Local Market Update – December 2019

Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.

EASTSIDE

With just over a month of available inventory, demand on Eastside remains very strong. Sales are brisk, with 45% of single-family homes selling in 15 days or less and 20% of homes selling for over list price. The median single-family home price in November rose 2% from a year ago to $900,000 and was unchanged from October.

VIEW FULL EASTSIDE REPORT

KING COUNTY

With more buyers vying for fewer homes, King County remains a solid seller’s market. While inventory traditionally shrinks in the winter, this November saw the number of new listings at historic lows. Demand was strong, with the number of closed sales up 12% over the same time last year. The median home price ticked up 3% over the prior year to $661,000 and was unchanged from October. The strong market sent prices higher in the more affordable price ranges, with some areas in South King County seeing double-digit increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Activity in Seattle was very strong in November. The number of closed sales was up 29% over the same time last year. With just over one month of homes available for sale, the city is starved for inventory. Seattle homes prices have ebbed and flowed slightly from month to month for much of this year. The median price of a single-family home sold in November was off 3% from a year ago to $735,000.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With an increasing number of buyers driving to affordability, the Snohomish County housing market remains robust. Inventory is very tight and continues to fall. The county finished November with just over one month of supply. The median price of a single-family home rose 5% over a year ago to $495,000. That figure is unchanged from October.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on December 17, 2019 at 8:20 am
Karen Prins | Category: Buying a Home, Local Market Update, Selling a Home | Tagged , , , , , , ,

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 , , , , ,

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 | Tagged , , , , , , ,

Local Market Update – July 2019

The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.

Eastside

>>>Click image to view full report.

The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.

King County

>>>Click image to view full report.

There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.

Seattle

>>>Click image to view full report.

Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.

Snohomish County

>>>Click image to view full report.

After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.

This post originally appeared on the GetTheWreport.com.

Posted on July 17, 2019 at 10:22 pm
Karen Prins | Category: Buying a Home, Local Market Update, Real Estate Investing, Selling a Home, Windermere | Tagged , , , , , , , , , , ,