What I’m Seeing – October 2020

Wow, what a market! With online schooling and more people working from home, I am seeing a real shift in housing needs. Many people now require multiple spaces to accommodate these lifestyle changes. Rural properties have never been hotter as buyers seek more space, both inside and outside. I had a record number of closings in September and multiple offers on my listings. My buyer activity this month indicates that trend will continue. If you would like to discuss your short or long term real estate plans, I’d love 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 October 12, 2020 at 6:55 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , , , , ,

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 , , , , , , , , , ,

Eastside 2020 Growth Forecast

Another banner year for the region has brought tremendous prosperity across a breadth of industries, a wealth of new jobs, flourishing tourism, and the welcoming of several large businesses into our cities.

So, how is the Eastside poised to begin a new decade? Will this growth continue? To find out, 425 Business ditched the crystal ball and talked to Eastside movers and shakers across myriad industries to find out what they believe the year ahead holds.

Residential Real Estate

The Eastside residential real estate market is going to experience significant growth in the next few years. Amazon, Google, Facebook, and other tech giants are rapidly expanding their footprint to the Eastside. Thousands of tech workers relocating to this area, along with new hires for supporting businesses (such as retail and restaurants), will greatly increase the demand for housing. This year, almost half of the buyers who walked through my open houses were relatively new in town.

Condos under $750,000 and single-family homes under $1.5 million will sell very quickly if they are in good condition and priced right. Also, homes with easy access to public transit and future light rail stations will become more and more desirable. Areas in and near downtown Bellevue and downtown Kirkland will still be the hottest submarkets because they are job centers with superb amenities.

– Mei Yang, global real estate adviser and broker at Realogics Sotheby’s International Reality

Commercial Real Estate

(The current) cycle exhibits some significantly different conditions from those that precipitated the “thrift crisis” of the ’80s; the dot-com bust of the ’90s; or, certainly, the “Great Recession” of the last decade. Interest rates are lower, equity is plentiful, and expectations for return on equity across all asset classes are significantly less expensive.

Federal taxes and punitive regulations are generally lower (unfortunately, we can’t say that about state and local), and corporate earnings are remarkably strong (yes, with a few notable exceptions) despite tariffs and turmoil. Perhaps most important is the fact that employers across all sectors are scrambling to attract workers and have tens of thousands more openings to be filled.

My belief is that real estate economics is pretty simple — it’s all about employment. If you have healthy job creation, everything works. It attracts more residents who need housing, businesses that need more lawyers and accountants, kiddos who need teachers, demand for groceries, and so on. Conversely, if employment flattens or falls, the economy constricts.

Bottom line: If you can tell me when Eastside employers are going to quit hiring or start laying off, I’ll tell you when commercial real estate on the Eastside is going to suffer. Until then, land prices and rents on existing buildings will continue to rise, and developers will race to provide the office, apartment, and retail space to support the growth.

– Robert Wallace, CEO of Wallace Properties

Transportation

Bellevue has a ton of local transportation improvements on tap for 2020 that will make travel safer and easier for thousands of residents. But we’re also excited about the work we’re doing with our regional partners. It has the potential to benefit hundreds of thousands of people in the coming years and will be a big boon for transportation options on the Eastside.

Bellevue and Kirkland are working with King County Metro on a new RapidRide K Line that will connect the Eastgate Park & Ride in Bellevue to the Totem Lake Transit Center in Kirkland starting in 2025. And King County Parks is working with several Eastside cities on Eastrail, a regional pedestrian and bicycle path.

On the roads side, the state Department of Transportation will break ground in 2020 on the I-405 Renton to Bellevue Widening and Express Toll Lanes project. It will add capacity, boost transit options, and improve safety on one of the most congested stretches of highway in the state.

– Andrew Singelakis, transportation director for the City of Bellevue

Healthcare

Next year, I see healthcare in general (and EvergreenHealth) placing an increased emphasis on access — both in the traditional sense and through innovative alternatives. The ever-permeating digital age provides care for patients through new approaches with even greater creativity and efficiency. We also will have the increased benefit of effective solutions, possible through new sources of data analysis and other breakthroughs.

As always, we’ll collectively prepare for the needs of an expanding senior population, offering valuable services to help them sustain their well-being and healthy, active lifestyles.

Finally, we are committed to collaborating with our schools and others, supporting care for students with behavioral health issues.

– Jeffrey J. Tomlin, CEO of EvergreenHealth

Tourism

Bellevue and the Eastside’s tourism and hospitality industry is positioned for continued growth. Demand is projected to increase due to the growing corporate presence on the Eastside, a strong consumer economy, healthy airline capacity, and popularity in the Pacific Northwest as a destination. In recent years, the Puget Sound region has seen significant hotel supply increases, which have caused property rates and occupancy to level out, but we are hopeful that this additional demand will offset the recent inventory surge.

As a whole, travel growth in large technology markets like San Francisco, San Jose, Seattle, and Vancouver have recently slowed, compared with previous years. With that said, many business travelers now book rooms and visitor experiences outside of the large city centers — which positions areas like Bellevue and the Eastside well for 2020 and beyond.

– Brad Jones, executive director of Visit Bellevue Washington

Technology

(Next year) is the year that cybersecurity will turn inside-out. Malware, ransomware, and phishing attacks are all significantly on the rise, and (historically) 61 percent of data breach victims have been small businesses. These businesses can no longer rely on legacy tools like antivirus and networks that only protect them at the office.

Security must go mobile and leave traditional technologies behind. It’s also time to eliminate SMS-based authentication in favor of hardware keys that support Universal Two Factor authentication.

– Riley Eller, chief technology officer at Rubica

Legal

We expect the rapid growth of technology companies of all sizes based on the Eastside or expanding their operations to the Eastside to continue, many of which will be focused on intelligent connectivity, including 5G, AI, IoT, and Quantum computing. With that, we expect to see more regulatory attention on consumer privacy and data usage.

This regulatory attention will increase the demand for legal service providers, especially those who have a stake in the Eastside community and a desire for more personal interaction with their clients.

– Barry Stulberg, counsel, and Carly Chan, associate, Davis Wright Tremaine’s Bellevue Office

Finance

Eastside residents and business owners should have a plan in place for when times are good and when times are bad, regardless of the Federal Reserve’s actions. The Fed cut rates by 25 basis points, to 1.5 percent (from) 1.75 percent. This means that the Fed is helping prolong the economic expansion. The Fed is not expected to reduce rates further in the coming year, barring a recession. However, consumer confidence fell for a third straight month (as of Nov. 1), and consumers have not shown signs of slowing down.

Fed rate cuts to prop up an otherwise-slowing global economy generally mean that they are prolonging the inevitable — a recession. However, the bigger effect is to Americans saving for later. Because of low interest rates, American consumers are forced to take on more risk than necessary to make their money work for them. It would be prudent to include in one’s portfolio insurance and real estate to complement their investment portfolio.

Because of the technology industry and the various Silicon Valley companies coming into the Seattle-Eastside area, our economy will not be as affected as other economies when we experience a recession.

Clients at local technology companies have indicated that hiring has slowed down, and jobs that were eliminated aren’t being replaced with new workers. This can mean they are bracing for a possible recession or slowdown in the economy.

Consumer confidence is still not at a level where they are pulling back from spending; this explains why housing is still strong in the area and consumers are stretching their budget to buy into a hot real estate market.

Restaurants in the area are feeling the effects of a low interest rate environment, which generally follows inflation of raw materials and commodities. It is evident in the exorbitant prices we are experiencing when we go out to eat.

– Tony Sablan, wealth manager at Eagle Strategies LLC

This article was originally posted on 425 Business.

Posted on January 15, 2020 at 7:54 pm
Sheri Putzke | Category: Local Market News, Real Estate | Tagged , , , , , ,

Local Market Update – July 2019

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.

Eastside

>>>Click image to view full report.

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.

King County

>>>Click image to view full report.

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.

Seattle

>>>Click image to view full report.

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.

Snohomish County

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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

Posted on July 14, 2019 at 6:46 pm
Sheri Putzke | Category: Local Market News | Tagged , , , , , , , , , , ,

Local Market Update – December 2018

The real estate market continued to improve for buyers in November.  Interest rates dropped slightly, price increases slowed and inventory soared. It’s important to note that inventory increases, while significant, are being compared to the record low supply of last year. We’re still far short of the inventory needed for a truly balanced market, however buyers have greater choice and less competition than they’ve had in years. Sellers who price their home according to current market conditions continue to see strong interest. Heading into the holiday season, there’s something for everyone to celebrate.

Eastside

>>>Click image to view full report.

The Eastside economy continues to be very strong. Heavy investment in commercial construction from companies such as Vulcan boost expectations that the area will continue to thrive.  The median price of a single-family home in November hit $885,000 on the Eastside. Although an increase of 4 percent from a year ago, home prices have remained steady since this fall. With continued demand and only 2.4 months of inventory, the market has a long way to go to becoming balanced.

King County

>>>Click image to view full report.

Price increases continued to slow in King County. The median single-family home price was $643,913 in November, an increase of 2 percent over a year ago. South King County, where the most affordable homes in the county are located, saw significantly greater increases compared to a year ago. North King County also posted greater increases than the county overall. Inventory has skyrocketed as the number of homes for sale in King County more than doubled year-over-year. While that’s good news for buyers, there is only 2.1 months of available inventory in the county, slightly down from October and not nearly enough to meet demand.

Seattle

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The median price of a single-family home in Seattle was $760,000 in November. This is up 3 percent from a year ago and slightly up from October. Inventory jumped 177 percent year-over-year however, at just two months of supply, the Seattle area has the tightest inventory in King County. With the city’s strong economy and lifestyle appeal, that’s not expected to change any time soon. Forbes recently named Seattle as the best place for business and careers in the nation. U.S. News & World Report ranked the University of Washington among the top ten universities in the world with Money Magazine rating Seattle the #5 Best Big City to Live In.

Snohomish County

>>>Click image to view full report.

Inventory in Snohomish County continued to climb, surging 88 percent in November as compared to a year ago. That said, the area has fewer homes for sale than King County with just 1.8 months of inventory. This is still far short of the four to six months of supply that is considered a balanced market. The median price of a single-family home sold in November was up 6 percent from last year to $470,000, virtually unchanged from October.

This post originally appeared on the WindermereEastside.com blog.

Posted on December 13, 2018 at 7:01 pm
Sheri Putzke | Category: Local Market News, Statistics | Tagged , , , , , , ,