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

Here is some information out of a recent National Association of Realtor's    press release regarding the home sales market, and predictions for value increases in 2006:
* * * * *
WASHINGTON (December 12, 2005) – "The housing market for 2005 is headed for a fifth consecutive annual record, and sales activity in 2006 is expected to be the second best year in history, according to the National Association of Realtors^®.

The 30-year fixed-rate mortgage should trend up modestly and reach 6.6 percent during the second half of 2006.  Existing-home sales, expected to rise 4.7 percent to 7.10 million this year, are likely to decline 3.7 percent in 2006 to 6.84 million. New-home sales, projected to increase 7.0 percent to 1.29 million this year, are forecast to drop 4.8 percent to 1.23 million in 2006 – also the second best on record. Total housing starts for 2005 should grow 5.8 percent to 2.06 million units, the highest since 1972, and then decline 4.8 percent to 1.92 million next year.

NAR President Thomas M. Stevens from Vienna, Va., said that housing has always been the soundest investment for most families. “As the old saying goes, homeownership beats the heck out of a drawer full of rent receipts,” said Stevens, senior vice president of NRT Inc. According to the Federal Reserve Survey of Consumer Finances, the median net wealth of a homeowner household is 36 times higher than a renter household.

Stevens said that the national median home price has never declined since good recordkeeping began in 1968. “Although there can always be a temporary decline in a given area if jobs are weak and there is an oversupply of homes on the market, people who stay in their homes for a normal period of homeownership generally see healthy returns over time. There are no guarantees, but there are very good odds.”

The national median existing-home price for all housing types, which is experiencing a surge estimated at 12.7 percent to $208,800 for 2005, is expected to rise another 6.1 percent in 2006 to $221,400. The median new-home price is likely to rise 5.5 percent to $233,100 in 2005, and then grow by 7.3 percent next year to $250,100 as higher construction costs impact the market."
* * * * *
Overall, 2006 is predicted to be a very good year for home sales, yet not as good as 2005.   Without much doubt, interest rates will increase (moderately) and forecasts continue to support rising values, but at a slower pace than this year.   Some markets will experience  less growth than predicted and some will experience more growth than predicted.  These are all averages and each region and local market varies with economic conditions.    It's important to work with a real estate professional to constantly keep you informed of current local information... and to explain the pros and cons of any transaction for your specific circumstances.

Carol@TopPropertiesWenatchee.com
www.TopPropertiesWenatchee.com

 

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

The following list is a result of my foreclosure real estate search in Chelan and Douglas County, Washington.  This report was generated at 6:30 p.m. Thursday, November 10, 2005.     The status of these listings changes constantly, so please contact me for current information:
       Carol@TopPropertiesWenatchee.com  or call 509-670-7840


Wenatchee:
407 Oregon St., #112  ($49,900)
429 King St., #322  ($49,900)
407 Ridgeview Loop Dr.  ($104,900)
5005 Squilchuck Road  (Unknown list price)
801 Methow St.  ($72,000)
220 Pennsylvania St.  ($123,600)
1016 West Park St.  ($132,500)

EastWenatchee:
916 S.E. 4th St.  ($154,000)
1112 10th St., N.E.  (Unknown list price)

Rock Island:
1481 Idaho St.  ($115,500)

Cashmere:
409 Pioneer  ($Unknown list price)
110 River St.  ($63,900)

Malaga:
3344 Saturday Ave.   ($88,900)

Chelan:
131 Gibson St.  ($Unknown list price)

Leavenworth:
3628 Allen Lane   ($74,500)

As always, this information is deemed accurate and reliable but cannot be guaranteed.

Here is a list of the properties that come up on my most recent foreclosure home search within Chelan & Douglas counties, Washington State.  If you'd like additional information about any of these properties, please contact me via e-mail @  Carol@TopPropertiesWenatchee.com :

Wenatchee:
407 Oregon St., #112  ($54,900)
801 Methow   ($72,000)
407 Ridgeview Loop Drive  ($109,900)
1016 West Park St.  ($132,500)

EastWenatchee:
2109 Canal Blvd.  ($35,900)

Rock Island:
1481 Idaho St.  ($115,500)

Cashmere:
409 Pioneer  ($Unknown list price)
110 River St.  ($66,900)

Malaga:
3344 Saturday Ave.   ($88,900)

Chelan:
131 Gibson St.  ($Unknown list price)

Leavenworth:
3628 Allen Lane   ($76,500)

As always, this information is deemed reliable but cannot be guaranteed.

Have a wonderful week-end,
Carol

Carol@TopPropertiesWenatchee.com
www.TopPropertiesWenatchee.com (Full featured property searches)
www.RealEstateSuccess.blogspot.com  (Investment blog)

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.  

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.

 

The, 128 page,  September edition of the North Central Washington HomeFinder's Guide hit the stands on Thursday.  If you're from out of town and would like a copy, let me know and I'll put one in the mail to you.   This Guide features real estate in Wenatchee, East Wenatchee, Malaga, Rock Island, Cashmere and Leavenworth.  If you're confused about all the possibilities, let me provide you with a customized print-out of homes that meet only your specific criteria.    Send me an e-mail, or call today:
               Carol@TopPropertiesWenatchee.com    509-670-7840 

Here is a summary of the overall

Wenatchee real estate market activity

for the month of July 2005. 


Wenatchee / East Wenatchee / Malaga / Rock Island area:
   Residential single family:
          Sold: 89  
          Avg price: $204,676
          Avg. days on market:  88
   (Prices ranged from $50,000 - $475,000)       
  
    Condos:
        Sold:  3
        Avg price:  $148,600
        Avg days on market:  88
        
  Manufactured Homes
       Sold:  8
       Avg price:  $109,363
       Avg days on market:  83
      
* * * * *
Cashmere area:
Residential single family:
          Sold: 5 
          Avg price: $192,200
          Avg. days on market:  46
     
Remember, to do a free search of current availability visit my main real estate website.   Also, please visit my other blogwhich focuses more on the investment aspect of real estate. 

Have a great  day,
Carol

This statistical information is deemed reliable but cannot be guaranteed.

Real estate sales and listing activity in Wenatchee and the surrounding area continues to be active.  Here is the May summary I've been promising for Wenatchee, East Wenatchee, Malaga, Cashmere & Leavenworth.  There is also some real estate information for Monitor, Orondo, Peshastin, Lake Wenatchee, Plain and Waterville.  There was no apparent activity in the Rock Island area.

New Residential lot listings -  32 total
    9 - East Wenatchee
 16 - Wenatchee
   2 - Lake Wenatchee
   2 - Leavenworth
   3 - Orondo
Prices range from $42,950 - $245,000

Residential lots SOLD - 29 total
  12 - Wenatchee
    6 - East Wenatchee
   3 - Peshastin
   6 - Lake Wenatchee
   1 - Leavenworth
   1 - Plain
Prices ranged from $13,000 - $315,000

Acreage listed - 11 parcels
  2 - Wenatchee
  1 - East Wenatchee
  2 - Malaga
  1 - Cashmere
  2 - Leavenworth
  1 - Plain
  2 - Lake Wenatchee
Prices range from $32,500 - $250,000

Acreage SOLD -  27 parcels
   3 - Wenatchee
   6 - East Wenatchee
   1 - Cashmere
   1 - Monitor
 11 - Leavenworth
   1 - Waterville
   4 - Lake Wenatchee
Prices ranged from $23,000 - $450,000

Residential homes listed - 116
 Prices range from
      $11,000 (mobile on leased land)  to
      $941,000 ( 4153 sq. ft. home on 41 acres in the Leavenworth area)

Residential homes SOLD - 126
Prices ranged from
      $14,000 ( mobile on leased land) to
      $650,000 (5200 sq. ft. home on 2.56 acres in Wenatchee area)
Regarding the homes sold, $185,000 was right in the middle of the sale activity. 
There were as many homes sold under $185,000 as over $185,000. 

* Disclaimer: All this information is deemed reliable, but not guaranteed.   It is
  intended as a general overview of market activity.  If you wish specific information
  on any property, or have other questions,  please call or e-mail me.

Have a great day!
    Carol