Sell Your Home This Spring With These Seven Tips

Spring has sprung in beautiful Seattle, and if you’re looking to sell your home, there may be no better time to do so. Think about it, what a lovely time to showcase your home and really put its best foot forward, so to speak? Here are some tips to get your home looking picture perfect for a Springtime sale.

  1. Spring Cleaning
    Nothing says Spring more than a good old fashioned Spring cleaning, and that may be just what your home needs (probably, even if you’re not going to sell it) to get it in tip top shape. Go through those boxes of STILL unpacked home goods, linens and clothes that have sat in a closet or attic since move-in day and get rid of whatever you don’t need or use anymore (trust me, charitable organizations are just as grateful for the donation this time of year as they are in winter).  Get the windows washed, floors scrubbed and everything looking clean and clutter-free. Plus, you’ll have the added bonus of a much easier move after you sell, if there’s less stuff to pack!
  2. Get Your Garden On
    Spring is an excellent time to make your yard look its absolute best. Slip on some gardener’s gloves and pull a few weeds, plant new flowers, prune trees and bushes and make sure any leftover leaves from winter are raked up and the grass is mowed. Potential buyers are definitely going to check out your yard, and just like a delicious meal, presentation is everything. Do your best to seed patchy grass, lay down beauty bark or simply add rock edging to flower beds. Adding more colorful flowers can make a big difference in how appealing your home looks too. It’s the little touches that can make a big difference.

  3. Create A Patio Worth ‘Sitting A Spell’ On
    Once the yard is looking good, it’s time to turn your attention to any outdoor living space your home offers. Simple improvements like clean, well-kept patio furniture with bright and colorful pillows and a few nicely potted plants can create a lovely and inviting outdoor space as well as help to evoke images of enjoying the Summertime there, in a home-buyer’s mind. That’s the kind of image that may just get you an offer. Also, it’s a good idea to stage the patio area with a pitcher and glasses of a refreshing beverage on the patio table when showing the home, especially on a nice sunny day.
  4. De-Gunk the Driveway
    A very simple yet often overlooked way to add extra curb appeal and freshen your homes appearance is with a good power wash to the driveway and any sidewalks outside. Moss, oil stains and other undesirable things can collect on paved surfaces outside of your home and make it look neglected or just plain grungy. A nice power wash should do the trick and rid those surfaces of any ‘blemishes’, instantly boosting the overall ‘put-together’ look of your home.
  5. Let There Be Light
    We are blessed this time of year with much more abundant sunlight than just about any other time of year (save for summer, of course). Why not take advantage of it by opening your house up to more light? Weather permitting, open windows and patio doors to let in plenty of light, fresh air, and maybe even the oh-so-Springy scent of freshly cut grass and flowers.  Use light the way ladies use lipstick for a night out, as an easy finishing touch that adds immense appeal, quickly and easily.
  6. Make Sure Things Are Up to Snuff
    Hiring an inspector to give your place the old once over is usually a good idea, no matter how well maintained it may be. If you have even a tiny inclination that something may need to be fixed before it hits the market, you should have a pro take a peek. Plus, getting things fixed and in great condition can significantly drive up the selling price of your home, which is generally a good thing. Your realtor (or a potential realtor) should be able to help you find a professional in your area to conduct an inspection.

7. All The Home’s A Stage
Staging can play a BIG part in attracting a buyer. Just as garden improvements and      landscaping are hugely important for the outside of your home, staging is key for the inside of your home. Regardless of whether you’re currently living in the home, or moved into your new abode, you want to create a space that’s warm, inviting and, well, homey. People need to be able to picture themselves living their daily lives there, so making it feel like home is important. Add a vase of fresh flowers to the dining table, a basket of fresh apples to the kitchen counter, have art on the walls (but not too much, and try to minimize the presence of personal or family photos) and fun throw pillows/blankets on the couches. You can even add the scent of fresh laundry or freshly baked cookies (a scented candle should do the trick) to get an extra edge, as our sense of smell is most directly tied to memory and scents like that can ‘take you home’ in an instant.

With these tips, the task of readying your home for sale should be a little bit easier. Remember to take it easy though. Don’t try to bite off more than you can chew and do it all in one weekend. Home buying and selling can take time, and you should take the time needed to get all your ducks in a row before you put that sign out in the yard. Preparing your home for the market can be a breeze if you just take it one step at a time to get your home looking it’s best, and, with any luck, it will be someone else’s home in no time!

Washington State Home Sales Soar Past Previous Highs

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about  14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at  approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of  $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about  $310,000, up from $285,000  last year.

Numbers like this are a positive and encouraging sign for the state of the  real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

Seattle Condos Appreciating Faster Than Homes

Madison Tower cropped

Featured condo – 1000 1st Ave., Unit 2202, Seattle, 98104

Condominium property values were some of the hardest hit after the housing crash, with the typical condo in the U.S. losing a third of its value. But according to a recent Zillow survey, condos are finally making a long-awaited comeback and are appreciating more quickly than single-family homes in many U.S. markets, including Seattle’s.

According to statistics from the Northwest Multiple Listing Service (NWMLS), the median sales price for a condo in Seattle in October was $368,000, up 23 percent over the year, compared to an 8 percent price increase for single-family homes. Condos in many neighborhoods within the city saw much higher rates of appreciation. Prices increased by 55 percent in Southeast Seattle (Columbia City, Rainier Valley, Seward Park), and by 45 percent in both Beacon Hill and the Ballard/Green Lake/Phinney Ridge area. Prices for condos in Seattle’s most expensive market, comprising Downtown and Belltown, rose by 34 percent over the year to a median of $539,000, and Queen Anne condo prices are the highest in a decade.

The condo market may be especially attractive to first-time home buyers, who are largely being priced out of Seattle’s expensive single-family market. Condos are often more affordable and lower maintenance, and many offer the urban lifestyle that young professionals are increasingly attracted to. Seattle’s condo market is also suffering from a lack of inventory with only 1.18 months’ worth of supply available (compared to the 4-6 months’ worth that is generally considered a ‘balanced’ market) which could be another factor helping drive price increases. Currently, there are 107 condos on the market in Downtown Seattle, ranging from $209,900 for a 447-square-foot unit at Vine and Western, to $9,990,000 for the 6,758-square-foot full-floor penthouse at the Madison Tower.

Zillow’s Chief Economist Svenja Gudell wrote in the survey summary that, “Over the past few years, buying a condo hasn’t always been considered an investment on par with buying a single-family home. Clearly, the most recent data indicate that notion may be due for a second look.”

If you are curious how much your condo might be worth, please do not hesitate to contact one of our real estate agents!

Real Estate Site Ranks Seattle No. 1 Housing Market

1150 17th Ave E-33. straightened smalljpgReal estate website auction.com has ranked the Seattle area the No. 1 housing market in the country for single-family homes, according to its analysis of home prices, sales data, demand, and economic factors. They point out the combination of strong price growth, at 10.9 percent over the year, and an equally strong increase in sales over the year, at 12.6 percent, as indicators of our market’s overall strength. The Seattle area’s solid job market keeps attracting new residents, and relative affordability compared to other tech hubs such as San Francisco, San Jose, and New York has seen demand continue unabated. Coupled with the fact that it is still 13 percent less expensive to buy rather than rent in Seattle means that everyone is trying to get their piece of the Seattle real estate pie.

Rounding out the top five behind Seattle are three areas in Florida – Fort Lauderdale, Orlando, and Palm Beach County – followed by our little sister to the south, Portland, where prices grew by 9.4 percent over the year.

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

Only 2% of Seattle Renters Plan To Buy Within Year

371 ProspectSeattle is home to one of the nation’s highest homeownership confidence rates, according to Zillow’s recently released Housing Confidence Index (ZHCI), but our region’s soaring home prices could be causing renters to think twice about entering the home-buying market. According to a Zillow report, only two percent of renters in Seattle are planning to purchase a home in the next year, which is far below the national average of 11.4 percent and the lowest rate among the top 20 metro areas. Miami led all metros with 21 percent of renters planning to buy in the upcoming year, despite a healthy 8.9 percent year-over-year home value increase.

The Seattle Times cited another statistic from Zillow stating that even among renters making $90,000+ per year, 48 percent said they were not planning to buy in the next five years. In the most recent census data available (from 2013), the biggest growth in the rental market was from those making $100,000+ per year. Though some of Seattle renters’ hesitation may largely have to do with discouragement over the high prices and bidding wars that have become the new normal, many are consciously choosing renting for the flexibility it allows. With the plethora of luxury apartment buildings sprouting all over Seattle, many offering amenities akin to those at high-end hotels, renting, and avoiding the obligations of home ownership, is looking more and more appealing to many.

But just because renters are staying out of the fray doesn’t mean no one’s buying, in fact, quite the opposite. Even with almost a third fewer listings this August than August 2014, pending sales and closed sales in King County were both up this August compared to a year ago, according to statistics from the Northwest Multiple Listing Service. After a slight dip in home prices in July, the median price for a single-family home in King County bounced back to just a hair under $500,000 at $499,950 in August. The Seattle area’s market also rose from 10th to 2nd on Zillow’s Housing Confidence Index.

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

Commercial Lease Rates Hitting New Heights In Seattle

seattle sunsetThe Highway 99 Blues Club, established in 2004 and located in the basement of a hundred-year-old brick building, is possibly one of the best blues clubs in Seattle. As reported by The Seattle Times, in June, the business was notified that their rent would be increasing. Somewhat normal and understandable considering the immense growth Seattle overall is experiencing, especially downtown. However, their rent isn’t going up just $500, or even $1,000. Starting in January 2016, the blues club, if they intended on staying, would be responsible for paying $14, 959 a month. That’s an increase of 225 percent (or $10,359 more a month) and how the business sees it, an eviction notice.

The commercial real estate market in Seattle is reaching new heights, quite literally and figuratively speaking, so much so that downtown tenants, like the Highway 99 Blues club, are being squeezed out due to astronomical rent increases. This gentrification of downtown Seattle is well supported, as companies haven’t a problem finding tenants to fill local office space in exchange for a pretty penny. In fact, not only are rents 7.5 percent higher (an average of $36.76 a square foot) than last year, but in June of this year “the vacancy rate was 11.4 percent, down nearly by half from its high of 21 percent five years ago,” according to the Seattle Times.

This rise in lease rates in Seattle, Bellevue, and surrounding areas has been greater than any other metro area in the US, and that includes tech hotspots like San Francisco, San Jose, Boston, and New York, according to the New York based market research firm Reis. Still, Seattle is cheaper than Manhattan, San Francisco, and London, and currently offers a thriving and exponentially growing technology and health industry. In fact, many San Francisco-based businesses are on the hunt for Seattle offices, including cloud-computing giant, Salesforce.com.

It’s been reported that three-quarters of newly occupied office space in King, Snohomish and Pierce counties is located in downtown Seattle. Last year a top floor office space went for $30 a square foot, this year a lower floor office space in the same building is asking $36 a square foot. That’s a 20 percent rent increase. Demand for land is what is moving these prices, as business owners are paying huge premiums and signing large lease transactions in order secure a spot to set up shop.

Adding to the difficultly in securing an already existing office in downtown Seattle or nearby areas, many companies are signing pre-leases on buildings that are still under construction. Some of these companies being:

–          Amazon just leased 817,000-square-feet of Troy Block, which is part of two-building project in South Lake Union.

–          Holland America Line just leased Martin Selig’s new 185,000 square foot building in Lower Queen Anne, set to open next year.

–          Tableau Software is set to lease a new 2016 210,000-square-foot building north of Gas Works Park.

–          And Juno Therapeutics leased 287,000 square foot building which is under construction at 400 Dexter Ave. N in South Lake Union.

It certainly seems “Seattle is a landlords market,” Stuart Williams, managing director of commercial real-estate brokerage JLL told The Seattle Times. This isn’t a playground for the mom and pop smaller tenant. This game is only available for big time tenants ready to pay up, commit to long term leases and wait patiently for their space in the ever changing Seattle metropolis.

Prices Down In King Co., But Sales Are Strong

1Home prices in the Puget Sound housing market showed signs of cooling in July, but sales volumes were on par with the blazing temperatures we saw for much of the month. While the number of closed sales of single-family homes in King County held relatively steady from June to July, there were 266 more closed sales this July than during the same month in 2014, despite there being 1,311 fewer active listings than a year ago, according to statistics from the Northwest Multiple Listing Service. The median sold price for a home in King County actually fell from $500,000 in June to $485,000 in July, but prices were still up 3.63 percent on a yearly basis. The median sales price for single-family homes in Seattle showed no change from June to July, holding steady at $575,000.

Though that may seem like a modest yearly increase compared to the 10 percent year-over-year price increase in June, median prices in many sub-markets in King County are growing at much higher rates. Prices in west Auburn in southwest King County grew by nearly 25 percent over the year, and Kirkland saw a yearly increase of almost 18 percent. The city of Seattle saw median prices rise by 5.9 percent to $575,000. Even the West Bellevue area made up of communities including Medina, Hunt’s Point, and Clyde Hill, which is home to the county’s highest median price of $1,537, 500, saw prices rise 14.4 percent over last July.

King County’s supply of homes actually increased slightly over the month, from 1.18 months’ worth in June to 1.22 months’ worth in July, but that is still far below the ‘balanced’ range of 4-6 months’ of inventory. Some areas, especially neighborhoods within Seattle, are scraping by with under a month’s worth of homes. The northwest Seattle neighborhoods of Ballard, Green Lake, Fremont, and surrounding areas have just half a month’s supply; and northeast Seattle is doing just slightly better with 0.6 months’ worth of homes available.

Despite the slight drop in home prices over the month, the continued lack of inventory means it is still a great time to sell. If you’re interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

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.

Young Owners’ Share Of Market Lowest Since 1900

1510 37th NewThere likely aren’t many facets of today’s housing market that can be compared to that of the Gold Rush era, but according to a recent article in The Seattle Times, young homeowners’ share of the market has regressed to early 20th Century rates. Among Millenials (25-34 year olds) in King County today, only a quarter own their own homes, on par with statistics for that age group in 1900. The percentage has dropped by 13 percent since the housing market peak in 2007, and it has fallen twice as fast as the national average, according to the Times.

By comparison, about 50 percent of homeowners in 1980 were from the 25-34-year-old age bracket, and 80 percent of young married couples making the median income or higher owned their own home. An increasing number of young people have been delaying marriage, and without the financial security of a two-income household, home ownership is out of reach for many young single people. Even in Seattle’s strong job market, singles and couples earning good incomes are increasingly held back by the area’s skyrocketing home prices, as well as student debt that is five times higher than it was 10 years ago.

But the article suggests that another factor could be simply that home ownership isn’t as attractive as it used to be, and young people just don’t want to buy. Many millenials had just graduated from college just as the economic crisis hit, shaking their confidence in real estate as a good investment. Even with the median rent for a one-bedroom apartment in Seattle hovering around $1,800 per month, it appears that a large portion the city’s population of young workers is choosing the low-maintenance flexibility of renting over the responsibilities of ownership. Apartment living as changed dramatically in recent years, and with the breadth of amenities ranging from community gardens to deluxe bicycle maintenance areas, yoga rooms, and rooftop fire pits, renting offers perks that owning a home can’t, with the added bonus of not being tied to a mortgage.

If you would like more information about renting or buying in the Seattle area, contact your local real estate agent today!

Seattle Home-Price Growth Slowed In January

1910 NW 100th St-6S&P/Case-Shiller released its housing numbers for January on Tuesday, and while Seattle’s home-price index is up 6.8 percent over the year, it saw a slight drop of 0.5 percent over the month. By comparison, both 10-city and 20-city indexes grew by slower yearly rates of 4.4 percent and 4.6 percent respectively, but decreased by only 0.1 percent over the month. Of all the cities in the index, San Francisco saw the largest monthly decrease of 0.9 percent.

Prices are still rising, but are rising at a slower rate. According to The Seattle Times, the average price for a single-family home in King, Snohomish, and Pierce counties was up 0.7 percent from December, whereas prices grew by 1.4 percent from November to December 2014. David Blitzer, managing director and chairman of the S&P/Dow Jones index committee stated in a press release that the housing market is currently relatively strong due to low interest rates, strong job growth, and low oil prices, but that stagnant wage growth could lead to an eventual downturn.

“Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a major setback,” Blitzer said in the release. He also noted that new home starts are at rates normally seen during a recession.

While the median home price in Seattle is still 12 percent below its 2007 peak, prices have bounced back to spring 2006 levels, according to the Times, and they reported that Zillow records the median home value for all three counties at $358,200.

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