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! 🏡
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!
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!
The “Dreaded ‘R’ Word
Have you been hearing the dreaded "R" word lately? 🤨 Yep, you guessed it, I'm talking about recession. People seem to get really amped up when they hear this word tossed around, so I wanted to shed some light from the real estate perspective. 💡
Check out this cool chart on the Seattle Home Price Index linked below. 📈 Do you see what I see? The Dot Com Recession took place from March 2001 to November 2001, but home prices remained steady. ⚖️ The only large fall we see here was during the Great Recession of 2008/2009. This one was caused BY HOUSING, so naturally prices were affected. 💵
If we go further back in time to look at home prices amidst the Gulf War Recession from March 1990 to March 1991, we see that prices actually rose 3.5%. And most recently during the COVID Recession, prices skyrocketed due to low interest rates and soaring demand. 💰
The moral of the story here? History shows us that recession doesn't necessarily equate to a major crash of home prices. (Or any downward slide at all.) 🛝
One of our trusted lenders, Kyle Bergquist at American Pacific Mortgage, sites a few key items that should help us fare pretty well should we enter a recession this summer:
1. "A three year buildup of buyers who couldn’t buy during the high competition of 2020 and 2021, and then put the brakes on their house hunt as interest rates skyrocketed in 2022.
2. Relatively lower unemployment than previous recessions (for now, anyway.)
3. A considerably more dramatic drop in mortgage interest rates than we’ve had in previous recessions.
4. And a seller-pool who is much less excited at the prospects of a 5% interest rate than the buyer-pool is. Said another way, sellers will be less motivated to sell than buyers will be to buy over the next 12 months or so, which will result in competition and upward pressure on prices."
The media will put lots of doom and gloom on this topic. ⛈️ But when we really dig deep into the history of things, we can see positive outcomes in the real estate world are actually highly feasible during a recession! Especially here in the PNW. 🌟
Greens are IN
It’s the time of year in the Pacific Northwest where we all work to find a little more green in our lives but this year, the look and feel of green is prevelant in interior design. It’s a great way to add a pop of color as well as a deeper, more luxurious look and feel to your home.
According to Lux Deco “From that Kips Bay Show House dining room to India Mahdavi’s Ladurée salon for the Hôtel des Bergues, green shows up in the most prestigious of places and, unlike its blue counterparts, is always slightly unexpected, making it a confident design choice.”
Happy Valentine’s Day!
Wishing you a day surrounded by the people and things you love the most! I’m so grateful for each and every one you. Happy Valentine’s Day from our home to yours!
PRICE IMPROVEMENT: Madison Valley Craftsman
Madison Valley Craftsman
New year, new you, new home! Located close to all your fave spots, this delightful Madison Valley craftsman is the sweet spot you've been looking for. Bright & inviting with ample sunlight, cherry floors, a cozy gas fireplace for those rainy days, and a nicely appointed chef's kitchen with granite counters, gas cooking, stainless appliances and a breakfast bar. Upstairs, find 2 generously-sized bedrooms, a full bath and laundry. Look forward to summer on your private, fenced patio with room to relax and BBQ. Designated off-street parking (a rarity here!) makes it easy for you to explore this awesome area with parks, groceries, dining and more within blocks, plus access to buses and thoroughfares heading to Cap Hill or downtown. Live your best life here!
1835 24th Avenue #B | Seattle, WA 98122
2 Bedrooms • 1.5 Bathrooms • 893sf
Newly Priced at $589,000
Home Decor Tips for a Mental Health Boost
The inside of your home can influence your mood, emotions and even your overall health. “Our ability to find physical comfort and visual inspiration in our home is vital to our well-being,” says Noel Gatts, interior designer and a host of HGTV's Home Inspector Joe. “Universal comforts—like shelter, privacy, natural light, running water, and clean air—are important for every body and mind. The ability to surround ourselves with home spaces that speak our love language is a bit trickier to master.” While this topic has been at the forefront for the last few years when people were spending much more time at home - and even working from home - decluttering has been the focus. But decor and design elements can make your home a magical and peaceful place to be. This article focuses on the wisdom and science based strategies for making a space that lifts your mood and supports your mental health.
End of Year Stats
End of year stats are here! Interestingly, we are seeing nearly identical supplies of inventory and days on market among both King and Snohomish counties.
Even though these inventory numbers appear to have jumped by a large percentage from one year ago, we are still not yet in a balanced market.
Homes that offer stellar presentation and are priced accurately are still moving quickly - sometimes even with multiple offers. I know the media consistently paints a gloomy picture, but that isn't always the truth! You can still sell your home in this market AND make a profit. And what's more? You can still buy a home AND have your contingencies in place!
Home and Garden
Looking for some inspiration for your home or garden? The Seattle Home Show is just around the corner! For details and tickets, visit the link below.
NEW TO MARKET: Madison Valley Craftsman
OPEN HOUSE:
Saturday, January 21st from 11:00am to 1:00pm
Madison Valley Craftsman
New year, new you, new home! Located close to all your fave spots, this delightful Madison Valley craftsman is the sweet spot you've been looking for. Bright & inviting with ample sunlight, cherry floors, a cozy gas fireplace for those rainy days, and a nicely appointed chef's kitchen with granite counters, gas cooking, stainless appliances and a breakfast bar. Upstairs, find 2 generously-sized bedrooms, a full bath and laundry. Look forward to summer on your private, fenced patio with room to relax and BBQ. Designated off-street parking (a rarity here!) makes it easy for you to explore this awesome area with parks, groceries, dining and more within blocks, plus access to buses and thoroughfares heading to Cap Hill or downtown. Live your best life here!
1835 24th Avenue #B | Seattle, WA 98122
2 Bedrooms • 1.5 Bathrooms • 893sf
Offered at $599,000