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!

 

EASTSIDE

SE

ATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on September 12, 2020 at 6:20 am
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on August 11, 2020 at 4:09 am
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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!

 

EASTSIDE

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on July 11, 2020 at 1:44 am
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on June 12, 2020 at 8:27 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on May 12, 2020 at 9:54 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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

SEATTLE

KING COUNTY

SNOHOMISH COUNTY

Posted on April 13, 2020 at 6:15 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

As Big Tech’s Eastside Presence Expands, Bellevue Preps For More Commuters

Incorporated in 1953, during the heyday for cars, Bellevue was originally built for the automobile.

Back then, planners designed wide six-lane arterials meant to move vehicles fast. The road grid creates 600-foot-wide superblocks on former farmland.

Now, tremendous growth is straining transportation. Traffic stacks up during afternoon commutes, and Interstate 405 slows to a crawl.

As Amazon, Microsoft, Google, and others grow their Eastside workforces, City staff anticipate a net gain of roughly 18,000 downtown jobs by 2025, joining the more than 52,000 people who currently work in the city core.

Roughly translated, this would boost employment higher than the current numbers in Seattle’s busy South Lake Union.

But local leaders acknowledge remaking a car-dominated landscape doesn’t happen overnight. The City aims to cut the share of downtown commuters who drive alone to work to about one-third by 2035, a reversal of today’s pattern where more than two-thirds drive alone.

To do this, they’re planning for trains, buses, bicycles, walking, vanpools — and maybe even autonomous vehicles — to keep people moving.

In past years, the Bellevue City Council voted to create a safer walking network by converting Sixth Street to a 60-foot-wide, tree-lined walking corridor and shortening a street to complete its circular Downtown Park.

Instead of narrowing six- and seven-lane streets with so-called road diets, Bellevue’s approach to reducing car-pedestrian conflicts relies on skybridges around Bellevue Square, and altering some traffic signals to give walkers a head start at intersections. Smaller streets include walker-activated amber flashers.

Large employers and city officials are also counting on the $3.7 billion Sound Transit East Link light-rail line — projected to serve 50,000 daily passengers when it opens in 2023 — to handle many of the new commutes.

New bike lanes on 108th Avenue Northeast serve a trickle of riders for now. More bike lanes are planned on Main Street. Just east of I-405, the 42 miles of abandoned BNSF railroad tracks are being redeveloped for bicycle riders and pedestrians as Eastrail, spanning from Snohomish to Renton.

Bellevue’s growth spurt won’t necessarily translate into massive public-transit ridership, however, at least in the short term. Private transit is adapting faster.

With aid from a $100 million federal loan, the city has created or widened 11 streets between Wilburton and the Spring District east of I-405 where REI’s headquarters, Facebook and other companies are locating.

That follows citywide spending of $5.5 million to equip 197 intersections with adaptive signals that continually re-time to move clusters of approaching vehicles.

And the permit paperwork for the planned 43-story Amazon tower shows 1,175 underground parking stalls (nearly double the 632 spaces in the current parking garage that this new tower will replace).

On I-405, the Washington State Department of Transportation (WSDOT) will build an express toll lane each direction between Renton and Bellevue, to open in 2024, along with exit-only lanes to clear departing drivers off the mainline.

The existing carpool lanes will be converted to a second toll lane each way. Sound Transit will follow with new bus-rapid transit and park-and-ride lots.

Finally, in perhaps its most lofty vision yet, The Grand Connection is a sprawling pedestrian and cyclist pathway that would stretch between Meydenbauer Bay Park on the west, through Main Street and downtown, and across the freeway to Eastrail. With a bridge or park lid above I-405, just south of the nearly completed Sound Transit rail bridge, design concepts show amphitheater steps, sculptures and a row of ginkgo trees.

Unlike the longer Burke-Gilman Trail in Seattle, the Grand Connection would encourage people to linger at cafes and parks. As a traffic-free shortcut, it would reduce the need to drive and park at downtown spots.

There’s no funding yet. Costs vary based on whether Bellevue builds a full park like Mercer Island has over I-90, or a thin bridge, for around $130 million.

A version of this article was originally posted on U.S. News by Michelle Baruchman

Posted on February 13, 2020 at 4:45 am
Sheri Putzke | Category: Local Market News | Tagged

Local Market Update – August 2019

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.

EASTSIDE

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.

VIEW FULL EASTSIDE REPORT

KING COUNTY

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.

VIEW FULL KING COUNTY REPORT

SEATTLE

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.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

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.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on August 14, 2019 at 1:06 am
Sheri Putzke | Category: Local Market News | Tagged , , , , , ,

Local Market Update – June 2019

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.

Eastside

>>>Click image to view full report.

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.

King County

>>>Click image to view full report.

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

>>>Click image to view full report.

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.

Snohomish County

>>>Click image to view full report.

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

Posted on June 12, 2019 at 10:52 pm
Sheri Putzke | Category: Local Market News | Tagged , , , , , , , , , , , ,

Local Market Update – May 2019

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.

Eastside

>>>Click image to view full report.

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.

King County

>>>Click image to view full report.

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.

Seattle

>>>Click image to view full report.

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.

Snohomish County

>>>Click image to view full report.

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

Posted on May 15, 2019 at 1:56 am
Sheri Putzke | Category: Local Market News | Tagged , , , , , , , , , , ,