Di Kawell Real Estate Blog

Springtime Variety for Federal Way Parks, Recreation & Cultural Activities

 

Spring is in the air, and Federal Way residents have lots of choices to keep them busy, learning and involved. Check out the schedule of events right here.

 

Federal Way Sellers - How Can You Compete?

With bank owned, pre-foreclosure & foreclosure properties being approximately 25% of our Federal Way area active listings - besides pricing, what can you do to be in the top 1% of your competitors?

Answer: STAGE YOUR HOME, completely - as in every room, including the garage, from curb to fence lines - completely. Bank owned and foreclosure properties are not everyone's first choice but they do make up 35-40% of the listings that are actually selling right now. You must price to those homes and then you must be staged to be top dog.

I asked Mary DeBella, Accredited Staging Professional, "In your experience, what one room do most sellers overlook, that costs them a sale in this market?"

Here is her response,

" Diane-
That's a good question. I would probably have to say the Master Bedroom (or bedrooms). Most sellers will tidy up their main living spaces such as the Living Room, Family Room, Kitchen, etc. But the bedroom(s) tends to get overlooked because of the challenge of living in the space while it is on the market.

Unfortunately what occurs is that they neglect to showcase one of the most "used" rooms in the house! They forget that they spend the largest majority of their time in this room and tend to say "Well the buyer will just understand my messy bedroom because I live here - after all!"

Most buyers will want to visually see how their bed might fit in the room, or if their clothes will fit in the tiny closets, or where their TV might plug in, etc. If each room is not showcase-ready, sellers have just narrowed down their selling margin. In the current buyer's-market, sellers can't afford to justify the reasons their homes don't look good.

Selling one's home requires a big commitment. Sellers would do well to remember that "the way you live in your house, is not the way you market and sell your house". They are two different things. Your house is now a product that must look better - in every room - than its competition. I always like to encourage sellers who drag their feet about cleaning out a particular room by saying "Are you planning on selling that room with the house?" They smile, and understand the message.

SEE THE BEDROOM AFTER

     

SEE THE BEDROOM BEFORE 

 The second most neglected room (IMHO) would be the garage. In other words, the "man cave". Why fill the garage with boxes and stuff, when many men consider the garage - their haven? Times have changed for sellers and "sweat equity" is the new mantra! Staging Works!"

Knutzen Theatre Federal Way - Take The Kids this Weekend

Goldilocks

 

 

Saturday at 11 am & 1 pm

Golden curls and mood swings do not necessarily mix with an over-pampered but adorable baby bear.  Can a famished little lost girl put her spoiled behavior on the back shelf and learn how to be a friend to a lonely baby bear who hungers for a playfellow?  Through listening and taking turns, these two misfits discover the power of having fun and being a friend. 

Tickets: $8.00 available at the theatre or online at www.brownpapertickets.com/event/35583

More info: 253-835-2020

Location: Knutzen Family Theatre

3200 SW Dash Point Road

Federal Way, WA 98023

Auburn West Hill / Jovita Real Estate Stats Mid-month Update Feb '09

Good News - Buyers are Buying, Sellers are Signing and Activity is Picking Up since Jan 1st, 2009 - just 6 weeks ago. Overall we have about a 10 month supply of homes on the market; and about 25% of the market is pre-foreclosure, foreclosure or bank owned properties. This is consistent with the Federal Way/NE Tacoma/Brown's Point areas as well. And these properties are creating sales, while also still causing a downtrend in pricing.

Here's a Current Market Snapshot of Auburn West Hill/Jovita

ACTIVE LISTINGS

There are currently 160 Active Listings/single family homes on the market, with the highest price at $1,295,000 and the lowest price at $125,000. The median price is $329,925.  22.5% OF THESE HOMES FOR SALE ARE IN PRE-FORECLOSURE, FORECLOSURE, OR BANK OWNED.

PENDING SALES

There are currently 31 homes under contract since Jan 1, 2009. The highest price is $399,900 and the lowest is $148,800. The median price of these pending sales is $251,900; and the average days on the market is 82. 32% OF THESE HOMES ARE IN PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

CLOSED SALES

There are 15 sold and closed homes since Jan 1, 2009. The highest price was at $348,960 and the lowest was $155,000. The median sold price was at $260,000. And the average days on market in this group was 80. 40% OF THESE SALES WERE IN THE PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED CATEGORY.

Brown's Point / NE Tacoma Real Estate Stats - Mid-month Update Feb '09

Amazing change in this market over just the last few weeks. Buyers are buying and sellers are signing at a pretty good clip. The bulk of homes selling are in the $200-400,000 range. And we've gone from a 4.5 yr supply of homes for sale down to 18 months based on closed sales to listing ratio. That is a huge improvement!

Here's a Current Market Snapshot

ACTIVE LISTINGS

There are currently 162 homes on the market, the highest price is $1,850,000 and the lowest price is $139,950. The median price is $389,950. These listings average 113 days on the market. 20% OF THESE HOMES FOR SALE ARE IN PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

PENDING SALES

There are currently 30 homes under contract since Jan 1, 2009. The highest price is $990,000 and the lowest price is $125,000.The median price of these pending sales is $304,500; and they average 113 days on the market (a coincidence with the actives!) 40% OF THESE PENDING SALES ARE PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

CLOSED SALES

9 sales have closed since Jan 1, 2009. The highest price was $860,000 and the lowest price was $224,050. The median price of these sold homes was $279,000; and they average 84 days on the market. 33% OF THESE HOMES WERE EITHER PRE-FORECLOSURE, FORECLOSURE OR BANK OWNED.

Federal Way Real Estate Stats - Mid-month Update - Feb '09

It's Beginning to Thaw!  Buyers have been making offers, sellers are signing and we have made some good progress since Jan 1, 2009 - just 6 weeks ago!

Here's a Current Market Snapshot of Federal Way:

ACTIVE LISTINGS

There are currently 349 Active Listings/Single Family Homes on the market, with the highest price at $1,400,000 and the lowest price at $75,000. The median price is $309,000. These listings average 111 days on the market. 24% OF HOMES FOR SALE ARE IN PRE-FORECLOSURE, OR ARE BANK OWNED.

PENDING SALES

There are currently 60 homes under contract since Jan. 1, 2009. The highest price is $685,000 and the lowest price is $75,000. The median price of these pending sales is $257,950; and they average 85 days on the market. 37% OF THESE HOMES ARE IN PRE-FORECLOSURE, OR ARE BANK OWNED.

CLOSED SALES

Since Jan 1, 2009, there have been 30 homes that have sold and closed. The highest price at $880,000 and the lowest price at $145,000. The median price of these sold homes is $362,475 and the average days on market is 123. 30% OF CLOSED SALES ARE PRE-FORECLOSURE OR BANK OWNED.

SUMMARY: Based on closed sales we have an 11.6 month supply of homes on the market. If you count the pending sales and closed sales, that number drops to 3.8 months of inventory - however over half of the pendings are pre-foreclosure or bank owned and many of these may not end up closing. We should rely on the 11.8 month figure. This still beats the 20 months we had just 2 weeks ago! (A balanced market is approx 6 months of inventory.) Buyers are buying primarily in the $200,000 to $300,000 range, and primarily distressed properties.

February is Open Enrollment at TAF Academy in Federal Way

This week, I had the pleasure of taking a public tour of TAF Academy with Federal Way School Board President, Suzanne Smith. TAF stands for Technology Access Foundation, and "TAF Academy@ FWPS is a 6th through 12th grade public school that prepares students for college and life by using project-based learning rooted in science, technology, engineering and math."  

Click Here For More Info

Community Informational meetings are scheduled throughout the month

The academy is located on a small campus adjoining Totem Middle School within the Kent, West Hill neighborhood of Cambridge. The energy is high, the students focused, the teachers are skilled in their respective backgrounds & their excitement about this teaching approach is contagious. Definitely worth my time spent checking things out. Worth yours too.

 

       

An Hour At the Park - It's Worth Stopping the Car!

I took a day of R & R with my fit and fidgety husband yesterday. Since we often do our best bonding on walks and drives, we decided to spend some time outside visiting this great little park in the south end of Federal Way that everyone drives past, but seldom stops to discover. This park has been open only one year, and it's clean, has a bathroom facility and lots of charm and photo opportunities too.

In one hour we walked the 1 mile trail loop, plus approximately 1 more mile on the side trails, viewed 2 hidden lakes, walked on both a nice gravel path and a long loop section of boardwalk with viewing decks, saw well marked ancient trees, and learned alot about the variety of birds, and general ecology in the area. It's mostly wooded, so you'll want to pick a sunny day to go, if possible. And it's fine for children because strollers will work, and there are nice benches to rest along the way.

When you first park the car, you'll see two, old wooden buildings that have been preserved for their historical value - one is The Barker Cabin, Federal Way's oldest original homestead standing, and the other is the rugged one-time real estate office of David Denny, one of the original founders of Seattle. Both buildings were moved from their original locations, to this park site in 1992 & 1993.

This is the West Hylebos Park located on the south side of S 348th St roughly between 9th Ave S and Pacific Hwy.  See Map for Location

Mortgage Insurance Update

The world of mortgage lending is forever changing!  There have been changes announced beginning February 1, 2009 in regards to mortgage insurance.  Underwriting guidelines for 95% loan to value conventional loans must now meet mortgage insurance requirements of credit scores of 700.  PMI Insurance Company will no longer underwrite any Fannie Mae Flex 97% or Freddie Mac's Alt 97% programs.  Most insurance companies use a level system that is weighted for each borrower.  Please be sure to use a mortgage lender that is knowledgeable in not only lending programs, but mortgage insurance guidelines as well.  Mortgage lending is an exciting industry, I enjoy keeping up with the changes and challenges it brings.  I welcome any and all questions or comments. 

Thank you Di Kawell for establishing this opportunity to discuss our industry!

Kim Paustian                 

Branch Manager/mortgage consultant

Windermere Mortgage Services

Jan '09 Home Sales Stats for King & Pierce Counties - Opportunity Knocks

"Baby It's Cold Outside" and it's not just the weather. Home sales for January, compared to the number of active listings is coming in at 20 months of inventory. For perspective, 6 months is a normal market, anything over is a buyer's market. 20 months means that if no more homes came on the market, we have enough homes for sale now to last over a year and a half!

Federal Way, in South King county, has 347 homes on the market, currently. The bulk of listings are in the $200,000-350,000 range. However 56% of the sales closed in January were over $350,000 - reflecting buyers' recognition of the excellent values in this category.

Brown's Point & Northeast Tacoma, in Pierce county, are niche areas adjoining Federal Way and the bulk of homes for sale ranges from $200,000 to $400,000. In January, closed sales were $240,000 - $285,000. Now with 55 months of inventory, which is abnormally high, this is an extreme buying opportunity!

For more information on these areas, click on some of the links to the left or visit my website where you can also search properties.