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

How Tax Reform Affects Homeownership

New tax legislation was signed into law at the end of 2017, and it included some significant changes for homeowners. These changes took effect in 2018 and do not influence your 2017 taxes.  Here’s a brief overview of this year’s tax changes and how they may affect you.

 The amount of mortgage interest you can deduct has decreased.

Under the old law, taxpayers could deduct the interest they paid on a mortgage of up to $1 million. The new law reduces the mortgage interest deduction from $1 million to $750,000.

These changes do not affect mortgages taken out before December 15, 2017.

The home equity loan deduction has been eliminated.

The prior law allowed homeowners to deduct the interest on a home equity loan if the value of the loan was $100,000 or less. The new law eliminates the deduction for interest on home equity loans.

The property tax deduction is capped at $10,000.  

Previously taxpayers could deduct all the state, local and foreign real estate taxes they paid with no cap on the amount. The new law limits the deduction for all state and local taxes – including income, sales, real estate, and personal property taxes – to $10,000.

The casualty loss deduction has been repealed.

Homeowners previously could deduct unreimbursed casualty, disaster and theft losses on their property. That deduction has been repealed, with an exception for losses on property located in a federally declared disaster area.

…AND AN IMPORTANT VICTORY

The capital gains exclusion remains unchanged.

Homeowners can continue to exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling their primary residence as long as they have lived in the home for two of the past five years. An earlier proposal would have increased that requirement to five out of the last eight years and phase out the exclusion for high-income households, but it was struck down.

Find out more about 2018 tax reform.

How does tax reform affect your plans for buying or selling a home?

The changes in real estate related taxes may change your strategy.  I’d be happy to go over your options and answer any questions you may have.

Posted on March 19, 2018 at 12:26 pm
Stephanie Kristen | Category: economy, real estate

New Year’s Tips for Buying and Selling

If your 2018 resolution is to buy or sell a home, here are some suggestions to help you along the way. For everyone else, we’ve added some tips about building equity and investing in updates to your home.

Buying:

If you’re in the market to buy your first home or if you’re upsizing/downsizing, here are some ideas that can help you make this dream a reality:

  • Create a buying timeline and work towards your goal
  • Check your credit scores and work to improve your rating
  • Start or increase your savings for a down payment
  • Start the loan pre-approval process
  • Meet with your real estate agent
  • Start looking for homes

Selling:

If you are planning to put your home on the market in 2018, here are some good places to start:

  • Create a selling timeline to work towards having your home ready for market
  • Make a list of home improvements and a plan on how to manage them
  • Get rid of the clutter
  • Contact a real estate agent (If you don’t have an agent, click here to be introduced to a Windermere Real Estate agent.)

Building Equity:

You may not be moving this year, but you can create a plan to increase your equity in the home you have now.  Here are some tips:

  • Take advantage of low interest rates by refinancing to a lower rate
  • Consider refinancing to a shorter term loan
  • Make extra lump-sum payments. Consider using your tax refund, cash gifts, work bonuses, garage sale money, or any other unexpected income toward paying down your principal.
  • Pay every two weeks instead of once a month. A biweekly payment plan can substantially reduce the amount of interest you pay because you are breaking the interest accrual down from 30 days to every 15.
  • Pay a little extra each month. Even if you’re only rounding up to the next $100 increment, putting a little extra money towards your principal every month can add up.

Investing In Your Home

You can add a lot of value and additional enjoyment to your home by investing in improvements and upgrades.

  • Choose a home improvement project that will yield a good return on investment when you do choose to sell
  • Create a home checklist to track maintenance projects over the year
  • Make eco-improvements to increase your home’s sustainability and reduce your utility payments over the long-term. These improvements are generally a good return on your investment when reselling.
    • Upgrade furnace to an efficient model
    • Upgrade windows for better insulation
    • Add alternative energy resources, such as solar power
    • Update toilets and showers to low-flow
    • Install a programmable thermostat
    • Update to energy-efficient appliances
Posted on January 18, 2018 at 3:51 pm
Stephanie Kristen | Category: real estate

The Gardner Report – Second Quarter 2017

Economic Overview

The Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continue to see unemployment fall. The latest state-wide report now shows a rate of 4.5%—the lowest rate since data started to be collected in 1976.

I believe that growth in the state will continue to outperform the U.S. as a whole and, with such robust expansion, I would not be surprised to see more people relocate here as they see Washington as a market that offers substantial opportunity.

Home Sales Activity

  • There were 23,349 home sales during the second quarter of 2017. This is an increase of 1.1% from the same period in 2016.
  • Clallam County maintains its position as number one for sales growth over the past 12 months. Double-digit gains in sales were seen in just three other counties, which is a sharp drop from prior reports. I attribute this to inventory constraints rather than any tangible drop in demand. The only modest decline in sales last quarter was seen in Grays Harbor County.
  • The number of homes for sale, unfortunately, showed no improvement, with an average of just 9,279 listings in the quarter, a decline of 20.4% from the second quarter of 2016. Pending sales rose by 3.6% relative to the same quarter a year ago.
  • The key takeaway from this data is that it is unlikely we will see a significant increase in the number of homes for sale for the rest of 2017. Continue reading
Posted on August 6, 2017 at 3:57 pm
Stephanie Kristen | Category: bellevue, economy, interest rates, market trends, real estate, statistics

Seattle /Eastside Market Report – June 2017

The hottest real estate market in the country just keeps getting hotter. Despite a large number of new listings, home prices in the Puget Sound area continued to set records in May. According to a Seattle Times article, “For the first time since the 2007 housing bubble, every county in the central Puget Sound region has set a new median home price record.” Brokers hope this news will help entice more sellers to put their homes on the market.

Eastside

Click image to view full report.

While down just slightly from its record high last month, the median price of a single-family home on the Eastside was up 15 percent from a year ago to $875,000. With just three weeks of inventory, those looking to buy a home can continue to count on a highly competitive market. It is key for buyers to work with a broker on a buying strategy, and to be willing to act quickly to make an offer.
Continue reading

Posted on June 13, 2017 at 9:54 am
Stephanie Kristen | Category: economy, market trends, real estate, statistics

At Home in the Outdoors

More than 80 percent of Americans say they want an outdoor living space where they can relax and entertain. And it’s no wonder why. Outdoor spaces extend your livable space, add visual interest, and increase not only your quality of life, but also the overall value of your home. (In some cases, the increase in your home’s value can cover most or all of the cost to create the new space.) Here are some options to consider:

DECK

Decks are still the most popular outdoor living spaces, not only because they work so well for entertaining and relaxing, but also because they have the highest return on investment (see the Tips column for data).

Surprisingly, wood decks (made of cedar or pine) are actually the better financial investment, because building with Trex or other popular composite products costs considerably more, yet doesn’t increase the home’s value by as much.

Expanding and reconfiguring your current deck is another option that’s popular today. The contractor will typically remove the old face boards, extend the underlying structure, and then put down the new decking. This is also an opportunity to add built-in furniture, privacy screens, even plumbing and electricity.

PATIO

Running a close second to decks – in both popularity and investment return – are patios. With a patio, you can relax and entertain at ground level, which can afford more privacy in urban areas, and allows you to be more engaged with the surrounding plants and landscaping.

Typically made of brick, concrete, or stone, a patio also comes with far fewer maintenance and repair issues than a deck. Plus, patios are generally easier and less disruptive to construct – which is why they’re often about 30 percent less expensive to have professionally built.

GAZEBO

For those who want even more privacy, as well as shelter from the sun and protection from mosquitoes and other pests, there’s the gazebo. Available with walls or as an open-air design, with screening or not, these modestly sized, affordable backyard structures can be built from scratch or purchased as a kit (for assembly by a do-it-yourselfer or a professional).

Popular in the Midwest for decades, gazebos have made their way west as homeowners here have discovered how nice and easy they are for creating a shaded spot for reading, relaxing, and backyard gatherings.

OUTDOOR KITCHEN

People tend to gather naturally in the kitchen. And when the kitchen is outdoors, it creates an ideal opportunity to mix, mingle and interact in the open air. Other reasons why cooking outdoors makes so much sense: less kitchen cleanup, the house stays cooler during the summer, and grilled food just tastes better.

Some may think an outdoor kitchen is only for cooks who host large parties, but homeowners who go this route say they’re more of an extension of the home, and great for daily use.

Designs for outdoor kitchens range from the simple (a grill, limited counter and cabinet space, and maybe a prep sink) to truly independent entities with a refrigerator, an elaborate grill, warming oven, freestanding island with storage space, rolling cart stations, and even a dishwasher. Depending on how elaborate your design, you may be able to list it as a second kitchen when selling your house.

SIX PLANNING SUGGESTIONS

  1. Before meeting with contractors, gather photos of designs and ideas that you like; this will make it much easier to communicate your ideas.
  2. Make sure the materials you plan to use, as well as the overall size of the structure, will be harmonious with your home’s current look and feel.
  3. Give serious consideration to a roof – which will likely add significantly to the cost, but will also provide much-needed shade on hot days and protection from rain and inclement weather. In fact, to ensure things are structurally sound and architecturally appealing, start with the design for the roof first, then set your sights on the roof supports and structure below.
  4. Incorporate lighting into your design, which will extend its usability into the evening and throughout the seasons.
  5. Consider convenience, comfort, and longevity when choosing materials. For example, a floor made of dirt or stepping stones may last forever, but one made of wood or concrete is much easier to clean and arrange furniture upon.

If you’re eager to live a healthier lifestyle and reconnect with family and friends, as most people are today, it’s time to consider an outdoor living space.

from the Windermere Blog

Posted on May 24, 2017 at 8:45 am
Stephanie Kristen | Category: preparing your home, real estate

Seattle / Eastside Market Report – May 2017

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.
Continue reading

Posted on May 9, 2017 at 10:34 pm
Stephanie Kristen | Category: bellevue, economy, interest rates, market trends, real estate, seattle, statistics

Seattle / Eastside Market Update – March 2017

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.
Continue reading

Posted on March 21, 2017 at 3:42 pm
Stephanie Kristen | Category: bellevue, economy, interest rates, real estate, seattle, statistics