How's the market in Kirkland (Jaunita), WA. I'm potentially looking to sell my house.

Asked by YuYu, Eastside Seattle Wed Oct 10, 2007

I have a '99 SFH 3600 sq. ft. w/4 bedroom 3.5 bathrooms and a finished basement. I've noticed there are alot of the houses in my area and they seem like they're sitting longer than i would expect. I know its all about the house and "right" price, but I'm not sure there's any real buyers left in the market for a $800 house. In fact a house in my neighborhood is for sale for $900K and been sitting there for awhile. My main motivation to sell is to potentially buy a house that better fits my life, but I'm in no rush or urgency to make a bad or wrong decision.

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James Hsu, Agent, Bothell, WA
Wed Oct 10, 2007
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There are currently about 64 single-family homes (of all sizes) for sale on the market that are listed as being in the Juanita area. There are 2 homes currently in inspection (meaning buyer made an offer contingent upon an inspection and the seller accepted). There are 13 homes currently marked as pending (meaning they are waiting to close and usually also waiting on financing to wrap up). In the last 6 months, about 100 homes have sold and closed in the Juanita area. However, if you look at the last 3 months (July till now) 45 of the 100 homes closed. So..that's not too bad ..about half.

Now if you look at the upper end homes (I looked at $750+), there are 24 homes currently for sale on the market. Only one house is in inspection, 3 are pending, and 21 have sold in the last 6 months ... 8 in the last 3 months.

So...how is the market in Juanita .... as a whole, it seems fairly steady. Of the 100 homes that sold in the last 6 months, ...about half were in the first 3 months and the other half in the last 3 months. Sales appear to be steady. In the upper end of the price range, ...not terrible. 8 of the last 21 homes were in the last 3 months..that's almost 40%.

So...the numbers make it appear things are fairly steady. However, we are quickly approaching the winter months and buyer activity will continue to drop off the darker and colder it gets. If you plan on putting it on the market, ...unless it's a steal, ..I'd budget/plan for a likely scenario where your house will sit through the winter. ... I'll use numbers to prove my point.

From October 1, 2006 to February 1, 2007 ....only 3 homes in the $750K+ price point in Juanita sold. For frame of reference, ...from February 2, 2007 to May 1, 2007 ...12 homes sold in that price range.

From October 1, 2005 to February 1, 2006 ...only 5 homes sold in the same price range.
From October 1, 2004 to February 1, 2005 ...only 4 homes.

It would be very time consuming to figure out how many homes were for sale during those periods ..and I'm hungry for dinner.

Bottom line, don't expect a lot of activity. Buyers are still out there, but I feel that the media news about mortgage industry's problems, housing everywhere in the country is freefalling, etc. has spooked a lot of buyers and they're in a wait and see mentality. Add to that it's getting closer and closer to winter ...I'm thinking lots of potential buyers have called it a season and will wait till spring.

These numbers were just something I pulled up quickly...I would contact an agent to have him or her put together a formal market analysis for a more precise picture. I'd be happy to assist you with that if you don't already have someone in mind. Thanks!
4 votes
Chuck Chrobak, Mortgage Broker Or Lender, Mill Creek, WA
Wed Mar 30, 2011
James provided excellent insight for the Juanita, being a numbers guy myself it was good to read his answer.

From a lending prospective, there are more Jumbo and 2nd Mortgage options available. One lingering fear is how long Fannie Mae and Freddie Mac will continue to allow for the High Balance Conventional loan limits to remain above $417,000. Right now a High Balance Conventional loan maxes out at $567,500. On October 1st, 2011 Fannie Mae and Freddie Mac will announce the new loan limits for 2012.

If you are planning on using a home loan for your next purchase it might be a good idea to talk with a Loan Officer about your loan options ahead of time. Interest Rates are phenomenal right now.
Web Reference:  http://www.chuckchrobak.com
0 votes
Ardell Della…, Agent, Kirkland, WA
Thu Nov 6, 2008
I'm sure you noticed that the $900,000 house sold for $651,000 after several $50,000 price reductions down to $600,000 asking price...then it bid out as a short sale. I coincidentally used this property in one of my short sale posts on Rain City Guide, and remembered this Q & A thread. Most important for owners in Timberlake is to pay attention to sold prices vs. assessed values, since the values in Timberlake vary greatly and assessed value is a guide as to where each owner's value places in the neighborhood.
Web Reference:  http://www.raincityguide.com
0 votes
Patrick Beri…, Agent, Seattle, WA
Thu Oct 9, 2008
I have to agree--$900k is too much for your house right now. I just sold a house near you and you have to remember that Juanita is not what many buyers consider "Kirkland" when they 're looking for a house. You don't have a view and that is a significant drawback.

It's a buyers market--As a seller, you need to understand what that means. As a buyer--You'll be able to make up any losses you're sustaining as a seller.
0 votes
Ardell Della…, Agent, Kirkland, WA
Sat Oct 13, 2007
Given the $900,000 house has been in the market since May, I don't think there is any question but that it will not likely sell at full price. It was originally listed at $899,000, dropped to $889,000, raised to $900,000 and is also listed for rent at $3,400 a month.

Juanita got it's big push in June of 2005 and for several months thereafter. More gains to be had from May of 2005 through the next 12 months or so, than after that time. The market has weakened in Juanita moreso than in some other areas, and is showing signs of being flat as to appreciation, possible through 2008 or longer.

If you seriously have a view of Juanita Drive, you might want to be thinking $750,000 vs. $800,000. There are many buyers in the marketplace for an $800,000 house. Question is are they opting to buy in Juanita without a view of Lake Washington and with a view of Juanita Drive? Not likely.

The houses that I was talking about in Juanita Crest sold in 2007, not 2006.
0 votes
YuYu, , Eastside Seattle
Wed Oct 10, 2007
Ardell,

Thank you for your reply. I'm also in the Timberlake community, and I'm in one of those houses without a view of the lake. However, I do have a wonderful view of Juanita Road :) Just out of curiosity, are you inferring that the 900K price is over priced? From a selfish point of view, I would love for that house to be sold for its asking price. Additionaly, are you saying that the two house were sld last year in Feburary and March. I ask becuase as your aware the market has moved upwards from Q1 2006. Thanks again.
0 votes
Ardell Della…, Agent, Kirkland, WA
Wed Oct 10, 2007
The highest price ever paid in Timberlake was $695,000, and it was that same $900,000 house when they bought it in 2005. Highest price sold in the area without a view were two in Juanita Crest early last year, and both under $800,000. One listed in February and one in March.

I'd list it between 1/15/08 and 3/1/08 before new inventory comes on and after some people take their homes off for the holidays.

Don't use the same price per square foot for the finished basement as you do for the rest of the house, when comparing to homes sold. I think that's where the high number is coming from for the house not sold.
0 votes
Samuel Hilbe…, , Woodinville, WA
Wed Oct 10, 2007
Nice numbers James! That's some good data and information.

As a seller, you really do need to have realistic expectations. As the market has slowed, it is more difficult for overpriced things on the market to really sell...hence the hundreds of price drops happening weekly. Many hopes you see sitting on the market for 100+ days may be overpriced still.

Also, a home in that price traditionally even takes a little longer to sell...and now with the inventory so high it will take even longer. There are still buyer's looking...they just have a ton of choices so are taking their time and keeping an eye on what the market does.

If you are looking for a home that better suits your needs but in no hurry, you are really in a good position to go ahead and begin looking to sell. As long as you don't get in expecting to sell your home in the first month and if you use a realtor who really markets your home and helps you price it correctly...it's still OK to sell your home.

The Kirkland/Juanita market is as strong as many others. It is a trendy, quiet location that many people are interested in. I would really encourage you to sit down and discuss your goals and needs with a couple of different realtors and begin drawing up a plan to meet your goals...whether it be to list now or in the future.

I hope that helps! Let me know if I can be of more help.
Web Reference:  http://www.agentsamuel.com
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