Jim Reppond discusses the vibrant, changing Seattle Real Estate Market. Whether your a seasoned investor or a first time home buyer, Jim\’s vast knowledge of the Seattle Real Estate Market will captivate and educate…
If you’ve been to a barcamp you know this already. Barcamps are are turning conferences and learning events from organized conferences into unreal unconferences, with amazing results! A long time ago I was an educator and learned that people’s peak learning ability happens when they engage themselves in a topic or subject that they themselves initiated. It’s that human trait called curiosity at it’s finest.
What better way to create that environment than to have a group of people with a common passion, such as real estate and technology, get together and have breakout sessions based on topics that the attendees are focused on at that moment? Common obstacles, frustrations, and solutions are all discussed and shared. People find the common ground of experiences that breaks down walls of competition and egos. And people walk away feeling they gained much more than just knowledge.
You may have heard people rave about these experiences and wondered if it some kind of cult. It’s not. But there is definitely a “fan boy” following of these events on Twitter and Facebook. And some of the superstars of REbarcamps will be visiting from out of town, including the keynote speaker Ian Watt.
Ian is a very successful agent from Vancouver who is well known for his short videos on real estate topics he records while he his driving. Many of you have seen the videos that I do like this. Well, even though I’ve been doing them longer, I think Ian does them much better. He is a master of marketing and technology and dominates his downtown Vancouver condo market.
The price of this event is perfect - FREE! But you need to RSVP or their may not be enough food for you. So head on over to the website and get yourself registered!
Well, it had a good run. Ron Sparks consistently gave us great updates for the local real estate markets we serve and filled us with interesting statistics and informative news to analyze. But alas, all good things come to an end.
This was a great source of statistics for those closely following the local real estate market as well as a great marketing tool for Coldwell Banker Bain agents. While it was a bit difficult to follow for the novice, with terms like “real-time demand” and “active-to-pending ratios” being bantered about, it was a great quick and easy way to hear about recent local market activity and trends.
Move Over for the Real Estate Minute Video
As part of a minor website update, the Bain Marketing Department has decided to dump the local version for a more regional approach. This is all part of the integrating the Portland-Vancouver offices of Barbara Sue Seal, something I doubt any clients care about. The new version is called The Real Estate Minute and gives a more macro view of the whole Pacific Northwest region. While this gives broad market conditions in the areas that CB Bain and CB Barbara Sue Seal has offices in, it doesn’t create much value for the consumer.
I’ve never had a client who is looking to buy or sell a home here in the Seattle area ask me or be interested in the Portland or Boise markets, nor should they be. The phrase “All real estate is local” has been around for a while for a reason. It’s true. Bain would better serve it’s clients and it’s agents if it would create videos that do the opposite of give a macro regional view. In other words, create separate videos that drill down and give neighborhood specific information. Something tells me the marketing department thinks that would be too much work and they are trying to find an easy low-cost solution.
Missing too, is the timely “Industry News” that gave a local spin to recent national news. This was informative and often shed light on news that was hard to decipher from a Seattle perspective. My guess is that now that the video is regional, there isn’t time to squeeze it into “one minute”.
In all fairness, Bain has raised the quality of production and tried to make the video more consumer-novice-friendly by using terms and generalities that everyone can understand. Still, that level of general information is everywhere. It’s the juicy details that are harder to come by. Since this is just the inaugural edition perhaps the marketing department will rethink their strategy and go back to what clients want to hear about, and not just what Bain Marketing wants to talk about.
Since there is not much value we’ve removed this video from our site. We are working to find a replacement that offers timely local Seattle real estate information that our clients are eager for and we will post it when we do.
Many of today’s Buyers don’t understand the difference between a co-op and a condo. What is the distinction and how do the differences influence your decision? Co-ops are fairly prevalent here in the rainy city and it’s important to understand what you are buying into.
The main difference between a housing co-op and a condo is that in a co-op you don’t directly own real estate. You are technically purchasing shares in a cooperative housing corporation. The corporation owns or leases the actual real estate and becoming a shareholder in the corporation allows you an exclusive right to live in a specific unit. This membership allows you to have a vote in the decision making processes of the corporation. The reality of this situation is that you are more involved in making decisions together as a group than you would if you were living in a condo.
Rules and regulations tend to be more on the stringent side when it comes to co-ops compared to condos. Co-ops tend to only allow owner occupied residency, meaning NO RENTALS. Pet policies also tend to be more strict, although I have seen some co-ops that allow small pets. Sometimes it is more difficult to perform changes on your unit, whereas condo associations seem to be a bit more liberal when it comes to allowing owners to make changes and updates.
One of the biggest differences between co-ops and condos is the financing. There are few lenders in Seattle that offer co-op financing and when they do, the typical down payment minimum is 5%. Potential co-op owners also typically have to be interviewed by the board in order to complete the purchase.
Co-ops can be a more affordable way to make an investment in the Seattle market where many Buyers are being priced out. Both Capitol Hill and Queen Anne tend to have quite a few co-op listings at very reasonable prices. But make sure your Realtor helps you understand the differences to make sure you are getting into what’s right for you.
To learn a little of the ins and outs of owning a condo, watch the video below that we produced a couple of years ago that answers many questions.
In this episode we discuss the pluses and minuses regarding the clause in the new Purchase and Sale Agreements that requires the Buyer and Seller to negotiate how existing assessments will be paid, including any outstanding sewer capacity charges. Jim then delves into some of the issues relating to purchasing a home with either septic or sewer systems and things buyers should take into consideration.
and several others. Jim also talks about some other real estate related podcasts that are fun and interesting. Also mentioned are some hilarious YouTube videos that poke fun at Realtors. Towards the end Jim talks about the new and wonderful virtual world of Second Life and the real estate opportunities that are starting to take place there.
Transcript:
Jim Marks: Hello and welcome to The Seattle Real Estates podcast. I am your host Jim Marks of Virtual Results and with me as usual I have Jim Reppond, the Seattle specialist and Founder of the Reppond Team, the number one producing Coldwell Banker Bain team in Olive, Seattle. Jim, it???s great to have you here.
Jim Reppond: Thanks Jim. I am excited to be here.
Jim Marks: Jim, The Seattle Real Estates podcast has been the conduit of a lot of valuable information. Now, our listeners have certainly commented how much they appreciate the podcast is a way to stay in touch with market.
Jim Reppond: Yeah. Jim, we have covered a lot of ground here recently in podcasts that cover things for the first time buyers, investors, information on new forum changes, financing options, changes in the mortgage market. A lot of good information for a lot of people I hope.
Jim Marks: Yeah. I think it has been, however this week I think we are have going to have some fun, aren???t we?
This week, Jim Reppond discusses the Seattle Condo Market and specifically special incentives being offered by condo developers to entice buyers. Creative financing, discounts and other special offers may make this the right time for buyers to act. Are you ready for the condo lifestyle? Check out this video referenced by Jim in this special Podcast.
This week, Jim Reppond discusses some of the new required forms that are being used within the offer and escrow process. Also, tune in for Jim.s recap of the Seattle Real Estate Market Conditions and other valuable ideas in this informative podcast from the Seattle Specialist.
This week, Jim Reppond discusses creative strategies sellers can use to entice buyers to their home. Learn about the return of the “contingent sale,” and other valuable information in this informative podcast from the Seattle Specialist.
Jim Marks: Hello and welcome to the Seattle Real Estate Podcast. I am your host Jim Marks of Virtual Results, and with me as usual I have Jim Reppond, Founder of the Reppond Team; the Number 1 producing Coldwell Banker Bain Team in all of Seattle and the man we have come to call Seattle Specialist. Jim, it’s great to have you back.
Jim Reppond: Nice to be here.
Jim Marks: The Seattle Real Estate Podcast is the perfect way for our listeners, both buyers and sellers to stay on-the-pulse of the Seattle estate market and as this market changes I thought our listeners might be interested in some advice on things they can do as a seller to help a qualified buyer purchase their home. Now, in a conversation you and I had a few days ago, I heard you mention a phrase I haven’t heard in a very long time, a ???contingency sale???. Now, in the huge buyer???s market of over the past four or five years contingency sales were very rare, now Jim, tell us, are they back?
Jim Reppond: Well, yes. We have seen a number of them and they are a great opportunity for a seller to get their property sold in off the market.
This week features Trevor Bennett of Countrywide Home Loans and Jim Reppond discussing the current mortgage market and what the new Fed discount rate and overnight funds rate cut means to the market. Good discussions on conforming and non-conforming loan, “blended loan rates”, seller financing incentives, and more.??¦
Jim Marks: Hello and welcome to the Seattle Real Estate Podcast. I am your host Jim Marks of Virtual Results, and with me as usual I have the Seattle Specialist, Jim Reppond, Founder of the Reppond team; the number one producing Coldwell Banker Bain team in all of Seattle. Today we???re going to discuss a topic that???s getting a lot of press recently, the Turbulent Mortgage Market. Joining Jim and I this morning, we???re excited to have Trevor Bennett. Trevor is a leading Mortgage Banker and top producer with Countrywide Home Loans in the Northwest. Trevor specializes in providing residential financing for Seattle and the surrounding areas. We are pleased to have Trevor to assist our listeners in navigating through this Turbulent Mortgage Market. Jim, Trevor, thanks for being here.
Jim Reppond: You bet Jim, good to see you.
Trevor Bennett: Thanks Jim.
Jim Marks: Jim, I will start with you. We have invested some time two weeks ago in our first time Home Buyers Podcast, speaking about the financing challenges in the Real Estate Market. Have we seen a significant change in the last two weeks?
Jim Reppond: Well, yes Jim, we have. Actually just yesterday when the Fed dropped their discount rate by half a point and that was a big shot in the arm for the market, that???s doubled what most of the economist thought was going to happen. So, while it???s still too early to tell how that???s going to affect overall mortgage rates, there is a general thought that they will slowly drift down as a result of that, and there is at least one or two more meetings before the end of the year, so other things could happen as well. Read the rest of this entry »
Jim Reppond and the Reppond Team, Coldwell Banker???s number one team in Seattle, host this informative blog on Seattle Real Estate. Whether your a seasoned investor or a first time home buyer, Jim???s vast knowledge of the Seattle Real Estate Market will captivate and educate??¦
Jim Marks: Hello and welcome to the Seattle Real Estate Podcast. I am your host, Jim Marks of Virtual Results, and with me as usual I have Jim Reppond, Founder of the Reppond team; the number one producing Coldwell Banker Bain team in all of Seattle and the man we have come to call The Seattle Specialist. Jim, it???s great to have you back.
Jim Reppond: It is nice to be back, Jim.
Jim Marks: Jim, the Seattle Real Estate Podcast is the perfect way for our listeners to stay on the pulse of the Seattle Real Estate market, and although we have those seasoned real estate buyers and investors listening, we also have that individual or couple that’s looking to purchase their first home. Now, a lot has been said about the rise of Seattle Real Estate, and I know that these first time buyers are asking questions about whether or not there is a perfect property for them in Seattle and can they still afford to buy in Seattle. So, let???s ask the Seattle Specialist, Jim, are there still affordable homes in Seattle? Read the rest of this entry »
Well, it had a good run. 
Many of today’s Buyers don’t understand the difference between a 
The reality of this situation is that you are more involved in making decisions together as a group than you would if you were living in a condo.
