Your guide to Real Estate and home buying & selling
bellevue
Real Estate
[12] February 18, 2009
www.bellevuereporter.com
A n
A d v e r t i s i n g
F e a t u r e
February Home of the Month
T
cindy kohut-kelly
425-260-4517
cindykelly@johnlscott.com
Specializing in Eastside Properties
nding a t s t u “O esults” R
Beth Billington Coldwell Banker Bain
International President’s Premier Top 1% Nationally, CRS, GRI
(425) 450-5208 www.bethbillington.com
he beauty & splendor of this Pikes Peak gated estate will exceed your expectations! The lavish & inviting home was completed in 2004 and feels like new! Highlights include coved ceilings, slab granite, commercial stainless appliances, ample cabinetry, media room, bonus room & 2 dens with fireplaces. Spa-like main floor master has a door to a private patio, a stunning marble bathroom with a jetted tub & a walk-in closet. 1.4 level acres with an outdoor covered kitchen & tranquil water feature. Price: $2,488,000 Bed / Bath: 4 / 4.50 Year Built: 2003 Square Feet: 5,766 Lot Size: 1.38 Acres MLS#: 28156152
To advertise in the Bellevue Real Estate Section, please contact Bruce Baker at 425-867-0353 x4050 or McKenzie Lukeheart at 425-453-4273.
February 18, 2009 [13]
www.bellevuereporter.com
Real Estate BELLEVUE
Your guide to Real Estate and home buying & selling
Moving Up in a Downward Market You might be better off than you think!
Market fluctuations create opportunity. It
is hard to sell high if you don’t buy low. In my past experience the group that tends to take advantage of downward market fluctuations is the first time home buyer. As prices and rates go down they seem to buy when homes meet
their purchasing capabilities. We are starting to see this happen in our local market somewhat and it will accelerate if prices or interest rates take another leg down. However there is one type of buyer that often sits out these market 425-803-0294
Real Estate Center
VALERIe DALA REALTOR®
(Traditional homes and those with a
twist of green.)
177275
objective information = informed decisionsTM
Private tours of bank owned & short sale homes available.
$449,541 or $129 / sq. ft. You can enjoy home plan choices and added flexibility of building your dream home without experiencing concerns about design and final cost. With John Day Homes, you know exactly what your home will look like before it’s built. There are no surprises. Price does not include: WSST and Site Conditions For more information contact George Orren Windermere Real Estate/East Inc. 425.466.5600 www.johndayhomes.com • jday@johndayhomes.com
and the savings might be even more. There is no free lunch however. You now have less money to put down than before even though your overall affordability has gone up. There are a number of ways to address this but if you are a seller you can facilitate a sale by investing in your buyer and carry a portion of your equity in order to assist in the down payment for financing purposes. Keep in mind markets are dynamic and continually fluctuate, your thinking must also be dynamic and relative valuations ultimately are more important than absolute evaluations For more information, please contact Mr. Thurtle at: georget@ johnlscott.com
Beth’s Real Estate Update
The “Rainier”
By Beth Billington
by John Day Homes
SELLING YOUR HOME WELL
This 3480 square foot two story plan features 5 bedroom, 3 1/2 baths, bonus room, large home office/den, formal living and dining rooms, kitchen with stainless steel appliances, extensive hardwood flooring and three car tandem garage.
Consumer Reports offers five suggestions to help sellers get the best price and have the best experience in the sale of their home. First, find a truly good real estate professional to work with—someone who is helping people buy and sell homes, who is well aware of the trends in the marketplace, who is fully up to date on real estate law and finance, and who is likable and trustworthy. Someone you can relate to, but someone who always remains thoughtful and professional. Second, study the market very carefully. (Your real estate professional can help greatly with this.) See what similar houses are really selling for, how long it’s taking, what today’s buyers are most attracted to.
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Build This Home On Your Property!
now $1,100,000 and instead of having to fund a difference of $500,000 you now need to borrow another $50,000 just to cover the appreciation on the new home and increased the relative difference to $550,000. On the other hand if the market depreciates 10% your home is now worth $450,000 and you feel pretty lousy because you have less equity. However the new home also depreciated 10% to $900,000 and the relative difference between the two is $450,000. You now have to borrow $100,000 less and at 6% that would amount to a savings of $600 per month. A more expensive home tends to experience “price compression”, losing more relative value than the less expensive home,
Third, consider cash-based incentives if the market is slow—like seller financing or paying the points on your buyers’ loan origination. Four, be ready to be flexible regarding the deposit a buyer brings with his or her offer. And fifth, be proactive in the marketing of your home. Review advertising, make sure any photos are attractive, make your real estate professional feel that you are willing to work hand in hand in getting the home seen and sold. And most likely, it soon will be. To find out more call Beth at 425-450-5208 and visit her website at www.bethbillington.com.
Beth Billington is a Realtor® with Coldwell Banker Bain in Bellevue, WA
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George Thurtle, John L ScotT
fluctuations and that is the “Move Up” buyer. The Move Up buyer sits out the downward fluctuation because they perceive a loss of home equity will hurt their purchasing power. While they may have less equity in their present home they actually have more purchasing power. Just to keep things simple if for example you have a home you purchased for $500,000 and you wish to move up to a $1,000,000 home the difference is $500,000. In the event the market swings up 10% your home is now worth $550,000 and you have $50,000 more equity in your home. You feel pretty good but you shouldn’t because the $1,000,000 home you are looking to buy is