Local Market Update – October 2019

While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. It is still a seller’s market, however prices have stabilized. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.

EASTSIDE

Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.

VIEW FULL KING COUNTY REPORT

SEATTLE

Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on October 19, 2019 at 12:45 am
Karen Prins | Category: Local Market Update, Local Real Estate News, Real Estate Investing, Selling a Home | Tagged , , , , , , , ,

10 Tips to Minimize Stress When Selling Your Home

When I was growing up, my family must have moved a dozen times. After the first few moves, we had it down to a science: timed out, scheduled, down to the last box. Despite our best efforts, plans would change, move-out and move-in days would shift, and the experience would stress the entire family out. Despite the stress, we always managed to settle in our new home and sell our old one before the start of school.

With a lot of planning and scheduling, you can minimize the stress of selling your house and moving. Here are some tips:

Plan Ahead

Know when you want to be moved out and into your new home and have a backup plan in case it falls through. Before you sell your home, familiarize yourself with local and state laws about selling a home so you’re not caught by surprise if you forget something important.

Lists and schedules are going to be your new best friend through the process. Have a timetable for when you want to sell your house when you have appraisers, realtors, movers, etc. over. Also, keep one for when your things need to be packed and when you need to be moved into the new place. I suggest keeping it on an Excel sheet so you can easily update it as the timeline changes (and it will – stuff happens).

Use Resources

First time selling a house? Check out some great resources on what you need to know. US News has excellent, step-by-step guides on what you need to know to sell. Appraisers and realtors can also be good resources, and since you’ll be working with them through the process, be sure to ask them questions or have them point you to resources.

Appraisal

Have your house appraised before you sell so you know your budget for your new home. This will help you look for an affordable home that meets your family’s needs. It will also help you maximize the amount you can receive for your old home. You can also learn useful information from an appraisal, such as which repairs need to be made, if any.

Repairs

Does your house need repairs before you move? If so, figure out whether you’ll be covering them, or whether your buyers will (this will be a part of price negotiations, so factor it in with your home budget). Will you need to make repairs in your new house, or will that be covered? Either way, make sure you know which repairs need to be made – and either be upfront with buyers about them or make them before you sell.

Prepare to Move

If you’re moving to a new town or a new state, you need to prepare more than just a new home. Research doctors and dentists, places to eat, and what to do for fun. If you have school-aged children, look at the local school district or private school options – not only to learn how to enroll your kids, but also to get a feel for the school culture, see what extracurricular activities your kids can do, what standards/learning methods your kids’ new school will implement, etc.

Packing

Think: how soon are you moving, what will you need to use before you move, what can get boxed and what needs to stay out?  The sooner you’re moving out, the sooner you need to pack, but if you have time, just take a day per weekend to organize a room, pack what you want to take and arrange to donate what you want to get rid of.

Downsizing

Moves are a great time to purge old, unwanted and unused stuff from your home. Sometimes, it’s necessary if you’re moving into a smaller space. Either way, as you pack each room, think about whether you use what you’re packing to take with you. If you do, pack it to go. If not, put it in a separate box to go to your local donations place. You can also call some organizations to have your unwanted things picked up, no hassle.

If You Have Kids

Moving with kids can be extra stressful. Be sure to include them in the process. This is a wonderful opportunity to teach younger children about moving and prepare them for the changes it brings. Older children can help out with responsibilities, like packing their room or researching their new town.

Your New Place

Moving into a new place takes some planning as well. Once you’ve bought your new home or condo, design at least a basic outline for where your stuff will be set up. Make necessary repairs and decorate (painting, for example) before you unpack. Ideally, you should have some time to do these things before, but if you don’t, don’t be in a hurry to unpack everything – it can be a hassle to paint if you have all your furniture and bookshelves up!

Staying In Touch and Making New Friends

Finally, moving can mean good-byes with family and/or friends. Social media is a great way to keep in touch with people after you’ve moved, but distance can still weaken these old relationships. Make some time to call or message your old friends to keep in touch. Pair that work with a concerted effort to meet new people. See what hobbies or groups are in your new area and start there. It doesn’t seem like a lot, but it can make your new house a home and make your new town a community you can enjoy.

 

This post appeared on the Windermere.com Blog

Patrick Bailey is a professional writer mainly in the fields of mental health, addiction, and living in recovery. Patrick is currently a writer for Mountain Springs Recovery as well as on his own blog.

Posted on October 17, 2019 at 7:00 am
Karen Prins | Category: Buying a Home, For Your Home, Selling a Home | Tagged , , , , , , , , , , , , , , ,

AMAZON COULD BRING THOUSANDS OF DOGS WITH IT TO NEW BELLEVUE OFFICE

Of all the impacts posed by thousands of new Amazon employees migrating to the Eastside, Bellevue officials perhaps weren’t expecting this — this could get ruff.

The Puget Sound Business Journal went through a series of emails among Bellevue city employees, and found that officials are now preparing for thousands of dogs that will likely come with their Amazon employee families. The company’s Seattle headquarters allows many employees to bring their dogs to work, numbering up around 6,000 to 7,000 pets.

Amazon has made other accommodations for its four-legged coworkers. The front desk has a steady supply of dog treats. There is a doggy deck on the 17th floor of one of its buildings — it includes a fake fire hydrant. The company also keeps plenty of poop bags on hand, water fountains, and relief areas. Amazon has even opened an off-leash park in the Denny Triangle.

 

Amazon even knows the most common doggy names at its HQ — Lucy, Bella, and Charlie.

This all means city planners in Bellevue are now looking to the area around the 1 million square feet of office space that Amazon will eventually occupy. Where are all of these dogs going to … go?

Amazon’s South Lake Union headquarters has a few parks and dog areas surrounding it. They are equipped with bushes and trash cans. One email from a Bellevue official expresses concern about the urban landscape around SLU, and how that issue may migrate to the Eastside.

“So … with Amazon coming, it is not just the residential buildings that need pet relief areas built into their developments,” they write. “Office buildings are becoming just as susceptible to impacts from dogs — if not more.”

About 45,000 employees are expected to move into the Bellevue office by 2022; more if the company expands even further in the city.

This was originally posted on MYNorthwest by Dyer Oxley. 

And on GettheWReport.com

Posted on October 9, 2019 at 10:41 pm
Karen Prins | Category: Local Real Estate News

Local Market Update – September 2019

A decrease in inventory coupled with an increase in sales activity led to fewer options for home shoppers in August. There is some good news for would-be buyers as mortgage rates have dropped to their lowest level in three years. Demand remains high but there simply aren’t enough homes on the market. Brokers are hoping to see the traditional seasonal influx of new inventory as we move forward.

EASTSIDE

The median price of a single-family home on the Eastside was $935,000 in August, unchanged from a year ago and up slightly from $925,000 in July. New commercial and residential construction projects are in the works. Strong demand for downtown condos has prompted plans for yet another high-rise tower to break ground next year.

VIEW FULL EASTSIDE REPORT

KING COUNTY

Home prices in King County were flat in August. The median price of a single-family home was $670,000, virtually unchanged from a year ago, and down just one percent from July. Southeast King County, which has some of the most reasonable housing values in the area, saw prices increase 9% over last year. Inventory remains very low. Year-over-year statistics show the volume of new listings dropped 18.5% in King County.

VIEW FULL KING COUNTY REPORT

SEATTLE

Homes sales were up 12% in Seattle for August, putting additional pressure on already slim inventory. There is just over six weeks of available supply. There are signs that prices here are stabilizing as the median home price of $760,000 was unchanged from a year ago and up less than one percent from July. With its booming economy, demand here is expected to stay strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers looking for more affordable options outside of King County pushed pending sales, mutually accepted offers, up nearly 16% over a year ago. Home prices have softened slightly. The median price of a single-family home in August was $490,000, down slightly from the median of $492,225 the same time last year.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on September 19, 2019 at 7:00 am
Karen Prins | Category: Local Market Update

Matthew Gardner Reports – The Slow Down in Foreign Buyers

The United States housing market is experiencing a significant reduction in foreign buyers. Windermere Chief Economist, Matthew Gardner, cites several factors that could be contributing to this trend and offers his opinions as to what to expect in this recent Market Update.

 

This post originally appeared on the Windermere.com Blog

Posted on September 17, 2019 at 8:50 pm
Karen Prins | Category: Buying a Home, Local Market Update, Real Estate Investing, Windermere

MORE HIGH-RISE CONDOS COMING TO DOWNTOWN BELLEVUE

Almost exactly one year ago, Bosa Development paid $11 million for the Sushi Maru site in downtown Bellevue, at 205 105th Ave. N.E. Prior plans filed with the city indicated another condominium tower for the site, which is immediately north of Bosa’s One88, which is mostly sold out and nearing completion (occupancy is expected next year).

Bosa hopes to break ground on the Bellevue project next year

The second condo tower has now entered design review with the city. It’ll have 21 stories, 77 units and 137 underground parking stalls on two levels. As with One88, Amanat Architect of Vancouver, B.C., is designing the project.

A public presentation of the unnamed tower will be held at 7 p.m. Thursday, Aug. 22 at City Hall, 450 110th Ave. N.E. The public comment period ends that same day. The city says that a SEPA determination of non-significance is expected.

The city lists the project at 138,450 square feet, which probably excludes the parking.

Bosa mentions “two active commercial uses” at grade, likely indicting some small retail/commercial bays. The site is on the northwest corner of 105th and Northeast Second Street. It totals 17,945 square feet.

Bosa hopes to start construction next year, and it typically acts as its own general contractor.

Both the new tower and the 21-story, 143-unit One88 will be walkable to Downtown Bellevue Station, where light-service will begin in 2023. Both are also close to Bellevue Square and Lincoln Square. Bosa also has a third site lined up—presumably also for condos—on the Park Row retail complex on the west side of Bellevue Way Northeast, which the developer purchased this February for $36 million.

Bosa’s biggest local project remains the 58-story 3rd & Cherry condominium tower on the vacant downtown Seattle block at 601 Fourth Ave. No permits have been issued there, but the project received a favorable recommendation following it fourth design review in June.

This was originally posted on djc.com by BRIAN MILLER.

Posted on September 6, 2019 at 8:09 pm
Karen Prins | Category: Local Real Estate News, Real Estate Investing | Tagged , , , , ,

International Day of Charity – Bellevue LifeSpring

For International Day of Charity, I would like to highlight my favorite charity in the Bellevue Area – Bellevue Lifespring. This organization is near and dear to my heart for how hard they work to provide for needs of all children and their families in the city. Checkout some of their upcoming fundraising events!

What is Bellevue LifeSpring?

Our mission is to foster stability and self-sufficiency for Bellevue’s children and their families through programs that provide food, clothing, education and emergency assistance.

By addressing a child’s basic needs, Bellevue LifeSpring helps students focus on their education and break the cycle of poverty. Our wraparound approach includes the following programs and services:

Food

Breaktime-Mealtime™ ends hunger by distributing Safeway food during school breaks to children enrolled in the federal free and reduced-price lunch program.
Last Year’s Impact: 1,800+ students fed

Clothing

Clothes-4-Kids™ provides children with vouchers for new back-to-school clothes so they can begin their school year confident and ready to learn.
Last Year’s Impact: 500+ kids served

Thrift Culture supplies quality new and used clothing, shoes and household goods at affordable prices. Vouchers are given to families who cannot afford to pay.
Last Year’s Impact: 100+ families served

Education

Grads-On-Track™ gives summer school scholarships to high school students, helping them stay on track and graduate with their peers.
Last Year’s Impact: 310 classes funded

Educational Grants awards four-year scholarships for higher education so students can achieve stability and independence wherever their futures take them.
Last Year’s Impact: 26 scholarships awarded

Emergency Assistance

Emergency Assistance keeps kids stable and in their homes by providing food and basic needs, eviction prevention and move-in assistance for families in crisis.
Last Year’s Impact: 49 evictions prevented, five families moved into new apartments and 100+ provided with food and basic needs

Holiday Adopt-A-Family™ matches families in need with sponsors who provide food and gifts for Christmas.
Last Year’s Impact: 715 children served

How Can I Help?

How To Donate

Other ways to support Bellevue LifeSpring:

  

Information and pictures in this post originally appeared on BellevueLifespring.org

Posted on September 5, 2019 at 7:30 am
Karen Prins | Category: Give Back

Local Market Update – August 2019

The real estate market continued to moderate in July. Inventory rose and home values softened, providing buyers with increased selection and more favorable pricing. With strong job growth and interest rates holding at below 4 percent, brokers expect the market to remain solid through fall.

EASTSIDE

The market remains strong on the Eastside. The current tech boom continues to fuel demand, buoyed by Google’s recent plans to build out another office in Kirkland. An increase in inventory gives buyers more time to find the right home for their budget. The median price of a single-family home on the Eastside was $925,000 in July, down 2 percent from the same time last year.

VIEW FULL EASTSIDE REPORT

KING COUNTY

Home prices in King County continued to ease. Buyers took advantage of lower prices and new inventory to boost home sales in July. The median price of a single-family home was $680,000, a 3 percent decline from the same time last year. More moderately-priced areas in the south end of the county saw continued price growth.

VIEW FULL KING COUNTY REPORT

SEATTLE

It’s no surprise that Seattle is the top city in the country where millennials are moving. Apple plans to add 2,000 jobs in Seattle. The first of 4,500 Expedia employees will start moving into Interbay soon. While demand here is expected to stay strong, prices continue to cool. The median price of a single-family home was $755,000, down 6 percent from a year ago and a decrease of 3 percent from June. Southeast Seattle, which generally has more affordable homes, saw the median home price rise 9 percent over the same time last year.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Inventory remains very tight in Snohomish County. The number of listings on the market were up 6 percent over last year, and the county has only six weeks of available supply – far short of the four to six months that is considered balanced. The median price of a single-family home in July was $502,000 – up slightly from the median of $495,000 a year ago.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on August 19, 2019 at 7:30 am
Karen Prins | Category: Buying a Home, Local Market Update, Selling a Home

SELLING YOUR HOME: A STEP-BY-STEP APPROACH


Whether you’re starting a family, moving for your job, getting ready to retire or embarking on a new chapter in your life, when your home no longer suits your current situation, it’s time to think about selling it. Although this can be a bit complicated, with the help of your agent, you can minimize the hassles, get the best possible price, and shorten the distance between “For Sale” and “Sold”.

Price it right

If you want to get the best possible price for your home and minimize the time it stays on market, you need to price it correctly from the beginning. Your agent can give you a clear picture of your particular market and can provide you with a comparative market analysis (CMA). A CMA contains detailed information on comparable homes in your area, including square footage, date built, number of bedrooms, lot size and more. It lists pending sales and houses sold in your area in the past six months, along with their actual sale prices.

By comparing your home to similar homes in your neighborhood and reviewing their list prices and actual selling prices, your agent can help you arrive at a fact-based assessment of your home’s market price.

Prepping your house for sale

You want to make a positive first impression when you list your home for sale. Here are some tips on how to enhance your home’s best features:

Work on your curb appeal

Some great things to improve your home’s curbe appeal are to get rid of moss on your roof, power wash your front walk, porch, deck and patio. Clean up the garden and mow the lawn, trim the hedges, weed the flowerbeds and add spots of color with container plants. Clean all the windows inside and out and repair them if they don’t open and close easily.

Refresh, repair and repaint

This goes for interiors and exteriors. If you see peeling paint, add a fresh coat. If it isn’t already, consider painting rooms a neutral shade of white or grey. It’s also a good idea to make necessary repairs as you don’t want to turn off a buyer with a dripping faucet, a broken doorbell, a clogged downspout or a cracked windowpane.

Deep-clean, from floor to ceiling

Clean rugs, drapes and blinds, and steam-clean carpeting. Get rid of any stains or odors. Make sure kitchen appliances, cupboards and counters are spotless and that bathrooms shine.

Declutter and depersonalize

Clean, light-filled, expansive rooms sell houses. So be sure to downsize clutter everywhere in your home, including cupboards, closets and counters. You might also consider storing some furniture or personal items to make rooms look more spacious. Take advantage of views and natural light by keeping drapes and blinds open.

Show your house

After you’ve taken care of all the repairs and cleaning tasks outlined above, your home is ready for its close-up: an open house. It’s actually best for you and your family to leave when potential buyers are present so they can ask your agent questions. But before you go, you might want to:

  • Take your pets with you
  • Open the shades and turn on the lights
  • Light a fire in the gas fireplace
  • Bake cookies or use candles and plug-in’s
  • Keep money, valuables and prescription drugs out of sight

Be flexible in negotiating

If you get offers below your asking price, there are a number of strategies you can try in your counteroffer. You could ask for full price and throw in major appliances that were not originally included in the asking price, offer to pay some of the buyer’s fees, or pay for the inspection. You could also counter with a lower price and not include the appliances. If you receive multiple offers, you can simply make a full-price counter.

Your agent can suggest other strategies as well and help you negotiate the final price.

If your house doesn’t sell or you’ve received only lowball offers, ask your agent to find out what these prospective buyers are saying about your house. It might reveal something you can consider changing to make your house more appealing in the future or switch up the marketing strategy a bit to better manage expectations.

Breeze through your inspection

When a buyer makes an offer on your home, it’s usually contingent on a professional inspection. A standard inspection includes heating and cooling, interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and visible structure. The inspector will be looking for cracks in cement walls, water stains and wood rot.

You can always opt for having an inspection done prior to putting your house on the market, so you can address any potential problems in advance. Your agent can give you several recommendations for qualified inspectors in your area.

Close with confidence

Whether this is your first time or your tenth, your agent can help guide you though the complex process of selling a home. Moreover, he or she can answer any questions you may have about legal documents, settlement costs and the status of your sale.

Your agent’s expertise, resources and extensive network also work for you when you’re buying your next house. Even if you’re moving out of the area, your agent can refer you to a professional agent in your new community.

This post originally appeared on the Windermere.com blog.

Posted on August 14, 2019 at 6:16 pm
Karen Prins | Category: Selling a Home, Windermere

The Gardner Report – Second Quarter 2019

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

Economic Overview

Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).

The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.

Home Sales Activity

  • There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarterof this year.
  • Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
  • Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
  • Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.

Home Prices

  • Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.

  • Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
  • When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
  • The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.

Days on Market

  • The average number of days it took to sell a home matched the second quarter of 2018.
  • Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
  • Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
  • As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.

Conclusions

Posted on July 29, 2019 at 8:27 pm
Karen Prins | Category: Local Market Update, Real Estate Investing, The Gardner Report, Windermere