What I’m Seeing – September 2020
Incredibly attractive interest rates continue to increase buying power. I anticipate some relief for buyers struggling with low inventory with more homes coming on the market as people settle into their post-summer routines. If you are considering a change this year, please reach out so we can discuss how I can help!
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
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SE
ATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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What I’m Seeing – August 2020
July stats reflect last month’s strong real estate market with increases in price and value and a decrease in the number of days on market. So far August feels more like our traditional summer market. I’m starting to see signs of things calming down a bit, with fewer multiple offers bringing a welcome reprieve to fatigued buyers. Inventory remains tight so it’s still an excellent time to sell, but as always, pricing and “market-readiness” remain key for a successful sale.
I’m excited to be wrapping up sales of Toll Brother’s luxury townhomes at Crosswater. My new construction estate homes on acreage in Redmond are nearing completion. I have a gorgeous new view listing in Bellevue Towers and a well-priced 2 bedroom condo in Renton. Give me a call if you’d like additional information on any of these opportunities!
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
| EASTSIDE
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SEATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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What I’m Seeing – July 2020
The past few weeks I’ve had the pleasure of working with buyers across the price-spectrum – from investors looking for $300k condos to buyers in the $2M+ range. Inventory remains tight across the board. Sellers that have pre-inspected, prepped/staged their homes, and priced them appropriately, are getting a great response. However, if a property is overpriced or ill-prepared, it’s likely to sit. The good news is that savvy sellers can benefit from the critical inventory shortage and patient, well-prepared buyers have an opportunity to find hidden gems. Whether trying to determine the best price to sell your home or how to prevail as a buyer in a multiple offer situation, working with an experienced Realtor is key. I’d love to help.
On another note, if your mortgage is over 3.5% on your primary residence, you may benefit from refinancing as interest rates hit a new low this week. Please contact me if you need a referral to a trusted lender.
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
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SEATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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The Money Hour
Sheri is proud to be a frequent guest on THE MONEY HOUR with host Tina Mitchell and co-host Keelan Harvey. This informative radio show brings well-respected professionals who have a common objective: delivering the truth about our local market. With the desire to educate and equip their listeners with the knowledge needed to make the best financial and real-estate decisions, the purpose of this show is to help listeners understand what’s really happening in our local real estate market.
Listen in each Saturday at 3pm (rebroadcast Sunday at 8am) on 1150 AM KKNW for inside information, insight, and advice from local mortgage and finance expert Tina Mitchell.
Call the show at: 1-855-400-1150.
Episode 316: Buying & Selling Safely During COVID-19 – Successfully Pivoting Your Business During Challenging Times
In this segment of The Money Hour, I provide tips on how to buy and sell safely during COVID-19. I’m also joined by Claire Jones, an experienced speaker, certified Leadership Coach, and Business Consultant that has worked with small businesses for over 15 years.
Episode 279: New construction nuances
In this segment of The Money Hour, we explore buying new construction and what to watch for.
EPISODE 248: Tips & Tricks for Buyers & Sellers – Today’s Real Estate Market – Downsizing & Estate Sale Services
In this episode, we discussed real estate insights and great tips for buying or selling a home.
EPISODE 241: Stop Marketing to Yourself – Does it Matter Who You Work within Our Market – Buying and Selling in a Competitive Market
Who you work with can make all the difference.
What I’m Seeing – June 2020
As restrictions ease, real estate is normalizing, also. New sales in King County were the same last week as a year ago. Inventory remains limited so it’s an excellent time to sell. For buyers, competition is highly dependent on the area and price point. Being conditionally approved for a mortgage (rather than simply pre-approved) can greatly increase the odds of a successful outcome. Please contact me if you need a referral to a trusted lender or would like a complimentary market analysis. I’d be happy to help.
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
| EASTSIDE
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SEATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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What I’m Seeing – May 2020
The big news this month is that builders are back to work! With low-interest rates and some builders offering incentives, now is a great time to consider new construction.
The resale market is very price-sensitive with well-priced listings moving quickly. Bullish Sellers, on the other hand, are seeing extended market time even in our low-inventory environment.
There are some great opportunities for buyers, but due to safety concerns, many Sellers are requesting lender pre-approval before they allow their home to be shown. Please contact me for a referral to a trusted loan officer.
Finally, a word caution for Sellers considering forbearance: there is likely to be a negative impact on your credit for doing so that could prevent your ability to refinance for at least a year. Please be sure to read all documents thoroughly and check with a reliable resource before signing. Let me know if I can help.
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
| EASTSIDE
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SEATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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The Gardner Report – First Quarter 2020
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. I hope that this information may assist you in making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.
A MESSAGE FROM MATTHEW GARDNER
Needless to say, any discussion about the U.S. economy, state economy, or housing markets in the first quarter of this year is almost meaningless given events surrounding the COVID-19 virus.
Although you will see below data regarding housing activity in the region, many markets came close to halting transactions in March and many remain in some level of paralysis. As such, drawing conclusions from the data is almost a futile effort. I would say, though, it is my belief that the national and state housing markets were in good shape before the virus hit and will be in good shape again, once we come out on the other side. In a similar fashion, I anticipate the national and regional economies will start to thaw, and that many of the jobs lost will return with relative speed. Of course, all of these statements are wholly dependent on the country seeing a peak in new infections in the relatively near future. I stand by my contention that the housing market will survive the current economic crisis and it is likely we will resume a more normalized pattern of home sales in the second half of the year.
HOME SALES
- There were 13,378 home sales during the first quarter of 2020, a drop of only 0.2% from the same period in 2019, but 27% lower than in the final quarter of 2019.
- The number of homes for sale was 32% lower than a year ago and was also 32% lower than in the fourth quarter of 2019.
- When compared to the first quarter of 2019 sales rose in eight counties and dropped in seven. The greatest growth was in Cowlitz and Lewis counties. The largest declines were in Island and Snohomish counties.
- Pending sales — a good gauge of future closings — rose 0.7% compared to the final quarter of 2019. We can be assured that closed sales in the second quarter of this year will be lower due to COVID-19.
HOME PRICES
- Home-price growth in Western Washington rose compared to a year ago, with average prices up 8.7%. The average sale price in Western Washington was $524,392, and prices were 0.4% higher than in the fourth quarter of 2019.
- Home prices were higher in every county except San Juan, which is prone to significant swings in average sale prices because of its size.
- When compared to the same period a year ago, price growth was strongest in Clallam County, where home prices were up 21.7%. Double-digit price increases were also seen in Kitsap, Skagit, Mason, Thurston, and Snohomish counties.
- Affordability issues remain and, even given the current uncertain environment, I believe it is highly unlikely we will see any form of downward price pressures once the region reopens.
DAYS ON MARKET
- The average number of days it took to sell a home in the first quarter of this year dropped seven days compared to the first quarter of 2019.
- Pierce County was the tightest market in Western Washington, with homes taking an average of only 29 days to sell. All but two counties — San Juan and Clallam — saw the length of time it took to sell a home drop compared to the same period a year ago.
- Across the entire region, it took an average of 54 days to sell a home in the first quarter of the year — up 8 days compared to the fourth quarter of 2019.
- Market time remains below the long-term average across the region. This is likely to change, albeit temporarily, in the second quarter due to COVID-19.
CONCLUSIONS
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Given the current economic environment, I have decided to freeze the needle in place until we see a restart in the economy. Once we have resumed “normal” economic activity, there will be a period of adjustment with regard to housing. Therefore, it is appropriate to wait until later in the year to offer my opinions about any quantitative impact the pandemic will have on the housing market.
ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
This post originally appeared on the Windermere.com Blog.
What I’m Seeing – April 2020
I hope everyone is well and making the best of staying home. As with everything during this time, real estate is changing and evolving as we go. Governor Inslee recently deemed real estate as an essential service, so long as required precautions are followed. Showings are by appointment only and with a total of 2 people in the home at a time, including the agent. I feel fortunate to be able to work and I take the protection of my clients and the public very seriously.
In terms of the market, although the pace has slowed a bit, well-presented and appropriately priced homes continue to sell quickly, sometimes with more than one offer. That said, the buyer pool has understandably shrunk, decreasing the previously intense demand and creating an opportunity for serious buyers looking to take advantage of less competition and favorable interest rates.
As always, I’m here to help, please don’t hesitate to reach out with questions. In the meantime, stay safe and be well. Home has never been a more meaningful place to be.
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!
| EASTSIDE
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SEATTLE
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KING COUNTY
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SNOHOMISH COUNTY
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6 Home Improvement Projects To Tackle If You’re Stuck At Home Practicing Social Distancing
Spring has sprung in Seattle — and so has the coronavirus (the cause of the illness called COVID-19). If working from home and practicing social distancing has left you feeling stuck and uninspired, consider rolling up your sleeves and tackling a home improvement project or two.
From the simplest updates to sensational additions, these projects can keep you busy, enhance your curb appeal, and give you more ways to enjoy your home when warmer weather arrives.
1. Install a new mailbox
The simplest and easiest update of all, installing a new (or updating an old) mailbox can add a pop of personality and amp up your curb appeal, where first impressions really count!
Consider painting your mailbox a new color, planting flowers around the base, or installing a smart mailbox to protect your deliveries.
2. Update your address display
Another quick and easy project, updating your address can add flair to your front door. This article from realtor.com offers plenty of crafty and creative ways to display your house numbers.
If you have an HOA, it’s a good idea to check with them first to know what (if any) limitations you might have.
3. Add a new railing to your porch
If your front porch is looking a little ho-hum or drab, a new railing can make a world of difference. For a natural feel, consider a classic wood-tone railing for a natural feel, or add a pop of visual interest with a colored railing. If you’re looking for more, check out the Chippendale railing (it’s currently a hot trend on HGTV).
4. Stain your deck
if your deck is looking a little shabby, one easy improvement is to stain it—to either change the color or just accentuate the wood grain. Staining is also good for your deck, and many builders recommend staining or sealing once a year.
If you don’t yet have a deck, building one could be a great new project to tackle before summer arrives. Plus, according to Remodeling Magazine’s Cost vs. Value Report, a new wooden deck will net you a 69% return on investment when you decide to sell.
5. Build a fire pit
Backyard fire pits are perfect for adding a cozy ambiance to your yard and are certain to be a highlight of a weekend gathering (especially when you bust out those marshmallows).
This guide from realtor.com is a great resource if you want to DIY your new fire pit.
6. Upgrade your garden
Now’s the time to start planning your planting! Consider skipping the typical tulips or daisies, and investigate other greenery. Adding edible plants is a smart way to save money and indulge in the farm-to-table dining trend. Or you can build a butterfly garden, which is good for the environment. (Plus, what’s more beautiful than seeing butterflies flit around your yard?)
This article was first published on realtor.com by Jillian Pretzel.
The American Dream TV
Join Sheri Puzke as she partners with American Dream TV, a nation show who’s goal is to positively impact real estate communities through the voice of top realtors.
EPISODE 1: MACADAM FLOOR & DESIGN
In this episode, I had the opportunity to chat with Micheal Owen of Macadam Floor & Design and take a look at some of the beautiful finishes they offer for buyers and consumers of new construction to outfit their new homes.
WATCH THE FULL AMERICAN DREAM EPISODE
EPISODE 2: THE POLKADOT JERSEY BIKE SHOP
In this episode, I had the opportunity to chat with the owner of The Polkadot Jersey Bike Shop, Micheal Telmosse and explored the popular Seattle neighborhood, Leschi. Perched on a hill just east of Downtown Seattle, Leschi boasts lush parks, boutique shops, charming local restaurants and stunning waterfront views in this idyllic lake location.
WATCH THE FULL AMERICAN DREAM EPISODE
