Please join me on Saturday March 2nd between 10 a.m.- 1 p.m. for a complimentary Electronics Recycling event! Please swing by my office located at Windermere Bellevue South 14405 SE 36th Street, Bellevue 98006
Posted on February 17, 2019 at 9:43 pm
According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time home buyer statistics in 2018 at 54% of all buyers. It is no surprise that buying a home is more attainable with two incomes to save for down payments and contribute to monthly housing costs.
However, many couples are also deciding to buy a home before spending what would be a down payment on a wedding. Last year, unmarried couples accounted for 16% of all first-time buyers.
If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2018, while single men accounted for 10% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.
Here is the breakdown of all first-time homebuyers in 2018 by percentage of all buyers, income, and age:
You may not be that much different than those who have already purchased their first homes. Let’s get together to determine if your dream home is already within your grasp!
U.S. Housing Values – & Home Equity – Continues to Rise
The third quarter Federal Reserve Flow of Funds report showed continued improvement in the financial position of U.S. households who own real estate with the market value of all owner-occupied residential real estate (household owned) rising to $25.6 trillion. This figure is up by $298 billion when compared to the second quarter of 2018 and up by $1.53 trillion versus the third quarter of 2017.
Of equal, if not greater, interest to me is that mortgage liability only rose by $276 billion year over year. With slower increases in debt and rising home values, the Federal Reserve now calculates that homeowners have $15.4 trillion in home equity (up $207 billion over Q-2 and up by $1.25 trillion versus a year ago. The value of owners’ equity in real estate as a percentage of household real estate reached 59.9% in the third quarter, a level not seen since 2002.
Owner-occupied real estate (including vacant land and mobile homes) at market value reached and surpassed the highest ever seen prior to the recession, which was $22.64 trillion in Q-2 2006. The break-even occurred in the fourth quarter of 2016. Thus, both in terms of market value, and owners’ equity as a percentage of market value, households’ balance sheets have now reached pre-recessionary levels.
Credit Matthew Gardner report
Posted on December 20, 2018 at 8:20 pm
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.
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 Home Values >Click image to view full report.
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.
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.
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.
You Don’t Want to Hear This from Your Listing Agent
You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:
Set the market value on possibly the largest asset your family owns (your home)
Set the time schedule for the successful liquidation of that asset
Set the fee for the services required to liquidate that asset
An agent must be concerned first and foremost with you and your family to garner that degree of trust. Make sure this is the case.
Be careful if the agent you are interviewing begins the interview by:
Bragging about their success
Bragging about their company’s success
An agent’s success and the success of their company can be important considerations when deciding on the right real estate professional to represent you in the sale of your house. However, you first need to know that they care about what you need and what you expect from the sale. If the agent is not interested in first establishing your needs, how successful they may seem is much less important.
Look for someone with the ‘heart of a teacher’ who comes in prepared to explain the current real estate market to you, and is patient enough to take the time to show you how it may impact the sale of your home; not someone only interested in trying to sell you on how great they are.
You have many agents from which to choose. Pick someone who truly cares.
It’s difficult to know when is the best time to sell, or how to get the most money for your house, but you don’t need to go through the process alone.
You may be wondering if prices are projected to rise or fall…or if you should rent your house instead of selling it. The free eGuide below will answer many of your questions and likely bring up a few things you haven’t even thought about yet.
Check it out, and feel free to get in touch if you have any questions.
Posted on October 14, 2017 at 1:16 am
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.