2015 Housing Market Off To A Good Start

*Synced from Seattle and Real Estate
Historically, mid-winter has been a sluggish time for home-price growth for the national housing market, and while the median price for a single-family home did decline from December to January this year, it fell by a mere 1.2 percent, signaling a stronger than normal start to the new year for the housing market. As a comparison, in recent years month-to-month price declines from December to January have been recorded at 2.8 percent (2014) and 3.5 percent (2013). Redfin reports that the combination of an increase in listings and buyer demand has led to lots of activity, and prices are up 7.6 percent over the year.
Closer to home, supply is still low in the Seattle area, and prices continue to rise. The median price for a single-family home in King County this January was recorded at $441,500, up from $410,000 in January 2014. The city of Seattle saw the median price rise to $517,500, up 12.5 percent over the year. The Seattle Times reports that inventory in Northwest Seattle is down to a three-week supply, driving prices in that area up 19 percent over the year. In the Seattle market as a whole, inventory has been hovering around the two-month mark for several months. Generally, a four-to-six-month supply constitutes a healthy housing market.
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Seattle Home Prices Up 6% Over The Past Year

* Synced from Seattle and Real Estate Blog
The local housing market continues to grow on a yearly basis, with prices for single-family homes in November 2014 having risen by 6 percent over November 2013, but the market also saw slowing monthly growth for the third month in a row, according to the S&P/Case-Shiller home price index released Tuesday. Despite the slowdown, Zillow’s Chief Economist Stan Humphries told The Seattle Times that the Seattle area’s housing prospects for 2015 are still strong, and the slowdown represents merely the market settling back in to normal levels. The Seattle market continues to outperform both the 20-city index and the national market, which saw annual growth rates of 4.3 percent and 4.7 percent respectively. Rates for 30-year fixed mortgages have held steady over the past week at 3.58 percent.

Lake Union Floating Home: $1,795,000

This houseboat on Lake Union in the Eastlake marina has off street parking and is now listed for $1,795,000! With a scenic setting, this home offers fine design, amenities, convenience & a  once in a lifetime unique lifestyle opportunity. Solarium with garden space, dining room, living room and sauna. Features include a King size master bedroom with a five piece master bath that is finished with Carrera marble. Rooftop deck & largest floating deck in the complex, with city and Gas Works views, moorage, storage, air conditioning, 1 garage stall,  and one uncovered parking stall. For more information on this or other Seattle real estate listings, contact your local real estate agent today.

Status: For Sale Bed//Bath: 3/1.75 Price: $1,795,000

Tips For Buying a Home in 2015

*Synced from Seattle and Real Estate
Many homeowners will tell you that they entered and exited the real estate market several times before making the final offer and closing on their home. As a buyer, you’re not always tied down to a time frame, priorities might shift and unexpected things happen that could delay purchasing a home. The beginning of a new year is a great time to review your goals and resolutions for the year ahead, so if you’ve been thinking about buying a home, and want 2015 to be the year you take the plunge, here are a few tips to help you stay afloat in today’s marketplace.
Prospective buyers are usually shopping online, and reviewing several of their dream listings at home, researching the mortgage process, and trying to grasp the local market. Serious buyers partner up with a real estate agent well versed in the neighborhoods, and can walk them through the home buying process. Agents have completed many transactions, and will have the knowledge and experience to put you one step ahead. It also helps to stop thinking that you’re going to get a great deal on your dream home. The great Seattle marketplace is competitive, with low inventory and a growing number of serious buyers, so if you’re truly interested in buying you might want to stop hunting for a bargain. Making a low ball offer on a home when you’re first entering the buying process might seem ideal to test the waters, but it might also sabotage your offer, and lose you a home. Your agent can help you determine a fair offer, and ultimately help you find listings that match your criteria. Every buyer has a unique set of goals and needs, so contact your local real estate agent today to get started on the home buying process.

Seattle Condo Rental: $1,900/mo

This 17th floor luxury condo over looking beautiful downtown Seattle, is now available for rent! Features include floor to ceiling windows & 20 sf balcony to take advantage of sweeping 180 degree mountains & city views. Large 1 bedroom, and additional amenities include large closet, high sound proof windows, energy efficient W/D in unit, secured parking & storage. Building amenities include full size indoor swim pool, hot tub, sauna, gym, and entertainment room. Rent includes W/S/G & 24-hr concierge service. This unit is in an ideal location, steps from Pike Place Market & all downtown Seattle has to offer. For more information on the or other Seattle rentals, contact your local real estate agent today!

Seattle Real Estate Forecast 2015

*Synced from Seattle and Real Estate Blog

Millenials
In Seattle’s housing market, where the supply of homes over the past year never exceeded two months’ worth of inventory, a whole new generation of home buyers could be poised to make an even bigger dent in the pool of available homes in 2015. Millenials – people born after 1980 – have been putting off home purchases due to factors such as high student debt, stagnant wages resulting from the recession, and a desire to not be tied to a permanent home, but they could be a bigger force in the housing market in 2015, according to a new report in The Seattle Times. With the median rent in King County now standing at $1,750 per month, home ownership is beginning to look more appealing to many in their late 20’s and early 30’s who have thus far been exclusively renters.

Rental Market
Rents in the Seattle area (King and Snohomish counties) grew at a staggering rate of more than 8 percent in 2014 and are projected to continue to rise in 2015. An estimated 12,273 new apartment units slated to go on the market next year are expected to increase competition for renters and help ease price hikes somewhat, but the glut of new units likely won’t provide much relief for those with budgets at the lower end of the spectrum. For example, in Ballard, where many of these new buildings are going up, apartments built after 2010 are renting for an average of $1,731 per month – not exactly affordable for many single renters. Overall, Seattle remains the 8^th most expensive place to rent in the country, with a median rent of $1,580 for a one-bedroom apartment.

Home Prices
Seattle median home prices continue to rise on a yearly basis, having grown 11 percent in 2014, according to the Puget Sound Business Journal, but most are predicting slower, yet steady growth for 2015. The median price for a single-family home in Seattle in November this year was $357,000. In King County as a whole, the median price was $440,000 in December, just slightly lower than the 2007 peak of $455,000. Stan Humphries, chief economist at Zillow, told The Seattle Times that he expects to see continued moderation of price gains over the next year, compared with the double-digit growth the market saw in 2013 and early 2014. OB Jacobi, president of Windermere Real Estate, said in a statement that he expects price growth of 4-6 percent in 2015.

For more information on Seattle real estate, contact your local real estate broker today!

Looking to Sell For Over Asking? List Your Home in the Winter!

*Synced from Seattle and Real Estate Blog

Despite the long-held idea that winter is the slow season for residential real estate, new data based on a two-year study by Redfin shows that December through March could actually be the prime window for selling your home – and selling it quickly for more than your asking price. Surprisingly, Redfin says that February is the month to list if you’re looking to sell fast, as 66 percent of homes listed in February have historically sold in 90 days or fewer. Hoping for a multiple-offer situation that nets you more than your listing price? Try December. In 2012, the month of December saw the highest percentage of sales fetching prices over asking for the whole year. Redfin found that in many cities, including Seattle, sellers are most likely to sell their homes within 180 days if they list in the winter.
So, why, after years of preaching spring and summer as home-run months for sellers, has the tide turned toward winter? Nela Richardson, chief economist for Redfin, lists a couple of reasons why listing in the winter can work to your advantage. She stated in an article that while there may be fewer people overall shopping for homes in the winter, the ones who are out there looking are serious buyers. People who are casually searching for a home are most likely not going to brave the cold weather or disrupt busy holiday schedules to attend multiple open houses, so sellers are left with only the most motivated buyers.
Similarly, since summer has historically been considered the blockbuster season for selling, winter sellers generally have less competition. Those who are nervous about letting their home sit on the market all winter may pull it off the market, leaving one less home to compete with yours. So, if you’re planning on selling your home but were holding off on listing it until warmer months, it could be worth moving up your timeline to get it on the market sooner. If you are interested in selling your home in the Seattle area, contact your local real estate agent today!

Insurance Tips For First Time Home Buyers

*Synced from Seattle and Real Estate Blog
Searching for a home can be a job in and of itself, and home insurance often gets lost in translation of the to-do list for first time home buyers. There are so many factors to consider in the home search,  such as choosing the right mortgage company, and real estate agent. Finding the right home insurance, and factoring it into your home buying budget should also be a top priority. Our friends over at Zillow have put together great guidelines and insider insurance tips for first time home buyers. Here are some of the key take-aways:
Do your research, and shop around for the best rate between insurance carriers. You might be able to save yourself hundreds of dollars just by comparing a few different companies.
Your credit score matters – not just for your mortgage rate, but also for your insurance. Insurance companies utilize your credit report to determine the level of risk you’d be as a new policyholder. If you’re shopping for a home, you’re probably already making moves to improve your credit, but its important to know that your credit is also important in achieving an affordable insurance rate.
Consult with your current auto insurance or boat insurance company to discuss bundling options. You can often save on your premium by utilizing the same company for home and auto insurance.
Invest in substantial coverage plans. While you don’t want to overspend, home owner’s insurance is also something you don’t want to hold back on.  Be sure your policy covers your home from weather risks common to your area, and be sure your dwellings coverage is substantial enough to cover the structure of your home incase of serious damage or destruction. If you’re looking for a new home, and would like some inside knowledge on the Seattle real estate scene, contact your local real estate agent today.

October Trends: Higher Appreciation, More Homes Sold

*Synced from Seattle and Real Estate Blog
After months of single-family home prices in the U.S. growing by smaller and smaller percentages on a yearly basis, the market finally looks to be back on the rise. Prices in October grew by 6.1 percent compared to the previous October, whereas year-over-year gains for September were 5.6 percent, according to new data released by CoreLogic. They report that all states in the U.S. saw some percentage of yearly appreciation in October.
But despite this recent uptick, Sam Khater, deputy chief economist at CoreLogic, said in a statement that prices are only growing by half the pace they were in the spring of 2014, when the market was seeing double-digit growth. However, some markets such as Seattle and Denver are seeing higher appreciation than the rest of the country.
Nationally, the number of homes sold in October increased by 2.2 percent from October 2013. Redfin attributes the jump to low mortgage rates that are hovering below 4 percent, a drop in unemployment, slowing home-price growth, and higher median wages. They point out that median incomes increased in all but one (Orlando) of the markets that saw the biggest year-over-year jump in sales. Though Seattle was toward the bottom of the list, with only a 2.6 percent jump in number of homes sold (as a comparison, Tampa, Fla. saw a 19.7 percent increase) and only 1.9 percent more homes newly listed for sale, any increase is welcome in our market, which has seen extremely low inventory over the past year.
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Tis the Season: Top Reasons For Buying During the Holidays

*Synced from Seattle and Real Estate Blog
Although sales are historically down during the last few months of every year, there are certainly some noteworthy perks to the home search during the holiday season. Here are a few reasons a new home should be on your wish list for Santa this year.
Did you know home prices are generally listed lower in December, than they are throughout the rest of the year? There are several reasons for home affordability increasing this month, and low mortgage rates is another factor in your favor. Mortgage rates are around or just under 4%, and according to Zillow estimates, are expected to jump to 5% by this time next year. If you wait just one more year to purchase the same home, your monthly mortgage payment could increase significantly. This isn’t to say that you should buy a home now if you’re not ready; buying a home is a huge commitment, and  knowing when you’re ready and able to purchase is essential. It is also worth noting that if Seller’s are listing their home during the holidays, they are usually very serious about selling their home. Maybe they recently received a new job and need to relocate before the end of the year. Their lack of time is your gain – and you can also lower your tax bill for the year if you close on your new home by Dec 31st. For more information on homes for sale in the Seattle area, contact your local real estate agent today.

Seattle-Area Home Prices Fell Slightly In September

*Synced from Seattle and Real Estate
Average single-family home prices in the Seattle area (King, Snohomish, and Pierce counties) remain up from a year ago, having grown 6 percent from September 2013, but have now fallen on a month-to-month basis for the seventh straight month, according to data released today from the S&P/Case-Shiller Seattle Home Price Index. Average prices dropped by 0.2 percent from August to September, whereas they saw no change from July to August.
Since the market’s peak in 2007, we’ve seen the highest highs followed by the lowest lows after the housing bubble burst, but now the market appears to be stabilizing. In an article in The Seattle Times, Zillow Chief Economist Stan Humphries was quoted saying, “The days of double-digit home value appreciation continue to rapidly fade away as more inventory comes on line, and the market is becoming more balanced between buyers and sellers.”
Nationally, both the 10- and 20-city indices saw no change in average prices from August to September, and the U.S. market as a whole saw only a slight increase of 0.1 percent. S&P Dow Jones Committee Chair David Blitzer also predicts stability for the market in the coming year, telling The Times, “With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.”
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Could the Holidays Actually Be a Good Time to Sell?

*Synced from Seattle and Real Estate Blog
Conventional wisdom has historically dictated that the holiday season is a bad time to sell a home. People are preoccupied with family gatherings, and bad weather can thwart showings. But since you’re likely already putting some extra effort into getting your home spruced up and ready for holiday visitors, why not run with that and put your home on display for prospective buyers?
Embrace the season by adding touches to your home to make it feel extra cozy for house tours. Light a fire in the fireplace, pile your couch with pillows in autumn-inspired hues, and light a candle or two (stick with unscented). Though the thought of sweeping your porch or front walk in the freezing weather isn’t the most inviting, putting effort into curb appeal is more important when you don’t have blue skies and the greenery of your landscaping doing some of the work for you. Get out the broom and make sure your walk and porch are clean, and consider adding a few winter-friendly potted plants to your front entry; Green Mountain Boxwood will stay lush and green all year long. Some tasteful, white twinkle lights never hurt, either, but do not go overboard with Christmas decorations.
So, if you want or need to sell your home during the off season, use the the holidays as your inspiration and you may be surprised with the response! If you are interested in selling or buying a home in the Seattle area, contact your local real estate agent today.

Tips For Getting Your Home Prepared for Winter

*Synced from Seattle and Real Estate Blog
If this wet weather hasn’t already prompted you to do some preventative maintenance on your house before the long, cold months of winter set in, here are some reminders to make sure you don’t experience any rude awakenings in your house this season, courtesy of Redfin.

• Now that you’re going to be using your heating system again, make sure everything has been moved clear of heating vents in your house, replace air filters in your furnace, and consider installing a programmable thermostat so you can control when your house is heated and save on energy costs.
• Make sure your pipes are insulated. There can’t be many things worse than a burst pipe in freezing weather.
• Seal cracks in your foundation so you don’t end up with water damage.
• Install weather stripping around your windows and doors to eliminate drafts and heat your house more efficiently.
• Clean out your gutters to prevent rotting and roof problems, and make sure your downspouts are diverting water away from your house and foundation.
• If you have a chimney, get it cleaned and inspected before you have any cozy fires!
• Have a professional trim trees around power lines and around your house to prevent any branches going through your roof or knocking out power.

Especially in our wet Pacific Northwest climate, it’s important to get these issues taken care of ahead of time, and a little work up front will save you a LOT of work and money down the line.

First-Time Buyers’ Share Of Market Lowest In 30 Years

*Synced from Seattle and Real Estate
The National Association of Realtors recently published results from its annual Profile of Home Buyers and Sellers survey, and the association found that the percentage of purchases made by first-time home buyers is at its lowest point since 1987. First-time buyers made up 33 percent of the national market, down 5 percent from a year ago, whereas historically (based on surveys conducted since 1981) four of every 10 home purchases were made by first-time buyers.
Though interest in purchasing homes remains high for young adults, obstacles such as student loan debt, credit card debt, and car loan expenses were the most common deterrents to saving for a down payment among survey participants. Other factors include rising rents; wage growth slowing in relation to housing prices; and market conditions such as low inventory and tight credit restrictions. NAR’s Chief Economist Lawrence Yun said that lowering mortgage insurance premiums and looser credit standards could give first-time buyers the extra boost they need to jump into the housing market for the first time.
If you are interested in buying a home in the Seattle area, contact your local real estate agent today.

Home Vallue Appreciation is Slowing Nationally and Locally

*Synced from Seattle and Real Estate Blog
Zillow is reporting that markets across the country, including Seattle’s, are seeing a sustained slowdown in home price appreciation that will likely continue into 2015. At the end of the third quarter this year, annual appreciation for homes in Seattle stood at 6.9 percent, whereas the change in the third quarter of 2013 from the previous year was 12.9 percent. Zillow is forecasting that in the third quarter of 2015 appreciation in Seattle will be down to 5 percent.
Nationally, home values grew by 6.5 percent over the past year, which is down from the peak annual appreciation of 8.1 percent in April of this year. To give some context, U.S. home values are still 10.1 percent below their peak in April 2007 at the height of the bubble. In further evidence of a softening national market, there are 18.6 percent more homes on the market in the U.S. than there were a year ago, though Seattle is still seeing very low inventory.
If you are interested in real estate in the Seattle area, contact your local real estate agent today.

Seattle Condo Prices Still Below Market Peak

*Synced from Seattle and Real Estate Blog
Seattle condo prices are taking their time to bounce back from the housing bubble in comparison to single family home prices. With condo prices down, the market has presented a unique opportunity for renters who haven’t been able to save for a down-payment to purchase a single family home. In some of the suburbs around Seattle, condo listing prices are still well below recovery prices, and low prices paired with low interest rates means more and more renters have the opportunity to be new homeowners.
According to the Seattle Times, out of the 30 suburbs throughout King County listed by the NWMLS, all but 3 (Bellevue, Kirkland, and downtown Seattle) have not seen the median home price surpass the 2007 market peak. In 19 of the 36 markets listed in King and Snohomish County, median home prices are still 20% below the market peak. Seattle has seen the cost in rent and single family homes continuously rise, while condo prices have stayed consistent, or even dropped in some areas. While there are a number of reasons that a condo market can suffer during a market recession, many singles, small families and people looking to downsize are turning to condos for an affordable option towards homeownership. If you’re interested in learning more about the Seattle condo market, contact your local real estate agent today.

Downtown Seattle New Condo Prices Down 8% Since May

*Synced from Seattle and Real Estate
One look at the glut of new towers rising in downtown Seattle and one could think condos are having their heyday. But it turns out most of those cranes on the horizon are giving rise to office towers and apartment buildings, with only one condo tower, Insignia, currently under construction downtown. Among new (never before sold) condo units that are on the market, prices have also fallen 8 percent from their peak in May, according to the Daily Journal of Commerce.
Prices did rise slightly from August to September (2 percent), and year over year (up 3 percent from September 2013), but are still falling short of the May peak, when the average price per square foot was $775. In September, the average sold price per square foot for a new condo was $716.
According to the Puget Sound Business Journal, condo construction is expected to pick up in 2015, in part due to the fact that 170 of the first 350 units at Insignia have already sold, giving condo developers confidence that the demand will keep up with supply. It remains to be seen what effect an increased number of units will have on prices.
If you are interested in purchasing a condo in the Seattle area, contact your local real estate agent today.

King Co. Home Prices Showed Best September In At Least 10 Years

*Synced from Seattle and Real Estate Blog

After a sluggish summer for home price gains in King County, the median price for a single-family home rose to $460,000 in September, almost 10 percent higher than a year ago and 5.3 percent higher than August’s median price, according to an article in Tuesday’s Seattle Times. The Times says that those numbers, pulled from the Northwest Multiple Listing Service, point to the best September for home prices in at least 10 years.
The city of Seattle performed the best of all the sub-markets in King County in September, with the median price having risen to $517,000, 12 percent higher than September 2013. While the median price on the Eastside was higher than Seattle’s at $605,000, yearly appreciation was slower at only 6.3 percent. Southwest King County, which includes Burien, Tukwila, Des Moines, Normandy Park, SeaTac, Federal Way, and West Kent, continues to be the most affordable sub-market with a median price of $267,250, though that is still up 6.7 percent from September 2013.
Despite the price increase over the past year, the number of closed sales has actually decreased in every sub-market in King County except Seattle, which still only saw one more sale in September 2014 (643) than in September 2013 (642). North King County saw the biggest decrease in closed sales, having dropped 17 percent from September 2013. Agents quoted in the article say this could be the result of buyers’ fatigue after months of low inventory sparking bidding wars and extreme price increases.
For more information on Seattle-area real estate, contact your local real estate agent today.

Seattle Home Price Growth Slowdown Continues

*Synced from Seattle and Real Estate Blog
Home prices in the Seattle area (King, Snohomish, and Pierce counties) rose by 0.6 percent from June to July, but for the fifth straight month year-over-year appreciation slowed, according to the S&P/Case-Shiller 20-City Index released yesterday.
Annual appreciation of existing single-family homes in July was 7.1 percent (its lowest since October 2012), down from 8 percent from June. The Case-Shiller report called this part of a “broad-based easing of home price gains” nationally, as 19 of the 20 cities in the index recorded slower gains than they recorded in June. As a comparison, between June 2013 and July  2013 prices grew by almost 2 percent, and annual appreciation was at 12.5 percent. Despite this slowdown, MyNorthwest is reporting that data from housing tracker RealtyTrac shows that Seattle was ranked fifth in the nation for home appreciation in August, behind only Cincinnati, Cleveland, Miami, and Pittsburgh.
If you would like more information on Seattle real estate, contact your local real estate agent today.

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.