Ewing & Clark - Seattle Real Estate Blog

Seattle’s real estate market is continuing to experience rising home prices and growing sales numbers, with buyers aggressively bidding on sparse listings for fear of being priced out. Last week, S&P CoreLogic Case-Shiller released data that showed Seattle area home prices rose 13 percent over the 12-month period between March 2017 and 2018. This was double the national average of home price increases (6.5%), and means the Seattle area has continued a massive growth streak for 19 months.



Although there were slightly fewer single family home listings in May this year, home prices were significantly higher as compared with the same month in 2017. Last May, a total of 493 homes were listed, while 508 were listed in May last year. The average sale

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Amazon's hard-driven expansion is the primary cause of Seattle's startling rate of growth. Seattleites are well aware that plenty of good and bad will accompany that. For those cashing in on the South Lake Union behemoth, the pay Amazon jobs offer makes a rock-star lifestyle nothing more than a matter of preference. For those outside of that, who do not already own property, the influx of wealth is almost a certain eviction notice. 

Seattle sits uncomfortably as one of the single most expensive places in the United States to live, so much so that King County declared a state of emergency in 2015 over homelessness. That same year, roughly 3,000 children enrolled in public schools were officially listed as homeless. At the end of 2017, the number of

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As one of the hottest real estate markets in the country, Seattle home values continue to rise; the Case-Shiller home price index recently reported that values are up 85 percent since 2012, and 12.7 percent since February last year.


The increase shows in the sales of homes and condos from last year as well. Not only have more homes and condos been listed in April 2018 versus 2017, the average sale price is greater by more than $100,000 for both single-family homes and condos.


In April last year, there were 416 houses listed for sale compared with 427 listings last month. The average sale price in April 2017 was $138,493 less than the average price last month: $1,045,199. Last month’s top three greatest sale prices were all higher than the top

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The best real estate agents are tenacious, humble, creative, and honest. It is easy to fill this list out with a hundred different skills and qualifications, but at the end of the day, if your real estate agent has the required licensing they can get the job done. What separates the good from the bad is how trustworthy they are and how well tailored their experience is for your unique needs.

If an agent can answer the following questions in depth without skirting details or trying to overload you with jargon, it’s a good sign they know what they are doing and can be trusted. If not, keep looking.

 

Initial Screening Questions

Do you, and will you, have enough time to work with me?”

Don’t be afraid to directly ask how many clients your

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Seattle continues to maintain the nation’s fastest-growing home prices. While San Francisco still holds the record for the most sustained growth in the price of single-family homes with a 20-month streak that ended back in 2001, Seattle is now only three months away from tying. 

The perpetual urban sprawl of Seattle makes new construction projects difficult to initiate. Few opportunities to begin construction on new homes, single family or multi-family, without demolishing existing homes. Very few of these buildings are unoccupied, as well. The profit is there for the making, but with a much higher initial investment cost than what it would take to begin construction on undeveloped land.

The very limited supply of new construction homes in Seattle

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Low inventory continues to plague the Seattle real estate market. It was an ongoing theme in real estate news for all of last year, and inventory in the first quarter of 2018 remains slim. Meanwhile, the market is still very hot. Last month, prices for new homes averaged $777,000 in Seattle and $950,000 on the east side of Lake Washington.

Across the board, from the average home or condo sale price to the top sold property, March 2018 topped the same month last year by at least $100,000. 

Although there were more than 100 fewer single-family residential homes listed in March 2018 as compared with March last year, the average and top highest sales prices for the month surpassed last year’s by a significant amount. A total of 316 homes were listed

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Seattle and the region around it topped the nation’s list of the hottest housing markets in 2017, despite the fact that home prices across the U.S. grew almost five times faster than the national historical average. And that didn’t just apply to Seattle; home prices in more affordable towns between Bellingham and Spokane weren’t far behind those for homes in the greater Seattle region.  

As the home shopping season begins this spring, inventory remains at an all time low. There will be 19 percent fewer homes available in the Seattle metro area than last year, putting additional pressure on homebuyers as homes sell for more than asking prices and the average time on the market continues to decrease.

There were more listings and a higher average

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Home prices in Seattle have been on the rise in recent years. Even if you're a renter, you may be feeling that pinch. After all, your landlord may increase your rent to reflect the ever-growing value of the property you inhabit. Rising rent, as well as the desire for stability, are great reasons to consider making the leap from renting to owning.

 

However, the real estate market in Seattle is unique, and you have to know what to expect if you're going to buy a home in the area. Whether you're in the market for a single family home, townhouse or condo, there are properties coming onto the market every day that could fit your needs. You just need to be prepared for the intense and competitive home-buying process in the Seattle area.

Location,

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Staying current on your mortgage payments is incredibly important for maintaining your financial stability and taking care of your overall situation. Whether you already have a mortgage or you’re getting ready to buy a home this year, you should spend some time thinking carefully about how you’re going to deal with the mortgage moving forward. With house prices going up and more and more people buying homes and taking out mortgages, the stakes are high for housing decisions.

Here are a few tips and helpful ideas to keep in mind: 

Be Strategic with Your Debt

Mortgages are often on the lower end in terms of interest rates, and can be very manageable and stable compared to other debts you may be carrying. Interest rates are very likely to go up

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It appears as if the Seattle real estate market has no indication of slowing down, after opening 2018 hotter than before. In King County, 2017 featured the highest home prices in history and prices surged another 20 percent in January this year compared with the same month in 2017. It’s now been 15 months straight that Seattle has led the nation as the hottest housing market.

The heat in the local housing market certainly shows in the numbers for January’s residential home sales. In 2017, a total of 281 single-family residential homes were listed. Although 30 fewer homes were listed in January 2018, the average sale price was $789,000 - more than $80,000 higher than the average sale price in January last year: $706,500. The top home price in

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