Category Archives: Local Real Estate Stats

What is your home really worth?

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How Much Is Your Home Really Worth?

If you’re thinking of selling your home, you may be fantasizing about the profit you’ll reap from the sale or calculating exactly how much you’ll need to pay off your current mortgage and have enough left over for a down payment on the next house.

Before your fantasies run amok you need to realize that, while you can estimate the value of your home in a variety of ways, the true value is only what a buyer will pay for it. That said, there are several ways to get a strong idea of how much a buyer will pay for the property in current market conditions.

What Your Home Isn’t Worth

Many homeowners find it confusing that there are various numbers floating around that indicate their home value. Here are a few:

Property tax assessment. Each jurisdiction uses a formula to establish home values for a tax assessment, but this price rarely correlates with the market value of your home. Your tax assessment can be higher or lower than the current market value.
Homeowners insurance value. Insurance estimates are based on the cost of replacing your home without the land, so this value is skewed compared to market value.
Mortgage balance. Your mortgage balance simply reflects your home loan. The difference between your loan payoff and the market value of your home is your equity.
Neighbor’s home value. Even if your neighbor’s home is similar to yours, it’s not likely to be identical. A REALTOR® can help you evaluate your home’s worth in the context of other nearby properties.
Cost when you purchased the home. Regardless of how long ago you purchased your property, the value can have gone up or down.
Desired value. You can always try to put your home on the market for your desired price, but if you’ve over- or under-priced it, you’re shortchanging yourself. because you’re either selling too low or your house could sit on the market and eventually sell for less than if you priced it correctly in the beginning.
Comparative Market Analysis

A REALTOR® can do a comparative market analysis with recent market data to help you estimate your home value. When you sell your home, an appraisal will be required by the buyers’ lender, so keep in mind that your home has to appraise for the selling price or, depending on how your contract is written, you’ll have to renegotiate the sale or the buyers will need to come up with extra cash.

A CMA is both an art and a science. While it’s based on data, it also requires local market knowledge and intuition about which homes to compare and how to interpret the prices. Most REALTORS® will look for recent sales of homes that are similar to yours, preferably within the past two or three months, up to about six months. In addition, a REALTOR® can look at other homes currently on the market and homes that didn’t sell that were taken off the market to compare values.

The comparison of your home with others should include not only the size and the number of bedrooms and baths, but also the condition of your home, the neighborhood and the proximity to amenities. If you do not understand the comparisons a REALTOR® is making, ask to see some of the homes currently on the market or look online at photos of the properties.

While it may be tempting to list your home with the REALTOR® who tells you it can sell at the highest price, a smarter way to sell your home is to price it as accurately as possible from the beginning. Studies show that an overpriced home that lingers on the market will end up selling for less than the estimated correct price.

 

Copyright NATIONAL ASSOCIATION OF REALTORS®.  Reprinted with permission.

http://www.realtor.com/advice/how-much-is-your-home-really-worth/

 

Foreclosure Inventory – Lewis County Washington

Foreclosed Home (REO Properties) Summary  

Centralia / Chehalis

Lewis County, Washington

January 14th, 2014

 

 

Chehalis MLS Residential Inventory

137 Active Listings, 34 Pending Listings and 10 sales over the last 30 days

  • 13 Active properties are REO
  • 12 pending sales are REO
  • 2 of the previous 30 days sales were REO properties

 

Centralia MLS Residential Inventory


139 Active Listings, 31 Pending Listings and 15 sold over the last 30 days

  • 17 Active properties are REO             
  • 5 pending sales are REO                     
  • 5 of the previous 30 day sales were REO properties

 

 

         Summary

Lewis County Overall last 30 days

Average std arm’s length sell (not a foreclosure) sold in Lewis County $96.02/sqft

Average REO sell (foreclosure) sold in Lewis County $49.25/sqft

 

        REO savings on a 1500 sqft home = $70,155

Learn more about the Lewis County area here.

Search All Homes For Sale
What is Your Home Worth?
Free List of Foreclosed Homes For Sale
Ruth Jones
RE/MAX Key Land Company
360-219-6519
ruthjones@remax.net

Fall 2013 Real Estate

pix-remax-sign-homeFall Sales  Sept/Oct/Nov

 

 

XX Jackson Hwy, Chehalis, WA

1383  Centralia Alpha Road, Chehalis, WA

765 Folsom Street, Chehalis, WA

161 Goldmyer, Chehalis, WA

316 N Iron, Centralia, WA

122 Newaukum Village Drive, Chehalis, WA

9340 SW 180th, Rochester, WA

 

Pending Closings

181 N Prairie Road, Toledo

 

Fall listings

699 Oppelt Road, Onalaska $195,000

Immaculate and well maintained! 3 bdrms 2 baths, an open floor plan and vaulted ceilings gives this home its spaciousness. Privacy and Wilderness! Located at the end of Oppelt Rd, this fully fenced 5 acre parcel is surrounded by 1000’s + acres of Weyerhaeuser forest land. Outbuildings include a new 2 car garage and a full height RV storage shop, Detached extra building for hobbies or guests with a loft. Raised gardens and with a planting shed.

 

143 Bazinet Drive, Chehalis $370,000

Desirable location, one of 4 beautiful homes located on Bazinet Drive, a rare find! This 3300 sqft home, with living room, kitchen and 3 bedrooms on the main floor. The downstairs is 1536 sqft, with exterior ground level access, a large recreation room, mini kitchen-bonus room and an extra finished room with a ¾ bath, this would make a great separate living or entertainment area. All situated on 4.6 acres, beautifully landscaped yard surrounded by firs. Easy commute only 3 miles to I-5.

 

182 Winston Creek Road, Mossyrock $215,000

Enjoy country living! Fully fenced 5 acres, surrounded by trees for privacy, with plenty of open level land. This will make a great mini farm or gardener’s paradise. Situated just above Mayfield lake with its own pond and seasonal creek. Bring your boat and fishing pole, this property has lake access and there is a boat launch less than 4 miles away! Stay cozy year around in this 2230 sqft super good sense home. Spacious with an open floor plan with vaulted ceilings. Covered deck.

 

178 Kennicott Road, Chehalis $275,000

Pride of ownership. 3 bdrm, 2 1/2 bath, Main living area has Vaulted pine ceilings, indirect lighting, laminate flooring, surrounding a cozy fireplace. Deck runs full length of living and kitchen area, overlooking your private yard with fruit trees, surrounded by tall firs. Large windows and glass doors provide year around natural lighting. Gourmet kitchen with high end appliances, hard surface counters. Daylight basement with rec room and another cozy fireplace.

 

Bank Owned Properties – What you need to know!

Real estate owned or REO is a class of property owned by a lender, usually a bank, these properties are often referred to as foreclosure properties.

Buyers need to understand that; bank owned homes (REO) are listed on the mls at a discounted price. They are priced to sale and spend far less time on the market than a standard homeowner’s property will.  Bank owned homes are valued by an appraiser or real estate broker prior to pricing and listing.  Their list price is already discounted based on the condition of the home and real estate market for the area.  Currently the sales price of foreclosure home averages about $61.00 per sqft compared to a standard homeowner sale price, at $98.00 a sqft.  On a 1500 sqft home that’s a whooping deal at a $55,400 savings.  Most importantly, bank owned properties sell at about 95% of their list price, because they are already discounted.  This percentage is what a buyer needs to know, not only for successful negotiations, but to estimate potential return on investment properties when selecting what to purchase.

Uneducated buyers, hunting for that “deal”, will often submit an offer far below the list price, referred to as a “low ball”.  What happens when a bank receives a low ball offer?   Most often, they simply won’t respond or counter low ball offers, and if the home is getting lots of buyer attention, it is going to be the educated buyer that wins.  Discounts on bank owned properties vary from area to area.  So before you put it on paper, check with your local real estate broker, and find out what “percentage of list price”, bank owned properties are typically selling for.  It’s the educated buyer that gets the “deal”.

Data based from Lewis County sales over the past 180 days.

 

Image: Salvatore Vuono / FreeDigitalPhotos.net

Chehalis Centralia Foreclosure Summary

Foreclosure Sales (REO) Summary

Chehalis / Centralia

Jan. 9th 2012

 

 

 

Chehalis MLS Inventory

123
Active Listings, 18 Pending Listings and 12 sales over the last 30 days

  • 11 Active properties are REO
  • 7 pending sales are REO
  • 1 of the previous 30 days sales were REO
    properties

 

REO  Properties currently make up 9% of Chehalis
mls inventory and 8% of Chehalis sales

Centralia MLS Inventory 1/9/2012

145Active
Listings, 25 Pending Listings and 7 sales over the last 30 days

  • 15 Active properties are REO
  • 12 pending sales are REO
  • 3 of the previous 30 day sales were REO
    properties

 

REO Properties currently make
up 10% of Centralia’s mls inventory and 43% of Centralia sales

 

 Lewis County Overall

Average $/SQFT Non-REO home sells for in Lewis County $93

Average $/SQFT REO homes sell for in Lewis County $63

(This makes a $45,000 price difference on a 1500 SQFT home)

 

Image: Sujin Jetkasettakorn / FreeDigitalPhotos.net

Lewis County Market Update August 3rd, 2011

 

Lewis County, WA

Real Estate Market Report

8/3/11

 

 There were 38 newly listed single family homes in Lewis County last week, Ranging in price from $38,000 to $375,000  Five were REO (bank owned-foreclosure) Properties and 4 where short sales. 

Two of the newly listed homes were located in the Chehalis School District, seven located in the Centralia School District, three in the  Winlock School District, and four in the Napavine School District the remaining were from surrounding areas and East Lewis County Schools. 

There were 15 homes that changed their status to “Pending” (under contract with a buyer) in Lewis County Last Week, six of those were REO homes and one was a short sale home. 

There were 14 closed residential home sales in Lewis County last week.  They ranged in price from $34,900 to $324,900, with an average sales price at 93% of list price. Four were REO homes and one was a shortsale. 

Buying or selling… Call me today! 

 Visit my website at www.nwrealestateinfo.com

Lewis County, WA – Real Estate Market Update

Real Estate Market Report

For week ending 2/13/2011

 There were 18 newly listed single family homes in Lewis County last week.  They ranged in price from $59,999 to $499,000.   Two were located in the Chehalis School District, four in the Centralia School District, two in Napavine School District, and 10 from surrounding areas and East Lewis County Schools.  Two were REO (foreclosure) Properties.

There were 13 homes that changed their status to “Pending” (under contract with a buyer) in Lewis County Last Week, six of those were REO homes and one was a short sale

Three homes sold in Lewis County last week.  They ranged in price from $53,000 to $150,000, with an average sales price at 93% of list price.  One was a REO sale.  (click to enlarge sold detail below)