Proud to be Windermere…
We are very proud of our brokers to support the Windermere Foundation which has raised over $35 million since 1989. In 2017, Eastside offices alone, raised up to $225,000 to help 22 organizations on the Eastside.
The Windermere Foundation had another banner year in 2017, raising even more than it did the prior year thanks to the continued support of Windermere franchise owners, agents, staff, and the community. Over $2.4 million was raised in 2017, which is an increase of eight percent over the previous year. This brings our total to over $35.5 million raised since the start of the Windermere Foundation in 1989.
A portion of the money raised last year is thanks to our agents who each make a donation to the Windermere Foundation from every commission they earn. Additional donations from Windermere agents, the community, and fundraisers made up 66% of the money collected in 2017. These funds enable our offices to support local non-profits that provide much-needed services to low-income and homeless families in their communities.
SUMMARY OF FUNDS, GRANTS & DONATIONS IN 2017
- Organizations served: 472
- Number of individual grants fulfilled: 644
- Average grant amount: $2,964.04
- Average donation to the Windermere Foundation: $116.08
- Total amount disbursed in 2017: $2,249,357.14
- Total disbursed through grants: $1,908,843.54
- Scholarships: 5%
- Youth/Child Programs: 33%
- Emergency Assistance: 24%
- Shelter: 11%
- School Assistance: 5%
- Education/Counseling: 12%
- Administrative Expenses: 2%
- Fundraising Expenses: 8%
So how are Windermere Foundation funds used? Windermere offices decide for themselves how to distribute the money in their local community. Our offices have helped support school lunch and afterschool programs, housing assistance for homeless families, food banks, homeless shelters, and non-profits that provide basic necessities, such as shoes, clothing, toiletries, and blankets to families in need.
A very notable day in 2017 for the Windermere Foundation was November 15, when a record-breaking $253,782 was given in a single day. A total of 35 non-profit organizations benefitted from that day’s donations, including Attain Housing in Kirkland, WA, which received $56,000 from the Windermere Eastside offices. Other organizations that received donations were Boys and Girls Club of Contra Costa in Walnut Creek, CA, and the Shady Cove School in Shady Cove, Oregon.
2017 also marked the second year of our #tacklehomelessness campaign with the Seattle Seahawks, in which Windermere committed to donating $100 for every Seahawks home game defensive tackle to YouthCare, a non-profit organization that provides critical services to homeless youth. While the Seahawks didn’t make it to the playoffs this year, they did help us raise $31,800. When added to last year’s $35,000, that’s a total donation of $66,800. We are grateful for the opportunity to provide additional support to homeless youth thanks to the Seahawks, YouthCare, and the #tacklehomelessness campaign.
Thanks to our agents and everyone who supports the Windermere Foundation, we are able to continue to make a difference in the lives of many families in our local communities. If you’d like to help support programs in your community, please click the Donate button.
Home prices nearly double in six years going from $407,000 in December 2011 to $810,000 in December 2017.
The year is over and 2017 has shown to be one of the best years in recent memory for equity gain while creating more and more competition due to dwindling availability of homes. Pricing has recently reached all time highs with the median prices doubling over the past 6 years. That being said we don’t see it changing anytime soon with Consumer and Builder confidence on an all-time high. Those looking to Sell in 2018 will need to position their homes in the best possible light to receive top dollar and Buyers will need to be truly prepared to Buy in order to be awarded a New home in 2018!
Eastside (based on Residential and Condominium report):
- Home prices nearly double in six years going from $407,000 in December 2011 to $810,000 in December 2017.
- The number of homes sold in December is virtually unchanged from a year ago (538 vs 541) even though there are 22% fewer houses for sale (451 vs 530).
It feels like 2018 will be similar to the past few years. A total frenzy until summer and then a flattening in price for the second half of the year. Interesting consistency in the past three years:
- Big jump in median closed price in December.
- By April or May the closed Median Price has reached the level it will remain close to, until the big jump in December.
What’s Happening in the Market – November 2017
While the market seems to relaxing for the moment, it appears that the supply is still holding steady below 1 months of inventory. Days on market have been creeping up nominally while the prices seem to have leveled for the moment. This time of year is a nice break from the hectic pace we have been experiencing, but never a better time to list as the competition is at its lowest during the November-December months. Plenty of motivated Buyers out there waiting for homes to become available as there are positive number coming from lenders for Pre-Approvals heading into 2018!
Homeowners can build wealth by purchasing a home. Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?
Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.
Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, speak to a professional and find out if you are able to today!
2018 Housing Market Forecast
Matthew Gardner, Chief Economist of Windermere Real Estate has recently published a forecast for 2018 housing market. Here are his expectations in 2018.
“It’s the time of the year when I look deep into my crystal ball to see what’s on the horizon for the upcoming year. As we are all aware, 2017 has been a stellar year for housing across the country, but can we expect that to continue in 2018?
Here are my thoughts:
Millennial Home Buyers
Last year, I predicted that the big story for 2017 would be millennial home buyers and it appears I was a little too bullish. To date, first-time buyers have made up 34% of all home purchases this year – still below the 40% that is expected in a normalized market. Although they are buying, it is not across all regions of the country, but rather in less expensive markets such as North Dakota, Ohio, and Maryland.
For the coming year, I believe the number of millennial buyers will expand further and be one of the biggest influencers in the U.S. housing market. I also believe that they will begin buying in more expensive markets. That’s because millennials are getting older and further into their careers, enabling them to save more money and raise their credit profiles.
As far as existing home sales are concerned, in 2018 we should expect a reasonable increase of 3.7% – or 5.62 million housing units. In many areas, demand will continue to exceed supply, but a slight increase in inventory will help take some heat off the market. Because of this, home prices are likely to rise but by a more modest 4.4%.
New Home Sales
New home sales in 2018 should rise by around 8% to 655,000 units, with prices increasing by 4.1%. While housing starts – and therefore sales – will rise next year, they will still remain well below the long-term average due to escalating land, labor, materials, and regulatory costs. I do hold out hope that home builders will be able to help meet the high demand we’re expecting from first-time buyers, but in many markets it’s very difficult for them to do so due to rising construction costs.
Interest rates continue to baffle forecasters. The anticipated rise that many of us have been predicting for several years has yet to materialize. As it stands right now, my forecast for 2018 is for interest rates to rise modestly to an average of 4.4% for a conventional 30-year fixed-rate mortgage – still remarkably low when compared to historic averages.
Something that has the potential to have a major impact on housing are the current proposals relative to tax reform. As I write this, we know that both the House and Senate propose doubling the standard deduction, and the House plans to lower the mortgage interest deduction from $1,000,000 to $500,000. If passed, the mortgage deduction would no longer have value for home owners who would likely opt to take the standard deduction.
If either of the current proposals is adopted into law, the potential reduction in mortgage-related tax savings means the after-tax cost of home ownership will increase for most home owners. Additionally, both the House and Senate bills also end tax benefits for interest on second homes, and this could have a devastating effect in areas with higher concentrations of second homes.
The capping of the deduction for state and local property taxes (SALT) at $10,000 will also negatively impact states with high property taxes, such as California, Connecticut, and New York. Furthermore, proposed changes to the capital gains exemption on profits from the sale of a home (requiring five years of continuous residence as compared to the current two) could impact approximately 750,000 home sellers a year and slow the growth of home ownership.
Something else to consider is that all of the aforementioned changes will only affect new home purchases, which I fear might become a deterrent for current home owners to sell. Given the severe shortage of homes for sale in a number of markets across the country, this could serve to exacerbate an already-persistent problem.
I continue to be concerned about housing affordability. Home prices have been rising across much of the country at unsustainable rates, and although I still contend that we are not in “bubble” territory, it does represent a substantial impediment to the long-term health of the housing market. But if home price growth begins to taper, as I predict it will in 2018, that should provide some relief in many markets where there are concerns about a housing bubble.
In summary, along with slowing home price growth, there should be a modest improvement in the number of homes for sale in 2018, and the total home sales will be higher than 2017. First-time buyers will continue to play a substantial role in the nation’s housing market, but their influence may be limited depending on where the government lands on tax reform.”
Brand New Bellevue Neighborhood: The Spring District
Yesterday some of our brokers went to a tour to learn more about Lake Bellevue Spring District. Our broker Michael Link, the President of the Lake Bellevue Alliance with The Spring District, was the tour guide. They previewed some of the apartment homes, experienced one of the best views in Bellevue from the rooftop, and received valuable information about The Spring District and details about different developments in that area.
More about The Spring District
The Spring District is a transit-oriented development and neighborhood that is under construction in Bellevue, Washington. The 16-block, 36-acre development is centered around the Spring District/120th station on the East Link Extension, a light rail line scheduled to open in 2023.
The Spring District is being developed by Wright Runstad & Company in a joint venture with the Shorenstein Company.
THE SPARC Security Properties was selected by Wright Runstad & Company and Shorenstein Properties to help kick off Phase One of The Spring District. Security Properties purchased a 2.5-acre parcel at The Spring District’s southwest corner and opened 309 residential units in late 2016. Aptly named Sparc, this project includes best in class amenities, spacious floor plans, a Bright Horizon’s childcare center, and convenient access to pedestrian friendly transit.
PHASE 2 MULTIFAMILY In addition to the 309 residential units already open at The Spring District, Security Properties is currently under construction for an additional 279 apartments located directly to the east.
PHASE 3 MULTIFAMILY AMLI Residential Properties will develop nearly 1.5 acres of land in the southwest corner of The Spring District with a multifamily project containing approximately 204 units. Construction is underway with completion by late 2019.
How to start saving to buy your Dream Home
- Save for your Dream Home: Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
- Living within a budget: It will not only help you save money for down payments but will help you pay down other debts that might be holding you back
Realtor.com shared their “5 Habits to Start Now If You Hope to Buy a Home.”
A fun activity during the Holidays
The Argosy Cruises Christmas Ship™ Festival is a ship-to-shore holiday celebration that has been a Northwest tradition since 1949. The Spirit of Seattle, the Official Christmas Ship™ is decorated with hundreds of shimmery white lights and sails to different Puget Sound waterfront communities – around 65 in all. Choirs on board the Christmas Ship™ perform to guests aboard as well as to our Follow Boats and to those communities gathered on shore. Select your preferred way to experience the Christmas Ship and prepare for the holiday event of the season!
Buy your tickets Here!
And here is the 2017 schedule…
Windermere Eastside brokers donated $225,000 in 2017
In 2017, 22 organizations on the Eastside were granted $225,000 thanks to Windermere Eastside brokers. The grants help our Eastside community in various ways from providing school supplies and meals to housing needs.
The list of grant recipients
- Acres of Diamonds – $4,000. This grant provides women and children transitional housing and support programs to rebuild lives from domestic abuse and/or substance abuse.
- Assistance League – $15,000. This grant goes to the Operation School Bell program that provides basic items of clothing to low-income students, grades K-12.
- Attain Housing – $56,000. This grant provides affordable housing to homeless families with children as well as case management for setting financial and social goals.
- Backpack Meals – $10,000. This grant provides weekend meals to Bellevue School District students who are homeless and would otherwise go hungry.
- Bellevue LifeSpring – $31,000. This grant supports the Breaktime-Mealtime Program which provides 80,000 meals to children during school breaks.
- Boys and Girls Club of Bellevue – $7,500. This grant supports Project Learn after school and summer camp programs at three low-income housing Clubhouses.
- Eastside Academy – $6,000. This grant pays food expenses for homeless and poverty-level students while they attend this alternative high school.
- Eastside Baby Corner – $20,000. This grant provides essentials like diapers and formula to economically disadvantaged children, from birth to age 12.
- Escape to Peace – $2,500. This grant helps create awareness of sex trafficking of Eastside minors and helps fund a healing center – a safe place for children to escape and to provide healing.
- Friends of Youth – $2,500. This grant helps fund emergency response and shelter, then long-term placement, to children (ages 7-17) experiencing trauma or abuse in east King County.
- Hopelink – $2,300. This grant supports the Pantry Pack Program which provides lunches to poverty-level children in the 36 Lake Washington School District schools.
- Imagine Housing – $5,000. This grant will target under 18-year olds in their Support Services Program that provides affordable housing and life skill case management in East King County.
- Issaquah Community Services – $2,500. This grant will provide emergency aid in the form of utility payments to low-income families in the Issaquah School District.
- Issaquah Food Bank – $2,500. This grant helps maintain a refrigerated box truck utilized as a mobile food bank to remote Eastside communities that have difficulty accessing food bank services.
- Kindering – $3,000. This grant provides developmental support, screening, and early intervention therapies to the very young children of homeless families.
- Lifewire – $20,000. This grant supports the Hotel-Motel Voucher Program, which provides emergency short-term stays in hotels and motels for victim of domestic violence.
- Mamma’s Hands – $15,000. This grant supports three Houses of Hope that house mothers and children from abuse and homelessness and helps them develop individual plans to bring changes to their lives.
- Pantry Packs – $3,700. This grant supports the Lake Washington Schools Foundation’s program that provides weekend, child-friendly food packs to children of qualified low-income families.
- Royal Family Kids Camp – $6,000. This grant supports summer camp for abused, neglected and abandoned foster children (ages 7-11).
- Treehouse – $3,000. This grant supports the Little Wishes Program which allows foster care youth to participate in extracurricular arts, athletics, and other educational experiences.
- Village Theatre – $2,500. This grant helps the Theatre’s outreach to the youth of low-income families so they can have access to theatre and arts education, regardless of their ability to pay.
- Youth Eastside Services – $5,000. This grant supports YES Lifeline, which provides free mental health counseling and substance abuse treatment to low-income East King County youth and families.
Windermere’s Winter Drive Report
Windermere Bellevue Commons collects nearly 60 items for homeless youth!
We would like to take a moment and thank all of our agents and staff who participated in Windermere’s Winter Drive: “We’ve Got You Covered” benefiting YouthCare! Our office collected 58 items including new hats, scarves, gloves/mittens and warm socks for homeless youth.
As part of Windermere’s #tacklehomelessness campaign with the Seattle Seahawks, 37 Windermere offices* in King and Snohomish Counties participated in Windermere’s “We’ve Got You Covered” winter drive. The recipient of these donations was YouthCare, a Seattle-based non-profit that provides critical services and support to homeless youth throughout the Puget Sound area.
Over 3,000 items were collected during the four-week drive, which included some 737 pairs of socks, 391 hats, 467 pairs of gloves/mittens, 111 scarves, and an assortment of other accessories and cash donations.
The folks at YouthCare were all very thankful to receive the delivery of eight bins full of donated items. And to make the day even more exciting, Blitz, the Seahawks mascot, was on site to oversee the delivery of the items to YouthCare!