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The Art of Hygge
When the weather outside gets frightful, it’s time to get cozy inside! Whether you are a renter, a new homeowner or long-since settled into your space, you can easily create a cozy haven to combat the dreary winter days. You might remember the term “hygge” from last winter’s literary listing, The Little Book of Hygge: Danish Secrets to Happy Living by Meik Wiking. There is no single definition for hygge, but it is generally seen as the enjoyment of life’s simple pleasures and embracing coziness. Hygge can be practiced all year round through restful activities, intentional decorating or spending quality time with loved ones. Channel the Scandinavian lifestyle with these simple tips for bringing hygge into your home!
The Art of Hygge: Creating the Perfect Ambiance
Candles are essential for creating a cozy atmosphere. Their comforting glow helps banish the darkness of winter evenings without the overbearing brightness of overhead lighting. If you are lucky enough to have a fireplace, either gas or wood-burning, get a fire going to warm up the space. For those without a fireplace, Netflix and Youtube offer a wide selection of “Fireplace for Your Home” videos where you can recreate the fireside ambiance from your screen. To finish off the cozy vibes, get a simmer pot going (check out the recipe below!) on the stove to make your home smell like a winter wonderland.
The Art of Hygge: Incorporating Varying Textures
Embracing the natural world is a big part of hygge. When you are crafting your snuggly space, bring in a variety of textures, from wood and rattan to wool and shearling. The natural fibers will warm up the space and give your home a comfy, eclectic vibe. If certain materials don’t fit with your current aesthetic, blankets and rugs in soothing neutral tones can elevate the coziness of any space without clashing with existing décor.
The Art of Hygge: Making Room for Memories
Perhaps the most important aspect of a hygge home is the memories you create within. Surrounding yourself with family and friends, having deep conversations over home-cooked meals and playing games by the fire are some of the coziest things you can do. Incorporating items that remind you of your favorite places, people and activities helps to create an atmosphere you want to revisit again and again. Like a favorite comfort movie that never fails to make us smile, finding items that spark joy or fond memories help us feel connected even when physical distance might keep us apart. Here are a few of my favorite things that make my home feel more hygge.
Hygge is not something that needs a specific definition, it is simply felt. Everyone will have their own interpretations of what makes a space homey and warm. What’s amazing is that hygge can be achieved in any space; it’s not about having the fluffiest blankets or the most scented candles, it’s about creating a comfortable, peaceful haven for yourself. From there, you can fill it with the items and the people that bring you joy. So, what are you waiting for? Get cozy!
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Written by Makena Schoene
Keep Up With Your Resolutions at Home!
New Years Resolutions are notoriously hard to keep, but not impossible! While we can’t help you get to the gym every day or cut back your screen time, we can help you find ways to tackle that to-do list you’ve been avoiding around your home.
Resolution #1 – Create a Clean Routine
Kick off 2024 with a clean start! Creating a routine that fits your schedule will go a long way in helping you stick to your resolutions, even for cleaning your house! For some, this looks like choosing a day each week to get all the cleaning done at once. For others, breaking up the tasks over the course of a few days helps them stay on top of the clutter.
Starting off with a deep clean right after the holidays is also a great way to give yourself a mental reset as we settle into a new year. Tackle those spots that you have been avoiding for so long and give them the attention they deserve, like stove hoods and baseboards. While you’re at it, help improve the air quality in your home by dusting hard to reach places and replacing furnace filters to keep you breathing easy all winter long.
Resolution #2 – Save Energy
Trying to keep the house warm and cozy all winter can get expensive, but there are a few simple hacks that can help save you money on your energy bill in 2024.
- Cover small gaps in windows and doors with weather stripping or caulk.
- Convert to LED lightbulbs (they use approx. 85% less energy than traditional bulbs!)
- Beware of phantom power – unplug chargers, small appliances like toasters and power strips when not in use.
- Do less laundry loads and wash in cold water when you can.
- Close the damper on the fireplace to keep the heat in, just don’t forget to open it next time you cozy up by the fire!
Resolution #3 – Try DIY
If you’ve got “Try something new” on your list of New Year’s resolutions, you can start right now in the comfort of your own home. DIY projects are a great way to breathe new life into pieces you already own, take care of pesky repairs, and invigorate rooms with a fresh look. When the weather outside gets frightful, working on a new project is a great way to pass the weekend and update your space without breaking the bank.
Here are a few ideas that you can accomplish easily over the course of a weekend.
- Recaulk your bathtub
- Organize your closet
- Paint or wallpaper a room
- Update kitchen hardware
There is no universal hack for keeping to your New Year’s resolutions, but by starting small and sticking to a plan, you can set yourself up for success in 2024 at home and in life. What are your goals for the new year? We would love to hear them! Share your resolutions by tagging us on social media.
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Written by Makena Schoene
Host a Stress-Free Holiday Dinner
Tis the season for holiday festivities! Between Thanksgiving, Hanukkah and all the celebrations in between, the fall and winter months are chock full of opportunities to gather with friends and family for a warm meal. If you are in charge of organizing this year’s get-togethers, we’ve got a list of do’s and don’ts to help making your holiday hosting duties easy as pie.
DO Set Your Budget
It’s easy to get swept up in the excitement of the holiday season. With all the parties, gifts, and meals that you may be responsible for, give yourself one less thing to stress about by setting a comfortable budget for your dinner party. If you find yourself feeling a bit of a financial strain, try opting for a potluck-style meal where each guest brings a dish. This is always a great way to try new food and experience how others celebrate the holidays.
Narrowing down your guest list in accordance with your budget is a great first step in planning your dinner. Typically, social gatherings adhere to the rule of fours, based on the theory that the human brain can only mentally manage three other minds (or conversations) at a time. According to Professor Robin Dunbar, author of The Social Brain, “An individual’s share of speaking time decreases rapidly as the number of people in the conversation increases.” Keep the natural flow of conversation going by keeping your guest list small or to multiples of fours.
DON’T Send Out Invites Too Late
The holiday season is a busy time of year, and there is a high chance that your guests will be making appearances at different gatherings over the next two months. Once you know who you want in attendance, make sure to send out invitations so that your guests can add your dinner to their schedules. The sooner you know who can make it, the easier it will be to plan other aspects of your dinner party.
For a holiday dinner, Emily Post recommends sending out invites 2 weeks to 2 months in advance, whether that be by mail, phone or email. For more casual dinners a few days to weeks should suffice.
DO Overstock the Beverages
One of the biggest mistakes a host can make is not having enough beverages for their guests. A good rule of thumb is at least one drink per person per hour, so make sure your bar is stocked with the basic liquors and mixers where guests have options for making their own cocktails. You can also purchase wine by the case to help cut costs if you are hosting a larger group of people.
General calculation for a two-hour party:
Wine: One bottle for every two guests
If serving both red and white, plan to have twice as many bottles of white as red
Beer: Three beers per guest
Two servings per person for the first hour, and one per each subsequent hour
Cocktails: Three cocktails per guest
One 750 ml bottle of liquor will serve 15 drinks
Nonalcoholic beverages: Three drinks per guest
Water: One liter of water per four guests
DON’T Complicate the Menu
As much as you want to knock your guest’s socks off with a jaw dropping meal, now is not the time to get experimental. If it is your first time hosting, stick with what you know and supplement your menu as needed with store-bought food that is already prepared. Check out these easy cocktail, appetizer and entrée recipes if you need inspiration!
Opt for simple recipes or something that you have made before so that you know what to expect; as the Queen of Hosting, Martha Stewart, says, “Practice, practice, practice. If you’re going to host a dinner party, make sure you know how to cook that dish and it’s really good.”
DO Save Time with Mise en Place
Take a page from a chef’s (cook)book and prepare what you can in advance, A.K.A mise en place! Measuring out your ingredients, chopping veggies or making a casserole a day ahead of your party are great ways to take some of the load off the actual day of the event. “Casseroles are great to make the day ahead. They reheat well, and I feel like they actually benefit from being made a day ahead, to give the flavors time to marinate,” advises chef Tony Galzin of Nicky’s Coal Fired in Nashville.
Certain desserts and gravy can also be done ahead of time if stored correctly, but there are a few things that are best cooked the day of for peak freshness like dinner rolls, mashed potatoes and the main entrée!
Being the host of a holiday dinner party is not an easy task, but with preparation and a little creativity, you can create an evening to remember. Happy Holidays!
Written by Makena Schoene
Wildfire Preparation and Evacuation Tips
This article originally appears on the Windermere Real Estate Blog, here.
Written by Sandy Dodge
Wildfires cause chaos for homeowners. Though they are destructive, with the right preparation, you can ensure that you and your household have a plan in case of an emergency. Many homeowners insurance policies cover damage caused by wildfires, but check with your insurance agent to make sure. The following tips are meant to inform your household’s wildfire evacuation protocol, whatever your evacuation timeline may be.
Wildfire Preparation: Immediate Evacuation
Evacuation orders come from local law enforcement agencies, but if you have not received an official evacuation notice and feel threatened by wildfires in your area, do not hesitate to leave. Take only essential vehicles on the road, this will minimize traffic and reduce the chance of gridlock when evacuating the area. Keep the windows rolled up to avoid inhaling smoke and tune into local radio for updates as you head toward safer ground. Don’t forget your masks and remember to bring the six P’s:
- People and pets
- Phones and personal computer
- Chargers, any additional computer hardware
- Papers and important documents
- Birth certificates, passports, insurance, legal documents
- Prescriptions
- Medication, eyeglasses, contacts
- Pictures and irreplaceable keepsakes
- Payment (credit & debit cards, bank cards, cash)
It helps to have a “go bag” or portable kit packed ahead of time if and when a wildfire breaks out. In it, you’ll want to keep a list of essential items in case you’re away from your home for a while. Include the following items in your go bag:
- Face masks or coverings
- Extra clothing
- First aid kit
- Toiletries
- Tools
- Flashlight
- Batteries
- Sanitation supplies
- Copies of important documents
- Three-day supply of food and water
Wildfire Evacuation Preparation
If you live in an area that is not being evacuated, there are steps you can take now to prepare your home and family, if and when the time comes. These tasks can help to discourage fires from spreading closer to your home and hopefully salvage some household items.
- Create a “defensible space” by clearing your home’s surroundings of brush and vegetation
- Turn off sprinklers and main gas lines
- Clean out roof and gutters
- Move furniture away from windows toward the center of the room
- Remove flammable household items
- Prepare your emergency kit
- Include essential items listed above
For more information about wildfires and indoor air quality, visit the Environmental Protection Agency (EPA) website. Be sure to check your local news and emergency alert radio stations and social media profiles for the most up-to-date information and helpful resources.
Wildfires are unpredictable. Knowing what to do both in preparation for and during an emergency evacuation will have your household prepared in the event that a wildfire spreads to your area, neighborhood, or home.
Featured Image Source: Getty Images – Image Credit: Daniiielc
Home Sweet Home
Welcome to the WBC Book Club, where your favorite Admins & Agents share our favorite books of the moment! From fictional adventures to inspiring true stories, you can find it all right here on the WBC blog. You may notice that the format of our book recs look a little different than most, but that’s because our team loves to stand out and provide an unparalleled experience in all aspects of our business.
This month’s Literary Listings are all about the places we call home, whether it be a glamourous pied-a-terre in Paris, a hauntingly beautiful estate in the English countryside, or a traditional colonial on the hill. Houses are the overlooked characters of our favorite stories, bearing witness to private conversations, clandestine meetings and secret dreams. It makes you wonder what these homes might have to say if walls could talk…
The Dutch House by Ann Patchett
Marketing Remarks: Now is your chance to own a bit of Pennsylvania history! Built by the illustrious VanHoebeek family in 1922, this Dutch colonial home with period details is in pristine condition. Enjoy evening soirees in the third floor ballroom and relax by the pool all summer long. This property spans several acres and offers unobstructed territorial views from the floor to ceiling windows. All art and furniture is conveyed with the house, including several priceless portraits that trace the long history of this amazing home.
Agent Remarks: Spanning more than three decades, The Dutch House chronicles the lives of Maeve and Danny Conroy, siblings who suddenly find themselves orphaned and disinherited by their stepmother after the untimely death of their father. With enough acerbic wit to counter the more sober themes, this is a beautiful coming of age story about love, forgiveness and the unbreakable bonds of family, reminding us that home is not where you are, it is who you are with.
Directions: Read the synopsis here!
The Paris Apartment by Lucy Foley
Marketing Remarks: Quiet and secluded baroque pied-a-terre close to local amenities. Secure passcode entry & on-site concierge to monitor all deliveries, building maintenance and mysterious goings-on. Building features include a lovely courtyard, hidden passageways, a wine cellar with convenient storage area – but beware, it’s easy to get locked in down there if you aren’t careful. Enjoy timeless elegance at one the most sought-after apartment buildings in Paris.
Agents Remarks: A suspenseful guessing game where no one is ever truly what they seem, The Paris Apartment takes you on a twisting investigation through the streets of Paris as a young woman attempts to find her missing brother. Then tension builds as we meet his various neighbors, each of whom seem to have a reason for wanting the charismatic, aspiring journalist out of the picture. This book has mystery, childhood trauma, and revenge – all the makings of a classic thriller!
Directions: Read the synopsis here!
Northanger Abbey by Jane Austen
Marketing Remarks: Step back in time to this 12th century abbey situated in the idyllic English countryside. This estate has been lovingly restored and repurposed into a family residence while keeping the building’s original architectural details intact. Arching gothic windows let in plenty of natural light to chase away any ghostly shadows, while the grand Rumford fireplace creates a cozy atmosphere in the spacious drawing room. It would be an alleged crime to pass up on this amazing opportunity!
Agent Remarks: Jane Austen’s first published work, Northanger Abbey satirizes the popular gothic novel that was sweeping the literary world in the 1800s. It follows a lovable yet naïve heroine, Catherine, who finds herself caught in a tug-of-war of friendship and romance with two very different sibling duos. When invited to visit her friends’ ancestral home, Catherine’s imagination takes flight as she searches for ghostly apparitions and murderous schemes around every turn. Expectations are turned upside down, relationships are tested and true natures revealed in this hilarious romp. This is a palatable book for those new to the work of Jane Austen and a great read for passing dark, stormy evenings.
Directions: Read the synopsis here!
What should we read next? We are always on the lookout for new book recommendations and would love to hear from you – tag us on social media with your favorite stories!
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Written by Makena Schoene
5 Tips For Small Yards
Some of the best memories are the ones created right at home. From deep conversations over yummy meals to evenings spent with loved ones under the stars, the place we choose to call home plays an important role in creating opportunities for deeper connection. With summer now in full swing, you may want to enjoy the warm weather from the comfort of your own backyard, but not every outdoor space is created equal. For some homeowners, it can be quite a challenge to capitalize on a small yard, but luckily, there are plenty of tricks to help you create an enchanting oasis to enjoy all summer long!
Image Courtesy of NWMLS Listing – Janine Bolivar
Define Separate Zones
Designating areas for lounge or play can go a long way in making a small yard feel larger than it is. According to the Bob Vila blog, the key to a more spacious feeling is all in the organization; by utilizing outdoor rugs, pavers or strategically placed plantings, you can create zones for dining, relaxation, and activities. These little “destinations” give the allusion of endless possibilities, even when the square footage seems constraining.
Pro Tip: Introduce a water feature to help divide zones. If space allows, a fountain or small pond not only provides a lovely visual and auditory element, but the reflection of the sky in the water produces a mirroring effect which can help make a space feel larger.
Photo by Tile Merchant Ireland on Unsplash
Elevate Your Space
Depending on the size and layout of your yard, incorporating levels is a great way to add some depth. Elevated decks, sunken firepits, terraced garden beds – these methods can help take advantage of topographical elements that aren’t being utilized to their full advantage, such as hillsides. Elevation changes also work to help define spaces in your small yard. Bonus!
Pro Tip: Make sure there is adequate drainage! For terraced gardens, poor drainage can lead to foundation rot and mold, so be sure to contact a professional to make sure you are using the right materials for your retaining walls and that the drainage is properly diverted.
Photo by islandworks via pixabay
Form & Function
Picking the right outdoor furniture is about more than just aesthetics. When working in a small yard, it is essential for pieces to pull their weight. This means that versatility is your best friend, where benches can double as storage bins and furniture can be easily folded away when not in use.
Pro Tip: Pick furniture that has a see-through pattern. Open backed chairs and glass tabletops allow the eye to travel further through the furniture, giving the allusion of more space. HGTV recommends investing in a simple bistro set of table and chairs; the slim profile and classic design are a perfect addition to any small garden.
Photo by Cee on Unsplash
Embrace the Curves
While straight lines and block patterns work for some yards, curves are the perfect way to maximize a small yard. Curved flower beds and winding garden paths lend a sense of movement to a seemingly static environment and can make short distances seem longer.
Pro Tip: Let’s meander! Paths that wind out of sight lend a sense of mystery, like an unexplored destination awaits just around the bend. Bonus points if you include a little visual treat at the end of the path – a little reflection pool or statue are always crowd pleasers.
Photo by Mark Neal from Pexels
Vertical Gardening
If you love plants but are short on space, then vertical gardening is the hack for you! Hanging plants draw the eye upwards without taking up valuable yard space, utilizing fences, pergolas, walls – the sky is the limit to where you can show off your plant babies. “Vertical gardening can also save on water usage”, says Carrie Spoonemore of Park Seed, “because water dripping form the top layer will also water plants below”.
Pro Tip: Many plants will thrive in a vertical garden but try to avoid perennials or vegetables with a deep root system, like tomatoes. Herbs and leafy greens, however, are great contenders for a successful vertical garden!
Bonus Tips
Water features don’t have to be big to make a splash! Invest in a small fountain that can be easily tucked away in a secluded corner or act as a centerpiece of your table.
Nothing says summer nights like gathering around a firepit under the stars. If your yard can’t support a full-sized fire pit, don’t despair! There are plenty of tabletop fireplaces alternatives that can create the cozy ambiance on a more manageable scale.
Don’t let square footage keep you from creating a summer destination right in your own backyard! There are so many tips for maximizing space in your small yard, (check out our Home Hacks board on Pinterest for even more inspiration) and we would love to hear some of yours! Just tag us on socials with your favorite #homehack and get started creating the ultimate summer getaway right at home.
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Written by Makena Schoene
Featured Image Source: NWMLS Listing Courtesy of Janine Bolivar
Turnkey vs. Fixer-Upper: Pros and Cons
This article originally appears on the Windermere Real Estate Blog, here.
Written by Sandy Dodge
The beauty of real estate is that different properties satisfy different needs. Although single-family homes are great for putting down roots, that may not be your motivation for purchasing your next home. If you’re looking to buy a property with the intent of renting it, both turnkey and fixer-upper listings will cross your path during your home search. The main difference between the two is the condition of the property when you buy it. The right one for you depends on your needs as a homeowner and your goals as a landlord.
What is a turnkey property?
Turnkey properties are move-in ready from day one, which means they’re ready for you to rent them out immediately. Whether it’s a new construction home or a recently remodeled listing, these properties are in tip-top shape when they hit the market. Companies that specialize in renovating and selling these properties may also offer property management services, which may appeal to you if you’re looking for a more hands-off approach to managing your investment property.
What does fixer-upper mean in real estate?
Compared to turnkey listings, fixer-uppers are on the opposite end of the investment property spectrum. Buying a fixer-upper means you’re purchasing a home that needs repairs, remodeling, and some major TLC before it’s ready to rent out. These properties are diamonds in the rough; you’re betting on your ability to make high ROI home upgrades that will attract future renters and put money in your pocket.
Image Source: Getty Images – Image Credit: StefaNikolic
Turnkey vs. Fixer-Upper: Pros and Cons
Turnkey Pros
Because they are move-in ready, turnkey listings have the potential to generate cash flow right away. Without any pending renovations in your way, you can open up the property to renters as soon as you take possession. They’re primed and ready to place in the hands of a property management company, which means you’ll get passive income without having to deal with day-to-day operational tasks. You can also ask the listing agent for permission to use their photos, which can help your rental stand out amongst the competition in your area.
Turnkey Cons
So, what’s the catch? These benefits all come at a cost; turnkey properties typically cost more than fixer-uppers. You’ll pay a premium for the pristine condition and the buttoned-up appearance of these properties, so it’s important to have a strategy to save money for your home purchase. Also, handing off property management duties to a third party means you’ll have less control over the renting process. For more information on whether hiring a property management company is right for you, read the following blog post:
Fixer-Upper Pros
Searching for homes in less-than-pristine condition can give you a leg up as a buyer. Fixer-upper homes tend to have less competition from buyers than turnkey properties, since not everyone is willing to take on a major remodeling project. Talk to your agent about how to make the best offer. Given their lessened condition, you can oftentimes get a great deal on these homes with the right strategy. And the best part is, your remodeling efforts will increase the home’s value over time. The more effort you put in, the more the property will be worth, which means higher ROI potential.
Fixer-Upper Cons
Here’s the downside with fixer-uppers: tapping into their potential requires pouring money into the property. Exactly how much you can expect to spend on a fixer-upper varies by location, the size of the home, and the scope of repairs and renovations needed. Tackling some remodeling projects DIY can save you money, but if certain projects require more skilled hands, it may be best to hire a professional. And for all your planning, it’s impossible to predict the future. Projects may go over budget, material costs may rise, and the market may look completely different when you’re ready to rent out your property than it did when you bought it. For more information on buying a fixer-upper and the special financing options available to you, read the following blog post:
Your real estate agent is your greatest asset in helping you determine which property type is right for you. Connect with a local Windermere agent to see which turnkey and fixer-upper properties are available in your area.
Featured Image Source: Getty Images – Image Credit: hikesterson
Four Holiday Decor Trends We’re Excited About This Winter
A Tree of a Different Color
Photo Credit: Left – Lushome, Center – HGTV, Right – Christmas365
For many, there’s nothing more quintessential during the holidays than a Christmas tree decked out in ornaments. But acquiring a tree can be challenging and expensive. Moreover, housing a tree consumes time and space. That’s why we love the idea of an alternative tree. There are plenty of options you can buy online or create yourself using things you probably already have around the house. And if you miss the smell of a real tree, try a scented candle or essential oils.
The Season of Lights
Photo Credit: Amara
There’s something perpetually charming about twinkling lights. Whether you’re wrapping them around your front porch or adorning your fireplace mantle, extra lights deliver a warm glow during the holiday season. Getting creative and adding light to otherwise unexpected places, including bookcases, around headboards, or even in glassware, is a great way to keep everything looking merry and bright.
Act Natural
Photo Credit: Better Homes & Gardens
Not all holiday climates are built alike. If you’re expecting a white Christmas, you’re probably used to pine trees and winter brush, but for those of you located in regions where the mercury doesn’t drop, sprinkling in natural elements can transform your home into a wintery oasis. Holly and pine needles add a traditional touch, or consider a wreath of olive branches with some sleigh bells interspersed.
Bring it All Home at Dinner
Photo Credit: Amara
When decorating for the holidays, don’t forget the table! A sprig of holly adds a festive touch to your place settings. And instead of the traditional centerpiece, try placing candles in glass vases or mason jars to give your tablescape that added touch of holiday pizzazz.
Posted on the Windermere Blog by John Trupin
3 Tips to buy your Dream Home
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.”
Greater Seattle Area Real Estate Market – 3rd Quarter 2017
The Gardner Report – Third Quarter 2017
ECONOMIC OVERVIEW
The Washington State economy added 79,600 new jobs over the past 12 months—an impressive growth rate of 2.4%, and well above the national growth rate of 1.2%. However, as we anticipated in last quarter’s report, we continue to see a modest slowdown in the growth rate as the state grows closer to full employment. Growth has been broad-based, with expansion in all major job sectors other than Aerospace (a function of a slowdown at Boeing). Given the current rate of expansion, I am raising my employment forecast and now predict that Washington will add 81,000 new jobs in 2017.
Given the robust job market, it is unsurprising that the state unemployment rate continues to fall. The current unemployment rate in Washington State is 4.6% and we are essentially at full employment. Additionally, all counties contained within this report reported either a drop or stability in their unemployment rate from a year ago. I maintain my belief that the Washington State economy will continue to outperform the U.S. as a whole. Given such a strong expansion, we should also expect solid income growth across Western Washington.
HOME SALES ACTIVITY
- There were 25,312 home sales during the third quarter of 2017. This is an increase of 3.6% over the same period in 2016.
- Clallam County maintains its number one position for sales growth over the past 12 months. Only four other counties saw double-digit gains in sales. This demonstrates continuing issues with the low supply of listings. There were modest declines in sales activity in six counties.
- The market remains remarkably tight with listing inventory down by 14.2% when compared to the third quarter of 2016. But inventory is up a significant 32% compared to the second quarter of this year. Pending sales rose by 5.2% over the same quarter a year ago, which suggests that closings in Q4 will still be robust.
- The key takeaway from this data is that inventory is still very low, and the situation is unlikely to improve through the balance of the year.
HOME PRICES
Given tight supply levels, it is unsurprising to see very solid price growth across the Western Washington counties. Year-over-year, average prices rose 12.3% to $474,184. This is 0.9% higher than seen in the second quarter of this year.- With demand far exceeding supply, price growth in Western Washington continues to trend well above the longterm average. As I do not expect to see the new home market expand at any significant pace, there will be continued pressure on the resale market, which will cause home prices to continue to rise at above-average rates.
- When compared to the same period a year ago, price growth was most pronounced in Grays Harbor County where sale prices were 20.1% higher than the third quarter of 2016. Nine additional counties experienced double-digit price growth.
- Mortgage rates in the quarter continue to test the lows of 2017, and this is unlikely to change in the near-term. This will allow home prices to escalate further but I expect we will see rates start to rise fairly modestly in 2018, which could slow price growth.
DAYS ON MARKET
- The average number of days it took to sell a home in the quarter dropped by eight days when compared to the same quarter of 2016.
- King County continues to be the tightest market, with homes taking an average of 17 days to sell. Every county except San Juan saw the days on market drop from the same period a year ago.
- This quarter, it took an average of 43 days to sell a home. This is down from the 51 days it took in the second quarter of 2016 and down by 8 days from the second quarter of this year.
- At some point, inventory will start to grow and this will lead to an increase in the average time it takes to sell a house. However, I do not expect that to happen at any time soon. So we remain in a seller’s market.
CONCLUSIONS
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the third quarter of 2017, I have left the needle at the same point as the second quarter. Though price growth remains robust, sales activity has slowed very slightly and listings jumped relative to the second quarter. That said, the market is very strong and buyers will continue to find significant competition for accurately priced and well-located homes.
ABOUT MATTHEW GARDNER
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.
