Real Estate Blog

$109,900 in Waterville (would be over $150,000 in Wenatchee)As many of you know, I’ve been promoting more properties in Waterville, Washington lately because that is where the best real estate values are these days. 

One of the objections I get from buyers about Waterville is that they don’t want to do the commute to and from Wenatchee each day.  The good news is our fabulous Link Transit bus system serves Waterville with 6 runs a day.  

Want a real bargain in real estate?  Work in Wenatchee?  Consider buying a home in beautiful, rural, Waterville.  Save a lot of money on a home (and gas)… and relax on your way to and from work.  Ride the Link Transit bus to and from Wenatchee whenever you don’t feel like driving. 

For more information about properties available in Waterville, contact Carol Williams today:
Carol@TopPropertiesWenatchee.com

Information is FREE.  Experience & Knowledge Are Priceless.

source: Commuting from Waterville To Wenatchee vs Home Values

As winter approaches, I continue to get a lot of people asking me if the real estate market is slowing down here in Wenatchee.  Is it still a seller’s market or is it more of a buyer’s market, with more inventory than buyers?  

Today I did ran some statistics and here’s what I figured out:
Under $200,000: Strong seller’s market.   More demand than supply.
$200,000-$250,000: Balanced market.   Balanced supply and demand.
$250,000 & up:  Buyer’s market.  More supply than demand.

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Search homes and land for sale in Wenatchee and the surrounding area

For answers to your real estate questions, contact Carol:
   Carol@TopPropertiesWenatchee.com

source: Is It A Buyers or Sellers Market?

Fall at Fancher HeightsI was pleased to read in tonight’s edition of the local paper, the Wenatchee World, that Wenatchee topped the list of safest cities in Washington State.   Here are the first two paragraphs of the article:

"WENATCHEE — The Wenatchee area has been listed as the safest metropolitan area in Washington in an annual ranking of the nation’s safest and most dangerous cities.

Nationally, Wenatchee ranked 83rd among 344 metropolitan areas with populations of 75,000 or more. The list includes a dozen cities in Washington and two that cross into Idaho and Oregon."

What a great piece of publicity for this area of North Central Washington!   Here is a link to the entire article.  

While other real estate markets across the nation suffer a downturn, Wenatchee was also recently named  #2 nationally for forecast appreciation of real estate over the next year… but that’s fodder for another blog entry.

To search the Wenatchee MLS for homes and land for sale, click here

To follow a custom home being constructed, click here
Contact Carol: Carol@TopPropertiesWenatchee.com

source: Wenatchee Named Safest City In Washington

314 E. Ash * Waterville        Click on image to enlargeHere is some statistical info, revealing some real estate market trends comparing the first 9 months of this year with the first 9 months of 2005.  Statistics can be misleading (depending on various factors), so take it for what it is… interesting info, but not gospel.  This info is for detached single family residences.  Condos, manufactured homes on land, and mobile homes on leased land are not included in these figures.

Average sales price:

Wenatchee 2005:  $196,347
Wenatchee 2006:  $221,124  (up 13%)

East Wenatchee 2005: $199,110

East Wenatchee 2006: $234,642  (up 18%) 

The total number of homes sold in the Wenatchee and East Wenatchee areas so far in 2006 was up about 5% over the same time period for last year.  

Featured Value: 
The home pictured above is listed at $99,900 and one of the best values on the market today.  New kitchen cabinets, new range & dishwasher, new flooring and paint throughout, remodeled bathroom with claw-foot tub.  Available as an outright purchase or on Lease-To-0wn terms.

For answers to your specific real estate questions please contact:

Carol@TopPropertiesWenatchee.com

source: Wenatchee Housing Market Trends

At the risk of getting into hot water with the Leavenworth real estate agents, I am cautioning potential buyers to watch the market over the next few months before making a buying decision. 

There was an article in last night’s Wenatchee World newspaper about the upcoming closure of Longview Fibre’s Winton lumber mill 14 miles northwest of  Leavenworth.  According to the article, this will displace 100 workers.  How many of these displaced workers will need to sell their homes.  Will this increase the inventory of homes for sale enough to put downward pressure on prices.  Perhaps.  I will be watching the trend over the next few months. 

You can read the complete article here.  Stay tuned for future updates.

For answers to your specific real estate related questions contact:
Carol@TopPropertiesWenatchee.com 

Search homes for sale in the North Central Washington MLS
Get current news, info and trends on Wenatchee area real estate
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source: Caution - Watch Leavenworth Real Estate Values

I continue to see a trend toward more price reductions and homes coming back on the market as a result of pending sales failing to close.  I’m not certain what the reason is for these failed sales, but they are most likely for one of three reasons:

1) Buyer does not qualify for financing

2) Home does not pass inspections, or repairs are too costly

3) Homes does not appraise for the sale price

In order to reduce the risk of any of these happening to you, here are some suggestions:

1) As a seller, insist on seeing a letter of pre-qualification (or better yet, a pre-approval) for your prospective buyer before you sign the Purchase & Sale Agreement.   As a buyer, get pre-qualified before you ever go house shopping. 

2) As a seller, have a home inspection done before you put the home up for sale, so there are no surprises for you or the future buyer.  This will cost a few hundred dollars, but could save you considerable money and anquish later in the transaction.  With a positive home inspection, you can price your home, and negotiate a sale, with greater confidence.    As a buyer, if the seller did not provide the results of a home inspection, have one done as a condition of the sale.  It’s well worth the expense.

3) As a seller, have an accurate price analysis done by an experienced real estate agent, or an actual appraiser, so you are not misled as to the value of your home.   Most real estate agents will do a price analysis for FREE, with the hope of listing the property.  But, there is no obligation to list the property just because they do a price analysis (often referred to as a CMA).

If you have any specific questions about selling or buying a home contact:

Carol@TopPropertiesWenatchee.com

http://TopPropertiesWenatchee.com

http://www.CarolsWenatchee.com

source: Price Reductions & Failed Sales

There has been a lot of talk recently about an impending "housing bubble".  Here is a link to a blog dedicated exclusively to the topic of the housing bubble theory.  Today’s post gives a summary of various markets and what is happening with inventory and price reductions across the country. I am getting more notices, through our MLS communication system, alerting us of sales that have failed before closing, and of price reductions.  Is our market cooling a bit?

From my perspective, the affordable housing market in Wenatchee and the surrounding areas has cooled because there is, essentially, no inventory in the under $150,000 price range.  People shopping in this range cannot afford homes in the higher price ranges… so they’re not buying OR their financing is failing and the transactions are not closing.    There is demand.  There isn’t inventory in the "right" price range.  

For answers to specific real estate questions, contact:

Carol@TopPropertiesWenatchee.com

www.TopPropertiesWenatchee.com : Search homes and/or land for sale

www.CarolsWenatchee.com/wenatchee-realestate: Current news, info & trends

source: Is The Wenatchee Housing Market Cooling?

The other day I received an e-mail asking what the taxes are for a specific property.  This was from someone (approaching retirement) who now lives in an area where taxes have skyrocketed.  He was annoyed that his taxes have increased so much and wanted to move to an area with lower taxes.

The thing you need to know about property taxes is the actual "tax rate" probably doesn’t change that much over time.  What increases taxes is the escalating values, making the total tax bill higher.  I don’t know what the property tax rate in King county is (for example), but I would guess our rates in Chelan and Douglas counties are a little higher, yet our taxes are lower.  The reason for that is the total tax is based on value.  Our values are considerably less than King county so, therefore, our property taxes are actually lower… despite a higher base rate.

A typical tax rate of 1.25% (of assessed value) in this area would create a total tax of $2,500 on a $200,000 home.  This $200,000 home may be $400,000 in King county, thereby creating a much higher tax bill.  As the baby boomers are moving here to build or buy their retirement home, my advice to them is "Build or buy the home you want and need, but don’t make it any bigger (or more expensive) than you really need it".   If you pay $200,000 for a home that increases in value 15%, your new tax bill will be around $2875 (up from $2500).  If you pay $300,000 your current tax bill will be around $3,750 and your future tax bill (at the 15% appreciation rate) will be $4,125.   Do you see the point I’m trying to make here?

The up side of buying a higher priced home is that appreciating values are generally on a percentage basis. 15% of $300,000 is $45,000 whereas 15% of $200,000 is only $30,000.   You’ve made an extra $15,000 (on paper anyway).  Looking at it in that light, in an escalating market, it is good to buy the most expensive home you can afford.  However, once the appreciation rate flattens out, you’re stuck with higher taxes. 

Theoretically, you would think the local governing agencies, setting the property tax rates, would be able to lower the rate as values increase.  This isn’t likely to happen, so weigh the pros and cons and make an informed decision based on YOUR goals and budget.

For answers to your real estate questions, contact:

Carol@TopPropertiesWenatchee.com

Search the entire Wenatchee MLS for homes and land

source: Wenatchee Property Tax Rates

I recently received an e-mail with the following question:

"I’m researching new construction in Wenatchee, looking for 4 bdrm home around 1800-2100 sq. ft. What builders and communities are you aware of in this range?  It is hard to find builders, prices, floorplans and neighborhoods on the internet."

My reply went something like this:

What budget are you working with? New construction in the Wenatchee area currently runs from about $125 - $175 per square foot (and up), depending on quality of construction, upgrade package,  lot size & location. Most of the 4 bedroom homes have more square footage than you indicated being interested in, but there are certainly floor plans to accommodate your inquiry.   I have contact with builders in all price ranges and can heartily recommend some and consider others to need more "supervision" during the project.  Please let me know how I can help".  

Carol@TopPropertiesWenatchee.com  
Search local, state or national listings

source: Wenatchee Builders, Prices, Floor Plans

Entrance to St. LaurentSaint Laurent Winery is located at 4147 Hamlin Road south of Wenatchee and west of the town of Malaga.   It’s worth the short trip up there just to walk through the beautiful gardens and partake of the fabulous views.   Be sure to click on the above link and review some of the great events hosted at the winery.

When I was in England last Fall I became fascinated by the construction of intricate rock walls, with absolutely no mortor to hold them together.  At Saint Laurent, I was very happy to see many artfully constructed rock walls in this same fashion. 
View from the wedding gazebo

Enjoy the pictures.  You can click on any image to enlarge.
Pond

One of many hand stacked rock walls with restroom building in the background

A pleasant, shaded, sitting area A resident of the Wenatchee Valley for over 35 years, contact Carol Williams, real estate agent, for additional information:
Carol@TopPropertiesWenatchee.com  
Do a search of homes and land for sale in the Wenatchee MLS

source: Saint Laurent Winery - Malaga, Washington