If you are looking to buy a view home in Edgewood and love the NW Contemporary architecture, then you should see this home.  Very secluded on a dead end street.  Amazing park-like setting with views of the valley, sunrises and Mt Rainier.  Five bedrooms, office, kitchen with eating nook, family room, formal dining room, fireplace with conversation pit, media room, hobby room, billiard room, and the list goes on.  Daylight basement with a separate entrance and kitchen that makes a nice mother-in-law.  This NW Contemporary view home was built in 1974 and sits on an acre and a half with over 4400 square feet of living space.  Four car garage with shop.  Owner also wants to sell the adjacent view lot.  Buy one or buy both for a huge retreat.  If you are interested in a great Edgewood view home with NW Contemporary style, this is worth viewing.  MLS #117846 listed with Keller Williams Puyallup.  For more info, check out http://chellemiller.piercepowersearch.com/homes/9330704/WA/Edgewood/1813-126th-Av-Ct-E-98372/?index=1

Six new homes in Edgewood have been put on the market in the last week.  Good news for those looking to buy a home in Edgewood, but for those 6 homes being listed for sale, only one Edgewood home actually sold in the last week.  So the amount of inventory for sale in Edgewood continues to rise.

Here are the six homes that have been put on the NWMLS in Edgewood this past week:

1. 9511 31st St Ct E, Edgewood 98371.  Four Bedrooms, two baths, 2248 square feet built in 1972
2. 10515 36th St E, Edgewood 98372.  Two Bedrooms, one bath, 1372 square feet built in 1948.  Bank owned foreclosure fixer
3. 2724 123rd Av Ct E, Edgewood 98372.  Four Bedrooms, three baths, 2200 square feet built in 1968.  Short sale
4. 504 109th Ave E, Edgewood 98372.  Four Bedrooms, two and half baths, 2035 square feet on 1.6 acres built in 1999
5. 1710 122 Ave E, Edgewood 98372.  Brand new 4 bedrooms, two and half baths, 2739 square feet
6. 4702 Caldwell Rd E, Edgewood 98372.  Five bedrooms, 3 baths, 3585 square feet with mountain and valley views built in 1992

I wish I could say that the real estate market in Edgewood picked up in August to finish out the summer, but I’d be lying.  The good news is that there were a few homes in Edgewood that sold in August.  Four to be exact.  The four Edgewood homes that sold in August ranged from selling prices of $222,000 to $465,000.  The average number of days that these four Edgewood homeswere on the market was 136 days.  The homes sold for an average of 96% of the listing price and an average of $142 per square foot.  Here’s a list of the Edgewood homes that sold during August.

Homes in Edgewood, WA that sold during August 2010

In addition to the Edgewood homes that sold during August, there were 4 homes that went from “Active” status to “Pending” or “Contingent”.  Pending means that there was an accepted offer and either the contract is in escrow waiting for financing and closing, or waiting for an inspection to be done.  Contingent means that there was an accepted offer but the offer is dependent on the buyer selling their own home.  This is good news in that it shows that there were more Edgewood home sales activity than the 4 closed sales that I stated above.  Here is a list of the Edgewood homes that moved from “Active” status in August.

Homes for Sale in Edgewood, WA that went Pending or Contingent in August

During August, there were 8 new listings that came on the market in Edgewood.  Thier prices ranged from $775, 000 down to $174,000.  Their average price is approximately $445, 000.  Below is a list of the homes that went on the market in Edgewood during August.

Newly Listed Homes in Edgewood during August 2010

The real estate market in Edgewood, WA has definitely slowed over the past few years.  Many homeowners in Edgewood want to sell their home, but are afraid to put it on the market.  Typical comments that I hear from Edgewood homeowners today are things like…we really want to sell our home but….

“I think we’ll wait until the market comes back around” or
“It was worth $XX dollars four years ago so there is no way I’m selling now if I’ll only get $XX for it” or
“All home buyers want to buy in today’s market are foreclosures or short sales and my house is neither”

No one knows when the real estate market in the Edgewood area is going to get better.  It could take many years before the market recovers to where we were back  four or five years ago.  But time will move on…any you should too.  If you really want to sell your home, then sell it.  Life is too short to stay in the “paralysis mode” waiting for better times ahead.  And if you are going to buy a new home after you sell yours, think of the money you will save buying today rather than waiting for prices to rise.

Here are some thoughts I have on how to get your Edgewood home sold in today’s slow market.

1.  Price it to sell.  Get a few CMA’s (comparative market analysis) from 2 -3 real estate agents that know the Edgewood area.  Be sure to compare with past homes that have sold, not active listings.  Sold homes can give you an idea of true “market value” while active listings are just your competition.  You need to price at or below the competition.  And don’t think you can overprice your home because you have “time to sell”.  If the market keeps declining, then you will end up chasing the market down and losing money.  Buyers like new listings. Price it to sell in today’s market,
2. Disassociate yourself with your home.  Think of your house as a product to sell.  Depersonalize it by putting away lots of personal photos and heirlooms.  Get rid of clutter!  Rent a storage unit or borrow your best friend’s garage.  Don’t think you can just put everything into your garage or into a closet.  Leave just enough furniture to showcase each room.  Hiring a professional “stager” may also be a good investment if you are not sure how to make your home really stand out.
3. Curb appeal.  First impressions are key…especially in today’s market.  You want prospective buyers to get out of their car, not to just keep driving.  Be sure your lawn mowed and green, bushes trimmed, driveway and sidewalks pressure washed, and your house paint/trim in good shape.  Have a few nice flower pots…some people believe yellow flowers evokes a buying emotion…but I’m not convinced.
4. Make the house sparkle.  Wash your windows, clean out your fridge, re-caulk your tubs, showers and sinks, replace worn our carpet or throw rugs, fix the leaky faucet, dust, wax your floors…all those things you probably rarely did when it was “your house”.  Think of it as a product on the shelf.  What will the buyers see?
5. Know your property.  What is the current zoning?  Where are the property corners?  Where is the septic tank?  Pierce County requires this to be pumped and serviced prior to closing.  How old is the roof?  What major repairs have been done?  Are there any easements on the property?
6. Hire a licensed real estate agent that is knowledgeable in the Edgewood market. 

As I’ve said in many of my other blogs, those three most important words in today’s Edgewood Real Estate market are no longer “Location, Location, and Location” but “Price, Price, and Price”.

Foreclosures in Edgewood??  Really??

Foreclosures are everywhere…including Edgewood.  If you are looking to buy a home in Edgewood, then consider buying a foreclosure.  It will take a little more effort and diligence in that they aren’t as prevalent as some of the surrounding areas, but they are out there.  If you want to find a great foreclosure deal, it’s important to stay informed and be ready to act as soon as a great deal goes on the market.

The word “Foreclosure” is used loosely in real estate.  It literally means “a legal proceeding in which the bank can take possession of and sell a mortgaged property when the borrower does not meet his or her contractual obligations, e.g. is delinquent on payments”.   The real estate market has seemed to change the word to no longer mean a “legal proceeding” but instead  “a home that is either in default or taken back by the lender that I can get an incredible deal on”.

There are basically three places that Buyers can take advantage of this foreclosure process and get a great deal on their next home.   I’ve added a flow chart to help explain the foreclosure process.

• Short Sales = These are homes in pre-foreclosure that are listed on the MLS. The lenders have agreed to take less than what is owed on the loan (“short” the lender).
• Foreclosure (Trustee) Sale = If home owners do not cure their default or sell them home in pre-foreclosure, the home will go to sale. These sales take place on Friday’s at the courthouse steps. The lenders set the minimum bid price (usually what is owed) and bidders must have cash for the properties.
• REOs = These are “Real Estate Owned” by the bank (lender). These homes were not sold at the Trustee sale and therefore reverted back to the lender. These are then placed on the MLS and can be at great discounts.

The key to buying foreclosures in Edgewood is to stay educated.  Do your homework or find an agent that will do your homework for you.  Keep track of homes that are in default (these can be found on public record) and when those homes are set to go to sale.  Some of those homes in default will be listed on the MLS as short sales.  Some won’t.  Often times today homes are not sold as short sales or at the Foreclosure (trustee) sale because the price set by the bank is often more than the house is worth.  Banks try to get what is owed on the property.  If they don’t sell at the sale, the homes will most likely eventually be listed on the MLS as REO properties and can be great deals.

Here’s a list of short sales and REO’s in Edgewood
Foreclosures and Short Sales in Edgewood

You hear the term “buyer’s market” a lot these days in the Puget Sound real estate market–lots of homes for sale and interest rates at an all time low.  But if that really is the case, why are so few homes really selling?  The real estate market in Edgewood is a prime example of this “buyer’s market” with not many buyers able to be in the market. 

There are currently 72 single family homes listed for sale on the MLS in Edgewood.  The length of time that these 72 homes have been on the market ranges from 637 days down to only a handful listed during the last 30 days.  During the last 30 days, only 4 MLS listed homes have been sold and another 6 have gone from “Active” status to “Pending”.  Not great statistics for homeowners in Edgewood that want to sell their home.

I think there is one main reasons why Edgewood isn’t showing the typical activity of a real “buyer’s market”.  Edgewood has traditionally been a very desirable place to live and home prices have been slightly higher than the surrounding areas.  The median price on homes that have sold in Pierce County during the last 30 days is $217,000.  Contrast that to the median price of homes that are currently for sale in Edgewood–$380,000–and you can see why home sales are slower in Edgewood than the surrounding area.  People want to spend as little as possible on a new home and want to find the best deal out there.  Those “amazing deals” are hard to find in Edgewood.  Also, first time homebuyers, which make up a big portion of the current buyers in the market, often aren’t able to qualify for enough financing to be able to purchase homes in the $250,ooo+ range.  So the Edgewood market loses out on many of those first time home buyers.

I don’t mean to depress homeowners in Edgewood wanting to sell their home or buyers wanting to purchase a home in Edgewood.  Even though the “buyer’s market” seems a bit slow in Edgewood, there are still some homes selling and great deals to be found.   Definitely the three most important words in Real Estate have changed from “location, location, location” to “price, price, price”.