Seattle Area Popular With Residents & Outsiders

It seems like a tale as old as time. Many people are wanting to move to Seattle, but no one else really wants to leave. This leads to our favorite real estate headline for the last several years: inventory is low, prices are rising.

Seattle-based Zillow recently analyzed searches on their website and compared the location of its users with the cities in which they are searching. They used this information to create a chart of the most desirable cities based on their popularity with outsiders and current residents.

Image via Zillow

Unsurprisingly, Seattle ranked high in the category “Residents Want To Stay, Outsiders Want In” with about 70 percent of current residents continuing to search here.

What does this mean for the Eastside?

It isn’t just our breathtaking scenery and active lifestyles making the Seattle area’s population grow by nearly 1,000 residents per week over the last several years. Our strong economy and plentiful technology jobs are enticing newcomers. Some areas on the Eastside even have higher home prices and carry some pretty stiff competition.

If you are ready to buy or sell your home, make sure you get in touch with a Windermere Real Estate broker on the Eastside. Our expertise can help you purchase your dream home, or sell your current home at top dollar.

View the full study from Zillow or read the report from the Puget Sound Business Journal.

You’re Invited to the Windermere Cut Party!

Come join us at the Windermere Cut Party on Friday, May 5 as we kick off Windermere Cup weekend!

On Friday night, we’re holding a Cinco de Mayo party to celebrate another year of the annual Windermere Cup. We’ll be on the Montlake Cut with taco trucks including El Camion, Taqueria Tonita, and Tacos La Flaca.

Keeping you entertained all night will be live music from Brian DiJulio and the Lovejacks and Spike & the Impalers.

Mark your calendars and purchase your tickets! We’ll see you on the cut with tasty tacos, live music, lawn games, and a fantastic beer and margarita garden from 6-10pm next Friday, May 5th.

Don’t forget! You can come back down to the Montlake Cut the next day on May 6 for Seattle’s biggest free sporting event – The Windermere Cup. More info on WindermereCup.com.

Local Market Update – April 2017

While we finally saw an increase in new listings in March, there was an even greater jump in sales. Lack of supply continued to push prices to new record highs. For the fifth straight month, our region has experienced the sharpest home price increases of any major market in the country. While that may be tough news for buyers, here’s the other reality: rents in the city of Seattle have increased 57 percent in the last six years. Brokers are hoping that more sellers will jump into the market this spring to help meet buyer demand.

Eastside

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After setting a price record in February, the Eastside set yet another record in March. The median price for a single-family home sold in March jumped 18 percent to $870,000. The strong appreciation is reflected in this statistic: For the first three months of 2017, the number of homes sold priced at $1 million or more was up 60 percent compared to the same period a year ago. What was once considered a luxury price tag is now the new normal.

King County

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Home prices in King County are growing about twice as fast as the national average. The median price of a single-family home sold in March soared 13 percent over last year to $599,950, an all-time high. Even though new inventory was added, it was snapped up as soon as it came on the market. About 75 percent of homes sold within the first 30 days.

Seattle

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With just two weeks of inventory available, demand in Seattle remains as strong as ever. Packed open houses, multiple offers, and escalation clauses continue to be the norm. The pressure on inventory pushed prices here to yet another all-time high. The median price of a single-family home in the city increased 9 percent over a year ago to $700,000.

Snohomish County

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Snohomish County set a new price record for the second straight month, with the median price of a single-family home up 10 percent from a year ago to $425,000. Supply is very limited, with just over two weeks of available inventory. Buyers looking for some relief from King County’s hefty housing prices are adding to the competition for a limited supply of homes.

What Buyers Want Today

The National Association of REALTORS® recently released their 2016 Profile of Home Buyers and Sellers. Here are a few items about buyers that we thought you’d find interesting.

• The top reason buyers purchase a home is they want a place of their own.

• Buyers chose homes fairly close to their last residence. In our region, buyers purchase a home within a 13 mile radius of their last residence.

If you’re looking to buy or sell your home, reach out to a Windermere Real Estate broker to help you successfully navigate the Seattle housing market.

First Time Buyers, Millennials, and What to Expect in 2017



By Matthew Gardner, Chief Economist at Windermere Real Estate

I believe that the big story for the coming year will be first-time home buyers. Since they don’t need to sell before purchasing, their reemergence into the market ensures that sales will continue to increase, even while inventory is limited. Thirty-one percent of buyers currently in the real estate market are first-time buyers, but it would be more ideal if that figure was closer to 40 percent.

Why don’t we have enough first-time buyers in the market? With Baby Boomers working and living longer, we aren’t making much room for Millennials to start their careers. Plus, the major debt that the younger generation owes on student loans ($1.3 trillion today) hugely impacts the housing market. But the bigger issue is lack of down payments. Before the recession, many Millennials could look to their parents for help with down payments; however, these days that is not as much the case.

I would also contend that the notion of Millennials being a “renter generation” is nonsense. In a National Association of Realtors survey, 75 percent of them said that buying a home would be the most astute financial decision they’d ever make; however, 80 percent said they don’t think they could qualify for a mortgage. I do believe that Millennials will eventually buy, but they’re delaying their purchasing decisions by about three years when compared to previous generations, which is about the same amount of time they’re waiting to start families as well.

Mortgage rates have risen rapidly since the election, and unfortunately, I do not see a turnaround in this trend. That said, they will remain cheap when compared to historic averages.  Expect to see the yield on 30-year mortgages rise to around 4.7% by the end of 2017. For those who have grown accustomed to interest rates being at historic lows, this might seem high, but it’s all relative.

If I were to gaze all the way into 2018, my crystal ball takes me to the dreaded “R” word. Like taxes and death, recessions are another one of those unwanted realities that inevitably comes to visit every so often. Irrespective of who was voted into the White House, my view remains the same: prepare to see a business cycle recession by the end of 2018, but, rest assured, it will not be driven by real estate, nor will it resemble the Great Recession in any way.

This article originally appeared on the Windermere.com blog.