Category Archives: Burien

Keeping The Changing Market in Perspective

Burien, Des Moines, Normandy Park, Real Estate, West Seattle,

Interest Rates are Rising: Yes, those 3.85% interest rates from a year ago are a thing of the past. Experts predict mortgage interest rates will hit and hover around 5% in 2019. When you consider the average interest rate in 1981 was almost 17% – 5% still seems pretty amazing!

Inventory is Up:  The number of active listings in King County is up 135% compared to a year ago. While supply is improving, it’s still considered well below the 4-6 month level industry analysts use as a gauge of a “balanced market”.  The added inventory has been welcome news for buyers and homes that are priced right are still selling quickly.

Median Price in King County is Up:  The median home price in King County was $643,913 in November, according to statistics from the Northwest Multiple Listing Service.  That’s up 2.47% since January.

Where I Work Most…

Burien, Des Moines, Normandy Park, Real Estate, West Seattle,

I’ve lived in the Puget Sound region my whole life.  For over 20 years I’ve worked and sold homes in most Seattle area neighborhoods but the majority of my business is on the Southwest shores of Puget Sound – West Seattle, Burien, Normandy Park and Des Moines.  I know all the great neighborhoods, parks and ammenities in these wonderful communities.

Is The HOT Puget Sound Market Cooling?

Burien, Des Moines, Normandy Park, Real Estate, West Seattle, ,

REAL ESTATE NEWS!

New July numbers from the Northwest Multiple Listing Service confirm what brokers and home sellers throughout our region have been experiencing:  the days of multiple offers and escalation clauses have past – at least for now.

Increased inventory, buyer fatigue, sky rocketing prices, and the traditional summer seasonal slow down have sent many buyers to the side lines. In Seattle and King County the number of homes on the market is at the highest level since the first quarter of 2015.

This steadily improving supply is finally creating opportunities for buyers but the market overall continues to favor sellers. More inventory is still needed to meet the demand for quality homes near job centers!

 

 

 

Why You Need A Local Expert

Burien, Des Moines, Normandy Park, Real Estate, West Seattle, ,

When it comes to buying or selling what is likely your biggest asset, it pays to have a real estate agent who is not only a professional, but who also has the local expertise to help make sure you are investing your money wisely and that your investment will pay off when it is time to sell.

Here are just some of the items that an agent with local expertise can provide you:

  • Information on possible zoning changes and how those might impact future value
  • Historical market appreciation or depreciation data
  • Data on local amenities and services
  • School information
  • Information on upcoming local improvements to streets and thoroughfares
  • Information on big housing or commercial developments on the horizon
  • Updates on businesses moving in or out of the area
  • Information on trends such as population growth
  • Data on regional economic trends as these can have a strong impact on the demand for housing
  • Market information such as listings, pendings, and sold properties
  • Up-to-date notifications of new listings and solds in the neighborhood, and how the updated sold information can affect the value of your property
  • What your neighbors are doing to remodel their homes and how those changes can help their bottom line when it comes time to sell
  • Information on how property taxes are assessed and the relationships between assessed value and sold values
  • Information on developed and undeveloped land in the neighborhood, and what may be built on those.
  • Traffic trends information

And so much more! A local expert truly understands the special nuances of the different neighborhoods – such as those special pockets of parks and trails, the historic homes or businesses and their significance, or important events that have occurred there.

As much as people buy homes, they also buy areas. It is rare that one can buy a home and have it relocated, so it is important to have an appreciation for an area before one buys a home there. And when it comes time to sell, it pays to have an agent listing the home who can explain all the benefits of your home, not just what is behind your walls.

It is easy to hire a generalist in real estate, but remember, we hire medical specialists when we have a unique diagnosis and your asset should get the same specialist treatment. I would be more than happy to provide you with local information and how the changes I have seen affects your home value. Please let me know how I, YOUR local expert, can be of service. Give me a call or text: (206) 484-2777 or email: karenwi@johnlscott.com.

The Holidays are a GREAT Time to Buy or Sell

Burien, Des Moines, Normandy Park, Real Estate, ,

Many sellers take their homes off the market for the holidays and buyers who have been out looking all year may take the rest of the year off. So why would it be a great time to buy or sell if there are fewer buyers and sellers in the market? For a lot of reasons:

Less competition for both buyers and sellers – Less competition benefits both buyers and sellers. Fewer homes on the market means homes that are listed will be noticed by buyers (which is great for sellers!). And with fewer buyers in the market, that means less competition for those homes (which is great for buyers!). Especially in markets with very high buyer demand coupled with multiple offers, a holiday lull may be just the break that buyers need to make an offer and get a house under contract.

Motivated buyers and sellers – People who buy or sell during the holidays have a different mindset. They aren’t looky-loos or sellers just trying to test the market. Buyers and sellers have a goal and are serious about the process. Take a look at it from both sides: if you are a seller, wouldn’t you want to work with a buyer who is pre-approved, knows what market price is and ready to buy? If you are a buyer, wouldn’t you prefer to work with a seller who has priced their home at market and is ready to negotiate?

Buyers are pressed for time – Searching for homes can take a lot of time! But competition for that time from other holiday activities means that home searches are usually much more efficient and buyers are ready to make a decision quicker. Both sides may be less willing to drag negotiations out for fear of interfering with holiday plans.

Getting your next move squared away before the end of the year – The looming New Year’s date is often a great motivator on both sides as people want to have their plan in place before the calendar changes to a new year.

Holiday décor – Some homes show best when all decked out for the holidays! Full of light and greenery, homes that exude coziness can really stand out to nostalgic and motivated homebuyers.

Everyone is motivated to close – From lenders, inspectors, closers and more, getting your transaction done by the end of the year (if possible and as per the purchase and sale agreement) is important to all involved! And, with fewer transactions competing for their time, the fewer hang-ups there may be!

 

 

Community Salmon Investigation

Burien, Des Moines, Normandy Park, Real Estate, ,

Community Salmon Investigation (CSI) is in full swing in our neighborhood  creeks. Volunteers are counting live fish and collecting data on the dead fish. Sadly, storm water run off is killing an estimated 40% of the Coho before they’re able to spawn in our Puget Sound Creeks. Learn more here:

https://www.seattletimes.com/seattle-news/environment/stormwater-pollution-in-puget-sound-streams-killing-coho-before-they-can-spawn