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. 🏡
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.”
Updated Stats and a PSA
February 2023 stats.
February stats are here and inventory has dropped back down to a 1-month supply in both King and Snohomish counties. 📉 This is higher inventory than we saw last year at this time, but still seems to not be enough to support our demand. In certain pockets, we are seeing multiple offers once again! 📝
You will also notice here that the median price is down in both counties. Remember that this time last year was the kick off to one of the most frenzied markets I'd ever seen and bidding wars were at an extreme high. For the most part, the frenzy has cooled, so we aren't seeing the percentage over list price we did last year at this time. This partially accounts for the drop in median price. ⚖️
Rates are also higher today which has slowed some buyers, but please know that when they go back down, which they will eventually, the frenzy will likely return. ✨
My public service announcement for today: Don't wait to buy until everyone else does too! Get in now, even at the higher rate, refinance later, and start earning equity ASAP. You'll be glad you did. 🏡
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
Defining Decor Moments of 2022—And Which Ones Are Here to Stay
There are so many of the newer design trends that I just adore; from wallpaper to mirrors and back again. There’s something so fun about all the color that people are bringing into their spaces right now, too. With Viva Magenta being Pantone’s color of the year, there’s more and more color everywhere, and I’m here for it!
Architectural Digest has their trends for 2023 and it’s a great article to make sure you’re staying up on the most up to date styles as you remodel and revisit the spaces in your home. Take a look!
Here’s to 2023
As we get set to begin a new year, I'm thinking back on 2022 with so much gratitude! Thank you to all those who put their trust me again this year. The greatest part of my job is seeing the joy in people as I hand them the keys to their new homes or as they get to enjoy the equity they've earned on their previous ones.
There's truly no investment quite like real estate and I am so grateful to be a part of the journey of so many amazing clients. I couldn't fit all of 2022 into one frame, but here is a big THANK YOU to you all for making 2022 so bright! 2023 here we come...
Wishing you all a year of good health, joy and prosperity!
Giving Back
In this season of giving back, we are proudly supporting Food Lifeline at Spire One! If you have a little extra to give this holiday season, we'd be grateful for your support. Donations accepted at the link below go directly to the organization. Thank you for considering!
We are launching a Food Drive from now until December 21st, to benefit Food Lifeline. You can use this site to make a cash donation. For a food donation, just let your agent know when your donation will be ready for pickup, and they will schedule a good time to swing by.
Last year, we donated 522 lbs of food and raised just over $1,000! This year, we want to beat it.
Please let us know if you are interested in helping us out this season!
Thank You!!
Thankful
I’m always in awe this time of year thinking about all the things we have to be grateful for! This year I’m especially grateful for health, wonderful family and great friends, home, and of course all of my amazing clients. Without you, none of this would be possible! Thank you for supporting my business all these years. It’s truly an honor to help people find a place to call home, where memories that last a lifetime are made.
Happy Thanksgiving to you and yours!
New to Market: Magnolia Craftsman
OPEN HOUSE
Saturday, November 19th from 11:00am-1:00pm
and Sunday, November 20th from 1:00-3:00pm
Magnolia Craftsman
Own a piece of Magnolia history! Originally built when the area was full of orchards, this farmhouse has been beautifully brought into the 21st century with fresh updates inside and out! Refinished hardwoods, new doors, modern lighting, a newer roof, newer appliances and water heater, a brand-new fridge, updated plumbing and electrical, fresh exterior paint and refreshed bathrooms - all done for you! Take in expansive views of Queen Anne Hill and the Cascade Mountains from most rooms while light pours in through large windows. Find ample flex space in the rec room and above-garage studio, ideal for a MIL. Entertainment-sized deck basks in year-round views, overlooking a large level yard. Perched on a hill for privacy and conveniently close to amenities and downtown.
3249 25th Avenue W | Seattle, WA 98199
3 Bedrooms • 2 Bathrooms • 1,550sf
My Favorite Holiday Recipes
The weather has turned colder, daylight savings time has begun and it’s getting darker earlier - now’s the time for indoor adventures, tasty soups and my favorite cookie recipes. My kids look forward to holiday cooking almost as much as I do. Here are my favorite cookie recipes to share with your family. If you get around to baking this year, drop me a line and let me know how they turned out for you!
Fun News!
I am so excited to unveil my new logo today!
Though I loved the old branding, it was time for a refresh and something that was a little more home inspired. Thanks to all those who weighed in with their thoughts and extra special thanks to my design team at Esperluette Creative for making this shine! Check us out at www.lghomesnw.com to see more.
Happy Clients
The BEST part of my job is knowing my clients are happy with the end result. Purchasing a home strictly as an investment and managing tenants can be a stressful endeavor. So thrilled for these sellers that they can now move on to their next adventure. Thank you for the glowing review, Trisha and Joshua! The pleasure was all mine.
Market Shifts
It's been a minute since I posted our monthly stats. Not because I didn't think they were important, but because I simply wanted to wait until there was a noticeable difference to show. Prior to the market shifting, I was beginning to feel like a bit of a broken record!
Fast forward to today and inventory is up to a 2 month supply in both King and Snohomish counties. While this is still a bit away from a balanced market, the added inventory is a welcome change to give buyers more options and cool bidding wars down.
You'll notice here for both counties that while days on market are up slightly, so is the median price. The sky isn't falling! What we are experiencing is a return to a more "normal" market. The market frenzy we had been in wasn't normal by any means. Prices just shouldn't be rising that fast and you shouldn't have to forfeit all your contingencies in order to buy a home!
In today's market, contingencies are feasible and closing cost credits are more likely. If you've been considering buying, but were fearful of the competition, this market is for you! Let's connect about how we can get you into a home now to start earning equity today.
That’s a Wrap!
That's a wrap! Two happy sellers on the same day. Congratulations to you both on your next chapter!
Though there is a bit more inventory available, bidding wars have cooled, and rates are slightly higher these days, homes are still moving quickly. Case in point: these two flew off the shelves in just a couple of days. With proper pricing and excellent presentation, buyers will be knocking on your door.
Don't let the market hype fool you, you can still find great success in this market as a seller! With my team by your side, you can rest assured we'll do everything we can to make your home shine above the rest. (Staging? Yes, please. Landscaping? Sure, we've got you. Professional cleaning? Absolutely. Professional photography and video? Of course.)
What are you waiting for? Give us a shout and let us put our team to work for you to get your home sold.