Discover North Seattle: April 2009

Are you looking for up-to-date information on home sales in your North Seattle Neighborhood?

Do you want that information in a graph that's easy to understand?

Check out my web site and see how your neighborhood measures up, or click your neighborhood of choice below:

Bitter Lake

Broadview

Greenwood

Haller Lake

Maple Leaf

Matthews Beach

Olympic Hills

Pinehurst

Victory Heights

Don't see your neighborhood listed?  Contact me and I'll research your neighborhood statistics for you!

Check out these homes. 

Still think you can't afford a home?  A $200,000 home right now at 4.6% interest is somewhere around $1,500 per month, including property taxes! 

Click here for:  Homes under $200,000 with at least 2 bedrooms in 98125 zip code.

Contact me to get started on your home search or click here to create an ABODEN.com profile and have available homes emailed to you automatically!

Good luck!

- Jay

Even in a buyer's market, it's extremely important to be educated and market-savvy when it comes to making that home purchase.

I can't tell you how many clients I've had over the years that treat the home-buying process like they're shopping for a pair of jeans at the mall.  As if they could return the home if it wasn't the perfect fit.

This is the single-largest investment most people make in their lives and it should be approached with with due diligence.

Here are my tips for being an educated buyer:

1.)  Do Your Homework

When your realtor emails you a house that you like, DO NOT go inside.  Well, not yet anyway...  Take a drive around the neighborhood and check out the neighbors.  See if there are homes with cars parked on the lawn, or even people parked on the lawn.  Is it down-wind from the garbage dump?  Are sidewalks important to you?  If so, are there sidewalks in this neighborhood?

Look for neighborhood issues first before ever setting foot in the home!  As soon as you walk in the home, you are more likely to make a decision based on emotion so you better do your homework first.

2.)  Know Your Numbers

Make sure you have narrowed your home search to specific areas that are the most plausible for you and your circumstances.  Once you've narrowed your search to 4 potential neighborhoods or less, learn about the local housing market for each one.  If you've found a home that you like and you also like the neighborhood, ask your realtor to perform a Market Analysis of the immediate area to find out what similar homes are selling for.  This will give you an edge in the negotiation phase.

Also - if you know nothing else, know this... it is far better to buy a home at it's current price at a low interest rate than to wait for the price to go down while interest rates go up!

For instance:  a $385k home at 6% interest will cost you about $90,000.00 more over 30 years than a $400k home at 5%.  So strike while the iron is hot, as the saying goes.

You can also go to the following places to educate yourself on current economic conditions:

Bureau of Economic Analysis http://www.bea.gov

Bureau of Labor Statistics:  http://www.bls.gov

Freddie Mac:  http://www.freddiesmac.com

Office of Federal Housing Enterprise Oversight:  http://www.ofheo.gov/hpi.aspx

3.)  Don't Be Shy, Pull The Trigger!

Let me explain something that most people (and from my experience, many realtors) don't understand about a "buyer's market"...

Even in a buyer's market, 80% of the homes for sale are overpriced!  What you should be looking for are the homes in the other 20%.  Be aggressive in your expectations.

Here's the clincher, though...  when you find that perfect home, in the perfect neighborhood, at the perfect price - DON'T HESITATE!  The 20% that are well-priced are the homes that sell very quickly, with many of them getting multiple offers!  If you wait, you could miss out.

Remember:  We're in what is called a buyer's market.  It's not called a waiter's market or a looker's market.  It's a good time to buy because prices are low and inventory is high.  If you're just here to kick the tires a little, don't waste your time.  It's never a bad time to buy good real estate!

Did you know that in the 1980's, interest rates were as high as 18%?  As of this writing, we are hovering around 4.7%.  You don't want to wait too long and miss out!

Stay tuned for my next blog in this series:  "Why Buy? And the Cost of Waiting"