Interest Rates Improved!
If you put your home search on hold last year because of high rates, I have great news! Rates have dropped a bit this week, and your dream home might now be within reach at a lower monthly payment. We are seeing more inventory popping up every week as we get closer to spring, so it's a great time to tackle that preapproval and get out shopping. Please reach out if you are considering a move or want to learn what you can afford with these lower rates!
Happy New Year Stats
Happy New Year! I hope 2025 is off to a great start for you all. 🌟
As 2024 came to a close, we saw less new inventory as is seasonally expected. YOY trends from 2023 to 2024 were quite similar and demonstrate the seasonality of our market. 🎄
Generally speaking, buyers who are home shopping during the holiday season are usually quite motivated. There can be some deals to be had during that time too as the market slows. So, what sort of offers were buyers making and do we think this will change as we get further into spring? 💡
Between King and Snohomish counties combined, multiple offers occurred only 30% of the time. Half of all offers included an inspection contingency, while 73% included a finance contingency for a home loan. (This does not mean that 50% of the people opted not to have an inspection. Though they waived the contingency, it is possible they received an inspection report from the seller to aid them in their decision. This is becoming more common practice.) Escalation clauses were fewer and farther between at only 9% of offers. 📊
As we get into spring, I would anticipate this trend reversing a bit, especially if inventory remains low. I would anticipate seeing more multiple offers and fewer contingencies. If you are considering a purchase this year, it may be a great time for you to jump in as competition isn't quite as frenzied. (At least not yet.) 🏡
If you are interested in learning more about this, please don't hesitate to reach out. I'd be glad to chat! 📲
Happy Holidays
As school gets out and I turn my attention to family time, I wanted to wish you all a very happy holiday season! Hope it's merry and bright and filled with lots of laughter, joy and time to rest! I am immensely grateful for your support of my business over the past 20 years. Cheers to you and yours and a magical holiday ahead!
40-Year Market Stats
If you've been following me for awhile, you know I'm a bit of a stat nerd! 🤩 Often when we look at market stats, we focus solely on the present to see how the market is performing, but what would happen if we looked back to the past to see how things have changed over time instead? 🗓️
As our MLS celebrates 40 years, we're having a fun look back at the past. ⏰ To the surprise of no one, median sales prices have jumped significantly over time. Interestingly though, our inventory numbers really haven't changed all that much. ⚖️ (Except for a handful of years when the market dipped in 2008.) These inventory numbers over time show us that the PNW has long been suffering from low inventory. While it may not have been as impactful 40 years ago, it certainly is today as more and more people make their way into the area and demand increases. 🏘️
This low inventory coupled with high demand, further increases sales prices. 📈 While I know rates aren't as exciting as they were two years ago, I'd still encourage a would be buyer to get into the market now, and these stats further prove the reasons why. Equity is strong and it could be yours to capitalize on one day too! 💰
Client Review - Just SOLD!
CLOSING DAY! Congratulations to my seller on the successful sale of her home in Bellevue. I had the pleasure of working with her when she purchased this gem for less than $350K. We cleaned, staged, arranged landscaping, inspected and photographed this charmer before listing. Though we only got one offer, it was stellar and closed in just 3 weeks.
Friends, this is a real life example of why getting into the market as soon as you are able makes great sense. You don't need to buy your forever home the first time around. In fact, most people don't. But if you can get into the market in a starter for a number of years, the equity gains can be quite spectacular!
Very honored to have represented this client a second time around and thrilled with her success!
September Market Update
August stats are in! 📊
Typically the summer real estate market moves a little slower as more homes are listed and buyers take a step back to enjoy their summer plans. ☀️ This summer was no exception. While homes in certain areas flew off the shelves, others sat quite still. Interest rates have been slowly declining, with more reductions anticipated to come. (We are looking at 6.15% as the national average for a 30-year conventional loan today. This is quite a desirable leap from the rates in the 7%’s we were seeing previously.) Next Wednesday will be telling, as markets react to the Fed’s rate cut decision. ⚖️
Though the market has felt a little slower this summer, we are still seeing positive gains in home prices. 📈 Great news if you have a home to sell! Our King County friends are up 5% from last August, while my fellow Snohomish County dwellers are up a whopping 10.9% YOY. 🎉
So what’s the read for the fall market? (*Gets out crystal ball…) 🔮 Well, if interest rates decline like they are predicting next week, I think we will see a resurgence of buyers entering the market place. Buyers have been sleeping a bit as of late and this should bring them back around quickly. In turn, we may see more competition in the marketplace. If rates dip low enough, this may also open up a bit more inventory as sellers with historically low interest rates start to feel more comfortable trading them in for slightly higher ones.
Moral of the story: get shopping now ahead of the rush! 🏡
Open Houses this Weekend
It's going to be a gorgeous weekend for home shopping and we'll be open! Come visit us in Bothell and Bellevue to see these two beautifully presented homes. You won't want to miss them!
Just Sold: Two Happy Clients
Congratulations to my ecstatic buyers and very happy seller on achieving real estate success last week!
This Renton acreage had been on the market for a bit with a previous failed sale under its belt. We swooped in and scored the buyers a $13K credit toward their VA loan and closed in 3 1/2 weeks. Can't wait to see the upgrades these buyers make here. Exciting!
My Canyon Park townhome listing netted the perfect buyer and although it took us a bit of time to seek one out, closing was smooth and worth the wait!
Happiness all around and new doors opening for both sets of clients. It has been a pleasure to be a part of their journeys!
New to Market: Canyon Park Townhome
Canyon Park Townhome
Delight in abundant natural light, a functional layout and a central yet peaceful location in this beautifully remodeled townhome! Just moments away from all the amenities of Canyon Park, desirable details and thoughtful updates throughout this unit sparkle and shine: luxury vinyl plank floors, a cozy wood-burning fireplace, in-unit laundry and an updated kitchen with stainless steel appliances. Two good-sized bedrooms share a full bath on the upper level. The private patio offers room for relaxation and a container garden, plus a storage unit for your outdoor gear. Two off-street parking spaces included. A well-run, pet-friendly HOA with clubhouse for residents and no rental cap. Conveniently close to groceries, dining, top-rated Everett schools, parks, I-405 and more!
1526 192nd Street SE, #L2 | Bothell, WA 98012
2 Bedrooms • 1.5 Bathrooms • 936sf
Offered at $470,000
Open Houses
Friday, May 3rd
3:00pm - 5:00pm
Saturday, May 4th
11:00am - 1:00pm
Sunday, May 5th
1:00pm - 3:00pm
Just Sold in Mountlake Terrace
Remember this cute little diamond in the rough? It received 5 offers, all from investors, and closed for a final price of $430,000. I can't wait to see the buyer's creative vision come to life!
January Market Update
It's been a minute since I did a stats post! One of my goals this year is to really focus on digging into this each month. 🧐 So, here we go...
January stats are in and it looks like I'm returning to my broken record of "WE NEED MORE INVENTORY!" 🔔 King County saw a 2 month supply last month while Snohomish County got by with just a 1 month supply. This was slashed in half from what they saw the year prior. Because of this we saw a quick start to the 2024 market with earlier bidding wars than we might typically see. 📈 This high demand and low supply contributes to the rise in median sales price for both counties, despite interest rates bouncing around in the high 6% to low 7% range. (National average today is 7.14% for conventional 30-year fixed.) ⚖️
Homes that are priced accurately and show well are still seeing tremendous activity and often multiple offers with waived contingencies. I have yet to see as large of a bidding war as we did in spring of 2022, but there's still time... ⏰
The moral of the story here is that if you have a home to sell, now is a great time! It's hard to say what our true spring inventory will look like in March and beyond, so if you can beat the competition and list prior, you should be in great shape. 🌸
If you are a buyer in this market, just know that who you work with on both lending and agent side truly makes a difference. Having a lender and agent who have been through multiple offer markets time and time again, and who can work together as a team to navigate negotiations on your behalf, will be the key to your success. 🔑
Whether you are a potential buyer or a seller, let's chat to see how we can help you meet your real estate goals in 2024! 🏆
Ocean Shores Beach House
What a fun one this was! Never in my 19 years of real estate have I explored the Ocean Shores market, but there's a first time for everything! 🤩 And with the help of a stellar local agent, my buyer got her dream ocean front property and closed in just 3 weeks. Congrats! Wishing you many happy family memories in your new vacation digs! ⛱️🪁🌊
Hello Summer Contest!
Time for some summer fun! 😎
(Applies to new buyers/sellers who are referred to me or who contact me prior to 9/15/23.)
5 Stars From a Happy Buyer!
It's always a good day when I know my clients are happy! Thank you to Pandian and Rani for such an awesomely thorough review. I assure you, the pleasure was all mine! ⭐️⭐️⭐️⭐️⭐️
Happy 4th of July!
Looking for some holiday fun? Here are a few local options you might enjoy. Wishing you a safe and happy 4th of July!
May Stats + A Little Sunshine
It's stat time again! (See what I did there? 😂) If you haven't noticed, the media constantly uses headlines full of doom and gloom. Things like: "Home prices drop 8%!" seem to be the attention grabbing headlines they prefer. But guess what? Don't believe everything you read... 🧐
The media generally bases real estate headlines around year-over-year data. 📅 In the past, I have always relied on that data too. We have to remember though, that last spring's market was off the charts - low rates and sky high prices were the norm. 📈 Today we are looking at higher rates and slightly less of a feeding frenzy. Because of this, year-over-year stats just don't make as much sense. 🚫 Of course they look vastly different - they were skewed by that frenzied market! ‼️
So, to help combat the doom and gloom ⛈ and bring a little sunshine into our worlds, ☀️ I'll now be focusing on month-by-month changes because to me, that is a better indicator of what is happening NOW!
Key POSITIVE takeaways from May for both King and Snohomish counties:
🌟 Inventory is up slightly from April. (Though still far lower than we need to balance the buyer load.)
🌟 Median sales price is UP over 3% from April!
🌟 Days on market is down!
Rates are higher, yes, but when they drop, which they eventually will, the frenzy will return. 😳 Would you have rather bought in April and made 3% equity in just one month, or would you rather wait until rates drop, earning zero in the meantime and competing with everyone else? 🤔 I know which one I'd choose... ✅
If you'd like to see stats drilled down for a particular city or different county, let me know and I'm happy to send them your way! 😎
Just Sold!
Congratulations to my buyers on the purchase of their new home in Maple Valley! This home checked all the boxes, right down to their preferred high school of choice.
Even though it had been on the market for 3 weeks, we found ourselves up against another offer. Even still, we were able to negotiate a $20,000 credit from the seller toward an interest rate buy down! I'd call that a win.
Wishing you and your family many happy memories here!
What Housing Bubble?
Despite higher mortgage rates, home prices really haven't come down in most markets and some people are still talking about a housing bubble. 🤷♀️
The reality though is that WE ARE NOT IN A HOUSING BUBBLE.❌
Here are 3 reasons that this market is totally different than the housing bubble we experienced a little over a decade ago...
🏡Housing supply is extremely limited. Despite higher mortgage rates, home buying demand remains strong. According to the National Association of Realtors, multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Home owners with historic low rates simply are not moving.
🏡Homebuyers are more credit worthy. In 2008, when the housing market crashed, mortgage standards were at an all time low for credit scores and down payment requirements, as well as proving income and assets to purchase. Current guidelines are much stricter, making the borrowers more financially secure.
🏡Homes have equity. Homeowners were pulling out equity back in 2008, causing many to be upside down. This time around equity levels are extremely high, meaning that homeowners could see values decline slightly without concern.
Reach out anytime so I can show you why now is a GREAT time to buy a home, and why waiting could cost you so much more! 💰
(Special thanks to Julie Swenson at Empire Home Loans for her mortgage market insight.)
March Real Estate Stats
Spring has sprung...I think! 🌷 Though it still kind of feels like winter, we do have some early spring stats to share for March. 📊
The big takeaway here is that inventory is still minimal in both King and Snohomish Counties. A 1-month supply is nowhere near a balanced market. 📉 We are seeing a return of offer review dates and multiple offers in some areas as demand remains decent. 📝
Though these stats depict a drop in median price year over year, don't let that scare you. ⬇️ We have to remember that we came from one of the most intense, abnormal, frenzied markets we had ever seen last spring. 📈 Prices were inflated by low inventory, low interest rates and unprecedented high demand. The "drop" we see here, really just shows a leveling off to a more normal pricing level. ⚖️
Don't believe the hype. 🤯 The market isn't terrible and the sky isn't falling. If you want to buy a home, do it. If you need to sell your home, do it. There is opportunity on both sides of the coin. 🏡
Take me out to the ballgame!
Let us take you out to the ballgame with our spring referral contest! PS: The referral can even be yourself!
(Applies to new buyers/sellers who are referred to us or who contact us prior to 6/1/23.)
