The record high housing prices in Seattle have been in the news for over a year and a half now. "Seattle's median home price of $830,000 is up 14 percent from a year ago and sets a record after holding steady at the previous high of $819,000 in March and April" states The Seattle Times. Despite new and increased inventory in May, single-family home prices continued to increase further, still - arriving at the current $830,000 median.
Those who know Kimberleigh King (one half of the WinninghamKing team) know her love of wine and passion for wine collecting; and recently, a special feature popped up on the Sotheby's Realty blog that we just had to share. They curated a special post dedicated to six homes across the globe that boast unique, and well-stocked, wine cellars.
Winter in real estate is notorious for lower inventory, and often lower prices, but it may just be one of the better times of year to buy. Most real estate news during the winter is akin to lowering median prices, a slow in construction, and a dip in overall housing inventory. However, even with all of these things popping up in news headlines across the nation; Seattle's housing market continues to come out on top.
Released late last month, the RSIR Quarterly Reports show an in-depth look at the housing market and real estate trends from the first two quarters of 2017. The reports focused on Seattle, the Eastside and Bainbridge markets; but another recent semi-annual report pulled details from several neighborhoods and areas around the sound. The numbers from both reports show an increase in median home prices in every studied area.
We are pleased to announce the Realogics Sotheby's International Realty 2016/2017 Market Report! The full publication features editorial content and a full review on trends to watch and year-end statistics.
Realogics Sotheby's International Realty (RSIR) presents the Market Report: Puget Sound Real Estate Trends & 2015 Year in Review, a comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients. The report touches on macroeconomic trends, the primary demand drivers influencing our regional real estate market in addition to micro markets that vary greatly from neighborhood to neighborhood.
The year 2015 witnessed white-hot real estate conditions throughout the Puget Sound not seen since before the Great Recession. Prices of real estate throughout the Puget Sound catapulted higher in 2015, the result of tight supply and an influx of new buyers. A similar trajectory is expected in 2016: expanding demand, anemic supply and developers playing catch up to increasing homeownership levels.
The Puget Sound region has taken a different path from other boomtowns in North America whose economies are based on resource extraction (e.g., oil), financial intermediation, or entertainment. Seattle’s aerospace industry has gradually yielded its eminence to the service expansion and new product development cycles of the information tech industry and their secondary employment effects on IT contractors, food & beverage businesses, and real estate developers.
Besides drawing new residents domestically from other U.S. states, the Puget Sound benefits from the state’s importance as a gateway to trade with Asia, as well as from international air travel to and from Sea-Tac International Airport. The Sound’s proximity to international communities across the broader region from Vancouver, British Columbia to Los Angeles and San Diego is also a factor, as is the superior quality of life in the region and its comparative affordability in respect to those other markets. The international eminence that results from these features of our local economy has allowed the area to attract growing numbers of immigrants from overseas and recognition as a global gateway city.
As always, for the most current market information around the corner or around the world, reach out to one of RSIR’s Global Real Estate Advisors by visiting www.RSIR.com.
With the holidays over and everyone seemingly exhausted from a season-long of gift giving, purchasing a new home in the new year may seem like the last thing on anyone's to-do list. That being said, there are many trends and reasons that 2016 may, in fact, be the year to buy!
MSN Money has 4 reasons why this is your year to invest in real estate:
1. Climbing rents
2. Home prices are expected to level off
3. Last chance for record-low interest rates
4. More home listings
November’s numbers indicate that buyers continue to reign in King County, as residential homes spent an average of just one month on the market, down nearly 30% compared to last year. Inventory continued its low trend, as the number of active homes was down 44% year-over-year and 27% month-over-month. Given the low inventory and increased demand, the median sale price rose to $440K, up slightly from last month and nearly $40K from the previous year. In downtown Seattle, condo active inventory held steady month-over-month but was down 12% from the previous year. Downtown Seattle condos likewise saw an increase in median sale price, up over $100K compared to last year’s numbers.
For the latest numbers from areas around the sound, View November’s Market Reports >>
We are thrilled to announce that Ev Winningham and Kimberleigh King, Global Real Estate Advisors and Brokers with Realogics Sotheby’s International Realty (RSIR) were featured in the October issue of Top Agent Magazine!
The full-page article described the evolution of the broker duo, who have been working together since 1992. While both did not enter real estate right after college, they were drawn to the industry and found one another when Kimberleigh approached Ev for a position. Since then, the two have fostered a partnership with profound success. As the article reads, “‘We’re both principals and the clients know it,’ says Ev, ‘we don’t have a set division of labor, we work together, we trust each other and it just works.'”
Of their somewhat recent move to RSIR’s brokerage firm, Kimberleigh noted that despite their still intense local focus and desire to assist buyers and sellers at all property types and price points, “the business is changing and becoming more global: 35% of our business is internationally based. We recognized the shift and felt we needed to move in order to grow in that direction.'”
This feature is quite an honor for the team, as the Top Agent Magazine website describes that the agents included in the magazine “have earned their place because of their commitment to providing the best real estate service possible. They are innovative in marketing your home for sale, renowned for pairing Washington home buyers with their perfect home, and experts at negotiating your home sales and purchase prices.”
For the full article, click here.
With summer over and fall now in full swing, there are many things, as a homeowner, that you should be doing to prepare for the oncoming cooler and damper weather.
Fortunately, Houzz has all of the info to prep your house!
- Prepare your home for winter weather
- Clean gutters
- Inspect your roof
- Boost night lighting
- Rake leaves
- Turn off exterior faucets
Summer is winding down and the fall leaves are nearly upon us. Football season begins again, the kids are back in school, and there is a certain crispness in the air.
While it may seem logical that people would be reducing their spending after summer vacations and preparing for the upcoming holiday season, this particular September may prove to be the best time to buy a house!
23218 SE 34th Place, Sammamish, WA 98075
Offered at $795,000
Gorgeous Conner resale at end of cul-de-sac on a large private lot. Fabulous rich hardwood floors plus heated tiled floors. Amazing great room with gas fireplace & large picture window. Entertainment size dining room. Gourmet kitchen with large island, 6 burner gas range, stainless steel appliances, granite counters and a deep sink. Den/bed on main. Sumptuous master with vaulted ceiling, bonus room, and 2 large bedrooms. Lower level can be 4th bedroom, gym or media room. Extra deep garage/shop. Walk to schools & parks playground few doors away!
We are thrilled to share that our 5 acre estate on Paradise Cove in Sequim won Home of the Week on the Puget Sound Business Journal!
Home of the Day is a feature presented by the Puget Sound Business Journal and Realogics Sotheby’s International Realty. This is your invitation to view some of Puget Sound’s most luxurious properties. Come inside and take a look around.
It isn’t often you get the chance to create your own family legacy in a place as picture perfect as Paradise Cove, on Sequim Bay! First time available 5 acre estate, with 345 feet of waterfront. Stunningly beautiful, custom designed, NW Contemporary home, plus separate guest house.
Sequim Bay Point Association is an exclusive, waterfront community with 125 lush acres, with just 15 home sites. Neighborhood association amenities include: Treadwell Spit, 3 docks inside Paradise Cove, and boat ramp, partial ownership of Travis Spit, heated indoor swimming pool and sauna, 2 tennis courts, and historic buildings. Stay in Skookumchuck cabin on the bay, where members can stay overnight. Spend the day kayaking, and hiking. Then share stories around a campfire, while toasting marshmallows for s’mores. There are numerous walking and hiking trails, plenty of fishing, clamming and crabbing, long strolls along beaches.
While it may seem incomprehensible for the generation coming of age in the Great Recession to be purchasing homes, the rate at which rents are rising makes renting to be a less economical option for a growing number of millennials.
While nationally the median age at which people are buying homes is rising, the situation is just the opposite here in Seattle. Despite the existence of student loan debt being the main hurdle for most millennials, many here in Seattle work in the tech industry, which allows them the ability to pay down debt quicker. Coupled with historically low interest rates on home loans and too high of rents, the ability for Seattle area millennials to purchase a home will only increase.
It's no secret that the Millennial generation is coming into the home-buying market in full force. And it is also no secret that this is the first generation to have grown up their entire lives with the computer and Internet at their fingertips. As such, the demand for innovation and ingenuity for the real estate sector has never been higher.
In a recent article from Inman, a real estate news source for realtors and brokers, Jason Turner breaks down what brokers should and shouldn't be doing amidst the growing rise of new media and marketing strategies.
The more open and approachable a broker is, the more appealing to a Millennial buyer. Despite such innovations as being able to search for homes from the convenience of their smartphones, Millennials are really searching for a personal touch from a dedicated broker that is going to be able to mentor and be available to them with indispensable knowledge from firsthand experience.
In an effort to expand homeownership among lower-income buyers, President Barack Obama cut mortgage-insurance premiums charged by the Federal Housing Administration (FHA) in an announcement according to Bloomberg News.
“Lowering the annual mortgage insurance fee from 1.35% down to .85% will be a significant boom for both first-time homebuyers and current homeowners that want to refinance their FHA loans,” says Keith Lashley, Mortgage Banker with Caliber Home Loans and Preferred Lender for Realogics Sotheby’s International Realty. “Prospective homebuyers are urged to take advantage of the lowest interest rates in over a year. Factoring in the rising median home prices and positive economic trends, I’d say this is about the most confident time to buy in recent memory.”
Lashley breaks down the changes like this. Mortgage insurance on a $400,000 loan currently costs a homeowner $450 per month but will drop down to $283 per month under the reduced premium providing a $166 per month savings to homeowners financed through FHA.
Under the new premium structure FHA estimates that 250,000 additional first-time homebuyers will be able to enter the market due to the reduce premium and over 2 million borrowers will save an average of $900 annually over the next three years if they purchase or refinance homes.
2015 is quickly shaping up to be a blockbuster year in real estate according to Lashley. He says homebuyers can take advantage of incredibly low interest rates, less restrictive FHA underwriting guidelines and now lower mortgage insurance to leverage their purchasing power all at the same time. He also warns that an increase of more homebuyers could make the marketplace even more competitive for buyers.
These favorable factors coupled with fast rising rents are not lost on first time homebuyers as Millennials and other modest income buyers are projected to move into the home buying market in record numbers this year. Other macro factors such as increased employment, low inflation and low relative home prices are further enticements for new home buyers to act in the first quarter of the New Year.
Trulia released their annual report of the hottest housing markets to watch for in the coming year, and we have to say that we are not surprised to see that Seattle picked up the number ten spot on their list. Erin Renzas explained that this year, Trulia’s Chief Economist Jed Kolko determined which markets made the cut using “fundamentals such as job growth, rising incomes, and more household formation.” Thus, Renzas says his ten selections, “have strong fundamentals for housing activity,” which “include job growth, which fuels housing demand, and a low vacancy rate, which spurs construction.” She added that they “gave a few extra points to markets with a higher share of millennials.”
10. Seattle, WA
Companies like Starbucks, Microsoft, Amazon, and UPS have provided steady job growth for the area, but, hey, Seattleites know how to rock, too — as the home of grunge, which is still popular in the music scene there.
We cannot wait to see what 2015 brings as Seattle received a lot of attention this past year as Forbes Recognized it as Just About the Coolest City in the US, CNN Noted it’s Millennial Appeal, CNN Money Called it a Hot Market for Chinese Buyers, and KOMO TV Reported on the Downtown Building Boom.