Local Market Update – June 2018

Last month brought some long-awaited, positive news for buyers with May posting the most new listings in over a decade. Despite the uptick in inventory, most homes are selling in less than a month. Prices haven’t been impacted either, with the majority of the region continuing to experience double-digit home price increases.

Eastside

>>>Click image to view full report.

The median home price on the Eastside hit an all-time high of $960, 000 in May; a 10 percent gain over the same time last year. While there were a third more homes for sale in May than a year ago, the area still had only about a month of available inventory. Three to six months is considered a balanced market. Redmond, a city with a population of 64,000, currently has only 51 single-family homes on the market.

King County

>>>Click image to view full report.

First the good news: Those looking to buy a home in King County in May had almost 1,000 more homes to choose from compared to the previous month. The bad news: That boost in inventory did little to moderate home prices. The median price for a single-family home jumped 15 percent to $726,275, up slightly from the record high set in April.

Seattle

>>>Click image to view full report.

A strong economy and desirable lifestyle have kept Seattle a leading destination for job-seekers. The ever-increasing demand for housing has sapped supply and sent prices soaring. For 19 months Seattle has led the nation in rising home prices. May saw the city set yet another record, with the median home price jumping 14 percent to $830,000.

Snohomish County

>>>Click image to view full report.

Soaring prices in King County combined with rising interest rates make Snohomish County an affordable alternative for those willing to extend their commute time. The typical home cost $500,000 in May, an increase of 11 percent over the previous year, and down very slightly from last month.

This post originally appeared on the WindermereEastside.com Blog.


Posted on June 13, 2018 at 10:33 pm
David Hogan | Posted in Local Market Updates |

Start Moving in the Right Direction

Moving is stressful, whether it’s across town or cross-country.  Once you’ve closed on your house, the reality of packing, moving, and setting up a new home can become overwhelming. While no list can make a move “stress-free”, planning ahead and staying organized can help make your move a little smoother.  Here is our list of tips:

Getting started:

  • Once you know your prospective move date set up a quick timeline to make sure you can get all the important tasks done and ready in time for your move.
  • Consider how much stuff you have by doing a home inventory. This can help you decide whether you need to hire movers to help you or if you will be managing your move on your own. Many moving companies supply inventory lists to help you assess the size of truck you will need. You can use your list as double duty for insurance purposes later.
  • As soon as you decide how you will be moving, make your reservations. In general, moving companies and truck rental services are over-booked at the beginning and very end of the month. If you are planning on hiring a moving company, contact a few in your area for a price quote. To find companies ask your real estate agent, family, or friends, and consult online reviews. It is also a good idea to request a quote and compare companies.

Preparing for your move:

  • Moving is a great opportunity to get rid of clutter, junk, or outdated items. Set aside some time to sort through your closets, storage spaces, files, drawers, and more.  Go through cluttered areas and organize items by “keepers”, “give-aways” and “garbage”. You will have less to pack and an opportunity to update after you move. Contact a local nonprofit organization for your donations; some will arrange to pick up larger donations like furniture. If you have items of value, eBay or Craigslist are good options.
  • Changing your address is one of the more tedious tasks in the moving process. You will need to change your address with the United States Post Office. You can find the online form here.
  • You will also need to change your address with each account you have. Here is a list to get you started:
    • Employers
    • Bank(s)
    • Utilities (Electric, Water/Sewage, Oil/Gas)
    • Cable/ Telephone
    • Cell phone service
    • Credit Cards
    • Magazine subscriptions
    • Insurance companies (auto, home/renters, health, dental, vision, etc.)
    • Pharmacy
    • Other personal services

Let the packing begin:

  • Before you start packing, it may help to visualize where everything you have will go. Perhaps furniture will fit better in a different room? Consider the floor plan of your new home and figure out what will go where. This will aid in packing and labeling as you box everything up.
  • Use a tool like floorplanner.com to plan where furniture and items will go.
  • When it comes to packing you have some options. You can work with a service that provides reusable boxes for moving or you can reuse or purchase cardboard boxes.  Make sure you have enough boxes, packing tape, dark markers, and packing paper.
  • Pack rooms according to your floor plan. Label boxes with contents and room. This will make it easier to unpack your home, knowing where everything is going.
  • Real Simple magazine has some great tips on packing for your move.
  • If you have to disassemble any of your furniture, make sure you keep all the parts and directions together.
  • Make sure you set aside your necessities for the day you move. Being tired and unable to take a shower or make your bed can be hard at the end of a long moving day. Here are some ideas of what you may like to pack in your “day-of-move” boxes:
    • Clean linens for the beds, pillows and blankets
    • Clean towels
    • Shower curtain, liner and hooks
    • Toiletries, hand soap, toothbrush, etc.
    • Disposable utensils, cups, napkins, etc
    • Rolls of toilet paper
    • Snacks and water
    • Change of clothes
    • Tools for reassembling furniture, installing hardware, and hanging photos

Making your move

  • Come up with a game plan with your family, so everyone has a role and a part to play.
  • Once the house is empty, do a once over on your old place to make sure it is clean for the next owners/occupants. Here is a useful checklist for cleaning.

Warming your new home

  • Once you have settled into your new home, warm it up by inviting friends and family over to celebrate.
  • Announce your move to far-away friends and family through moving announcements to make sure you stay on the holiday card mailing list.

This post originally appeared on the Windermere.com Blog.

 


Posted on May 25, 2018 at 9:03 pm
David Hogan | Posted in Buying a Home, Home Maintenance, Selling a Home |

Local Market Update – May 2018

Another month, another record. Despite a slight uptick in inventory that showed the highest level of active listings since last August, both King and Snohomish counties saw home prices in April hit all-time highs. There is less than one month of inventory available in both counties, far below the four to six months of supply that is considered “balanced.” As long as the severe shortage of homes remains, improving supply is unlikely to reverse rising prices.

Eastside

>>>Click image to view full report.

With the median price on the Eastside hovering at just under $1 million, you’d expect a softening of the market. Instead, sales were strong at every price point. The median price of $943,000 was a slight dip from the record of $950,000, but up 7 percent from last April. That does show some price moderation. According to Windermere Chief Economist Matthew Gardner, mortgage rates are expected to increase modestly in the coming months, which he predicts should further moderate price growth.

King County

>>>Click image to view full report.

After setting a record in March, the median price of a single-family home in King County hit a new high of $725,000 in April. Prices soared 16 percent over a year ago, an increase of $100,000. The rising cost of both rental and home prices is taking its toll. According to a new study, 68 percent of King County residents rate the quality of life here as high but 35 percent said the cost of living is the worst problem in the county.

Seattle

>>>Click image to view full report.

The median cost of a single-family home in Seattle was $819,000, unchanged from March but up 13 percent from a year ago. There doesn’t appear to be any price relief in the near future. The booming job market in Seattle continues to fuel housing demand that far exceeds supply. As a result, home prices are predicted to rise at above-average rates in the coming year.

Snohomish County

>>>Click image to view full report.

In Snohomish County, the median price of a single-family home exceeded half a million dollars, setting a new record for the region. The typical home cost of $505,975 in April was up 15 percent over the same time last year. Despite record-setting prices, the area continues to draw buyers seeking to find more affordable housing options. Of the 100,000+ people who leave King County each year, the majority move to Snohomish County.


Posted on May 11, 2018 at 11:19 pm
David Hogan | Posted in Local Market Updates |

How Windermere Wins with Chinese Buyers

Chinese buyers continue to strongly influence our local market. 

According to a report by Chinese website Juwai, the Seattle/Eastside area is the #3 most popular choice in the U.S. for Chinese buyers behind Los Angeles and New York City.

Windermere specifically targets this lucrative market. 

  • Windermere properties are listed on the Chinese real estate website, Juwai, which has 2.6 million unique views per month from Chinese consumers who are searching purely for western properties.
  • Windermere properties are listed with Luxury Portfolio International, a prestigious real estate site with a fully-translated Mandarin language portal.
  • Windermere will have a prominent presence at the Luxury Property Show in Beijing, an invitation-only event hosting over 6,000 highly-targeted luxury home buyers in China.
  • Windermere targets local Chinese nationals and their families and colleagues through marketing in the Seattle Chinese Times. \

Windermere agents sell more luxury homes to Chinese buyers. 

Source: Sales in 2017 to Chinese buyers of residential homes in King County priced at $3 million or more. Created by Windermere Real Estate/East Inc. using NWMLS data, public records, and information from brokers. Information are estimates. Information was not verified or published by NWMLS.

 

This post originally appeared on the Windermere Eastside blog.


Posted on April 23, 2018 at 11:38 pm
David Hogan | Posted in Local Market News |

Local Market Update – April 2018

Despite the typical seasonal surge in new listings, supply in our area continued to fall far short of demand in March. With just two weeks of available inventory in every market, competition for homes is intense. The result was another month of double-digit price increases as compared to a year ago. The region has now led the country in home price increases for 17 months in a row. The prediction for the spring market: HOT with no signs of cooling.

Eastside

>>>Click image to view full report.

The median price of a single-family home was up 6 percent over last March to $926,000, down slightly from the record-setting price last month. Sales were brisk at every price, including the luxury market. Sales of homes priced at $2 million or more were up 23 percent in the first quarter of 2018 as compared to the previous year.

King County

>>>Click image to view full report.

A booming economy combined with insufficient inventory propelled prices to an all-time high in March. The median price of a single-family home in King County jumped 15 percent to $689,950. Multiple offers remain the norm. Buyers here need to plan on moving very quickly and working with their agent on strategies to navigate bidding wars.

Seattle

>>>Click image to view full report.

The median home price in Seattle set a new record of $819,500 in March, up a whopping 17 percent from a year ago. Homes are selling within days of being listed. Only 19 single-family homes are currently on the market in Ballard and just 24 in Queen Anne. South Seattle, traditionally the most affordable part of the city, has seen the greatest increase in prices. Home values in these neighborhoods have nearly tripled since the recession ended, while home values in the rest of the city have doubled.

Snohomish County

>>>Click image to view full report.

Once a less competitive market than King County, Snohomish County now has the lower amount of inventory of the two. The median price of a single-family home grew 12 percent over a year ago to $475,000. Prices here remain significantly lower than in King County and many buyers priced out of that market are trading a longer commute time for the opportunity of ownership.


Posted on April 12, 2018 at 11:40 pm
David Hogan | Posted in Local Market Updates |

Local Market Update – March 2018

The local real estate market set new home price records in many parts of the region in February. Prices here have grown faster than anywhere else in the country for the last 16 months in a row. Demand remains high and inventory very low. Brokers are hoping the normal seasonal increase in listings this spring will help give buyers some relief.

Eastside

>>>Click image to view full report.

With home prices soaring on the Eastside, it’s not a matter of whether the median price will exceed a million dollar, but when. February brought the market very close to that milestone. The median price of a single-family home increased 14 percent to a record $950,000 on the Eastside, surpassing the previous peak recorded in December.

King County

>>>Click image to view full report.

The red-hot job market in King County continues to outpace nearly every area in the nation. Well-paid workers looking to buy close to city centers have fueled a growing competition for a shrinking number of homes. That demand boosted the median price of a single-family home up 16 percent over a year ago to $649,950.

Seattle

>>>Click image to view full report.

The median price of a single-family home in Seattle hit a new high of $777,000 in February, $20,000 more than the previous record set in January and up 14 percent from the same time last year. Despite the sharp increase in prices, multiple offers have become the norm for most properties. It remains to be seen if recent interest rate hikes will have a moderating effect on home values.

Snohomish County

>>>Click image to view full report.

After several months of moderating growth, Snohomish County set a new record for home prices in February. The median price of a single-family homes jumped 18 percent to an all-time high of $485,000. Inventory is down from a year ago, with less than a month’s supply of homes available for sale.

If you are considering buying a home in today’s market, here are three things to consider:

  1. Make sure you can afford the payments.
  2. Choose a location that will appeal to you long-term.
  3. Be committed to living there for a minimum of five to seven years.

This post originally appeared on the WindermereEastside.com blog.


Posted on March 26, 2018 at 9:33 pm
David Hogan | Posted in Local Market Updates |

Gardening Trends For 2018

Outdoor living during the spring and summer months is extremely popular. Months of cold, wet winters are followed by glorious spring colors and warm summer days of vivid blue skies. In this post, we thought that now would be the best time to share some pretty garden trends for 2018.

 

 

Wabi-Sabi

Leisure time should be just that: relaxing and rejuvenating. So why labor relentlessly to create and maintain a perfect landscape? Wabi-sabi, is the Japanese art of accepting transience and imperfect beauty. Relax and appreciate nature as it is, with humble imperfections, weeds and all. Recognize (and tell others) that dandelions and clover in untreated lawns are not blights. They are status symbols for ecological horticulture. Consider natural grasses and groundcovers as low-maintenance substitutes for sod. Opt for perennials instead of annuals, let flowers go to seed and give nature license to evolve on her own.

 

Reclaiming Small Outside Spaces

For many of us these days, space is at a premium and with house prices continually on the rise, more and more people are living in apartment blocks or tiny lots. Garden designers are determined to make even the smallest of spaces useful and attractive, and manufacturers have taken notice. Look for a better choice in planters that slot onto balcony rails. New models will have coverings for protecting plants from cold temperatures so that you can even grow seeds and vegetables on your balcony alongside your flowers.

Self-watering wall planter systems have been improved for 2018 and the hanging macramé plant holder is having a bit of a revival. Add a small patio heater and you have an outside space you can enjoy all year round with minimal effort.

 

Purple Passion

Pantone’s Ultra Violet is the color of the year. Maybe that’s why you find purple flowers in this year’s plant varieties and garden design. It’s easy to incorporate this color in the garden as there are many flowers and shrubs with this beautiful color. However, there are also several edible purple plants that you can grow. Purple vegetables are not only interesting and pretty, their unique color denote anthocyanins which are very beneficial to your health.

 

Re-Wilding

This is a style that keeps popping up time and again. However, 2018 has taken the re-wilding trend up another notch. It is still all about working with nature, growing wildflowers and supporting our pollinating insects. Re-wilding means adjusting plant selections to better support local wildlife and growing both seed-producing and berry-bearing plants. However, now it is also about using ‘green’ gardening products, natural solutions to bug and slug killers instead of chemicals and insecticides and using peat-free products.

 

Alfresco Living

Outdoor entertaining and kitchen areas are tipped to be a key trend for Spring/Summer 2018. We are not talking about a little nook corner just off the kitchen. Alfresco dining spaces are being pushed out into the garden itself and made into a major feature. These dedicated outdoor dining areas are surrounded by in-ground and container plants for that lush feeling. Special flooring, comfy furniture and mood lighting turn it into a little haven. Complete the trend with a sunken fire pit, barbecue or pizza oven and you might never want to leave.

 

Lighting The Way

Adding lighting to your garden is not a new thing. However, in this age of renewable energy, garden lighting companies are turning away from the more traditional lighting solutions we have seen in the past. The advances in solar energy capture, means that we can light up our gardens in a variety of fun, affordable and better ways. No more changing batteries or wiring up the garden with electricity.

The wide range of lighting methods allows you to create whatever ambience you want. Simple stand-alone lights can mark pathways, either discreetly embedded into the path edges or standing loud and proud along the side. Multi-colored fairy lights can be tangled among the overhead branches of a tree creating dazzling shapes and textures. Solar Mason jars can be hung from above or used as table lighting. Festoon lights can create an ambient glow around any outdoor space creating romantic nooks.

This post originally appeared on the Windermere.com blog.

 


Posted on March 7, 2018 at 5:18 pm
David Hogan | Posted in Home Maintenance |

Local Market Update – February 2018

With competition for homes growing and inventory shrinking, the real estate market in January was as hot as ever. Home prices were up by double digits as buyers chased severely limited inventory. The number of homes for sale hit a record low for the month of January, which should strongly favor sellers as we move into the prime spring selling season. The average home seller in our area now makes a 64 percent profit, the fourth-highest rate of any region in the country, according to ATTOM Data Solutions.

Eastside

>Click image to view full report.

Home prices on the Eastside continue to climb. The median price of a single-family home was up 18 percent over last January to $938,000 —­ virtually unchanged from the record high set a month ago. West Bellevue, King County’s most expensive area, saw the median home price surge to a record high of $2.72 million. With less than a month of available inventory, prices aren’t expected to cool any time soon.

King County

>Click image to view full report.

Single-family home prices in King County soared 20 percent over a year ago to $628,388, with double-digit increases recorded in every area of the county. Lack of inventory continues to fuel the market. There were 21 percent fewer homes for sale here as compared to a year ago, with inventory hitting a record low for the month of January. The region has now been the hottest housing market in the country for 15 months in a row.

Seattle

>Click image to view full report.

An ongoing shortage of inventory combined with an economy that continues to add jobs has kept the Seattle housing market very competitive and increasingly expensive. Seattle’s median price hit a new record in January jumping 19 percent to $757,000. Despite the increase in prices, brokers are reporting open house traffic that can number in the hundreds of interested buyers.

Snohomish County

>Click image to view full report.

Home price increases in Snohomish County were more moderate than those in King County. The median price of a single-family home grew 10 percent over a year ago to $450,000. That number is down from the high of last year, and reflects a more common seasonal slowdown.


Posted on February 15, 2018 at 8:16 pm
David Hogan | Posted in Local Market Updates |

2018 Windermere Kick Off

Every year over 500 brokers from Windermere offices across the Eastside gather to prepare for the new year at the annual Windermere Eastside Kick-Off Event at the Hyatt Regency Bellevue. Last week, several speakers shared their insights and advice to prepare our agents to better serve their clients for the 2018 housing market.

Looking Ahead: What to Expect From the 2018 Housing Market

 

Matthew Gardner, Windermere Real Estate’s Chief Economist, shared his forecast for the 2018 housing market. Low inventory seems to be a problem stretching all the way to Ohio with many people living in their homes twice as long as past generations. Lack of skilled labor, available land and high material costs continue to make new construction an expensive option. Read more about his forecast.

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell

Breaking Through The Noise

 

Micheal Fanning Kick Off 2018Senior Vice President Windermere Services and Ninja Instructor, Michael Fanning, brought his insights on breaking thought the mediocrity of the market place. Finding ways to bring those extra touches and using technology to your advantage can set you apart in a sea of daily distraction. Employing techniques from the Ninja Installation Train Program, Michael reminds agents that the hard things never get easier, you just get better and an average mindset will always result in a missed opportunity.

“Be somebody who makes everybody feel like somebody.” – Robby Novak

Understanding Your Client’s Story

 

Tori Dabasinskas Eastside Kick Off

Licensed marriage and family therapist, Tori Dabasinskas, shared her communication strategies to help our agents better connect with their clients. Addressing techniques for authentic listening, creating more meaningful connections and responding with emotion as well as logic, Tori emphasized taking time to truly understand the “story” of each individual client. With personal empathy and active appreciation, our agents can better anticipate the needs of their clients and what can be done to better serve them.

“The truth is, rarely can a response make something better — what makes something better is connection.” – Dr. Brené Brown

Law Of Attraction

 

Richard Bennion Kick OFF 2018

Executive Vice President of HomeStreet Bank, Richard Bennion, reminded our agents that every client has a story. Their hopes, dreams and challenges are opportunities to listen, be attentive and show those clients their importance. Becoming an expert who is professional, authentic, self-aware and highly competent will attract people and help build your business’ sphere of influence. Taking a long-term approach in building client relationships will result in a strong business over time.

“Always take your job seriously, never yourself.” ― David Brooks

Growth, Support and The Power of Windermere

 

Brooks Burton Kick Off 2018

Brooks Burton, Chief Operating Officer for Windermere Services Company, opened the Kick-Off by sharing some exciting changes agents can look forward to in 2018. They included refreshed branding, offering more social media resources, improving technology and more resources based on agent feedback. Brooks also touched on the success of the Windermere Foundation which has raised over $35 million for local organizations since its inception in 1989 as well as how funds are allocated among those organizations.

“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.” – Benjamin Franklin

Strategy and Determination

 

David Wasielewski Kick Off 2018

David Wasielewski, the Managing Partner of Northwest Din Tai Fung Partners, spoke about bringing the popular Chinese restaurant brand to the Seattle area. David shared that as a previous marketing veteran at Intel Corporation he had no restaurant experience prior to starting his own business. David’s approach to success? Strategy, action, and pacing himself. He flew to California for many weekends to work at another Chinese restaurant owned by Din Tai Fung’s owners without pay to prove his interest and dedication to his mission. Fast forward to today and he owns four restaurants in the Seattle region and his first Bellevue Square location has won the highest gross sales award from Kemper Development Company in each of the five years he has operated.

“Strategy is pattern is a stream of decisions” – Henry Mintzberg

Getting in the Right Mindset: Pursuing Excellence

 

Tracie Ruiz Conforto Kick OFF

Tracie Ruiz Conforto, Olympic Medalist and Synchronized Swimmer of the Century, inspired us to find and pursue our passions, just as she did with swimming at the age of nine. She advised agents on three ways to achieve excellence – find your passion, use your competition to improve your skills, and surround yourself with a team who will support you. Tracie showed us that anything is possible when you combine passion, discipline, competition, and teamwork.

“Pursuing excellence means investing more than others think is practical and expecting more than others think is possible.” – Winston Churchill

The Windermere Eastside Kick-off was an inspiring and motivational event. Our brokers are more prepared than ever to provide valuable service for their clients and face the year ahead. We are excited to put this knowledge to good use as we help you navigate your real estate journey in 2018!

This post originally appeared on the Windermere Eastside Blog.


Posted on February 2, 2018 at 12:41 am
David Hogan | Posted in Uncategorized |

Local Market Update – January 2018

2017 closed out the year with historically low inventory and record-breaking price gains. A strong local economy and brisk population growth has helped fuel a steep discrepancy between supply and demand. As long as this imbalance remains, 2018 is on track to remain a very strong seller’s market.

Seattle

>Click image to view full report.

While below the high point last summer, the median price of a home in Seattle jumped 14 percent year over year to $725,000. Supply and demand is again the culprit. There are just two weeks of available inventory on the market. Not only are homes here selling quickly, but fewer people are putting their homes up for sale. Most economists are predicting a moderate slowdown in cost increases here in 2018, with prices still rising but not as sharply as they did in 2017.

Eastside

>Click image to view full report.

Defying the usual winter slow-down in home prices, December broke new records on the Eastside. The median price of a single-family home soared 17 percent over a year ago to $938,240 – an all-time high for the region. Appreciation in higher-end areas, like West Bellevue and Mercer Island, topped 20 percent. Homeowners, especially those considering downsizing, may want to take advantage of the sharp increase in equity.

King County

>Click image to view full report.

King County recorded the lowest inventory since records began in 2000, and demand just keeps rising. As a result, the price of a single-family home jumped 15.5 percent over the same time last year to $635,000. Those looking buy a condo as a more affordable option were out of luck. The median price tag of $402,000 is a relative bargain when compared to a single-family home, but there are only about 200 condos on the market, another record low.

Snohomish County

>Click image to view full report.

Prices in Snohomish County continue to rise at a rapid pace. The median price of a single-family home here grew 12.5 percent from a year ago to $449,950. With less than a month of available inventory, prices are projected to remain high.


Posted on January 18, 2018 at 6:47 pm
David Hogan | Posted in Local Market Updates |