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.
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.
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.
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.
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.
This post originally appeared on GetTheWReport.com
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).
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.
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:
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
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
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 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
- Make a secure online donation.
- Mail your donation to: Bellevue LifeSpring, 302 Bellevue Square, Bellevue, WA 98004
- Call 425-451-1175 to make your donation via phone
- Designate Bellevue LifeSpring for your charitable payroll deduction (Tax ID #91-0658331)
- Make a bequest or planned gift – contact Jennifer@BellevueLifeSpring.org
- Stock transfer – contact Lauren@BellevueLifeSpring.org
- Become a Legacy Donor – contact Jennifer@BellevueLifeSpring.org
Other ways to support Bellevue LifeSpring:
- Sponsor and/or attend our fundraising events: Step Up to the Plate Benefit Luncheon and Uncork the Night
- Become a Circle Member
- Volunteer – with Bellevue LifeSpring or Thrift Culture
- Conduct a clothing, food or basic needs drive
- Donate your new or gently used clothing and household décor to Thrift Culture
- Designate Bellevue LifeSpring when shopping with Amazon Smile or Fred Meyer Shoppers Rewards
- Discover your best health and what’s happening inside your gut with a science based at home microbiome test from Viome. Get a personalized dietary action plan to fix it . Viome will also donate $50 to Bellevue LifeSpring automatically for your first kit purchased
Information and pictures in this post originally appeared on BellevueLifespring.org
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.
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.
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.
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.
The craving to move happens to every homeowner as they start to feel bogged down, or like they need a restart. That sense of newness doesn’t have to be dramatic, however. The great part about having a home of your own is you can make improvements and give your home a chance to evolve over time. You just need to help your home live up to its potential! These are seven of our favorite improvements to help you make the most of your home.
1. Find Your Home’s Purpose
Each home is as unique as its owners, so in order to fully utilize your home, consider how you view your home’s purpose. Some people like to entertain, others find it a calm space in the frenzy of daily life; some nurture their families and others nurture their creativity. Your home’s purpose can be any combination of these and more, but it helps to consider the function of your space in order to ultimately find its purpose. Knowing your home’s purpose will help guide you as you move room to room while you refresh the space.
2. Assemble a List
Create a list of haves/needs/wants. Answer questions like: what is it about the space that isn’t working; how could it work better to fulfill the purpose; where could I move some of my items to make them feel new again?
3. Make an “Inspiration Board”
An “inspiration board” is a great way to visualize your home’s decor. You can create a board online with a tool like Pinterest to organize ideas you love, you can also use the ‘Save’ feature on Instagram, or the old-fashioned way with a cork board and magazines. Doing this will allow you to see all the elements you like in one place so that you can then tie it all together into a room you love.
Photo Credit: @Krista4Coral on Instagram
4. Choose a New Palate
Renew the lighting and color by shaking up your color palate. It’s easy to fall into the white/beige standby to keep our rooms neutral, but sometimes a color that provides a contrast to your décor will make the room pop. Add a new color to the palate, refresh a wall with an accent color that you already feature in your decor, or overhaul your curtains and throws with a brand new hue.
What about the Pantone color of the year? See our blog on how to incorporate Living Coral into your home.
Moving furniture around is another easy way to reinvent your space. Try placing your sofa on an angle to open up your entertaining room or move your lamps to improve lighting. You can also think about moving a piece of furniture into a room to give it new life, like using a unique dresser for a credenza or a chair as a side table.
Photo Credit: HouseBeautiful
6. Create a Collection
If you have items that you like to collect, think about how to transform that collection into something you can display. If you don’t already have a collection of loved objects think about what this collection would be for you. You can center a room design around your travel souvenirs, old camera collection, figurines, unique plates, or familial objects. Adding to this collection over time can be a great way to keep your spaces new while maintaining a personal feel to your decor.
7. Find Design Motivation
Home design evolves over time and can be sustained by finding items that inspire you. Read magazines and books that inspire your interests in architecture, design, art, etc. Or find stores and flea markets that sell pieces that influence your aesthetic. Another way to get in-tune and keep your aesthetic with you is to bring a camera with you when you’re doing your favorite activities and bring back memories or inspirations.
Important Note: Have fun with it! Homes and aesthetics evolve over time, add and subtract as you go, and don’t stress if the room doesn’t feel finished. You’ll get there eventually.
This post originally appeared on Windermere.com.
The pace of the housing market gained momentum in May, bringing an uptick in open house traffic and offers. A drop in interest rates and increased inventory were great incentives for buyers. Despite the increase in supply there is less than two months of inventory available – half the national average and far short of what is considered balanced. Industry experts are predicting a strong market as we segue into summer.
The median price of a single-family home on the Eastside was $928,800 in May, down 3% from the same time last year and virtually unchanged from April. With a booming economy that continues to grow, news of Amazon’s expansion in Bellevue, the latest Microsoft acquisition and plans for a $1.2 billion office park in Redmond, demand for housing on the Eastside is unlikely to decrease any time soon.
Home sale activity in King County was brisk in May. According to a Windermere analysis, 7 out of 10 properties sold last month had 15 or fewer days on the market. More than half of the homes sold at or above list price. The median price of a single-family home was $700,000. While down 4% from the same time last year, that price was up about $22,000 from the previous month. Home to the fastest growing economy in the country, King County is expected to draw even more buyers to the area this year.
Seattle employment continues to grow faster than in most of the country. This has made the city a top location for workers, particularly millennials. Demand has put a strain on available homes, reducing the supply to just seven weeks of inventory available. May home prices in Seattle were lower than they were a year ago, but showed a healthy increase from the previous month. The median price of a single-family home was $784,925 in May, down 5% from a year ago and up $30,000 from April.
In May, the median price of a single-family home in Snohomish County was $499,950. That number remains unchanged from a year ago, and also unchanged from March and April. Despite a 44% increase in inventory, the supply of homes for sale in this area is even tighter than in King County. Brokers report that buyers are being drawn from King County and willing to trade a longer work commute for more affordable housing.
This post originally appeared on getthewreport.com.