As I eagerly gear up for what 2015 has in store, I can't help but look back at the past year in amazement. Thank you to all of my wonderful clients, friends and family for your continuous stream of referrals and support. It is because of you that 2014 was such a success and I couldn't be more excited and energized! Cheers to you and yours for a happy, healthy and prosperous year!
A Look Back at What My Clients Purchased and Sold in 2014!
Ballard | $184,000
1 Bedroom | 1 Bath
Whittier | $417,000
2 Bedroom | 1 Bath
Madrona | $742,000
4 Bedroom | 2.75 Bath
Central District | $581,000
3 Bedroom | 1.75 Bath
Magnolia | $815,000
4 Bedroom | 2.75 Bath
A tracker for housing-price trends
Weiss Residential Research tracks individual houses in most neighborhoods nationwide and attempts to provide buyers and sellers with useful market guidance, showing where the value of a home has been and where it may go.
WASHINGTON — Homebuyers, sellers, small investors and real-estate agents are about to get new tools that purport to show where local property values are headed: “house specific” monitors for consumers that can track price trends — and forecast them up to one year into the future — on 50 million single-family homes across the country.
The service already is commercially available to hedge funds and mortgage investors who purchase large quantities of data to guide their investment decisions.
Its developer is Allan Weiss, who co-founded and was CEO of the company that pioneered the iconic “Case-Shiller” price index of major metropolitan markets that is widely cited as a barometer of the housing sector’s health.
But unlike Case-Shiller, which reports on price trends in roughly 5,000 ZIP code areas, Weiss Residential Research tracks individual houses in most neighborhoods nationwide.
Weiss says the company expects to add an additional 20 million houses to the current 50 million total as it continues to gather data on key characteristics from interior living space to tax assessments, mortgage balances, age of home, appraisal information and others.
Weiss holds patents on the statistical techniques and technology underpinning the company’s research and products.
The new house-specific indexes for consumers will not provide current property valuations or cover condominiums and cooperatives.
Rather, they’ll offer graphic displays of how prices on individual homes have moved — up, down, sideways — over a period of recent years in relation to an index.
Later this summer, Weiss Residential will publish “weather reports” on price trends in major metropolitan markets on its website, www.weissres.com.
The site already provides sample dynamic “heat maps” for eight large markets — Southern California, Miami, Chicago, Las Vegas, Atlanta, San Francisco, New York and Phoenix — that show how prices on individual homes rose and fell in the boom years leading up to the bust in 2006-07, and how they have performed since.
The month-by-month movements almost look organic, with price declines spreading like a disease from one neighborhood to another, then reversing course during the recovery.
In an interview, Weiss said a close inspection of the heat maps reveals how “canary in the coal mine” houses were predictors of important changes in pricing trends getting under way — subtle early moves signaling the shift from boom to crash, then on to recovery — that were not otherwise detectable or known to consumers in the marketplace at the time.
Buying or selling real estate without house-specific monitors in those years, he suggested, was the equivalent “of setting sail before a hurricane” with no advance weather warnings, no satellite photos of emerging meteorological conditions.
Weiss Residential will soon begin selling subscriptions to consumers showing precisely that sort of trendline analysis.
I got a sneak preview on my own home just outside the District of Columbia in Maryland. An indexed line graph showed price movements before, during and after the boom and bust, plus a forecast through March 2015.
The somewhat sobering result: The significant price jumps during the post-recession recovery years have now pretty much flattened out. My likely increase in value over the coming nine months: six-tenths of 1 percent.
An accompanying heat map of houses in my ZIP code in shades of green, pink and red revealed that a few houses in the area are showing slight price declines, though the overwhelming majority are positive.
Weiss says that by Labor Day or before, visitors to the website will be able to sign up for reports like this. Trendline house-specific graphs already are available on the 50 million properties in Weiss’ massive databases.
Consumers who send emails to firstname.lastname@example.org before the neighborhood-level heat maps become available, and list the property address and ZIP code, will be able to purchase one-year forecasts and line graphs for $25.
How good are these price-change projections? We’ll see. Researchers at Weiss’ company tested their accuracy on 10,356 randomly selected houses in 17 states. The test covered price changes from 2005 through 2013.
According to Weiss, the forecasts had an accuracy range of 74 percent to 84 percent, with the higher figure identifying negative pricing trends.
So while there is no guarantee of absolute accuracy, Weiss claims his house-specific indexes and heat maps provide buyers and sellers useful market directional guidance.
By looking at subtle price changes within neighborhoods, then focusing on individual houses, Weiss believes that you should be able to make smarter decisions — and potentially avoid big mistakes.
Read the entire article here:
Article from the Seattle Times, originally posted on March 5, 2014:
The area’s housing market hit a lull in February, with the second consecutive monthly slide in home sales and median prices. Blame the Super Bowl. Or the Winter Olympics. Or Mercury retrograde.
By Sanjay Bhatt
Seattle Times business reporter
The area’s housing market hit a lull in February, with the second consecutive monthly slide in home sales and median prices.
Blame the Super Bowl. Or the Winter Olympics. Or Mercury retrograde.
Housing-market pundits searched for clues Wednesday in new data from the Northwest Multiple Listing Service to explain why the median price of single-family homes sold in King County in February fell to $405,400 from $410,000 in January amid little growth in the number of homes for sale.
The number of pending sales — mutually accepted offers that haven’t closed yet — also was down, about 13 percent from the same month a year ago.
We’re excited to announce that the new Windermere Real Estate Search App is now available to download in the iTunes App Store. This free app, available for iPhones with iOS version 5 or higher, has many great features including:
- GPS based Nearby Listings & Nearby Open Houses
- Google Points of Interest near you and near a specific property
- Property search by location
- Agent and Office Search
- myWindermere features including:
- Driving Tours
- My Favorites
- My Saved Searches
- My Agent
- Listing Details with all the information available on the website as well as “More Like This” which shows similar listings
The Search App Home Screen
The home screen includes:
- “Nearby Listings” links to the Search map showing nearby properties based on the user’s location.
- The main image of properties closest to the user’s location showing the closest property first, their distance from the user, address, beds / baths, and price. On click of this image the user will be taken to the details page for that property.
- A link to “Search All Listings” showing users properties from their previous search from their phone; or if it is their first time clicking on it they will be taken to a map with Nearby Listings.
- “Nearby Open Houses” shows nearby Open Houses today on a Map within a one-mile radius of the user’s GPS location
- myWindermere Sign In / Register / and Sign Out buttons and shortcuts to “Favorites”, “Saved Searches”, and “My Driving Tours”
- Sharing of links to download the app on the iTunes App Store from Facebook & Twitter.
- The main navigation of the app takes the user to:
- Find an Agent or Office
- Find an Agent by name
- Find a nearby office
- My Agent showing the user’s myWindermere Associated Agent
- Driving Tours
- Saved Searches
- Manage My Account for editing the user’s myWindermere name, email address, and password
The map search shows 50 listings at one time:
“List” shows the search results in a list view:
To modify the search results users can zoom in and out while on the Map, or click “Options”:
Users can save the search while on the map; a myWindermere account is required just like on the web.
The Property Details includes the data about the property, as well as the following features that are also on Windermere.com:
- View property images
- Ability to comment on the property, and view the user’s associated agent’s comments
- Add / Remove the property from Favorites
- Send a link to the property on Windermere.com via email
- Share a link to the property on Windermere.com via Facebook and Twitter
- Hide to exclude the property from appearing in search results
- Map this Listing which includes a link to get driving directions
- Contact links for additional information about the property
And these new features:
- “More Like This” shows the user similar listings within a one mile radius.
- “Add to Driving Tour” allows the user to create a new tour to add the property to, or they can add to an existing Driving Tour.
- “What’s Nearby” takes the user to a map view of nearby Google Points of Interest:
Users can add multiple properties to a Driving Tour, and have the tour route optimized by Google. They can then view the tour on a map, or in a list. In list view they can view turn-by-turn directions.
Driving Tour Map View
Driving Tour List View
Driving Tours can be emailed to the user’s contacts on their phone using the phone’s email client:
The media is not exaggerating. Demand is strong, supply is low and Seattle's residential housing market is booming. The Seattle Metro Area chart below indicates the single family housing market's trends. Inventory is down, closed sales and pending sales are up. Multiple offers are a frequent occurrence. It has quickly become a great time to sell. Please contact me if you'd like to discuss the current market and how it might affect you.