Local Market Update – July 2018

The local real estate market looks like it might finally be showing signs of softening, with inventory up and sales down. More sellers have opted to put their homes on the market. Inventory was up 47 percent in King County and price increases were in the single digits. Despite the increase in inventory and slowdown in sales, it’s still a solid seller’s market. Over half the properties purchased in June sold for more than list price.

Eastside

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A booming economy offered little price relief for buyers looking on the Eastside. In a recent study of economic strength by state, Washington ranked number one in the country. An additional report targeting cities ranks the Seattle-Bellevue-Tacoma market as the nation’s fourth strongest economy.  The median price of a single-family home on the Eastside rose 10 percent over a year ago to $977,759 setting another record. There is some good news for buyers. Inventory rose to its highest level in three years, with the number of homes for sale increasing 46 percent from the same time last year.

King County

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The number of homes on the market in King County soared 47 percent from a year ago, the biggest increase since the housing bubble burst. Despite the increase, there is just over one month of available inventory, far short of the four to six months that is considered a balanced market.  The median price of a single-family home increased 9 percent over last June to $715,000. That’s down 2 percent from the $726,275 median in May. Home prices haven’t dropped from May to June in King County since the last recession.

Seattle

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Seattle trails only Bay Area cities when it comes to greatest profits for home sellers.  That may help explain the surge in inventory in June. For example, the number of homes for sale in the popular Ballard/Green Lake area doubled from a year ago. Even though buyers are finally getting more choices, demand still exceeds supply. Homes sell faster in Seattle than in any other U.S. real estate market.  That demand propelled the median price of a single-family home to $812,500; up 8 percent over last June and down from the record $830,000 set in May.

Snohomish County

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The largest jump in home prices in the region came in Snohomish County. While higher-priced markets in King County are seeing increases slowing slightly, the median price of a single-family home here jumped 14 percent to $511,500, a new high for the county.  Buyers willing to “keep driving until they can afford it” are finding Snohomish County an appealing destination.

This post originally appeared on the WindermereEastside.com Blog. 

Posted on July 10, 2018 at 10:30 am
Marilena Sirbu | Category: Local Market Update | Tagged , , , , , , , , , , ,

What to Expect From Property Taxes in Washington State in 2018-2019

Why have property taxes gone up so much in Washington State this year and what can we expect them to do in 2019? Windermere Chief Economist Matthew Gardner answers the question that many homeowners are asking.

This post originally appeared on the Windermere.com Blog.

Posted on June 27, 2018 at 11:31 am
Marilena Sirbu | Category: Local Economy | Tagged , , , , , ,

Local Market Update – 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

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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

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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

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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

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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 4:58 pm
Marilena Sirbu | Category: Local Market Update | Tagged , , , , , , ,

Three Deck Design Ideas To Get Your Yard Ready For Summer

A delightfully warm spring in many parts of the Western U.S. has many folks brushing off their summer clothing early. While this is exciting for all who love the outdoors, public spaces like parks and beaches may be overcrowded. What better time, then, to focus on ways to maximize the space you have in your own home. There’s no one ideal way to design or set up your deck, but we’ve put together a few of our favorite ideas to help inspire your next redesign.

Multi-level Decks

 

Credit: H. Camille Smith / HGTV

Credit: H. Camille Smith / HGTV

 

  • Especially if your square footage is limited, tiering your deck into multiple levels is a great way to incorporate extra outdoor space into your home.
  • By separating your deck into multiple levels, even slightly, you can create a cozy sense of separation between spaces.
  • Give yourself options for privacy. Depending on your property, the base level of your deck may be below your fence-line. If you have a view you’d like to enjoy with your barbecue, consider a second tier.

Built-in Seating

Credit: lizmarieblog.com

Credit: lizmarieblog.com

 

  • A simple way to save space and hassle is to build in your seating spaces during your deck’s construction.
  • It’s important to consider what you will predominantly be doing on your deck. Lounging while reading? A corner bench is a great fit and can be outfitted comfortably. Potlucks and cookouts? Consider higher benches or fences with wide tops for easy plate placement.
  • Consider your environment. If your deck will weather rain, sand, or wind consistently, don’t write off surfaces like brick and concrete, which can be framed as appealingly as wood or other stone.

Custom Lighting

Credit: istikharawazifa.com

Credit: istikharawazifa.com

 

  • As the sun fades, your deck’s utility can shine or fade with it. Including discreet lighting within the construction of your deck is a small step that can pay huge dividends.
  • Increasingly popular low-voltage systems have made a well-lit backyard and deck drastically more affordable.
  • Depending on your location, solar powered lighting is a worthwhile investment that can help accentuate your stairs, fences, and other outdoor decorations.

This post originally appeared on the Windermere.com Blog. 

Posted on May 29, 2018 at 4:29 pm
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , , , , ,

Let’s Make Your Memorial Day a DIY Breeze

If you have ever had the responsibility of hosting a get-together over Memorial Day weekend, you probably know that it can be a daunting task. Between barbecuing, decorating, and general mayhem, the three-day weekend can feel like its own brand of work. To ease those stresses, we’ve gathered up a few of our favorite DIY Memorial Day traditions that can make everyone’s lives easier. Who knows, you might even have a little fun with them!

Make decoration creation a family event

If your attic shelters a full array of patriotic decorations, it may be no trouble for you to adorn your home appropriately. For the rest of us, here are some family-friendly options for last minute party décor.

Credit: dreamingindiy.com

  • Grab several slats of wood, paper, or any other surface you feel comfortable displaying.
  • Set up a “paint-friendly” space, ideally outdoors, with rags or paper laid out underneath to avoid excess mess.
  • Optionally, you can create or buy stencils of flags, fireworks, stars, and other thematic artwork to help guide the youngest in the group.
  • Set up the kids with age-appropriate artistic implements and let them go wild. While a watchful eye will surely remain necessary, not only will you have family-approved decorations for the weekend, you might just get a moment to actually catch up with one another.

It’s the little things

Credit: zullily.com

  • Candle holders and vases make just as big an impact in theming as grand gestures. Small DIY decorations such as adding stars and stripes to your accent pieces helps flesh out the theme you’re going for.
  • By sticking with a consistent artistic tool (sharpie, paint, pencil, etc.) you can deliver a sense of consistency to your guests while saving yourself time an effort.
  • Function can be found in all sorts of items. If you find yourself caught in a windy day on Monday, your creations can play double-duty as paperweights and board game savers.

Help nature help you

Credit: Kathy Quillian

  • The simplest of decorations are those that grow all by themselves. Whether in bouquet form, wreaths, or, in your own garden, natural coloring adds the perfect touch to your party decor.
  • Mixing roses, petunias, and irises creates a charmingly patriotic array.
  • Plan for your guests! Will there be children at your party? Setting out a dozen single-stem vases will look great but may lead to disaster, so consider your audience before decorating.

This post originally appeared on the Windermere.com Blog. 

Posted on May 25, 2018 at 1:58 pm
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , ,

Start Moving in the Right Direction

Moving is stressful, whether it’s across town or cross-country.  Once you’ve closed on your house, the reality of packing, moving, and setting up a new home can become overwhelming. While no list can make a move “stress-free”, planning ahead and staying organized can help make your move a little smoother.  Here is our list of tips:

Getting started:

  • Once you know your prospective move date set up a quick timeline to make sure you can get all the important tasks done and ready in time for your move.
  • Consider how much stuff you have by doing a home inventory. This can help you decide whether you need to hire movers to help you or if you will be managing your move on your own. Many moving companies supply inventory lists to help you assess the size of truck you will need. You can use your list as double duty for insurance purposes later.
  • As soon as you decide how you will be moving, make your reservations. In general, moving companies and truck rental services are over-booked at the beginning and very end of the month. If you are planning on hiring a moving company, contact a few in your area for a price quote. To find companies ask your real estate agent, family, or friends, and consult online reviews. It is also a good idea to request a quote and compare companies.

Preparing for your move:

  • Moving is a great opportunity to get rid of clutter, junk, or outdated items. Set aside some time to sort through your closets, storage spaces, files, drawers, and more.  Go through cluttered areas and organize items by “keepers”, “give-aways” and “garbage”. You will have less to pack and an opportunity to update after you move. Contact a local nonprofit organization for your donations; some will arrange to pick up larger donations like furniture. If you have items of value, eBay or Craigslist are good options.
  • Changing your address is one of the more tedious tasks in the moving process. You will need to change your address with the United States Post Office. You can find the online form here.
  • You will also need to change your address with each account you have. Here is a list to get you started:
  • Employers
  • Bank(s)
  • Utilities (Electric, Water/Sewage, Oil/Gas)
  • Cable/ Telephone
  • Cell phone service
  • Credit Cards
  • Magazine subscriptions
  • Insurance companies (auto, home/renters, health, dental, vision, etc.)
  • Pharmacy
  • Other personal services

Let the packing begin:

  • Before you start packing, it may help to visualize where everything you have will go. Perhaps furniture will fit better in a different room? Consider the floor plan of your new home and figure out what will go where. This will aid in packing and labeling as you box everything up.
  • Use a tool like floorplanner.com to plan where furniture and items will go.
  • When it comes to packing you have some options. You can work with a service that provides reusable boxes for moving or you can reuse or purchase cardboard boxes.  Make sure you have enough boxes, packing tape, dark markers, and packing paper.
  • Pack rooms according to your floor plan. Label boxes with contents and room. This will make it easier to unpack your home, knowing where everything is going.
  • Real Simple magazine has some great tips on packing for your move.
  • If you have to disassemble any of your furniture, make sure you keep all the parts and directions together.
  • Make sure you set aside your necessities for the day you move. Being tired and unable to take a shower or make your bed can be hard at the end of a long moving day. Here are some ideas of what you may like to pack in your “day-of-move” boxes.
  • Clean linens for the beds, pillows and blankets
  • Clean towels
  • Shower curtain, liner and hooks
  • Toiletries, hand soap, toothbrush, etc.
  • Disposable utensils, cups, napkins, etc
  • Rolls of toilet paper
  • Snacks and water
  • Change of clothes
  • Tools for reassembling furniture, installing hardware, and hanging photos

Making your move

  • Come up with a game plan with your family, so everyone has a role and a part to play.
  • Once the house is empty, do a once over on your old place to make sure it is clean for the next owners/occupants. Here is a useful checklist for cleaning.

Warming your new home

  • Once you have settled into your new home, warm it up by inviting friends and family over to celebrate.
  • Announce your move to far-away friends and family through moving announcements to make sure you stay on the holiday card mailing list.

This post originally appeared on the Windermere.com Blog.

Posted on May 14, 2018 at 4:01 pm
Marilena Sirbu | Category: Home Ownership | Tagged , , , , , , ,

Local Market Update – May 2018

Another month, another record. Despite a slight uptick in inventory that showed the highest level of active listings since last August, both King and Snohomish counties saw home prices in April hit all-time highs. There is less than one month of inventory available in both counties, far below the four to six months of supply that is considered “balanced.” As long as the severe shortage of homes remains, improving supply is unlikely to reverse rising prices.

Eastside

>>>Click image to view full report.

With the median price on the Eastside hovering at just under $1 million, you’d expect a softening of the market. Instead, sales were strong at every price point. The median price of $943,000 was a slight dip from the record of $950,000, but up 7 percent from last April. That does show some price moderation. According to Windermere Chief Economist Matthew Gardner, mortgage rates are expected to increase modestly in the coming months, which he predicts should further moderate price growth.

King County

>>>Click image to view full report.

After setting a record in March, the median price of a single-family home in King County hit a new high of $725,000 in April. Prices soared 16 percent over a year ago, an increase of $100,000. The rising cost of both rental and home prices is taking its toll. According to a new study, 68 percent of King County residents rate the quality of life here as high but 35 percent said the cost of living is the worst problem in the county.

Seattle

>>>Click image to view full report.

The median cost of a single-family home in Seattle was $819,000, unchanged from March but up 13 percent from a year ago. There doesn’t appear to be any price relief in the near future. The booming job market in Seattle continues to fuel housing demand that far exceeds supply. As a result, home prices are predicted to rise at above-average rates in the coming year.

Snohomish County

>>>Click image to view full report.

In Snohomish County, the median price of a single-family home exceeded half a million dollars, setting a new record for the region. The typical home cost of $505,975 in April was up 15 percent over the same time last year. Despite record-setting prices, the area continues to draw buyers seeking to find more affordable housing options. Of the 100,000+ people who leave King County each year, the majority move to Snohomish County.

This post originally appeared on the WindermereEastside.com Blog.

Posted on May 10, 2018 at 4:57 pm
Marilena Sirbu | Category: Local Market Update | Tagged , , , , , , , ,

Home Decor Through The Decades

 

 

As we celebrate our 45th anniversary here at Windermere, we’re feeling a bit nostalgic. The fundamentals of helping our clients buy and sell homes haven’t changed much over the past 45 years, but the way we decorate our homes sure has. Let’s take a trip down memory lane and explore interior design trends from the past four decades—the good (farmhouse sinks), the bad (macramé owls), and the ill-advised (carpeted bathrooms!).

1970s
Inspired by the hippie movement, interior design in the 1970s centered around bringing the outdoors inside. Wood paneling could be found in bedrooms and basements alike, and wood accents adorned appliances in the kitchen.

Earth tones dominated throughout the house. If your refrigerator wasn’t avocado or burnt sienna and your shag carpet wasn’t harvest gold, you were not keeping up with the times.

 

1980s
In the 1980s, we wanted to make homes as cozy as possible, which for a lot of folks meant chintz, Laura Ashley–inspired florals, and tons of pastels.

The “country” look gained huge popularity during this decade as well. Even high-rise city apartments were filled with objects that seemed more at home on a ranch in Texas, including bleached cow skulls and weathered-wood dining tables and chairs.

 

1990s
Perhaps as a reaction to the excess of the decade before, the 1990s saw a rise in Japanese-inspired minimalism. Sparsely furnished rooms with rock gardens, clean lines, and simple colors were all the rage.

On the opposite end of that spectrum was the shabby chic craze. Distressed furniture, soft colors, and oversized textiles combined to create this look.

Texturized walls were also a big hit. Wall paper and paint brushes were out, and sponges became the way to get the chicest look for your home.

 

2000s
It’s hard to believe, but we’re nearly a decade out from the early aughts. And that perspective makes it easier to spot trends that felt of-the-moment only a few years ago but are waning in popularity today. One example is Tuscan-style kitchens. It seemed every new home—especially homes on the upper end of the market—included a kitchen with stone tiles, granite countertops, hanging vines, and beige and tan tones.

Another popular item from the early 2000s that is now facing a bit of a backlash is mason jars. Once a staple of homes looking to incorporate a rustic feel, mason jars are now so common in decorating both homes and restaurants that they no longer feel special or nostalgic.

 

Today
Trends are always evolving, but if you’re looking for some cutting-edge interior design ideas for 2018, here are a couple to consider.

Embrace super saturated colors, especially warmer tones like yellow and red. These bold hues no longer need to be saved for accent pieces like pillows or lamps. Larger pieces of furniture and entire walls make a bigger splash.

Incorporate geometric patterns. There’s really no wrong way to get on board with this trend. Whether your couch features large circles, you add patterned backsplash in your kitchen, or you cover your ceiling with octagonal wallpaper, geometric shapes will help your home feel fresh.

 

This post originally appeared on the Windermere.com Blog.

Posted on April 23, 2018 at 4:56 pm
Marilena Sirbu | Category: Uncategorized | Tagged , , , , , , ,

Local Market Update – April 2018

Despite the typical seasonal surge in new listings, supply in our area continued to fall far short of demand in March. With just two weeks of available inventory in every market, competition for homes is intense. The result was another month of double-digit price increases as compared to a year ago. The region has now led the country in home price increases for 17 months in a row. The prediction for the spring market: HOT with no signs of cooling.

Eastside

>>>Click image to view full report.

The median price of a single-family home was up 6 percent over last March to $926,000, down slightly from the record-setting price last month. Sales were brisk at every price, including the luxury market. Sales of homes priced at $2 million or more were up 23 percent in the first quarter of 2018 as compared to the previous year.

King County

>>>Click image to view full report.

A booming economy combined with insufficient inventory propelled prices to an all-time high in March. The median price of a single-family home in King County jumped 15 percent to $689,950. Multiple offers remain the norm. Buyers here need to plan on moving very quickly and working with their agent on strategies to navigate bidding wars.

Seattle

>>>Click image to view full report.

The median home price in Seattle set a new record of $819,500 in March, up a whopping 17 percent from a year ago. Homes are selling within days of being listed. Only 19 single-family homes are currently on the market in Ballard and just 24 in Queen Anne. South Seattle, traditionally the most affordable part of the city, has seen the greatest increase in prices.  Home values in these neighborhoods have nearly tripled since the recession ended, while home values in the rest of the city have doubled.

Snohomish County

>>>Click image to view full report.

Once a less competitive market than King County, Snohomish County now has the lower amount of inventory of the two. The median price of a single-family home grew 12 percent over a year ago to $475,000. Prices here remain significantly lower than in King County and many buyers priced out of that market are trading a longer commute time for the opportunity of ownership.

This post originally appeared on the WindermereEastside.com Blog.

Posted on April 9, 2018 at 5:18 pm
Marilena Sirbu | Category: Local Market Update | Tagged , , , , , , , ,