I am commonly asked which improvements sellers should make to get the greatest return on their home sale. Every year The Remodeling 2018 Cost vs. Value Report (www.costvsvalue.com) compiles all the information and analyzes the estimated percentage return on home improvements in each region. Getting a home prepared for market requires a keen eye and great resources. To access the entire Cost vs. Value report please visit www.costvsvalue.com and follow the steps to locate the Seattle area report.
Also, I have a great list of reputable contractors from HVAC to plumbing to roofing who are licensed and bonded in the State of Washington. Please call on me whenever you need a solid recommendation. I am happy to help whether you are getting your home ready for market or just want to find a good window washer now that the sun is starting to shine a little more.
Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com
I hope your Valentine’s Day was a sweet one, but it got me thinking. I am often sharing with you the advantages of this market for home sellers, which is unbelievably positive. With that said, I thought I’d take some time to give the potential buyers in our marketplace some love, hope, and of course, data!
Dear Greater Seattle Home Buyer,
Let’s just be up front: buying a home in today’s market is not easy. Quite frankly, it can be a wild roller coaster ride with twists and turns; but remember, folks pay a lot of money and stand in long lines for roller coaster rides. Imagine the excited pit in your stomach as the cart clicks up to the highest point before you plunge down a steep drop, and the thrill of raising your hands up because you trust that you are going to be okay. These emotions also accurately reflect the feelings of today’s home buyer – it can be a wild ride! Let’s also note that many roller coaster riders return to the back of the line right after getting off. Home ownership is also a good exercise to repeat and is often the investment that leads to the most built wealth in one’s life.
So how does one ensure that they are not the Nervous Nelly who stands in line for over an hour, finally makes it to the front to be strapped in to the cart, but who then chooses to bow out? The one that sits on the sidelines watching others throw up their hands with a thrill in their eye; the one with that tinge of regret as their friends rejoin them back on hallowed ground to recount their adventure. Wow, this is getting dramatic! Here are a few tips to follow that will ensure that one can find success securing a home in today’s market and get on the equity building train.
Waiting is Even More Expensive
In 2017, the year-over-year median price gains across our region were strong. In fact, here is a little break down.
North Snohomish County:
$371,000
up 13%
South Snohomish County:
$508,000
up 14%
North King County:
$715,000
up 14%
Seattle Metro:
$710,000
up 15%
South King County:
$405,000
up 13%
Eastside:
$865,000
up 15%
The appreciation is for real and as each month ticks by, prices are going up. That is why it is incredibly important to have a plan and realistic expectations. In referring to the chart above, it is plain to see the affordability of each area. Buyers have had to get creative and honest with themselves regarding the city or neighborhood in which they land. Commute times are one of the biggest indicators of home cost. It is paramount to line your budget up with a realistic commute time and then dig in. Too often I’ve seen buyers tightly grip to the idea of an in-city commute, only to have it end up being a more suburban choice in the end. The months wasted trying to perform in a market that didn’t match their budget ended up costing them at least 1% a month, based on last year’s appreciation. Getting real saves time, money, and heartache.
Interest Rates are a’Rising
This aspect is actually one to pay very close attention to. We have been amazingly spoiled with historically low interest rates over the last five years. In fact, there is an entire generation of buyers who only know rates that have hovered from 3.5 – 4.5% – that is close to 3 points under the 30-year average! A good rule of thumb regarding interest rates, is that for each 1-point increase a buyer loses 10% of their buying power. That means that if you have a $500,000 budget and the rate goes up by a point, that you are now shopping for a $450,000 house if you want the same payment. Note, that shift does not take appreciation into consideration. Today’s rates have helped buyers bear the home prices in our area. It is predicted that rates will rise in 2018 by .5 to 1%.
Rents are High and Don’t Build Wealth
Seattle is now the 5th most expensive city to rent in the country according to the US Census Bureau. With rising rental rates, still historically low interest rates, and home prices on the rise, the advantage of buying versus renting has become clear for folks who have a down payment saved, good debt-to-income ratios and strong credit. Currently, the breakeven horizon (the amount of time you need to own your home in order for owning to be a superior financial decision vs. renting) in the Greater Seattle area is 1.6 years according to Zillow research.
Partner with a Broker Who Will Get the Job Done
A broker that has a process is key! It starts with an initial buyer consultation. I liken the buyer consultation to the seat belt you would wear on the roller coaster ride. When you go to the Dr. they start with your intake, check your vitals, ask questions, etc. The buyer consultation aims to unearth a buyer’s goals, research the areas they are interested in, address financing, and illustrate the challenges of the environment, so one can be successful. Time is money, and this consultation brings clarity, efficiency and trust. This upfront education coupled with a high level of communication and availability is paramount. The depth of the relationship will lead to success, and is the ingredient that enables a buyer to throw up their hands and take the thrilling plunge. It is hard to do that without a seat belt!
Get Your Finances in Order
Aligning with a trusted real estate professional is key, but so is aligning with a reputable and responsive mortgage lender. Getting pre-approved is the minimum, but getting pre-underwritten is a game changer. Finding a lender that is willing to put in the work up-front to vet credit, income, savings, debt, and all other financial indicators will lead to being pre-underwritten, which listing agents and sellers appreciate! Also, be aware that you do not always need to have a huge down payment to make a purchase work. Employment, assets, credit, and what you have saved all work into your ability to acquire a loan. I have seen plenty of people secure a home with 3-5% down. Education and awareness create clarity, and investing into understanding your financial footing equals empowered and more efficient decisions. Note that I mentioned “responsive”. This is a 24/7 market, and lenders who don’t work evenings and weekends can get in the way of a buyer securing a home. If you need a short list of lenders that fit this description, please contact me.
‘Tis the Season – Inventory is Coming
Have hope! This is the time of year where we see inventory climb month over month. There will be more selection, but bear in mind it is also the time of year that the appreciation push happens. If you are feeling 75-80% in love with a home, it is one to act on. You’re never going to “get it all”, so a willingness to focus on priorities will pay off, because waiting will have an expense.
If you or someone you know is considering a purchase in today’s market, please contact me. It is my pleasure to take the time to educate, devise a plan, and help buyers find success in a challenging, yet advantageous market.
Celebrate Earth Day with us! Bring all your sensitive documents to be professionally destroyed on-site by Confidential Data Disposal. Limit 20 file boxes per customer.
We will also be collecting non-perishable food and cash donations to benefit Concern for Neighbors Food Bank. Donations are not required, but are appreciated.
*This is a shredding-only event. Only paper will be accepted – no electronics or recyclables.
We are so fortunate here at Windermere to have Matthew Gardner help keep us informed on our economy and the real estate market. Each quarter Matthew compiles in-depth research on counties from across Western Washington. Click here to download Matthew’s full Q4 2017 report. Also, I recently hosted Matthew’s 2018 economic forecast for the Greater Seattle area and had it professionally recorded. If you are interested in receiving access to view the entire presentation, please contact me and I’ll send it to you.
Price growth was particularly strong in 2017! Median was up 13% and average price up 12% over 2016. Median price in 2017 landed at $405,000 and the average at $440,000. The average amount of days it took to sell a house in 2017 was 30 days which is 9% faster than 2016. The average list-to-sale price ratio over the last year was 100%, with the spring months as high as 102%! In 2017, inventory growth continued to be a challenge, with a 7% decrease in new listings compared to 2016. Even with inventory limitations there were 2% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
South King County real estate has seen a steady stream of buyers come our way due to affordability, reasonable commute times and quality of life. In fact, the median price in 2017 was 75% higher in Seattle Metro. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in south King County; please contact me if you would like further explanation of how the latest trends relate to you.
Price growth was particularly strong in 2017! Median was up 15% and average price up 16% over 2016. Median price in 2017 landed at $865,000 and the average at $1,049,000. The average amount of days it took to sell a house in 2017 was 24 days, which is 17% faster than 2016. The average list-to-sale price ratio over the last year was 101%, with the spring months as high as 103%! In 2017, inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount of sales! This phenomenon illustrates strong buyer demand and a need for more listings.
Demand for Eastside real estate has grown due to close proximity to job centers, great schools and quality of life. Over the last year, the Eastside was 70% more expensive than south Snohomish County and 22% over Seattle Metro. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends on the Eastside area; please contact me if you would like further explanation of how the latest trends relate to you.
Price growth was particularly strong in 2017! Median was up 15% and average price up 14% over 2016. Median price in 2017 landed at $710,000 and the average at $801,000. The average amount of days it took to sell a house in 2017 was 18 days, which is 10% faster than 2016. The average list-to-sale price ratio over the last year was 103%, with the spring months as high as 106%! In 2017, inventory growth continued to be a challenge, with a 3% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
Demand for Seattle Metro area real estate has grown due to close proximity to job centers. Over the last year, Seattle Metro was 40% more expensive than south Snohomish County and 75% over south King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you.
Price growth was particularly strong in 2017! Median and average prices were up 14% over 2016. Median price in 2017 landed at $715,000 and the average at $787,000. The average amount of days it took to sell a house in 2017 was 17 days, which is 19% faster than 2016. The average list-to-sale price ratio over the last year was 104%, with the spring months as high as 107%! In 2017, inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount sales! This phenomenon illustrates strong buyer demand and a need for more listings.
Demand for north King County real estate has grown due to close proximity to job centers while maintaining a neighborhood feel. Over the last year, north King County was 41% more expensive than south Snohomish County and 77% over south King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in north King County; please contact me if you would like further explanation of how the latest trends relate to you.
Price growth was particularly strong in 2017! Median was up 14% and average price up 12% over 2016. Median price in 2017 landed at $508,000 and the average at $543,000. The average amount of days it took to sell a house in 2017 was 24 days, which is 17% faster than 2016. The average list-to-sale price ratio over the last year was 101%, with the spring months as high as 103%! In 2017, inventory growth continued to be a challenge, with a 1% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
South Snohomish County real estate has seen a steady stream of buyers come our way due to affordability, reasonable commute times to job centers and quality of life. In fact, the median price in 2017 was 41% higher in north King County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.
Price growth was particularly strong in 2017! Median and average prices were up 13% over 2016. Median price in 2017 landed at $371,000 and the average at $400,000. The average amount of days it took to sell a house in 2017 was 35 days, which is 10% faster than 2016. The average list-to-sale price ratio over the last year was 99%, with the spring months as high as 101%! In 2017, inventory growth continued to be a challenge, with an 8% decrease in new listings compared to 2016. Even with inventory limitations there were 3% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
North Snohomish County real estate has seen a steady stream of buyers come our way due to affordability and quality of life. In fact, the median price in 2017 was 37% higher in south Snohomish County. Historically low interest rates continue to drive the market as well, they have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with minor debt service.
This is only a snapshot of the trends in north Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.
Located at 520 NE 165th Street | Shoreline WA 98155
Hours: 4pm-midnight daily
Featuring 17 beers and 3 ciders, Ridgecrest is the place to be for a laid-back dinner and hangout with friends! They also host food trucks each evening from 5-9pm—take a look at their schedule here. “The Ridgecrest Public House is a great place to meet up with friends. The RPH has rotating taps for beer and cider and a different food truck each day offers plenty of options for food,” shares REALTOR® Samantha Arango. “Down the street is the Crest Theater, which is a discount movie theater, and a great place to take kids.”
Family owned and operated, this Shoreline staple nestled in the heart of Shoreline’s North City district serves up classic diner food with a Greek influence. “Leena’s has a great breakfast menu,” —”It’s hard to top their breakfast!”
“the Cabin Tavern is a perfect little dive bar grandfathered in to laid-back Richmond Beach with sloped floors, a crooked bar and regulars sipping beers at pretty much any time of day. Great fish and chips with the best tartar sauce ever and jam sessions Tuesday night where people can bring instruments and join in playing bluegrass, blues, folk, rock, you name it. Great character and worth checking out!” This spot has been around for decades, and offers “typical bar food and fair, but so much fun to sit outside with a brewsky on gorgeous summer days.”
New residents won’t want to pass up this local favorite a go-to for lunch, dinner, and happy hour. “Hill’s offers a great menu, nice ambience & good value,”. ”It’s a quaint little spot with great food and atmosphere!”
For south-of-the-border flavor, Taqueria El Sabor: “Quick authentic Mexican food, always full of people enjoying a wide variety of food for reasonable prices. They started as a taco truck and now have 3 restaurants and a huge following.” ”[They have] consistently good fast food!”
If you’re tired of the same old pizza places, mix things up with Streetzeria. Their flavors are amazing and their desserts are the perfect way to top off any meal.
Whether you’re looking for a team hangout or a corporate party spot, Spiro’s has you covered. Their restaurants work for group large and small and their food keeps everybody happy.
With food, wine, and live music, how can you go wrong? Grab your friends and check out the reinvented North City Bistro, a true neighborhood hot spot.
GROCERY SHOPPING in SHORELINE
For your grocery needs, Shoreline’s Costco, Central Market, and Trader Joe’s are not to be beat. From bulk savings and unique finds to fresh, high-quality foods, these shops have it all!
“For the best one-stop shopping experience, its got be Costco, centrally located in Shoreline and an easy I-5 commute. For a mid-day pick-me-up, you can always graze the isle samples or for that sit-down experience,there is the Food Court,”
“Central Market has cooking demonstrations, a huge deli, salad, and antipasto bar, and a great selection of cheeses, wines, and beers. Trader Joe’s opened up this year and is always a fun place to shop.” ”The Central Market offers everything FRESH – produce, seafood, flowers – you name it. They have lots of good organic options as well!”
Located near the beautiful waterfront, Richmond Beach Saltwater Park is a perfect place to spend the summer picnicking or laying in the sand. There’s also an off-leash area during the winter months here.
If fitness is your thing, check out Hamlin Park. Trails run through natural areas and with the addition of an orienteering course, you can have fun while staying in shape. “Hamlin Park is a great place to do some trail running and there is a dog park there as well,”
Get the kids moving with a trip to Paramount School Park. Baseball fields, a playground, and a skate park promise hours of fun that won’t break the bank.
Escape the everyday at Boeing Creek Park. Walk the trails, watch the wildlife, and immerse yourself in nature’s beauty any time of the year. Boeing Creek Park for hiking and bird-watching!
Summer isn’t summer without a trip to the pool. Take the kids to Shoreline Pool for a dip this year or rent the whole pool for your next big weekend bash.
Posted on May 9, 2017 at 3:33 pm
Windermere Real Estate North |Category:Shoreline
One of the things that people love most about Shoreline is that it’s packed with fun events the whole family can enjoy! From festivals to food, there’s something for everyone.
The best events in Shoreline for 2017 and here are their top 12 picks! (We’ve shared the dates and times for 2017, but bookmark this post for next year so you can mark your calendars that a special event is coming up!)
This year’s Annual Egg Hunt on the Beach, sponsored by the Shoreline Fire Department, was a huge success. If you missed it, don’t fret; bring the kids down next year to catch some eggs and make some memories.
Kick off strawberry season at Shoreline’s Strawberry Festival. Live music, tours, a children’s parade, and delicious strawberry shortcake make this one event you will not want to miss.
Date & Time: July 5-August 23, 6:30p (unless otherwise noted)
Located at Several Community Parks Throughout Shoreline and Lake Forest Park
If you’re looking for a fun, free event, check out the Shoreline-Lake Forest Park Art Council’s Summer Concerts in the Park series. 2017’s lineup includes swing, latin jazz, and more, so grab a blanket and enjoy a musical summer evening.
Beer lovers unite! The 4-Corners Brewfest is back with more tasty food, live music, and the best brew samples around, so get ready for this local favorite.
Part of “Celebrate Shoreline,” the Saltwater Park Sandcastle Contest gives contestants three hours to construct the best sandcastle. If you think you have what it takes, grab your shovel and start prepping for this unique event.
“The North City Jazz walk is a fun summer event that takes place annually in August,” “A portion of 15th Ave NE is shut down and many businesses offer food and host various jazz bands.”
Experience awesome local food trucks every Wednesday night at Saltwater Park. 2017 vendors are still TBA, so keep your eyes peeled for the taste adventures that await this year.
Located at Hamlin Park 16006 15th Ave NE Shoreline, WA
If you’re looking for Halloween fun this year, need to check out the Hamlin Halloween Haunt. Spooky songs, s’mores, and more make this the perfect event for all ghouls and goblins.
For old-fashioned carnival lovers, the Richmond Beach Community Association’s Halloween Carnival is exceptional. Classic games, a haunted house, inflatables, and food make this a timeless community tradition.
Get pumped for that Thanksgiving feast during the Richmond Beach Community Association’s Turkey Day Fun Run. Enjoy a brisk trek before settling in to celebrate the holiday.
For a one-of-a-kind Christmas event, check out the Argosy Christmas Ship Visit. Relax around the campfire as a ship carrying choirs passes along the coastline, filling the air with carols that will fill you with holiday joy.
Located at Various Neighborhoods Throughout Richmond Beach
Every Christmas morning, the Shoreline Fire Department gives the big man himself a ride atop one of their fire trucks as he visits the families of Richmond Beach. Keep a lookout this year; he may come down your street!
Posted on May 9, 2017 at 3:16 pm
Windermere Real Estate North |Category:Shoreline
“Commuters love Shoreline because it’s halfway between Everett and Seattle, so whether someone is going to Boeing or Amazon the commute is not overly painful. Plus there are so many Rapid Ride options, transit stations nearby and soon the Light Rail. Easy back roads to Ballard and Queen Anne and just a quick trip to Edmonds to hop on The Sounder!”
Shoreline offers it all! Just north of Seattle, Shoreline is a top choice for those who commute due to its close proximity to the city and myriad of transit options.
If you’re thinking about moving to Shoreline or switching up your commuting routine, check out these 5 reasons why commuters love living in Shoreline for some transit tips!
1. Future Light Rail Station
Did you know the Light Rail is coming to Shoreline?! That’s right—in 2023, Shoreline is getting light rail… and it’s getting not one but TWO stations! The city has plans for a station at I-5 and 145th St, and I-5 and 185th Street. You can take a look at the map of the extension right here. Not only will this be great for commuters, but this will have a huge effect on property values within its zoning.
2. Central Location
Shoreline is nestled in a central location that’s in between Seattle and Everett. Depending where you live in Shoreline, it’s about a 24-minute drive into Downtown Seattle while Everett is about a 20-minute drive.
3. Aurora Village Transit Center
People in Shoreline mostly use cars to get around, “but because there is a large transit center at Aurora Village, riding the bus is very convenient.” The Transit Center has several buses that head all over the region, including Downtown Seattle, First Hill, UW Campus, Northgate, Bellevue/Renton, and much more. There’s also a RapidRide to Downtown Seattle.
4. The Interurban Trail
“The Interurban Trail provides a great way to walk or bike and is connected to the north to Snohomish County’s and to the south to Seattle’s Interurban Trails,”. The north portion of this trail leads from Seattle all the way up to Everett and makes its way right through Shoreline.
The Burke-Gilman Trail doesn’t run through shoreline, but there is a project underway that connects Shoreline’s portion of the Interurban Trail to Lake Forest Park and the Burke-Gilman!
“The primary source of transportation [in Shoreline] is by far the four wheel variety, but bicycles along the many two lane arterial roads is not uncommon. The Burke-Gilman Trail, which will take you down to the UW, points further west [and] is a popular destination for those both on bike and foot.”
5. Sounder Train in Nearby Edmonds
Located at 211 Railroad Ave, Edmonds, WA 98020 just north of Shoreline, the Sounder Train has a stop in Edmonds that you can take advantage of. The Sounder runs from Lakewood and Seattle, and Seattle and Everett, making it an excellent option for going longer distances in a relaxing, scenic manner. Bypass car traffic with this handy option!
Posted on May 9, 2017 at 1:44 pm
Windermere Real Estate North |Category:Shoreline
One of the top reasons why people choose to live in Shoreline, WA is because of Shoreline’s excellent educational options! “Shoreline has an amazing, award-winning public school district, many good private schools, and well-regarded Shoreline Community College,”. With public schools, private schools, and even a community college to choose from, Shoreline’s variety of schools offers its residence with some truly impressive and award-winning options.
Here are a few of the schools that locals recommend:
Shoreline Public Schools
The Shoreline Public School system features early learning opportunities, 9 elementary schools, 2 middle schools, 2 high schools, one K-8 school, and a Home Education Exchange program. Shorewood High School is especially of note—this school was recently completely renovated, and re-opened in September 2013.
You can view the attendance area map for Shoreline Public Schools right here.
PRIVATE SCHOOLS IN SHORELINE
St Luke School
St Luke School offers a wide range of programs, including a preschool program for 3 and 4-year-olds, all-day kindergarten, and school up through the 8th grade. They also have an educational and engaging summer program to take advantage of!
Horizon School
“Horizon School is a dynamic school for pre-school/kindergarten ages that focuses on hands-on, self-directed play and creative expression.” Nestled in the Richmond Beach community, Horizon School is a private, non-profit school. The application process begins each winter, and they also offer summer programs.
First Lutheran School & Kindergarten
“First Lutheran School & Kindergarten at Richmond Beach provides pre-k through kindergarten. It’s a solid starting point if you’re looking for a place that is well-rounded and focused on child development along with principles of the Christian faith,”. “Our kids attend and we are very impressed with the staff, their curriculum, and their approach to teaching.”
The Evergreen School
Offering programs for those in preschool all the way through 8th grade, The Evergreen School is all about learning in a vibrant, diverse environment. Their preschool program is a half-day program (with extended childcare available until 5:30pm), and their prekindergarten program is full-day. They also offer a huge variety of afterschool classes, including sessions that are focused on robotics, coding, baking, debate, sewing & crafting, and much more.
King’s School
This dynamic community offers programs from preschool all the way through high school graduation. The King’s School website state that their “standard curriculum is the highest quality college-prep track available,” and they also provide honors and classes in addition to a huge variety of sports, music, drama, and other programs.
Shoreline Community College
This incredible resource offers a dynamic range of programs, including high school programs (like Running Start, GED, and more), professional and technical programs (like nursing, dental hygiene, criminal justice, business technology, etc.), online programs, transfer degrees for those who plan to attend a college or university, continuing education, and so much more! Learn more about Shoreline Community College’s myriad of offerings here.
The headlines are everywhere proclaiming Seattle as the hottest housing market in the nation. Our humble city built on aerospace, trade, and influenced by a software engineer who donates millions, has found itself on the national map as the new darling of the tech world. Of course, this proclamation cannot go without mentioning the commerce juggernaut right in our own backyard, Amazon. I was told recently by Windermere’s Chief Economist Matthew Gardner, that Amazon occupies 20% of all Class A business space in Seattle – that is a lot! It seems you cannot drive I-5 without spotting at least 15-20 cranes busily building more of that office space.
So why, Seattle? In contrast to California’s Bay Area, the cost of living here (rents and real estate) is half – office space costs half and companies can provide the same wages. This combination puts more money in employees’ pockets and companies are not as expensive to run, making profits higher. This has driven many companies to relocate or expand from the Bay Area to Seattle or Bellevue, markedly increasing the demand for housing.
This has put an even tighter squeeze on inventory, putting us in the most extreme Seller’s market (0-3 months of inventory) we’ve ever seen. This has driven prices up, and values are hinging on commute times. Below is a chart that outlines the amount of available inventory based on pending sales measured in months, and the median price in the month of March 2017.
As you can see, there is a direct correlation between proximity to job centers (Seattle and Bellevue) and home prices. If you have considered selling your home and making a move, now is one of the most favorable times to do so. If you are considering a purchase, the environment is competitive but there are opportunities. Aligning with an experienced and knowledgeable broker who can help you properly strategize, is key.
One might think it is simple to sell your home in this market, but getting top dollar, strong terms, and a sale that will pass appraisal is the ultimate goal, and takes a high level of communication and nuanced negotiations. The same applies for buyers, along with education and a refined process, which helps empower buyers to make informed decisions and win.
Our city is changing, and whether one thinks it is for the good or the bad is up to them, but this is our new reality. Seattle is beautiful, prosperous and full of opportunities for those who choose to call it home. Like any opportunity, it needs to be properly analyzed, considered, and ultimately seized. If you are curious how your home measures up in today’s market please contact me, We’d be happy to provide you a complimentary market analysis to help keep you informed, or sit down and chat about the steps of a successful home purchase.
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I am commonly asked which improvements sellers should make to get the greatest return on their home sale. Every year The Remodeling 2018 Cost vs. Value Report (www.costvsvalue.com) compiles all the information and analyzes the estimated percentage return on home improvements in each region. Getting a home prepared for market requires a keen eye and great resources. To access the entire Cost vs. Value report please visit www.costvsvalue.com and follow the steps to locate the Seattle area report.
