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Discount Real Estate Commissions

Homeowners in Sequim and Port Angeles, and for that matter throughout the country, are not satisfied with paying typical 6% real estate commissions.  Hence the rise of discount brokerage services, flat fee consulting services, and for-sale-by-owner websites. 

There are some very good reasons.  The whole business of buying and selling real estate has been changing.  Traditional advertising has been loosing its appeal to consumers.  Remember cold calling?  That used to be popular.  The public grew to hate cold calling so much, we have stringent laws controlling that distasteful practice, and we have "do not call" lists.  Remember the cigarette ads on billboards in the ’60’s and ’70’s?  Billion dollar judgments have been entered against cigarette companies, the advertising has been regulated by law, and billboards have become passe.

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Real estate prices have stalled and dropped in some areas in and around Sequim and Port Angeles, Washington, but appreciation has far exceeded the minor price decreases as shown in this data from Standard and Poor’s:
City            App from        Change                2000           Oct 06-07

Atlanta         133.79          - 0.7%Boston          169.34          - 3.6%Charlotte       133.98          + 4.3%Chicago         163.12          - 3.2%Cleveland       115.93          - 4.5%Dallas          124.44          - 0.1%Denver          136.08          - 1.8%Detroit         108.15          - 11.2%Las Vegas       208.68          - 10.7%Los Angeles     249.50          - 8.8%Miami           244.35          - 12.4%Minneapolis     161.24          - 5.5%New York        205.48          - 4.1%Phoenix         200.72          - 10.6%Portland        185.10          + 1.9%San Diego       217.02          - 11.1%San Francisco   202.03          - 6.2%Seattle         189.86          + 3.3%Tampa           206.38          - 11.8%Washington      226.71          - 7.0%
Seattle is a substantially different market than the Olympic Peninsula, but the price history has been similar. Since 2000 home prices in the Seattle area have appreciated 189.86%, and even in the last year, Seattle prices have increased 3.3%. The winter months always slow down on the Olympic Peninsula, and the spring months will tell us how 2008 will turn out for home sellers in the area.

Inventory is up as expected in this market, but we simply have not seen a crashing of prices by any measure in Sequim and Port Angeles. We are on a plateau for home prices, and we’re seeing an increase in inventory, especially of lots, and greater competition among developers and builders. It is normal for developers to catch the first rogue wave, because developers must plan ahead for many years. To get a project to market is the culmination of a lot of hard work by the captain and deck hands, several years, and a hull full of money. When a market starts to slow, projects must be completed even if it takes longer to sell them out. There’s no turning back. That’s how it works.

As with many things, timing is everything if you’re selling, but for individual home owners, pricing your home at true fair market value (FMV) is a major key to get a buyer to sit down and make a written offer in any market.

In difficult times wisdom becomes a precious commodity in deciding what to do and how to do it. I would recommend home buyers and sellers select their professional Realtor very carefully. Wisdom is not common. It comes from many years of diligence, education, experience, and the school of hard knocks. Search for it like buried treasure, because only by making wise decisions will you rest in the comfort of knowing you got the best price at the right time in the right place.

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Sequim Real Estate Prices vs. Port Angeles

Here’s a great visual of Sequim real estate prices and Port Angeles real estate prices in the first 11 months of 2006 and 2007. This is very revealing! Click on the graphic below to enlarge it.

Total site-built homes sold in Sequim in the first 11 months of 2006 was 363, and in 2007 it is 318. Total site-built homes sold in Port Angeles in the first 11 months of 2006 was 334, and in 2007 it is 330. So all the negative news in the press does not necessarily apply to Sequim and Port Angeles, does it?

Notice that the average selling price this year in both Sequim and Port Angeles has increased, NOT decreased, and Sequim sales are only down to 318 from 363, while Port Angeles sales are only down to 330 from 334. Obviously, Sequim having been “hot” for a time has seen its sales down in 2007 more than Port Angeles. Overall, this is still a very healthy real estate market.

Note on Source of Data: These statistics come from the most reliable real estate agent database, Paragon, which is the primary source of all agent listings and sales in Sequim and Port Angeles. Some brokers also belong to the Northwest MLS, but since not all brokers belong to the NWMLS, and all brokers do belong to the Paragon MLS, Paragon is the only source of all listings and sales through brokers. There is a small segment of market data that is not included in either the Paragon system or the NWMLS, and that is the for-sale-by-owner listing or sale. Since that is such a small percentage of the market, the Paragon statistics are deemed the most reliable and statistically accurate.

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Are Houses Selling in Sequim and Port Angeles?

With all the hullabaloo about real estate sales and prices being down, and with a media that likes to generalize and lump all states together, I like to look at our local stats to find out exactly what is going on. What is happening to Port Angeles real estate sales and prices? Likewise, what is happening to Sequim real estate sales and prices? Watch this blog for regular posts on this subject, and for vignettes of the market. Here is a vignette comparing October sales of last year with October sales this year.

Okay, both Port Angeles and Sequim sales are down this October. P.A. sold 11 less houses, and Sequim sold 15 less houses. If you’re selling your home, consider this: 37 houses still sold in Port Angeles last month, and 45 houses sold last month in Sequim. We are far from a depressed market. It is alive and well, and those net proceeds could be yours.

Now, if you are a FSBO, are you doing the right things to sell your home now? Is it priced right? Do you know where to find buyers? If you have a Realtor, is your Realtor on top of all this? This morning a friend told me she has not heard from her Realtor for months. Her Realtor has not showed their home, is not advertising it, and does not call or write. I sincerely hope you don’t find yourself in this position in this market. In a market that has slowed, and that is this market, you can no longer depend upon luck to sell your home, or a Realtor who does nothing but throws your property in the MLS and hopes someone sells it. Buyers are still buying, but fall into any of the many Traps for the Unwary, and you will still have a house for sale.

Interested in a particular comparison or other market stats? Let me know, and I’ll pull the numbers, chart it and post it for you.

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Sequim and Port Angeles Sales 2006-2007

Click on the Charts to Enlarge

These two graphics compare total sales of homes in the Sequim and Port Angeles areas (excluding new construction) in the first nine months of 2007 and 2006 (below). It’s an interesting comparison in light of all the doom and gloom talk about the real estate market. We are down, but not by alarming proportions. The total number of houses sold in the first nine months of 2006 was 758, and in 2007 it was 697. That’s a decline of only eight percent (8%). This does not include new construction, which we will look at later.

Click on the Charts to Enlarge

Buyers are still buying, and this is good news for sellers. The key is pricing your home right. Overpriced listings will get stale in this market, while the house down the street sells within 60 to 90 days. If a house is overpriced, the window of opportunity with those who would have made an offer is closed. Those buyers are probably gone forever. Only the houses that are priced right are included in the above chart statistics.

Data Used by Permission, Real Market Data, LLC

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Port Angeles and Sequim Real Estate Listings

We are seeing many listings get price reductions, some are getting multiple price reductions in a short period of time. In my opinion, while price reductions are a regular part of the business, and while a slowing market increases the pace of price reductions, there’s another important reason for so many reductions: overpriced listings. A Sacramento Broker, Elizabeth Weintraub, said it well:

As a seller interviews each agent, often the estimate of value creeps upward. Maybe the first agent knows there will be two other agents competing for the listing, so the first agent names an astronomical figure. The second agent, upon hearing the first agent’s price, beats it. The third agent comes in higher yet. A seller who chose an agent based on which estimate is highest is the ultimate loser. Yet almost every seller operates in this manner. It’s a shame because so few agents take the time to educate sellers that other factors such as marketing plans and the agent’s negotiation abilities are far more important than estimate of value. The comps speak loudly if anybody looks at them. Ultimately, the market place establishes value.

From a Realtor’s perspective, getting a listing ought not to be some sort of bidding process: the highest bidder gets the listings. The seller will lose every time. That’s my opinion. Of course, I could be wrong.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent (Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
435 W. Bell St. Suite A, Sequim, WA
(360) 775-5424
ChuckMarunde@gmail.com

From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

From Gilroy California

As an out of state buyer unfamiliar with the area, it was important to me not only to have a real estate agent who knew the area well, but also one who knew the value of the properties. I chose Chuck because he is also a real estate lawyer and it is reassuring to have that extra degree working for you. I selected the houses I was interested in on line before taking a two day trip to Sequim to look at them in person. I sent my list to Chuck, who gave me feedback, then organized our tour so we could see 16 properties in a short time. He was very accommodating, driving me all over Sequim, and rescheduling appointments when we fell behind on our time. On day two, I found my home and we drafted an offer on it that evening. By the time I arrived back home on the plane the next evening, my offer had been accepted. Chuck was honest about what it would take to get me into my new home, while having my back the entire transaction. Since I was unable to relocate immediately after closing, he and his assistant Ade, have been taking care of many additional responsibilities for me. He was a pleasure to work with. Chris D.

From Corona California

The best decision I made, once I settled on Sequim as the ideal place to spend the rest of my days, was to hook up with Chuck Marunde as my broker/go-to guy. He happily took on the entire complicated merry-go-round associated with a long distance move that involved selling in Southern California (with a different agent) and buying in Sequim – all in the span of just over a month. The unexpectedly quick sale of my previous home was already a week into a 30 day escrow when I got to Sequim for my house hunt. We had two days to find my slice of heaven. And day one was less than stellar, each home having at least one major issue. The killer was the dream home that turned out to be an unmitigated disaster once we got inside. I was crushed. Chuck had his work cut out for him that night. And he worked his magic. On day two there was one beautiful possibility, but not quite right. Suffice to say, in the early afternoon we pulled into a driveway and the first words out of my mouth were “That’s my house.” 29 days later I took possession of my new home. Every sale has its issues, but throwing in the complications of a short escrow on top of 1200 miles of separation from all documentation, etc. gives new meaning to “challenging”. Thanks to his encyclopedic knowledge coupled with a great sense of humor, Chuck was able to keep me on an even keel when things got dicey. He knows when to step in and when to let it evolve. I cannot imagine making this move without him. Rebecca B.
Sequim Real Estate

From Bakersfield California

"During the months of February and March 2012, Chuck showed my wife and I over two dozen homes from Port Angeles to Port Townsend. We found Chuck to be very helpful, friendly and courteous. With Chuck there is no pressure; It is all about finding the best home for the buyer. As a Buyer's Agent, Chuck will give you his honest opinion of a property, including a fair market price. In one instance Chuck wrote up an offer for us which was accepted. Chuck was very helpful arranging for home and well inspections which involved multiple trips to the property. Unfortunately, escrow failed to close when, during the home inspection process, it was determined that a septic system repair was needed which the seller was unwilling/unable to make. We will continue to work with Chuck as there is no better Buyer's Agent on the North Olympic" Bert and Sally
Sequim Real Estate Q&A

From Los Alamos New Mexico

"Over a year ago, during a visit to the Olympic Game Farm, we developed what we eventually called the “Sequim Syndrome.” We live in New Mexico and decided Sequim was where we wanted to live in retirement. On our second visit to Sequim, we met with Chuck and asked him to help us. Chuck's web site provides such amazing search capabilities. Chuck's site also contains a 1000 blog postings and a real estate video series detailing buying real estate in Sequim. We bought Chuck's book about Sequim real estate and set out to follow his advice carrying on an ongoing email and phone conversation with Chuck. Doing our due diligence “Marunde style” and using his MLS search site, we came up with about 50 homes that met our needs. We narrowed the list down to 15 properties that best met our needs. We came back to Sequim a third time with our list in hand, and Chuck spent two days with us showing us all the homes on our list. Not only did Chuck help us find that dream home, he spent time to educate us about the quality of construction, fair market values of various properties, home layouts, and the joys of Sequim living. We had a great time as we traveled from house to house. By mid afternoon of the second day, my wife said we had found “the house.” Chuck helped us draft our offer and sent our offer to the seller's agent. It turned out there was a second offer made on the property at the same time. Chuck's help to make a clean offer paid off. At breakfast two days later, we got a call from Chuck saying our offer had been accepted by the sellers. We are now back home in New Mexico. Chuck attends every inspection on our behalf, updating us at every turn by email and phone. Our dream home is becoming a reality because of Chuck and because we were smart enough to follow his advice. We absolutely would NOT have been able to do this without Chuck Marunde's expertise and enthusiasm. We recommend Chuck to everyone planning a move to Sequim, Port Angeles, or anywhere on the Olympic Peninsula. Chuck is a gold mine of information and expertise for home buyers everywhere, not just on the Olympic" Larry and Shirley
Sequim Real Estate Bookstore

From Sun Lakes Arizona

"We are ex-Washington residents who currently live in Arizona. We had been searching the Puget Sound area four years for a waterfront property to build a retirement home when we first contacted Chuck Marunde through his website. We had made multiple trips to various areas but most of the Realtors we contacted simply sent us an email, provided no follow up and did next to nothing to help us locate a property. On our first trip to Port Angeles, after connecting with Chuck, we purchased our dream property. We now own a high bank waterfront lot overlooking the Straight of Jaun de Fuca, and are excited to become part of the Peninsula community." Paul and Linda

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

From Sequim

I’ve known Chuck Marunde for several years. My wife and I bought and sold one house through his services, and now have another listed through him for sale. Whether Chuck was representing us as the buyer or seller, I am confident he always had our best interests at heart. He helped us set or negotiate a reasonable price, and made sure there was a clear and open line of communication. He responded rapidly to email and phone calls and always knew the best person to contact for the various services involved in a transaction. I have worked with quite a few real estate agents and Chuck is right at the top of my list of good ones. Actually, Chuck is first and foremost just a good person, and he carries his personal honesty and integrity over into his profession. He has the greatest depth of experience in real estate of any agent or broker I have known. His years of practicing real estate law prior to becoming a broker are evident in the meticulous care he takes with the process and documentation. I am impressed by the way Chuck has integrated internet services into his real estate business. He probably knows more about this process than any other realtor in the country. In this tight market it is important to use every possible means to spread the word about available properties…to reach the few people who might be interested in a particular property. Steve L.

From The Netherlands

"We contacted Chuck about six months ago to help find a retirement property in Sequim. We had visited Sequim several weeks before and decided that this was the place for us to retire. We liked the friendly people and the natural beauty of the area. We had been looking for some time in other parts of the country - California, Oregon, North Carolina, and Vermont. In most of these other areas, we found real estate agents that were knowledgeable but did not follow up with us to continue narrowing down real estate possibilities. Once we were out of earshot, communications would stop. That is one of the reasons we were interested in working with Chuck. Besides having great knowledge of both the local real estate market and of law, his testimonials on the internet indicated a willingness to actively communicate with his clients. Chuck demonstrated this immediately. Even before we met, he responded very quickly and helpfully to any email question. After arriving for a second visit to Sequim in September, we finally met Chuck face to face. He was friendly, encouraging, and readily shared good practical information. We worked with him on a number of candidate properties - including an offer on a property while visiting that week. Although we could not come to terms with the owners on the final property price, we look forward to continuing to work closely with Chuck. He is an invaluable resource to help us identify and purchase the retirement property that's right for us." Paul and Virginia

From Fremont California

We can't say enough about working with Chuck Marunde. Luck would have it that we discovered his web site, spoke with him on the phone and had an instant feeling that we had found our realtor. And we were right. With Chucks help and expertise, our longtime dream to retire to the Pacific Northwest came to fruition with Chuck assisting us in finding the perfect home for us. Buying a home is always a big decision and these days can be complex with unexpected delays etc. In fact, our whole experience from offer day to closing, was very smooth. Chuck took all the time we needed to explain processes and made us feel at ease, even though we lived 800 miles away, tying up loose ends and getting ready for the big move to our new home in Sequim. We were impressed with Chuck's ability to listen to our needs and understand our concerns in buying from a distance. Chuck kept us informed all along the way, during the process and was so good at getting right back to us if we had another question. All went so well and Chuck really went above and beyond for us, taking time out from his busy schedule to assist us with some details regarding our beautiful property, even after the closing, because we were not yet arrived there. Without hesitation, our son and his wife will be contacting Chuck this summer, as they plan to follow us to paradise in this lovely town. Thanks again Chuck, for everything! Mary and Jerry

From Fontana California

My husband and I went to Sequim intending to interview several realtors to find one to help us locate and buy a home in Sequim. We knew we wanted someone we could trust and who would have our best interests in mind. Since we would be handling the transaction from S. California this was very important to us. We met Chuck and looked no further. We felt a connection right away and spent some time looking at homes together so Chuck could get a feel for what we wanted. Well, we left Sequim having made an offer on a home which the owner accepted. Chuck has helped us through the purchase process. We are positive it would not have gone so smoothly without his help. We give him 4 thumbs up. Wally & Cathy

From Tacoma

Chuck Marunde’s level of expertise in real estate investment is amazing. His knowledge, experience and legal training have given me a dramatic advantage in real estate investing. He works hard to stay on the cutting edge of real estate marketing, sound advice and value-added service for his clients. Kirk Wald, Financial Planner

From Wendell Idaho

My wife and I moved to Sequim six weeks ago, and prior to our move here I contacted Chuck Marunde and enlisted his help as our buyer's agent. Once we got here, it took us about two weeks looking at houses, and Chuck did a superb job of showing us places and letting us make our own decisions and guide us through the purchase of our home. We now completed our transaction and are very happy. We would recommend Chuck to anybody. Don & Marilyn

From Sequim

"Buying property either commercial or residential can sometimes be a tricky proposition. That’s why I would recommend Chuck to help you with purchasing or selling property. His background as a real-estate lawyer and his no nonsense to the point advice will help you make the right decisions. Experience and Integrity, what you need when you can’t afford to make a mistake. Dail Hurdlow, CEO, Hurdlow Enterprises

From Seattle

I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”

I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…

Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!

You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.

Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.

Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!

Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]

Intro by Chuck Marunde

From Sequim to California

"In our Sequim real estate broker Chuck Marunde we found a Realtor who knew not only how to list a property, but most importantly, he knew how to sell a property. Chuck is very skilled in current technology and uses that skill to advertise your property nationally. We were very pleased with Chuck, his honesty and integrity." Jerry Levitan and Donna "Teva" Tetiva

Who is Chuck Marunde?

Chuck Marunde is the #1 Sequim Buyer's Agent, having sold more homes (by volume) to buyers than any other agent or any "team" of agents for the past seven years. He is the author of thousands of articles for buyers on this real estate blog, and he is the author of several real estate books for buyers and one for sellers. He is the creator of many free tools that buyers use and love every day. He is recognized as a national expert on real estate transactions, marketing, and negotiating. Please schedule your appointment to view homes with Chuck well in advance of arriving in Sequim.
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