We hope you are weathering the new normal as best as you can. With everyone spending more time than ever at home, real estate has taken on a whole new importance. For those who are interested, here is a brief update on how COVID-19 continues to affect our local market:
- Business was better than expected under the Stay Home order. COVID-19 did reduce real estate sales in April as compared to a year ago, however the number of sales rose steadily each week of the month. Sales growth continued in early May and we expect sales to increase slowly week by week.
- The number of new listings dropped, suggesting that would-be sellers are waiting until the shelter-in-place order is over to put their home on the market. With local technology companies continuing to hire, buyers will continue to face competition for limited inventory in the coming months.
- Home prices remain stable, with the median price of homes sold in April up slightly from a year ago. Sellers appear to be pricing homes realistically and buyers are not finding deep discounts.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for April are mostly reflective of sales in March. Next month’s data will offer a more telling trend of the effect of the virus on the local housing market.
If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
As our current situation evolves, know that the safety of everyone remains our top priority.
This post originally appeared on GetTheWReport.com
2019 ended with too many buyers chasing too few homes. December marked the sixth straight month of declining supply. The severe shortage of homes, historically low interest rates, and strong job growth are predicted to keep the local housing market strong in 2020. In a region starved for inventory, sellers can expect significant interest in new listings.
Homes sold briskly on the Eastside in December in all categories, including the luxury market. The number of listings were down nearly 50% from a year ago and the area had under a month of available inventory. That lack of inventory helped bump the median price of a single-family home up 4% from a year ago to $949,000, which is a $49,000 increase from November. New large scale developments and a strong economic forecast indicate that the housing market will remain healthy.
King County continues to be a seller’s market. Inventory in December was down nearly 40% compared to a year ago and ended the month with below one month supply. The median price of a single-family home rose 6% over the prior year to $675,000, up slightly from November. More affordable areas saw much higher increases. Southeast King County – which includes Auburn, Kent and Renton – saw home prices jump 16% over the previous year.
Numbers tell the story in Seattle. Inventory was down 25%, while the number of closed sales increased 19%. Strong demand here has kept the housing market solid, with prices fluctuating slightly month-to-month for much of 2019. The median price of a single-family home sold in December increased 2% from a year ago to $727,000. That was slightly down from $735,000 in November.
While the median home price in Snohomish County is less than that in King County, the gap continues to close. Buyers willing to trade a longer commute for a lower mortgage have kept demand and prices strong. Inventory here was off 36% in December as compared to a year ago. The median price of a single-family home rose 9% over a year ago to $510,000, an increase of $15,000 from November.
This post originally appeared on GetTheWReport.com
The 2018 Real Estate market has certainly been a little bit of roller coaster ride of late, but the final numbers for December do not reflect a depressed marketplace that the Seattle Times would have people to believe. Every area noted in the report shows that median home prices are up at least 4.3% year over year while many areas have dramatically increased primarily due to new construction and infill building. On average, market times have been relatively stable. We can expect to see them seasonally drop as we move further from the holiday season and the Spring market ramps up demand.
This report is based on Residential and Condominium sales activities on the Eastside.
The real estate market continued to improve for buyers in November. Interest rates dropped slightly, price increases slowed and inventory soared. It’s important to note that inventory increases, while significant, are being compared to the record low supply of last year. We’re still far short of the inventory needed for a truly balanced market, however buyers have greater choice and less competition than they’ve had in years. Sellers who price their home according to current market conditions continue to see strong interest. Heading into the holiday season, there’s something for everyone to celebrate.
by John Trupin on the Windermere Blog
What’s your home worth?
It seems like a simple question, but finding that answer is more complicated than it might seem. Sites like Zillow, Redfin, Eppraisal, and others have built-in home valuation tools that make it seem easy, but how accurate are they? And which one do you believe if you get three different answers? Online valuation tools have become a key part of the home buying and selling process, but they’ve been proven to be highly unreliable in certain instances. One thing that is for certain is that these valuation tools have reinforced that real estate agents are as vital to the process of pricing a home as they ever were – and maybe even more so now.
There are limitations to every online valuation tool. Most are readily acknowledged by their providers, such as Zillow’s “Zestimate”, which clearly states that it offers a median error rate of 4.5%, with varying accuracy across the country. That may not sound like a lot, but keep in mind that amounts to a difference of about $31,500 for a $700,000 home. For Redfin and Trulia, there are similar ranges in results. When you dig deeper into these valuation tools, it’s no small wonder that there are discrepancies, as they rely on a range of different sources for information, some more reliable than others.
Redfin’s tool pulls information directly from multiple listing services(MLSs) all over the country. Others negotiate limited data sharing deals with those same services, but also rely on public records, as well as homeowners’ records. This can lead to gaps in coverage. These tools can serve as helpful pieces of the puzzle when buying or selling a home, but the acknowledged error rate is a reminder of the dangers of relying too heavily on them.
Home valuation tools can be a useful starting point in the real estate process, but nothing compares to the level of detail and knowledge a professional real estate agent offers when pricing a home. An algorithm can’t possibly know about a home’s unique characteristics or those of the surrounding neighborhood. They also can’t answer your questions about what improvements you can make to get top dollar or how buyer behaviors are shaping the market. All of this – and more – can only be delivered by a trusted professional whose number one priority is getting you the best price in a time frame that meets your needs.
If you’re curious what your home might be worth, Windermere offers a tool that provides a series of evaluations about your property and the surrounding market. And once you’re ready, we’re happy to connect you with a Windermere agent who can clarify this information and perform a Comparative Market Analysis to get an even more accurate estimate of what your home could sell for in today’s market.
It is still a great time to be a seller, but in much of the Western U.S., the local real estate market has begun to soften. With significant increases in inventory, buyers now have more choices and less sense of urgency. If you are thinking about selling your home, pricing it correctly the first time is critical. Here’s why:
If you overprice your home, it won’t show up in some search results.
Buyers search for homes using the parameters they desire. Price range is one of the most critical. If you set an unrealistic price of $850,000 for your home, all the buyers searching for homes up to $825,000 will fail to see your property in their search results.
An overpriced home attracts the wrong buyer.
An overpriced home will not compare favorably with the realistically-valued homes in a buyer’s price bracket. If your home is missing the amenities, square footage or other features of homes within the price range you’ve placed it in it won’t sell.
Overpriced homes linger on the market and risk becoming “stale”.
The interest in a home is always highest when the listing first hits the market. When an overpriced home goes unsold for a long period of time buyers often wonder what is wrong with the property. When a buyer moves on from a listing they rarely come back, even if you drop the price.
You run the risk of getting less for your home than if you priced it correctly the first time.
A Zillow study showed that homes that linger on the market tend to sell for significantly less than their listing price. When a home sits on the market for an extended period of time, buyers feel they have lots of room to negotiate.
The longer your home remains on the market, the more expenses you incur.
Every month your home goes unsold you put out money for mortgage payments, utilities and other home expenses that you will never recover.
Setting a realistic price for your home from the start is critical. If you’re thinking of selling, our highly trained experts at Windermere Real Estate can provide you with a comprehensive pricing analysis based on current market conditions.
Yard sale season has arrived! Many people shy away from the idea of having a yard sale, but do you truly need that broken-down accordion or the 80’s-styled prom dress? A yard sale is a great way to get out with the old and make room for the new. Here are some tips to help make your yard sale a success…
1. If you haven’t used it in more than a year you most likely won’t use it in the next year. Sell it.
2. Get the community involved. Contact your neighbors and coordinate having one large neighborhood sale on the same day. This will give consumers a greater incentive to come.
- Helpful Hint: Have each participating household pitch in a few bucks for directional signs or an advertisement in the local paper.
3. Get your whole family involved. Set up a lemonade stand or have a small bake sale for your kids to run.
4. Promote yourself through your favorite social networking site … for free.
- Create a Facebook event page and invite all your friends
- Tweet about it. Create a fun Twitter hashtag and offer a prize to those who Tweet about your sale.
- Get on Instagram. Whatever old knick-knacks you may uncover are sure to be a hit for somebody, and creating a storyline for your many time-worn giveaways can add to the appeal and interest.
5. Offer an incentive. Give away a free grab-bag to your tenth customer.
6. Price slightly higher than you’re willing to sell that way, there is room for negotiation.
7. After your sale is over, do not, I repeat, DO NOT put the leftovers back in your house, garage, or storage. Immediately donate them to your local thrift store, so there is no chance of procrastination or keeping things you do not need.
We would love to hear your tips when it comes to yard sale success!
Around the halls of Windermere, we’ve decided that 2018 is the year to hit #refresh; it started with the launch of the refreshed Windermere brand earlier this year and today it continues with the unveiling of our refreshed website! The new Windermere.com is a result of a lot of research and input from our agents, franchise owners – and most importantly – consumers. As you can probably tell, we couldn’t be more excited! Let’s dig in.
Where we innovated:
Through the research process we discovered that over 85 percent of all traffic on our website occurs on our home page, search results, and property detail pages. This made it fairly easy for us to figure out what we wanted to focus on with the refresh. Plus, we heard from our regular site visitors that they felt those were the areas that needed the most improvement. Done, done, and done.
A much happier homepage:
We started with a total redesign of the Windermere.com homepage, which now better reflects the updated Windermere brand that we invested so much energy into earlier this year. The homepage is also now “location-aware” which means it will display listings that are geographically located closest to you. Because if you’re in Fort Collins, Colorado, you probably don’t want to be looking at listings in the suburbs of Boise. Catch our drift?
Mobile site, fast as lightning:
Next on the list to fix was our mobile site. We threw the proverbial baby out with the bathwater and started from scratch. The result is an ultra-fast, highly-optimized mobile site that we think might even offer a better user experience than our desktop site (although it’s next to impossible to pick which is better; please don’t make us do it).
Sexy search results:
OK, you probably wouldn’t normally describe search results as sexy, but it’s arguably one of the most important pages on our website, so we spent a lot of time here. What you see in your search results, and how those results are presented, has a major impact on your home search experience. We completely revamped how search results show up, as well as what you see when you click through to see a specific home. Is it the greatest search makeover of all time? Possibly.
Major eye candy:
As we all know, photos and videos are the beginning and end of everything these days, so we’ve placed even greater emphasis on those stunning images on our new property detail pages. We’ve also made it super easy for you to share listings that you love with your friends via social media, email, etc. because #sharingiscaring.
That’s it, go check it out:
Without further ado, we cordially invite you to check out our brand new website for yourselves by going to Windermere.com. If you’re someone who regularly uses our site, we hope you love it. If you’re someone who doesn’t typically use our site to search for homes, we hope you’ll give us a shot. If you feel like it’s completely on point, please let us know by emailing email@example.com. If you don’t, we’d still love to hear from you! After all, any feedback is good feedback – but please, play nice.
Happy home searching!
May 2018’s Median closed sales price saw a 14% increase from $754k to $856k.
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.
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.
- Buyers can be a little more picky, more listings are coming, but they still are going to have to be aggressive with their offers.
- 58% sold for over list price and 83.4% sold in less than 15 days. However these are the properties that sold.
- 82% sold in 15 days or less.
- Sellers may want to be cautious about pushing their asking price.