New jobs and low interest rates continue to fuel the housing market boom. While January is traditionally a slower month for activity, the new year saw steady buyer demand. With the number of sales exceeding new listings, all indicators point to a strong spring market.
The tech industry on the Eastside continues to grow rapidly. Microsoft and Alibaba both have significant expansions underway. Amazon expects to increase its workforce in Bellevue to 15,000 in the next few years, a sevenfold increase from today. As the economy continues to grow, inventory keeps being squeezed. There were 47% fewer single-family homes on the market in January than the year prior. Home prices have been stabilizing for some time, fluctuating slightly from month to month. In January the median home price slipped 2% over a year ago to $892,000.
The number of single-family homes on the market in King County was down nearly 44% from a year ago. That lack of inventory has resulted in more multiple offers and the return of review dates, where sellers identify a date to review all offers. Strong competition for a small supply of homes boosted the median home price 3% over the prior year to $630,525.
The jobs outlook in Seattle for 2020 remains robust, and demand for homes continues to outstrip supply. Traffic at open houses in January reflected that demand, with one central Seattle homes priced in the $1.2 million range drawing more than 300 visitors. Home prices in the city have been relatively stable for the past 12 months. That remained the case in January where the median price for a single-family home inched up 1% over last year to $719,950.
With 35% less inventory than last January, competition among buyers in Snohomish County is fierce and multiple offers have become the norm. The median price of a single-family home soared 12% over a year ago to $509,950. Home prices have been playing catch up, increasing at a much faster pace over the past year than King County. While the prices gap has closed, the median price here is still nearly 20% less than King County.
This post originally appeared on GetTheWReport.com
Image Source: Canva
Ask a homeowner which room they would most like to improve, and most will point to the kitchen – the starting point for every meal and the heart of the home.
Ask those same people why they don’t move forward with a kitchen remodel, and many will say the project seems so overwhelming they don’t know where to start. If your kitchen needs an upgrade, here are some step-by-step suggestions to get you started.
Gather your thoughts
The steps that follow will all progress much easier if you take time beforehand to form a strong opinion about the desired look and layout of your new kitchen.
Start by reviewing kitchen magazines and photo-heavy kitchen remodeling guides and/or websites. Compiling clippings and printouts in a notebook helps you refine your vision. Clip or print the photos that capture your imagination, add notes, and draw circles and arrows around the things you like most.
Once you have a clearer vision of what you want, search online for better examples and new solutions, if necessary. If you live with a significant other, share your ideas with them and don’t allow yourself to become too committed before getting buy-in from them. Contractors and sales associates will expect a unified front.
Focus on the flow
Another major factor you’ll want to consider is how your new kitchen will be used, and by whom:
- Do you want to cook with others?
- Do you want family and guests to gather in the space while you cook?
- Do you want to serve meals in the kitchen?
- Do you want to display your dishware?
- Where would you like things stored for maximum efficiency?
Imagine yourself happily cooking and entertaining in your new kitchen, then note the key elements necessary to make those dreams a reality. Having a list of your desired kitchen features and storage needs will help ensure your plan meets your vision.
Determine your budget
According to the annual Remodeling Magazine survey of costs, a “midrange,” “minor” kitchen remodel will cost homeowners living on the West Coast about $23,000. Those same folks can expect to pay about $70,000 for a midrange “major” kitchen remodel. Determine what you can afford before you start work to ensure that your vision is within reach, or to help prioritize what’s most critical.
What to do with the cabinets
Replacing the cabinets is one of the most expensive improvements you can make in a kitchen remodel (typically consuming 20 to 40 percent of the overall budget, according to Architectural Digest).
Consider refacing instead. This can include one of the following: 1) Installing completely new cabinet doors and drawer fronts or 2) installing new wood or laminate veneer over the existing cabinet and drawer fronts or 3) simply refinishing the existing cabinet and drawer fronts.
Shopping for contractors
The contractor you choose will determine much of the cost, the pace of your project, the amount of disruption, the final results, and your level of satisfaction. So be thorough in your search:
- Ask friends and family for referrals and advice.
- Interview at least three of the leading prospects in-person.
- Ask to see samples of past work.
- Look for someone who complements your operating style (similar personality and communication style).
- Once you’ve narrowed your choice to one or two, ask to speak with a few past clients.
You’ll be tempted to latch onto the first contractor who gets rave reviews from a friend or family member. But remember: You and your project are unique, and it’s worth the time and effort to be rigorous in your search.
If you’re planning to replace appliances, here are three factors you’ll want to consider:
Finish – Stainless steel is still the most popular option, but beware: smudges, fingerprints, water spots, and streaks will be obvious. Black stainless steel has a warmer feel and is better at hiding spots.
Extended warranty – According to Consumer Reports, extended warranties are hardly ever worth it because today’s appliances are so reliable. And if something does fail, it’s often less expensive to just pay for the repair.
Unbiased testing and reviews – Before making an appliance purchase, use the information resources available through Consumer Reports.
A final note
Moving walls and extending your home’s foundation are both very expensive options. If your kitchen plans call for these architectural renovations, perhaps you’ve outgrown your home and need something larger (with an already-improved kitchen).
This post originally appeared on the Windermere.com Blog
As we head into a new decade, the Windermere Foundation reached a milestone in 2019 by raising nearly $3 million, bringing the grand total to over $40 million in donations raised since 1989.
Twenty-five percent of the funds raised in 2019 were donated by agents from their commissions. The rest was raised through office fundraisers, additional giving by owners, agents, and staff, and public donations. These dollars stay local, as each Windermere Real Estate office has their own Foundation funds, supporting low-income and homeless families in the communities where offices do business.
One office that celebrated a milestone of its own this past year is the Windermere office in Coeur d’Alene, Idaho. The Coeur d’Alene office became a part of the Windermere network in 1994. In 1996, the office hosted its first annual “Boots and Socks for Kids” event by purchasing and donating 47 pairs of boots and socks to Coeur d’Alene Children Village and St. Vincent DePaul. Since then, the office has donated a total of 12,546 pairs of boots and socks to children in the 40 area schools and local agencies that provide services to low-income or homeless families.
In 2019, Windermere Coeur d’Alene reached a milestone of $1 million total donated to support local non-profits. Organizations that have received donations include CAP Food Bank, Family Promise, CASA, Shared Harvest, St. Vincent DePaul North Idaho, Union Gospel Mission, and United Way of North Idaho, to name just a few. Safe Passage and The Children’s Village of Coeur d’Alene are two non-profits that receive support from the office annually.
Last year also marked the fourth year of Windermere’s #TackleHomelessness campaign with the Seattle Seahawks, in which Windermere committed to donating $100 for every Seahawks home game defensive tackle. This year Windermere partnered with Mary’s Place, a non-profit that provides safe, inclusive shelter and services to support women, children, and families on their journey out of homelessness. Thanks to the Seahawks, we raised $30,000 this season for Mary’s Place, bringing our grand total to $128,200 raised through our #TackleHomelessness campaign.
We are proud of the fundraising efforts made by the Windermere team and are grateful to all who have supported the Windermere Foundation over the years. Because of that support and generosity, we have been able to make a difference in the lives of many families in our local communities over the past 30 years. And we look forward to supporting even more families in 2020. If you’d like to help support programs in your community, please click the Donate button.
To learn more about the Windermere Foundation, visit https://windermerefoundation.com/
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. We 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!
Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe that is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX.
In the fourth quarter of 2019 the state unemployment rate was 4.4%, marginally lower than the 4.5% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created.
- There were 18,322 home sales registered during the final quarter of 2019, representing an impressive increase of 4.7% from the same period in 2018.
- Readers may remember that listing activity spiked in the summer of 2018 but could not be sustained, with the average number of listings continuing to fall. Year-over-year, the number of homes for sale in Western Washington dropped 31.7%.
- Compared to the fourth quarter of 2018, sales rose in nine counties and dropped in six. The greatest growth was in Whatcom County. San Juan County had significant declines, but this is a very small market which makes it prone to extreme swings.
- Pending home sales — a barometer for future closings — dropped 31% between the third and fourth quarters of 2019, suggesting that we may well see a dip in the number of closed sales in the first quarter of 2020.
- Home price growth in Western Washington spiked during fourth quarter, with average prices 8.3% higher than a year ago. The average sale price in Western Washington was $526,564, 0.7% higher than in the third quarter of 2019.
- It’s worth noting that above-average price growth is happening in markets some distance from the primary job centers. I strongly feel this is due to affordability issues, which are forcing buyers farther out.
- Compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 41.7%. Six additional counties also saw double-digit price increases.
- Home prices were higher in every county contained in this report. I expect this trend to continue in 2020, but we may see a softening in the pace of growth in some of the more expensive urban areas.
DAYS ON MARKET
- The average number of days it took to sell a home dropped four days compared to the third quarter of 2019.
- For the second quarter in a row, Thurston County was the tightest market in Western Washington, with homes taking an average of 29 days to sell. In nine counties, the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in four counties and two were unchanged.
- Across the entire region, it took an average of 47 days to sell a home in the fourth quarter. This was up nine days over the third quarter of this year.
- Market time remains below the long-term average across the region, a trend that will likely continue until we see more inventory come to market — possibly as we move through the spring.
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers.
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
This post originally appeared on the Windermere.com Blog.
Windermere Chief Economist, Matthew Gardner, answers the most pressing question on everyone’s minds: Will there be a recession in 2020? Here’s what he expects to see.
Originally posted in on Windermere.com’s Economics 101 Videos and Market News by Matthew Gardner, Chief Economist, Windermere Real Estate
It’s another fall season and the fourth year of Windermere’s #TackleHomelessness campaign with the Seattle Seahawks. As a part of this campaign, Windermere hosts an annual “We’ve Got You Covered” winter drive. This year, 33 Windermere offices in in the greater Seattle area* participated in the drive, collecting new hats, scarves, gloves/mittens, socks, and other warm winter items for Mary’s Place.
Mary’s Place is a non-profit that provides safe, inclusive shelter and services to support women, children and families on their journey out of homelessness. Since 1999, Mary’s Place has helped hundreds of women and families move out of homelessness into more stable situations. But shelter capacity is limited and there are still hundreds of families sleeping outside in cars and tents each night, so Windermere collected items to help them stay warm this winter.
During the four-week drive, our offices collected donations from agents, staff, and the community, which included over 630 hats, 680 pairs of gloves, over 200 scarves, over 2,000 pairs of socks, and an assortment of coats, jackets, sweaters, blankets, toiletries and other items, bringing our grand total to nearly 6,000 items collected for Mary’s Place.
One office made the drive extra special by partnering with a local knitting group. The Windermere Mercer Island office partnered once again with the Mercer Island Tuesday Knitters, to make cozy hats and scarves. This year the knitting group contributed 67 hand-knitted hats and scarves to the winter drive.
The staff at the Mary’s Place donation center in South Seattle were grateful to receive the bins full of donated items that were delivered by Gentle Giant Moving Company. “We are so incredibly grateful to our Windermere family for all that they do for our families!” said Marty Hartman, Mary’s Place Executive Director. “These gifts of warm winter gear will keep our kids and families warm and loved this winter!”
Windermere is also grateful to partner with Gentle Giant Moving Company on our winter drive. For the past four years, they have generously given their time, muscle, and trucks to pick up and deliver all of the donations.
And this drive would not be possible each year without the support of the Seattle Seahawks, our offices, and all those who donated. From all of us at Windermere, thank you for making our fourth annual winter drive a success and for supporting families experiencing homelessness in the greater Seattle area!
*Participating Windermere offices:
Bellevue, Bellevue Commons, Bellevue West, Federal Way, Federal Way-West Campus, Kent, Kirkland, Kirkland Yarrow Bay, Lynnwood, Mercer Island, Mill Creek, Property Management – Bellevue, Property Management – Edmonds, Property Management-Everett, Property Management – Seattle North, Property Management – South, Redmond, Seattle-Eastlake, Seattle-Green Lake, Seattle-Greenwood, Seattle-Lakeview, Seattle-Madison Park, Seattle-Mount Baker, Seattle-Northgate, Seattle-Northwest, Seattle-Pike/Pine, Seattle-Queen Anne, Seattle-Sand Point, Seattle-Wall Street, Seattle-West Seattle, Services Company, Shoreline, Snohomish
This post originally appeared on the Windermere.com Blog
Image Source: karamysh on Shutterstock
What’s the best remodeling project for your home? The answer, in part, depends on where you live. Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report. For the purposes of this blog, we are focusing on the Pacific states (WA, OR, CA, AL) and the Mountain states (MT, ID, UT, CO, NV).
According to Remodeling Magazine, these are the six top projects in those two regions that currently have the best return on your investment when it comes time to sell. To see the full report, click here.
Garage Door Replacement
The project with the most return from Washington State to Nevada? A new garage door.
In the Pacific States, replacing your garage door will cost an average $3,785, but will increase your resale value by $4,686, recouping 123.8 percent of what you paid for it. Homes in the Mountain States will also benefit from a garage door replacement, recouping 98.6 percent of their costs.
Due to its size, a garage door can have a big impact on a home’s curb appeal. But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.
Manufactured Stone Veneer
As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding is the second-best project across the Pacific and Mountain states.
Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. Along the West Coast, it can recoup 110.4 percent of the cost when you sell, and Mountain states will recoup 96.5 percent of the cost.
Wood Deck Addition
While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to positively impact your home’s resale value. Pacific states can expect to pay around $15,000 and Mountain states just above $13,000, but they’ll see 87.8 percent and 74.3 percent recouped respectively when they sell.
Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors. Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.
Minor Kitchen Remodel
No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 87.1 percent of the cost in the Pacific states, and 80.3 percent in the Mountain states.
An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with laminate that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.
Looking to improve your curb appeal and create an entrance that guests and homebuyers won’t soon forget? Add a fiberglass grand entrance. This project involves replacing a standard-sized front door with a larger opening with dual sidelights (glass panels). Typically costing around $8,000, Pacific states will see 85.1 percent of that recouped in the sale, and Mountain states will see 71 percent.
Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For Mountain states, sellers can expect 75.4 percent of the costs recouped, and Pacific sellers will see 84.3 percent.
Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.
This post originally appeared on the Windermere.com Blog