Community News November 21, 2019

Local Happenings – November 2019


NOVEMBER EVENTS

Seattle’s Beaujolais Nouveau Wine Festival

November 22nd

Beaujolais Nouveau wine is released at midnight each year on the third Thursday of November. Its arrival as the first wine of the harvest sparks worldwide celebrations. We host simultaneous events in Seattle and in Portland on the third Friday of November to commemorate this special tradition. Both events take place on November 22, 2019 this year.

LEARN MORE HERE

Enchant Mischievous

November 22nd – 29th

A world of Christmas wonder awaits as Enchant, The World’s Largest Christmas Light Maze & Market moves inside T-Mobile Park, November 22 – December 29, 2019.

Surrounded by millions of dazzling lights, the memories you make will last well beyond the holiday season. Get lost in the world’s largest light maze. Take photos around the largest Christmas tree the surrounding area. Glide around the ice-skating trail or waltz through the Enchant Christmas Market.

Free admission for children ages 3 and under.

LEARN MORE HERE

Seattle Musicians Access to Sustainable Healthcare

November 22nd – 29th

Seattle, WA., October 1, 2019, Seattle Area non-profit SMASH – Seattle Musicians Access to Sustainable Healthcare – announced their second annual benefit concert, a tribute to the music of Neil Young. SMASH is a nonprofit organization dedicated to keeping the Northwest’s music community healthy by providing health education, advocacy, and access to preventative healthcare. SMASH’s 2018 benefit was a great success and featured the first reunion by Seattle legends Mother Love Bone in over 8 years. The event received kudos from publications like Rolling Stone and Stereogum.

LEARN MORE HERE

GeekCraft Expo Seattle

November 29th

GeekCraft Expo Seattle is a 2-day event being held from 29th November to 1st December 2019 at the Hangar 30 in Seattle, United States. This is a handmade crafts market specializing in handmade, geek-themed crafts of all kinds such as clothing, accessories, toys, home decoration, furniture, art.

LEARN MORE HERE

DECEMBER EVENTS

Where to see holiday lights in and around Seattle

Throughout December

If you’ve lived around Seattle for a while, you know that, between our high longitude and endless cloud cover, our winters are extremely dark. But there’s an upside: We put up twinkle lights early and often, with many a street tree glowing by the end of October, even before the holiday lights season.

LEARN MORE HERE

76 Seafair Holiday Cruise

December 8th

This heartwarming event takes to the water as independent boaters and charter operators volunteer their boats, crews and time to host approximately 1,500 intellectually disabled guests on a special holiday cruise on Lakes Union & Washington. Over 200 boats will be decked out in lights and holiday cheer at various docks and yacht clubs. Once on board, guests are treated to a snack and beverages provided by Safeway – Albertsons and participating boat owners and skippers. Guest also enjoy entertainment, gifts and visits from Santa Claus as they cruise for two hours through the Montlake Cut to Lake Washington. Simultaneous cruises take place in Bremerton, Tacoma and Olympia.

LEARN MORE HERE


This post originally appeared on the GettheWReport.com Blog

EconomyLocal Market NewsLocal Market Updates November 18, 2019

Local Market Update – November 2019

A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking about putting their property on the market can expect strong buyer interest.

EASTSIDE

As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled primarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single-family home price in October was stable as compared to the same time last year, rising 1% to $900,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single-family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably-priced south end of the county saw double-digit price increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Seattle home prices took their largest year-over-year jump in 12 months. The median price of a single-family home sold in October was up 3% from a year ago to $775,000, a $25,000 increase from September of this year.  Seattle was recently named the third fastest-growing city in America.  Real estate investment is surging. A growing population and booming economy continue to keep demand for housing –and home prices—strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Both the number of home sales and home prices were on the rise in Snohomish County in October. Overall homes sales increased 7%, and the median price of a single-family home rose 5% over a year ago to $495,000.  Supply remains very low, with just six weeks of available inventory.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Buying a HomeEconomySelling a HomeThe Gardner Report October 28, 2019

Western Washington Real Estate Market Update – Q3 2019

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me!

ECONOMIC OVERVIEW

Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.

HOME SALES

  • There were 22,685 home sales during the third quarter of 2019, representing a slight increase of 0.8% from the same period in 2018 and essentially at the same level as in the second quarter.
  • Listing activity — which rose substantially from the middle of last year — appears to have settled down. This is likely to slow sales as there is less choice in the market.
  • Compared to the third quarter of 2018, sales rose in five counties, remained static in one, and dropped in nine. The greatest growth was in Skagit and Clallam counties. Jefferson, Kitsap, and Cowlitz counties experienced significant declines.
  • The average number of homes for sale rose 11% between the second and third quarters. However, inventory is 14% lower than in the same quarter of 2018. In fact, no county contained in this report had more homes for sale in the third quarter than a year ago.

HOME PRICES

  • Home price growth in Western Washington notched a little higher in the third quarter, with average prices 4.2% higher than a year ago. The average sales price in Western Washington was $523,016. It is worth noting, though, that prices were down 3.3% compared to the second quarter of this year.
  • Home prices were higher in every county except Island, though the decline there was very small.
  • When compared to the same period a year ago, price growth was strongest in Grays Harbor County, where home prices were up 22%. San Juan, Jefferson, and Cowlitz counties also saw double-digit price increases.
  • Affordability issues are driving buyers further out which is resulting in above-average price growth in outlying markets. I expect home prices to continue appreciating as we move through 2020, but the pace of growth will continue to slow.

DAYS ON MARKET

  • The average number of days it took to sell a home dropped one day when compared to the third quarter of 2018.
  • Thurston County was the tightest market in Western Washington, with homes taking an average of only 20 days to sell. There were six counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in six counties, while two counties were unchanged.
  • Across the entire region, it took an average of 38 days to sell a home in the third quarter. This was down 3 days compared to the second quarter of this year.
  • Market time remains below the long-term average across the region and this trend is likely to continue until more inventory comes to market, which I do not expect will happen until next spring.

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. I am leaving the needle in the same position as the first and second quarters, as demand appears to still be strong.

The market continues to benefit from low mortgage rates. The average 30-year fixed rates is currently around 3.6% and is unlikely to rise significantly anytime soon. Even as borrowing costs remain very competitive, it’s clear buyers are not necessarily jumping at any home that comes on the market. Although it’s still a sellers’ market, buyers have become increasingly price-conscious which is reflected in slowing home price growth.

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.

Community NewsGiving BackWindermere Foundation October 24, 2019

Keeping Families Warm from Head to Toe

 

Windermere is in its fourth season of helping #TackleHomelessness with the Seattle Seahawks!

Each year, as part of that campaign, Windermere hosts a “We’ve Got You Covered” winter drive for a local non-profit. This year, we are collecting warm winter gear for our new non-profit partner, Mary’s Place, an organization that provides safe, inclusive shelter and services to women, children and families on their journey out of homelessness.

We are asking for donations of NEW hats, scarves, gloves/mittens, and warm socks for all genders and sizes.

From October 14 through November 8, you can drop off donations at our participating Windermere Real Estate and Property Management offices in King and Snohomish Counties**. Once the drive is over, our friends at Gentle Giant Moving Company — our winter drive partner for the past three years — will once again generously donate their time and trucks to pick up the donations collected by our offices, to deliver to Mary’s Place.

Since 1999, Mary’s Place has helped hundreds of women and families move out of homelessness into more stable situations. Across eight emergency family shelters in King County, they keep struggling families together, inside, and safe when they have no place else to go. But shelter capacity is limited and there are still hundreds of families sleeping outside in cars and tents each night. Please help them stay warm during the cold winter months by dropping off your donations to our participating offices.

Feel free to contact me, or another local office for more information, or email justask@windermere.com.

If you aren’t near a local office, I am happy to swing by and grab your donations between now and November 8th!

 

David Hogan
Bellevue
700 112th Ave NE #100,Bellevue, WA 98004
Office:(425) 455-5300
Direct:(425) 890-3318

 

 

 

 

 

**Windermere Winter Drive Drop-Off Locations

Bellevue

Bellevue Commons

Bellevue West

Federal Way

Federal Way-West Campus

Kent

Kirkland

Kirkland Yarrow Bay

Lynnwood

Maple Valley 4 Corners

Mercer Island

Mill Creek

Property Management – Bellevue

Property Management – Everett

Property Management – Edmonds

Property Management – Seattle North

Property Management – South

Redmond

Seattle-Green Lake

Seattle-Greenwood

Seattle-Lakeview

Seattle-Madison Park

Seattle-Magnolia

Seattle-Mount Baker

Seattle-Northgate

Seattle-Northwest

Seattle-Pike/Pine (1324 East Pike Street, Seattle, WA 98122)

Seattle-Queen Anne

Seattle-Sand Point

Seattle-Wall Street

Seattle-West Seattle

Services Company

Shoreline

Snohomish

 

This post originally appeared on the Windermere.com Blog

Buying a HomeEconomyLocal Market NewsLocal Market UpdatesSelling a Home October 19, 2019

Local Market Update – October 2019

While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. It is still a seller’s market, however prices have stabilized. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.

EASTSIDE

Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.

VIEW FULL KING COUNTY REPORT

SEATTLE

Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Home ImprovementsSelling a Home October 16, 2019

The Impact of Staging Your Home

For more than 20 years, the benefits of staging a home have been well documented. Numerous studies show that staging helps sell a home faster and for a higher price. According to the National Association of REALTORS®, 88 percent of home buyers start their search online, forming impressions within three seconds of viewing a listing. When a home is well staged, it photographs well and makes the kind of the first impression that encourages buyers to take the next step.

Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, but it also helps them begin to imagine living there. Homes that are professionally staged look more “move-in ready” and that makes them far more appealing to potential buyers.

According to the Village Voice, staged homes sell in one-third less time than non-staged homes. Staged homes can also command higher prices than non-staged homes. Data compiled by the U.S. Department of Housing and Urban Development indicate that staged homes sell for approximately 17 percent more than non-staged homes.

A measurable difference in time and money

In a study conducted by the Real Estate Staging Association in 2007, a group of vacant homes that had remained unsold for an average of 131 days were taken off the market, staged, and relisted. The newly staged properties sold, on average, in just 42 days, – which is approximately 68 percent less time on the market.

The study was repeated in 2011, in a more challenging market, and the numbers were even more dramatic. Vacant homes that were previously on the market for an average of 156 days as unstaged properties, when listed again as staged properties, sold after an average of 42 days—an average of 73 percent less time on the market.

Small investments, big potential returns

Staging is a powerful advantage when selling your home, but that’s not the only reason to do it. Staging uncovers problems that need to be addressed, repairs that need to be made, and upgrades that should be undertaken. For a relatively small investment of time and money, you can reap big returns. Staged properties are more inviting, and that inspires the kind of peace-of-mind that gets buyers to sign on the dotted line. In the age of social media, a well-staged home is a home that stands out, gets shared, and sticks in people’s minds.

What’s more, the investment in staging can bring a higher price. According to the National Association of REALTORS, the average staging investment is between one percent and three percent of the home’s asking price, and typically generates a return of eight to ten percent.

In short, less time on the market and higher selling prices make the small cost of staging your home a wise investment.

Interested in learning more? Contact your real estate agent for information about the value of staging and referrals for professional home stagers.

This post originally appeared on the Windermere.com Blog

Community NewsEconomyLocal Market News October 9, 2019

AMAZON COULD BRING THOUSANDS OF DOGS WITH IT TO NEW BELLEVUE OFFICE

Of all the impacts posed by thousands of new Amazon employees migrating to the Eastside, Bellevue officials perhaps weren’t expecting this — this could get ruff.

The Puget Sound Business Journal went through a series of emails among Bellevue city employees, and found that officials are now preparing for thousands of dogs that will likely come with their Amazon employee families. The company’s Seattle headquarters allows many employees to bring their dogs to work, numbering up around 6,000 to 7,000 pets.

Amazon has made other accommodations for its four-legged coworkers. The front desk has a steady supply of dog treats. There is a doggy deck on the 17th floor of one of its buildings — it includes a fake fire hydrant. The company also keeps plenty of poop bags on hand, water fountains, and relief areas. Amazon has even opened an off-leash park in the Denny Triangle.

Amazon even knows the most common doggy names at its HQ — Lucy, Bella, and Charlie.

This all means city planners in Bellevue are now looking to the area around the 1 million square feet of office space that Amazon will eventually occupy. Where are all of these dogs going to … go?

Amazon’s South Lake Union headquarters has a few parks and dog areas surrounding it. They are equipped with bushes and trash cans. One email from a Bellevue official expresses concern about the urban landscape around SLU, and how that issue may migrate to the Eastside.

“So … with Amazon coming, it is not just the residential buildings that need pet relief areas built into their developments,” they write. “Office buildings are becoming just as susceptible to impacts from dogs — if not more.”

About 45,000 employees are expected to move into the Bellevue office by 2022; more if the company expands even further in the city.

This was originally posted on MYNorthwest by Dyer Oxley.

And on GetTheWReport.com

Community NewsHome ImprovementsHome MaintenanceSelling a Home September 25, 2019

WINDERMERE LIVING – FALL 2019

The Fall 2019 issue of Windermere Living showcases seasonal comforts including inviting home designs and fall flavors! Discover immersive regional experiences, tips on finding the perfect architect as well as incredible homes from ski chalets to mid-century marvels.

Windermere Living is an exclusive listings magazine published by Windermere Real Estate. Read the online version below:

This post originally appeared on GetTheWReport.com

EconomyLocal Market Updates September 19, 2019

Local Market Update – September 2019

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.

EASTSIDE

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.

VIEW FULL EASTSIDE REPORT

KING COUNTY

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.

VIEW FULL KING COUNTY REPORT

SEATTLE

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.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

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.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Local Market Updates August 19, 2019

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