What’s Happening in the Market in June 2018?

The local real estate market looks like it might finally be showing signs of softening, with inventory up and sales down. More sellers have opted to put their homes on the market. Inventory was up 47 percent in King County and price increases were in the single digits. Despite the increase in inventory and slowdown in sales, it’s still a solid seller’s market. Over half the properties purchased in June sold for more than list price.

Eastside

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A booming economy offered little price relief for buyers looking on the Eastside. In a recent study of economic strength by state, Washington ranked number one in the country. An additional report targeting cities ranks the Seattle-Bellevue-Tacoma market as the nation’s fourth strongest economy. The median price of a single-family home on the Eastside rose 10 percent over a year ago to $977,759 setting another record. There is some good news for buyers. Inventory rose to its highest level in three years, with the number of homes for sale increasing 46 percent from the same time last year.

King County

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The number of homes on the market in King County soared 47 percent from a year ago, the biggest increase since the housing bubble burst. Despite the increase, there is just over one month of available inventory, far short of the four to six months that is considered a balanced market. The median price of a single-family home increased 9 percent over last June to $715,000. That’s down 2 percent from the $726,275 median in May. Home prices haven’t dropped from May to June in King County since the last recession.

Seattle

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Seattle trails only Bay Area cities when it comes to greatest profits for home sellers. That may help explain the surge in inventory in June. For example, the number of homes for sale in the popular Ballard/Green Lake area doubled from a year ago. Even though buyers are finally getting more choices, demand still exceeds supply. Homes sell faster in Seattle than in any other U.S. real estate market. That demand propelled the median price of a single-family home to $812,500; up 8 percent over last June and down from the record $830,000 set in May.

Snohomish County

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The largest jump in home prices in the region came in Snohomish County. While higher-priced markets in King County are seeing increases slowing slightly, the median price of a single-family home here jumped 14 percent to $511,500, a new high for the county. Buyers willing to “keep driving until they can afford it” are finding Snohomish County an appealing destination.

 This post originally appeared on windermere-bellevue.com
Posted on August 8, 2018 at 4:39 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle, windermere | Tagged , , , , , , , ,

How Will the Real Estate Market Respond to Rising Interest Rates?

Let Windermere Real Estate’s Chief Economist Matthew Gardner walk you through what to expect from the real estate market amidst rising interest rates.​

This post originally appeared on windermere-bellevue.com

Posted on August 8, 2018 at 4:27 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, Real Estate Tips, seattle, Uncategorized, windermere, Windermere Bellevue Commons News | Tagged homeless | Tagged , , , , , , , ,

Eastside Statistics Slideshow Template – July 2018

Posted on July 18, 2018 at 8:33 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle | Tagged , , , , , , , , , , ,

How to Get Back to a Balanced Housing Market

Developers are not building enough single-family homes to keep up with demand. The reason why? Cost. Windermere’s Chief Economist, Matthew Gardner explains why new construction is so cost prohibitive and how to shift the trend.

 

First posted at Windermere.com

Posted on May 9, 2018 at 5:13 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News | Tagged , , , , , , , , , ,

How Rising Prices Will Help You Build Family Wealth In 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?

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

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.

Bottom Line

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!

First posted at windermere-bellevue.com

Posted on May 9, 2018 at 5:05 pm
Oleg Doukhnevitch | Category: Home Buying | Tagged , , , , , , ,

Study Shows “Millennials Deserve More Credit”

Study Shows "Millennials Deserve More Credit" | MyKCM

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.

A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:

“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”

Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:

  • 63% are saving – (47% have $15,000 or more in savings)
  • 54% are budgeting – (73% who have a budget stick to it every month)
  • 57% have a savings goal – (67% who have a goal stick to it every month)
  • 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
  • 59% feel financially secure – (16% have $100,000 or more in savings)

Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by realtor.com shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,

“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”

Bottom Line

Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!

First posted at www.mykcm.com.

Posted on January 31, 2018 at 9:19 pm
Oleg Doukhnevitch | Category: Home Buying | Tagged , , , , , , , , , , ,

How Rising Prices Will Help You Build Family Wealth In 2018

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?

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

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.

Bottom Line

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!

Source: keepingcurrentmatters.com

First posted at windermere-bellevue.com.

Posted on January 2, 2018 at 7:48 pm
Oleg Doukhnevitch | Category: Home Buying, Real Estate News | Tagged , , , , ,