October 2, 2007 by Joe Kennedy.

Last week I had a call from a gentleman here in Bellevue who was very excited about our $500 Flat Fee Listing program. We still haven’t officially announced or launched it, but he had read about it in a post on one of my blogs and gave me a call.

Apparently he has been trying to sell a family house as a FSBO (for sale by owner) for the past two or three months with no success. First of all, he should not feel all alone - there are many homes in our area that have been languishing on the market for months - and they are listed on the MLS and represented by agents!

I explained to him that it is very important for his property to be exposed to as many potential buyers as possible and that in my opinion, the best way to do this is by getting the house listed on the local multiple listing service (MLS). He agreed that’s what he needed to do and went to AAAListsHomes.com to get the forms to fill out to get listed.

A short time later, he called back to ask about the selling broker commission. With a Flat Fee Listing, no listing commissions are charged or paid, but the seller does need to offer selling brokers (or buyer’s agents) a commission for their work. Our FSBO didn’t want to pay the buyer’s agent at all - in his opinion that should be up to the buyer!

I explained that real estate commissions, while always being negotiable, are traditionally paid as a percentage of the sales price of a property - and from the sales price. That means the seller generally pays the sales side of the commission, even if that agent is working for the buyer. Another thing that I mentioned to him is that buyers are having a hard enough time finding financing, without having to come up with another big pile of cash to pay commissions.

AAA Properties is happy to be part of changing the real estate industry by eliminating listing commissions, but the fact is there are still thousands of agents out there who represent most of the buyers. We want those buyers agents to show our listings to our buyers, so we recommend that those who use our flat fee service offer a full 3% to any agent who brings them a buyer. This is truly the only way to make sure that your property gets full exposure to the market and will bring the best price possible.

In the end, it is unknown if our FSBO will be listing his house or not, whether he’ll choose to offer a selling broker commission, how long it will take him to sell the property or whether he will get a good price for his house. What would you do? What do think will happen in his situation?

Skidoodleski, Hair Farmer Joe

Posted in MLS, Residential, FSBO, Commissions, Listing, Bellevue | No Comments »

October 1, 2007 by Joe Kennedy.

As predicted a number of months ago, the number of homes in Bellevue listed for sale under $500,000 has continued to increase. Today there were 54 single family residences (SFRs) listed for sale here in Bellevue for less than half a million dollars. These are all properties listed on the NWMLS and does include a few townhouses, but doesn’t include the many for sale by owners (FSBO) around town.

I look for this number to continue to increase for some time, as it continues to get tougher to qualify for a loan and prices drop back down to some normalcy.

Has anyone else noticed how many places are for rent lately? Do you think these could be people who thought they’d have sold their properties for huge profits by now? Will the availability of these rental units and many under construction have a lowering effect on rents? Or will the real estate sales slowdown turn a lot of would-be buyers into renters again and cause rents to rise?

If you want to search homes that are on the market, try the new Seattle Home Search site or on the Eastside, check out the place to find Eastside Real Estate for sale.

Posted in Residential, NWMLS, Listing, Bellevue | No Comments »

September 25, 2007 by Joe Kennedy.

I had a call this morning from a very nice man who will probably become a client.  He had stumbled across one of my blogs and applauded my honesty and innovation in service.  He and his wife have been trying to sell an estate home in Bellevue for the last month or so, without much luck.  He said they had advertised an Open House in the Sunday Seattle Times and only got one visitor from the ad.  Another Open House produced only one passerby - a neighbor from down the street.

He has realized that the local market has slowed down a tremendous amount and also that prices are softening.  I think he also realizes that to have the opportunity to sell the property, and at the best possible price, he and his wife need to have it exposed to the local multiple listing service.  I expect that he will continue to do research for the next day or two, and then call AAA Properties to get a $500 Flat Fee Listing.

Posted in FSBO, Listing, Bellevue | No Comments »

September 23, 2007 by Joe Kennedy.

AAA Properties is now offering $500 Flat Fee Listings with more personal service than is offered through the competition.  Instead of simply listing your property on the local multiple listings service, AAA also provides a yard sign, lock box and takes professional digital photos of your property for your listing.  A flat fee listing with AAA can be for up to a year, can be extended at no charge or canceled at any time.  As an added bonus, if your property is on the Eastside, AAA Properties will advertise your property in the print edition of Eastside Business until it is sold.

Currently covering most properties in Washington state and all properties in San Diego County, California.  To list your house or condo today, call 425-455-5478 or 800-441-LIST.

In order for a home seller to get to price for their property, it is necessary to expose the property to as many prospective buyers as possible.  THE way to do that is to have it listed on the local MLS, which is used by thousands of real estate agents to help find homes for their buyers.  It will cost you a $500 upfront list fee and a commission for the selling broker, but the amazing exposure provided through the mls will undoubtedly help you find the buyer who is willing to pay the highest price for your property.

If you are a buyer who wants to save money, AAA Properties offers a commission rebate program which enables buyers to put thousands of dollars of cash into their pockets at closing.  AAA Properties is currently developing real estate search sites for WA and CA at DeLuz.com and YourEastsideBroker.com - visit these sites today to see how many properties are for sale in your city.

Posted in Eastside Business, NWMLS, Commissions, Listing, Bellevue, Condos, SFR | No Comments »

August 16, 2007 by Joe Kennedy.

This morning there are 33 single family homes in Bellevue listed for sale on the NWMLS for less than $500k.  There are 4 listed for $400k and less.  These are still not huge numbers, but they are increasing and its a trend I believe we will be seeing for awhile.  There still don’t appear to be too many great deals for buyers out there, but it is becoming more of a buyers market.  I believe that those who want or need to sell their homes have already waited too long to get top dollar.  Still the same, there are some buyers out there and with proper marketing, advertising and (most importantly) proper pricing, properties can still sell.  If you are waiting to decide to sell, I’d encourage you to list your home asap - or simply wait for changes in the market (realizing that this part of the cycle could take a number of years).

Posted in Listing, Bellevue, SFR, Uncategorized | No Comments »

June 26, 2007 by Joe Kennedy.

Tonight there are 354 Bellevue single family residence homes listed for sale on the NWMLS. They range from a 670 sq ft studio listed at $350,000 to a 12,000 sq ft mansion listed at $7,498,000.

Another thing to note is that there are only 22 homes (sfrs) listed for sale in Bellevue at a price less than $500,0000.

Let me know if you are looking to buy or sell - and how I can best help you and save you money.

Posted in Listing, Bellevue, SFR, Uncategorized | No Comments »

May 31, 2007 by Joe Kennedy.

Thursday is the day each week when real estate agents hold “brokers opens” for their listings in the area designated by the Northwest MLS as 520, which is described as Bellevue, east of Lake Washington and west of I-405.  Usually these are new listings, but occassionally there will be an older listing included that may have had a price drop or had some improvements done since it was listed.

Today there are 14 homes on the list - and only two priced below a million dollars.  One of these homes is just down the street from where I live, has been on the market for 40 days and just had a $10k price reduction to $739k (I believe that these sellers are ‘fishing’ and that this is still over priced by at least $200k).

The other brokers open today in area 520 that is priced under a mil, is in the Clyde Hill area and described as “very livable” with “limitless upside potential for expansion/new construction”.  Can you say “tear down” with no view for $899,000.

It doesn’t appear that either one of these sellers are being realistic, have been getting good advice, or else they just aren’t motivated to sell.

There are only four other homes on this list that are priced under two million - and one of those is in Newcastle, not Bellevue.  Apparently sellers feel like the market is still strong and that they are going to get these prices.  For their sakes, I hope they sell them soon or offer big price reductions so that they are not holding onto them for a long time …

If you would like to sell your home while prices are this high and get professional representation with reasonable (LOW) listing commissions, please give me a call at 425-455-LIST (5478).

Posted in Brokers Open, Listing, Bellevue, Uncategorized | No Comments »

May 28, 2007 by Joe Kennedy.

Here is an advance of an article that I wrote today for publication in the June issue of Eastside Business that I thought would be appropriate here:

Are you thinking about selling your home this summer?  Maybe you are finally ready to take advantage of the current real estate market.  Perhaps you are ready to sell and move up to a larger home or a different neighborhood.  Maybe your children have left the nest and its time to downsize.  Or quite possibly you are ready to move into a downtown condo with less maintenance – and a lot less driving.

Regardless of your situation, if you want (and/or need) to sell your home I can help – and work to make sure that you realize more of your equity than if you employed the services of another agent or broker.  I do this through lower listing commissions and tough, smart negotiating. Read the rest of this entry »

Posted in Donations, Commissions, Listing, Bellevue, Uncategorized | No Comments »