Ewing & Clark - Seattle Real Estate Blog

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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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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For 14 straight months, Seattle has dominated the national real estate market as the hottest in the country. There are many factors that impact this rating, from average home prices to the level of demand in the market. Although Seattle remains a popular and expensive place for potential homeowners, there are some signs that this current number-one position could soon be claimed by another city, perhaps Las Vegas, Nevada, which currently holds the number-two spot.

Single-family homes around the Seattle area are in incredibly high demand. In fact, that demand extends well beyond the city proper, with King, Snohomish and Pierce counties all experiencing substantial price boosts. Looking at the average selling price of a home in any of these three

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Seattle's Mayor Jenny Durkan announced this December a commitment of $100 million to build new (and support existing) affordable housing in the Seattle area. “Today, we are making a huge down payment on a more affordable future,” the mayor said in a press conference announcing the decision.

This announcement follows up and doubles down on investments made in previous years, making it the largest one-year investment the Office of Housing has ever put into affordable housing. With Seattle’s population continuing to grow at record rates and home prices are going through the roof, the investment could not have come at a better time.

Where Does the Money Come from and Where Will It Go?

A large portion of the $100 million investment will come from

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Seattle has been ranked the hottest housing market of the year 2017, after 16 months in a row at the top of the S&P CoreLogic Case Shiller Home Price 20-City Composite Index. Home prices continue to stay at peak levels, and since inventory is quite low, the market for buying a home is incredibly competitive.

According to Redfin, over 50 percent of the homes sold by the company last year resulted in bidding wars, showing just how deeply competitive 2017 was for local real estate. And the competition isn’t just between local buyers; international investors, particularly from China, are very attracted to Seattle real estate opportunities. However, foreign investment in the Seattle real estate market has dwindled since late last summer.

Residential

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The Seattle real estate market shows no signs of slowing its hot streak of growth due to high demand, limited inventory and significant development projects that are snapped up almost immediately after completion. We are at the top of the list of major U.S. cities with the highest home price increases:

“The Seattle metro right now we are seeing it’s the second fastest moving market among the large markets in the U.S. with almost 12 percent annual home value appreciation,” said Zillow Chief Economist Svenja Guddell, after the company issued a new market report.


Average sale prices are distinctly higher this year for both residential home sales, exemplifying the local market demand.

In November 2017, residential home sales were more than double

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