Market Stats Update from KeepingCurrentMatters.com

In the next few posts, I’ll be sharing with you the details of the real estate forecast from the economic expert KeepingCurrentMatters.com. In their yearly reports, they answer the most important questions that concern real estate buyers, homeowners, and agents.

Here is actual and forecasted statistics for a change in price around the US on the slides below.

“There is no direct or indirect sign of any kind of bubble. Steady as she goes, prices continue to rise, sales roughly flat.” (We talked about already.) “Overall this market is at an almost boring place.” Not that, you know, irrational exuberance that we had in 2006 and 2007.

Christopher Thornberg, a partner at Beacon Economics


Posted on December 6, 2017 at 8:44 pm
Oleg Doukhnevitch | Posted in Market Stats |

November Home Maintenance Checklist

 

 

November brings a transition to shorter days, colder weather and spending more time indoors.  It also brings anticipation, planning and preparation for Thanksgiving and the upcoming winter holidays.

Our checklist this month includes small, quick and easy tasks you can do now to get a jump start on your holiday hosting preparation so you can enjoy friends and family when they arrive.

Replace chair floor protectors. Prevent damage to your hardwood floors by adding or replacing floor protection pads to the legs of your chairs.  Hardware stores sell felt self-adhesive protectors that are easy to use.

Clean garbage disposal. Run a few pieces of lemon rind with some ice cubes through your garbage disposal to keep it smelling fresh. The ice chunks scour the blades and scrape away debris. Products that clean and deodorize garbage disposals can also be purchased in retail stores.

Repair plumbing issues. Fix a slow drain or a stuck garbage disposal now rather than wait until you have a full house of guests.

Check bathtub caulk. Use diluted bleach to clean caulk that is moldy or mildewed. Avoid water damage to your home’s framing by replacing worn-out caulking as soon as possible.

Stock up for winter. Buy winter supplies like shovels and ice melting products now so you’ll be ready when the first snow falls.

Silence squeaky door hinges. Spray some cooking oil or other lubricant on door hinges. Be sure to first place a drop cloth on the floor to protect it and also blot the hinge with a rag to remove excess oil.

Clean kitchen exhaust fan filter. Remove kitchen exhaust fan screen and scrub with a mild detergent or run through the dishwasher.

Check fire extinguishers. Locate your fire extinguishers and be sure their gauge shows enough pressure.

Set aside a November afternoon to do the items on this home maintenance list, then sit back and enjoy a cup of hot apple cider. Happy Thanksgiving!

First posted on Windermere.com


Posted on November 15, 2017 at 6:19 pm
Oleg Doukhnevitch | Posted in Home Update |

Show Us Your #SeahawksFanCave To Win Tickets To The Seahawks!

 

Are you the ultimate Seattle Seahawks fan? Do you have the ultimate Seattle Seahawks fan cave? And do you want to win tickets to an upcoming Seahawks home game? If so, Windermere and the Seahawks want you to show us your #SeahawksFanCave!

 

As the Official Real Estate Company of the Seattle Seahawks, Windermere is proud to present the #SeahawksFanCaveInstagram photo contest. Between November 7 and December 1, 2017, post a photo of your #SeahawksFanCave on Instagram, tag it with #SeahawksFanCave, and tag @windermere. Fans must also follow Windermere’s Instagram page@windermere to be eligible to win (see below for official contest rules). The winner will receive two tickets to the December 31 Seahawks game against Arizona.

 

So come on 12s! Show us what you got. We’re looking for the ultimate, decked-out fan cave, dripping in Seahawks love.

 

No purchase necessary. Contest ends December 1, 2017.

 

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Posted on November 15, 2017 at 6:16 pm
Oleg Doukhnevitch | Posted in Fanatical News | Tagged

Market Snapshot Infographic

Statistics for October 2017

October 2017 Market Snapshot Infographic

Copyright © 2017 Northwest Multiple Listing Service – ALL RIGHTS RESERVED


Posted on November 9, 2017 at 11:47 pm
Oleg Doukhnevitch | Posted in Market Stats, Real Estate News |

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.

 

 

 

Posted on November 2, 2017 at 4:06 pm
Bellevue Commons | Category: Market StatsWindermere Bellevue Commons News | Tagged 

Posted on November 8, 2017 at 10:36 pm
Oleg Doukhnevitch | Posted in Market Stats, Real Estate News | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Reform Tax Code AND Protect the Middle Class

Congress is threatening tax incentives for homeowners, like the mortgage interest deduction and the state and local property tax deduction. These incentives are critical for a strong housing market that creates jobs and builds stable communities.

Take action to tell Congress to reform our tax code and protect middle class homeowners. Please see the National Association of REALTORS Call for Action for more information.

 

First posted on NWMLS.com


Posted on October 25, 2017 at 8:11 pm
Oleg Doukhnevitch | Posted in Fanatical News | Tagged ,

MLS Brokers Detecting Seasonal Slowdown in Some Areas But Expect Price Hikes to Continue in Much of Washington

KIRKLAND, Washington (October 5, 2017) – “October will be the best month for selection and availability until late February,” proclaimed J. Lennox Scott when commenting on the latest statistics from Northwest Multiple Listing Service.

MLS figures for September show inventory reached 1.7 months of supply at the end of the month, matching the year-to-date high in February. That level is still well below the 4-to-6 months of supply that many industry analysts use as an indicator of a balanced market.

Scott said buyer intensity for new listings is higher today than a year ago. “We continue to have very strong buyer demand as the typical seasonal slowdown begins for new listings.” Other industry leaders agreed seasonal adjustments are underway.

Member-brokers in the 23 counties served by Northwest MLS added 10,120 new listings to inventory during September, slightly more than the number reported for the same month a year ago (10,029). At the end of the month there were 15,888 listings of single family homes and condos in the MLS database, a drop of 12.4 percent from a year ago when buyers could choose from 18,136 listings.

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Posted on October 18, 2017 at 7:54 pm
Oleg Doukhnevitch | Posted in Uncategorized |

Renting vs. Buying in Today’s Market

 

The debate about whether it makes more financial sense to rent or buy has been raging for decades. Advocates of buying say: When you rent, you’re essentially paying someone else’s mortgage. Buying, on the other hand, is an investment—one that can significantly increase in value every year you continue living in the home.

 

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Posted on October 11, 2017 at 7:17 pm
Oleg Doukhnevitch | Posted in Uncategorized | Tagged , ,

How to Avoid the Most Common Buying/Selling Mistakes

There’s nothing more exciting, rewarding, and fulfilling than buying a home. However, it’s a complex transaction, and there are a number of steps along the path that can confuse, betwixt, and befuddle even the most seasoned buyers and sellers.

How can you avoid those potential pitfalls and common mistakes? Look to your real estate professional for advice and keep these guidelines in mind:

 

BUYERS:

#1 Review your credit reports ahead of time

Review your credit report a few months before you begin your house hunt, and you’ll have time to ensure the facts are correct, and be able to dispute mistakes before a mortgage lender checks your credit. Get a copy of your credit report from Experian, Equifax, and TransUnion. Why all three? Because, if the scores differ, the bank will typically use the lowest one. Alert the credit bureaus if you see any mistakes, fix any problems you discover, and don’t apply for any new credit until after your home loan closes.

#2 Get pre-approved

Before getting serious about your hunt for a new house, you’ll want to choose a lender and get pre-approved for a mortgage (not just pre-qualified—which is a cursory review of your finances—but pre-approved for a loan of a specific amount). Pre-approval lets sellers know you’re serious. Most importantly, pre-approval will help you determine exactly how much you can comfortably afford to spend.

#3 Know what you want

You and your real estate agent should both be clear about the house you want to buy. Put it in writing. First, make a list of all the features and amenities you really want. Then, number each item and prioritize them. Now, divide the list into must-haves and really-wants. A good place to start is the “HUD Wish List,” which is available online for free at http://www.hud.gov/buying/wishlist.pdf

#4 Account for hidden costs

In addition to the purchase price of the home, there are additional costs you need to take into consideration, such as closing costs, appraisal fees, and escrow fees. Once you find a prospective home, you’ll want to:

  • Get estimates for any repairs or remodeling it may need.
  • Estimate how much it will cost to maintain (gas, electric, utilities, etc.).
  • Determine how much you’ll pay in taxes monthly and/or annually.
  • Learn whether there are any homeowner or development dues associated with the property.

#5 Get an inspection

Buying a home is emotionally charged—which can make it difficult for buyers to see the house for what it truly is. That’s why you need impartial third parties who can help you logically analyze the condition of the property. Your agent is there to advise you, but you also need a home inspector to assess any hidden flaws, structural damage or faulty systems.

#6 Evaluate the neighborhood and location

When house hunting, it’s easy to become overly focused on the number of bedrooms and bathrooms, the condition of the home and its amenities while overlooking the subtleties of the surrounding neighborhood. Take time to check crime reports, school options, churches and shopping. If schools are a key factor, do more than simply research the statistics; speak with the principal(s) and chat with the parents waiting outside.

 

SELLERS:

#1 Avoid becoming emotional or sentimental about the sale

Once you decide to sell your house, it’s time to strip out the emotion and look at it as a commodity in a business transaction. If you start reminiscing about all the good times you had and the hard work you invested, it will only make it that much harder to successfully price, prepare, and market the home.

#2 Fix problems (or price accordingly)

Homes with deferred maintenance and repair issues can take far longer to sell and can be subject to last-minute sale-cancellations. These homes also often sell for less than their legitimate market value. If you simply can’t afford to address critical issues, be prepared to work with your agent to price and market your home accordingly.

#3 Don’t overprice your home (and/or refuse to negotiate)

Getting top dollar is the dream of every seller. But it’s essential that you let the market dictate that price, not your emotions or financial situation. Allow your agent to research and prepare a market analysis that factors in the value of similar homes in the area, and trust those results.

#4 Use quality photos

The vast majority of prospective buyers today search for homes online first. In order to make a good first impression, you need a wealth of high-quality photos of your home and surrounding grounds. You may also need to consider professional staging in order to position your home in the best possible light for prospective buyers.

 

The process of buying or selling a home can have plenty of twists and turns, but with some smart decision making, you can avoid the most common mistakes and pitfalls.

 

First posted in Windermere Blog.


Posted on October 4, 2017 at 7:36 pm
Oleg Doukhnevitch | Posted in Uncategorized | Tagged , ,

When should I buy a home?

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 4.4% by next year.
  • CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months.
  • If you are ready and willing to buy your dream home, talk to a real estate broker and find out if you are able to!

First Posted in Windermere Blog.


Posted on October 3, 2017 at 11:54 pm
Oleg Doukhnevitch | Posted in Uncategorized | Tagged ,