me why they made the offer in the first place.   In the meantime, what do my buyers do?  Do they wait or do they go shopping for a different home that has an actual price attached?   

Stay tuned...

Carol@TopPropertiesWenatchee.com
Do a complete customized property search
Residential Blog

I would like to try to make some sense of the insanity that is settling into the local real estate market right now, but I'm not sure it's possible. 

As I was driving around Wenatchee, East Wenatchee and Malaga today, looking at new listings, I came across several random lots with For Sale signs.  I called each of the listing agents to get some details and each one told me they have offers pending on them as of the last few days.  These are lots that have been sitting for quite a while, and not in prime locations.  

Although there is plenty of new development going on, it appears these scattered lots are being scooped up... probably by independent builders desperate for a spot to build.   The small independent home builders are having a difficult time finding building lots.  Development of a large parcel is so expensive (and time consuming) that it's prohibitive for the smaller builder.   The larger parcels that are being developed are being controlled by the developers, leaving the "little guy" scrambling. 

Carol@TopPropertiesWenatchee.com
Do a Personalized Home Search
Latest Wenatchee Real Estate News, Info, Trends

Earlier in the week I posted some links to the inventory of homes for sale in the $250,000 and under price ranges.  Through my comments section, I was asked to post what is available over $250,000.  Here is a link to the inventory of single family homes in the Wenatchee and East Wenatchee area from  $250,000 - $400,000. 

Here is a link of the inventory of homes from $400,000 - 2,500,000.  The most expensive home is a log home on the Columbia river.

These links are for inventories of single family homes (Wenatchee & East Wenatchee) only and do not include condos and/or manufactured homes on land or acreage.   These links will be good for one month, but inventory is subject to constant change.  Home sell and news homes come on the market every day, so please contact me for the current status of any specific property. 

 If you wish to see some additional information posted, please let me know.  
-Carol

Carol@TopPropertiesWnatchee.com
http://TopPropertiesWenatchee.com
http://www.CarolsWenatchee.com
http://www.RealEstateSuccess.bogspot.com

Wenatchee is in the news again and and local real estate values will apparently benefit.  This time the good news is that Wenatchee has been placed #2 in the entire nation (on the "Money" list) of  cities in the U.S. that will experience significant appreciation in real estate values over the next 12 months.   While there is considerable discussion across the country about deflating values and the so called "bubble" bursting, Wenatchee is poised for continued growth and price appreciation.    Washington holds 16 of the top 21 spots on this nationwide list.  This is phenomenol.

While the nationwide average for home price increases in the next year is forecast at 3.5%, Wenatchee is forecast to see a 16.7% increase.   That means if you own a $200,000 home, the value should increase to $233,400 by this time next year (or $2,782 per month)... not a bad little income.    This also means if you're in the market to buy, time is of the essence.  Now is definitely the time to buy before prices go up any further. 

Much of this forecast, of course, is a result of the strong economic forecast due to the anticipated job growth in the Wenatchee area.   I wrote about this a couple days ago.

If you have specific qestions about the market, please contact me:
Carol@TopPropertiesWenatchee.com
Search the Wenatchee MLS

 

Wenatchee hit the big time by ranking fairly high on Inc. Magazine's "Boomtown '06" list .  Wenatchee ranked #57 and several other Washington towns also made the list.  Bellingham ranked highest at #6, Olympia #30, Mt.Vernon/Anacortes #44, and the Tri-Cities area #79.  Yuma, Arizona ranked #1 followed by St.George, Utah. 

Here is an excerpt from the article explaining how the list was compiled:
"To compile the rankings, Inc. measured current-year employment growth, as well as average annual job growth over the past three years and compared job growth in the first and second halves of the period comprising the past 10 years. The big difference this year is the number of communities surveyed. In years past, the Bureau of Labor Statistics, which generates the job-growth data, surveyed 274 metropolitan statistical areas, or MSAs. This year, BLS surveyed 393--which has allowed us to paint a far more accurate picture of where the action really is. "

It certainly feels like a boomtown... guess this confirms it. 

For more information and a link to the complete list of cities, click here.

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com
http://www.CarolsWenatchee.com

 

As I watch what is happening with growth and pricing increases in Wenatchee and the surrounding areas, I can't help but think the staggering price increases in the Seattle area, and western Washington in general, is having a significant effect on what is happening here.  

Much of the current activity in North Central Washington is coming from buyers with a "west side" address.   They're looking for investments and are being forced east by relative value for the money.   Now I see a ripple moving further east, with my very own Wenatchee area investors buying investment properties out in the Columbia Basin because prices have increased so much in the local Wenatchee market area.     There a multitude of reason why people are buying here, of course, but this "west side" factor certainly appears to be valid and significant.

We welcome these buyer, of course... but must realize, accept, and plan for,  how it will affect not only property values but the overall economic and social impact.  

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com

As I meet new people, I am constantly being asked how business is for Wenatchee real estate .  As other housing markets across the U.S. see a slowdown and price declines, we continue to experience unwavering expansion and rising prices.  There is no sign of  an impending slowdown in the local area, and an article in the Wenatchee World newspaper Monday seems to agree.    If you have trouble accessing the full article through the link provided, please let me know and I'll figure out another way to deliver it to you. 

The inventory of  homes available for sale appears to be down, while sales are up.  The number of new building permits being issued is also up.   This expansion reflects activity in the immediate Wenatchee area, but it is also creating pressure (on prices) in the Rock Island, Malaga, Cashmere, Leavenworth, Orondo, Chelan and other outlying areas.  Despite this upward trend on prices, many home buyers find our prices relatively attractive compared to other markets.   As prices continue to increase in the immediate area, I anticipate a trend toward additional pressure on the further outlying areas of the Columbia Basin, such as Moses Lake, Ephrata, and Soap Lake.  

Our strong, diverse, economy and the influx of baby boomers buying second homes for recreation and retirement is a significant factor in the overall activity.    As mentioned in a previous post, there is significant growth anticipated in the Wenatchee area during the next 20 years.

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com

Want current info, news and trends on Wenatchee real estate and the surrounding area?  I hope this blog has become THE one stop resource you want and need.   This blog started under another name but quickly evolved into what you see and experience here at Carol's Wenatchee.    Over the last year, I've made 191 posts to this blog and 117 to the original blog (which is still in existance under an investment theme now).  I take this self-appointed assignment to keep you informed of everything relating to real estate in the Wenatchee area (and throughout  North Central Washington) very serious!  This is a big time committment but I enjoy it and hope you find it useful.

Before I started these blogs I did some research as to other sources of  ongoing current news, info and trends in our local area.  I didn't find anything convenient so I determined there was a definite need.  I did find one other blog covering Wenatchee real estate but it was posted to very infrequently.  A recent view of that blog revealed that over the  last year there have been only 14 total posts, with long gaps.      My blogs average over 25 posts per month!

It is my philosophy to do things with skill, dedication and enthusiasm.  That's true in my life, my blogging efforts, and certainly true when  working with home buyers and sellers.    If you're looking for a source of current news in the real estate market, I hope you will bookmark and visit this weblog often.  If you're looking for an experienced agent, dedicated to superior customer service, while enjoying the process,  I look forward to hearing from you:
Carol@TopPropertiesWenatchee.com

http://TopPropertiesWenatchee.com (Complete local and nationwide property searches)
http://RealEstateSuccess.blogspot.com (Investment real estate blog)

http://TreeDoctor.blogspot.com (Yes, I have a life outside real estate)
http://CarolsGolfSeason.blogspot.com (Logging my 2006 golf season)

The current real estate boom in the Wenatchee Valley  could turn into a full fledged explosion.  This past week-end's Wenatchee World newspaper had a comprehensive article on the anticipated growth for the area over the next 20 years.   It is projected the Wenatchee population could increase as much as 50% by the year 2026. 

The big question is how will this impact Wenatchee and the entire surrounding area.  The answer lies in how well a comprehensive growth plan is developed and implemented.   For the full text of the article, covering:  1) Parks, Recreation & Culture, 2) Public Facilities, 3) Economic Development, and 4) Land Use and Transportation, click here.   If you have trouble accessing the article, please let me know and I should be able to e-mail direct to your in-box. 

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com
http://RealEstateSuccess.blogspot.com  

Today I was contacted by a prospect to show her a specific property that was listed with one of the local discount real estate brokers.  I searched for this particular property in the Wenatchee MLS and it was not there, which means they listed it as an exclusive listing not to be shared with the rest of us agents.    I contacted the listing agent and he said I could indeed show the home, but the seller would not pay my service fee and I would have to add that into the offer.  This is why I don't like working with the discount agencies.   It gives me no incentive to actually do what is best for the client.

But, being who I am, I did do what was best for the client.  I told her that the home is available but I would not be able to represent her on the transaction because I wouldn't get paid, unless she was willing to pay me.  I knew this wasn't an option because she is already on a very tight budget.    I was honest and told her I could not work for free. Not only am I not willing to work for free, but it doesn't make sense to take on the liability of a transaction without the compensation to justify it.   My client understood, of course, and is NOT pursuing the purchase of that particular property. 

It is experiences like these that makes me wonder if sellers understand the disadvantages of working with a discount agency.    To be fair, I admit to have worked for one ofthese discount agencies (twice).  I like the concept and I think it's great when (and if) I can save sellers money.  I've even been known to show people do a For Sale By Owner transaction if I think it best serves them! 

Anyway, when I was a listing agent at the discount agency I would prep my clients upfront that it's important to get as much exposure as possible and price the home in such a way that they can pay a selling agent fee if necessary.    I never had anyone object to that approach.  The plus side is the home might actually sell without paying the extra selling side fee.  It's certainly worth a try, BUT it's also necessary to cooperate with the MLS agents to get maximum exposure.  This is part of the supply and demand of economics and actually creates more demand (and therefore higher value)  for any given property. 

The downside, then, of  listing with the discount agencies is that we "conventional" agents are suspicious that we won't get paid for our efforts, so we don't make any particular effort to sell those properties.    I don't mean to insinuate that we purposely avoid working with these agencies listings... but, with our limited time, we do have to make choices and it only makes sense to make the choice to put our efforts where we think we will be compensated.    I admit it.  You'd do the same, I suspect.  The opposite approach to discounting the fee offered is to offer a bonus.  That certainly gets more positive attention. 

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com

Below is a summary of the Wenatchee area home sales activity for the entire calendar year of 2005. 

The following summary includes:  Wenatchee & East Wenatchee (including Malaga and Rock Island)... Cashmere,  Leavenworth... with Peshastin and Monitor included as well.  This overall summary is of ALL homes sold, including mobiles (on leased land), manufactured (with land), condos and standard single family residences. 

Wenatchee / East Wenatchee homes sold
Total # Homes Sold:  1246
Average Selling Price:  $185,569
Average # Days on the market:  98

The least expensive homes were older mobile homes on leased land.    These homes fit well for people who are on a very limited income.  In many cases they can get a very comfortable home for much less than they would pay for rent.    Even though they don't buy the land, it's still a more financially attractive option to renting. 

 The overall price average doesn't have any particular meaning, because it is an average of every single sale (high and low).    There were 58 homes sold under $100,000.   The most active price range was $125,000 - $200,000 with nearly an equal number of homes sold in the $125,000 - $150,000 range (182)  as the $150,000 - $175,000 (180).    

Cashmere area homes sold:
Total # Homes Sold:  77
Average Selling Price:  $187,412
Average Days on the Market:  94

Again the least expensive were mobiles on leased land, the least expensive of which were $12,000 & $14,000 located in the Dawn Lee Mobile Home Park on Kimber Road.    Otherwise, there was no concentration of sales in a particular price range.  Prices ranged from the low of $12,000 to a high of $475,000 for a home on Majeska Lane.

Leavenworth / Lake Wenatchee area homes sold:
Total # Homes Sold:  264
Average Selling Price:  $241,954
Average Days on the Market:  121

As with the Cashmere real estate market area, the Leavenworth and Lake Wenatchee real estate market areas did not have a concentration of sales in a specific price range... but were spread from a low of $10,000 to a high of 1,254,999.   

* * * * *
I hope you find this information interesting.   As always, it is deemed reliable based on my computer market research... but cannot be guaranteed.

If you want any specific information on past sales, or current listing available please call or e-mail me for additional info.
   Carol@TopPropertiesWenatchee.com
   www.TopPropertiesWenatchee.com 
   1-509-670-7840

Happy 2006 !
Carol Williams

Since returning from Europe last week, I've noticed a bit of a slow down in the Wenatchee real estate frenzy... BUT there is still good activity on well priced listings.   We are not getting as many showings on each listing but there is still activity and qualified buyers shopping.  

As we move into the winter months people tend to have the impression there won't be much buying activity.  This isn't necessarily true.  There may be somewhat of a slowdown, but there is always buyer activity throughout the winter months.    I still have a consistent flow of inquiries through my website, which is an indication of general interest.   Interest rates are still very attractive, so that shouldn't be a factor in slowing down sales of real estate in the Wenatchee Valley or North Central Washington.  According to studies, Wenatchee real estate is still a very affordable option compared to the rest of the country. 

If you do have a home to you are considering selling, winter is actually a pretty good time to list because there is generally less inventory, meaning less competition for buyers.   As we move into Spring, we always notice a surge in inventory creating more competition among home sellers... and more choices for buyers. 

If you'd like to know the value of your home, please contact me for a FREE Price Analysis:
   Carol@TopPropertiesWenatchee.com
   www.TopPropertiesWenatchee.com

Rumor has it, there was quite a bit of discussion today over a new listing that was on the agent's weekly home tour.  Without disclosing which home, let's just say it was a common opinion that the home was underpriced by quite a bit.   I'm not insinuating the listing agent intentionally under-priced the home to get a quick sale but, in a situation as fast moving as the Wenatchee (and surrounding area) real estate market, it's not always easy to price any given property.   

 This brings me to the point of my post... the importance of getting more than one opinion of value from experienced agents who are active in the market.   These "opinions of value" are known as "CMA's" (Comparable Market Analysis).   To go along with the CMA, an agent should also offer a "CMO" (Complete Market Overview).   The CMO can spot overall  trends (not target price related) and help the agent and homeowners determine what might happen in the future of the local market. 

The general consensus, in soliciting a price opinion,  is to get three agents (preferably from three different companies) to do a CMA.   It is interesting to evaluate the comparables used by each agent and the compensating factors taken into consideration before coming up with a final list price.

That said, I also want to make a point of  offering caution to homeowners who think they should list with the agent who comes in with the highest price.    Some agents have been known to inflate their recommended price, thinking this will make them look better to the homeowners.   The value of a home has nothing to do with any agent's opinion.   The purpose of the CMA is to determine the "market value" of the subject home.    The "market value" is the price an owner can realistically expect a buyer to pay (and an appraisal to support).    The agent is most likely not going to buy the home, so their opinion should only count for pricing consideration purposes, not for the purpose of actually selecting the listing agent.    If the agent does offer to buy the home, this could be a red flag that it IS underpriced. 

The listing agent should be selected based on their ability to market the property most effectively AND do the best job of representing the seller when it's time to negotiate with a buyer and their agent.     A listing agent should also be selected based on the likelihood of  a good working relationship and open lines of communication with the homeowner.   The homeowner should not be intimidated by the agent, nor should the agent be intimidated by the homeowner.  

Are building prices going sky high?  I've made a couple of previous posts about my concerns for what will happen with new home construction costs in the Wenatchee real estate market... and across the nation.  Here is a link to an article in Inman News that explains a little more about the overall situation.  Keep in mind, this was an article written after Hurrican Katrina but before Hurricane Rita (or whatever other Hurricane's still come along this season), so the situation will only get worse.    The Inman article estimate on the projected percentage of cost increase in new construction is far lower than what I've been hearing.   On yesterday's news, interviewed building suppliers were saying costs have increased as much as 30%!  We're not just talking lumber, which is in such high demand, but many of the materials used in new construction (such as roofing) are oil based. 

This all could affect the rental market, as well, while people opt to continue to rent while waiting for construction prices to level out.   Will this affect people's decision to sell their homes (to build a new home) because of the looming cost of new construction?   Will they sell their home (taking their huge equity) and become renters while the prices stabilize?  Will the renters decide to give up on their dream to own a home because it is too expensive?  Will there be even greater interest in existing home sales, where prices per square foot are far more attractive than new construction?     Remember Newton's Third Law... "for every action there is an opposite and equal reaction".  

Our elected politicians will have a significant effect on the future of the housing market (and entire economy) across the country.  While they want to do the humane thing of promising to help rebuild, it creates a burden on other areas of the country, where the labor and supplies are being drawn from.    This causes a trickle out (dollars leaving) on the local economies, literally affecting everyone in every large city and small town across the United States. .. yes Wenatchee, too! 

We're such an intertwined economy, there will be many actions and reactions, which will cause another reaction, causing another reaction and on and on and on.   Reminds me of  the old saying: "Oh what a tangled web we weave". 

Following is a Wenatchee real estate
(and surrounding areas)  market
sales activity summary...


Wenatchee / East Wenatchee / Malaga / Rock Island area:
   Residential single family:
          Sold: 101  
          Avg price: $221,829 
          Avg. days on market:  99
   
    Condos:
        Sold:  7
        Avg price:  $201,000
        Avg days on market:  160
        
  Manufactured Homes
       Sold:  14
       Avg price:  $91,108
       Avg days on market:  97
      
* * * * *
Cashmere area:
Residential single family:
          Sold: 11
          Avg price: $183,791  
         Avg. days on market:  113

Note:  If you'd like to compare to July's market activity summary, click here.

 

Here is a sign of the developing tangled economic web that Hurricane Katrina is weaving.  Last week I posted an article about my concern over the potential for dramatic increases in the cost of new construction, here and across the nation.  Yesterday I heard that some of the local (Wenatchee) box stores are restricting the amount of lumber an individual can buy.  I haven't been to any of the stores to confirm this story, but certainly would not be surprised by this development.   I wonder if this is just for the at-home-handyman or if restricted sales include builders.  

In many ways our Wenatchee real estate market is unique and unaffected by other parts of the country... yet, in a situation like this, we are at the mercy of the law of supply and demand just like any other market area. 

Over almost exactly a 3 month period I have made 99 posts  on this blog.  This is my 100th post (and that doesn't include all the posts on my investment blog. )

Have you checked out the "archives" lately?  This seems like a good time to review some of the earlier posts that may have gotten lost in the deep, dark,  depths of the archives.  Here are some of the posts that might be worth revisiting.   I've tried to cover a wide variety of topics pertaining to Wenatchee real estate and the surrounding area.   This blog has focused mostly on residential real estate issues and my other blog focuses more on the investment aspect of real estate... some specific to the Wenatchee real estate market, and some posts are general in nature.   I hope you find this information informative and useful.  If there are topics you'd like to see covered in the future, whether it be new construction homes, classic homes, remodeling, or whatever... just let me know.    I'm here to serve.

*   Press Release

Resale Inventory Down - New Construction Up

Wanted: For Sale By Owner Stories

Tom, Dick & Harry's

Another Reason To Move To Wenatchee

I Love Home Inspections

Neighborhood News

Hot Summer - Energy Consumption

Badger Mountain Road Improvement

Saint Laurent Winery - Malaga, Washington

Wenatchee Home Builders... aplenty

Waterville's Historic Hotel

Douglas County Courthouse

Wenatchee Real Estate... aplenty

Build It... And They Will Come

Appraisal vs Price Analysis

Is Wenatchee expensive?

Market Craziness

Wenatchee development activity

Egyptian Harem

Best Home Bargain

Wenatchee Real Estate vs Weddings

Wenatchee Real Estate Bubble -Continued

Wenatchee Housing Bubble?

Is it time to grab your equity and run?

Wenatchee Real Estate By The Numbers

Wenatchee Real Estate A-Buzz

Wenatchee Real Estate Market Very Active

Click on a month below to view a list of articles published during that month.

• August 2005 (21)
• July 2005 (30)
• June 2005 (35)
• May 2005 (14)

For Immediate Release August 11, 2005

Wenatchee, Washington

Carol K. Williams JOINS “THE REAL ESTATE BLOG SQUAD”

Carol K. Williams, the Wenatchee Valley Sales Manager for Top Properties Real Estate has joined, by invitation, real estate bloggers and journalists from around the country to form THE REAL ESTATE BLOG SQUAD.  The “Blog Squad” will cover the National Assn. of REALTORS^® annual convention and exposition October 28-31, 2005, which will be held in San Francisco. THE REAL ESTATE BLOG SQUAD (A Human Experiment) is featured in national press reports.  Blog Squad members have appeared recently in Investors' Business Daily, MSNBC/Newsweek Online, Time Magazine Online, CNN, Inman News, and The Los Angeles Times.

"THE REAL ESTATE BLOG SQUAD is an exercise in citizen journalism," says Carol Williams, and it will provide an open forum for discussion throughout the real estate industry, with national exposure and a special opportunity to feature the Wenatchee area real estate market.  Carol Williams will be in England during the convention, so has been appointed as an international correspondent as well as reporting on her local market area.

Carol Williams, a longtime resident of the Wenatchee area and a veteran realtor, is one of 25 Real Estate Blog Squad members. The group has a web site at www.RealEstateBlogSquad.com. The blog will launch in late August, 2005 with pre-convention blogging.

"I am excited to be part of an historic project that moves the real estate industry into the CyberAge," said Carol Williams

Carol Williams maintains two real estate blogs, one focusing on investment real estate and the other featuring news, info and trends (and some miscellaneous ramblings) on the residential aspect of the Wenatchee Real Estate market area.  You may read her blogs at:
www.CarolsWenatchee.com & www.RealEstateSuccess.blogspot.com .  Carol’s primary real estate website is:  www.TopPropertiesWenatchee.com

Carol can be contacted via e-mail at: Carol@TopPropertiesWenatchee.com  or by phone at 509-670-7840.