King County Condo Report – First Half of 2015

How does your hood stack up?  The market in Seattle continues to be a seller’s market, including condominiums.  King County condos have experienced a 6% increase over 2014 year to date, right in line with single family homes in King County.  Some neighborhoods have obviously performed better than others.  For example, Northgate/Olympic hills is up 41% over prior year with a median sales price of $285,000 up from $201,500 for same period last year.  West Seattle (98106) is only up 1% over prior year.  But, if you look at the total closed sales you’ll see that there has been 66 closed sales as opposed to only 16 last year, an increase of  57%.   Take a look–how is your hood performing??  Seattle data starts on page 4. . . .

King County Condominium June 2015

 

King County Single Family Home Report – First Half of 2015

How does your hood stack up?  The market in Seattle continues to be a seller’s market.  King County single family residences (does not include condos) has experienced a 6% increase over 2014 year to date.  Some neighborhoods have obviously performed better than others.  For example, Ballard (98107) is up 16% over prior year with a median sales price of $607,500 up from $522,500 for same period last year.  Madison Valley/East Capitol Hill (98112) is up 14% with a median sales price of $1,050,000 for 2014.  June alone in this hood is up 37% in median sales price.  Think that Seattle Real Estate is out of control?  Ask a friend that lives in the California Bay Area, they’ll tell ya it’s CHEAP out here!!  One of the reasons they’re moving up here.  Take a look–how is your hood performing??

Single Family Residence June 2015

How Should I Take Title?

 

One Person’s Name:  Sole Owner

If a recorded deed only contains one name, that person is the legal owner and has full legal power to sell or will away the house or other real property, even if someone else has contributed to the purchase and holds a nonrecorded interest.

If you are wanting to buy with another person that has poor credit (i.e. won’t qualify for a mortgage or will result in a higher interest rate) you can add the person’s name to the title later—sometimes transfer taxes and fees may apply, so be prepared.  Solution to this would be to sign a separate contract that spells out the actual property interests of both parties.  You should speak to a real estate lawyer, I know a great one, just ask and I will get you the info!

Joint Tenancy

You share equal ownership of the property and each of you has the right to use the entire property.  If one person dies, the other automatically becomes the owner of the deceased person’s share, even if there is a will to the contrary.  The advantage is that at the death of the first joint tenant, the property passes to the surviving joint tenant without the expense and trouble of probate proceedings.  But this may not last forever, if one joint tenant sells their share, the joint tenancy ends and the new owner and the original owner becomes tenants in common.  In any case, be sure there is a written agreement.

Tenants In Common

This is the most common way for unmarried couples to take title.  The tenants in common have no automatic right to inherit the property when the other party dies.  When one tenant dies, his or her share of the jointly owned property is left to whomever is specified in the will or living trust.  If there is no will, the person’s intestate heirs will inherit his or her share—and that does not include a living together partner.

So there ya have it!  Not a real fun topic, thinking about what happens when either you or someone you own property with dies.  But, it is a very important to know what your options are so you can take title to real property the way it makes the most sense for your own situation.  Questions?  Call or e-mail me, I am here to help!!