June 9, 2017

Belltown Condo Real Estate Market Report June 2017

 

Average price for sold condo $642,000 compared to $552,000 1 year ago

 

 

Currently 39 Condos for sale compared to 70 1 year ago

 

 

Currently .09 months of supply compared to 1.3 months 1 year ago

 

 

Current price per sq. foot is $689 compared to $594 1 year ago.

 

Click here to view current condos for sale in Downtown Seattle.

June 7, 2017

Seattle Luxury Homes Report

Seattle Luxury Homes Price 2,00,000 or more

 

 Currently 91 Luxury Homes For Sale in Seattle.  There are more homes on the market now price over $2,000,000 than there has been in at least 3 years.

 

8 months of supply.  About the same as 2 years ago and has been steadily going up since last December.

 

Average Days on the market is only 8 days.

 

 

 Average price per sq. foot is $581.  Way up from the low point of $390 in Feb. 2016.

 

Home are selling at list price on average.

 

Click here to go the the luxury real estate page to search for estates, mansions, penthouses, high end condos, gated properties and other exclusive Seattle homes for sale.

Posted in Market Reports, Seattle
June 1, 2017

North Seattle Real Estate Market Update June 1st 2017

Last 12 months Median Price North Seattle

 

 

Last 12 months Number Of Homes For Sale North Seattle

 

Last 12 months Price Per Sq. Foot North Seattle

 

May 6, 2017

Rising Interest Rates Making Homes Even More Expensive

The price of a house is only one of the costs you need to consider when purchasing real estate. In addition to the price that you decide to bid for a home, you will also need to think about the interest rate that you are going to have to pay on your loan. A higher interest rate makes a home effectively more expensive, even if the actual purchase price does not change. 

On the Rise

Since November of 2016, interest rates for mortgages have steadily been on the rise. The average rate for a 30-year mortgage in 2016 was 3.65 percent, which was an extremely low level that had not been seen in decades. Those rates are now a thing of the past, at least for now. By the end of December, the average rate was up to 4.32 percent, and it seems likely to inch higher from there. In other words, buying a home today is more expensive than it would have been a month or two ago, simply because of the change in interest rates. 

What does this mean for you as a prospective home buyer? Well, obviously, it means you may not be able to afford as much house as you could have previously. That doesn’t mean that you need to give up on the idea of buying a new property, but you do need to think carefully about your budget while shopping. For instance, if you had previously determined that you would be able to spend $500,000 on your next home, that number may now be lower due to the interest rate you will receive. 

Confirm Your Budget

The best thing to do with respect to this topic is to get a pre-qualification from a lender. By going through the pre-qualification process, you can determine exactly how much home you can afford based on current interest rates. With that number in the back of your mind, you can shop the Seattle real estate market with confidence, knowing you are only looking at properties that actually fall within your budget. 

If you would like help getting started with the real estate shopping process in the Seattle market, consider contacting an experienced agent right away. With professional knowledge on your side, the task of finding a new home will suddenly seem significantly less daunting. 

 

Posted in Buyers Tips, News
April 28, 2017

US Construction Levels at Highest Point in 10 Years

During the worst of the economic recession a few years ago, there were very few houses being built in the Puget Sound area – or anywhere around the country, for that matter. As the economy has slowly recovered, however, that story has changed. Now, as we head into 2017, construction spending has reached a 10-year high and it appears poised to remain strong for the short-term future.

New Developments Available

For the local real estate market, this means there are more and more new home options to pick from coming available. For the last few years, very few developments were being completed, leaving home buyers to pick mostly from existing homes around the area. If you were looking for a brand new home, you would either have to hire your own builder, or wait for one of the few developments to come available. Now, options are becoming easier to find, giving hope to buyers who have their heart set on a brand new residence.

If you would like to shop for a new house within one of the developments in progress around the region, you would be wise to work with an experienced agent who can point you in the right direction. Builders are often in communication with real estate agencies to get the word out about their projects, so this is a natural place to start your search. With the ability to quickly track down developments in your targeted areas, you will be able to review your options in an efficient manner.

Warranty and More

There are several advantages to buying a new home as opposed to purchasing an existing property. One of the biggest benefits is receiving a warranty on your home. Rather than having to deal with any unexpected repairs that may pop up after you move in, a brand new home will have a warranty that covers you for a set period of time. This coverage offers great peace of mind, and it also can protect you from a financial perspective after you have spent a large percentage of your money on the house itself.

 

Other benefits to buying a new house include being able to decorate it from scratch, not having any damage to fix when you move in, and having the latest and greatest in technology and housing features. You may feel the need to ‘update’ an older home after you move in, but that isn’t going to be a concern when you start from scratch. You do have to be patient during the process while waiting for your home to be built, but the end result will be more than worth it when you finally settle into your new place. 

Posted in News
April 17, 2017

Low Inventory of Houses Sustaining High Prices

If you had been paying any attention at all to the Seattle area real estate market throughout 2016, you already know one thing to be true – housing prices throughout the region have been at historically high levels. Properties throughout the Puget Sound area have been selling for incredibly high prices for an extended period of time, leaving potential buyers hoping for a break in the near future. 

Limited Options

The news is not good, however, unless you happen to be planning on selling a home in the Seattle area. While the skyrocketing prices have seemed to level off at least a little bit, there is still a major problem in the way of inventory. In December, only 1,600 or so homes in King County were listed for sale – the lowest number since the turn of the century. With low inventory, of course, comes higher prices, as the buyers in the market have to fight over a very limited supply. Should you be planning on buying a home early in 2017, it is very likely that you will need to fight off plenty of competition in order to seal the deal. 

So what does this all mean for the average homeowner in the Puget Sound region? Well, it means a couple of things. First, the home you are currently living in is worth a lot of money at the moment. Many properties which were ‘upside down’ just a few short years ago are now likely to be well in the black, as the rapid rise in home prices has turned around the story on a lot of mortgages. 

Paying Top-Dollar

On the other hand, of course, is the price you would need to pay in order to purchase a new home. With so much competition in the market right now, even offering to pay full listing price may not be enough. Bidding wars are common, and many people are paying more than asking price simply to secure a property. 

In the end, the story is simple – prospective home buyers need to be well-prepared, and they need to work with a qualified and experienced agent. You don’t need to completely avoid the real estate market simply because it is competitive, but you do need to have a plan and a good agent on your side. By acting quickly, you can still have a chance at landing the perfect home for you and your family. 

 

Posted in News, Seattle
April 8, 2017

Seattle Predicted as #2 Housing Market in 2017

Graph of Seattle Condo Sale From the last 12 months

The last couple years have been pretty amazing in the world of Seattle real estate. Property values have been zooming through the roof, competition for buying homes in the area has been intense, and the economy has only been adding fuel to the fire. So, it’s about time for a cool-down period, right? Not necessarily. According to projections from Zillow, Seattle is poised to be the second-hottest housing market in the country for 2017. Yes, that means that prices could go even higher, and competition could remain incredibly fierce. 

Keep on Climbing

Zillow projects housing prices to appreciate by another 5.6% on average over the course of 2017, which is particularly impressive considering how much home values have already climbed in recent times. Other factors that point to a strong housing market include income growth expected at 1.0%, and unemployment at a relatively modest 4.4%. With all signs pointing up with regard to the local economy, it seems certain that real estate is going to continue churning along for the near future. 

As a resident of the Seattle area, this news is probably received with mixed feelings. On the one hand, if you are already a homeowner, you are seeing the equity that you have in your home boosted by the rise in property values. Many mortgages that were recently ‘underwater’ are now in the black once again. Of course, on the other hand, buying a new property has become extremely expensive, to the point where many people are just deciding to stay put. 

Anyone Want to Sell?

One of the likely outcomes of this strong housing market is that inventory will continue to remain quite low throughout the region. With people unsure if they can afford to purchase a new property, they will be reluctant to list their current home. Until the low inventory numbers turn around, prices are going to stay high and the market will continue to be as competitive as ever. 

For help finding the right home in a competitive market, you should consider turning to a talented real estate agent. Bring an agent on board for your search and you just might be able to sort through this crazy market to find a property that is just right for your family. 

 

 

April 2, 2017

Chinese Buyers Moving Money To The Seattle Real Estate Market

 

There are many factors at play when trying to determine why the Seattle real estate market has been so hot in recent years. As you certainly are aware, prices have been at all-time highs for many months, and there doesn’t appear to be an end in sight. So what is behind the pricing boom? It seems to be a variety of factors, with the strength of the local economy leading the way. Amazon has been hiring an incredible number of workers in the Puget Sound area, and other local corporations such as Starbucks have also been doing well. Anytime a region features a strong economy, the real estate market is sure to be robust. 

A Complicated Market

However, the economy does not account for the rapidly rising prices all by itself. Inventory is also a factor in this discussion, as there simply have not been very many houses available to purchase. With a low inventory and high demand from buyers with plenty of cash to spend, the conditions are perfect for rising prices.  If the market reaches a point where more homes begin to come available, the increase in prices will be sure to slow down – at least a little bit. 

As yet another factor in this equation, there is the matter of Chinese buyers coming south to Seattle after facing a sizable tax in Vancouver. The beautiful city of Vancouver, British Columbia has long been an attractive target for Chinese investors looking to put their money in North American real estate. However, Vancouver recently added a tax of 15% on foreign purchases, which has caused those from China (and elsewhere) to look for other options. Many of those options have been found in the Seattle area, as Seattle is obviously close to Vancouver and offers many of the same amenities. Without the foreign investor tax to deal with, wealthy Chinese buyers have been able to buy up many luxury Seattle properties. 

Is the influence of Chinese buyers single-handedly responsible for the spike in real estate prices throughout the Puget Sound region? No – certainly not. It is a factor however, particularly in the luxury market. As long as the Vancouver tax remains in place, and as long as no similar tax is put into action in Seattle, it seems likely that Chinese buyers will continue to see this area as an attractive place to put their money. 

 

Posted in News, Random
March 15, 2017

Seattle Condos Offer a Great Option for Many Buyers

 

As is the case is most big cities, real estate is at a premium in Seattle and the surrounding areas. Just a quick drive through the city will tell you all you need to know – there is hardly a square foot of space free. What does that mean? Housing is at a premium, and shared buildings like condos are extremely popular. Seattle condos can be found dotted all around the city, offering real estate buyers a great way to get into the market without having to completely break the bank. Make no mistake, Seattle condos can still be quite expensive, but they will be easier on your budget than purchasing your own single family home. 

Space at a Premium

While condos can be found throughout Seattle, there are a few neighborhoods where they are particularly prevalent. Obviously, Downtown is home to countless condo units, so that is a great place to start if you wish to live in the middle of the action. Seattle condos frequently offer less than 1,000 square feet of living space, so you shouldn’t be expecting an expansive unit if you wish to live Downtown. Of course, you can find larger condos, but you will need a budget north of $1 million to make that happen. 

Prefer to get out of the city core without going too far away? Queen Anne and Capitol Hill both offer condo selections while remaining a short distance from Downtown. Prices come down slightly when you move away from Downtown, but this is still Seattle – you can expect to pay a significant price for any piece of real estate. Going farther out you can find plenty of condo option to the north in Ballard, as well as to the south in West Seattle. 

Living the Condo Life

There are a few advantages to think about with regard to picking a condo over a single family home, other than the cost savings on the purchase. With a condo, you will not be responsible for the landscaping around your building, as that work will be done by someone hired by the condo association. For a busy professional, keeping yard work off of your to-do list is a nice benefit. Also, condo buildings often include some common areas that you can use, such as a pool, a park, an area for outdoor entertaining or grilling, a gym, and more. Before you settle on any particular Seattle condo, be sure to check on the list of amenities that are included for residents. 

If you are finding that single family homes in Seattle are a bit out of your price range, or if you would simply prefer a condo, there are plenty of options to pick from in many great Seattle neighborhoods. With the help of an experienced real estate agent, finding the right condo for you in this beautiful city should be an easy task. 

 

March 10, 2017

Queen Anne Real Estate

Diversity Abounds in Queen Anne Real Estate Market

For potential home buyers looking for a place to live near the Downtown Seattle area, the Queen Anne neighborhood is a great – and popular – choice. Queen Anne is found just to the northwest of Downtown, and it is home to somewhere around 28,000 people. The area is often referred to as Queen Anne Hill, as most of the neighborhood sits on or around a hill that rises more than 450 feet above sea level. Nearby Seattle neighborhoods include Belltown to the south, and Interbay to the west. The neighborhood is bordered on the east by Lake Union, and to the north by the Lake Washington Ship Canal. 

Stiff Competition

As you would expect, the real estate market in Queen Anne is just as competitive as it is throughout the rest of the city. You are unlikely to come across anything you could consider ‘cheap’ in Queen Anne, as this is a sought-after neighborhood with a friendly setting and accessible location. However, while the real estate market in Queen Anne is certainly competitive, it is also quite diverse. There are a number of different types of housing in this area, with options for both renters and buyers. Whether you are a single professional or someone with a family to consider, Queen Anne should have something to fit your needs. 

If you are looking for a traditional single family home, you should be able to location choices in Queen Anne – as long as you are willing and able to pay north of $1 million for the purchase. For your money, you will not only get to live in a great location, but you will also likely be able to live in a piece of Seattle history. Many of the homes in Queen Anne are more than 100 years old, meaning they have plenty of character and charm to offer. The buyer who is not interested in the kind of new construction that takes place today will likely fall in love with many of the unique properties on and around Queen Anne Hill. 

Relatively Affordable Options

Prefer a townhome to a single family property? Not to worry – Queen Anne has those to offer as well. Perfect for single professionals or young and growing families, townhomes allow you to buy into the Queen Anne market without making quite the same investment that is required to purchase your own house. You should be able to stay comfortably under $1 million when shopping in the condo and townhome market, but you will still likely need to spend more than $500,000. 

It is not hard to see why so many people want to live on Queen Anne Hill. The neighborhood is close to the Downtown core, it has views of the water and mountains thanks to its elevation, and it feels rather peaceful in places (relative to the rest of the city). If you are intent on finding your own piece of Seattle somewhere in Queen Anne, work with an experienced real estate agent who can take you in the right direction with your search.