Windermere North | Direct: 206-949-8895 | Email: jim@northwestrealestate.com

April 2012 Edmonds Real Estate Market Conditions

I have been warning my clients for a number of months now
that they should be expecting to see the market change from a buyers’ market to
a sellers’ market. In addition that they could anticipate some appreciation
will start to be seen in the next [%readmore%]

few months. In my January post my forecast was that we were either at or very near the bottom. In the last few months the market has become a strong sellers’ market. Before then to have multiple offers on a property was rare now it is rare not to see multiple offers come in. Speaking with another broker today they mentioned that within 2 hours of a new listing coming on market they had 4 offers and some had escalation clauses that would push the price above the listed price. The chart below shows who is in control of the market as well as a comparison to last year at this time. The Red areas refer to the seller’s being in control, Yellow is a neutral/transitional market and Green equals a Buyer’s market. Bottom line is that if you were waiting for the bottom of the market you may have missed it. Over 30% of the closed sales last year were to all cash buyer’s indication that the investors think that prices are very good at this level. Also inventory is now under 2 month supply in the majority of all the areas shown on the map.

March 2012 Edmonds Real Estate Market Conditions

Inventory in Edmond continues to drop and price per SQ FT is
holding. During the last month the inventory has continued to drop and being in
a multiple offer situation is not a surprise anymore. The slight increase in
interest rates seems to have [%readmore%]motivated some buyers to start looking for a new
home. The projected forecast for economy for North King and South Snohomish
Counties is that by the end of the year we will starting seeing some slight
appreciation in home values. Last year 30% of sales were for all cash which
indicates that investors are also in the market now. The chart below show that
the inventory levels have continued to drop and compared to Feb 2011 we have
38% less inventory, the pending sales are up by 16.6% and the closed sales are
up 23%. I have also heard that the Shadow Inventory will slow down somewhat
because we are in an election year. That means that we will not have the banks marketing
their inventory as fast as in the recent past. The chart is based on homes
priced between $300,000 and $500,000 in zip codes 98020 & 98026.

new Market Watch Edmonds Wa

February Market update for Edmonds


 

The next few months are generally considered the best months to buyers sell in the Puget Sound region. 
You’ll see a number of new listings coming on the market and activity
for buyers is also higher.  Currently in
Edmonds within the price range from 300,000 to 500,000 there are[%readmore%] 18 listings with
an average price of $354,491.  The number
of listings that are pending is 12. 
These are the 2 numbers that we used to calculate months of
inventory.  If you divide active listings
by pending sales you arrive at that number. 
This case the numbers 1.5 in other words we only have 1 ½ months of
inventory.  Also of some interest is that
for the active listings the original list price was 358,000 but currently with
price changes and reductions that current list priced now is still 98.75 of the
original listing price. This is telling us that there’s not much pressure for
prices to come down at present time.  The
last number that also paints a picture is that of the 25 properties that were
sold in the last six months in this area the average market time was just 50
days.  I hope that this will help your
decision whether to buyers sell.  If you
have other specific questions you can e-mail me at
marketwatch@northwestrealestate.com
I will be happy to answer any of your questions.

January Market update for Edmonds

 

Market in Edmonds
is in the transaction phase. Here is the supporting information and
explanations. Consider that the price range of $300,000 thru $550,000 leads the
market as an overall advance indicator. Here is what that is telling us now: [%readmore%]

·        
The average market time for the 90 properties
sold is just 63 days.

·        
The number of Active Listings in this price
range has dropped to 52.

·        
As I write this report there are also 21
Listings that are Pending.

The Months
of Inventory is now down to Active Listings/Pending= 2.47 months this is in
spite of the fact that the holidays are one of the slower times of the year for
buyers to be purchasing. You can look for the purchase to accelerate over the
next few months and the prices should be holding. If you are looking for a
great time to buy this might be close to the bottom. The factors that have come
into play are that the interest rate is hovering around 4% there is still close
to 2 months inventory and prices have not started increasing.

Edmonds December 2011 Market Watch

One of the more interesting things that happen when the
market starts to change is that there is some disbelief or uncertainty by the
parties that are coming into control. It is like they are just testing the
water.  Below is a chart that provides
some insightful information. [%readmore%]For me the key is that of listing sold in Edmonds
over 40% sold in less than 30 days and at 99.57% of the listed price. It is
very doubtful   that any of those would have been short sales just because most short sales take months just to get a response back form the bank and even then only approximately 14% close. Another strong indication of the change in the market is that the
numbers of new homes starts is starting to rise.

Thanks for visiting,

DaysOnMarket
Breakdown and Average % of List Price received on Solds by Market time:

0-30 Days             31-60 days           61-90 days           91-120
days         120+ days

No.
of Listings       
92                           50                           20                          16                           48

Breakdown %       40.53%
                 22.03%                    8.81%                    7.05%                  21.15%

Med SP % LP       99.57%
                 96.29%                  95.52%                  96.51%                  95.67%

 

 

 

Edmonds Market Watch

Edmonds Real EstateHave ever wondered what
how much difference is it if you live in the bowl area of Edmonds as compared
to the surrounding area?
The latest data for October 2011 shows that the difference
in the amount of time it took to sell a home in the zip code of 98020 as
compared to the 98026 was substantial. The market time for similar priced homes
with the Edmonds zip code of 98020 that closed in October was 74 day. This compares
with 138 days for 98026. That is almost ½ the market time of 98026 also of
interest is that the Percentage of the sale price compared to listed price is consistently
higher as well.


 


Below are the current
stats for both zip codes combined.

 

Residential

Pending
Sales                     2- Bedrooms       3 Bedrooms         4
Bedrooms         + Bedrooms
        All Bedrooms

#
Units                                  
6                              32
                          24
                          8
                         70

Average
List Price            
$184,125               $309,332               $433,994               $380,988
       $349,531

Average
Market Time      
69                           89                           59                           144                         83

Average
Square Feet       
1,542                      1,714                      2,490                      2,627                  2,069

 

Sold

#
Units                                  
14                           127                         74                           26                       241

Dollar
Value                        
$3,661,085           $41,302,705         $28,591,591         $12,733,61  $86,288,991

Average
List Price            
$267,054               $338,109               $402,357               $499,845
       $371,158

Average
Sold Price           
$261,506               $325,218               $386,373               $489,754
        $358,046

Average
Market Time      
28                           74                           63                           55                        66

Average
Square Feet       
1,423                      1,807
                     2,486
                     3,111                  2,134

%
of List Price                    
99.28                      96.85                      96.79                      98                    97.07

 

Let me know if you find this of interest.

Typical Interior Shoot

 

What I do for a typical interior shoot.

Start with taking the lighting measurement so that the outside (windows) are the way you want. You can chink your shots using the histogram until that looks good or use an incident light meter. If the home has a view then you want to[%readmore%] expose through the windows for that. At this point I don’t pay much attention about the interior and it will look dark at this point. If there is something that detracts from the home then expose the windows so that there is some definition around them but mostly they will be vey light.

Once you have the outside then you can start to work with your fill lights. Start by lighting the area closest to the camera and set up your flash for that area. Try to bounce the flash off a wall if possible. I normally shoot in manual mode so that I have more control over the flash settings. There are 2 setting on the camera you can adjust, speed and shutter. The speed I start with is 125 and shutter at F7.1 being in Seattle that works as a good starting point. Here is what the two setting control. The speed/timing will control the ambient lighting and the F stops with control the flash. If you haven’t tried it do this; expose for the outside (though the windows) and then add a flash. Try different speed settings from 60 to 200 and you will find that the flash part of the scene will be unaffected by the changes only the outside/ambient light was. Now go back to the ambient exposure you liked and this time just adjust the F stops. What you will see is that make a huge change on the flash part of the scene. I continue to adjust the flash power until it is what I want for the area nearest to the camera then proceed to work the other zones further away, doing only one zone at a time. You will see the shadows march around the room as you do this and it should be easy to tell when you have it right. If you have a shot thatwill include more than one room like hallways etc. you will need to light each room/area to make it look natural. Adorama.com has some inexpensive low power slave flashes that are kind of fun to work with they are the Smith Victor PG6S Mini Slaves. They are easy to hide and cost under $20 and very useful.

Depth of field is usually not a problem with interior photos. Just know what your lenses sweet spot is and start with that. I use Canon gear and the lens I use is the 17-40mm zoom. The best setting for this lens is F7.1 and that is where I start. I also seldom use the 17mm range unless it is a very tight room. Don’t try to get 3 walls into the shot it makes the lighting too hard to control. It is best if you have a wall to bounce your flash off of to get a good fill and it is more difficult to hide the flashes if you try to show 3 walls.
 
For this shot I had 3 flashes sitting on the top of bookcases just to the right of the camera. The flashes were about 6″ from the wall and aimed at the wall to bounce the light back into the room. Almost no post processing was done. Yes, if your next question was the wall color actually like that. 
 

Let me know if this helps, and I will add more later.

Photography Opportunities in Edmonds Wa

Looking over Edmonds Condos at Point Edwards, All rights reservedEdmonds is one of the most photographed cites in the entire Northwest, probably ranking second only to Seattle. Its diversity offers[%readmore%] a lot of interesting subjects, from the spectacular images of Ferry traffic on Puget Sound, inspiring sunsets that silhouette the Olympic Mountains to the quaint store fronts that seem to transport you back to an earlier time. There are an abundance of subjects to shoot as well as locations and view options plus there are many places where you can set up tripods and not inhibit vehicle or pedestrian traffic.
 
 LocationsEdmonds Homes, Photo taken from Edmonds Fishing Pier all right reserved by Residentail Marketing Group
Here are some location suggestions that will give you a few places to start from. For Ferry photos, all of the beaches will provide great opportunities as well as anywhere along Sunset Ave. One often missed photo opportunity is from the fishing pier looking back to the bulkheads along the walkways. We have our highest tides of the year in December and June and with just a little wind action the waves crash into the bulkheads and send the waves several stories high. Most folks are watching the ferrys come and go and miss the show. November through January provide some of the best dramatic sunsets you will find anywhere especially if you use exposures to silhouette the mountains. Don’t rely on your camera’s light meter as it will try to average meter the scenes and the sky will get blown out. The same months also provide the clearest skies of the year. The result is that the mountains appear to be incredibly closer than any other time of the year rather than the fifty or sixty miles they are. Other good locations are anywhere in front of old town where the result is a look of a different era. The fountain in the traffic circle is also popular and the light poles that have 5th and Main on them offer an effect almost like a Norman Rockwell painting. The beach at the south end of the water front is where you will often find photographers taking location portraits. If you pay attention to it you may notice that after their client goes home the photographers often stay and take some landscapes for themselves. Other good views are from some of the streets that lead down from 9th Ave and also a little higher on Walnut is good as well.

Worst Listing Photo That I know about.

This just might be the all time worst photo posted on our MLS.

I have been trying to figure out how to classify this image but it is so bad that it has to stand on its own. As far as apporiate advice for this image just remember that you don’t want to show everything in a home. It will give the buyers no reason to visit it. Unless the bathroom is exceptional and you can take a photo without you showing up in the mirrors skip the bathrooms. Trust me no one wants to see someone else’s toilet. Toilets are just not a great selling feature for any home.

 
By the way if you run across photos that make you laugh or shake your head then send me a copy. I have a whole file for bad listing photos.

Quality Residential Photography

High Impact Photography

High Quality photos are perhaps the most important marketing tool we have. They are the primary reason[%readmore%] a listing is visited by buyers or excluded from their list. However all too often you see photos that were taken by a cell phone or they are so bad that they make you laugh. Over the few posts we will cover the some if the key issues that we see and also show some example photos.  The following are just some of the topics that we will address. If you have other questions send me an email and we will include those in our posts. All of the photos that will be shown are actual listing photos that were used on listings. 

 
Some of the topics that we will be covering:

  • Focus and depth of field
  • Distorted images
  • Using a wide angle lens
  • Improving your lighting
  • Lighting setups
  • Use Landscape Camera Orientation Only
  • Panoramic Photos
  • Color Correction
  • Correct use of High Dynamic Range Photography
  • Watch out for background distractions
  • Using too many or to few photos
  • Reflection that show the photographer in the image
  • Stage your photos
  • Best time of day

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