Lakeside in Edmonds

This sunny, Lake Ballinger waterfront home sits at the end of a quiet cul de sac. A level, three quarters of an acre lot creates a quiet respite for the end of the workday or playing hooky on a summer afternoon. Beyond the formal entry, one’s eyes are immediately drawn to the wall of east facing windows with the spacious yard and lake beyond. The bright and open living and dining rooms wrap around a mid-century, corner, brick fireplace. An admirable kitchen couples the dining room and layout accommodates more casual meals or social connection to whoever is playing chef that day.

A practical laundry/mudroom connects the spacious two-car garage to the kitchen. Sizable, and equipped with a number of built-ins, this room is able to serve many purposes while keeping your clutter conveniently tucked away.

A substantial bonus room also carries the ability to flex with your lifestyle, whether it be spacious office, media room, romp and play room, or all of the above.

The master suite is equipped with walk-in closet, full bath including 2 vanities, soaking tub, and separate shower, and an additional room for reading, nursery, crafts, etc…  A second bedroom and full bath are just down the hall from the master and a third bedroom with en-suite three-quarter bath is also nearby.

Outside a generous deck borders much of the lake side of the home and is accessed easily from kitchen, dining, and living rooms. A simple field of grass separates the house & deck from the waterfront and dock. So spacious your Thanksgiving family football game could take place right off the kitchen! OR be ready for summer soirees with a croquet set, volley-ball net, canoe and paddle boards!

With a picturesque setting, convenient location/simple commute, big windows, and rooms both spacious and flexible, this home doesn’t challenge anyone’s needs or desires. Make your lifestyle choice a reality!

Real Estate News from Ewing and Clark

The heat is really rising this month and the inventory in the real estate market is still low. For the first time in the King County area, the median home price has increased over $100,000 in just one year. The country had its hottest month of July in the last 17 years, with prices rising 18.6 percent from a year ago. Seattle and the Eastside did show a slight drop in median prices compared to our record-setting June, but were still up 15 percent from last year. Seattle’s median home price is $749,000 and the Eastside is $860,000. Condo median price in Downtown Seattle actually saw a slight drop compared to the prior year ($462,000 vs $465,000).  The condo price drop in Downtown Seattle was due to the Insignia condo which was completed in 2016.  In July 2016, the Insignia accounted for over 25% of the condos sold (105 units) at a median price of $695,900.

Check out our new listings all over Washington State. Click on the photos below to see more!

Extraordinary, sweeping panorama of City skyline, Space Needle, Mt Rainier, Elliott Bay, and Alki Point. MLS#1158119

Newly refreshed 3 bedroom and 2.5 bath 2 story home in Auburn. New paint inside and out, new carpets and appliances. MLS# 1175853

Stuart Silk designed modern residence on the shores of Lake Washington in Washington Park. Sublime, meaningful design exudes serenity & sophistication. MLS# 1176637

Remarkable low bank architectural residence w/sandy beachfront on 3.5+ acres in Anacortes. MLS# 1174896

A boater’s paradise: new dock, boathouse, sandy beach & ramp! Just outside the Locks on Shilshole Bay offers gorgeous views of the Bay, Locks, boating activity & wildlife. MLS# 1173593

Sophisticated, open design- a modern longhouse, w/cathedral ceilings, beautiful wood carpentry, huge windows taking in peaceful, breathtaking views in Sequim, WA. MLS# 1142395

Contact Ewing and Clark for any of your real estate needs.

 

 

Homes for Under a Million

The Seattle real estate market continues to be one of the hot topics in the nation.  As prices rise and inventory remains low, many first-time home buyers are in bidding wars for their dream home (or close to their dream home). Queen Anne has become Seattle’s first neighborhood to have a median home price of $1 million dollars and Capitol Hill is not far behind at $890,000. Condominium sales are also struggling with inventory, down 24 percent from a year ago. The median sales price for condos last month was $328,675, which is an increase of 9.6 percent from a year ago. Some think there is no chance of finding a home under a million dollars, but here are some for you to consider!

3030 80th Ave SE, Mercer Island

Available for $499,950

20012 27th Dr SE, Bothell

Available for $700,000

2721 1st Ave, Belltown

Available for $309,000

3116 164th St SW, Lynnwood

Available for $255,000

Ewing and Clark is Seattle’s oldest real estate company. Our agents are experts in the market and have been for many years. Contact us today and we can make the home buying process feel like a breeze.

Median Home Price In King Co. Hits $500,000

1215 McGilvra NewThe median price of single-family home sold in King County has reached new heights this year. According to the Northwest Multiple Listing Service, the median price in King County has risen to $500,000, a 10.3 percent increase over the last peak of $481,000 in July 2007. In Seattle, the median is significantly higher than that, having risen 15 percent over the year to $575,000. It’s been rumored that we are in a bubble, but Alan Pope, a real estate appraiser in Redmond, says he believes we aren’t in a bubble, but that “… the balloon is growing, and I can’t tell when it’s going to stop.” In fact, the housing market is just gaining traction from taking a hit during the past recession and isn’t too far above the prices they normally would be had we missed it.

The Seattle area’s healthy job market has caught the eye of the nation and beyond. As more people settle in to Seattle and surrounding cities, the housing market has become quite competitive. With a surge of buyers and very little increase in single-family residential development, there is a shortage of houses on the market. Between March and May of this year, Seattle only had a month’s supply of single-family homes and condominiums on the market, according to a Seattle Times analysis of NWMLS data. Inventory in June of this year was well below the average three months’ supply, and the number of residential listings in King County was 23 percent lower than last year.

Other counties are seeing similar patterns. In Snohomish County, the median price of single-family homes sold was $360,125, that’s 6 percent higher than last year. Pierce County prices are up an impressive 9.5 percent, sitting at $257,000.

In Seattle, homes for sale sit on the market for an average of just eight days, compared to the national average of 28 days. When a home goes on the market, Seattle house hunters are ready to play ball, even if that means paying well above the listing price. The only true fix to relive the pressure on the current housing market is to build new houses. The National Association of Home Builders reports that there were 3,481 permits issued for new single-family homes between January and May, down 4 percent over the year. That might be due to the lack of adequate plats to build on. Allison Butcher of the Master Builders Association of King and Snohomish Counties told the Times that land is becoming increasingly hard to find in Seattle.

As for condominiums, we’re seeing a bit of a trickle-down effect, as the median price in King County was $287,000, up 7 percent over last year, and up 12 percent in Snohomish County, now sitting at $239,950. However, Pierce County is down about 7 percent, at $162,500. Listings for condos aren’t climbing as quickly as single-family homes, but they are taking some of the heat as buyers look for other more available options.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Millennials Opt Out of Seattle’s Real Estate Goat Rodeo

Mt Baker

The fact that the housing market in Seattle is hot, is not new news, and finding a home without over paying is becoming quite a task. When a 1,100 square foot home listed at $559k, sells for $717K, it feels it might take miracle to lock something down that is both desirable and reasonable. Moreover, when, and more so, if¸ you find a great buy, the market heavily favors those willing and able to pay cash to win the bid. Well, there is one demographic of Puget Sound residents who aren’t jumping on the real estate bandwagon – millennials.

According to the Puget Sound Business Journal, people between the ages of 25 and 35 who are homeowners is at the lowest since the Gold Rush era. And for good reason. Overall, things are just more expensive now than they were during the previous decades. College tuition has tripled since 1980, causing millennials to take out college loans or needing to take a longer time getting their education due to having to work simultaneously. As such, paying off acquired debt, or simply just getting the basics (job, place to live, overhead costs) nailed down is priority number one. With such a competitive job market, it takes a few years (or ten) of hard work to reach reasonable earning potential.

open-house-illustration

However, Seattle has some of the biggest businesses headquartered here favoring hiring millennials, one of which is Amazon. The online retailer hires thousands of employees yearly, many of which are coming in out of state. Most of those recruits, still fresh to Seattle and a little leery of all the grey, are perfectly content with renting even if they could afford a nice house to match their nice salary. And this doesn’t just happen for Amazon employees, as Seattle has plenty company employees working the same model.

Not surprisingly, this might be a piece of why Seattle currently ranks second on the list of best cities to own a rental property (a jump from seventh place last year). The region’s job growth, paired with the number of people moving into the area, and with the lack of available homes for sale, these are some key factors in why the rental market is going so well. So, for now the millennials are opting out of Seattle’s real estate goat rodeo, but it doesn’t seem like too many people, no matter how ready, are having much success either.

King Co. Home Prices Approaching 2007 Peak

Madrona home for sale - 3609 E Union St. - $1,395,000

Madrona home for sale – 3609 E Union St. – $1,395,000

In the booming, yet ominous year of 2007, the median price for a single-family home in King County soared to $481,000. We all know what happened next – the bubble burst, home values plunged, and homeowners were left to pick up the pieces, wondering if values would ever recover. Seven years later, the Northwest Multiple Listings Service (NWMLS) reports that the median price has clawed its way back to just a hair below the 2007 peak, and now stands at $480,000, up 11.5 percent from a year ago and up 9 percent over March.

Every submarket in King County saw prices increase on a yearly basis in April – several by double digits. Prices on the Eastside rose 6 percent to $654,650; prices in North King County also rose by 6 percent to $416,000; and both Southwest and Southeast King County saw double-digit increases of 14 and 15 percent, to $285,000 and $329,950 respectively. Home prices in Seattle are up 15 percent over the past year to a median of $552,500.

So with the words “bubble” and “peak” in the same sentence, buyers and sellers are wondering if we’re headed for deja vu. According to the NWMLS, area brokers are confident we’re not in the midst of the next bubble, saying that today’s buyers are qualified and the overbuilding that contributed to the previous bust is not an issue today. J. Lennox Scott, CEO of John L. Scott told The Seattle Times that he believes the continued price increases are the result of a strong job market, extremely low inventory (less than a month’s worth), and interest from foreign buyers.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

2015 Housing Market Off To A Good Start

Wash Park HomedHistorically, mid-winter has been a sluggish time for home-price growth for the national housing market, and while the median price for a single-family home did decline from December to January this year, it fell by a mere 1.2 percent, signaling a stronger than normal start to the new year for the housing market. As a comparison, in recent years month-to-month price declines from December to January have been recorded at 2.8 percent (2014) and 3.5 percent (2013). Redfin reports that the combination of an increase in listings and buyer demand has led to lots of activity, and prices are up 7.6 percent over the year.

Closer to home, supply is still low in the Seattle area, and prices continue to rise. The median price for a single-family home in King County this January was recorded at $441,500, up from $410,000 in January 2014. The city of Seattle saw the median price rise to $517,500, up 12.5 percent over the year. The Seattle Times reports that inventory in Northwest Seattle is down to a three-week supply, driving prices in that area up 19 percent over the year. In the Seattle market as a whole, inventory has been hovering around the two-month mark for several months. Generally, a four-to-six-month supply constitutes a healthy housing market.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Tips to Help You Save For a Down Payment

Cutting back on that daily latte, or happy hour with coworkers might help you save a few bucks, but if you’re saving for a down payment, you’ll need to make some larger lifestyle changes in order to help you save the fund you need. The market is improving, and with fixed mortgage payments, buying a home is slowing becoming even more affordable than renting in some area of the US. Here are a few tips you can implement to help you successfully save for your new home.  Renter Postcard 6 mo

Automate your savings contributions. Contact your bank and auto-deposit a fixed amount into your savings every month. Most people can deposit 2% of their income without even noticing a significant difference, and it can accumulate a significant amount over time. Reduce your large expenses month to month. If you live in a two bedroom apartment, consider getting a roommate to cut your costs in half, or move to a cheaper area to reduce your monthly rent. Consider saving a large portion of your tax return. The average tax refund in 2014 was $3,116, and while it might be tempting to splurge and treat yourself, it might be beneficial to deposit a large chunk of that directly into your down payment savings. Making at least one or two of these changes could help you reach your savings goal, and for more information on the Seattle real estate market, contact your local real estate agent today!

Insurance Tips For First TIme Home Buyers

Searching for a home can be a job in and of itself, and home insurance often gets lost in translation of the to-do list for first time home buyers. There are so many factors to consider in the home search,  such as choosing the right mortgage company, and real estate agent. Finding the right home insurance, and factoring it into your home buying budget should also be a top priority. Our friends over at Zillow have put together great guidelines and insider insurance tips for first time home buyers. Here are some of the key take-aways: 1910 NW 100th St-6

Do your research, and shop around for the best rate between insurance carriers. You might be able to save yourself hundreds of dollars just by comparing a few different companies.

Your credit score matters – not just for your mortgage rate, but also for your insurance. Insurance companies utilize your credit report to determine the level of risk you’d be as a new policyholder. If you’re shopping for a home, you’re probably already making moves to improve your credit, but its important to know that your credit is also important in achieving an affordable insurance rate.

Consult with your current auto insurance or boat insurance company to discuss bundling options. You can often save on your premium by utilizing the same company for home and auto insurance.

Invest in substantial coverage plans. While you don’t want to overspend, home owner’s insurance is also something you don’t want to hold back on.  Be sure your policy covers your home from weather risks common to your area, and be sure your dwellings coverage is substantial enough to cover the structure of your home incase of serious damage or destruction. If you’re looking for a new home, and would like some inside knowledge on the Seattle real estate scene, contact your local real estate agent today.

Tis the Season: Top Reasons to Buy During the Holidays

Although sales are historically down during the last few months of every year, there are certainly some noteworthy perks to the home search during the holiday season. Here are a few reasons a new home should be on your wish list for Santa this year. 812 W Galer

Did you know home prices are generally listed lower in December, than they are throughout the rest of the year? There are several reasons for home affordability increasing this month, and low mortgage rates is another factor in your favor. Mortgage rates are around or just under 4%, and according to Zillow estimates, are expected to jump to 5% by this time next year. If you wait just one more year to purchase the same home, your monthly mortgage payment could increase significantly. This isn’t to say that you should buy a home now if you’re not ready; buying a home is a huge commitment, and  knowing when you’re ready and able to purchase is essential. It is also worth noting that if Seller’s are listing their home during the holidays, they are usually very serious about selling their home. Maybe they recently received a new job and need to relocate before the end of the year. Their lack of time is your gain – and you can also lower your tax bill for the year if you close on your new home by Dec 31st. For more information on homes for sale in the Seattle area, contact your local real estate agent today.