Seattle Real Estate News

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September 25, 2006

Carnival of Real Estate #11

The 11th edition of the Carnival of Real Estate has been posted over at the Matrix: Interpreting the Real Estate Economy blog. Check it out to see the

weekly summary of the best blogging posts on a given subject (Real Estate) that appeared in someone’s blog during the previous week.

Posted by beaubetts at 12:01 PM | Comments (0) | TrackBack

September 22, 2006

Progressive Homes (Re)Opens It's Doors

Joel at The Future of Real Estate Marketing brought my attention to this press release from Progressive Homes.

This is the same company that the Washington State Department of Licensing asked to have their doors closed because they were acting as a broker by procuring leads yet they were not licensed to do so. It looks like they signed up for the Rockwell classes and passed their State exam. Congrats!

The press release falls back on media news that the blogsphere commented on at the beginning of the month regarding Realtors not showing discount broker listings.

According to Progressive Homes you can get around that supposed issue by hiring them. The idea is that you can list your home for a flat fee of $3,995 (up from $1,500 back in 2005) but you'll be able to use an agent from such companies as John L. Scott, Coldwell Banker, or Windermere amongst others.

I'm really not sure how this business model is going to work out. I know that there would be no way John L. Scott would allow me to work as a discount agent while under their roof. If I came to my broker with a listing agreement for 3% + $3,995 (which I'm sure Progressive Homes takes a cut of) and said that the service I'd be providing would be absolutely minimal, I'd be show the door with a list of discount brokers to call (Redfin, Assist-2-Sell, Sutton, etc). Working for John L. Scott I'm expected to provide a full range of professional marketing services to my clients to get their homes sold. Just putting a sign up and adding the listing on the mls with a few lousy pictures taken by the Seller is not allowed. Most agents who work for a full service company take pride in the services they provide for the clients and I'm not sure what full service broker would allow their agents to do this for only $3,995?

Posted by beaubetts at 10:21 AM | Comments (10) | TrackBack

September 19, 2006

Real Estate 2.0 (Update)

Marlow, owner of the 360 Digest blog and a fellow blogger at the Seattle Real Estate Professionals blog over the Seattle P-I site, turned me on to a new blog that is focusing on Web 2.0 real estate companies. As of yesterday it was titled Real Estate 2.0, but Redfin (a so-called Web 2.0 company) sent an email asking the owner to remove the Real Estate 2.0 title because they have it trademarked. Here is a link to the email that they sent him. So the owner has now changed the the blog title to Real Estate 2.X {x = 0}. Funny.

The first two posts have dealt with the owner's criticism of Redfin and Trulia. It will be interesting to follow this blog and see what other companies they are going to review.

Update

According this this blog post at Sellsius, Redfin does not own the trademark to Real Estate 2.0 but only has filed an application for it.

Posted by beaubetts at 10:58 AM | Comments (0) | TrackBack

September 11, 2006

30 Year Fixed Interest Rate Chart

The Phoenix Real Estate Guy has helped put the interest rate question (are interest rates too high right now? should I wait for them to drop?) into perspective. Take a look at his blog post and see for yourself.

Posted by beaubetts at 1:17 PM | Comments (0) | TrackBack

September 7, 2006

Keep An Eye On Your ARM

Did you know that nearly 25% of current mortgages are due for an interest reset within the next two years? Many of us took advantage of new mortgage products during the recent real estate boom, and the clock on the grace period of historically low interest rates is ticking.

If you have an adjustable rate mortgage (ARM), you could be one of the millions who will face significantly higher monthly payments when their rates readjust. The best way to determine if this could happen to you is to review your mortgage paperwork. Once you have a grasp on your rate outlook, it’s time to review your options.

Refinancing: Though interest rates are currently hovering just above 6.5%, most forecasts show them creeping north of 7% after the first of the year, if not sooner. If moving to a fixed-rate 30-year mortgage is your plan, the sooner you do it the better.

Hold, for now: Many ARMs include caps on increases, which means that there is a limit to how much your rate can go up each term. Most commonly, a 2% cap is what you’ll find. If you can afford that 2% jump, holding steady with your current mortgage might be the wisest choice.

No matter which route you are leaning toward to deal with the possibility of increasing mortgage payments, your best bet is to contact a qualified lender for a consultation. If you’d like my assistance locating one who is right for you, please feel free to give me a call anytime!

Posted by beaubetts at 12:34 PM | Comments (0) | TrackBack

September 6, 2006

Realtors ARE Relevant

Despite some posts in the blogosphere and miscellaneous articles in newspapers that agents are going the way of the dodo bird, its nice to read a piece published by a Big Media Outlet that shows how useful and necessary Realtors are during the real estate transaction.

Read the rest of my story on The Seattle P-I Blog: Seattle Real Estate Professionals.

Posted by beaubetts at 3:29 PM | Comments (0) | TrackBack

September 4, 2006

Lack of FSBO Homes in Seattle?

Recently, I was helping a buyer purchase a home in the Seattle area, specifically in the neighborhoods of Phinney Ridge, Fremont, Wallingford, Greenlake and parts of Ballard. After spending the past three weeks driving the neighborhoods and visiting homes that were for sale I suddenly realized the other day was what was missing. What was lacking (and surprising for that matter) was the For Sale By Owner homes in those neighborhoods. I saw a couple here and there but not as many as I would expect to see in our Seller's Market. Perhaps Seller's have realized the difference we can make in marketing a home, pricing it correctly and getting the absolute best contract on the home as possible.