The annual National Open House Event is coming up this weekend on Saturday April 28th and Sunday 29th. The Washington REALTORS association anticipates several hundred properties will be open to the public. So far, are over 650 properties in King County are participating. In Seattle, over 200 properties are on tour including 65 condos that will be open this week, and the number of condos should rise to well over 100.

House hunters – including first-time buyers and investors – will be able to learn more about home ownership from experts who are hosting the open houses. The National Open House Weekend is a stress-free event where prospective home buyers can arrange their own customized tours (with or without an accompanying Realtor) as part of the Open House showcase.

SeattleCondosAndLofts.com provides online tools for identifying listings open this weekend. Simply click on the “Open House” tab in the left hand column on the property search page to locate open house opportunities.

Seattle is exhibiting seller market characteristics as the supply of available condo properties for sale constrict. Compared to last March, there are 40% fewer properties on the market today and since the peak in 2008, inventory is down 60%.

Demand has risen as homebuyers and investors take advantage of lower condo prices and mortgage interest rates. As a result, buyers are encountering more multiple offer situations and, yes, we’re even beginning to see bidding wars again.

How can buyers best position themselves to have their offer accepted at the best possible price?

Here are “new rules” for buying a Seattle condo in a seller’s market:

• Get your finances in order before venturing out. Work with a condo mortgage lender to get pre-approved, or if you’re a cash buyer, have your proof of funds on hand. You will benefit by knowing how much you can afford and you’ll be in a stronger position when making an offer. Buyer financing is the number one reason why transactions fall apart so sellers give greater weight to cash and pre-approved buyers.

• Know your limit. If you happen to encounter a multiple offer situation, know how high you’re willing to go. This will allow you to present your highest and best offer while keeping you from straying beyond your budget. The last thing you want is being caught up in a bidding situation and paying more than you should.

• Research in advance. Determine the neighborhoods and buildings that best suit your needs and lifestyle – amenities, transportation and commute options, crime rate, market sales activity, price trends and so on. By defining the areas you’d like to live in, you’ll be able to move more readily giving you an edge over the competition when properties become available in your favorite neighborhoods. You will know a good value and the perfect property when you see it.

• Be prepared to act quickly. When a condo that ticks off all the boxes comes on the market, be prepared to act quickly. Condos that are well priced for the market, in good condition and located in desirable neighborhoods are selling faster. Recently, in the hour it took me between setting up a showing with a buyer and arriving at the property the unit went pending. It was on the market less than 24 hours.

• Strengthen your offer position. In a multiple offer situation, consider minimizing contingencies and strengthening the other elements of your offer. This may include a larger down payment or earnest money deposit amount, pre-inspecting the property or being flexible with the contract terms such as the closing date or escrow preference.

Heading into spring, we are moving towards the high season for home purchases. The low cost to finance, better values and warmer weather offer a compelling opportunity for buyers to enter the market, and as they do they are experiencing dwindling inventory supply and greater competition from other buyers. To get the edge buyers need to be aware of the news rules in Seattle’s evolving condo market.

Are you ready to get your condo feet wet?   Contact the SeattleCondosAndLofts.com team at Keller Williams Greater Seattle to get started.

© SeattleCondosAndLofts.com

In all seriousness, many people don’t realize how many safety hazards and fire risks arise during their holiday celebrations. To help you survive Thanksgiving and your crazy family (we all have one!) with your roof still intact, we wanted to give you our Top 5 Holiday Safety Checklist.

Tip #1: Check your smoke alarm batteries

Smoke alarms are one of the most overlooked lines of defense in a household, but a regular smoke alarm check-up help prevent disasters. According to the National Fire Protection Authority (NFPA), nearly two-thirds of home fire deaths occurred in homes that did not have working smoke alarms. Check the batteries in all of your alarms by pressing the button on the front of the unit. If the unit makes a sharp noise, the batteries are still doing their job. While you’re at it, you should also check the date on the unit, which is usually listed on the back or near the battery backup on the inside. We recommend replacing any smoke alarms that are at least 10 years old. If the units are attached to a ceiling or wall, it shouldn’t take more than a gentle twist to remove and replace them. We know that this reminder gets repetitive with how often people are reminded to check their batteries, but it’s a very, very important, very simple safety measure to check off your list.

Tip #2: Make sure you have smoke alarms in each bedroom and on each floor

Every bedroom should contain a smoke alarm, especially if you sleep with the door shut or have guests who might. Even if you’re broke, you should be able to scrape together money for a pack of alarms that could literally save your life, like this one from Costco. The NFPA has a complete list of installation and maintenance tips for smoke alarms.

Tip #3: Install an anti-tip bracket on your oven.

Right now you’re thinking, “Anti-tip bracket? What the heck is that?” Well, it’s not something for the bar stool at your local pub (though it probably should be!). Anti-tip brackets prevent the stove from leaning over when you’re pulling out large items (like giant birds, for instance) or when small children might decide to use the oven door as a stepping stool to get up on the counter. As many people will be cooking a big turkey or getting their tofurkey on in the coming days, an anti-tip bracket could prevent a big mess, or worse, a grease fire. You can buy one of these metal brackets for no more than $10 or $15 at a local appliance or hardware store.

They’re generally easy to install, and they secure to the floor or wall and connect to the rear leg of the stove.

Tip #4: Make sure your hand rails are sturdy

Loose railings are a fall waiting to happen. Make sure all your hand rails are held tight to the wall so Grandma can get up and down the stairs with peace of mind and Timmy doesn’t knock over the bannisters when he’s rail-riding. Balusters should ideally be spaced no more than 4 inches apart to prevent any little heads from getting stuck between them. There’s not really a very easy work around for wide spacings, other than potentially fastening plexiglass to the railings. Either that, or have Grandma & Timmy wear helmets around the house. Kidding! (But railings are something for you and guests to be aware of.)

Tip #5: Know how to put out a grease fire

Many people don’t know the proper way to stop grease fires. First, and most importantly, you should never put water on a grease fire, and you should never try to move it outside — the fires just spread too easily. Instead, if something you’re cooking catches fire in a pan or a pot, put on and oven mitt and slide the metal cover back over the food to smother the fire. Immediately turn off the stove, but again, do not move the pot or pan until it has completely cooled. If you can’t control the fire and it begins spreading, evacuate everyone from the house immediately and call 9-1-1. Don’t try to treat any burns until you’re safely outside.

We hope you found the information exciting and entertaining. It’s always more fun to learn with a smile on your face . Have a safe and happy Thanksgiving with Grandma and lil’ Timmy.

You can learn more tips and tricks from Farren West & EZ2Inspect.com @ Facebook.com/HomeInspectionChecklist

Unlike a single family house or townhouse, most condominiums in Seattle have policies covering pet ownership. Usually, it will mandate the number of pets allowed, their size by weight, breed and types of animals.

To help you in your condo search we’ve compiled a list of pet friendly condos in Seattle. So far, we’ve included a number of condos in downtown Seattle and surrounding neighborhoods.

>>   List of pet friendly condos (pdf)

If you’d like to learn more about pets and condo ownership or are in the market, please contact us for additional information and/or to get started.

* List intended for informational purposes only and is not meant to be an exhaustive list of pet friendly condos. Buyers should verify condo association pet policies to their own satisfaction.

Seattle Dog Parks

Places to Adopt

• Seattle Animal Shelter – dogs, cats, critters
• Human Society of Seattle/King County – dogs, cats, critters
• PAWS – dogs, cats, critters
• Animal Talk Rescue – cats, critters, dogs
• R.E.D Rescue Every Dog – dogs
• Homeward Pet – dogs, cats

Places to Play

• Blue Dog Pond – Southeast Seattle by I-90
• Golden Gardens – Northwest Seattle
• Genesee Park – Genesse
• Herring’s House Park – Duwamish
• Magnuson Park – Sand Point
• I-5 Colonnade -Eastlake
• Jose Rizal Park – Beacon Hill
• Northacres Park – North Seattle
• Plymouth Pillars – Capitol Hill
• Regrade Park – Belltown
• Westcrest Park – West Seattle
• Woodland Park – Green Lake

They usually take place when an issue arises or as part of a preventative maintenance routine. The findings, if any, do not necessarily indicate the potential defect(s) will affect the structure or owners’ livability and enjoyment of the property. In severe cases, though, it may indicate major repairs will be needed (e.g. residing) and may be an impetus to levying an assessment and/or even litigation.

There are issues that owners should be aware of when contemplating a building envelope inspection, as well as for buyers considering making a purchase in a building that recently completed a study.

For owners and associations, a building envelope inspection is important to determine if there are underlying issues, and if so, their extent. It may be unavoidable. But, it can be a double-edged sword. As the Condo Law Group noted, if a building envelope inspection finds defects, even if there is no physical damage, it becomes a disclosure item. Having an independent report stating a building has defects may devalue the property in the mind of potential buyers.

In the worst case, an association may need to establish a special assessment or initiate a lawsuit, even if it’s procedural in nature. The unfortunate effect of litigation is that lenders will avoid financing purchases in those buildings until the suit is resolved. Absent cash buyers, a lawsuit may delay sales…potentially for years.

On the other hand, once repairs are made, with its (fill in the blank – new siding, windows, decks, etc) the building becomes more appealing for buyers knowing that it’s been updated and issues resolved.

Buyers contemplating purchasing a unit in a building that has undertaken a building envelope study should not be dissuaded by that fact. However, they should review the report findings thoroughly and determine the reason for the study. Buyers should do their due diligence in noting how comprehensive the inspection was, the standards used and if a reputable firm completed it. In some cases, a building envelope study may have been nothing more than a visual inspection of the exterior.

If you’re considering condo living, let our knowledgeable condominium specialists and inspection partners guide you.

__________________________
© Seattle Condos And Lofts

What are HUD Homes?

HUD homes are foreclosed FHA-insured homes that were acquired by HUD. Essentially, they are similar to bank-owned, Fannie Mae and Freddie Mac properties. The only difference is that these properties were secured by a FHA rather than a conventional mortgage loan.

HUD homes are listed in the NWMLS so they’ll be included on virtually every online home search website. However, HUD created a specific site to search for HUD properties throughout the country at www.HUDHomestore.com.

Unlike other bank-owned properties, HUD homes are sold a bit differently. Initially, they are offered through a 10-day sealed bid process that is open to owner-occupant buyers. If there is no winning bid, the process is re-opened and reviewed daily for up to 30 days. If there is still no winning bid, it is then opened up to all buyers including investors.

Offers on HUD properties can only be made through a registered Broker and not all real estate brokerages in the Seattle area are registered. Seattle Condos and Lofts is affiliated with Keller Williams Greater Seattle, one of the few Seattle brokerages approved to list and sell HUD properties.

HUD properties are sold “as-is” so we highly recommend that buyers inspect the property. If you purchase a HUD property through us, we will provide a complimentary home warranty. Additionally, many homes will be eligible for an FHA 203K rehab loan.

HUD may also pay a portion of the closing costs and many buyers may be able to qualify for a FHA loan.
Contact us to learn more about buying HUD properties.

HUD Condos for Sale

One of the better HUD condos available is Unit #1407 at Arbor Place Tower in Belltown. It’s an updated SW corner unit that is one of the nicer units in the building. However, a little work will spiff it up. It’s currently offered at $301,000.

View additional details and photos of Unit #1407

The Florentine is a unique converted warehouse building near Century Link Field in Pioneer Square. Unit #222 is a one-bedroom loft on the west side of the building that has been partially updated (e.g. slate tile floors, cabinetry, bath). It is presently listed at $288,000. The last time units at the Florentine sold for less than $300,000 was back in 2004.

View additional details and photos of Unit #222

Visit www.HUDHomeStore.com to view all HUD homes available for sale.

In looking at the sales price to list price ratios, on average, Seattle condos sell for 90% of the original list price (10% less) and 95% of the last list price (5% less).

Now, this doesn’t necessarily mean that the condo you purchase will sell for 10% below the list price. The amount buyers can negotiate off of the price will depend on a number of factors such as the market environment, the motivation of the seller, inventory level, competition from other buyers and time on market. Nevertheless, the ratios show there is ample pricing flexibility in the market today.

If buyers expect to realize a 20-30% reduction off the price, that’s not very likely. But, not impossible. There are opportunities to realize great values on bank-owned and short sale properties but they only represent 25% of all Seattle condo sales.

The figures above are 12-month averages of the selling price to list price ratios of Seattle condo resales. It includes regular market and distressed sales, but I excluded new construction since the sales data rarely include the actual original list price of new construction units.

>> Search Seattle Condos for Sale

Unlike single family homes and townhomes where most properties will qualify for FHA financing, the number of available FHA eligible condos in Seattle are far more limited. Overall, there’s only about 350 condominiums in Seattle that are FHA approved, a relatively small percentage.

A couple of years ago FHA eliminated the spot approval process meaning if you’re looking for FHA condos, you’ll need to locate a building that’s already approved. With our FHA search filter, it’s never been easy to search for available FHA approved Seattle condos for sale.

To search for FHA approved properties, click on the Features option under the Search tab.

Then, check the FHA Approved box.

>> Search for FHA approved Seattle condos

Note, the FHA listing status is reliant on the listing agent. Recent changes to FHA now require condos to re-certify every 2-years, therefore, a building may lose its FHA status during the listing period. Buyers and their lenders should verify the FHA approval status with HUD.

____________________________
© Seattle Condos And Lofts

The New Home Council is hosting the 2010 Fresh Ideas Home and Condo Tour, which runs from September 18th through September 26th. The tour features 84 new(ish) home and condo developments throughout the Puget Sound region, which includes a great mix of single family dwellings, condos and townhomes.

The tour, essentially, is a self-guided promotional event hosted by the region’s home builders. In respects to condos, with few exceptions, most of the condo developments on the tour have been completed for a couple of years now. If you’re in the market for a single family house, though, there are many new developments to choose from.

There are a couple of giveaways including a chance to win a $1,000 gift certificate from Greenbaum’s Home Furnishings and $10,000 from ENERGY STAR Homes (entries are available at participating ENERGY STAR homes). I believe the only one within Seattle is The Decatur Condominium on First Hill.

From what I have read, most of the inspectors who volunteered/worked to create these new requirements did it for the good of the commons and to raise the level of expertise among inspectors. So if you see or hire one of these fine individuals who participated in the process, give them a hi-five for me. I wasn’t one of them, but do appreciate their efforts!

So here’s a quick run down of the history, the present, and what’s to come and how it affects consumers and Realtors.

In the past, home inspectors were overseen by WSDA, the Washington State Department of Agriculture as licensed Structural Pest Inspectors (SPI). Basically, if we called out conducive conditions (e.g. plumbing leaks, clogged gutters, debris in the crawlspace, displaced vapor barrier, etc.) home inspectors were supposed to be licensed SPIs. And, many homes in Washington have at least one of the above mentioned items.

Here’s the rub. While many inspectors that identified wood destroying organism, conducive conditions, and so forth, played by the rules and were licensed SPIs carrying additional insurance, others who were not SPIs would simply stamp the front of their reports saying it wasn’t a Pest Inspection. Then, go on doing home inspections. To what standards you ask…..I have no idea. Oh, yeah, we were a bit angry at those working around the good faith requirement.

Many people, including myself, did not feel the existing SPI license addressed anything besides adding a great deal of liability on our heads; basically a giant target saying please “sue me”. Our area of expertise is on homes and the inner workings of the major components of a home and not on conducting pest inspections, which are really a separate inspection.

Again, this article is my opinion, I don’t speak on behalf of Washington State home inspectors, simply myself and my 11 years of experience inspecting homes in Washington state and Septic Systems in California.

The new requirements were passed last year, though at present, the industry is in a period of transition. Prior to September of 2009, an inspector with experience could be “grandfathered” into the industry as a licensed home inspector. This entailed taking and passing an actual test on home inspections but not pests. I know, sounds crazy.

Those who were not grandfathered in or did not meet the September 2009 requirements will need to complete 120 hours of classroom training, 40 hours of field training and pass state and national tests by July 1, 2010. Therefore, they are individuals who are working as home inspectors today who haven’t completed the mandatory training and tests.

I know sounds a bit confusing but going forward from July 1st 2010 inspectors must be licensed and have their Washington State License Home Inspector Number on all of their reports and marketing materials.

Although home inspectors must adhere to the new guidelines as of July 1st, buyers are not required to utilize a licensed home inspector. If a buyer wishes to work with an unlicensed home inspector I’d recommend that they be knowledgeable on the home and provide quality service and accurate home inspection reports.

If you’d like to verify if an inspector is licensed you can you search the Washington Department of Licensing database (https://fortress.wa.gov/dol/dolprod/bpdLicenseQuery/). A tip when searching, make sure you have their correct name before you write them off. For example, an inspector who goes by “Bob” may be licensed under “Robert”.

Whether you choose to work with a licensed home inspector or not, the industry is working to improve the quality of inspectors doing business in Washington State. I am happy that consumers can be assured when working with licensed inspectors that they will receive a quality home inspection based on the Standards of Practice established for Washington State.

Link to the Washington State Standards of Practice:
http://apps.leg.wa.gov/WAC/default.aspx?cite=308-408C

__________________________________________________________
For The Seattle Condo Blog by Farren West of YourCondoInspector.com