Are we keeping pace with 2019: A Look at Weekly Sales Activity Amid the Stay at Home Orders

There have been a lot of questions that I have encountered about the stability of the housing market due to the global health crisis of COVID-19. I have kept close track of the statistics and daily activity in our market in order to help keep my clients well informed. Inventory levels remain very tight and buyer demand has started to return since the Stay Home Orders were put in place.

Interest rates are at the lowest point they have ever been, providing amazing opportunities for both buyers and sellers. Interest rates continue to fuel buyer demand and create an audience for home sellers. Recently, rates were as low as 3.33%, which is historic.

Below is a chart that shows the amount of weekly pending sales in 2020 in relation to the weekly pending sales during the same week in 2019.

In King County, you can see that we started the year off with activity similar to the robust year of 2019. In February 2020, there were more sales, but that was due to “Snowmageddon” in February 2019. March 2020 started off in concurrence with 2019, but once the Stay Home Orders were put in place there was a dramatic and expected drop in pending sales activity.
When the Stay at Home Orders were first put in place, showings were not allowed, causing a legitimate pause in transactions. The following week, the orders were adjusted to allow for showings and since then the amount of pending sales has increased each week. Protocols for showings include only two people in the home at one time, by appointment only, while practicing 6-foot social distancing.

These protocols, along with virtual showings and many different digital tools using video, have helped buyers and sellers safely come together in transactions. Agents are getting creative in order to best serve their buyers and sellers during this unique time. This has helped quell demand brought on by interest rates and the many industries still thriving despite recent unemployment numbers. See this video from Matthew Gardner regarding the latest unemployment report and his forecast.

Snohomish County followed the same initial pattern as King County, but has seen a quicker return to 2019 sales levels. This is due in part to the more affordable price points in Snohomish County compared to King. In fact, the days on market for closed sales in April 2020 were quicker by 34% at 21 days, and the list-to-sale price ratio was up 1% to 101% over April 2019. Additionally, the median price is up 3% complete year-over-year. In King County, the median price was up 1% complete year-over-year and days on market quicker by 41% at 17 days, and a flat list-to-sale price ratio of 101%.

Tight inventory started in January and continued due to sellers holding off coming to market amid COVID-19. Available inventory is currently not meeting the buyer demand in the market, especially in the lower to middle price ranges. The higher price points have been affected by the increased cost to obtain a jumbo loan, but are still seeing movement. We anticipate more homes coming to the market as we enter into the different phases Washington State has planned to reopen the economy and remain as safe as possible.

For some, now is the right time to sell, and for some it will be later down the road. The timing, safety, and comfort all need to be assessed along with the market data. What I’m pleased to report is that our market is not crashing. In fact, it is adapting! We will most likely find a balance as we head into the remainder of Q2 and start Q3. Many jobs are set to return as the phases unfold. Unlike the 2008 Great Recession, this is a health crisis, not a housing crisis; see this video from Matthew Gardner on this topic. The numbers are telling that story and so is the recent activity.

I strive for excellence when it comes to educating my clients, especially during these historic times that have created uncertainty. I am committed to providing accurate data and real-time information. Please reach out if you’d like to discuss this information and how it relates to your investment and lifestyle. It is simply my goal to help keep you informed and empower strong decisions. Be well!

 

 

We couldn’t have done it without you! Thanks to your generosity, we have surpassed our fundraising goal to benefit local food banks. The Windermere Foundation is matching every dollar up to $3,500, so we will be able to give a total of $7,500 to help feed our neighbors in need.

A portion of this money will go towards buying vegetable starts for the Martha Perry Veggie Garden, which will provide thousands of pounds of fresh produce to local food banks through the summer. Our office will soon get to work helping plant those starts along with the Snohomish Garden Club. We will be in small groups practicing proper social distancing over the course of several days in order to efficiently and safely get this acre of land planted. The rest of the funds will go to the Volunteers of America, who will stretch every dollar to its fullest extent throughout many food banks and food pantries across the county.

 

This is a portion of a larger fundraiser throughout the Windermere network. The funds are still being counted, but the total amount being given to local food banks is currently over $600,000!

 

Thank you!


Posted on May 13, 2020 at 6:42 pm
Cristina Zalavarria | Posted in Community Events, Newsletter |

Monthly Newsletter – May 2019

The generational shift that is happening in our country right now is having a strong influence on demand for real estate. As the Millennials gain a stronger foothold into their adulthood, Generation X settles in with family, Boomers move towards retirement and the Silent Generation find themselves making moves for health reasons, the desire to match their homes to the time in their life is creating strong demand in the real estate market.

 

In the month of April, the absorption rate based on pending sales was 81% in north King County and 91% in south Snohomish County. Historically low interest rates are helping to fuel this demand. In fact, rates are over half a point lower than they were six months ago.  The low rates are enabling people to make moves with less debt service to satisfy their changing needs for housing based on their age and lifestyle. Below you can see a chart from the National Association of Realtors outlining this motivation.

Recently, the National Association of Realtors did a survey of home buyers to help understand the generational influence on real estate. From July 2017 to June 2018 they gathered data which outlined the top motivators for each age group. Let’s take a look at what caused these groups to make moves.


Young Millennials (1990-1998)
This group accounted for 11% of all home buyers and were predominantly first-time home buyers. Motivated by the desire to start building wealth through owning real estate and purchasing as close to work as possible, this group enjoyed small ramblers, townhomes and condos. This group used financing to obtain their purchases and used savings or gift funds to amass their down payment. A common misconception from this group is that they need a large down payment in order to purchase. This group utilized loan programs with smaller, single-digit down payments to help get their foot in the door of becoming a home owner and building wealth.

Older Millennials (1980-1989)
This group accounted for 26% of all home buyers, the largest group! They have become more established in their careers and are getting married and having children, which is creating the need for a larger home. They tend to gravitate toward larger homes and are willing to move a bit further away from work to obtain the larger square footage. This group is moving into the suburbs and considering school districts and commute times. Some were able to move equity from their first home to the next, creating a larger down payment;  others bought for the first time to avoid high rents.

Generation X (1965-1979)
This group accounted for 24% of all home buyers, the second largest group. They are motivated to upgrade to the largest square footage of all, and take a multi-generational approach to their housing. Many with aging children and/or parents, it is not uncommon for this group to consider having room for adult children or older parents. Still in prime earning years, proximity to work is very important.  Positive equity positions have helped this group make these transitions.

Younger Boomers (1955-1964)
This group accounted for 18% of all home buyers. Job change and desire to be closer to friends and family motivated this group. Positive equity growth enabled some of this group to have sizable down payments. Another interesting fact about this group is that one in four were a single female, some of which were first-time home buyers.  In some cases divorce and death lead individuals to still take on home ownership to build wealth and avoid high rents.

Older Boomers (1946-1955)
This group accounted for 14% of all home buyers. The ability to move equity from one home to the next was a huge influence for this group, and enabled them to find that “forever home” with large down payments and in some cases with “all cash”. The house with less maintenance, more upgrades, possibly further away from job centers, but still close to family and friends.  Single level living is of high priority for this group along with turn-key finishes.

Silent Generation (1925-1945)
This group accounted for 7% of all home buyers and often centered themselves in senior living choices. Smaller homes or condos with stair free access in communities close to family and health services are a priority for this group. Through years of equity growth many of these purchases are “all cash” or only with the need for a very small mortgage.

Life changes motivate real estate decisions.  Career changes, marriage, divorce, family size, retirement, and the desire to be close to family and friends are just some of the reasons people decide to make moves. Fortunately, today’s low interest rates and the ability to transfer equity from one property to another is having a positive effect on demand for real estate. The recent balancing of the market due to more inventory has also made it a bit easier for first-time home buyers to purchase a home.

If you’re curious about the market and how your goals, current lifestyle, and financial position measure up, please contact me. I can help you analyze your ability to match your home to your life. It is my goal to help keep my clients informed and empower strong decisions.

We are collecting vegetable seeds and starts for the Martha Perry Garden, where volunteers grow thousands of pounds of fresh produce every year for local food banks.

My office will be spending a volunteer day in the garden for our annual Community Service Day in June. In addition to our labor, we will gift them all of the vegetable seeds and starts collected between now and then.

All seeds should be no more than a year old, although fresh seeds are preferred.

Wish List:

Basil, Beets, Cabbage, Carrots*, Cauliflower, Chard, Cucumbers, Green Beans, Herbs, Marigolds, Peppers, Radishes, Summer Squash, Snow Peas, Tomatoes, Winter Squash, Zucchini

*High Demand!

Starts of cucumbers, winter & summer squash, cole crops (cabbage, cauliflower, broccoli, kale, etc) are especially welcome

Thank you!!

 

Windermere Foundation Recognized at Puget Sound Business Journal Philanthropy Luncheon

The Windermere Foundation was recognized last week, along with 74 other generous companies, at the annual Puget Sound Business Journal’s Corporate Philanthropy luncheon. The Windermere Foundation moved up the list (and it’s a very impressive list, full of national and international companies!) from #22 to #17!

Check out WindermereFoundation.com for more info on our culture of giving back.

 


Posted on June 4, 2019 at 2:13 am
Cristina Zalavarria | Posted in Newsletter |

Sending Kids to Summer Camp

Every year, my office comes together to provide summer camp scholarships for local kids who may not otherwise have the opportunity to experience the adventures of overnight camp. We partner with YMCA Camp Orkila and Camp Colman; local programs dedicated to nurturing the potential of youth, promoting healthy living, and fostering social responsibility.

This year, we collectively donated $16,125 for these camp scholarships. With a Windermere Foundation match of $1,000, our 2019 total of $17,125 is our highest number ever! But that wasn’t the end. An anonymous YMCA donor matched an additional $4,338, bringing us to $21,463 – Wow!

Overall, since 1994, we are responsible for $186,918 in summer camp scholarships for local kids who may be homeless, in transitional living shelters, living through family crisis, or existing within economic means that does not allow them the opportunity to experience the adventures of summer camp that other kids do. I am so proud to be part of an office that cares so deeply for the community!


Posted on May 28, 2019 at 10:55 pm
Cristina Zalavarria | Posted in Community Events |

Monthly Newsletter

With the sharpest increase of available homes for sale in years, more opportunities are now available for buyers, including first-timers. Many first-time home buyers have sat on the sidelines and remained renters due to the constriction of inventory, which put major pressure on price affordability. Not only has affordability been an issue, but the terms required to prevail in a multiple-offer situation were often not within reach for someone entering the market for the first time.

For example, over the last 12 months in the Seattle Metro area we have seen a 66% increase in the selection of homes for buyers to choose from. There is currently 1.8 months of available inventory based on pending sales versus 0.8 months that was available the same month last year. This is still a seller’s market (0-3 months), but it is providing more than twice as much selection than a year ago. This loosening up of the market has helped to temper price growth by reducing the amount of price escalations and the need to have super aggressive financing terms in order to secure a home.

You see, over the last 3-4 years we have experienced double-digit price appreciation (10-14%) year-over-year, each year. A normal rate of appreciation is 3-5%. Minimal amounts of available inventory, low interest rates, and rapid job growth lead to this increase in prices. Now that more homes are coming to market and job growth has stabilized a bit (still growing, but not as fast), price growth has slowed. This is good news for sustainability and affordability. Here’s the deal though – we are still experiencing growth in values, making home ownership a sound investment over renting.

According to the most recent survey from rentcafe.com, the average rent for an apartment in Seattle is $1,906 with an average square footage of 736 sq. ft. That is quite a bit of money for not a ton of space. Further, that monthly expenditure does not create any wealth for the renter, only for the landlord. With renting, rates can be increased at any time, and you are paying down someone else’s asset, not your own. Also, owning gives the homeowner control of their overhead, while getting to make their house their home by adding improvements such as painting.

There are several factors to consider that will lead a person to make the best decision for their lifestyle and their financial bottom line. One of the biggest factors is interest rates! Currently, the rate for a 30-year fixed, conventional, conforming loan is hovering around 4.88%. Up from earlier this year and predicted to rise, but still historically low over the course of the last 30 years. These rates need to be considered the greatest opportunity of them all! With prices tempering and rates still under the 30-year average of 6.65%, buyers are able to secure a sound investment with very low debt service.

With interest rates predicted to rise over the next year, a good rule of thumb to remember is that for every one-point increase in rate, a buyer loses 10% of their buying power. For example, if the rate jumps from 4.75% to 5.75% and one wants to keep the same monthly payment, they must adjust their price point down by 10%. So, a $450,000 budget becomes a $405,000 budget, and that isn’t taking appreciation into consideration. If you assume an average appreciation rate of 4% year-over-year, today’s $450,000 house will be $468,000 next year. What side of the equity growth do you want to be on? As an owner now, or a buyer a year from now, when prices are higher and interest rates are most likely higher as well?

Once you secure a mortgage, the payment stays the same over the term of the entire loan. The long-term benefits of owning are abundant, including the stability of not being asked to move. These are important factors to consider for everyone, but especially millennials, who are enjoying the benefits of Seattle’s attractive job market. One myth to address is the common belief that you must have a 20% down payment in order to buy a home. That is simply not true. There are loan programs as low as 3% down, decreasing the need to have a large sum of money saved up before being able to buy.

Where folks are having to compromise the most due to affordability is commute times, and settling in less-urban neighborhoods. Worth pointing out, is the average home price in south Snohomish County is 34% less than Seattle Metro – that is a huge savings! Further, south King County is 74% more affordable than Seattle. Some people, mainly millennials, have not been willing to give up living in the core urban neighborhoods that have high walk scores and shorter commute times. That should be apt to change with more selection available in the purchase market, coupled with low interest rates. The advantages of moving out a little further and securing a home will start people on the track of building long-term wealth. If you or anyone you know is currently renting and is considering a change, please let me know, as I would be happy to get their questions answered and help them make an informed decision.

 

 

Don’t Wait for a Disaster to Build Your Emergency Kit

Two Weeks Ready: Be Prepared. Build Kits. Help Each Other.

The first few days after a disaster are often the most critical. Government and essential services may not be available right away, depending on the circumstances. It is imperative to have a plan in place for such a time, and be ready to act on your own.

Washington’s biggest disaster threat is from earthquakes. Washington State’s Emergency Management Division advises that we take precautions to be on our own for at least 2 weeks. Take a look at their Two Week Ready Brochure (PDF) that outlines the basics necessary for your emergency kit. While it is important to get ready, don’t feel like you have to do it all at once. The list of necessities is long, so take a look at the agency’s year-long prep plan. You will also find information on pet preparedness, as well as the agency’s Drop, Cover, and Hold Earthquake Scenario map.

 

#TackleHomelessness Update

During last weekend’s win against Dallas, the Seattle Seahawks had 46 defensive tackles, raising another $4,600 for Windermere’s #TackleHomelessness campaign. Combined with what we’ve raised over the past two seasons, this brings our to-date grand total to $71,400! All season long we’ll be partnering with the Seahawks to raise money for YouthCare in support of homeless youth.


Posted on September 30, 2018 at 1:47 am
Cristina Zalavarria | Posted in Newsletter |

Pumpkin Patch Guide 2018

Nothing feels more like fall than pumpkin picking, hay rides and corn mazes. Get your latte in hand and head out to any one of these great, local farms to have some harvest fun and find that perfect jack-o-lantern to light up your porch.

Times, dates & activities may change, please use the links provided for details.

 

KING COUNTY

Baxter Barn
31929 SE 44th St, Fall City
Pumpkin patch, tractor-pulled hay rides, fresh eggs, gift shop, pony rides, picnic area, farm animals

Carpinito Brothers
1148 Central Ave N, Kent
Pumpkin patch, corn maze, farm fun yard, hay rides, produce stand, concessions

Fall City Farms
3636 Neal Road, Fall City
Pumpkin patch, tractor-pulled hay rides, fresh honey, pre-picked produce, farm animals, snacks and refreshments.

Fox Hollow Family Farm
12031 Issaquah Hobart Rd SE, Issaquah
Pumpkins for sale, hay bale maze, bouncy house, face painting, haunted house, pony rides, petting zoo, farm animals, concessions

Jubilee Farm
229 W Snoqualmie River Rd NE, Carnation
Pumpkins, horse-drawn covered wagon rides, hay rides, hay bale maze

Oxbow Farm
10819 Carnation-Duvall Rd NE, Carnation
Pumpkins, produce, picnic area, playground

Mosby Farm Pumpkin Patch
12747-b South East Green Valley Rd, Auburn
Pumpkin patch, corn maze,  tractor-pulled hay rides, snacks and refreshment stand, picnic area

The Nursery at Mt Si
42328 SE 108th St, North Bend
Pumpkin patch, tractor-pulled hay rides

Remlinger Farms
32610 NE 32nd St, Carnation
Pumpkin patch, corn maze, animal barnyard, pony rides, steam train, hay jump

Serres Farm
20306 NE 50th St, Redmond
Pumpkin patch, corn maze, duck races, animal train

Thomasson Family Farm
38223 236th Ave SE, Enumclaw
Pumpkin patch, corn maze, kids korral, tractor train rides, pumpkin sling shot

Tonnemaker Valley Farm, Woodinville Farm Stand
16215 140th Pl NE, Woodinville
You-pick pumpkin patch, you-pick flowers, produce stand, on-site pepper roasting on Saturdays

 

SNOHOMISH COUNTY

Biringer’s Black Crow Pumpkins & Corn Maze
2431 Highway 530 NE, Arlington
Pumpkin patch, corn maze, straw or hay bale maze, tractor-pulled hay rides, farm market, picnic area

Bob’s Corn & Pumpkin Farm
10917 Elliott Rd, Snohomish
Pumpkin patch, corn maze, bonfire & picnic area, hay rides, pony rides, playground, concessions

Carleton Farm
630 Sunnyside Blvd SE, Lake Stevens
Pumpkin patch, train rides, corn maze, haunted corn maze, tractor-pulled hay rides, farm animals, farm market

Craven Farm
13817 Short School Rd, Snohomish
Pumpkin patch, corn maze, tractor-pulled hay rides, face painting, farm animals, snacks & refreshment stand

The Farm at Swans Trail
7301 Rivershore Rd, Snohomish
Pumpkin patch, corn maze, pick your own apples, pig & duck races, petting zoo, putt-putt golf and more

Fairbank Animal Farm & Pumpkin Patch
15308 52nd Ave W, Edmonds
Pumpkins, petting zoo, farm animals, picnic area

Fosters Pumpkin Farm
5818 State Route 530 NE, Arlington
Pumpkin patch, corn maze, hay bale maze, corn cannon, pre-picked produce, face painting, farm animals, snacks and refreshment stand, picnic area

Stocker Farms
8705 Marsh Rd, Snohomish
Pumpkin patch, corn maze, haunted corn maze, tractor-pulled hay rides, jumping pillow and more

Thomas Family Farm
9010 Marsh Road, Snohomish
Pumpkin patch, corn maze, monster truck rides, haunted house, gem mining, Zombie Safari Paintball Hayride, beer garden, putt-putt golf and more

 

PIERCE COUNTY

Double R Farms
5820 44th St E, Puyallup
Pumpkin patch, corn maze, hay rides, farm animals, pumpkin sling shot

Maris Farms
25001 Sumner-Buckley Hwy, Buckley
Pumpkin patch, corn maze, haunted woods, farm animals, hay ride, trout fishing, play ground

Picha’s Farm
6502 52nd St E, Puyallup
Pumpkin patch, corn maze, hay ride, pumpkin sling shot, concessions

Scholz Farm
12920 162nd Ave E, Orting
Pumpkin patch, corn maze, play area

Spooner Farms
9622 SR 162 E, Puyallup
Pumpkin patch, farm animals, face painting, pumpkin sling shot, concessions


Posted on September 3, 2018 at 5:18 am
Cristina Zalavarria | Posted in Community Events |

Don’t Wait for a Disaster to Build Your Emergency Kit

Two Weeks Ready: Be Prepared. Build Kits. Help Each Other.

The first few days after a disaster are often the most critical. Government and essential services may not be available right away, depending on the circumstances. It is imperative to have a plan in place for such a time, and be ready to act on your own.

Washington’s biggest disaster threat is from earthquakes. Washington State’s Emergency Management Division advises that we take precautions to be on our own for at least 2 weeks. Take a look at their Two Week Ready Brochure (PDF) that outlines the basics necessary for your emergency kit. While it is important to get ready, don’t feel like you have to do it all at once. The list of necessities is long, so take a look at the agency’s year-long prep plan. You will also find information on pet preparedness, as well as the agency’s Drop, Cover, and Hold Earthquake Scenario map.


Posted on September 3, 2018 at 5:18 am
Cristina Zalavarria | Posted in Community Events |

Windermere and the Seahawks are Back for Another Season to #TackleHomelessness!

All of us at Windermere are very excited to kick off our third season as the Official Real Estate Company of the Seattle Seahawks!

Once again, our #tacklehomelessness campaign is front-and-center, with the Windermere Foundation donating $100 for every Seahawks home-game tackle during the 2018 season to YouthCare, a Seattle-based non-profit organization that has been providing services and support to homeless youth for more than 40 years. Over the last two years, the Seahawks helped us raise over $66,000 through our #tacklehomelessness campaign, and this year we are looking forward to raising even more money – and awareness – for this important cause.

Our partnership with the Seahawks and YouthCare fits perfectly with the mission of the Windermere Foundation which is to support low-income and homeless families in the communities where we have offices. Through the #tacklehomelessness campaign, we hope to be able to do even more.


Posted on September 3, 2018 at 5:17 am
Cristina Zalavarria | Posted in Community Events |

Windermere Foundation Update

Thanks to the generosity of Windermere agents, staff, franchise owners, and the community, the Windermere Foundation has proudly donated a total of $920,351 so far this year to non-profit organizations that provide services to low-income and homeless families. This brings the total amount of money that the Windermere Foundation has raised since 1989 to over $36 million. We could not accomplish these numbers without the unwavering loyalty and support of clients like you – thank you!

Each Windermere office has its own Foundation fund account that we use to help organizations in our own local community. This past year, my office had the privilege to: provide 26 foster boys a plentiful Christmas morning; give full holiday dinners plus additional groceries to families receiving aid from Pioneer Human Services; spend a full day helping the Snohomish Garden Club plant thousands of pounds of fresh produce for local food banks; and send 40 kids to YMCA Camps Orkila and Colman who would not have otherwise had the opportunity.

Thank you for choosing Windermere and making all of this possible. Your impact is meaningful, and together we are changing lives.


Posted on September 3, 2018 at 5:15 am
Cristina Zalavarria | Posted in Community Events |

Monthly Newsletter

Keeping Price Growth in Perspective,
Opportunities Abound for Both Buyers and Sellers

 

“How’s the Market?” is a question I am asked all the time. It is a common segue in casual conversation over the neighbor’s fence, at a cocktail party or family gathering. Now more than ever, the answer to this question is critical, yet fascinating. You see, our market is experiencing a long-awaited correction, a tempering of price appreciation. This is providing great opportunities for both buyers and sellers.

For so long, inventory has been so limited that prices have had nowhere else to go but up, and up fast! In May, we saw the largest jump in new listings in a decade, which created a slowdown in month-over-month price appreciation. This was especially exacerbated due to the scarcity of inventory in the first quarter of the year when many jobs were being filled by big companies in the area, skyrocketing demand. The graphs above illustrate the price growth in both King and Snohomish Counties. If you average out the last 12 months and compare to the previous 12 months, prices are up 14% in King County and 13% in Snohomish County. Due to a large increase in inventory and other factors, we have seen prices start to balance out since May.

Additional factors that play into this healthy adjustment on the run-up of prices are interest rates, affordability, and Seattle summertime. First, interest rates have been dancing. They have climbed over a half a point from a year ago, which has been coupled with double-digit price growth, forcing many buyers to take a step back. Bear in mind that interest rates are still under 5% and well below the 30-year average of 6.61%. This must be taken to heart!

Affordability has been a huge factor that played into the reduction of absorption rate once the increase in new listings hit this Spring. This was especially true in King County. Prices peaked so far this year at $725,000 in April, whereas they peaked in Snohomish County at $510,000 in June. This is simple supply and demand, as buyers have had more selection. Further, many buyers turned their heads north to find a more affordable option while still sustaining a manageable commute.

The bottom line is that it just got too expensive for some to make King County their home, even Snohomish County for that matter. Combine that with an influx of selection, and you find the top of the market so far in 2018. This is not a bad thing! We must keep the double-digit, year-over-year price appreciation in perspective, and trust that the market factors which led to prices balancing out are healthy. A typical appreciation rate is 3-5%. Matthew Gardner, Windermere’s Chief Economist, predicts that we will finish out 2018 with 7-8% appreciation over 2017, which is well above the norm of 3-5%. Sustainable growth is important to the overall health of our economy and culture; this provides opportunity.

Buyers take heed. As we come out of the Seattle summertime seasonal slowdown, we anticipate a little run on new listings in September and October. Note on the graph above that we seasonally see prices peak in the late spring and early summer, due to many folks taking time to enjoy the summer months traveling and relaxing a bit. If you have been a sidelined buyer or have been thinking about making a move, the remainder of 2018 may be your time to enjoy more selection, still-low interest rates, and the chance to secure the best home for your lifestyle.

Interest rates are still attractive (historically attractive) and are predicted to rise. Plus, selection has increased, making negotiations not as intense. Multiple offers are not always the norm these days, which provides some breathing room for luxuries like inspections and relying on the bank’s appraisal to confirm value. Also, if you are a buyer that needs to sell a home first in order to purchase, this environment is much more forgiving. Believe it or not, we have even started to see contingent offers make a comeback.

This was one reason why we saw such a limit on inventory, because folks were not able to make fluid moves, so they just uncomfortably stayed put. It was the many baby boomers who came to market this spring and summer who relocated out of the area that loosened this up, paving the way for the local first-time, move-up, or move-down buyer to have some opportunity to transition.

So what does all this mean for potential sellers? Well, a lot! The word of the day is perspective. You must keep a close connection to the double-digit, year-over-year price appreciation we have seen over the last three years, and come to terms with today’s balancing out. Great equity gains are behind every homeowner who has owned their home since 2012. If that equity has been cared for, there are large profits to turn, even though you might not get multiple offers. All it takes is one good buyer for a successful sale!

It is all about what is motivating you. If a move seems interesting or imminent, chances are you can take that equity and turn it into something that better matches your current lifestyle. This is where a detailed assessment of the features of your home, along with an analysis of market conditions can be developed into a winning strategy. This does not come easy and requires in-depth research, close attention to condition and comparable homes, and outstanding marketing and merchandising.

Where I have seen the most opportunity is when sellers partner up and listen to the professional assessment of all of these factors. It often leads to satisfying results with one buyer, or believe it or not, the occasional multiple offer. Our market is exciting, but it takes skill to set level expectations, which leads to positive results.

If you or someone you know is curious about “How’s the Market?”, please reach out. Education and explanation are key to awareness, which leads to clarity. I love what I do and look forward to the opportunity to serve during this changing time. It is my goal to help keep my clients informed and empower strong decisions.

 

 

We are so fortunate here at Windermere to have Matthew Gardner help keep us informed on our economy and the real estate market. Each quarter Matthew compiles in-depth research on counties from across Western Washington. Click here to download Matthew’s full Q2 report.

 

 

Summer is quickly coming to a close, and it’s time to think about prepping your yard for fall.  Here are a few quick tips to get you started, and a full article here.

Fertilizing

All summer long, plants and grass are using up nutrients in the soil. After months of growing, your soil’s reserves become depleted, which is why a fall fertilizer is great to restore nutrients and give your grass, shrubs, and perennials a boost to help them make it through winter. It is recommended to fertilize once every season.

Stop Pruning and Watering

Late summer and fall might seem like a good time to prune dead flowers and branches, but several experts recommend waiting until spring to prune anything. Pruning stimulates new growth, but with the frost coming, chances are this new growth won’t survive. Pruning also interferes with the plant when it is going dormant.

In late September, you should also stop watering your plants to help them go dormant as well.

Furnace Filter

Okay, this isn’t really a yard tip but it’s still important, and after all this smoke – critical! It’s recommended that you change your furnace filter at least every three months, if not more often. Having a clean furnace filter will make the air circulating through your house cleaner, and will put less stress on your heating and air systems.


Posted on September 3, 2018 at 5:15 am
Cristina Zalavarria | Posted in Newsletter |

Windermere and the Seahawks are Back for Another Season to #TackleHomelessness!

All of us at Windermere are very excited to kick off our third season as the Official Real Estate Company of the Seattle Seahawks!

 

Once again, our #tacklehomelessness campaign is front-and-center, with the Windermere Foundation donating $100 for every Seahawks home-game tackle during the 2018 season to YouthCare, a Seattle-based non-profit organization that has been providing services and support to homeless youth for more than 40 years. Over the last two years, the Seahawks helped us raise over $66,000 through our #tacklehomelessness campaign, and this year we are looking forward to raising even more money – and awareness – for this important cause.

 

Our partnership with the Seahawks and YouthCare fits perfectly with the mission of the Windermere Foundation which is to support low-income and homeless families in the communities where we have offices. Through the #tacklehomelessness campaign, we hope to be able to do even more.


Posted on August 10, 2018 at 5:11 am
Cristina Zalavarria | Posted in Community Events |