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Kari's Blog • Real Estate Market Updates & Insight • Real Estate Related • January 29, 2024

Local Market Update – January 2024

by Kari Haas

Despite moments of snow in Western Washington, the local real estate market is slowly warming, as new opportunities arise for both home buyers and sellers. Lower mortgage rates are welcome news for buyers, and low inventory means sellers are starting the year with minimal competition.

King County continues to see residential price gains, with last month’s median sold price of $849,950 up from $825,000 a year ago. Condo prices also rose, up 15% from $465,000 in December 2022 to $537,000 last month. King County is also experiencing a reduced supply of available single-family homes. At the end of last month, inventory stood at 1.3 months, down from 1.6 months at the end of November and 2.0 months a year prior.

In a slightly different dynamic, Seattle experienced a decrease in both inventory and home prices last month. The median residential sold price was down from $879,975 in December 2022 to $850,000 last month. And December ended with 1.7 months of inventory, down from 1.9 months the previous month. While 16% of homes sold above list price in December, that was significantly lower than November, when 29% sold above asking. Seattle condo prices rose year-over-year, from $512,500 in December 2022 to $585,000 last month, with supply dropping 22 percent.

Following a modest decline in November, the Eastside rallied with an 11% bump in the median residential sold price, up from $1,400,000 last year to $1,440,000 last month. Further proof of a warming Eastside market: residential inventory is less than half of what it was last year, down from 2.5 months at the end of 2022 to just 1.2 months at the end of 2023. Mirroring the residential market, Eastside condominiums experienced a healthy 12% price increase last month, up from a median of $565,000 a year ago to $630,000.

Snohomish County was an interesting tangle of contradicting sales data. Median residential sold prices saw a slight year-over-year decrease last month, down from $700,000 to $684,995. This price decrease occurred despite a dramatic drop in inventory. The supply of Snohomish County single-family homes stood at just 0.8 months at the end of December, down from 1.8 months the year prior. Of the four areas reported in this market update, Snohomish County saw the lowest percentage of sold homes that had experienced a price reduction, at 41%, perhaps a reflection of the drastically reduced supply. Another possible outcome of the limited supply of single-family homes: the median sold price for Snohomish County condos jumped 11% year over year, from $469,950 in December 2022 to $523,500 last month.

As we move further into the new year, buyers remain hopeful that interest rates will continue to drop. The inventory of homes on the market has declined from a year ago in most markets, prompting price gains during what’s normally a slower time of year. Overall, the regional condo market has seen sustained activity, with unit sales experiencing only a modest decrease in the face of lower inventory and higher prices.

With regional submarkets exhibiting varying dynamics, it’s more important than ever for buyers and sellers to have a knowledgeable expert at their side. So connect with your Windermere broker to co-create a strategy that’s best for your buying or selling journey.

EASTSIDE

King County

Seattle

Snohomish County

 

Real Estate Market Updates & Insight • September 14, 2023

September 2023 Real Estate Market Update

by Kari Haas

As summer draws to a close, the local housing market remains somewhat unsettled. This is due to persistently high interest rates that have caused buyers to pause and sellers to hold onto their pandemic-era mortgage rates, as well as low inventory increasing competition for the available listings. Sold home prices in some areas have begun to see year-over-year price increases in relation to the slowdown that hit the market at the end of last year.

Windermere’s Chief Economist Matthew Gardner remarked on this trend. “Historically, the number of homes for sale slows in August,” he said. “Where sales did occur, prices rose between July and August in King and Pierce counties.” Gardner also described these conditions as “very unique times” in the housing market.

While these conditions may be challenging to navigate, sellers are still finding success with correctly-priced listings. New listings are attracting multiple offers and often sell over list price. Buyers who come prepared with strategic offers and a willingness to waive contingencies can break into the market with the guidance of a savvy broker.

King County was one of the regions that saw year-over-year price gains. The median price for a single-family home rose 0.7% from $899,999 in August 2022 to $906,250 last month. Condos saw even bigger gains, likely due to their better affordability for new homebuyers. The median price for condos in August was $525,000, up 8.25% from $485,000 the same time a year ago.

The Seattle market hasn’t quite caught up to its pricing from this time last year. There, the median price for single-family homes in August was $899,000, down about 3% from $927,000 in August 2022. On the other hand, the condo market saw a 10.5% price increase year-over-year, rising from $520,000 in 2022 to $575,000 last month.

Eastside median sold prices fared better. After a somewhat sluggish summer in terms of pricing, last month the median price for single-family homes rose to $1,453,000. That’s an increase of 7.6% from $1,350,000 in August 2022. Condos in the area also saw price growth, with median sold prices increasing 5.4% from $569,000 last year to $600,475 in August.

Like Seattle, Snohomish County also hasn’t caught up to its 2022 prices, though this is likely because the county had fewer fluctuations in the last year and may be experiencing the typical end-of-summer slowdown that is common in the housing market. There, the median price for single-family homes was down 2.6% from $749,999 last August to $730,563 this year. The condo market was virtually unchanged in pricing, increasing from $474,999 in August 2022 to an even $475,000 last month.

In all the areas mentioned above, condos generally saw the most notable price gains. This is likely due to their greater affordability for first-time homebuyers and those in the median price-bracket. With interest rates still fluctuating, many buyers are rethinking their plans and may be pivoting to the condo market, thus driving up demand and prices.

Matthew Gardner sees the current real estate market as still “lack[ing] direction,” due to the ongoing interest rate issues. He says “it likely won’t find its footing until mortgage rates start to pull back, which I expect to see as we enter the fall months – and assuming the U.S. economy continues to moderate.”

The remainder of the year will set the tone for how the market looks in 2024. Until then, your Windermere broker can help you navigate these changing conditions and find a strategy that’s best for your buying or selling journey.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com.

Real Estate Market Updates & Insight • July 18, 2023

July 2023 Real Estate Market Update

by Kari Haas

This summer’s local housing market is seeing low inventory feed higher prices, putting the squeeze on would-be buyers. June is typically the month where home prices reach their apex, and last month was no exception as King and Snohomish counties’ prices neared the peaks seen during the sugar high of the pandemic market.

Approximately 80% of recent transactions have been in the more affordable and mid-price ranges, which are nearly sold out at the moment. Because of this, multiple offers and offers over list price were more prevalent in June’s closed home sales than at any other point this year.

Windermere’s Chief Economist Matthew Gardner addressed the inventory shortfall. “The number of homes for sale in the Central Puget Sound area in June was down 48% from the same month in 2019 (pre-pandemic),” he said. “I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you don’t have to.”

In King County, the median sold price for a single-family home landed at $935,000 in June. This is just a notch below the median price of $938,225 in June 2022. The scarce inventory has caused buyers to compete more aggressively and sellers to list higher, thus leading to comparable peaks as the pandemic market in the summer of 2022. Likewise, condos were up from $525,000 in June 2022 to a median of $529,975 last month.

In Seattle, June’s median sold price for a single-family home was $930,000, down 7% from June 2022. Condo prices in the city were up year-over-year, with a median price of $550,000—an increase from $538,700 last June. This jump could be due in part to rising residential prices pushing some buyers into the more affordable condo market.

The Eastside, meanwhile, is seeing sales activity slow because of extremely limited supply. The level of new inventory coming onto the market is just 44% of the 10-year average. As a result, median prices have held strong. In June, the median sold price for an Eastside single-family home was $1,450,000, barely off last June’s mark of $1,500,000.

In Snohomish County, the median price for a single-family home last month was $774,975, down from $799,950 in June 2022. Condos actually saw a year-over-year price increase, from $500,000 last June to a median of $506,000 last month. The strength of Snohomish County condo prices is likely tethered to low inventory—there is just over a two week-supply of condo units in the area.

Economist Matthew Gardner notes that “Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago. It will be interesting to see if this trend can continue given the stubbornly high mortgage rates.”

Despite the high-interest rates and scant supply, buyers who are educated on the market and working with a trusted broker should be able to navigate these changing market conditions. For more information on how you can make the most of your real estate endeavors, reach out to your Windermere broker.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com.

Investing • July 7, 2023

Mastering the BRRRR Strategy: Tips for Real Estate Investors

by Kari Haas

Real estate investors looking to grow their portfolio understand the importance of adopting the BRRRR strategy (buy, rehab, rent, refinance, repeat). While this strategy can be rewarding, it requires a combination of skills, knowledge, and expertise. Here are some tips to help you master the BRRRR approach.

Up-And-Coming Areas

Choosing the right location is crucial when it comes to real estate investing. As a BRRRR investor, focusing your search on up-and-coming areas will cause the property to appreciate as you work on it. The best thing about up-and-coming areas is that they are affordable and offer great potential for growth and development. Identifying these areas early on can be the difference between a profitable investment and a failed one.

Undervalued Properties

The next step is to look for undervalued properties with the potential for appreciation. You want to find properties that are sold below market value but have the potential to increase in value after renovations. Doing so ensures that you get the best profit possible. Keep in mind that the key to finding undervalued properties is research, persistence, and patience.

Choosing Renovations

Once you’ve found the perfect property, the next step is to start making renovations. However, budget constraints can cause you to run out of funds before completing the project. To minimize this risk, focus on renovating the most valuable and necessary aspects of the property first.

Digitizing Paperwork

Real estate investment involves managing a lot of paperwork, which can be overwhelming if you have multiple properties. However, digitizing your documents into PDFs and storing them in the cloud is an effective solution. Digitization saves space, reduces clutter, improves security, and makes it easier to retrieve documents when you need them. If you use a PDF file converter, you can streamline your real estate investment process and focus on growing your portfolio.

Timeline and Budget

Time and budget are crucial factors when it comes to real estate investing. As a BRRRR investor, it’s essential to be mindful of your timeline and budget. You want to ensure that you complete the project on time and within budget. Running over budget or taking too long to complete the project can eat into your profits.

Understanding the Local Real Estate Market

Having a solid understanding of the local real estate market is key to making informed decisions when investing. You need to know when the right time to sell is, what properties are in demand, and what features buyers are looking for. A good way to stay informed is by networking with local real estate agents, attending industry events, and following market trends online.

Market Effectively

The final step is to market the property effectively. You want to attract as many potential buyers as possible to increase your chances of selling quickly and at a good price. Effective marketing involves professional photography, virtual tours, detailed descriptions, and listing your property on reputable real estate websites. The more exposure your property gets, the higher the chance of finding the right buyer.

 

In conclusion, mastering the BRRRR strategy requires a combination of skills, knowledge, and expertise. By focusing your search on up-and-coming areas, looking for undervalued properties with potential for appreciation, keeping all paperwork digitized, and more, you can increase your chances of success as a BRRRR investor.

 

When you’re ready to purchase a home, contact the Kari Haas Real Estate Team for exceptional service and local expertise.

Image: Pexels

This post was written by Micah Norris for the Kari Haas Real Estate Team blog.

Real Estate Market Updates & Insight • June 27, 2023

June 2023 Real Estate Market Update

by Kari Haas

The more frenetic activity of a typical spring real estate market has certainly hit our area, with buyers out in droves looking for homes. What they’ve found, however, is high competition and scant listings. The region’s low housing inventory has been a constraint that has resulted in fewer closed sales than we’ve seen in recent spring markets.

According to real estate experts, housing supply and interest rates are the defining obstacles for buyers at the moment. On the Eastside, active inventory is only 32% of the 10-year average, and new listings are off 34% year-to-date. This is driving prices up, while interest rates put a damper on what buyers can afford. While recent demand has been strong, experts expect that demand will taper off as interest rates approach the 7% mark.

However, because inventory is so scant, sellers who adequately price their homes are seeing success in this market. As an example, around 44% of properties on the Eastside are selling above their asking price, at an average of 5% over list. Anecdotally, the homeowners who are most likely to sell at the moment are those who purchased before the historic low-interest rates of the pandemic or have paid off their homes and are thus mortgage-free. Buyers in this market also have some negotiating power, having successfully negotiated pre-inspections, homeowner warranties, and seller-paid closing costs to mitigate the high rates.

In King County, with just shy of one month’s inventory, competition in the area is fierce, and buyers will need to be ready to negotiate when the right listing comes along. The county’s median sold price for a single-family home dropped almost 9% year-over-year, from $998,888 in May 2022 to $910,000 this year. However, that’s still an increase from April’s median of $875,000.

Seattle had a similar low inventory, at one month’s supply. The median sold price for single-family homes rose from $886,000 in April to $905,125 last month. While there’s been continued monthly price growth so far this year, May’s median sold price was still down 11.7% from the median of $1,025,500 in May 2022. Although residential inventory is tight, buyers in the city may have more luck with condos, which are both more affordable and plentiful. The Seattle condo market currently has almost two months of inventory and a more reasonable median price of $550,000.

Like Seattle, the Eastside has just one month of inventory at the moment. However, higher interest rates are being felt a little more in this pricier area, as May’s median sold price for a single-family home did not change from April’s median of $1,450,000. This is down 8.8% from the median of $1,590,000 in May 2022. The supply of Eastside condos is lower than the residential supply, with just .8 months’ inventory. At a median sold price of $582,000 last month, condos may be a slightly easier path to homeownership for those searching on the Eastside.

Finally, Snohomish County saw month-over-month price gains in May, landing at a median sold price of $780,000 for a single-family home, up from $767,500 in April. May’s median price was down 8% from $782,000 in May 2022. The county’s more affordable price points may allow for better appreciation in the area, despite the continued higher interest rates that have stifled other local markets. With just two weeks of inventory, the Snohomish County condo market is the tightest regional market at the moment. The median price for condos in the area is $544,900, down less than 1% from $550,000 in May 2022.

As buyers and sellers navigate continued low inventory and high-interest rates, they both must be comfortable negotiating terms to achieve the best possible outcome. Buyers should be ready to move fast and bring as much cash as possible, while sellers should be cognizant of the burden higher rates can create and price their listings accordingly.

If you have questions about these housing market trends or real estate, please give the Kari Haas Real Estate Team a call.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com.

For Buyers • For Home Owners • For Sellers • Kari's Blog • Real Estate Market Updates & Insight • May 11, 2023

May 2023 Real Estate Market Update

by Kari Haas

As the weather warms, so too does our real estate market, it seems. With dwindling inventory and climbing prices, the housing market is on an upswing, even if it’s a small one. This places sellers back in the driver’s seat, with buyers forced to compete against multiple offers and in the face of higher interest rates than last spring.

The evidence for the market’s positive growth can be found in higher median closed sales prices, an increased percentage of multiple offers, and a higher median percentage paid above the original asking price. At this point, the primary constraint on the market is a lower number of active listings. Many sellers are reluctant to part with their historically low-interest rates from the pandemic years, and with volatile interest rates, it’s an understandable predicament.

The lower number of available homes on the market has contributed to rising prices as buyers compete for a limited pool of properties. This trend often leads to multiple offers and bidding wars, further increasing prices.

For those buyers who do decide to jump into the fray, interest rates remain a key factor in determining their buying power. For the last few months, activity in the market has ticked up when rates dip, but some buyers are willing to face higher interest rates with the plan of refinancing when rates settle.

Even with that in mind, interest rates can have a huge impact on a buyer’s price bracket. For example, the median Seattle home price has declined by about 13% ($133,950) year-over-year. However, the increase in interest rates has offset this reduction. As a result, the median monthly mortgage payment remains around $5,507, which is comparable to the payment amount from a year ago — despite a lower median sold price.

Although home prices in our region may be lower year-over-year, prices have generally been increasing each month this year. In King County, April’s median single-family home price was $875,000. That’s down 12.6% from last April’s $995,000 but up from a median of $840,000 in March. A single month of available inventory means competition for homes is tight throughout the county.

In Seattle, April’s median price for a single-family home was $886,000 — down quite a bit from the same month last year, when the median price was $1,019,950. However, prices were up from a median of $869,975 in March, and a low inventory of just over a month’s supply means demand is still high, and prices are likely to keep inching upward. Condo prices in the city were actually up year-over-year, with a median sold price of $539,000 in April, compared to $512,500 in April 2022.

The Eastside also saw month-over-month price growth in April, with the median price for a single-family home landing at $1,450,000. This is up from $1,411,500 in March. Despite a 15% decrease in year-over-year prices, the current monthly price growth trend is notable. It’s likely we will not see the exponential price increases of the pandemic again anytime soon, making slow, steady growth the norm once again. The Eastside also has about one month of inventory for single-family homes, making it once again a competitive market.

Finally, Snohomish County saw month-over-month price growth in April as well. The median price of a single-family home was $767,500, up from $724,000 in March. With less than one month of available inventory, the housing market in Snohomish County is trending warm-to-hot. Condos in the county had the tightest inventory of any market, with less than two weeks’ supply. That, combined with April’s median sold price of $544,900, makes the Snohomish County condo market a competitive market for buyers to break into.

If you have questions about these housing market trends or real estate in general, please reach out to Kari (206)719-2224

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com.

For Buyers • For Home Owners • For Sellers • Real Estate Market Updates & Insight • April 28, 2023

Q1 2023 Western Washington Gardner Report

by Kari Haas

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to Kari Haas (206)719-2224.

REGIONAL ECONOMIC OVERVIEW

The pace of employment growth in Western Washington continues to slow. The region added only 90,340 new jobs over the past 12 months. That said, the annual pace of employment growth was a respectable 3.6%. Three counties have not recovered completely from their pandemic job losses: Whatcom, Skagit, and Snohomish. However, they are short by just under 10,000 jobs, which should be recovered by this fall. Regionally, the unemployment rate in February was 4.1%, marginally above the 3.8% level of a year ago. The employment outlook has improved modestly, with the likelihood of a recession in 2023 down to about 50%. That said, I expect the pace of job growth to continue to slow as businesses remain concerned about a contraction in consumer spending and facing tighter credit conditions following recent bank failures.

WESTERN WASHINGTON HOME SALES

❱ In the first quarter of the year, 10,335 homes were sold. This was down 30.9% from the same period in 2022 and 18.9% lower than in the fourth quarter of 2022.

❱ Lower sales activity was more a function of the limited number of homes for sale than anything else. Listing activity in the first quarter of 2023 was down 43% from the final quarter of 2022.

❱ Home sales fell across the board compared to the same quarter of last year and were lower in every county compared to the final quarter of 2022.

❱ Pending sales rose in all but three counties compared to the fourth quarter of 2022. This suggests that sales in the year’s second quarter may tick higher. That said, the region is in dire need of more inventory.

WESTERN WASHINGTON HOME PRICES

❱ Home prices fell an average of 6.9% compared to the first quarter of 2022 and were 1.3% lower than in the fourth quarter of 2022. The average home sale price in the first quarter of 2023 was $692,866.

❱ Compared to the fourth quarter of 2022, prices were higher in Kitsap, Skagit, Lewis, San Juan, and Whatcom counties.

❱ Even though prices fell in the region, five counties saw sale prices rise modestly from the first quarter of 2023.

❱ It’s worth noting that median listing prices rose in all but two markets compared to the previous quarter. This suggests that sellers are getting a little more comfortable with the market. If listing prices continue to rise, one can surmise that home prices will follow suit.

MORTGAGE RATES

❱ Rates in the first quarter of 2023 were far less volatile than last year, even with the brief but significant impact of early March’s banking crisis. It appears that buyers are jumping in when rates dip, which was the case in mid-January and again in early February.

❱ Even with the March Consumer Price Index report showing inflation slowing, I still expect the Federal Reserve to raise short-term rates one more time following their May meeting before pausing rate increases. This should be the catalyst that allows mortgage rates to start trending lower at a more consistent pace than we have seen this year. My current forecast is that rates will continue to move lower with occasional spikes and that they will hold below 6% in the second half of this year.

DAYS ON MARKET

❱ It took an average of 56 days for a home to sell in the first quarter of this year. This was 32 more days than in the same quarter of 2022 and 16 days more than in the fourth quarter of last year.

❱ King County remains the tightest market in Western Washington, with homes taking an average of 41 days to sell. Homes in San Juan County took the longest time to sell.

❱ Market time rose in all counties contained in this report compared to the same period in 2022 and compared to the fourth quarter.

❱ The greatest increase in market time compared to a year ago was in Grays Harbor County, where homes took an average of 41 more days to sell. Grays Harbor County also saw the greatest increase in market time compared to the final quarter of 2022 (from 46 to 76 days).

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Although the regional economy is still expanding, it shows signs of slowing. With the probability of a national recession this year now fifty-fifty, I do not see any reason for buyers to lose confidence in their housing decisions based purely on economic factors. Sellers appear to be a little more confident in the market, as shown by rising listing prices. Periods of lower mortgage rates and the lack of homes for sale are likely contributors to this. Whatever the case, I am not seeing any signs of panic in the market.

Even in the face of higher financing costs, low inventory levels support home values, and the data suggests that the worst of the price declines are now behind us. The region had fewer sales, modestly lower prices, and higher average days on market, all favoring home buyers. However, lower inventory levels, higher pending sales, higher listing prices, and a higher absorption rate of homes for sale favor sellers. As such, I am moving the needle towards a balanced market, but one that ever so slightly favors sellers.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 

This post originally appeared on the Windermere.com Blog.

For Home Owners • For Sellers • Kari's Blog • April 25, 2023

Making Your Home a Healthy Place

by Kari Haas

Most of us spend a good deal of our lives at home, so of course, we want it to be a healthy place. Some improvements can be made quickly and easily, and others require more time, money, and effort, but there’s always something you can do to make your home a healthier place to live.

Do it yourself, or get a pro?

Healthy upgrades can be done on a large or small scale. If you’re planning to sell your home in the next five years, it’s a good idea to have value-boosting changes made with future buyers in mind.

For example, if you notice mold around your windows, they likely need replacing. Unless you have some carpentry experience, this is a job for the pros. If your windows are in good shape, but you want to have more control over light, temperature extremes, privacy, and the view, consider top-down-bottom-up shades. While you might enjoy selecting the perfect blinds for your home, many stores offer great deals, including installation, which could save you a lot of headaches.

If you have any leaky faucets or plumbing fixtures that no longer work as they should, have them replaced by professional plumbers. If the exhaust fan over your stove is not properly vented to the outdoors, then you are bringing particulates from cooking right back into your home and redistributing them. Installing or remediating an exhaust fan is a job for a pro.

Many things you can do yourself

So many upgrades to make your home a healthier place can easily be done by you. For example, you can purchase a free-standing air purifier and try it out in several rooms. Some plants actually cleanse the air of pollution, and investing in a few of these is a great idea.

Make sure the curtains or blinds in your bedroom completely block out all light in order to get the best possible sleep. Moving TVs and computers out of your bedroom is another way to ensure better sleep. Replace any Teflon or non-stick cookware with stainless steel or cast iron to avoid having your food absorb toxic chemicals from the coatings. Consider shifting to the use of natural cleaning products, such as baking soda and vinegar. Switch out candles made from petroleum-based paraffin to some that are soy-based–they’ll burn cleaner and emit fewer noxious chemicals.

Designing a healthy home office

Your home office shouldn’t be in your bedroom or living room if you want it to be efficient. It’s ideal to put it in a location with plenty of natural light, preferably coming in from two different sides of the room. Since natural light is known to increase productivity and concentration, choose window coverings that allow you to let the light in. Make sure that your desk and office chair are both the right height for you to avoid ergonomic issues, such as carpal tunnel. Make sure your office space is appealing, after all, you’ll be spending a good bit of time there.

There are many changes, both big and small, that can be made in your home to make it a healthier place to live. Start small, for example, by instituting a no-shoes rule and providing a place for everyone to leave their shoes upon entry. Before you invest in big remodeling projects, it might be worthwhile to check with a successful local realtor to find out what features are most appealing to current buyers. You may not want those features in your home, but then again, you might. While you are overhauling the healthy aspects of your home, it’s a great time to create a home office with the same parameters of maintaining good health in mind. Maintaining a healthy living and/or working space is an ongoing project that will pay off for years.

 

Planning on selling or buying a home? Contact the Kari Haas Real Estate Team for exceptional service.

Image courtesy of Pexels.

This post was written by Micah Norris for the Kari Haas Real Estate Team blog.

For Buyers • For Home Owners • For Sellers • Real Estate Market Updates & Insight • April 12, 2023

April 2023 Real Estate Market Update

by Kari Haas
april 2023 real estate market update

Spring has truly arrived in our region, with longer days and blooming cherry blossoms. Along with these harbingers of the season, the pace of the local real estate market has also picked up, indicating that the spring market is finally here. An uptick in new listings and price gains in the last month demonstrates a typical seasonal pattern, and buyers and sellers are adjusting their strategies accordingly.

According to Windermere’s Chief Economist Matthew Gardner, the total inventory in King, Snohomish, and Pierce counties grew over 14% from February. However, the number of homes for sale in the tri-county area was down about 40% when compared to pre-pandemic stats from March 2019. This gives sellers the advantage when it comes to setting prices for their listings.

Gardner noted this as well. “Despite the growing number of available homes for sale, sellers in King County are holding firm, with listing prices increasing by over 5% compared to February. In Snohomish County, listing prices were up just shy of 5%,” he said.

While the monthly increase in listings is good news for buyers, fluctuating interest rates and steadfast prices from sellers mean some borrowers are getting creative with their financing. Bridge loans, home equity loans, and purchases contingent on the sale of the buyer’s previous home are coming back into circulation.

These factors and more are that buyers are eager to take advantage of the market when interest rates dip down to more comfortable levels. As rates continue to fluctuate and gradually level off, prices may once again become the major determining factor for which listing a buyer may pursue.

In King County, the median price for a single-family home rose about 4.8% from $800,000 in February to $840,000 last month. While that’s still down 9.68% from the median price of $930,000 in March 2022, steady price growth in the face of higher interest rates is certainly notable. With about one month of inventory, the ball is still in the sellers’ court, despite lower year-over-year prices.

Seattle followed a similar pattern. The median price for single-family homes dropped 10.3% from $970,000 in March 2022 to $869,975 last month. However, that’s an increase of over 5% from February’s median price of $825,000. The condo market saw year-over-year gains of 4.9%, increasing from a median price of $510,025 in March 2022 to $535,000 last month. The residential market still had relatively tight inventory at about 1.1 months’ supply. However, compared to the scant .3-month’s supply of March 2022, buyers seem to have their pick of listings.

The Eastside saw the greatest year-over-year price decrease, which is to be expected considering the already high price point of the area. While the median single-family home price decreased almost 17% from $1,700,000 in March 2022 to $1,411,500 last month, the area did see monthly gains; the median price increased just over 5% from $1,340,000 in February. Condos in the area also had monthly increases, from a median price of $540,000 in February to $585,000 last month.

Snohomish County — while still more affordable than its neighbors — was up compared to February. Last month, the median price for single-family homes in the area was $724,000, up from $690,560 in February. The area had the smallest relative year-over-year price decrease of 9.5%, coming down from a median of $800,000 in March 2022. With just .8 months of inventory, Snohomish is still a desirable area for buyers looking to get the most bang for their buck.

Over the last few weeks, tapering interest rates have brought buyers back to the market, but low inventory remains a key challenge for prospective buyers moving forward. If you’d like to learn more about what these market conditions mean for you, please reach out to Kari at (206)719-2224

EASTSIDE

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KING COUNTY

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SEATTLE

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SNOHOMISH COUNTY

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This post originally appeared on GetTheWReport.com.

For Buyers • For Sellers • Real Estate Market Updates & Insight • January 12, 2023

January 2023 Real Estate Market Update

by Kari Haas
january 2023 real estate market update

The close of 2022 brought the housing market extremes of the last year into sharp focus. With decreased sales, generally increasing inventory, and lower prices, the December market finally seemed to hit the winter slowdown that has characterized typical market cycles of years past. This stands in contrast to the early months of 2022, which saw sky-high prices and scarce inventory before the threat of inflation and rising mortgage rates caused the shift in the latter half of the year.

Windermere Chief Economist Matthew Gardner commented on this phenomenon. “The local housing market in 2022 ended with a whimper rather than a bang. Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic,” he said.

This is not necessarily a bad thing, as stability in the market could translate to more predictable price appreciation for sellers and better circumstances for buyers to enter the market. In most cases, it’s low- and middle-priced homes that are missing from the market, so many first-time buyers still have plenty of pent-up demand for inventory that meets their needs and financial situations.

Despite a 43.3% drop in closed sales compared to December 2021, last month saw the median price for single-family homes in King County rise to $825,000. That’s up from the median of $810,000 this time last year. This could speak to the lingering effects of inflation on the market or be a factor in the lack of entry and mid-level homes currently available to buyers.

The Seattle market experienced the same pattern, with a year-over-year price increase of almost 5%, from $839,000 in December 2021 to $879,975 last month. Closed sales were down in the city as well, dropping 43.5% from last year to just 394 units, leaving the market with just under six weeks of inventory. The condo market mimicked this trend, with the median price rising to $512,500 last month, up from $490,000 in December 2021. Additionally, Seattle condos offered the highest amount of inventory, with 2.5 months of stock.

Things were a little different on the Eastside, which had experienced perhaps the highest price boom during the “sugar high” of the pandemic. There, single-family home prices decreased around 15% year-over-year, landing at a median of $1,299,000 last month, compared to $1,529,500 in December 2021. This is likely due to higher mortgage rates dampening the buying power of potential homebuyers in the area. Entry-level buyers may be forced to look in more affordable markets for the time being, and December’s 39.5% decrease in closed sales compared to December 2021 reflects this. Interestingly, Eastside condos experienced a sold price increase to a median of $565,000, up from $550,000 last year. This is likely because condos are a much more affordable entry point to the Eastside market and may be experiencing higher demand as buyers tailor their expectations to the current market conditions.

After the ups and downs of the last year, Snohomish County ended exactly where it began, with a median single-family home price of $700,000 — the same as in December 2021. Closed sales in the area were down 38.3%, leaving the market with about six weeks of inventory. Throughout the pandemic, Snohomish County has been a relatively stable market compared to the fluctuations of Seattle and the Eastside, making it a desirable area for first-time buyers and those looking to maximize their buying power.

Looking ahead, Matthew Gardner expects 2023 will see continued price declines. However, “With mortgage rates expected to fall from current levels slowly, sale prices should start increasing again in the second half of the year,” he said.

Gardner continued, “Ultimately, once prices pull back to where they would have been if the pandemic had never occurred, they will start to stabilize and then return to a more normalized pace of appreciation.”

Sellers and buyers have certainly felt the impacts of shifting economic conditions on the housing market. A slower market pace and modest price decreases may be necessary to help reset expectations on both sides and set up sustained future success.

If you have questions about how to make the most of the current market conditions, give Kari a call.

EASTSIDE

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KING COUNTY

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SEATTLE

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SNOHOMISH COUNTY

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This post originally appeared on GetTheWReport.com.

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