Lennox's Real Estate Blog

sharing my passion for real estate

50 Years in the Family Business

Lennox 2013 PhotoI was just asked to do an interview with Real Trends on my upcoming (in 2013) 50 year anniversary with the company. I had a wonderful time reminiscing about my humble beginnings with my grandfather’s company and the bright future we have ahead. Below is an excerpt from the article.

“At 9 years old, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in Seattle, was painting signs for his father’s business—John L. Scott Real Estate. “My brother and I would set up the for-sale signs and paint the base and top color, then it would go off to get the stencil letters,” says Scott, the third generation leader who’s currently celebrating his 50th year in the family business. “The company is 81 years old,” he says. Scott’s grandfather founded the brokerage in 1931, and his father also ran the business until his death in 1977.

By age 13, Scott was working on a yard crew to overhaul corporate houses. “Every time we fixed up a house, it would end up selling quickly. I learned a lot of lessons early on,” says Scott…..”  READ MORE….

Written by Lennox

December 5, 2012 at 2:32 pm

Posted in Uncategorized

November 2012 Market Update – Intensified Sales Activity where there is a Shortage of Inventory

We are seeing intense sales activity in the price ranges where there is a shortage of inventory. In King County, 95% of sales activity is taking place in the price ranges where there is only 1.8 months of resale inventory available. This is causing a definite rise in prices compared to one year ago.

The intensified sales activity, combined with the shortage of inventory and low interest rates has created a “double quick action market,” resulting in multiple offer situations and rising prices.

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Written by Lennox

November 8, 2012 at 5:17 pm

Posted in Uncategorized

Real Estate’s Top Ten for 2012

Image2012 has been an historical year for real estate. We have seen a positive shift in the market; driven by historically low interest rates and lower adjusted prices which have brought out motivated buyers. The shortage of inventory has caused multiple offer situations to become increasingly common. The following are the top stories of 2012:

 

 

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Written by Lennox

October 18, 2012 at 4:39 pm

Posted in Uncategorized

Residential Housing Inventory Shortage

ImageWe are now experiencing, in most market areas, a shortage of homes available for sale. Favorable market conditions have produced a surge of local home buyers (backlog) on top of the elevated number of residential investors. This combined with fewer homes coming on the market has created a shortage of inventory in the more affordable and mid price ranges and the upper end close to job centers.

Possible Sources of Additional Homes for Sale and How to Optimize Support:

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Written by Lennox

July 20, 2012 at 3:23 pm

Posted in Uncategorized

Entering the Fourth Phase of the US Housing Recovery

Five years ago, the U.S. government took unprecedented measures to end the subprime mortgage crisis. Since that time we have seen the rolling aftermath. Underwater home owners, short sales, and foreclosures cast a dark shadow over the market. The federal government and the real estate industry have been focused on three pressing issues since then:

  • Helping distressed owners stay in their homes.
  • Moving the housing recovery and US economy forward.
  • Creating an environment for a sustainable housing market.

Many strategies have been attempted since the financial meltdown to turn real estate around. The creation of the FHFA (Federal Housing Finance Agency) and its conservatorship of government-sponsored enterprises Fannie Mae and Freddie Mac ensured a flow of capital to the housing market. The home buyer tax credit, loan-modification refinancing reforms, and the efforts to streamline the short-sale process have given buyers and sellers the tools they need to navigate their way through the tumultuous market.

We are now on the road to not just a temporary recovery but a sustainable recovery. What follows is an explanation of how we got here and how to continue down a positive, sustainable path.

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Written by Lennox

June 20, 2012 at 10:26 am

Posted in Uncategorized

Major Housing Market Shift

This is a unique time in the real estate market. Here are the market facts for the Puget Sound region

Strong Sales Activity Being Driven by Local Home Buyer Surge

Driven by the return of local home buyers, a positive market psychology has returned. Low inventory, adjusted prices and the historically low interest rates combined with improving job growth have created a positive market for local home buyers. Starting in 2010 an elevated level of residential investors seized the opportunity to purchase homes and Read the rest of this entry »

Written by Lennox

May 2, 2012 at 3:52 pm

Seattle is a Special Market for Residential Real Estate

A sellers’ market has returned in the areas close to the job centers of Seattle and Bellevue, up to the one million dollar price point.  We are also seeing the same situation in the more affordable price ranges in the surrounding market areas, caused by a shortage of inventory and healthy/strong sales activity. Price increases are muted by short sales and foreclosures that are causing low appraisal values.

Unique market conditions prevail: Both low inventory and low interest rates at the same time.

Major factors leading to the current healthy/strong sales activity are positive job growth, population growth, home buyers taking advantage of the low rates and lower adjusted home prices, elevated number of investors in the market and historic low interest rates, in the upper 3% range.

The lower number of new listings coming on the market is being caused by under-water sellers and sellers with equity holding off for higher prices and the lack of new construction/condominiums. The low number of new listings combined with the increase in sales activity is creating the shortage of homes for sale on the market in specific areas and price ranges.

As always, thanks for reading.

Lennox

Written by Lennox

February 3, 2012 at 12:53 pm

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