This infographic, supplied by the NWMLS, quickly reflects 2017 King County real estate market statistics.
nearly 3% more homes (condos & houses) sold in 2017 vs. 2016
the median sales price was up nearly 15% county-wide
at the end of 2017 there was less than a one month supply of available homes
a 4 – 6 month supply is considered a balanced or normal – we haven’t seen a “normal” level of supply for 2+ years
Barely six weeks into 2018, the stats haven’t changed much. Homes are coming on the market slowly and selling quickly. Inventory still can’t meet buyer demand. The “spring” market generally opens up in mid-to-late February; hopefully there will be more condos and houses available as the weather begins to improve. Continue reading →
2016 was a challenging, fast paced residential real estate market with multiple offers and sales over list prices the norm. So far 2017 is set to match or out pace last year, crushing any concerns about another real estate bubble. Downtown Bellevue continues to be a high demand destination for people working on either side of the lake. With Amazon, Microsoft, Google, Facebook and numerous other companies continuing to expand and hire, its unlikely the local demand for housing will decline. Last year when Expedia announced it would be moving its offices from Bellevue to Seattle there was concern downtown Bellevue might have an excess of available office space – that lasted just a few minutes. Amazon has leased the entire Centre 425 office tower, Salesforce and other companies occupy most of the 929 Tower, and there isn’t much space left at the Lincoln Square 2 office tower. Its likely the Expedia space will be leased before its even vacated. Continue reading →
Yes, its a seller’s market, but if you’re planning to sell your home, don’t think you can forego the typical prep work associated with getting your home ready to show to buyers. This is the time of year more homes are listed for sale, and more inventory brings more competition. With more to choose from buyers may not be willing to pay top dollar for a dirty, dated or poorly maintained home.
There are easy, inexpensive tasks a homeowner can complete in a weekend or two that make a big difference.
CLEAN (and clean again) – pay special attention to the kitchen and baths.
DE-CLUTTER – remove clutter in closets, cabinets, drawers and garages. “Martha Stewart” your house and show off the storage space.
PAINT – If a room or hallway is looking tired a fresh coat of paint is inexpensive and makes a big difference.
MAKE A GOOD FIRST IMPRESSION – Curb appeal is huge. The saying “you only get one chance to make a good first impression” is true in any market. Paint the entry door (if the HOA permits), install a new kick plate, toss tired winter plants and put fresh flowers and mulch in entry pots or gardens.
LET THE SUN SHINE IN – open window treatments, remove or replace tired drapes or blinds. Clean the windows – maximize your home’s natural light.
Some work will require professional help but its worth the investment. Have the furnace and A/C serviced. If other systems, appliances or fixtures need repair get it scheduled.
Multiple offers are common and many homes are selling quickly and for more than list price, but that doesn’t mean a free pass for neglecting repairs or cleaning. A home should be delivered to the new owner in clean and good condition.
It takes considerable time and energy to get a home ready to sell, but the payoff (return on investment) is worth the effort. I specialize in condos. I know what’s been happening in your neighborhood and your home’s market value. When its time to sell let’s talk . . . I have information and referrals for cleaners, contractors, landscapers, resources for donating or disposal and can help you maximize your return on investment.