7 Tax Benefits of Owning a Home

Whether you bought a home in 2019 and are filing as a home owner for the first time… how exciting! Or you just need a refresher, these tax breaks may be beneficial to you.

This complete guide to the tax benefits of owning a home, where Realtor.com breaks down all the tax breaks homeowners should be aware of when they file their 2019 taxes in 2020. Read on to make sure you aren’t missing anything that could save you money!

Tax break 1: Mortgage interest

Homeowners with a mortgage that went into effect before Dec. 15, 2017, can deduct
interest on loans up to $1 million.

“However, for acquisition debt incurred after Dec. 15, 2017, homeowners can only deduct the interest on the first $750,000,” says Lee Reams Sr., chief content officer of TaxBuzz.

“The way mortgage payments are amortized, the first payments are almost all interest,” says Wendy Connick, owner of Connick
Financial Solutions.

Note that the mortgage interest deduction is an itemized deduction. This means that for it to work in your favor, all of your itemized deductions (there are more below) need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly
doubled to $24,400 for a married couple. For individuals the deduction is $12,200, and it’s $18,350 for heads of household.

Tax break 2: Property taxes

This deduction is capped at $10,000 for those married filing jointly no matter how high the taxes are.

Just note that this year, property taxes are on that itemized list of all of your deductions that must add up to more than the standard deduction ($24,000 for a married couple) to be worth your while.

And remember that if you have a mortgage, your property taxes are built into your
monthly payment.

Tax break 3:
Private mortgage insurance

If you put less than 20% down on your home, odds are you’re paying private mortgage insurance, or PMI, which costs from 0.3% to 1.15% of your home loan. But here’s some good news for PMI users: You can deduct the interest on this.

“These include the deduction for PMI,” says Laura Fogel, CPA at Gonzalez and Associates in Massachusetts. (This credit is retroactive for 2018, so talk to your
accountant to see if it makes sense to amend your 2018 tax return.)

Why it’s important: The PMI interest
deduction is also an itemized deduction. But if you can take it, it might help push you over the $24,000 standard deduction. And here’s how much you’ll save: If you make $100,000 and put down 5% on a $200,000 house, you’ll pay about $1,500 in annual PMI premiums and thus cut your taxable income by $1,500. Nice!

Tax break 4:
Energy efficiency upgrades

The Residential Energy Efficient Property Credit was a tax incentive for installing
alternative energy upgrades in a home. Most of these tax credits expired after December 2016; however, two credits are still around. The credits for solar electric and solar water heating equipment are available through Dec. 31, 2021, says Josh Zimmelman, owner of Westwood Tax & Consulting, a New
York–based accounting firm.

The Secure Act also retroactively reinstated a $500 deduction for certain qualified energy-efficient upgrades “such as exterior windows, doors, and insulation,” says Fogel.

Why it’s important: You can still save a tidy sum on your solar energy. And this is a
credit, so no worrying about itemizing here. However, the percentage of the credit varies based on the date of installation. For
equipment installed between Jan. 1, 2017, and Dec. 31, 2019, 30% of the expenditures is eligible for the credit. That goes down to 26% for installation between Jan. 1 and Dec. 31, 2020, and then to 22% for installation between Jan. 1 and Dec. 31, 2021.

Tax break 5: A home office

Good news for all self-employed people whose home office is the main place they work: You can deduct $5 per square foot, up to 300 square feet, of office space, which amounts to a maximum deduction of $1,500.

Understand, however, that there are strict rules on what constitutes a dedicated, fully deductible home office space. Here’s more on the much-misunderstood home office
tax deduction.

The fine print: If you work from home
occasionally but have an office to go to,
you can’t take this deduction.

Tax break 6:
Home improvements to age in place

To get this break, these home improvements will need to exceed 7.5% of your adjusted gross income. So if you make $60,000, this deduction kicks in only on money spent over $4,500.

The cost of these improvements can result in a nice tax break for many older homeowners who plan to age in place and add
renovations such as wheelchair ramps or grab bars in slippery bathrooms. Deductible improvements might also include widening doorways, lowering cabinets or electrical fixtures, and adding stair lifts.

The fine print: You’ll need a letter from your doctor to prove these changes were
medically necessary.

Tax break 7:
Interest on a home equity line of credit

If you have a home equity line of credit, or HELOC, the interest you pay on that loan
is deductible only if that loan is used
specifically to “buy, build, or improve a
property,” according to the IRS. So you’ll save cash if your home’s crying out for a kitchen overhaul or half-bath. But you can’t use your home as a piggy bank to pay for college or throw a wedding.

The fine print: You can deduct only up to the $750,000 cap, and this is for the amount you pay in interest on your HELOC and mortgage combined. (And if you took out a HELOC before the new 2018 tax plan for anything besides improvements to your home, you cannot legally deduct the interest.)

Source: Realtor.com

 

 

Posted on February 19, 2020 at 11:22 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, Kenmore, North Kirkland, Puget Sound, Redmond, Snohomish, Snoqualmie, Tax Benefits, Taxes, Woodinville | Tagged , , , , , , , ,

The Q4 2019 Western WA Gardner Report

Q4 Gardner Report 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 your Windermere agent.


ECONOMIC OVERVIEW

Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe that is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX. In the fourth quarter of 2019 the state unemployment rate was 4.4%, marginally lower than the 4.5% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created.

HOME SALES

  • There were 18,322 home sales registered during the final quarter of 2019, representing an impressive increase of 4.7% from the same period in 2018.
  • Readers may remember that listing activity spiked in the summer of 2018 but could not be sustained, with the average number of listings continuing to fall. Year-over-year, the number of homes for sale in Western Washington dropped 31.7%.
  • Compared to the fourth quarter of 2018, sales rose in nine counties and dropped in six. The greatest growth was in Whatcom County. San Juan County had significant declines, but this is a very small market which makes it prone to extreme swings.
  • Pending home sales — a barometer for future closings — dropped 31% between the third and fourth quarters of 2019, suggesting that we may well see a dip in the number of closed sales in the first quarter of 2020.

HOME PRICES

  • Home price growth in Western Washington spiked during fourth quarter, with average prices 8.3% higher than a year ago. The average sale price in Western Washington was $526,564, 0.7% higher than in the third quarter of 2019.
  • It’s worth noting that above-average price growth is happening in markets some distance from the primary job centers. I strongly feel this is due to affordability issues, which are forcing buyers farther out.
  • Compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 41.7%. Six additional counties also saw double-digit price increases.
  • Home prices were higher in every county contained in this report. I expect this trend to continue in 2020, but we may see a softening in the pace of growth in some of the more expensive urban areas.

DAYS ON MARKET

  • The average number of days it took to sell a home dropped four days compared to the third quarter of 2019.
  • For the second quarter in a row, Thurston County was the tightest market in Western Washington, with homes taking an average of 29 days to sell. In nine counties, the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in four counties and two were unchanged.
  • Across the entire region, it took an average of 47 days to sell a home in the fourth quarter. This was up nine days over the third quarter of this year.
  • Market time remains below the long-term average across the region, a trend that will likely continue until we see more inventory come to market — possibly as we move through the 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. The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers. 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.

Posted on January 29, 2020 at 9:10 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, In the News, Kenmore, Market Stats, North Kirkland, Puget Sound, Redmond, Snoqualmie, Woodinville | Tagged , , , , , , , , , , , , ,

Puget Sound Real Estate: Excise Tax Changes

 

Thanks to our lending partner Cheryl Gennaios for providing us the great in depth narrative about the NEW 2020 Real Estate Excise tax changes. It still took me a minute to wrap my brain around it….but I think I get it now.

2020 is here, and so are changes to our local tax code.  Here’s the highlights:

  • We’re moving from a state-wide flat real estate excise tax (REET) of 1.28% to a graduated system.
    • STOP TRAFFIC!  If the current excise tax is 1.28%, why did my clients just pay 1.78% when they sold their home?  That’s because all cities are allowed to levy an additional .25% tax on property sales (REET 1).  And cities and counties that are planning under the Growth Management Act are allowed to levy a second quarter percent tax if they want (REET 2).  Therefore, King County’s Real Estate Excise Tax in 2019 was 1.28% + .25% + .25% = 1.78%, and not just the 1.28%.
    • For the record, counties may also submit a ballot for ANOTHER 1% REET to be used for the acquisition and maintenance of conservation areas.  The buyer pays this one though, and the only county that pays this tax is San Juan County (Soooo Oprah just paid $827,500 for conservation of the San Juan Islands natural beauty?  YES!  Damn, I love her).

 

  • The REET that’s changing is the state level portion.  The new rates will be:
    • 1.1% on the first $500,000 of the selling price
    • 1.28% on the portion of the selling price between $500k and $1.5m
    • 2.75% on the portion of the selling price between $1.5m and $3m
    • 3% on the portion of the selling price over $3m
      • Great!  Now that I know the state-level REETs, what’s MY excise tax owed if I decide to sell?  Check out your local REET rate HERE
      • $600,000 sale price example:  1.1% state REET on the first $500,000 + 1.28% state REET on the remaining $100,000 = blended state REET rate of 1.13% = savings of .15% (or $900) on a $600,000 sale price compared to previous REET rate.
      • $3,250,000 sale price example:   1.1% state REET on the first $500,000 + 1.28% state REET on the portion between $500,000 and $1.5m + 2.75% state REET on the portion between $1.5m and $3m + 3% on the last $250,000 = blended state REET rate of 2.063% = additional tax of .783% (or $25,447.50) on a $3.25m sale price compared to previous REET rate.

 

  • So that’s a lot of additional tax revenue on more expensive homes…  What does this money go towards anyway?
    • State Level:  1.3% of the state tax collected by counties is retained to cover administration costs. Of the net proceeds to the state, 2% goes into the public works assistance account, 4.1% to the education legacy account, with remaining amounts going the general fund.
    • City Level:  In Seattle (for example), the additional REET 1 and REET 2 funds discussed above go towards:  Parks/Trails, Streets/Highways, Sidewalks, Street Lighting, Traffic Signals, Bridges, Water Systems, Sewer Systems, Judicial Facilities, Administrative Facilities, Law Enforcement Facilities, Fire Protection Facilities, Recreational Facilities, Libraries

 

  • I heard there’s a Controlling Interest thing too?  What’s that?  Under current law, REET is imposed on the transfer or acquisition of a controlling interest (50% or more) in an entity that owned real property in Washington within any 12-month period. The new REET legislation expands the period for measuring whether a controlling interest has been transferred or acquired to 36 months.  I don’t understand…  Fear Not!  Perkins Coie can explain:
    • For example, in January 2020, Member A sells her 25% interest in an LLC that owns $10 million of real property in Seattle to Member C for $2.5 million. No REET applies because Member A has not sold 50%+ and Member C has not purchased 50%+ of said LLC.  Two years later, Member B sells his 25% interest in the LLC to Member C for $2.5 million. UH OH!  Now REET applies because Member C acquired a combined 50% of LLC within a 36-month period (25% from Member A in 2020, and another 25% from Member B in 2022).  Members A and B would be liable for $319,050 in REET— 6.39% of the consideration received for their membership interests.

 

 

Summary

It now costs slightly less to sell a cheaper home, and quite a bit more to sell an expensive home.  But because the REET is marginally dependent on the sale price, and moving up the graduated scale doesn’t change the effective tax rate for the entire sale, sellers will still try to maximize their sale price; which means I don’t see any downward pressure on prices.  If anything, higher end list prices could increase ~$20,000 – $30,000 to accommodate the higher excise tax they pay.  Sorta like how soda simply got more expensive at McDonalds when we enacted the soda tax.

Posted on January 25, 2020 at 5:41 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, Excise Tax, In the News, Kenmore, Market Stats, North Kirkland, Puget Sound, REET, Snohomish, Snoqualmie, Woodinville | Tagged , , , , , , , , , , , , , , ,

2020 Housing Forecast and Market Predictions

It’s that time of year when Windermere’s Chief Economist, Matthew Gardner, dusts off his crystal ball and peers into the future to give us his predictions for the 2020 economy and housing market. 

Posted on December 11, 2019 at 9:16 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, Helpful Home Tips, In the News, Kenmore, Market Stats, North Kirkland, Redmond, Snohomish, Snoqualmie, Uncategorized, Woodinville | Tagged , , , , , , , , , , , , , , ,

Gardner Report – Q3

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.

Posted on October 31, 2019 at 6:16 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, Fall, Helpful Home Tips, Home Sweet Home, In the News, Kenmore, Market Stats, North Kirkland, Redmond, Snohomish, Snoqualmie, Woodinville | Tagged , , , , , , , , , , , , ,

4 Reasons to Sell Your Home This Fall

4 Reasons to Sell Your Home This Fall 

  1. Buyer demand is still strong
  2. There is less competition now – supply and demand
  3. There will never be a better time to move up
  4. Its time to move on with your life

Watch this video to hear more about why I think you should sell.

 

 

Posted on October 17, 2019 at 5:20 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, Fall, Helpful Home Tips, Home Sweet Home, In the News, Kenmore, Market Stats, North Kirkland, Redmond, Snohomish, Snoqualmie, Woodinville | Tagged , , , , , , , , , , , , , , , ,

A Recession Does Not Equal a Housing Crisis

No — the sky is not falling!  Signs may be pointing toward a recession but let’s look at some past stats re: home prices and appreciation.

  • There is plenty of talk in the media about a pending economic slowdown.
  • The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
  • Many experts predict a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate. It will not be a repeat of the crash in the 2008 housing market

Source: Keeping Current Matters.

Another really important thing to take into consideration is our area.  This infographic is national data.  Our area is still flourishing with employment, companies hiring and out of the area folks moving in.  Another great person to ask about this is Windermere’s own Matthew Gardener.

 

Posted on October 3, 2019 at 8:20 pm
Denise Perkins | Category: Bellevue, Bothell, Denise Perkins, Eastside, In the News, Kenmore, Market Stats, North Kirkland, Redmond, Snohomish, Snoqualmie | Tagged , , , , , , , , , , , ,

The Cost of Waiting!

Interest rates are at a two year low. Who knew!

There have been so many predictions over the past several  years that rates were headed higher and higher and while they have fluctuated a bit – today it’s like free money! Our economy as well as the real estate market is unpredictable.  But one thing is for certain, if you are or were on the fence about buying – either for the first time, selling and getting a bigger house or even ready to downsize and get into your retirement home – now could be a great time to make that happen.  Most markets in our area are still great for sellers if the home is marketed and priced accordingly – and inventory is up (24.5% as of May) which means more for buyers to choose from.

Multiple offers are still the story again in some markets – but with more to choose from it’s doesn’t seem as frenetic.  So why does all this hub-bub matter when it comes to interest rates – well it really can effect what you can buy.  BUYING POWER is the answer – and with low interest rates you can afford more.  And in our area – that makes a big difference.   Which brings me to the information seen here – it’s a great depiction of what waiting, or what a changing interest rate can mean to you and your bottom line.

So when you’re ready to talk about finding your next community – let’s chat – I can help!

Posted on July 24, 2019 at 11:22 pm
Denise Perkins | Category: Denise Perkins, Eastside, Helpful Home Tips, Home Sweet Home, In the News, Market Stats, North Kirkland, Redmond, Snoqualmie, Uncategorized, Woodinville | Tagged , , , , , , , , , , , , , , , ,

Farmer’s Markets: Where to Shop Local on the Eastside

If you’re a fan of the “Shop Local” movement, chances are good that I don’t have to clue you in on local farmer’s markets. But, just in case you don’t already plan your weekends around these markets, let’s break it down.

Farmer’s markets on the Eastside give you access to the freshest, most flavorful produce you can imagine. And it’s usually offered at rock bottom prices to boot. You’re supporting local farmers (some of whom drive to the Eastside from Spokane every week!), probably getting better food, and showing your kids about business. It’s really a win-win-win. Here’s where to Farmer’s Market this spring.

Redmond

Season: May 4-October 26

The Redmond Saturday Market is a staple in the Farmer’s Market scene. The event is held on Saturdays, as the name would suggest, but you’ll find so much more than just food here. Crafts, flowers, pet supplies, and even live musicians are here every weekend. The event has a permanent home near the Redmond Town Center and always draws a large crowd. Often called the “Cadillac of Farmer’s Markets.” 2019 marks the 44th consecutive year of operation for this group.

Bellevue

Season: May- October

The Bellevue Farmer’s Market operates on Thursdays, rain or shine, from 3-7pm. With less infrastructure than the bigger Redmond market, this one really feels like visiting the farm. Vendors sell out of tents and stations, and everything for sale is made or grown right here in Washington. Just like in Redmond, you’ll find eggs, fruit, vegetables, crafts, flowers, meats, and artisan designs.

Kirkland

Season: June-September

With a much shorter season than the big markets on the Eastside, Kirkland’s answer to local produce pops up on Wednesdays through the summer. The market pops up in the downtown waterfront park, which means the kids can chase ducks and splash in the lake after you shop. With all of the restaurants and vendors downtown, visiting this market feels like urban shopping at it’s finest.

These are not the only markets on the Eastside, just the most well known. You’ll also find markets in Issaquah, Sammamish, and Woodinville. Which market is your favorite? In fact – what are the farmer’s market items that you just HAVE to have? I want to know so that I can try them, too!

Posted on May 1, 2019 at 5:56 pm
Denise Perkins | Category: Denise Perkins | 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 , , ,