The local real estate market—already the hottest in the country—set yet another price record in April. The number of homes for sale dropped 27 percent compared to a year ago, the lowest amount of inventory ever recorded for a spring month. The historically low supply of homes is making competition among buyers fierce. Sellers are in the enviable position of being able to structure sales agreements to include concessions such as rent-backs and longer closing time so they can take the time to find their next home.
Windermere Welcomes China to 31st Windermere Cup This Saturday
For the past 31 years, Windermere Real Estate and the University of Washington have joined together to host the annual Windermere Cup rowing regatta, which brings the world’s best crews to Seattle to compete against the nationally acclaimed UW men’s and women’s teams. Held annually on the first Saturday in May, the Windermere Cup is both an international sporting event and opening day party, followed by the world’s largest boat parade.
This year’s event will see the Huskies take on the Shanghai men’s and women’s High-Performance Rowing teams from China on Saturday, May 6. This matchup will mark the third time that a team from China has travelled to Seattle to compete in the Windermere Cup. Their first appearance came 27 years ago when the People’s Republic of China took home the Windermere Cup ahead of Navy, Washington, and Cambridge. Twelve years later the Chinese men’s rowing team returned for the 2002 Windermere Cup.
In addition to the crew races, the family-friendly Windermere Cup event also includes food vendors, booths to purchase UW and Windermere Cup apparel and commemorative gear, as well as a bouncy house for the kids.
Windermere Cup App:
The crew races start at 10am and end around noon. Following the final Windermere Cup race is the Seattle Yacht Club’s Opening Day Boat Parade. Download the Windermere Cup App to access schedule and team information, and for live race results: https://event.crowdcompass.com/windermerecup17
Windermere Cut Cinco de Mayo Party:
A new addition to this year’s event is the Windermere Cut Cinco de Mayo party down along the north shore of the Montlake Cut. Twenty dollars gets you into the beer/margarita garden where you can listen to Spike and the Impalers while munching on food from one of three Mexican food trucks. For more information and to buy tickets go to Brown Paper Tickets.
Windermere Cup Book:
This book is about the athletes, colorful characters, and brilliant people the Windermere Cup rowing regatta has featured every first Saturday in May since 1987. Through interviews, original documents and pages upon pages of breathtaking photographs, author Gregg Bell captures this event’s more than 30 remarkable years, its spirit and its soul.
The Windermere Cup is a touchstone for our company, our family of offices and agents, and the University of Washington. Not only is this an international sporting event, it’s a celebration of camaraderie, teamwork, and community – and truly great tradition that we are honored to be a part of.
Taxes done? Boxes of old documents? Join us at our annual shredding event at Windermere Bellevue South.
Home prices are growing faster in our region than anywhere else in the country. After a brief slowdown last month, home prices in February jumped to new record highs. The reason? The lowest number of homes for sale on record. The surge in prices came well ahead of the normal seasonal spring uptick, adding even greater urgency among buyers competing for already severely limited inventory. It remains to be seen if the predicted hike in interest rates will help moderate the market. For now, sellers are calling the shots.
Tasteful remodel in Bellevue’s beloved Somerset, where commuting is a breeze and schools are prized! Nearly every surface has been touched with today’s real-living in mind: quartz, stainless, and cherry custom cabinetry in new open concept kitchen. Sleek finishes in remodeled baths. Resilient IPA hardwoods. Cozy lower level rec room with gas fireplace. Updated systems and low maintenance tile roof. Park-like grounds create serene setting with Somerset Elementary and playground half a block away.
Open Saturday and Sunday 1 – 4 pm
Link to more information here
by Matthew Gardner, Chief Economist, Windermere Real Estate
Many worry about President Trump’s pledge to remove regulations relating to financial services and the rollback of the ‘Dodd-Frank Wall Street Reform and Consumer Protection Act’. For those who may be unware of this very substantial bill, it represented the most comprehensive financial regulatory reform measures taken since the Great Depression, and was a result of the financial crisis and housing crash of 2008/2009.
In effect, the Dodd-Frank Act created an agency to enforce compliance with consumer financial laws, introduced more stringent regulatory capital requirements, and made banking institutions retain some risk associated with home mortgage issuance.
While I believe that it’s safe to suggest that certain aspects of Dodd-Frank will be rolled back, there are four reasons why I don’t think the entire Act will be repealed.
Check out this fantastic new townhouse listing. Light filled corner lot across from the park. Details here.
One of my favorite podcasts is Happier by Gretchen Rubin. In her weekly podcast, she focuses on the little things, the actionable items we can do on a daily basis to bring joy and happiness to our world and those around us. In a recent episode they featured the Five Love Languages, a book by Gary Chapman which talks about the way we show our love to others.
My “aha” moment came when I realized my love language is Acts of Service. Nothing brings me greater pleasure than helping others. It is the foundation of my relationships with family, friends, community and my business. I truly enjoy doing things for others which explains why I enjoy selling real estate so much. It is not a sales position, but a service position.
Working in real estate is the opportunity to serve others in one of the biggest decisions they make. By listening to my clients and understanding their goals, I am able to use my years of experience to help them from beginning to end. I love be able make the whole process easier for them.
I also feel very fortunate to be part of a larger community that cares. The opportunity to spend time with people working to end homelessness, improve our schools, or make a difference with our area youth is inspiring.
Thank you to everyone that takes the time for service. I believe we are all in a better place when we ask the question, ‘How can I help?’
By Matthew Gardner, Chief Economist, Windermere Real Estate
2016 was another stellar year for the Seattle housing market, in which a surplus of buyers and a deficit of sellers drove home prices higher across the board. So, can we expect to see more of the same in 2017? Here are some of my thoughts on the Seattle/King County housing market for the coming year:
- Our market has benefited greatly from very healthy job growth, driven in no small part by our thriving technology companies. Economic vitality is the backbone of housing demand, so we should continue to see healthy employment growth in 2017; however, not quite as robust as 2016. Migration to Seattle from other states will also continue in the coming year, putting further pressure on our housing market.
Home sales outgained new listings again in October, further squeezing already tight inventory and pushing prices higher. Since new listings traditionally decrease in the fall, that inventory shortage is expected to last until spring. Sellers willing to put their home on the market now can expect plenty of interested buyers, and a highly favorable chance of getting the best possible price for their home.