Tyler Echelbarger's Market Remarks

Edmonds Real Estate: “The Bowl”

tylerech — Sun, 11 Dec 2011 19:24:52 +0000

Edmonds Real Estate: Maplewood & Seaview Neighborhoods

tylerech — Thu, 17 Nov 2011 00:18:44 +0000

Edmonds Real Estate: September and October Stats for the Maplewood and Seaview Neighborhoods.

Edmonds Real Estate: Talbot Park Waterfront

tylerech — Thu, 27 Oct 2011 16:03:47 +0000

Mukilteo: 9th Best Place to Live in US?

tylerech — Mon, 15 Aug 2011 22:52:57 +0000

http://www.bizjournals.com/seattle/news/2011/08/15/mukilteo-is-9th-best-spot-to-live-in.html

Tyler Echelbarger

Coldwell Banker Bain: Edmonds

206-799-3877

West Seattle Contemporary Craftsman’s with Sound, Mountain, and Island Views!

tylerech — Wed, 22 Jun 2011 16:28:51 +0000

Gorgeous Bank owned homes built in 2008. Contemporary craftsman’s with great views of the Puget Sound, Olympic Mountains, and Vashon Island. “Green Built” with handsome finish work, Fir wrapped beams & staircases, radiant in-floor heating, 50 yr. metal roof, clear cedar siding, solar-powered water heater, Master suite w/private deck, and so much more. Click the links or video below for more information.

www.SeattleSoundViews.com

www.SoundMountainViews.com

206-799-3877

TylerEch@Cbbain.com

This Weeks Real Estate News Links

tylerech — Thu, 16 Jun 2011 21:34:33 +0000

NWMLS: Pending sales up 43%

Urban-core neighborhoods showing strong demand, condo sales improving.

http://www.nwrealestate.com/nwrpub/common/news.cfm

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Why It’s Time To Buy

The clouds haven’t quite parted, but the long-term case for home ownership is looking stronger.

http://online.wsj.com/article/SB10001424052702304563104576361522020024248.html?mod=djemRealEstate_h

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Harvard: Real estate recovery hinges on return of demand

Household formation has plummeted and credit remains tight.

http://www.inman.com/news/2011/06/6/harvard-real-estate-recovery-hinges-return-demand

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Home prices drop again, but pending sales turn upward

Local brokers hailed a surge in pending sales as a sign the Seattle area real-estate market is regaining momentum.

http://seattletimes.nwsource.com/html/businesstechnology/2015247083_homesales07.html?syndication=rss

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Where Real Estate Listings Fail

There’s plenty of information to be found online…it’s a reasonable way to start the search, but not to finish it.

http://www.smartmoney.com/spend/real-estate/where-real-estate-listings-fail-1307483593158/

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Quick profits, a ‘short’ way to fraud

Are banks leaving hundreds of millions of dollars on the table for white-collar criminals?

http://seattletimes.nwsource.com/html/realestate/2015198228_harney05.html?syndication=rss

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Fixed mortgage rates drop for 8th straight week

Fixed mortgage rates have dropped for an eighth straight week, but the low rates have done little to boost the depressed housing market.

http://seattletimes.nwsource.com/html/businesstechnology/2015273565_apusmortgagerates.html?syndication=rss

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Americans’ equity in their homes near a record low

The average homeowner now has 38 percent equity, down from 61 percent a decade ago.

http://seattletimes.nwsource.com/html/businesstechnology/2015273889_apushomeequity.html?syndication=rss

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Big jump in home sale deals may not last

Big increases due in part to the drop-off after people rushed to beat an April 30 deadline for a homebuyer tax credit.

http://www.seattlepi.com/realestate/article/Jump-in-home-sale-deals-may-not-last-1411953.php

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Despite recovery, bank lending still falling

Total lending has fallen 9 percent since ’08; check your bank here.

http://www.msnbc.msn.com/id/43327331/ns/business-stocks_and_economy/

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Second-Mortgage Misery

Nearly 40% who borrowed against homes are underwater.

http://online.wsj.com/article/SB10001424052702304906004576369844062260756.html?mod=WSJ_RealEstate_LeftTopNews

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Zillow rolls out Mobile Mortgage App

Citing heavy mobile usage on weekends, Zillow tries to fill demand for mortgage info.

http://seattletimes.nwsource.com/html/businesstechnology/2015249799_zillowmortgageapp07.html?syndication=rss

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Young adults wear their debt like a new tattoo

To help Gen Y-ers’ self-esteem and sense of mastery, help them acquire debt…sell them a home!

http://lifeinc.today.com/_news/2011/06/08/6814827-young-adults-wear-their-debt-like-a-new-tattoo

Real Estate Home Tours: Edmonds View Home and NW Contemporary w/Private Lake

tylerech — Fri, 15 Apr 2011 03:44:07 +0000

Huge views of the Puget Sound and Olympic Mountains from this “Nantcket Normandy” designed home in Edmonds.

About 5,000 sf, 16 gated acres, private lake, 4 bedroom guesthouse, horse stables, 2 workshops/oversized garages, and so much more!

Luxury Homes in Edmonds, Woodway, and Seven Lakes near Marysville

tylerech — Wed, 23 Mar 2011 16:56:50 +0000

A sophisticated alternative to Seattle and the Eastside. Get all the quality, views, craftsmanship, and luxury for just a fraction of the price.

Call me today to set up a private tour,

Tyler Echelbarger

Coldwell Banker Bain Edmonds

206-799-3877

CLICK ON THE PICTURE FOR MORE INFORMATION ABOUT THE HOME:

Our Listing mentioned in the NY Times!

tylerech — Mon, 07 Mar 2011 17:28:14 +0000

My partner, Tom Luehmann, and I listed a home in Ballard in January….The result of our successful marketing campaign and contract negotiation was quoted in the New York Times!

The article from February 22nd titled, “Home Prices slid in December in most U.S. cities, Index Shows”, should have highlighted the word MOST. The article features the argument between Economists Robert J. Shiller and Karl E. Case, authors of the famous “Case-Shiller Home Index” on whether or not the U.S. market has reached the bottom. After several paragraphs of point-counterpoint, explanation of the data from various sources, and some rather disappointing projections, we come to the final 3 paragraphs of the article. The majority of readers probably did not even make it to the end of this article and are left with a somewhat slighted view of the market. Nonetheless, you will read about the real life example from OUR area showing that things are certainly not as bad as other areas in the U.S. and that Sellers DO have options in this difficult market.

http://www.nytimes.com/2011/02/23/business/economy/23housing.html?_r=2&ref=davidstreitfeld

If you, or someone you know, are thinking about Buying or Selling but have questions or concerns about our market, please give us a call. We appreciate your referrals/trust and don’t forget that a portion of all referral commission will go to one of our partnering charities, or to the charity of your choice, thank you!

Tyler Echelbarger / Tom Luehmann

206-799-3877

TylerEch@Cbbain.com

January 2011: Edmonds, Lynnwood, and Ballard Real Estate Markets

tylerech — Sat, 29 Jan 2011 22:11:26 +0000

If January has been any indication of what is to come in 2011, we are in for a pretty good year as this January has been as busy as any time since 2006. While I know our market has plenty of issues still to overcome including short sales, foreclosures, commercial and construction lending, among other things, let me give you some real life examples of how the market in 2011 has hit the ground running…at least so far.

January 12th, 2011: BALLARD: My business partner, Tom Luehmann, and I listed a home in Ballard for $539,990. While priced well, it was certainly on the upper edge of what this Ballard neighborhood could bear. The open house that Sunday yielded nearly 50 groups, not people, groups! Within a week, we had 3 offers and a signed around deal $5,000 over the list price. (Click the Picture for more information)

January 18th, 2011: EDMONDS: I listed a home in the Edmonds Bowl just off 7th and Sprague. A really nice, very unique home, built in 1981 with good views, and quality craftsmanship. Again, we had great buyer/agent traffic through three opens, we received an acceptable offer within a week, and are currently PENDING. (Click the Picture for more information)

Throughout January 2011: Snohomish County: I have approximately 15 active bank owned listings throughout Snohomish County with several more on the way. Buyers have been flocking to these aggressively priced properties with some receiving more than one offer, and just in January alone, 8 of them are now PENDING.

Why all the activity? I have been saying for a full year that I thought interest rates dropping like they were in 2010, down to about 4%, did little to help the market and only hindered the recovery. I knew buyers were out there, I could see the activity at my listings, but people were very slow to pull the trigger. In my opinion, this was because more and more homes were being listed week to week, and rates were dropping week to week. With that combination, there was no real sense of URGENCY for buyers to buy.

What is changing? Rates are going up. I have written on at least three or four occasions about a buyers loss of purchasing power when rates go up, even if prices are still creeping down. When rates go up just a 1/2%, a buyer may be priced out of a home they love because they are waiting for just one more price drop. Rates are almost back to 5%, all indications are showing they will be there sooner rather than later.

How do the rates REALLY effect a buyer? Any buyers who were looking at homes last year who still have not bought have been effected enormously by these rate changes. For example, a buyer who could afford an $1800/mo payment (after taxes/insurance w/20% down) last year with 4% rates could afford a house around $385,000. Today, an $1800/mo payment @ 5% could buy you a home at around $325,000. This buyer has lost about $60,000 in purchasing power…whoops! By the time we all realize where the bottom truly is, we will be about 6 months passed it! Even though rates are about 5%, those are still historically low, buyers have not missed out…yet.

If you are in the market, my recommendation is to not worry so much about whether or not the prices will drop another 5% in 2011, but what the rates are doing. WHEN, not IF, the rates get back up to 6% (still historically low), that same buyer looking to spend only $1,800/mo will only be looking at homes worth around $295,000. A nearly $100,000 drop in purchasing power from just a few months ago! The market would have to come down another 25% before a buyer could afford the exact same house they were looking at last year at $385,000. News flash, since the peak in June of 2007, most areas of the Puget Sound have dropped a TOTAL of 30% +/-. Anyone who chooses to gamble that we will drop another 25% and who choose to ignore the low-interest rates today, WILL miss the market, period.

Bottom line: This is why I believe we have had a VERY busy January, I believe prices are at or very near the bottom, rates are going up, people are finally realizing their window to take advantage of this market is closing rapidly.

Contact me: Call me today with any questions or to find out how this market may affect you if you are thinking about buying or selling. Thank you to everyone who referred me to their family and friends in 2010. I appreciate your future referrals very much, will never take them lightly, and understand that my performance is a direct reflection on you. I will NOT disappoint!