Learn the questions that will protect you when buying a condo.
The art and science of asking questions is the source of all knowledge - Thomas Berger.
Condos are a popular option with many first time home buyers mainly because they are more affordable. They are also a good fit for home owners looking to downsize and have someone else take care of all the maintenance hassles. Or if you want to be close to the hub of downtown life and stroll to bars, cafes an restaurants, then a condo is probably your only option.
There are pros and cons to buying a condo versus a house. However, buying a condo is not the same as buying a house. There's a whole other set of questions you need to ask when buying a condominium.
The answers to these questions will help you decide whether you should even make an offer in the first place or bail on the sale once you get all the facts.
Ideally you want to get answers to as many of these questions BEFORE you make an offer. You want to avoid wasting your time (and the seller's) getting into a contract when there's a good chance you will bail once you have all the answers.
When it comes to buying a condominium, the problem is that it is not usually possible to get all the answers up front. You might have to make an offer first to get all the nitty-gritty details. This applies in particular to the infamous Resale Certificate, but more on that later.
Here's a list of the most important questions to ask when buying...
Statistically speaking, many Realtor market updates should be recycled immediately!
Facts are stubborn, but statistics are more pliable - Mark Twain.
Probably the most common question Realtors get is "how's the market doing?" Home buyers and home owners are always interested in knowing what direction the market is headed in their particular neighborhood. A Realtor's personal experience in the trenches and good old gut feeling are good, but solid real estate statistics are better at conveying what the real estate market is really doing.
Real estate agents have access to lots of real estate statistics either through their Multiple Listing Service (MLS) or through real estate statistics software like TrendGraphix. However, it's how they select and use that data that matters. Some Realtors produce excellent market upates. However, just as some real estate advertising can be misleading, some real estate statistics are best avoided.
Real estate market reports are everywhere and are probably the most common type of blog post that real estate agents write. The great thing is that you can use the same template as the previous month and just copy and paste the whole thing, remove September's numbers and replace them with Octobers stat's. Then hit the publish button and you're done.
Statistically speaking however, many of those monthly reports that Realtors stick in the mail or mail out to their clients are at best "for amusement...
Ballard real estate market update for houses: May through November 2017
Ballard Seattle is a popular choice for many home buyers and like much of Seattle, has seen a strong sellers market over the past few years. Obviously that's good news for sellers but it makes for a tough market for home buyers looking to get into the Ballard neighborhood.
If you are interetsed in Ballard Seattle homes for sale, or more specifically a Ballard house, here's an update on all the numbers you will need to give you a good idea idea of how the real esate market is doing in this Seattle neighborhood.
I looked at the sales of Ballard single family homes (houses only, excludes townhomes and condos) over the 6 month period covering May through October 2017. For reliable real estate statistics, it is always better to look at larger time periods rather than focusing in on any single month. All data was take form the Northwest Multiple Listing Service (NWMLS).
This update specifically looks at houses only. Separate updates for Ballard condos and townhomes will follow in sepatate posts.
What's the average sale price of houses in Ballard?
I looked at the sale price of single family homes based on the number of bedrooms. Not unexpectedly, as the number of bedrooms increases, so does the average sale price. As shown below, prices averaged from $684,000 for 2-bedroom homes to $1,043,000 for Ballard houses with 4 or more bedrooms. Three bedroom single family homes sold for $816,000.