It continues to be a seller’s market in Northeast Seattle including Maple Leaf, Bryant, Laurelhurst, University, View Ridge and Wedgwood neighborhoods where there is a little less than a one and half months of single-family home inventory.

If you are a fortunate home seller expect to see a lot of open house traffic, buyer “love letters” and possibly multiple offers if your home is located in a popular neighborhood and is competitively priced.

And what to do if you are a home buyer?

First, get your financial ducks in-a-row by getting preapproved by a local lender who is available in the evenings and on weekends.

Second, try to get out to see homes before the weekend which will give you more time to line-up pre-inspections if offers aren’t being reviewed for a few days.

Third, reduce the number of contingencies within your comfort level. Finally, write that love letter even if it’s just a short paragraph in addition to a summary of your offers terms. Don’t go overboard but in this market it just may help you stand out from the pack.

More info on other Seattle neighborhoods can be found at http://www.live206.com/seattle-area-market-update-c21537.html

John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, john@live206.com or www.live206.com.

Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.

“A house, a house, my kingdom for a house”. If you are in the market for a new home you can probably empathize with Shakespeare’s King Richard III. Single-family homes, townhomes, and even condos are all in short supply throughout most the city.

For Northeast Seattle (including Maple Leaf, University, Wedgwood, View Ridge, and Laurelhurst) there is now less than a 1 month supply of single-family home inventory which is definitely favoring home sellers with the result that homes are really hard to come by. We will continue to see more pre-inspections, multiple offers, and bidding wars on the fewer listings hitting the market.

Why the shortage of homes for sale? First, some home owners simply can’t sell since they have negative equity (they owe more than their home would sell for). Second, are home owners who can’t find a new home to upsize or downsize into that would allow them to put their existing home on the market. Third is that some home owners are either unaware of the improved market for sellers or they are content to stay in their current home rather than over extend themselves. Fourth, are owners betting on continued prices gains over the coming months and years. A final factor has been the significant slowdown in new construction, up until last year, that typically helps alleviate the demand for more housing stock.

In addition to a reduced supply, demand has picked up with the influx of new hires (Amazon, Microsoft, etc). There is also a general belief that home prices and interest rates have only one direction to move and that is up. Many renters have concluded that, with big jumps in rent, buying a home may be the wiser long term investment especially if they are able to lock in these historically low interest rates.

Home prices will continue to rise until there is more of supply/demand equilibrium. If you are looking for a home there are a couple potential silver linings over the coming weeks and months. First, is that we are entering the historically seasonal high point for new inventory. Second, is that interest rates aren’t expected to move significantly upward until the end of the year at the earliest.

More stats on other Seattle neighborhoods can be found here.

Tip: The fewer contingences (i.e. finance, inspection) a home buyer has, the more attractive they are to a home seller, especially in multiple offer situations. Believe it or not, buyer “love letters” to sellers can swing things into a buyer’s favor, just don’t overdo it.

John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, john@live206.com or www.live206.com.

(Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.)

What a difference a year makes … sale prices continue their climb and time on market continues to drop. It is definitely turning into a seller’s market.

For the 10 out of the last 12 months median sale price for single-family homes sold in Northeast Seattle, including Maple Leaf, University, Wedgwood, View Ridge, and Laurelhurst met or exceeded the sale price for the same period a year prior. Much of this trend can be attributed to a decrease in the supply of new listings in 2012 compared to 2011.

In addition to a shortage of inventory, record low interest rates, continued strong hiring by Amazon, Microsoft and a slew of smaller to midsize companies and a general belief that the market has hit bottom has resulted in strong appreciation for most Seattle home owners and sellers in 2012.

The median sale price for single-family homes sold in 2012 in NE Seattle was $442,000 compared to $410,000 for 2011, an almost 8% increase. The average time on market decreased to sold 29 days in 2012 from 55 days in 2011.

A less than a 3 month supply of homes is generally considered a Seller’s market. The overall supply of NE Seattle homes averaged around 1.6 months of inventory for 2012 relative to a little more than a 3 month supply for 2011.

Expected trends for 2013 include continued low interest rates and inventory as well as multiple offers situations for competitively priced homes in popular neighborhoods including most of NE Seattle with its great walkability, popular schools and proximity to downtown.

More stats on other Seattle neighborhoods can be found here.

Tip: Even in a strong home Seller’s market amazing photos and professional marketing materials (including a custom website and full color two sided flyers) can result in a quicker sale and the best sale price.

John Madrid is a Managing Broker with John L. Scott Real Estate – University Village and is a 2005-2012 Seattle Magazine “Five Star” Agent. His clients include both home buyers and sellers. He can be reached at 206-498-1880, john@live206.com or www.live206.com.

(Statistics are deemed reliable but are not guaranteed. All information should be verified to the users own satisfaction.)

Seattle Farmer’s Market vendors make their weekly trip to the University District every Saturday from 9 a.m.-2 p.m. In the south parking lot of the University Heights Center for the Community, a group of over 50 Washington farmers sell fresh produce, meats, and cheese.

The U-District market was the first farmer’s market in Seattle and was established as a year-round market in 1993 by Chris Curtis, the Neighborhood Farmer’s Market Alliance director and a group of volunteers. According to the NFMA website, the U-District branch is the “oldest and largest ‘farmers-only’ neighborhood market.”

A good way to ease oneself into the farmer’s market atmosphere is to snack on a fresh Honeycrisp apple or grab a bite to eat from one of the weekly vendors in the Market Bites section of the lot. Pre-made plates can be bought there with selections ranging from Indian Naan or tamales to crepes or ice cream from Whidbey Island.

After satisfying grumbling stomachs, begin exploring what the market has to offer. Brace yourself; there is going to be a lot between picking out produce and coming to terms with farmer’s market pricing.

For those new to the locally grown scene, shopping at farmer’s markets can be a bit intimidating because of prices of fresh, organic foods.

“People are usually thinking it is expensive, but what you can do is to walk around and compare prices,” said Thea Preuss, a market volunteer.

So as not to have the wits scared out of them, new visitors (and perhaps UW students looking for a break from dorm fare) should avoid looking at products like foraged chanterelle mushrooms and fiddlehead ferns, each of which can easily be over $20/lb. Instead, try visiting vendors that sell everyday products like apples and salad mixes. Often, bulk mixes of arugula, lettuces, and spinach sell or about the same price as (or slightly more expensive than) supermarket boxed greens. Apples (at about a dollar each) are more costly than their grocery store counterparts, but make up for the price with their fresh flavor. During the average weekend, over 2500 visits come through the market.

However, with peak season approaching for Washington farmer’s markets, shoppers can expect grounds to become more crowded. According to one NFMA staff member, during the summer, the U-District site has about 3500 visitors.

According to Curtis, as a result of the rising Seattle temperatures, summer fruits and vegetables like strawberries, blackberries, asparagus, and greens will be making their debut at the U-District farmer’s market in the next few weeks.

All seven of the farmer’s market venues accept Electronic Benefit Transfer (EBT). For more information about using EBT or food stamps at the markets or to find a location nearest to you, please visit www.seattlefarmersmarkets.org.

Unsurprisingly, Sound Transit will recommend that the temporary names be used as the permanent names… with one exception: Brooklyn Station.

Sound Transit says they’ve receive the most comments about the station at NE 45th Street and Brooklyn Avenue NE and are now going to recommend it be called U District Station.

They still want to hear from you. You can take an on-line survey or send them an email.

Sound Transit hopes it’s Board of Directors can formally adopt permanent station names as early as June.

Meanwhile, a memorial fund is now established for one of the victims:

A memorial trust has been established for Donald Largen, a 57-year-old saxophone player and urban planner who was killed Wednesday in the Café Racer shooting. Donations are needed to fund funeral expenses and support his surviving partner, Glenna Wilson.

Donations are welcome in any amount and can be made at any Bank of America location to the Donald B. Largen Memorial Trust Fund. All proceeds will be used to cover funeral expenses, with the remainder going to Wilson, Largen’s partner of 22 years. Separate funds are being created for the other shooting victims.

Paul Zemtseff, a close friend of the departed, said funds are strongly needed and appreciated. “Don was a brutally honest man who could argue with the best of them yet could be convinced to change his mind. I will miss all his superb, clever (and often bawdy) jokes that he never had a chance to share with us. Whenever they came to dinner, it was always like the first time. He was consistently the most gracious and thankful guest. He lived a very conscious life and will be missed – most by his sweetheart Glenna, who has lost her other half. We will all so miss your great big heart.”

Largen was a Seattle native who graduated from Shorecrest High School and the University of Washington. He worked as an urban planner while simultaneously pursuing his love of music, regularly playing at cafes and friend’s houses whenever possible. He loved Costa Rica and visited as often as possible with Glenna. He was a resident of the Roosevelt neighborhood and was a regular at local establishments such as the Café Racer, Latona Pub, Big Time Brewery and Café Allegro.

A large memorial pours out onto the sidewalk in front of Cafe Racer on Roosevelt. One note reads, “Please be kind to your neighborhood.” Friends stopped by to pay their respects and share memories.

“(They were) just the most creative, artistic people I’ve ever met, hands down,” said friend Jacob Landry in an interview with KIRO TV. “Life was kind of hard on both of them for a long time. They turned it around with music and shared good things with other people.”

(Mourners play New Orleans style jazz outside Cafe Racer.)

Police say gunman Ian L. Stawicki shot and killed himself in West Seattle. A fifth victim, a Bellevue mom, was shot and killed in First Hill when Stawicki carjacked her SUV, police say.

The University District shootings sparked a massive police response, locking down Roosevelt High School among Seattle Police’s warnings for everyone to either stay away from the area or remain inside their homes and businesses, doors. Eckstein Middle and Green Lake Elementary also locked their doors. Neighbors told Maple Leaf Life that police were going door-to-door blocks away from the shooting scene, searching for the suspect.

(Cafe Racer surveillance images provided by Seattle Police)

Police identified the gunman as Ian Lee Stawicki, 40, of Seattle, seen above in the beard and light blue jacket in surveillance video provided by SPD. His brother told the Seattle Times that he was mentally ill. “It’s no surprise to me this happened. We could see this coming. Nothing good is going to come with that much anger inside of you,” Andrew Stawicki said.

Harborview Medical Center told KING 5 that the two injured in the shooting have life-threatening injuries. “It is not going to be an easy road for them, it’s minute by minute, hour by hour, and that’s where we are at right now,” said hospital spokeswoman Susan Gregg.

During the search for the gunman, the UW said it alerted students to the suspect description, but did not issue a campus lockdown.