Latest Seattle Area Market Stats

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

>>>Click image to view full report.

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 8:55 pm
Denise Perkins | Category: Eastside, Helpful Home Tips, Home Sweet Home, In the News, North Kirkland, Redmond, Woodinville

Fall into Winter — home checklist of things to do before winter sets in!

Checklist of 10 Things You Gotta Do Before Winter Sets In

Such as look for roof leaks before the first winter snow. Preventative maintenance is key.

 

When the last of summer’s heat is a faint memory, and you’re pulling out your hoodies (and puffy coats!!) more than your shorts, it’s time to tackle a few simple chores that’ll make winter more pleasant and prevent some nasty surprises next spring.

This fall checklist helps:

Fall maintenance checklist Image: HL

#1 Clean and Stow Your Mower

If you’re not familiar with fuel stabilizer, get to know it. If your mower sits for months with gas in its tank, the gas will slowly deteriorate, which can damage internal engine parts. Fuel stabilizer ($10 for a 10-ounce bottle) prevents gas from degrading.Add stabilizer to your gasoline can to keep spare gas in good condition over the winter, and top off your mower tank with stabilized gas before you put it away for the winter. Run the mower for five minutes to make sure the stabilizer reaches the carburetor.

Another lawn mower care method is to run your mower dry before stowing it.

1. When the mower is cool, remove the spark plug and pour a capful of engine oil into the spark plug hole.

2. Pull the starter cord a couple of times to distribute the oil, which keeps pistons lubricated and ensures an easy start come spring.

3. Turn the mower on its side and clean out accumulated grass and gunk from the mower deck.

 

#2 Remove Garden Hoses From Faucets

Remove garden hoses from outdoor faucets. Leaving hoses attached can cause water to back up in the faucets and in the plumbing pipes just inside your exterior walls. If freezing temps hit, that water could freeze, expand, and crack the faucet or pipes. Make this an early fall priority so a sudden cold snap doesn’t sneak up and cause damage.

Turn off any shutoff valves on water supply lines that lead to exterior faucets. That way, you’ll guard against minor leaks that may let water enter the faucet.

While you’re at it, drain garden hoses and store them in a shed or garage.

 

#3 Drain Your Sprinkler System

Time to drain your irrigation system. Even buried irrigation lines can freeze, leading to busted pipes and broken sprinkler heads.

  1. Turn off the water to the system at the main valve.
  2. Shut off the automatic controller.
  3. Open drain valves to remove water from the system.
  4. Remove any above-ground sprinkler heads and shake the water out of them, then replace.

If you don’t have drain valves, then hire an irrigation pro to blow out the systems pipes with compressed air. A pro is worth the $75 to $150 charge to make sure the job is done right, and to ensure you don’t have busted pipes and sprinkler head repairs to make in the spring.

 

#4 Seal Air Leaks

Grab a couple of tubes of color-matched exterior caulk ($5 for a 12-ounce tube) and make a journey around  your home’s exterior, sealing up cracks between trim and siding, around window and door frames, and where pipes and wires enter your house. Preventing moisture from getting inside your walls is one of the least expensive — and most important — of your fall maintenance jobs. You’ll also seal air leaks that waste energy.

Pick a nice day when temps are above 50 degrees so caulk flows easily.

 

#5 De-Gunk Your Gutters

Clogged rain gutters can cause ice dams, which can lead to expensive repairs. After the leaves have fallen, clean your gutters to remove leaves, twigs, and gunk. Make sure gutters aren’t sagging and trapping water; tighten gutter hangers and downspout brackets. Replace any worn or damaged gutters and downspouts.

If you find colored grit from asphalt roof shingles in your gutters, beware. That sand-like grit helps protect shingles from the damaging ultraviolet rays of the sun. Look closely for other signs of roof damage (#5, below); it may be time for a roofing replacement.

Your downspouts should extend at least 5 feet away from your house to prevent foundation problems. If they don’t, add downspout extensions; $10 to $20 each.

 

#6 Eyeball Your Roof

If you have a steep roof or a multistory house, stay safe and use binoculars to inspect your roof from the ground.

Look for warning signs: Shingles that are buckled, cracked, or missing; rust spots on flashing. Any loose, damaged, or missing shingles should be replaced immediately.

Black algae stains are just cosmetic, but masses of moss and lichen could signal roofing that’s decayed underneath. Call in a pro roofer for a $50 to $100 eval.

A plumbing vent stack usually is flashed with a rubber collar — called a boot — that may crack or loosen over time. They’ll wear out before your roof does, so make sure they’re in good shape. A pro roofer will charge $75 to $150 to replace a boot, depending on how steep your roof is.

 

#7 Direct Your Drainage

Take a close look at the soil around your foundation and make sure it slopes away from your house at least 6 vertical inches over 10 feet. That way, you’ll keep water from soaking the soils around your foundation, which could lead to cracks and leaks.

Be sure soil doesn’t touch your siding.

 

#8 Check Your Furnace

Schedule an appointment with a heating and cooling pro to get your heating system checked and tuned up for the coming heating season. You’ll pay $50 to $100 for a checkup.

An annual maintenance contract ensures you’re at the top of the list for checks and shaves 20% off the cost of a single visit.

Change your furnace filters, too. This is a job you should do every two months anyway, but if you haven’t, now’s the time. If your HVAC includes a built-in humidifier, make sure the contractor replaces that filter.

 

#9 Prune Plants

Late fall is the best time to prune plants and trees — when the summer growth cycle is over. Your goal is to keep limbs and branches at least 3 feet from your house so moisture won’t drip onto roofing and siding, and to prevent damage to your house exterior during high winds.

For advice on pruning specific plants in your region, check with your state extension service.

 

#10 Give Your Fireplace a Once-Over

To make sure your fireplace is safe, grab a flashlight and look up inside your fireplace flue to make sure the damper opens and closes properly. Open the damper and look up into the flue to make sure it’s free of birds’ nests, branches and leaves, or other obstructions. You should see daylight at the top of the chimney.

Check the firebox for cracked or missing bricks and mortar. If you spot any damage, order a professional fireplace and chimney inspection. An inspection costs $79 to $500.

You fireplace flue should be cleaned of creosote buildup every other year. A professional chimney sweep will charge $150 to $250 for the service.

Related: Maintenance for the Easily Overwhelmed

Posted on December 1, 2018 at 2:54 pm
Denise Perkins | Category: Eastside, Helpful Home Tips, Home Sweet Home, North Kirkland, Redmond, Uncategorized, Woodinville | Tagged , , , ,

November Market Stats

Increased inventory, slower sales and more price reductions all point to a balancing market—welcome news for price-shocked buyers. Sales prices are up from last October and down from the all-time high reached this spring. Despite the slowdown, it’s important to point out that we’re only moving back toward what a normal market looks like. King and Snohomish counties each have over two months of available inventory. While that is double the inventory of a year ago, it’s far short of the four to six months supply that is considered a balanced market. Sellers looking to list their home now can be sure there remains plenty of interest among home buyers.

Eastside

>>>Click image to view full report.

The median home on the Eastside sold for $890,000 in October, up 5 percent from a year ago and unchanged from the previous month. While year-over-year price increases were in the single digits for the Eastside overall, several areas, including Kirkland, Woodinville and Mercer Island, experienced double-digit price gains. Buyers are still having to pay a premium for desirable Eastside properties. However, with more choices and less buyer urgency, sellers need to price their home correctly to maximize their chances of getting the best possible return.

King County

>>>Click image to view full report.

Inventory in King County for all homes, both single-family and condominium, soared 102 percent over last October. The increase was due to an influx of new listings and the fact that homes are now taking longer to sell than at the peak of the market this spring. While buyers now have more breathing room to make their decisions, the 2.4 months of inventory in King County is still far from a balanced market. The median price of a single-family home in October was $670,999, an increase of 7 percent from the same time last year, and virtually unchanged from August and September. South King County showed larger increases, with prices rising more than 10 percent from a year ago in Auburn, Kent and Renton.

Seattle

>>>Click image to view full report.

In October, the median price of a single-family home in Seattle was $750,000, up 2 percent from last October and down slightly from last month. While inventory doubled over a year ago, Seattle falls behind most areas of King County in supply with just under two months of inventory available. Demand is predicted to stay high, with Seattle’s population projected to grow at twice the national rate next year. That said, buyers are in the position to be able to negotiate. A recent analysis named Seattle as one of the top markets in the country where it makes the most sense to buy this winter.

Snohomish County

>>>Click image to view full report.

Inventory in Snohomish County soared 65 percent in October as compared to a year ago. The area now has 2.4 months of inventory, about the same relative supply as King County. As with most of the Puget Sound area, the increase in inventory was due to a higher number of sellers listing their homes and fewer sales. Year-over-year, the median price of a single-family home sold in October in Snohomish County grew 8 percent to $473,000. The median price in September was $485,000.

This post originally appeared on the Windermere Eastside Blog.

Posted on November 28, 2018 at 7:52 pm
Denise Perkins | Category: Eastside, Helpful Home Tips, Home Sweet Home, In the News, Market Stats, North Kirkland, Redmond, Uncategorized, Woodinville | Tagged , , ,

Return on Investment

Return on Investment

If you’re considering having some work done on your house, it’s wise to consider making the right choices. We’ve all seen the HGTV shows that teach us a $20 lamp can yield a $250 improvement in sales price or something silly like that, but if you’re like many of my clients, you’re probably left more confused by these sorts of home improvement shows than you are left informed.

Bottom line? Investing in your home is (almost) always a smart choice. If you’re on the fence about doing it, just do it. But if your goal is getting the most “bang for your buck” with your improvements, there are some things that you should know before breaking out the Home Depot charge card.

Image result for home remodel

For example…

We all know that improving a kitchen or a bathroom is the best way to turn a $500 remodel into a $5,000 value, right? But did you know that you’ll actually realize a better return on investment if you do a mid-level upgrade versus a luxury model upgrade?

If you check out this graph, compiled by Redmodel.hw.net, you’ll see that a midline bathroom upgraded yielded an 87.7% cost recoup, while an upscale remodel yielded just a 60.8% recoup on costs. Pretty impressive right?

Turns out, you don’t have to break the bank on your home project to get the best bang for your buck.

The trend continues when you look at a major kitchen remodel. A midline upgrade, defined as one costing in the ballpark of about $70,000, yielded an average 62% cost recoup. Taking a look at an upscale major kitchen remodel, think more in the $125k range, only yielded a 56% recoup on costs.

The trend continues through almost every major area of home improvement, including additions of master suites and bathroom additions.

So, what areas of home improvement should be done at an upscale level?

There are some parts of the home that deserve the extra bang for your buck. The addition of a grand entryway, for example, can recoup 82% of your costs, making it one of the smartest improvements that you can make. Other areas where you should consider an upscale improvement include window replacement. No matter if you choose wood (81% recoup on costs) or vinyl (85% recoup on project costs), you’ll realize a great home improvement by going upscale with windows.

Midscale? Upscale? Just tell me what to do first.

Still confused? Don’t worry, I get it. There are a lot of numbers flying at you right now. Most people can only budget for one major home improvement project at a time, so if you’re staring down a long list of “maybes” and only have time or budget for one improvement, let’s cut to the chase. . .

Are there any home improvements where you can recoup all of your investment?
Are there any improvements that will actually yield a pure profit?

The good news here is that, yes, Virginia, there is a home-improvement Santa Claus. If you’re only going to tackle one project- make it an upscale garage door improvement. Those babies can realize a 120% return on your investment. That means it’s not only “free,” but it will make you money when it is time to sell your home. Since even the most upscale of garage door replacements can be done for under $5,000, this is a smart investment that you should be making right away.

Another sure-fire bet is a midrange stone veneer upgrade to your siding. These are very trendy right now, and reports are showing that this improvement will realize about 120% return on investment. Considering the average project cost for this is generally under ten grand, this is a smart investment.

Finally, consider upgrading your front door to a steel door. At around $1,500, this project has a 95% recoup of costs, making it almost free. Another trending improvement is the addition of a wood deck.

What to put on hold
While it would be nice to do all the upgrades at once, that’s not realistic. According to the reviews I’ve been monitoring, the following improvements have the lowest recoup of investment potential and can safely be saved for another time.

Upscale master suite addition, 51% ROI
Midrange backyard patio addition, 51% ROI
Major, upscale kitchen remodel, 56% ROI
Upscale bathroom addition, 60% ROI
Midrange kitchen remodel, 62% ROI
Upscale bathroom remodel, 62% ROI

Image result for home remodel

Still feel like you could use some home improvement guidance?
The truth is that I find all of this really interesting, and would love to speak with you about it! If you’re confused on where to get started, how to budget, or who to hire to do the work – I’ve got you covered. Feel free to email me or call me and we can schedule a time to talk about your unique home and how best to improve it for your future resale value.

And if you’ve just completed a major home project, I want to see it! Be sure to share it with me on social media!

 

Sources:
http://www.remodeling.hw.net/cost-vs-value/2018/pacific/
https://s3.amazonaws.com/HW_Assets/CVV_Assets/2018/Consumer/seattlewa.pdf

Picture Sources:
www.reedsecurity.com
www.ohiohomedoctorremodeling.com

 

Posted on November 12, 2018 at 6:39 pm
Denise Perkins | Category: Helpful Home Tips, Home Sweet Home | Tagged , , , , ,

Make Sure Your Home Isn’t Underinsured

Home appreciation in the Eastside and Seattle Area has seen pretty large gains in the past several years.  On the Eastside September 2017 median sale price was 740,000 vs. September 2018 median sale price of 800,000.

When was the last time you talked with your home insurance professional?  It may be time to contact them to mare sure your home is insured at the value it is today!  Your home may be your greatest asset — protect yourself and that asset!

Ask your insurance professional the following;

Do I have enough insurance to rebuild my home?

Do I have enough insurance to replace all living expenses?

Do I have enough insurance to replace all of my possessions?

Do I have enough insurance to protect my assets?

Click here to read the entire article written by the Insurance Information Institute.

 

If you’re interested in finding out your homes current value please contact me so I can come do a home evaluation.  It’s good info to have.  You can also sign up for Neighborhood News where you can receive monthly information specific to your zip code.

 

 

 

 

Posted on October 24, 2018 at 8:38 pm
Denise Perkins | Category: Eastside, Helpful Home Tips, Home Sweet Home, In the News, North Kirkland, Redmond, Uncategorized, Woodinville | Tagged , , ,

5 Reasons Rising Interest Rates Won’t Wreck the Housing Market

Interest rates are changing.  Here is a great article written by Windermere’s Chief Economist Matthew Gardner about how this may affect the Real Estate Market.

Interest rates have been trending higher since the fall of 2017, and I fully expect they will continue in that direction – albeit relatively slowly – as we move through the balance of the year and into 2019. So what does this mean for the US housing market?

It might come as a surprise to learn that I really don’t think rising interest rates will have a major impact on the housing market. Here is my reasoning:

1. First Time Home Buyers 

As interest rates rise, I expect more buyers to get off the fence and into the market; specifically, first time buyers who, according to Freddie Mac, made up nearly half of new mortgages in the first quarter of this year. First-time buyers are critical to the overall health of the housing market because of the subsequent chain reaction of sales that result so this is actually a positive outcome of rising rates.

2. Easing Credit Standards

Rising interest rates may actually push some lenders to modestly ease credit standards. I know this statement will cause some people to think that easing credit will immediately send us back to the days of sub-prime lending and housing bubbles, but I don’t see this happening. Even a very modest easing of credit will allow for more than one million new home buyers to qualify for a mortgage.

3. Low Unemployment 

We stand today in a country with very low unemployment (currently 4.0% and likely to get close to 3.5% by year’s end). Low unemployment rates encourage employers to raise wages to keep existing talent, as well as to recruit new talent. Wage growth can, to a degree, offset increasing interest rates because, as wages rise, buyers can afford higher mortgage payments.

4. Supply

There is a clear relationship between housing supply, home prices, and interest rates. We’re already seeing a shift in inventory levels with more homes coming on the market, and I fully expect this trend to continue for the foreseeable future. This increase in supply is, in part, a result of homeowners looking to cash in on their home’s appreciation before interest rates rise too far. This, on its own, will help ease the growth of home prices and offset rising interest rates. Furthermore, if we start to see more new construction activity at the lower end of the market, this too will help.

5. National versus Local

Up until this point, I’ve looked at how rising interest rates might impact the housing market on a national level, but as we all know, real estate is local, and different markets react to shifts in different ways. For example, rising interest rates will be felt more in expensive housing markets, such as San Francisco, New York, Los Angeles, and Orange County, but I expect to see less impact in areas like Cleveland, Philadelphia, Pittsburg, and Detroit, where buyers spend a lower percentage of their incomes on housing. The exception to this would be if interest rates continue to rise for a prolonged period; in that case, we might see demand start to taper off, especially in the less expensive housing markets where buyers are more price sensitive.

For more than seven years, home buyers and real estate professionals alike have grown very accustomed to historically low interest rates. We always knew the time would come when they would begin to rise again, but that doesn’t mean the outlook for housing is doom and gloom. On the contrary, I believe rising interest rates will help bring us closer to a more balanced real estate market, something that is sorely needed in many markets across the country.

Posted on October 3, 2018 at 5:45 pm
Denise Perkins | Category: Helpful Home Tips, In the News, Market Stats, Uncategorized

Spring Home Checklist

Spring Home Maintenance Checklist

It’s time to check for damage and prepare for hot weather ahead.

With the days lengthening and weather warming, spring is a good time to get outdoors and tackle some larger home projects. With the threat of winter storms past, you can look for damage and make any needed repairs, as well as prep your home and garden for summer. We spoke with an expert to get a spring home checklist on what to watch for this season, from proper irrigation to mosquitoes and termites (oh my!).

 

 

Contact Denise Perkins for more information
Posted on May 10, 2018 at 11:15 pm
Denise Perkins | Category: Helpful Home Tips, Home Sweet Home, In the News, Uncategorized | Tagged , , ,

Your Home’s New Years Resolution

Keep Current on Regular Home Maintenance

One of the most important things you can do as a homeowner is to make sure routine maintenance is part of your plan. Catching problems early can often help you avoid larger issues down the road. What is now a minor plumbing or roof leak can cause major problems if not detected and fixed immediately. Check around your home for cracked or peeling paint, have chimneys and fireplaces inspected and cleaned, and make sure the driveway and walkways are not cracked or lifting.

 

Update your home inventory for insurance purposes:

If you're like many homeowners, it's probably been a while since you've reviewed your home insurance policy and reassessed the value of your home's contents. An updated home inventory of your possessions can help you determine if you have the proper type and amount of insurance. Your insurance company may make forms available to help you organize and record your inventory, and there are several home inventory software programs available. You also can download a free program from www.knowyourstuff.org. Should you have an insurance claim for property loss or damage, your inventory can help make the process and accurate valuation easier.

 

Audit Home for Energy Savings:

There are simple things that every homeowner can do to improved energy efficiency and save on utility bills. Switching from conventional light bulbs to compact fluorescent versions wherever possible saves money and makes things easier for you, too. For example, you will need to replace bulbs in awkward places less often. Make sure windows and doors are caulked and in good repair; this will save energy in both winter and summer. If you're planning to replace any appliances this year, shop for and compare efficient, energy-saving models.

 

Create a Fire Safety Plan for your Family

Everyone knows the importance of having a plan in place should a fire occur in your home. But each year, tragedy strikes homes and families who didn't think about it or who promised to make a plan "one of these days". The basics include working and properly installed smoke detectors, fire extinguishers, and an escape plan for every room. Your local fire department is an excellent resource for directions on creating a plan designed to keep you and your loved ones safe. Give yourself some peace of mind by making this the year to put that plan in place.
 

Information provided by

Randy Kneram, Pillar to Post

425-788-7781
randy.kneram@pillartopost.com

Posted on March 4, 2013 at 8:03 pm
Denise Perkins | Category: Helpful Home Tips