Real estate listing inventory in West Bellevue increasing  The median list price in West Bellevue, WA 98004 this week is $1,590,000 down slightly  from last weeks $1,595,000.  The  Market Action Index (MAI see below chart) has been trending lower for several weeks while inventory is climbing.  These trends imply a weakening market.   Supply and Demand The Market Action Index for  West Bellevue has been trending lower for several weeks while prices have remained relatively stable.  If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.  Price The market for  West Bellevue has been bouncing around this price plateau for awhile.  Look for a persistent up-shift in the Market Action Index before we see prices move from these le... 05/21/2013

Biking in and around Bellevue's Enatai neighborhood Living in Bellevue’s Enatai neighborhood offers many options to enjoy the many scenic bicycle routes in and around Bellevue.  The scenic routes range from a 6.2 Mercer Island – Issaquah Connection to a the 30 mile Bellevue Scenic Route which goes around the premier of Bellevue along  Lake Washington east to Lake Sammamish Parkway and then heading north to Marymoor Park. Maps and tips for enjoying cycling in and around Bellevue. Upcoming bicycle event Explore Bellevue’s hidden treasures by bike on the Lake to Lake Bike Ride on June 15. Bring Dad – and the whole family – on the Father’s Day weekend event. This enjoyable, non-competitive ride benefits the City of Bellevue’s youth camp scholarship fund. Routes: There are two routes — the ... 05/17/2013

Pending sales of homes in Bellevue hit a five year high in April, creating a scenario where we're likely to see record-breaking real estate sales throughout 2013.  Bellevue had 233 house and condo listings go under contract during the month of April, up from 184 in the previous month.  The 26 percent increase is a larger than typical boost for this time of the year, although real estate sales naturally rise through late spring and summer. The total number of pending sales is a 23 percent increase over the same month last year, when just 189 home purchase contracts were signed in Bellevue.  Home sales over the past five years have typically peaked between May and August, so the early pace of April sales points to a summer that is likely to continue to outpace years past.   Inventory cont... 05/16/2013

Well Done Patrick! If you would like to speak with a listing agent call Patrick Rusher with Cooper Jacobs Real Estate. (206) 356-2377 patrick@cooperjacobs.com This newly renovated home has great views from every main room and a spectacular view from the living room and deck! The wonderful flow of the home is anchored by the gourmet kitchen featuring a professional style gas range & hood and new granite counters. All three bathrooms have been fully updated and the four spacious bedrooms include a master suite with walk-in closet. Large family room downstairs as well as separate laundry & hobby rooms. Also features delightful mature landscaping & two car garage. Status: UPDATED TO PENDING Click here to view other homes listed for sale in Seattle and surrounding neighborhoods. 05/15/2013

  West Bellevue’s real estate market flat in mid-May The median list price in West Bellevue, WA 98004 this week is $1,595,000 unchanged  from last weeks $1,595,000.   With inventory trending up but days-on-market trending down the  Market Action Index (MAI see below chart) is essentially flat recently, conditions do not seem to have strong up or down pull. Supply and Demand The West Bellevue market has been showing evidence of slowing recently.  Both  prices and inventory levels are relatively unchanged in recent weeks.  Watch the Market Action Index (MAI see below chart) for changes as it can be a leading indicator for price changes. Price The market for  West Bellevue has been bouncing around this price plateau for awhile.  Look for a persistent up-shift in the Market Action Index bef... 05/14/2013

April 2013 Homes Sales Report for King County & Eastside Cities of Bellevue, Redmond, Kirkland, Issaquah and Sammamish. April of 2013 King County closed sales were up modestly 18.2% from April 2012 (2672 v 2260). The Eastside showed closed sales up 15.7% (909 v 786) The median home price in King County in April was up 10.02% to $319,950 The Eastside showed gains with a median sales price up 14.17% to $429,190. Keep in mind that while the year over year gains seem high they are steady month to month see the December 2012 year in review. Pending sales across King County are up 4.10%, and up 7.06% on the Eastside. Inventory year over year from last year are still in decline. In April total active listings were down again a 37.22% in King County and down 38.94%(March 2013 43.6%) on the Eas... 05/13/2013

During fast-paced changes in a real estate market, we get to see statistics that look a bit strange sometimes.  The speed with which Bellevue homes are being sold this year has created some numbers that we haven't seen in a long time. Homes are selling at a breakneck pace in Bellevue, and in the greater Seattle market.  Nearly half of all homes are sold within two weeks on the market.  While there are still plenty of new listings coming active each month, the number of recent sales, and their speed, nearly swallowed up the entire active inventory in recent months: Bellevue Real Estate: Active Listings For Sale vs. Homes Sold, By Month The graph above shows an interesting point at the beginning of 2013, which has only changed slightly throughout the year so far.  Home buyers had scooped ... 05/11/2013

Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Their seller had a misconception about what to do when selling an upside down home. Here is the question we received: “Do you have a number to contact Fannie Mae? The bank will not allow the seller to not do a short sale and agree to repay the loss on a promissory note. The seller wants to talk to the owner of the loan, which is Fannie Mae. My seller just wants to sell and move on with her life. Janet.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less than it’s worth, sign a promissory note for the difference, and ... 05/08/2013

Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Here was her question. “I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you’ve already submitted one to the lender, does it reset your timeline to the beginning? Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval? Do you allow them to match the higher offer? You guys have so much experience, how do you handle this? Thanks! Diane.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer. It all depends. We like to sta... 05/08/2013

  Home demand for Beaux Arts-Enatai increasing The median list price in West Bellevue, WA 98004 this week is $1,595,000 unchanged  from last weeks $1,595,000.   Demand measured by the the  Market Action Index (MAI see below chart) is increasing and days-on-market is holding steady.  With more properties coming available, conditions are mildly positive.   Supply and Demand The market continues to get hotter.  More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.  Current supply and demand levels show no sign of prices changing from their current trend.    Price The market for  West Bellevue saw relatively little price change from last week.  However, we continue to demonstrate a nice up trend in general over the last several weeks.      ... 05/07/2013

Bellevue WA – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps. We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold. Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales. Yes, short sales... 05/06/2013

Bellevue WA – We recently sent everyone in congress a fax about a certain large bank. They had done a lousy job on a short sale file. We waited 90 days for an answer on an offer. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The buyer was impatient and canceled their contract. Fortunately we had a backup buyer. Instead of using the BPO that Freddie Mac paid for and reviewing the new offer, the negotiator closed the file. Freddie Mac, the owner of the loan, stands to lose $75 spent on the BPO and 90 days worth of interest. We estimate that Freddie’s loss over the delay to be around $1,249. Rather than just sit here and take abuse, we decided to stand up for ourselves. We found the entire list of fax numbers for congress, typed up a fax, a... 05/06/2013

Bellevue WA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure. Short Sale Question: “I am own two homes that are in foreclosure. I would like to rent the homes during the foreclosure process. I will continue to pay the homeowner’s association fees. I will not be paying the mortgage. Is it legal to do this? Is there any liability that comes with it?” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision. We do know that there are laws forbidding that practice in many states. For example, Florida ... 05/06/2013

Bellevue WA – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened. Brandon’s Question: “My lender is tring to charge a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived. Brandon.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Our comments on this. Yes, the buyer is upset. Buyers think they are in control in today’s market. They can’t see why they should pay a fee if they are buying a house in a “Buyer’s Market.” Is it legal? We did a short sale with the same lender and they said their lawyers had... 05/06/2013

Bellevue WA – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is an excerpt from the agent’s e-mail. “I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with the lender, Fannie Mae would pay the lender the full balance of the note. I started to comment that what incentive is there for the lender to process a short sale. He said I know where you’re going with that and we couldn’t comment. It appears that the title would be transferred to Fannie Mae and the lender would be reimbursed for the FULL balance of the note. This is crazy! When Fannie Mae is the investor... 05/06/2013

Bellevue WA – After yesterday’s blog post, I am sure that some people were wondering why a Second Mortgage or HELOC gets zero from a foreclosure. Let me explain why. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. When a property is foreclosed upon, it is auctioned on the courthouse steps.Let me give you a scenario where a homeowner owes the following on the property. First Mortgage is owed $200,000. Second Mortgage is owed $40,000. There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender agreed to grant the loan.) So a total of $340,000 is owed on the property. Now, what if it only sells for $150,000 on the courthouse steps. Who gets that $150,000? Click here to find out. 05/06/2013

Bellevue WA – This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it’s not true. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place. 1. The homeowner owes more on their home than it is worth. 2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future. In these cases, the lenders know it is better to liquidate the home as quickly as possible. A faster sale will reduce their losses on interest and property taxes. In addition, an owner occupied home usually... 05/06/2013

The scarce inventory of Bellevue homes for sale is having a significant effect on the price of houses locally. Home prices in Bellevue have been up-and-down over the past year, but the median home price hit a peak this April. The median sale price of a house in Bellevue for April was $660,000, up from a median of $569,000 one year ago.  That increase of 16 percent is one of the biggest we're seeing in the greater Seattle market. While the overall trend isn't particularly striking, the seasonal effect should be noted.  We'll usually see a drop in sales and median prices over the winter, while those numbers spike in spring and summer.  We did see a bit of the drop in Bellevue over the winter, but it was slight.  In the meantime, the spring numbers mark what we've expected. Sales have been... 05/04/2013

Nice to hear things are on the rise but we need more homes to go on the market so that the sales continue to rise. They are talking about pending sales here. What about closings? In my market here East of Lake Washington in Bellevue, Issaquah, and Renton even short sales are going pending with back up offers. It's questionable whether these will close. They seem to be taking longer than before. In my opinion, the banks are not in a hurry to get it done since the longer they wait the higher they can ask for the properties. Read this article and watch this video for more...     March Pending Sales Continue to Head Up - National Housing Report WASHINGTON (April 29, 2013) - Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows o... 04/30/2013

Schools in Seattle and on the Eastside are lauded year-in and year-out by news organizations ranking "college-readiness" and other educational outcomes.  Once again in 2013, schools in Bellevue took home the bulk of Washington's top spots, with schools in Seattle, Kirkland, and on the Islands bringing in their own awards. U.S. News & World Report's latest release puts four Bellevue schools, two Seattle schools, and one Kirkland high school in the spotlight.  Rounding out the top 10 were schools in Bainbridge, Friday Harbor, and Vancouver. Gold Medal High School Awards: High School District National State International School Bellevue 9 1 International Community School Lake Washington (Kirkland) 22 2 Newport High School Bellevue 91 3 Bellevue High School Bellevue 125 4 Friday Harbor High... 04/23/2013