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.”
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. 🏡
Stats for January 2023
Happy Valentine's Day! One of the things I love about real estate is stats. So far this year, the real estate market continues on in a low inventory cycle. Because of this, we are still seeing multiple offers on certain homes that are well priced and show impeccably well. This is not yet happening across the board, however, and there is great opportunity for buyers to negotiate and include contingencies in their offers.
Though interest rates are slightly higher than what we’ve been used to, there are many options for buying your rate down until you can refinance. When rates do eventually drop, buyer competition will be back in full force.
In the spirit of Valentine's Day, think of it this way...marry your house, date your rate. Though you commit to a rate upfront when you buy, this does not mean you are stuck with it. You can break up with your rate for a new one when things look better.
The moral of the story here is to not wait to buy until rates come down. If you can swing it now you’ll likely avoid the intensity of the market we’ve witnessed the past several years!
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
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!
Pantone’s Color of the Year for 2023
The Pantone Color of the Year 2023 is Viva Magenta, and I just love it. We are due for some brightness right now! Color authority Pantone announced its pick December 1, and while plenty of paint companies, color experts, and other aesthetic pros make selections for shades that will define the year to come, many in the design world view Pantone’s pick as one of the key predictors of color trends for the new year.
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!
Big News
BIG NEWS!
Though I have loved my years at RE/MAX Northwest and am so grateful for all of the people and experiences they led me to, the time has come for me to open a new door and find a new brokerage home...
Enter Spire One Realty! I hope you will join me in this next chapter in support of small businesses. If you too are looking for a new place to land, please reach out. We are up and running and ready to help you find your way home. Same great service, just a new location.
Decorating for the Holiday with Architectural Digest
Is there anything more fun than carving a pumpkin, sipping on some apple cider and watching the leaves turn? Seattle finally got some good rain which means the colors are starting to really show! Architectural Digest has some amazing ideas for decorating for this spooky holiday! Check them out!