Wednesday, September 24, 2014

Seattle Among Country’s Best Sellers’ Markets

*Synced from Seattle and Real Estate Blog

We’ve seen the Seattle residential real estate market explode over the past several months, with bidding wars galore and homes selling for thousands over their asking prices. While price gains began to slow toward the end of summer, Zillow is reporting that the Seattle-area market remains one of the best sellers’ markets in the country, in large part due to low housing inventory.
Inventory of single-family homes in King County is up slightly from a year ago, rising from 1.91 months of inventory in July 2013 to 2.08 months’ worth in August 2014. Inventory in Seattle alone was actually down from a year ago, dropping from 1.47 months to 1.36 months, which is far below the six months’ worth of supply that generally constitutes a healthy market.
Zillow says that rising prices are not the only indicator of a market favoring sellers. They also factor in how long homes stay on the market, how many price cuts occur, and how close the final selling price is to the last asking price. The top five sellers’ markets in the Seattle area are Mountlake Terrace, Shoreline, Seattle proper, Issaquah, and Snoqualmie.
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Wednesday, September 17, 2014

Preparing for Homeownership Expenses

broadview homeww*Synced from Seattle and Real Estate Blog
With bidding wars, and low inventory causing housing prices to continually rise in the Seattle marketplace, unexpected financial burdens can arise. Purchasing a home is an exciting time, especially for first time home buyers, so to avoid any unplanned surprises, it is wise to prepare and save for the unexpected. There are expenses you know to prepare for such as standard mortgage, tax and insurance calculations that come with closing, but other costs build up after it is all said and done such as decorating, seasonal updates to the home, roofing expenses, and landscaping. While it may be easy enough to come up with a budget for weekly or monthly expenses, looking at the bigger picture and figuring out the larger projects to spread out throughout the year will help you get a better idea for an estimated budget for home improvement expenses. Ongoing expenses like utilities, and garbage/recycling can also be more expensive when you own a home, so be prepared for a significant increase when comparing to what you’d paid previously as a renter.
Renters do not typically have to pay for services such as hiring a plumber, fixing a garbage disposal, or updating a patio deck. These expenses add up quickly, so make sure you have saved enough to provide a nice cushion for first year homeowner expenses. We suggest you continue to save and put money aside every month for ongoing expenses that may arise with owning a new home, that way you’ll always be somewhat prepared for the unexpected. If you’re interested in Seattle Real Estate, contact your local real estate expert today!

Wednesday, September 10, 2014

Seattle's Sleepless in Seattle Houseboat Sells for Over $2 Million

*Synced from Lake Union in Seattle Blog

If you had your heart set on buying a piece of Hollywood real estate history, your choices just narrowed by one. The houseboat that was featured in “Sleepless in Seattle” has been sold to a local tech executive for a sum that reportedly tops $2 million, according to the Puget Sound Business Journal.

The houseboat, which sits at the end of a dock off Westlake Avenue North, has unobstructed views of Lake Union and is surprisingly large at 2,200 square feet. The buyer, who has chosen to remain anonymous and whose main residence is also in Seattle, reportedly bought the iconic houseboat as a convenient summer house for his family.
According to the PSBJ article, the previous owners of 21 years listed the home in 2008, only to take it off the market after hoards of photo seekers flocked to the dock where the house is moored. The recent sale happened mostly under the radar, as the home was never listed on the Multiple Listing Service.
So, if you’ve been waiting patiently to own Seattle’s most famous houseboat, looks like you’ll have to wait and see if it hits the market again some day!

Wednesday, September 3, 2014

30 -Year Fixed Mortgage Rate in Washington State Below National Rate

*Synced from Seattle and Real Estate Blog
Borrowers were quoted just below 4% last week for 30-year fixed mortgage rates Nationally, which is down from 4.08%, where the rate had been previously hanging for weeks. According to Zillow, mortgage rates in Washington State stayed at 3.99% last week, but have since increased to 4.05% this week after the long weekend. Today other state mortgage rates have ranged from a low of 3.94% in South Dakota, to a high of 4.17% in Wyoming and West Virginia.
Photo Courtesy of Zillow Mortgage
Photo Courtesy of Zillow Mortgage
While the rate has risen, Zillow experts predict the rates will remain low this short work week, as breaks in our domestic economic data will be overshadowed by concerns over the European economy. News of a plausible European Central Bank plan to instill a stimulus program similar to the Federal Reserve’s is one reason the rates in the US remained low last week, and are predicted to remain in this range for weeks to come. If you’re interested in learning more about Seattle real estate, contact your local real estate agent today.