The Market for Homebuyers
Buying a home is getting harder and harder as the days go on and the market gets worse for homebuyers, but don’t worry we are here to help! Amid 2020 and the beginning of a national pandemic, housing prices began to dip which made a shopping frenzy for home buyers! However, now we are almost halfway into 2022 and we are beginning to see the rise of the selling prices along with federal mortgage rates. Based on past experiences, we usually will associate the rise of mortgage rates followed by a dip in selling prices, unfortunately that may not be the situation we have this time. Read this article written by Fortune to give you a little more insight of the likelihood of home prices dropping in your area! Need any help buying or selling your home? Lauren GeRoy has your back!
Market Update: March Stats
March stats are in and there are a few noticeable changes since February, primarily in median sales prices!
King County inventory dropped by .1 month of supply in March.
Inventory remained the same for Snohomish County at a .4 month supply.
Median price in King County was up by $75,025 to a whopping $845,000!
Median price in Snohomish County was up by $51,000 to $755,000.
March was certainly a frenzied month on the home buying front, but as we approached month's end and the start of April, interest rates began to rise. We don't yet have the stats to show how this may be effecting the market, and it doesn't feel like it is having an overall impact at least for the moment, but we will keep an eye on April's stats to see if can gauge the impact. For now, demand STILL greatly outweighs supply making it a very competitive seller's market!
The Squeeze
As interest rates begin to rise, some home buyers may begin to feel the squeeze on their purchasing power. Check out these examples of how a moderate change in interest rate can effect your monthly payment and ultimately, your overall budget. Rates are predicted to continue to rise throughout the year, so buying today may help your affordability and will get you on the road to earning equity much faster!
Image Credit: Cornerstone Home Lending
Congratulations to my New Homebuyers
Knowing my clients are happy at the end of their home buying adventure in such a tight market is the best part of my job! Congratulations, Eva and John! The pleasure was all mine.
Top Agent Award Winner | 2022
I am humbled to announce that I am one of the recipients of Home Snap's Top Agent Award! Out of 1 million agents nationwide, I have landed in the top 15%. I am so truly grateful to all of my clients past and present, my friends and family, and for all those who put their trust in me on a daily basis. I could not be where I am today without each of you. Thank you from the bottom of my heart!
NEW TO MARKET: Resort Style Living
NEW TO MARKET: Resort-style living could be yours in this fabulous 2 bed/1.5 bath lake view unit at the coveted Sixty-01 community! Stylish & thoughtful details are found throughout this chic townhome, including bamboo floors, private deck, in-unit laundry, fresh paint throughout and a sleek kitchen boasting stainless appliances, new range, quartz counters and ample storage. Invest smart thanks to no rental cap, a designated carport and storage, security services and a well-run HOA. This coveted community has it all: trails, pool, gym, sports courts! All the amenities of both Redmond & Kirkland are within minutes. Easy commute in any direction with nearby freeway, transit and future light rail access. FHA approved!
Yay to My Buyers!
I am so happy for my buyers who snagged this gorgeous Ballard townhome the first day it was on the market! We snuck in with an incredibly competitive offer before the offer review date and were able to snag this gem early. Congratulations and best wishes on all that lies ahead!
Exciting News!
Exciting news! It is my distinct honor to announce that I have earned a place in the RE/MAX Hall of Fame! This is a direct result of the unending support of my amazing clients, friends and family. Your trust in me means the world and I would not be where I am today without your support. Grateful is an understatement. Thank you from the bottom of my heart!
Falling in Love with Kitchens
I know I am not alone when I say that, “a kitchen is one of the most important rooms of a home and could even make or break it.” Even while home browsing, you’ve probably thought to yourself about some things that were a necessity in your future kitchen. Here are just a few things (believe me the list could go on) that I absolutely LOVE about kitchens.
Large Kitchen Island
I have always dreamed of having a kitchen island and what gets better than this? Large enough to hold up to four chairs, you’ll fall in love. For entertainment or a quick meal, you will find this island a lifesaver for your daily activities giving you an ample amount of counter space.
2. Convenient and Easy Access Cabinetry
Tired of getting on your knees to reach into the back of the cabinets? Adding roll-out cabinets to your kitchen and you’ll never have this problem again. Also, say goodbye to struggling to keep your garbage hidden with a roll-out garbage as well!
3. Beautiful Cabinet Colors
Can we talk about black this year? Or, for heaven’s sake, green? Giving you the option of having a modern chic or a clean sleek, these cabinets will match any style you decide to go with.
4. Silent Time
In my humble opinion, when you’re deciding your budget, make sure you dream big for your appliances. I love my super quiet dishwasher, especially with the living room just off the kitchen!
5. Light Fixtures that Fit Your Vibe
When home shopping, always imagine the space with your perfect light fixtures. You’d be surprised how that can change a maybe to a yes, and nice light fixtures don’t have to break your budget either!
So, that’s my list of kitchen happiness for Valentine’s Day! I hope that it helps you start imagining your dream kitchen; let me know if you think you might be ready to make your next move!
What a wild ride the start of 2022 has been for real estate!
In 17.5 years of being an agent, I've never seen a market this frenzied, nor bidding wars this intense. I'm routinely seeing homes in Seattle sell contingency free and for $300-500K over the list price!
Curious what is fueling this fire? Well, we are sitting on unprecedented demand as our population increases, and as luck would have it, the low inventory followed us into the new year. We did see a tiny increase in both King and Snohomish counties in January as opposed to December, but it is not nearly enough to support the current demand. Buyers are poised to take advantage of current interest rates before they rise.
January's stats also pointed out some pretty amazing price gains year over year too - 10% for King County and an astronomical 23% for Snohomish County!
Will inventory increase this spring? I sure hope so! Typical seasonal cycles would say yes, but while that may be unpredictable for now, it is a phenomenal time to be a seller! The ball is fully in your court to cash in on some tremendous equity. Interested in what your home may be worth? Let's chat to see how you can put the insane market to work for you and drop some cash in your pocket!
No Greater Compliment
There's no greater compliment than to hear your clients are happy with the end result of their sale!
RE: Dr. Lawrence Yun, Chief Economist for the National Association of Realtors
Yesterday I had the pleasure of listening to Dr. Lawrence Yun, Chief Economist for the National Association of Realtors, give his thoughts on where the market is going this year. Here are some key takeaways:
The annual inflation rate in the United States is currently sitting at 7.1%. This is the highest in 40 years!
Real estate has proven to be a very good hedge against inflation. See included photo.
In order to curb inflation, interest rates will need to rise. Dr. Yun predicts a rate of 3.7% to end 2022. Though this isn't excessively far off from where we are today, even a small jump in rates can hinder the purchasing power of a first time buyer. This would thin the competition a bit.
The disruption to the supply chain is slowing the completion of new construction. Dr. Yun expects this to improve in 2022 so that builders will hopefully bring more inventory to the market.
Dr. Yun believes that the worst of the inventory shortage is passing and that spring time will reveal more inventory. (We can only hope! )
He notes 3 key places where inventory will come from this year: 1.) home builders will produce more with supply chain issues decreasing, 2.) the mortgage forbearance program is winding down and banks will be requiring payback or requiring the sale of these homes, and 3.) an increase in estate sales due to a higher mortality rate during Covid.
We are not expecting to see as high of appreciation numbers as we did in 2021. On a national scale, prices were up 14%, but with rates potentially rising this year, an increase of 4% is the prediction.
Even if we do see rates tick up a bit, we will likely end the year under 4% which is still a great rate to take advantage of. Don't let the lesser appreciation scare you away this year either. If you bought a home for $500,000 and it appreciated only 4%, you'd still have a gain of $20,000! All this to say that whether you plan to buy or sell this year, there will still be plenty of opportunity for both and we are here to help.
If you aren't sure if now is the right time for you to make a move, let's chat and formulate a plan that gets you where you want to be - on the road to home!
Sold at the Seaboard
Seaboard Condo, #1000
Bask in city views from this freshly painted, beautifully updated 1 bedroom loft unit at the historic Seaboard building, fully renovated in 2001! Live the good life with A/C, tons of storage, no rental cap, AirBNB potential, hardwood floors, built-ins and a tastefully appointed chef's kitchen complete with Viking gas range, stainless appliances, Subzero fridge, granite counters and an eating bar. Large windows and vaulted ceilings fill the space with all-day light. Chill up on the rooftop deck and savor stunning skyline views, then head out to explore some of Seattle's best dining, bars, nightlife, shops & more - all right outside your doorstep! Great investment potential plus concierge and in-unit washer/dryer. The city life is calling!
1500 4th Avenue #1000 | Seattle, WA 98101
1 Bedroom • 1 Bathroom • 1,106sf
Sold at $490,000
What do we want from our homes in 2022?
The pandemic has certainly shaped the way many of us think about our homes. What elements would you want to see added or changed in your home? For me, it would be a remodeled kitchen space, something we plan to tackle in 2022. What's on your wish list?
End of Year Market Stats
End of year market stats are in!
December was predictably dry with new inventory, down 59% in King County and down 39% in Snohomish. This forced median sales prices to rise by large margins. (A whopping 26% increase in Snohomish County and 11% in King County since December of 2020!)
As you can imagine, the new year is off to a frenzied start with some pretty intense offers happening all over the place. I just witnessed a home in Redmond receive 33 offers and sell for $800K over asking! To date, that's the largest jump I've seen and it's completely mind blowing. We are hopeful that more inventory will come as we get closer to spring to help spread buyers out a bit and release some of the tension.
If you have a home to sell, there's truly no time like the present to make a move before inventory rises. Let's chat to see how we can help you capitalize on this unprecedented inventory shortage and cash in on your equity. I think you'll be pleased with the results!
Happy New Year!
As we prepare to close the door on 2021, there is so much to be thankful for!
2021 brought about an insane real estate market, which allowed me to help 24 buyers/sellers move on to their new homes. I am so grateful to all of you for your support of my business over the past 17 years, whether it be by buying or selling, or by sending me a referral. Your confidence in me means the world and I cannot say thank you enough! I truly love what I do and being able to serve you and your friends and family is the greatest gift.
On the home front, 2021 gifted us a great year of family time, good health, travel (Belize!), new friends and school fun. Though times were strange for much of it, we persevered, laughed and enjoyed each other's company. Family will always be paramount.
As we open the door to 2022 tomorrow night, I'm choosing a word to set the tone for the new year. PEACE. May we live each moment of 2022 with a peaceful heart, knowing we are doing our best to navigate the world as we now know it. And that our best is enough.
Wishing you and yours a very Happy New Year! Cheers to PEACE in 2022!
Happy Holidays!!
From our family to yours, wishing you a safe, healthy and very Merry Christmas and holiday season!
Listed & Pending in 5 Days
This stunning townhome was so fun to work on! For out of state repeat clients, we took the reins and helped take this charmer from tenant occupied to fully staged, repaired and ready to list! 6 offers later and $40,000 over asking, and we've got happy sellers on our hands. Congratulations, Chris and Kim! It was a pleasure.
Augusta Woods
This fabulous end unit townhome at Augusta Woods lives large in a peaceful and convenient south Everett spot! The open concept main level boasts great natural light, sleek hardwood floors, a living room with a cozy gas fireplace, full dining room, a large Trex deck and an elegant chef's kitchen complete with rich cherry cabinets, large pantry and a breakfast bar. All three bedrooms are upstairs including a spacious owner's suite with en-suite full bath. All new carpet, CAT-5 wiring, upstairs laundry and an oversized 2-car tandem garage with additional bay just for storage! Huge fenced yard offers room for pets and play. Tucked at the end of a quiet street just minutes from shops, dining, parks, great Mukilteo schools, Boeing, transit and thoroughfares. FHA approved!
1524 95th Street SW #10 | Everett, WA 98204
3 Bedrooms • 2.5 Bathrooms • 1806sf
PENDING at $560,000
Sold at the Seaboard
Seaboard Condo, #800
Live at the heart of downtown! Some of the city's best dining, shopping, and nightlife are right outside your doorstep at the historic Seaboard Building, fully renovated in 2001! This studio unit lives large and boasts stunning, tasteful updates: fresh paint, walnut plank flooring, high-end Subzero and Viking kitchen appliances, a walk-in closet, A/C and more. Tons of space to spread out and relax at your in-city retreat with ample sunlight shining through big windows all day. Watch the city come to life from your private balcony or the rooftop deck then head out to nearby restaurants, shops, bars, light rail and more. Dues cover W/S/G, no rental cap, AirBNB approved, and a helpful concierge! Live the good life in bustling downtown!
1500 4th Avenue #800 | Seattle, WA 98101
Studio • 1 Bathroom • 863sf
Sold at $440,000
SOLD: Sundance at Klahanie
Sundance at Klahanie
You'll love life at Sundance at Klahanie! This immaculate ground floor unit has it all: fresh interior paint, all new carpet, in-unit laundry, an extra storage unit, designated covered parking, and a desirable 3-bedroom layout. Whip up tasty meals in the spacious kitchen, complete with an eating bar, ample storage and a roomy pantry (rare in a condo)! Relax on the private patio with park-like green views, cozy up next to the gas fireplace with a good book, or retreat to the spacious owner's suite, boasting dual closets and an ensuite full bath. Incredible community with top amenities: a gym, pool, hot tub and dues that include W/S/G! Set in a peaceful location that feels away from it all, yet is just mins to dining, groceries, parks, top schools and more!
25235 SE Klahanie Blvd | #K101, Sammamish, WA 98029
3 Bedrooms • 2 Bathrooms • 1,060sf
SOLD at $453,100