How To Buy When You Already Own

How To Buy When You Already Own
Do you own your home or condo but want to sell it and buy something with more space, a different location, or perhaps a view?

One option is to take out a HELOC. A Home Equity Line of Credit (ask me for a lender with great programs of these right now) lets you take out a certain percentage of your home’s equity to use as a downpayment on your new home. To find out how much equity you have, contact a Realtor, like myself, to research the value of your home (it changes ALL the time). If you have a certain percentage of equity, you can qualify for a new loan. And if you’re preapproved for your new home loan, I can get the home you want to sell prepped for the market pronto!

Another option is a bridge loan. A bridge loan has some ramifications though. They generally tend to have higher interest rates and need to be paid back in a specified amount of time. It’s like a short term loan on your current property to buy a different property. It’s all about timing with a bridge loan. You can find out more about bridge loans HERE.

You can always make an offer contingent on your home selling. This is perhaps the option offering the least amount of risk. Of course with our current market today, properties are moving fast and a contingent offer isn’t as clean as an offer with a definitive close date, for example. But if are you a homeowner considering the contingent offer option, consider the right list price and a home in tip-top shape, it won’t take long to sell.

molly a. cartwright | seattle realtor
cooper jacobs real estate, llc
206.841.6800
“Serving home buyers and sellers in Seattle’s most popular neighborhoods”

Magnolia Luxury Home Market Update

Magnolia $1.5 Million And Up Real Estate Market:
What’s happening out there in the upper end of the Magnolia real estate market?

Currently, there are 15 Magnolia homes for sale in the Magnolia luxury market.

These Magnolia estates range in price from $1,575,000 to $4,850,000 and include a certain ex Seattle Mariner Mansion. The median price is $1,730,000 with an average days on market of 165 days. The average square feet of these Magnolia Luxury Homes? 4,549 with a high of 7100 on one of the Magnolia luxury estates for sale.

Currently, there is only 1 Magnolia home for sale that is Pending in the $1.5M and up range. The days on market for it are 149 days and it’s last list price in the NWMLS was $1,585,000 after being reduced from its original listing price of $1,687,000.

Since January 1st 2011, 10 Magnolia luxury homes have sold in the MLS. These ranged from $1,630,000 to $4,700,000 with a median price of $1,922,500. Of these, 4 have closed in 2012. The average sales price to list price ratio on them is 91.19%. None sold for over list, but all except one were well into the 90% and up range of list price. Here are the Magnolia luxury properties that have sold in 2011 and 2012 so far:

  • 2807 W Viewmont Wy W: 6 Bedroom Magnolia home, 3.25 baths on 0.294 of an acre built in 1928. Closed on 03/13/12with Original list price in MLS: $1,950,000, final list price: $1,697,000, SOLD for:$1,630,000 (96.05% of sales price to list price)
  • 3805 W Parkmont Place: 4 BR, 4.50 BTH, 4,440 SQ FT, 0.115 ACRE LOT, Built in 1999, Closed on 04/18/11. Original list price of $3,695,000, final list price of $1,800,000 and sales price of $1,700,000 (94.44% of sales price to list price)
  • 4517 W Dravus St: 5 BR 4.00 BATH 4,400 SQ FT Built in 1962 closed on 06/28/11. $Original list price: $2,390,000, final list price: $1,998,000, final sales price: $1,800,000 (90.09% of sales price to list price)
  • 2336 Magnolia Blvd W: 3 BR 2.50 Bath 3,500 Square feet, 0.126 acre lot size and built in 1926. This Magnolia home sold on 06/28/11 with original list price in MLS of $2,600,000, final list price of $1,999,500 and final sales price of $1,835,000 (91.77% of sales price to list price)
  • 3057 Perkins Lane W: 4 BR 2.25 Bath 2,400 Square feet 0.394 acre lot size and built in 1960. This Magnolia home sold on 04/29/11 with original list price in MLS of $2,000,000, final list price of $2,000,000 and final sales price of $1,950,000 (97.50% of sales price to list price)
  • 2720 W Galer St : 7 BR 5.75 Bath 9,847 Square feet 0.263 acre lot size and built in 1909. This Magnolia home sold on 04/23/12 with original list price in MLS of $2,195,000, final list price of $2,195,000 and final sales price of $1,895,000 (86.33% of sales price to list price)
  • 2480 Crestmont Place W: 5 BR 4.75 Bath 5,700 Square feet 0.130 acre lot size and built in 2007. This Magnolia home sold on 12/22/11 with original list price in MLS of $3,300,000, final list price of $2,900,000 and final sales price of $2,105,000 (72.59% of sales price to list price)
  • 2823 W Galer St: 4 BR 5.25 Bath 5,330 Square feet 0.227 acre lot size and built in 2009. This Magnolia home sold on 02/29/12 with original list price in MLS of $2,985,000, final list price of $2,985,000 and final sales price of $2,900,000 (97.15% of sales price to list price)
  • 2929 W Eaton St : 6 BR 4.00 Bath 7,260 Square feet 0.201 acre lot size and built in 1936. This Magnolia home sold on 11/18/11 with original list price in MLS of $3,999,000, final list price of $2,999,000 and final sales price of $2,700,000 (90.03% of sales price to list price)
  • 3025 Magnolia Blvd W: 4 BR 5.25 Bath 11,280 Square feet 2.110 acre lot size and built in 1940. This Magnolia home sold on 02/13/12 with original list price in MLS of $4,900,000 , final list price of $4,900,000 and final sales price of $4,700,000 (95.92% of sales price to list price)

Overall look at Magnolia luxury markets and Magnolia historical estates markets: Funding for these types of homes has opened up to the point that affordability has broadened making Magnolia luxury homes and Magnolia historic Mansions more desirable than they have been even in the past if that is possible.

Many Magnolia home owners are not aware that there is a wider pool of qualified luxury Magnolia home buyers and as a result inventory is still lacking. If you have been thinking about getting your Magnolia historical estate, Magnolia estate, or Magnolia luxury home on the market, then please let us know. We have inquiries weekly both from local Seattle home buyers and home buyers interested in relocating to Magnolia in Seattle. In addition,Cooper Jacobs Real Estate has a high profile Internationally on the Internet and is able to gain our clients greater exposure for you online through various avenues. Our marketing is innovative and different. In addition to all the traditional methods of marketing used by all Magnolia Realtors, Cooper Jacobs will surprise you and often our competitors with a very fresh approach. You can get in touch with us here: realestate@cooperjacobs.com Thank you in advance! ~Courtney

Current Magnolia Homes For Sale

 

Current Home Listings In Magnolia

Back to school is in the air and students are moving around early to make it to class on time. Watch for them crossing our streets. The holidays are fast approaching and time to start thinking about making home improvements for Winter. Have your home heating furnace cleaned and serviced. Replace batteries in all smoke detectors and consider purchasing a carbon monoxide sensor for your home. And it’s always a good time to be in the know about current Magnolia real estate market values. If you would like to know, contact us!

Currently, there are some wonderful listings of Magnolia homes for sale. Let us know if you would like a private showing with one of our Magnolia Realtors

3701 W. Barrett Street MLS#: 265049 Traditional Magnolia home design with modern amenities, panoramic views and 5 bedrooms in a house walking distance to Seattle’s public and private schools

2577 W. Viewmont Way W. MLS#: 223196  Classic Magnolia Tudor charm in an updated package as kitchen features Wolf, Subzero & Bosch appliances and heated tile floor and double walk in shower. Sound and Olympic views from deck off master

3209 W Lynn Street MLS#: 254688 A delightful Magnolia town home with lower level work suite plus two car garage with secured parking, 3 bedrooms, media room and elevator

5608 39th Avenue W MLS#: 271591  Salmon Bay Magnolia waterfront home with huge deck for entertaining and remodeled kitchen offer wonderful Pacific NW living
If you are interested in seeing your home featured on this blog, please let us know – realestate@cooperjacobs.com

Magnolia View Homes Tour

We toured all the latest in Seattle’s Magnolia neighborhood as well as some other Magnolia homes we have just been too busy to get into before today and the inventory is pretty interesting on both the A Hill and the B Hill.

Magnolia View Homes In Decent Price Ranges…

Just looking at the mid $600k range to mid $800k range in Magnolia can give you choices with lots of big Puget Sound views. In fact in the low and mid $700k range, there are IMPRESSIVE Magnolia view homes for sale.

My favorite Magnolia home on the market right now is in the high $700k range, but has this fabulous 2 car garage off the alley which is modern but was built perfectly to go with the house.  The house itself is loaded with all the spaces I personally look for in a home and a great option for Magnolia buyers. Homes in Magnolia do tend to sell faster than Seattle real estate overall right now. This is not always the case, but overall Magnolia tends to be a stronger market force.

Magnolia real estate market update: We just sent out a postcard to about 1300 Magnolia homeowners to let them know about our latest Magnolia homes sale – 3 weeks on the market with multiple offers and sold for over list which happened to also be about $50k higher than any other Magnolia real estate agents told the seller their home was worth.  We go the extra mile for YOU and really take the time to evaluate the market value of your home so that you are not leaving money on the table.

Magnolia View Homes In Seattle

Magnolia View Homes Have Some Of Seattle’s Best Views!

magnolia waterfront homes

Magnolia is one of the larger neighborhoods in Seattle, although many do not initially think of it that way.  This might be because there are lots of little sections of Magnolia – The Magnolia Village is probably the most popular.  It is right on and around McGraw Street between the A and B hills if you are heading West before you hit the Magnolia Bluff.   To the North is Lands End East of Discovery Park.

Because of Magnolia’s proximity to both the Puget Sound and Downtown Seattle, as well as being South of Ballard, Sunset Hill, and Salmon Bay, there are lots of view homes and many different areas of Magnolia to choose from for these homes.  I wanted to focus mainly on Puget Sound and city views.  Here are the Magnolia view homes numbers….

magnolia view homes

Active Magnolia View Homes

As for active Magnolia view homes for sale, there are 41 homes for sale in the MLS right now that have either city or Puget Sound views.  These are priced between $269,000 and $6,970,000 with a median price of $1,230,000.  The majority of these are priced over a million dollars.  The average days on market for this Magnolia real estate is 180 days.

Pending, Pending Inspection, and Pending Back Up Magnolia View Homes

There are currently 20 Magnolia homes for sale that have these types of views and are marked as some type of pending status in the NWMLS.  These range in price from $285,000 to $1,450,000.

Sold Magnolia View Homes

In the last 180 days, 43 Magnolia homes with views of the city or the sound have closed in escrow according to numbers in the MLS data.  These ranged in price from $394,000 to $2,120,000 with a median price of $832,500.  The average days on market for these homes was 102 days.  Fourteen of these were over a million with only one of them over $2,000,000.

If you are interested in buying or selling Magnolia real estate, please feel free to get in touch with me or search our company Magnolia real estate neighborhood page.  The listings are live and all changes in MLS are reflected as they happen.

– All data from the NWMLS with no FSBO data and compiled by Courtney Cooper, Designated Broker of Cooper Jacobs Real Estate  206.850.8841 or email me at courtney@cooperjacobs.com

Seattle Area Real Estate Stats Through October 2010

Catching up with 2010 Stats so far

King County Real Estate Overall Picture Ending Oct 2010

Eastside Overall Ending in October 2010

Let’s look at some local targeted areas for a minute to see how real estate is local…

Area 705 : Ballard/ Green Lake / Greenwood  Ending 10/2010

Area 700 Queen Anne & Magnolia

Area 710 – North Seattle (Laurelhurst, View Ridge, Wedgwood, etc.)