Washington State Real Estate News & Market Trends

You’ll find the Evergreen State Homes blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates
May 5, 2017

Anderson Island Housing Market Snapshot - April 2017

Anderson Island Housing Market

April 2017

 

Summary: Prices are moving up on Anderson Island compared to the same period in 2016. While this is not happening as rapidly as in other areas of Pierce County, these indicators show solid demand for homes on Anderson Island.

You can view the full report here.

Anderson Island Housing Market Report - April 2017

Anderson Island Housing Snapshot

New Listings: 4

This is more than a 63% decrease in new listings compared to April 2016

Pending Sales: 3

This is a decrease of 25% vs. pending sales in April 2016

Closed Sales: 5

Closed sales increased 66.7% over closed sales in April 2016

Median Sales Price: $187,5000

Anderson Island Median sales prices increased 13.6% vs median sales price for April 2016

Average Sales Price: $178,300

Anderson Island average sales price decreased 12% compared to the average sales price in April 2016

Total Inventory of Homes for Sale: 11

A decrease of over 63% vs. inventory of homes for sale in April 2016.

Month's Supply of Inventory: 1.9

Compared to 8.4 months supply in April 2016 a 77.4% decrease.

Search for Anderson Island Homes

If you are looking for a home on Anderson Island you will find all of the homes listed for sale right here on Evergreen State Homes.

When you are ready to take a trip to the island to find your vacation getaway or looking to slow down and enjoy the island life, we’re here to help you find a real estate agent who knows Anderson Island.

Search all Anderson Island Homes here.

Cya next month!

Posted in General
March 9, 2017

Missing: Housing Inventory For Sale Last Seen In 2014

Housing Report: Inventory levels in 23 counties in Washington State have dropped to record lows.

The Washington housing report for February 2017 is less than encouraging for those looking to buy their dream home right now. But for those willing to put in the work, opportunity still beckons.

Washington Housing Market -February 2017

A Look At The Numbers

Let's take a quick look at the NWMLS numbers for Feb. 2017.

  • In the 23 counties served by the Northwest Multiple Listing Service year over year, pending sales fell 8.9% in February 2017. This is the first drop in year over year sales since March of 2016.
  • Active homes for sale as of February 28th 2017 were 9,091. This is the first time the active number of homes for sale has fallen below 10,000 since 2004.
  • Sales in King County were down in February 2017 vs. February 2016 but prices were up over 14% with a median price of $560,000 for single family homes. Snohomish County home prices (excluding condos) jumped over 18% Pierce County median price increased over 10%.

Median Sale Price for All NWMLS Counties

Median Sale Price all Counties NWMLS - February 2017

 

Inventory Is Low, Low, Low

The lack of inventory is creating all manners of problems for buyers and sellers.

Buyers

Buyers are having difficulties finding homes that meet their needs, and when they do find one they often find themselves in a bidding war with multiple other buyers. Brokers we have chatted with recently are writing multiple offers for buyers only to lose out and have their buyers decide to not purchase anything out of sheer frustration.

Brokers we have chatted with recently are writing multiple offers for buyers only to lose out and have their buyers decide to not purchase anything out of sheer frustration.

Active Listings vs Sold Listings for All NWMLS Counties

NWMLS - Active Listings vs Sold Listings Feb 2017

Sellers

Sellers are enjoying a sellers market unlike any in recent memory. However, this comes at a cost as well. Where will a seller move to when they sell their home? Since the inventory is so low and buyers are so plentiful, sellers are not inclined to take contingent offers on their properties. Thus forcing sellers to either stay put and not sell or sell their home and move into temporary housing until they can find a home that meets their wants and needs. Many sellers are simply staying put and not selling.

During recent conversations, many of the brokers we talked to feel that inventory levels should begin to rise this month and continue to rise during our “traditional selling season”. While they do not expect inventory to exceed demands, they are hopeful that there will be more homes available for sale. Interestingly, brokers were almost nostalgic for the good old days of a balanced housing market.

Brokers are trying different methods to create inventory.

Real Estate Agents Learn From The Morman Approach Can we learn from this approach?

Many brokers are now proactively going into neighborhoods to see if home owners would be interested in selling their home if the broker provided them with a ready, willing, and able buyer. Perhaps we will soon see buyers agents bicycling into neighborhoods in pairs and door knocking to introduce themselves to potential home sellers.
Other brokers are using technology to find sellers using statistical analysis. Equity, time of ownership, age of owner, etc. When they find a candidate that meets their criteria they are directly marketing to them. SABR Metrics meets home sales if you will.

Listing brokers are trying different methods as well to maximize their sellers sales price and net profits. It is now common for sellers to have their home listed but not to review offers for 3 to 5 days. This allows many different buyers to see the home and submit offers. The listing agent then gathers all of the offers and reviews with the seller. The multiple offers are creating a feeding frenzy with many buyers making offers that just months ago would have been considered insane.

Some brokers are also using auctions to sell homes with. Others are leveraging open houses to show the home to multiple groups at the same time. All strategies to increase the sellers net.

The flip side is that many brokers have stopped creating marketing materials because the home will not be on the market long enough to bother. In my opinion this is a shortsighted strategy and is harming both the public and the brokers. Every property needs to be marketed to the best of a brokers abilities to insure the seller of receiving the best offer possible.

Pending Listings for All NWMLS Counties

NWMLS - Pending Listings - Feb 2017

Takeaways

The market is definitely tipped in favor of the sellers right now. We all like a balanced market, but for those who are willing to roll up their sleeves and continue to plow through the hard work (and maybe even try something new), the rewards are out there.

 

Posted in Blog, Buying, General, Selling
March 7, 2017

Bellevue Botanical Garden

Bellevue Botanical Garden

The Bellevue Botanical Garden is a popular destination for visitors and residents. And for good reason... this garden boasts 53 acres of lush gardens, wetlands and restored woodlands. And the best part is that it's FREE and open daily!

Overview

The Seattle-Tacoma area does a fantastic job of providing and maintaining a large variety of public parks. The Bellevue Botanical Garden is only an 8 minute drive from Bellevue Square and provides an escape from the everyday hustle and bustle of downtown Bellevue.

Bellevue Botanical Garden Entrance to the Bellevue Botanical Garden

The garden is a great destination for families. Kids love the wide open spaces and, depending on their age, will enjoy learning more about the various display gardens and collections.

The garden is probably best known for it's annual Garden d' Lights, which is similar to Zoo Lights in Tacoma. The event starts the first Saturday after Thanksgiving and runs for 36 straight days. The staff dress up various areas of the garden with lights to create a "winter wonderland" effect. The lights follow a route through the garden that changes every year, so many families return each year to see what new displays are put up.

But the garden is more than just a free place to get a walk. There are 13 separate sections of the garden devoted to unique botanical collections. Some of the best are the Rock Garden, Rhododendron Glen, and the Dahila Display.

Things You Should Try To See

If it's your first time going to the Bellevue Botanical Garden, here are a few of the things you should try to experience:

  • Yao Garden - A Japanese style garden. Was designed to highlight the fact that Bellevue's sister city is Yao, Japan.
  • Lost Meadow Trail - A peaceful walk through a lush meadow on a trail that loops back to where you started. About one-third of a mile long.
  • The Ravine Experience - A relatively new feature. A 150' suspension bridge lets you get a "bird's eye view" of the surrounding forests and the ravine below.

Directions:

From I-405 take the NE 4th St exit, Exit 13A;
Turn east onto NE 4th Street;
Turn right onto 116 Avenue NE;
Turn left onto SE 1st Street;
Take the 1st right onto Main Street;
The Garden will be 3 blocks down on the right.

Use the interactive map below to find the parking lot:

(Hint: Zoom in a little bit. The parking lot is off of Main St, right by where the upside-down "L" is on the map and to the left of the Bellevue Schools Foundation)

 

Contact Details:

Phone:
(425) 452-2750

Garden Location:
Bellevue Botanical Garden
12001 Main Street
Bellevue, WA 98005

Mailing address:
Bellevue Botanical Garden Society
PO Box 40536
Bellevue WA 98015-4536

 

Hours and Pricing

Addmision is FREE! Hours are from dawn to dusk.

Note: During Garden d'Lights, the Garden and Visitor Center are open until 9:30pm.

 

More Information

To view more information, visit the Bellevue Botanical Garden official website: www.bellevuebotanical.org

 

This post used with permission from ExploreWashingtonState.com.

Posted in General
Dec. 27, 2016

US Home Sales Highest since 2007

November 2016 who would of thunk it?  Yup, in November we bought more homes throughout the US and at the fastest pace in almost 10 years. To me that simply seems amazing. November, really? we're not supposed to be buying homes in Winter and to buy more homes that anytime in almost a decade??? Well, that is simply amazing!

There are less homes for sale now. 9% less is you look at the data from the National Association of Realtors. Couple that with rising interest rates and you have one hot mess of a housing market if you're trying to buy a home. One could say we have a housing shortage <shudder>......

Nationwide median house price is now $234,000 which is less than the median prices in Pierce, Thurston, and King Counties. $234,000 is 6.8% higher than the median price last year.

Interestingly enough the report states homes in the West (Where Evergreen State Homes exists) actually fell. The lack of inventory is really applying pressure on buyers to up their offers and make sure they are bringing their A Game when it comes to submitting offers.  Who you work with matters. Remember that!

New construction starts fell 18.7% last month (November 2016) the market appears likely to remain tight for the foreseeable future.  Without new homes to move into where are people going to go?

Folks what does this mean to you?

If you're a seller and your home is in reasonable condition you're going to be pleased. You should be able to receive multiple offers and pick the buyer that is the strongest. Make sure your house is market ready and do your homework before you list. Work with your real estate agent and listen to their suggestions on getting your home in the best condition to sell.  The efforts up front will pay off with dollars on the back end.

 

If you're a buyer you really need to have your financial ducks in a row.  Spend the time upfront to pick a lender who will guide you through the myriad of loan programs available to you. Pick a real estate agent who knows the market in the neighborhood you are looking in.  Listen to your experts. Think of this as a team effort. Once your ducks are in a row go shopping and be ready to make an offer when you find a home that meets your needs/wants.  Come in strong with a clean offer that highlights your strengths.  Make the best offer you can and let the chips fall where they may. I don't feel like you should make an offer and expect a counter offer by the seller. What you will find is the seller simply rejects your offer and works with another buyer. Buyers if you're looking for a lender and you want to work with one of the best.  Check out our Go To Lender here.

Evergreen State Homes Logo Evergreen State Homes

Evergreen State Homes is here to help. Let us help you find the perfect real estate agent to help you buy or sell your home. We partner with expert, solutions driven real estate brokers throughout Washington State. Call us today and let us show you just how we can help.

We're excited for 2017! there is always something happening in real estate. Remember to check in here to see the latest homes for sale throughout Washington State in the Northwest Multiple Listing Service. Our data is updated every 15 minutes.  Sharing is caring. If you see a home you like here please share it with your friends on your social media sites.  If you like one of our blog posts please feel free to share as well! Our goal is to be your go to resource for everything real estate in Washington State in 2017 and beyond.

Posted in Blog, Buying, Homes, Selling
Dec. 8, 2016

Evergreen State Homes Video Introduction

We just had a quick video created for Evergreen State Homes to use at the beginning of our home tour videos.

[embed]https://youtu.be/H1nrXnajx7A[/embed]

 

Comments welcomed!

Posted in Blog, General
Dec. 8, 2016

Mortgage Rates Rise Fed Hints Rates to Rise More Soon

Rising Interest Rates Rising Interest Rates

Mortgage Rates have risen slightly this week to an national average of 4.27% for a 30 year fixed rate mortgage. Rate are at a two year high as of12/7/16.

Home loan costs have climbed with a surge in the U.S. 10-year Treasury bond yields hit their highest levels since July 2015 last week. This appears directly related to  Donald Trump's U.S. presidential election victory. It looks like bond traders are betting on faster economic growth and potentially inflation once the Republicans control both the White House and Congress. The proposed tax cuts with increased federal spending being two reasons for faster economic growth.

The increase in 30-year mortgage rates, which have risen about 0.50 percentage point since the Presidential election has slowed down refinancing applications in many markets.

I find it interesting that weekly mortgage activity excluding seasonal factors, however, jumped 39 percent from the previous week, according to the Mortgage Bankers Association. Looks like people are still bullish on buying homes in many parts of the country.

[dropshadowbox align="none" effect="lifted-both" width="auto" height="" background_color="#ffffff" border_width="1" border_color="#dddddd" ]Additionally the FED has indicated that they may decide to increase interest rates in 2017.[/dropshadowbox]

The market trends are showing that we will be seeing increased mortgage rates in 2017. Exactly how much rates will increase is a guess. The thing that is certain is that with increased rates home buyers ability to purchase homes will decrease. This will lead to two things.

1: Less demand for homes

2: Lower purchase prices for homes due to lower demand

The opportunity for buyers is if the market softens more than rates increase.

If you are thinking of buying a home in 2017 now would be a great time to begin the home search. Depending on where in Washington State you are looking you may already be seeing the beginning of a market adjustment.  Evergreen State Homes  recommends you speak with your Real Estate Agent and your Mortgage Lender. Together they can help you find the home you want and to position you to take advantage of the market and the increasing mortgage rates.

Of course we are happy to introduce you to a great real estate agent in your market. From Bellingham to Camus , Tri-Cities to Ocean Shores we know some of the top rated most knowledgeable and helpful real estate agents. Call us today and we will pair you up with an agent who will make your home buying experience memorable.  If you're looking for a lender we can help too!  Fill out a contact form or give us a call today. Evergreen State Homes is here to help!

Happy Holidays to you and yours! Remember this time of year is magical choose to see the good out there.

Posted in Blog, Buying, Selling
June 6, 2016

Would You Stand in Line Overnight to Buy a House?

Stand in lineWould you Stand in Line to Buy a House?

Buyers were standing in line overnight this weekend to be some of the first in line to put deposit money down on a new condo development in Seattle. Amazingly enough the units will not be available until 2019!  Now the author of this post has camped out overnight for concert tickets before so to be judgemental is a slippery slope. BUT REALLY camping out overnight to provide a DEPOSIT on a condo that will not be available until 2019!  What has the Seattle housing market come to! On Saturday the line wrapped around the building with over 125 people waiting to give their deposits to the developers. Would you stand in line to buy a house? For more details the Seattle Times Article is good one to read.

The Seattle market has seen inventory levels drop 20% since last year. The lack of inventory is creating a buying frenzy that makes us think Bruce Springsteen is coming to play the Triple Door. Seattle's prices are growing at a rate only surpassed by Portland.  How much longer can the market increase at such a accelerated pace? King, Snohomish, and Pierce Counties are all reporting significant drops in inventory.

So, Are you willing to stand in line overnight to buy a house?  Are you looking for an agent who can save you from having to stand in line? Our neighborhood experts can help you find a home you will love without having to camp out overnight!

Call to schedule your complementary buyers consultation today! (253)236-3544 We will get you scheduled and will help you get clarity on what you want, and what you can afford. Then we will help you FIND the house you will call HOME!

Thanks for reading please feel free to share with your friends on social media.

Posted in Blog, Buying
May 31, 2016

Seattle Housing Prices Are on Fire! 2nd Fastest Price Growth in the Nation

Seattle Metro areas housing prices are up 10.8% over the past year.

This is more than DOUBLE the national average of 5.2% Only Portland had a larger price increase with prices rising by 12.3% over the last year.

Since 2012 prices of homes in the Greater Seattle area have increased by 50% At this time housing prices in Seattle have reached an all time high. The S&P/Case-Shiller Home Price Indices show the top 20 markets in the U.S. You can see this data here.

Seattle Housing Prices are on FireThe rapid increase in values is creating  tension for buyers. Coupled with limited inventory levels especially at the lower price points in the market. Buyers are finding themselves involved in multiple offer scenarios, and having to agree to pay the difference if the home they are buying does not appraise for the amount they are paying for it. If that is not enough rental prices are increasing and the amount of rental properties available is limited.

Looks like 2016 will be the year of frustration for buyers in the Greater Seattle area.

If you are looking to sell your home in Seattle now would be an excellent time to speak with a Realtor® We happen to know a lot of them!  Let us handle the interviewing and introduce you to an amazing agent who will position your home to receive the maximum attention possible.  Call  253-236-3544 today to begin!

 

Posted in Blog, Buying, Selling
May 19, 2016

Seattle's Million Dollar Homes Have Tripled!

Million Dollar Homes in Seattle have TRIPLED in the last four years!

Seattle's Million Dollar HomesSeattle is now 14th in the nation with 7% of all homes selling for a million dollars or more! Seattle is now the 10th fastest metro area in the country for homes selling at or above $1,000,000. This is according to Trulia which released a report on May 19th.

The Seattle Times ran an article today sharing the obvious news with the public. Seattle's housing market is on fire.  Million Dollar homes used to be in NYC or San Francisco, or L.A. Now they're here in Seattle; lots of them. Neighborhoods are transforming overnight causing many to wonder when they will be priced out of their homes that they have lived in for years.

Seatle's hot real estate marketWith one of the hottest housing markets in North America Seattle seemingly is in the news every day for real estate. Multiple offers, waiving inspections, dogs and cats sleeping together (well ok, maybe not the last one) but the reality is the Seattle housing market is hot. The median price for a single-family home sold in Seattle in April was $637,250, up from $425,000 four years ago.(data from the Northwest Multiple Listing Service) The influx of high paying high tech jobs from companies like Amazon, Facebook, Microsoft, and others is causing the demand for housing to far exceed the inventory. This is impacting rental properties as well.  Right now it is downright difficult to buy or rent a home in Seattle. We have written about the Seattle market in a previous post. Feel free to read the post here.

How long will this market last? At this time nobody knows. It certainly does not feel like this can go on forever. If you are looking to buy or sell a home in Seattle now, we can introduce you to an agent who will make the process run like a well oiled machine. Our referral partners KNOW Seattle, Bellevue, and Kirkland. Navigating this market with someone less informed is just a guarantee for frustration. Search all the homes for sale in Seattle and the Eastside here. When you're ready to start the home buying process call us. We will introduce you to the best agent to help you meet your goals.

Thanks for reading! and as always sharing is caring. Please share with your friends and families on your social media platform of choice!

 

Posted in Blog, Buying, Homes, Selling