Home Prices up in Bellevue and across the Country!

Prices Up 5.73% Across the Country! [INFOGRAPHIC]

Home Prices Up 5.73% Across the Country! [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
  • In the report, home prices are compared both regionally and by state.
  • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
Posted on March 4, 2019 at 8:53 pm
Jason Cook | Category: Home Values, Jason's Blog | Tagged , , , ,

Bellevue/Seattle Real Estate Update-February 2018

Your Market Update for the Eastside & Seattle

by Jason E. Cook

With competition for homes growing and inventory shrinking, the real estate market in January was as hot as ever.  Home prices were up by double digits as buyers chased severely limited inventory. The number of homes for sale hit a record low for the month of January, which should strongly favor sellers as we move into the prime spring selling season.  The average home seller in our area now makes a 64 percent profit, the fourth-highest rate of any region in the country, according to ATTOM Data Solutions.

Eastside

Eastside home values, Whispering Heights

>Click image to view full report.

Home prices on the Eastside continue to climb. The median price of a single-family home was up 18 percent over last January to $938,000 —­ virtually unchanged from the record high set a month ago. West Bellevue, King County’s most expensive area,  saw the median home price surge to a record high of $2.72 million. With less than a month of available inventory, prices aren’t expected to cool any time soon.

Seattle

jason e cook, whispering heights

Seattle Home Values >Click image to view full report.

SEATTLEResidential_January2018_Jasonecook

An ongoing shortage of inventory combined with an economy that continues to add jobs has kept the Seattle housing market very competitive and increasingly expensive. Seattle’s median price hit a new record in January jumping 19 percent to $757,000.  Despite the increase in prices, brokers are reporting open house traffic that can number in the hundreds of interested buyers.

King County

>Click image to view full report.

Single-family home prices in King County soared 20 percent over a year ago to $628,388, with double-digit increases recorded in every area of the county.  Lack of inventory continues to fuel the market.  There were 21 percent fewer homes for sale here as compared to a year ago, with inventory hitting a record low for the month of January. The region has now been the hottest housing market in the country for 15 months in a row.

 

Snohomish County

>Click image to view full report.

Home price increases in Snohomish County were more moderate than those in King County. The median price of a single-family home grew 10 percent over a year ago to $450,000. That number is down from the high of last year, and reflects a more common seasonal slowdown.

Posted on February 16, 2018 at 10:31 pm
Jason Cook | Category: Home Values, Jason's Blog

Eastside Market Review – Fourth Quarter 2017

My Eastside Market Review is now available for the fourth quarter of 2017.

You can read the full report online by clicking the image below.

Bellevue, Kirkland, Redmond

eastsidemarketreview_q4_2017_JasonECook

Posted on February 16, 2018 at 7:22 pm
Jason Cook | Category: Home Values

Tips for Buyers in a Hot Seller’s Market

 
 

 

There is no doubt that the local real estate market is hot.  Last month in King County:   

  • 57% of homes sold in less than 15 days. 
  • 4 out of 10 homes sold for over list price.
  • 25% of home sales were cash sales.

 

With more people competing for fewer homes, it can be frustrating to be a home buyer. Here are some tips that can help you gain an advantage and get a home that you love.
 
1) Get ready to compromise. Separate your needs from your wants.
In a competitive market, most buyers will have to compromise on location, amenities or condition of the home. Make a list of your must-haves and features you'd like (but can live without), and prepare to be flexible.
 
2) Get pre-approved for a mortgage.
With many buyers now offering cash, it's critical to get pre-approved for a mortgage before you start looking at homes. If financing is needed, sellers prefer conventional loans to FHA or VA loans.
 
3) Be ready to move fast.
With homes selling within days – or even hours – you can't afford to wait on a decision. If you see a house you like, be ready to act on it that day.
 
4) Work with an agent who is a great negotiator.
Your agent needs to do much more than just write up an offer. A good negotiator can find out what terms are most important to the seller, and write an offer (and maybe additional counter-offers) that best meet their needs.
 
5) Find creative ways to make your offer more appealing.
Every seller has their own wish list. It may be a large earnest money payment, or they may want to stay in the home a few months after the sale. A savvy agent can use that knowledge to sweeten your offer and give you an advantage over other potential buyers.
 
You don't want to navigate this frenzied market without the best possible representation. I'm here to help you get the home you want at a price you can afford.

 

Are you ready to buy a home?
 
I'd love to answer any questions you have, and walk you through the entire process. Call me and we can get started.  

 

 
Jason Cook – Broker
 
Mobile: 206.280.1911
Office: 425.643.5500

 

 

 

 

 

 

 

 

 

 

 

Posted on April 26, 2016 at 4:39 am
Jason Cook | Category: Home Values, Jason's Blog

Bellevue & Seattle Annual Appreciation

Bellevue & Seattle Annual Appreciation

This chart shows the annual appreciation in Seattle-BelleVue-Everett Washington from 1976-2012.  A good indicator for how 2013 will be is the strength of the 3rd and 4th quarters.  As you can see we finished strong with home price values up 2.25% and 1.38%.  Inventory is still low, and there are a lot of buyers looking for a good home. 

Seattle.BelleVue.Appreciation

For a market report on YOUR neighborhood, call me: 206-280-1911   Jason Cook

Posted on March 6, 2013 at 5:44 am
Jason Cook | Category: Home Values, Jason's Blog, Sellers tips