Home Selling in 98107>Question Details

Bastoa, Home Buyer in 98107

Can someone in the real estate field give me some input on current price trends for townhouses in Ballard?

Asked by Bastoa, 98107 Tue Oct 6, 2009

Can someone in the real estate field give me some input on current price trends for townhouses in Ballard? I bought a high end townhouse for $422k in 2006. I have an ARM that resets in 5.5 years. I want to re-fi the loan but don't think I will get the value I need ($400-412k). I am seeing listings for $365k for other townhouses in the area. They seem surprisingly low. Any input on the values of townhouses in Ballard would be appreciated. Also, any input on where you see future trends would be useful as well.

Thanks!

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7
First off, check your index; a lot of ARMs are at lower rates today then when they were issued. So an ARM reset may, in fact, be a good thing.
Secondly, the market's currently down 10-15% since 2006 (Case-Shiller Index), plus, your once-new townhome isn't new any more. So you are unlikely to get your re-fi without putting some cash into the deal or taking on PMI.
I'm not a guy who believes economic forecasts, and I suggest you shouldn't, either. But if the economy starts picking up, builders will probably start building more. And what they'll build, in Ballard, is townhouses.
1 vote Thank Flag Link Tue Oct 6, 2009
Ballard is a broad area, it has it's highly desirable areas, and less desirable areas. You have low inventory on your side as many Brokers below me have mentioned. I could list off a ton of general market information about Ballard in general, but that isn't going to give you an accurate description of your specific property and how it relates to other active and recently sold properties in the immediate area surrounding it. The best way to get an estimated value as the banks would is through an appraisal. An appraisal can cost a few hundred to several hundred dollars. The next best way for free is to have a market analysis from a Broker. Give me a call or shoot me an email and I'd be glad to do one for you, it won't cost you anything, nothing to sign, no pressure. Take care, Kjell 425.268.2627 KjellBock@CBBain.com
0 votes Thank Flag Link Tue Apr 15, 2014
Because of the lack of inventory in hot neighborhoods like Ballard, we're seeing many townhomes sell with multiple offers. In many cases the asking price is being bid up substantially. For example, I just listed and sold a townhouse in Ballard on 28th and 63rd. I listed it for $399k and it sold with 4 offers for $430k. So, to answer your question there are SEVERAL townhouses in Ballard that have sold for more than what you paid in 06' and certainly more than the value you need at $400-$412. Without knowing about your place specifically it's hard to say...but my bet is that you're in a perfect position to re-fi! Good luck!
0 votes Thank Flag Link Wed Apr 9, 2014
What part of Ballard are you in? Do you have any unique features that make your townhome stand out?

Without knowing the answer to these questions, generally, I think you should wait it out for another year or so since you still have time on your ARM. There are just not comps out there to support a refi this year. If there are additional details that might make yours the exception, then definitely share that with us as well.
Web Reference: http://www.cooperjacobs.com
0 votes Thank Flag Link Tue Jan 12, 2010
I ran and posted the median numbers for townhomes in a few Seattle zip codes last week.

http://www.realtown.com/Ardell/blog/tracking-the-market/seat…

98107 - 92 sold - Medians: Price $371,550 - sf 1,484

12 currently for sale in 98107 with median asking price of $394,500 - 1,447 sf

Generally we are at 2005 pricing, main question is are we at early 2005 or late 2005 pricing.

98117 Is lower - see info in link for neighboring areas.

If you put it on market, $399,950 would likely be the highest asking price you could achieve. Sold price maybe about $380,000 given you didn't buy "at peak".

If you bought conventional, you might be able to refi on an FHA program. Check with a lender. If you didn't buy zero down, the LTV on an FHA might work. If not, your best hope is to try to pay down the principal as much as you can, so you can refi at some point.
0 votes Thank Flag Link Sat Jan 9, 2010
I would also suggest you check with your mortgage broker. There are programs available which will refinance your mortgage, ignoring your equity situation. The fees will be less than a conventional refi.
0 votes Thank Flag Link Sun Nov 15, 2009
I actually think you could get the number you need for the re-fi. A lot depends on WHERE in Ballard your townhouse is located... there are some very distinct "boundaries" that add (or subtract) value... townhomes further west in Ballard seem to be retaining their values better than those in "east" Ballard. The first half of 2009 had a GLUT of townhomes in Ballard and the over-supply really effected the values; many distressed builders slashed prices to get their inventories moving. But by August we listed and sold a 2005 built Ballard townhome for $400K in less than a week... perfect timing for our seller... the inventory had been absorbed by July. Ballard is a popular place and while builders will eventually recover and pull permits again, I think we have 1-2 years before we see significant new inventory in the neighborhood. Good luck!
0 votes Thank Flag Link Fri Nov 13, 2009
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