Sequim Open House:  June 4th, 2011 from 2:00 to 4:00 at 83 Solar Lane in Sequim.  This is a 3 bedroom, 2 bath home with a mother-in-law apartment or what could be a home office with it’s own entrance.  There is also a large shop in this private area on over 2 acres of gorgeous Sequim real estate.  This house is being sold at a huge loss.  It’s a buyer’s market, and the seller’s are taking over a $100,000 loss.  Their loss is your gain at the price of $289,900.  There is also a $5,000 selling side bonus to the selling Realtor.

This is a Realtor Sequim Open House, but everyone is welcome.  The public is welcome.  Learn more about the details of this home and see more photos at Sequim Open House.

Driving Directions:  Drive west on Old Olympic Highway over the Sequim-Dungeness River, turn left on Heath Road, and turn left on Solar Lane to 83.  This Sequim Open House is sponsored by eXp Realty and Chuck Marunde.

If you’ve read my earlier article about Sequim Open Houses, you know that I am very focused on my clients and on consumer protection, so I don’t collect your personal information when you come to look at one of my open houses.  I don’t harass people.  I answer your questions, and give you a link to my blog.  That’s it.  I treat people the way I would like to be treated.

Come by and see this fantastic Sequim Open House.

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This home for sale is on 10 acres and is precisely between Sequim and Port Angeles.  This is a 4 Bedroom, 2 Bath home, and was originally $540,000, then down to $399,950 on only 5 acres, but is now priced to sell quickly at $375,000 for the home and 10 acres. There are miles and miles of DNR horse trails adjacent to this gorgeous acreage right off this property. How much is that worth? View the owners own website with great details at Port Angeles Horse Ranch For Sale.

See the listing detail at Sequim Home for Sale.

To view this property, call Chuck Marunde or email me at chuckmarunde@gmail.com  for a showing.

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Sequim open houses are weekend events from time to time, and June 4th and 5th is the big National Association of Realtors push for open houses all over the country.  Many Realtors are holding open houses on Saturday or Sunday afternoon, and most have advertised their open houses in the local print newspapers.  Local associations join the national campaign and much todo is made about the open houses and the opportunity to buy a home with all the hoopla Realtors can muster.  There are some major misconceptions about open houses, and unfortunately these misconceptions have been propagated by my own profession and the NAR.

Sequim Open Houses and The Real Purpose

Do you know the real purpose of an open house?  No, it’s not to sell the house.  Professional Realtors around the country know why they hold open houses, and they know that selling the home is very unlikely.  Only 1% to 2% of houses sell at open houses in a healthy real estate market according to the NAR. In a real estate recession like the one we are in now, my guess is that far less than 1% of homes sell at open houses.  It may be as low as 1/10th of 1% in this recession.  There are two major reasons for this.  The first is that there are fewer buyers these days, and who doesn’t already know that?  The second is that about 95% of all buyers are searching for their next home on the Internet, not in print newspapers and not by driving around looking at open houses.  In many areas, like mine, nearly all buyers are from outside the area, which means they are not in the area when an open house is held.

So why do Realtors hold Sequim open houses?  There are two reasons.  First, they hold open houses to satisfy their selling clients, to be able to tell them they are doing something to market the home.  That reason is more smoke and mirrors than anything else.   The second reason is more substantive.  Realtors hold open houses so they can get a list of prospective buyers.  There it is!  The primary purpose of an open house is so the Realtor can meet buyers and try to reel them in.  They know they won’t sell them the open house, but they want to sell them something.

Proof:  Go to an open house and listen to the questions the hosting Realtor asks you.  Do you live in the area?  How soon do you plan to buy a home?  Have you pre-qualified?  What is your price range?  What kind of work do you do? Do you both work? How many children do you have?  Where do you live now?  Do you rent or own?  Would you sign-in here with your name, address, phone number, and email address? Why would you give a Realtor you have not even hired to represent you all this personal information?  But there is an even greater danger you’ll want to know about.

Sequim Open Houses and Buyers Beware

Why is this such a big deal for buyers?  Why is it a red flag?  Why would I as a Realtor warn buyers about open houses?  The answer will be obvious when I tell you, if it isn’t already.

The listing Realtor who is hosting the open house represents the seller, not you.  This agent has a legal and fiduciary duty to get the seller the highest possible price and the best possible terms.  If you really were interested in a home, would you want to give the seller’s agent all your personal information, information that could be used to negotiate against you?  Of course not.  Read a fuller explanation of the Danger of Dual Agency.

I’ve been in the real estate business for 30 years, 20 as a real estate attorney.  I love the real estate business, and I love representing my clients ethically and without conflict.  I believe my job is to put my clients’ interest first and foremost above all else, even my own interests.  With that in mind, I do a lot of educational articles on this real estate blog, sharing the truth about how the real estate business really works behind the scenes so that buyers can beware of traps for the unwary, avoid sales gimmicks by agents, and protect themselves from conflicts that could cost them a lot of money.

Would you like a simple way of ending all the personal questions and still be able to walk through an open house?  If you are going to be in the area driving around and looking at Sequim open houses, simply say to the hosting Realtor, “Thank you for the open house.  We are represented by a buyer’s agent, Chuck Marunde (or your own buyer’s agent’s name).  We’ll just walk through the home if that’s okay.”  That will end the questioning and make your experience more pleasant.

If you’re attending Sequim open houses and you want to draft an offer on one, you can call me to represent you as your exclusive buyer’s agent at 360-775-5424.  Of course, we can meet at Starbucks and you can interview me first to see if you feel I am competent, professional, and experienced.  You can learn more about me at Sequim Buyer’s Agent.

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It’s been a fun two days looking at Sequim homes with clients from the midwest.  Like many retirees moving to Sequim, these clients prefer a ranch style single level home with a little acreage and 2,000 or more square feet, and they wanted three bedrooms and two baths.  But they also wanted the ideal kitchen and a large garage or a garage plus a shop.  And the master bedroom could not be small, and must have a roomy master bath and a walk-in closet.

Sequim Homes for Sale

We looked at many Sequim homes, and this is most definitely a buyer’s market.  As a Buyer’s Agent I thoroughly enjoy helping my clients filter through the inventory to identify the perfect home.  One could argue there’s no such thing as the “perfect home,” and that is probably true.  That’s why I often speak of the “ideal home.”

In two days of looking at homes, my clients did find the ideal home, and it is a fantastic home in a private area, and has everything they hoped for.  On top of that, the price was reasonable.  Right now Sequim homes listed for sale in the MLS are the best buyer’s market we’ve ever seen here.  Great news for my buyers, but not so great for the sellers and their listing agents.

Sequim Homes a Buyer’s Market

There are a lot of homes in the inventory, but 95% of the homes in the inventory were filtered out of my client’s search.  Like many retirees who know precisely what they want, the homes they were left with consisted of less than 5% of Sequim homes.  The market is bifurcated, meaning that retirees are only interested in the best homes in the best areas listed at reasonable prices.  My clients were down to less than 5% of the homes in the entire inventory.  That means the number of ideal homes for retirees is not a large number.  Not at all.  By the time you filter through our Sequim MLS, you will most likely only find one dozen homes that interest you, homes that you would actually want to consider buying.  Then when we go out and view these homes, you will narrow that down to one or two homes you would consider buying at the right price.  Don’t be fooled by the 800 homes in the inventory.  Those numbers are irrelevant to you.  Realize that the actual inventory of ideal homes for 98% of retirees only consists of a dozen homes.  That’s where we start.

Isn’t that interesting?  If you didn’t know that, you may want to hire me as your buyer’s agent.  I’d love to represent you when you look at Sequim homes. Retirees like you are buying the best Sequim homes every single month here.

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What about Sequim homes for sale?  Are they selling?  The answer is yes, and this chart is revealing.  I’ve tracked Sequim homes for sale from 2003 through calendar year 2010, and I’ve also included a comparison of Sequim and Port Angeles homes sold.

People asked me all the time, “Is the market picking up?”  Well, it’s been pretty flat for a while now, and there really isn’t evidence beyond a reasonable doubt that the market is picking up, but we do see more sales in Sequim in 2010 than in 2009, and a slightly small number of sales in Port Angeles.

In 2009 we had 183 Sequim homes sold, and in 2010 we had 216 Sequim homes sold.  That’s an 18% increase in home sales, but I need to add that this may not be as significant as it sounds.  The numbers are small, which is to say that while 33 more homes sold in Sequim does represent an 18% increase, it only represents 33 homes.  That does not necessarily identify a long term trend.

I will say this.  I’m very busy communicating with buyers and showing homes as a Sequim Buyer’s Agent, and we are entering the the best time of year for home sales, the spring and summer months.

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Sequim Homes are selling.  Chuck Marunde and eXp Realty are pleased to announce the sale of another home in Sequim.  This is a very special home located very close to Sequim’s downtown and shopping district.  The lot includes over an acre with a grand view of the Olympic Mountains to the south.  The house is a three bedroom, two bath home (plus another half bathroom) with 1,500 square feet of living space and a huge bonus building that is completely finished and could be a hobby room or almost anything.

Sequim Homes Still Best Buys

Sequim Homes Are Selling

This home had been on the market for a long time, but it took just the right buyer who had a specific plan for the additional building and land.  It sold for $290,000.

Chuck Marunde acted as a buyer’s agent on this sale.

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