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 | Category: economy, market trends, real estate, statistics

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 | Category: economy, interest rates, real estate

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 | Category: economy, market trends, real estate

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 | Category: real estate

Nautica by the Lake

Just Listed – Charming 3 bedroom, 2 bath condo is beautifully updated. Level entry, corner unit located on a private treed setting. New hand-scraped hardwood floors throughout. Main floor bath totally remodeled. Master suite with full bath and deck with southwest exposure. Living room with fireplace. Covered deck with access to additional storage. Amenities include outdoor pool, hot tub, & exercise room. No rental cap or pet restrictions! Easy access to 405 and I-90 for close in commute. You’ll love it here!  All this for $300,000

Open Saturday and Sunday 1-4

Click here for all the details.

Living room with fireplace and sliders to private patio.

Open floor plan with beautiful new engineered hardwood floors throughout.

Kitchen open to dining room along private treed setting.

Master suite with double closets and attached full bath.

Charming remodeled guest bath.

Posted on July 20, 2018 at 3:59 pm
Stephanie Kristen | Category: listings, newcastle, real estate, seahawks

Somerset NW Contemporary

 

Beautifully updated Northwest Contemporary in sought after Somerset. Mountain and territorial views are framed by the tree lined private setting. 5 bedrooms and 3.5 baths including full guest quarters in daylight lower level with separate entrance. Light filled kitchen opens to family room with gas fireplace. Living room with vaulted wood wrapped ceilings. Deck overlooking private backyard. 3 car garage, additional work space, and an abundance of storage. Convenient location and top ranked schools – Somerset, Tyee, Newport

All the listing details here.

Posted on July 14, 2018 at 8:48 am
Stephanie Kristen | Category: bellevue, listings, real estate, somerset

Seattle / Eastside Market Report – June 2018

Last month brought some long-awaited, positive news for buyers with May posting the most new listings in over a decade. Despite the uptick in inventory, most homes are selling in less than a month. Prices haven’t been impacted either, with the majority of the region continuing to experience double-digit home price increases.

Eastside

>>>Click image to view full report.

The median home price on the Eastside hit an all-time high of $960, 000 in May; a 10 percent gain over the same time last year. While there were a third more homes for sale in May than a year ago, the area still had only about a month of available inventory. Three to six months is considered a balanced market. Redmond, a city with a population of 64,000, currently has only 51 single-family homes on the market.

King County

>>>Click image to view full report.

First the good news: Those looking to buy a home in King County in May had almost 1,000 more homes to choose from compared to the previous month. The bad news: That boost in inventory did little to moderate home prices. The median price for a single-family home jumped 15 percent to $726,275, up slightly from the record high set in April.

Seattle

>>>Click image to view full report.

A strong economy and desirable lifestyle have kept Seattle a leading destination for job-seekers. The ever-increasing demand for housing has sapped supply and sent prices soaring. For 19 months Seattle has led the nation in rising home prices. May saw the city set yet another record, with the median home price jumping 14 percent to $830,000.

Snohomish County

>>>Click image to view full report.

Soaring prices in King County combined with rising interest rates make Snohomish County an affordable alternative for those willing to extend their commute time. The typical home cost $500,000 in May, an increase of 11 percent over the previous year, and down very slightly from last month.

This post originally appeared on the WindermereEastside.com Blog.

Posted on June 12, 2018 at 9:38 am
Stephanie Kristen | Category: economy, real estate, statistics

Rare Rambler in Somerset

Timeless style with the ease of one level living. Charm abounds in this beautifully-maintained rambler with vaulted ceilings and new hardwood floors. Living room with wall of windows to take in this park-like oasis with views of Lake Washington and Olympic mountains. Four bedrooms including private master suite with an abundance of closet space. Family room off kitchen & eating area. Large patio. Upgraded vinyl windows. Two car garage. Award winning schools, just 4 blocks to Somerset Elementary! 4481 142nd Ave SE, Bellevue ~ $1,200,000

Link to full listing here.

 

 

Posted on May 20, 2018 at 10:04 am
Stephanie Kristen | Category: listings, real estate, somerset

Mid Century Marvel

First time on the market and in original condition, this mid-century marvel is not to be missed. Ideal floor plan with open concept living, dining and kitchen. Large picture windows with bright southwest exposure. Fantastic statement wall with three dimensional tile and fireplace. Warm wood wrapped ceilings. Room for everyone with three bedrooms plus bonus room and two full baths. Lower level family room and shop. Ready for a new owner to introduce this home to today’s modern conveniences.   $375,000    Detailed information here. 

Posted on April 29, 2018 at 10:50 am
Stephanie Kristen | Category: listings, real estate, seattle

Panoramic Views in Somerset

We’re pleased to present this updated traditional home in Somerset.  The home boasts unobstructed panoramic view of Lake WA, the Olympics, Seattle and Bellevue skylines.  Walls of windows flood the home with natural light and maximize the view. Gorgeously landscaped yard with perennials and flowering shrubs welcome you to the front door.  Level entry with full daylight basement and flat backyard, perfect for play.  Updated kitchen with an abundance of storage and endless view.  Award winning schools, Somerset, Tyee and Newport. Stop by this weekend and check it out.  Open Saturday and Sunday 1-4.

Link to listing for more information.

 

 

 

Posted on April 20, 2018 at 3:56 pm
Stephanie Kristen | Category: bellevue, listings, real estate, somerset