A decrease in inventory coupled with an increase in sales activity led to fewer options for home shoppers in August. There is some good news for would-be buyers as mortgage rates have dropped to their lowest level in three years. Demand remains high but there simply aren’t enough homes on the market. Brokers are hoping to see the traditional seasonal influx of new inventory as we move forward.
The median price of a single-family home on the Eastside was $935,000 in August, unchanged from a year ago and up slightly from $925,000 in July. New commercial and residential construction projects are in the works. Strong demand for downtown condos has prompted plans for yet another high-rise tower to break ground next year.
Home prices in King County were flat in August. The median price of a single-family home was $670,000, virtually unchanged from a year ago, and down just one percent from July. Southeast King County, which has some of the most reasonable housing values in the area, saw prices increase 9% over last year. Inventory remains very low. Year-over-year statistics show the volume of new listings dropped 18.5% in King County.
Homes sales were up 12% in Seattle for August, putting additional pressure on already slim inventory. There is just over six weeks of available supply. There are signs that prices here are stabilizing as the median home price of $760,000 was unchanged from a year ago and up less than one percent from July. With its booming economy, demand here is expected to stay strong.
Buyers looking for more affordable options outside of King County pushed pending sales, mutually accepted offers, up nearly 16% over a year ago. Home prices have softened slightly. The median price of a single-family home in August was $490,000, down slightly from the median of $492,225 the same time last year.
This post originally appeared on GetTheWReport.com
The real estate market continued to moderate in July. Inventory rose and home values softened, providing buyers with increased selection and more favorable pricing. With strong job growth and interest rates holding at below 4 percent, brokers expect the market to remain solid through fall.
The market remains strong on the Eastside. The current tech boom continues to fuel demand, buoyed by Google’s recent plans to build out another office in Kirkland. An increase in inventory gives buyers more time to find the right home for their budget. The median price of a single-family home on the Eastside was $925,000 in July, down 2 percent from the same time last year.
Home prices in King County continued to ease. Buyers took advantage of lower prices and new inventory to boost home sales in July. The median price of a single-family home was $680,000, a 3 percent decline from the same time last year. More moderately-priced areas in the south end of the county saw continued price growth.
It’s no surprise that Seattle is the top city in the country where millennials are moving. Apple plans to add 2,000 jobs in Seattle. The first of 4,500 Expedia employees will start moving into Interbay soon. While demand here is expected to stay strong, prices continue to cool. The median price of a single-family home was $755,000, down 6 percent from a year ago and a decrease of 3 percent from June. Southeast Seattle, which generally has more affordable homes, saw the median home price rise 9 percent over the same time last year.
Inventory remains very tight in Snohomish County. The number of listings on the market were up 6 percent over last year, and the county has only six weeks of available supply – far short of the four to six months that is considered balanced. The median price of a single-family home in July was $502,000 – up slightly from the median of $495,000 a year ago.
This post originally appeared on GetTheWReport.com
A strong work ethic and empathetic kindness show up in Sheri Putzke’s #1 passion, which is “complete client satisfaction”. Sheri understands that a real estate transaction is “always a big deal” and not just from a financial perspective. Purchasing or selling a home usually occurs because of something else going on in a client’s life – marriage, a growing family, death, divorce, or a new job. Sheri considers it a privilege to help her clients negotiate transitions that are often emotional and overwhelming. “I like to solve problems and help people. I try to remain even-keeled, staying focused on resolving any issues. When a real state need arises, I want to be the person they call,” she says,
Sheri’s transition into real estate was natural, albeit unexpected. Her husband Mark has built homes for over 20 years and is the sole proprietor of Chandler Homes. Initially, Mark had a business partner whose wife was a real estate agent. When Mark bought out his partner, he suggested Sheri get her license. Sheri has never regretted her decision. Now she and Mark both “live and breathe” real estate. “I help him, he helps me,” she explains. They enjoy going to open houses together, keeping current on the latest and greatest in new trends and fun ideas.
Sheri was primarily a stay-at-home mom to the couple’s three children – Tristan, Ashley, and Chloe – when she started with Hallmark Realty in downtown Kirkland. The low-key, mellow office was a convenient fit for her. In 2009, when her youngest started full-time school, Sheri joined Windermere. Windermere’s technology, education, resources, contacts, and Accountability Group program were instrumental in taking her business to the next level. In her Accountability Group, Sheri and two other agents of similar age and with similar time in the business bounced ideas and best practices off each other. Knowing Sheri’s experience with her husband’s construction business, one group member connected Sheri with CamWest (now Toll Brothers). Working onsite for several years with CamWest dramatically increased Sheri’s expertise with new home sales. The hours were long, but the opportunity for learning and meeting new clients was priceless. Sheri’s knowledge deepened by answering questions about everything from foundations to finishes, guiding buyers through the selection of custom structural options and interior finishes, and educating buyers on the build process. “Site work required a huge commitment, sometimes 5-7 days per week, but eventually the time and tenacity paid off,” says Sheri.
To this day, selling new construction remains an important component of Sheri’s business. Builders seek Sheri’s well-regarded opinion on floor plans, finishes, and pricing. While new construction sales are “not for everyone” given the structured schedule, Sheri credits it with helping jump-start her real estate career. Additionally, understanding what goes into building a home has given Sheri the skill to help buyers, even on resales, better understand inspection issues and possible remedies.
Fourteen years later, Sheri’s clientele is predominantly comprised of past clients and their family and friends. Sheri averages 50+ closed transactions a year and has repeatedly been recognized as one of the top realtors in King and Snohomish counties. However, financial success is not Sheri’s motivation. She “pays absolutely no attention” to the dollar values, focusing instead on creating the best possible experience for her clients. When asked about her awards, Sheri “stays humble”, simply referring people to her website (sheriputzke.com).
Sheri has never forgotten her early years in real estate and the challenges of building a business. Though she continues to hold open her own listings, Sheri gives other agents the opportunity to do so whenever possible, knowing how much those experiences helped her. “I greatly value my relationships with other agents. We are at our best when we work cooperatively–attending one another’s open houses, sharing information and resources, and always treating each other with respect,” she says.
Sheri’s best advice to newer agents? “Just keep going. There were so many times I wanted to quit in my first year. I felt overwhelmed and intimidated. I stuck with it, asked hundreds of questions, and my confidence grew.” Sheri also stresses the importance of honesty. “Always consider today’s buyer as a future seller. Being forthright with them about the value/desirability of their home purchase (and with sellers about the market value of their home) fosters trust,” she advises. Sheri educates first-time homebuyers on the care and maintenance of their home and remains a resource for them after the sale closes.
For more experienced agents, Sheri advocates surrounding oneself with the “best in the business”. She says, “As you get busier, you can’t do it all yourself. It’s important to build a team of like-minded professionals to support you.”
Sheri is a “one-man show” and the primary contact to her clients, but she acknowledges she couldn’t do it without support. She credits her longtime Transaction Manager, Danielle, with helping keep close track of contract deadlines and handling most aspects of the job that require sitting at a desk. It would drive Sheri crazy to sit in a chair all day but Danielle, though licensed, prefers working “behind the scenes”. The two make a great team. “Support” also includes a Social Media Manager, expert stagers and photographers, and top-notch Escrow and mortgage professionals.
Often working far more than 40 hours a week, Sheri strives to keep everybody (meaning clients, Mark, and her children) happy. Working hard is easy. Balance is the challenge. “It is getting easier now that my children are older, but rarely does a day go as planned. My work happens when it happens,” she admits.
Daily exercise is a critical component for restoring balance–running or working out helps to calm and clear Sheri’s mind. The family’s second home in Suncadia also offers respite. Sheri truly loves her on-the-go, fun, interesting, ever-changing job. She chose her tagline, Love Where You Live, because “The Pacific Northwest offers such stunning natural beauty. Views are a passion of mine, and it’s amazing to integrate a great view with incredible architecture. It’s such an honor and privilege to live and work here. I love my home and my community. I want my clients to feel the same way!” Her success and client satisfaction rating suggest they do.
The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.
The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.
There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.
Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.
After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.
This post originally appeared on GetTheWreport.com
We are often asked, “Which is the better buy, a newer or older home?” Our answer: It all depends on your needs and personal preferences. We decided to put together a list of the six biggest differences between newer and older homes:
Surprisingly, one of the biggest factors in choosing a new home isn’t the property itself, but rather the surrounding neighborhood. While new homes occasionally spring up in established communities, most are built in new developments. The settings are quite different, each with their own unique benefits.
Older neighborhoods often feature tree-lined streets; larger property lots; a wide array of architectural styles; easy walking access to mass transportation, restaurants and local shops; and more established relationships among neighbors.
New developments are better known for wider streets and quiet cul-de-sacs; controlled development; fewer aboveground utilities; more parks; and often newer public facilities (schools, libraries, pools, etc.). There are typically more children in newer communities, as well.
Consider your daily work commute, too. While not always true, older neighborhoods tend to be closer to major employment centers, mass transportation and multiple car routes (neighborhood arterials, highways and freeways).
Design and layout
If you like Victorian, Craftsman or Cape Cod style homes, it used to be that you would have to buy an older home from the appropriate era. But with new-home builders now offering modern takes on those classic designs, that’s no longer the case. There are even modern log homes available.
Have you given much thought to your floor plans? If you have your heart set on a family room, an entertainment kitchen, a home office and walk-in closets, you’ll likely want to buy a newer home—or plan to do some heavy remodeling of an older home. Unless they’ve already been remodeled, most older homes feature more basic layouts.
If you have a specific home-décor style in mind, you’ll want to take that into consideration, as well. Professional designers say it’s best if the style and era of your furnishings match the style and era of your house. But if you are willing to adapt, then the options are wide open.
Materials and craftsmanship
Homes built before material and labor costs spiked in the late 1950s have a reputation for higher-grade lumber and old-world craftsmanship (hardwood floors, old-growth timber supports, ornate siding, artistic molding, etc.).
However, newer homes have the benefit of modern materials and more advanced building codes (copper or polyurethane plumbing, better insulation, double-pane windows, modern electrical wiring, earthquake/ windstorm supports, etc.).
The condition of a home for sale is always a top consideration for any buyer. However, age is a factor here, as well. For example, if the exterior of a newer home needs repainting, it’s a relatively easy task to determine the cost. But if it’s a home built before the 1970s, you have to also consider the fact that the underlying paint is most likely lead0based, and that the wood siding may have rot or other structural issues that need to be addressed before it can be recoated.
On the flip side, the mechanicals in older homes (lights, heating systems, sump pump, etc.) tend to be better built and last longer.
One of the great things about older homes is that they usually come with mature tress and bushes already in place. Buyers of new homes may have to wait years for ornamental trees, fruit trees, roses, ferns, cacti and other long-term vegetation to fill in a yard, create shade, provide privacy, and develop into an inviting outdoor space. However, maybe you’re one of the many homeowners who prefer the wide-open, low-maintenance benefits of a lightly planted yard.
Like it or not, most of us are extremely dependent on our cars for daily transportation. And here again, you’ll find a big difference between newer and older homes. Newer homes almost always feature ample off-street parking: usually a two-care garage and a wide driveway. An older home, depending on just how old it is, may not offer a garage—and if it does, there’s often only enough space for one car. For people who don’t feel comfortable leaving their car on the street, this alone can be a determining factor.
Finalizing your decision
While the differences between older and newer homes are striking, there’s certainly no right or wrong answer. It is a matter of personal taste, and what is available in your desired area. To quickly determine which direction your taste trends, use the information above to make a list of your most desired features, then categorize those according to the type of house in which they’re most likely to be found. The results can often be telling.
If you have questions about newer versus older homes, contact your local Windermere Real Estate broker to learn more!
This post originally appeared on the Windermere.com Blog.
The pace of the housing market gained momentum in May, bringing an uptick in open house traffic and offers. A drop in interest rates and increased inventory were great incentives for buyers. Despite the increase in supply there is less than two months of inventory available – half the national average and far short of what is considered balanced. Industry experts are predicting a strong market as we segue into summer.
The median price of a single-family home on the Eastside was $928,800 in May, down 3% from the same time last year and virtually unchanged from April. With a booming economy that continues to grow, news of Amazon’s expansion in Bellevue, the latest Microsoft acquisition and plans for a $1.2 billion office park in Redmond, demand for housing on the Eastside is unlikely to decrease any time soon.
Home sale activity in King County was brisk in May. According to a Windermere analysis, 7 out of 10 properties sold last month had 15 or fewer days on the market. More than half of the homes sold at or above list price. The median price of a single-family home was $700,000. While down 4% from the same time last year, that price was up about $22,000 from the previous month. Home to the fastest growing economy in the country, King County is expected to draw even more buyers to the area this year.
Seattle employment continues to grow faster than in most of the country. This has made the city a top location for workers, particularly millennials. Demand has put a strain on available homes, reducing the supply to just seven weeks of inventory available. May home prices in Seattle were lower than they were a year ago, but showed a healthy increase from the previous month. The median price of a single-family home was $784,925 in May, down 5% from a year ago and up $30,000 from April.
In May, the median price of a single-family home in Snohomish County was $499,950. That number remains unchanged from a year ago, and also unchanged from March and April. Despite a 44% increase in inventory, the supply of homes for sale in this area is even tighter than in King County. Brokers report that buyers are being drawn from King County and willing to trade a longer work commute for more affordable housing.
This post originally appeared on GetTheWReport.com
April brought good news for homebuyers. Inventory increased, prices continued to moderate and mortgage rates remained low. While buyers have more choices, there is still less than two months of inventory on the market. Demand is expected to remain strong as we head into the prime spring real estate season.
The median price of a single-family home on the Eastside was $927,500 in April, down 2% from the same time last year. The economy here remains robust, particularly in the tech sector. After snapping up substantial real estate in Bellevue earlier this year, Amazon announced in April it would lease two more towers. Buyer demand and scarce inventory are keeping the Eastside market competitive.
With the number of homes for sale in King County up 78% over last year, buyers have more choices and a bit more time to make a decision. However, there is still less than two months of inventory, half the national average. The median price of a single-family home in April was $690,000. That figure was down 5% from the same time last year, but up from the $677,725 median price in March.
With one of the strongest economies in the nation, demand here remains solid. While the number of homes for sale continued to rise, there is just five weeks of available inventory, far short of the four to six months that is considered balanced. The median price of a single-family home in Seattle hit $754,000 in April, down 8% from a year ago and up slightly from the prior month.
In Snohomish County, the median price of a single-family home fell by 1% from a year ago to $500,000, the same figure posted in March. A 57% increase in inventory combined with low interest rates have created a strong beginning to the spring market.
This post originally appeared on GetTheWReport.com
Windermere Real Estate has a long tradition of genuine success — the W Collection program engages this very tradition with every detail. As a W Collection agent, I am trained to provide an extraordinary level of quality and service.
Signature marketing materials, international exposure, and dedication to perfection, ensure each W Collection property reaches the right buyers — both locally and globally. The combination of this vast global network and Windermere’s strength as the Northwest’s luxury-market leader, provides the ultimate platform to showcase truly outstanding properties or to find the dream home for the most discerning buyer.
You can find me in the W Collection Portfolio in the April issue of the Puget Sound Business Journal! This insert showcases me along with my fellow W Collection agents as well as luxury listings, market statistics and Windermere’s partnership with Luxury Portfolio International and Juwai.com.
After months of softening, home prices began to rise in February. That trend continued in March. While prices in most areas were down from the same time last year, they increased over the prior month. New listings rose as well, offering buyers more options and more time to make the right choice. Despite the uptick in listings, inventory is still under two months of supply, far short of the three to six months that is considered balanced.
Unlike most of King County, home prices on the Eastside grew over the prior year. The median price of a single-family home on the Eastside rose 3% to $950,000. That represents an increase of $50,000 over February. Amazon’s plans to relocate its worldwide operations team to Bellevue is expected to add thousands of employees to their Eastside campus and put even more demand on what is already tight inventory.
The median price of single-family home in King County in March was $667,725. That figure was down 3% from the same time last year, but up from the $655,000 median price in February. The two areas that showed price increases year-over-year were the most expensive area in the county – the Eastside – and the least expensive – Southeast King County. The number of homes for sale was more than double that of a year ago, but still far short of enough to meet demand.
The median price of a single-family home in Seattle hit $752,500 in March, down 8% from a year ago, but up $22,500 from February. Inventory rose 136% over last year. Despite the increase, new listings that were competitively priced saw many multiple and contingency-stripped offers.
In Snohomish County, the median price of a single-family home grew 5.3% over last year to $500,000. That was an increase of $25,000 over February. A new passenger terminal at Paine Field is expected to provide a boost to the local economy and also lift demand for housing.
This post originally appeared on GetTheWReport.com.