Where are home prices heading?

The Home Price Expectation Survey checks in with over 100 national real estate experts every quarter, including Windermere Chief Economist Matthew Gardner. Here’s where they think prices will go:

Gardner predicts our local market will fare better than the nation overall.

“As I look to 2019, I believe home prices in King County will increase 7.8% over the current year.”
– Windermere Chief Economist Matthew Gardner

“The local economy will continue to grow and that will drive demand for ownership housing,” according to Gardner. “Supply will slow during the holiday season before we see a new influx of listings in the spring. With more supply, I believe that home price growth will continue to slow, but values will still increase.”


Posted on November 26, 2018 at 3:46 pm
Stephanie Kristen | Posted in economy, market trends, real estate, statistics |

Mid-century Rambler in West Seattle

Located in quiet area in Arbor Heights this rambler awaits. Vaulted ceilings in living room with stone, wood burning fireplace and large picture windows offering plenty of natural light. Well maintained featuring hardwood floors throughout, fresh paint and new double-pane windows. Kitchen with dining area and pantry. Private, fenced backyard with beautiful apple trees in their peak right now! Attached one car garage with additional storage. You’ll love this little pocket community.

3 bedroom – 1 bath – 950 square feet – $472,500

More details here.

 

 

 

 

 


Posted on November 4, 2018 at 3:15 pm
Stephanie Kristen | Posted in listings, seattle |

Alki Condo with Skyline Views

Enjoy strolls along Alki waterfront to restaurants and beaches. Short walk to Admiral area or Luna Park. This top floor, corner unit offers southern exposure and an abundance of light. Open concept kitchen with granite counters and stainless appliances. Living room with cozy gas fireplace (gas included in dues) and large view deck overlooking Seattle skyline and Elliott Bay. Minutes to downtown Seattle. No rental cap. 2 car garage parking and additional storage. Pet friendly building. Live at Alki!

2 bedroom, 1.75 bath – $399,000 – 3318 30th Ave SW #A503, Seattle, WA 98116

More details here.



Posted on October 27, 2018 at 2:02 pm
Stephanie Kristen | Posted in listings, seattle |

How Interest Rates Affect Buying Power

Whether you are thinking about buying or selling a home, interest rate trends are an important factor to consider. Mortgage interest rates have been rising and experts, including Windermere Chief Economist Matthew Gardner, predict that they will continue to increase in 2019.

Interest Rates and Buying Power

The chart below shows the impact rising interest rates would have if you planned to purchase a $675,000 home while keeping your principal and interest payments at $3,500 a month.

Every time interest rates increase by a quarter of a percent, your buying power decreases by about 3 percent.

Whether you are thinking about buying or selling a home, interest rate trends are an important factor to consider. Mortgage interest rates have been rising and experts, including Windermere Chief Economist Matthew Gardner, predict that they will continue to increase in 2019.

Interest Rates and Buying Power

The chart below shows the impact rising interest rates would have if you planned to purchase a $675,000 home while keeping your principal and interest payments at $3,500 a month.

Every time interest rates increase by a quarter of a percent, your buying power decreases by about 3 percent.

What this means for buyers:

With prices moderating and interest rates slated to rise again, now is a good time to buy. If you’re betting on prices falling, you need to consider the strong possibility that an increase in interest rates would offset any potential price savings.

What this means for sellers:

Listing your home now means you will attract a larger buyer pool before interest rates rise.

Whether you’re thinking of buying or selling I can provide you market data that will help you make the best decision for your circumstances. Let me know how I can help.


Posted on October 26, 2018 at 5:15 pm
Stephanie Kristen | Posted in economy, interest rates, real estate |

Winter Drive for YouthCare

Windermere and the Seattle Seahawks have come together for another season to help #Tacklehomelessness in our community.

As part of that campaign, Windermere is hosting a “We’ve Got You Covered” winter drive for YouthCare, a non-profit that provides support and services to homeless youth throughout the Puget Sound area.

We are collecting NEW hats, scarves, gloves/mittens, and warm socks.

From October 15 through November 9, you can drop off donations to participating Windermere offices in King and Snohomish Counties**. Our friends at Gentle Giant Moving Company are generously donating their time and trucks to pick up all of the donations from our offices. Donations can also be dropped off directly to YouthCare, Monday through Friday from 9am-5pm, at 2500 NE 54th St, Seattle, WA 98105.

Each night, over 1,500 young people are homeless in King County. Please help them stay warm during the cold winter months by dropping off your donations to our participating offices.

For more information, contact me at 206-200-0222


Posted on October 18, 2018 at 1:18 pm
Stephanie Kristen | Posted in community, events, giving back |

What’s Really Happening in the Housing Market?

 

Our housing market is finally cooling a bit, from scorching hot to slightly-less-sweltering. While some alarmists are talking bubble or impending crisis, the statistics tell a different story. The market does appear to be shifting, and that’s good news! The steep price increases of the past few years are not sustainable, and also risk pricing buyers out of the market altogether.

Where The Market Is Today

  • Inventory is up, but still far short of demand. Despite a considerable increase in inventory, King County has just six weeks of supply. Four to six months of inventory is what is considered a balanced market, and we’re far short of that.
  • Homes are staying on the market a bit longer. New listings have increased in the past few months, but the increase in inventory is primarily due to homes staying on the market longer. With buyers accustomed to homes being snapped up in days, “longer” is a relative term. Homes in King County are taking an average of 15 days to sell.
  • Prices appear to be moderating. While home prices are up compared to a year ago, the rate of increase is in the single digits rather than the double-digit surges of past months. Prices are down 4 percent from the record high reached this spring.

What This Means For The Housing Market

  • The shift towards slower, consistent appreciation will result in a healthier market.    
  • Buyers have more choices and more time to make an informed decision.
  • It’s still a seller’s market, but sellers need to have realistic expectations about pricing their homes as the market softens.
  • More inventory is still needed to meet demand. 

Whether you’re thinking about buying or selling, it’s important to have the most current information about the market. Please contact us today and we can provide you with information about today’s market and answer any questions you may have.


Posted on October 2, 2018 at 2:54 pm
Stephanie Kristen | Posted in economy, market trends, real estate |

Somerset Two-Story – $980,000

Private setting for this traditional two story in sought after Somerset. Dramatic living room with soaring cathedral ceilings. Updated kitchen with custom cabinets and stainless counters. Open concept floor plan flows into family room with fireplace and deck overlooking fenced backyard. Master suite with new tiled bath and walk-in closet. One of the larger yards in the neighborhood with a park-like feel including Rainbow Play System that stays. Top notch schools: Somerset, Tyee and Newport.

4605 Highland Drive – 4 bedroom, 2.5 bath – 2,470 sq ft – $980,000

Link to listing details here.


Posted on September 23, 2018 at 1:32 pm
Stephanie Kristen | Posted in bellevue, somerset |

Mid-Century Modern in Lake Hills

Charming home located on a private setting next Larsen Lake. Classic mid-century home is sure to check all the boxes; updated kitchen, 5 bedrooms (3 on main level), 3 remodeled baths, refinished hardwood floors, newer vinyl windows. Open floor plan is light and bright with large picture windows and southwest exposure. Lower level family room w/new gas insert. Corner lot with big yard and additional off street parking. Convenient location w/easy access to everything. You’re sure to love it here! $898,000 53 151st Pl SE, Bellevue, WA 98007

Listing details here.

 


Posted on September 18, 2018 at 2:58 pm
Stephanie Kristen | Posted in bellevue, listings |

Seattle / Eastside Market Report – September 2018

The number of homes for sale in August increased dramatically over the same time a year ago. This is the result of a moderate increase in new listings and a much slower pace of sales. Homes are staying on the market longer, giving buyers more choices and more time to make an informed decision.  While home prices are up compared to a year ago, the rate of increase was in the single digits rather than the double-digit surges of past months. It’s still a seller’s market, but sellers need to have realistic expectations about pricing their homes as the market softens.

Eastside

>>>Click image to view full report.

The median price of a single-family home on the Eastside was up nearly 10 percent from the same time last year to $935,000. Home prices have declined each month from the all-time high of $977,759 set in June. Inventory increased 73 percent over last August. With supply soaring and home prices moderating, sellers need to work with their broker to price their home to meet the current market conditions. A year ago 47 percent of the homes on the Eastside sold for over list price. This August that number was down to 29 percent.

King County

>>>Click image to view full report.

King County experienced yet another flood of inventory with the number of homes for sale jumping 65 percent over the previous year. Despite the growth, the county has just 1.9 months of inventory and remains a seller-oriented market. The market has slowed but it remains fast-paced, with 62 percent of the properties here selling in fewer than 15 days.  While home prices were up 3 percent from a year ago, the median price of $669,000 represented the third straight month of declines from the record-high of $726,275 reached in May.

Seattle

>>>Click image to view full report.

After leading the nation in home price growth for nearly two years, Seattle is finally cooling off.  The median home price in August was $760,000, up just 4 percent from last year and down from the record $830,000 reached in May.  Inventory soared in August, but the city still has just two months of supply, far short of the four to six months that is considered balanced.  Bidding wars are becoming less common and price drops more common. Sellers must adjust their expectations to what appears to be a long waited moderating of the market.

Snohomish County

>>>Click image to view full report.

Mirroring the market slowdown in King County, Snohomish County also experienced a cooling off in August. The median price of a single-family home was $492,000, up 8 percent from a year ago but down from the record high of $511,000 two months prior. Inventory increased nearly 30 percent, but at just 1.6 months of supply the market remains very tight and sales are brisk. Sixty percent of homes here sold within 15 days.


Posted on September 12, 2018 at 10:39 am
Stephanie Kristen | Posted in economy, market trends, statistics |

Unobstructed Views in Somerset

This classic Somerset home offers stunning views from almost every room on both levels. Sweeping skyline views of Seattle & Bellevue and mountain views from the Northern Cascades to sunsets over the Olympics. Open living room with vaulted ceilings, fireplace and floor to ceiling windows. Large kitchen with eating area. Level backyard with plenty of room to play and soak in the views. Spacious lower level offers many possibilities. Convenient Somerset location, with top notch schools. $1,688,000

4502 137th Ave SE, Bellevue WA 98006

All the details here.

Sweeping sunset views over the Olympic Mountains to North Cascades.
Open concept living with floor to ceiling windows to soak in the view.Views from nearly every room in the house.Located in sought after Somerset – this house is not to be missed.


Posted on July 22, 2018 at 9:04 am
Stephanie Kristen | Posted in real estate |