Debra Sinick

Weekly Real Estate Buzz in The Kirkland Highlands Through January 22, 2009

In Kirkland WA, Kirkland, WA Real Estate, Real estate, Weekly market update on January 23, 2009 at 12:22 pm

The real estate statistics below reflect the real estate activity in The Kirkland Highlands for the past week and all data is taken from the NWMLS through Thursday morning each week.

Active Listings: 24 (21)

New listings:    4 (0)

Re-listed properties:   0 (1)

Pending inspection:   0 (1)

Pending:   1 (0)

Closed Sales:    1 (0)

Contingent sale: 0 (0)

Number of Price Reductions: 2 (2)

Canceled listings  1 (2)

Expired Listings: 0 (0)

Temporarily Off Market:  0 (0)

Price increase:  0(0)

Back on market:  0 (0)

Rented: 0 (0)

Sale Fail: 0 (0)

———————————–

0-$349,999:  1  (1)

$350,000-$499,999: 7 (4)

$500,000-$749,999: 6 (7)

$750,000-$999,999:  8 (8)

$1,000,000- $1,499,999:  1 (1)

$1,500,000- $2,999,999:   1 (0)
———————————–
Average Price: $709,473 ($695,398)

Median Price:   $697,000 ($725,000)

Average Days on Market: 152 (169)

Highest Priced Listing: $1,850,000 ($1,195,000)

Lowest Priced Listing: $309,950 ($319,950)

Townhomes/condos

1 Active town home listed

The number of homes for sale in The Kirkland Highlands creeped up this week, with the addition of four new listings.  Two of these homes for sale are
“short sales.”

What’s a short sale? Here’s very brief explanation:  A short sale is when the home owner owes more to the bank than his/her home is worth on the open market.  Short sales sound very attractive, because buyers think the banks will negotiate heavily in a short sale.  Often, this is not the case.  Short sales are very involved sales.  Often the seller is trying to renegotiate the loan(s) on the property to see if he/she can keep the house. If there is more than one lender involved, then the lenders holding the mortgage must negotiate.  The lender in first position stands to get the most money if the home is sold, but still will not get all of what is owed back.  If there is a lender holding a second mortgage or a credit line, that lender will get what the first bank is willing to negotiate.  Of course, if there are liens or home owners dues owed, they are last in line to receive any funds, and may, in fact, be out in the cold.   Getting an answer to an offer from the seller/lender can take several months and there is no guarantee there will be an answer to an offer.  Short sales tend to work when the agent representing the seller knows how to handle the short sale and the banks.  If the agent has not had experience, it can be even more difficult.

I recently tried to sell a great home that was a short sale.  The offer was written in November, before Thanksgiving.  We kept hearing we would get a response from the seller.  The seller was madly trying to get his loan modified and hold onto the house.  Last week the buyers decided to go buy another home.

Short sales are different than REO”S, bank owned properties. These homes have already been foreclosed on and are now owned by the bank.  The bank will be able to respond to an offer, but sometimes not as quickly as a homeowner would when selling a home.  FYI, some bank-owned properties are not maintained very well.  I showed a bank owned home the other day in Kirkland and all the systems were shut off.  There was no electricity, heat or water.  In addition, the home was dirty and the yard was a mess.  A building inspection is critical with any sale, but particularly with a short sale or bank-owned property.

Back to weekly real estate statistics for The Kirkland Highlands:

One home was taken off the market and two homes had their prices reduced.

Closed sales (home has a new owner):

$300,000     Edwards Place rambler with 3 bedrooms, 1.75 baths, and new carpet and paint.  It was on the market for 105 days.  Original asking price of $355,000, final asking price of $305,000.  Sold for 7% below the original asking price.


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