Keep Your Home Purchase on Track + Seattle Area Real Estate Report

Keep Your Home Purchase on Track + Seattle Area Real Estate Report

You’ve found your dream home. Make sure missteps don’t prevent a successful closing.


A home purchase isn’t complete until you make it to the closing. Until then, the transaction can fall apart for many reasons. Here are five tips for avoiding mistakes that cause a home sale to crater.

1.  Be truthful on your mortgage application.

You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime.

2.  Hold off on big purchases.

Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan.

Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, wait until after the closing.

3.  Keep your job.

The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.

4.  Meet contingencies.

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

5.  Consider deadlines immovable.

Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing. Treat deadlines as sacrosanct.

REALTOR® Content Resource, by G. M. Filisko. Republished with permission of National Association of Realtors.

View this week’s full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Assess the Real Cost of a Fixer-Upper + Seattle Area Real Estate Report

Assess the Real Cost of a Fixer-Upper  + Seattle Area Real Estate Report

This will help you figure out how much to offer for a fixer-upper.


Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you’ll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.

#1 Decide What You Can DIY

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.

Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.

Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

#2 Price the Cost of Renovations Before You Make an Offer

Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.

If you’re doing the work yourself, price the supplies.

Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

#3 Check Permit Costs

Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home.

Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.

Factor the time and aggravation of permits into your plans.

#4 Double-Check Pricing on Structural Work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.

Don’t purchase a home that needs major structural work unless:

  • You’re getting it at a steep discount
  • You’re sure you’ve uncovered the extent of the problem
  • You know the problem can be fixed
  • You have a binding written estimate for the repairs

#5 Check the Cost of Financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

If you’re planning to fund the repairs with a home equity or home improvement loan, get yourself pre-approved for both loans before you make an offer.

Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.

Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation.

The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans.

A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).

#6 Calculate Your Fair Purchase Offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.

#7 Include Inspection Contingencies

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

  • Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.
  • Radon, mold, lead-based paint
  • Septic and well
  • Pest

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

REALTOR® Content Resource, by G. M. Filisko. Republished with permission of National Association of Realtors.

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Q1 2018 Seattle-Eastside Residential Real Estate Report

Q1 2018 Seattle-Eastside Residential Real Estate Report

Q1 2018 MARKET REPORTS:

Click to view quarterly market reports for Mercer Island, Seattle and The Eastside.
Published April 2018

Mercer Island Report Seattle Report Eastside Report

Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.

Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.

Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.

As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.

Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.

 

WATERFRONT Q1 2018 Market Report:

Click to view the quarterly waterfront report for Mercer Island, Seattle and the Greater Eastside.
Published April 2018

Waterfront Report

 

CONDO Q1 2018 Market Report:

Click to view the quarterly condo report for Mercer Island, Seattle and the Greater Eastside.
Published April 2018

 

ABOUT WINDERMERE MERCER ISLAND
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

March 2018 Seattle Area Real Estate Report

March 2018 Seattle Area Real Estate Report

MLS figures for March show a surge in both new listings and pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29 percent (from 7,980 in February to 10,311 in March), while the volume of new listings jumped more than 45 percent from February to March.

Whether defined as $1 million or more or $2 million-plus, Northwest MLS figures confirm sales of luxury homes are surging. A comparison of first quarters show the year-over-year volume of sales of homes priced at $2 million or more is up 30 percent. Members reported 136 such sales during first quarter 2017; this year, the number is 177. For homes priced at $1 million or more, sales rose from 941 during first quarter last year to 1,204 this year, a gain of nearly 28 percent. Read the entire NWMLS Press Release here.

 

 Neighborhood Reports

SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Q1 2018 Condo Report

Q1 2018 Condo Report

Q1 2018 MARKET REPORT

Condo Report

Still the only affordable option for many homebuyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas. On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.

 

Published April 2018.

 

ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

8 Tips for Finding Your New Home + Seattle Area Real Estate Report

8 Tips for Finding Your New Home + Seattle Area Real Estate Report

A solid game plan can help you narrow your homebuying search to find the best home for you.


House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1.  Know thyself.

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2.  Research before you look.

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto realtor.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3.  Get your finances in order.

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4.  Set a moving timeline.

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5.  Think long term.

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6.  Work with a REALTOR®.

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7.  Be realistic.

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues — like noise levels — that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8.  Limit the opinions you solicit.

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

REALTOR® Content Resource, by G. M. Filisko. Republished with permission of National Association of Realtors.

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

7 Steps to Take Before You Buy a Home + Seattle Area Real Estate Report

7 Steps to Take Before You Buy a Home + Seattle Area Real Estate Report

By doing your homework before you buy, you’ll feel more content about your new home.


Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

1. Decide How Much Home You Can Afford

Generally, you can afford a home priced two to three times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop Your Home Wish List

Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top five must-haves and top five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select Where You Want to Live

Make a list of your top five community priorities, such as commute time, schools, and recreational facilities. Ask a REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start Saving

Have you saved enough money to qualify for a mortgage and cover your down payment? Ideally, you should have 20% of the purchase price set aside for a down payment, but some lenders allow as little as 5% down. A small down payment preserves your savings for emergencies.

However, the lower your down payment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your down payment size can also influence your interest rate and the type of loan you can get.

Finally, if your down payment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and down payment assistance programs for first-time buyers.

5. Ask About All the Costs Before You Sign

A down payment is just one home buying cost. A REALTOR® can tell you what other costs buyers commonly pay in your area — including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get Your Credit in Order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. The minimum credit score you can have to qualify for a loan depends on many factors, including the size of your down payment. Talk to a REALTOR® or lender about your particular circumstance.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get Prequalified

Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage (ARM) offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

REALTOR® Content Resource, by G. M. Filisko. Republished with permission of National Association of Realtors.

 

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

What Do the Weekly Numbers Tell You? + Seattle Area Real Estate Report

What Do the Weekly Numbers Tell You? + Seattle Area Real Estate Report

Comparing one week to the next is the best way to see what is transpiring in the micro-market you are researching. Tracking weekly activity in this way captures trends that occur at the neighborhood and price point level before they reach mainstream data sources. Another relevant factoid is that some price points are where all of the attention is while others are much quieter. If you are frustrated with your search efforts and happen to be looking in a range that bridges two price points, you might have more success shifting into the more moderately-paced bracket.

While monthly data provides a nice historical look-back, its nearly two months’ old just prior to each release. If you’re a buyer or a seller in this frenzied market you know first-hand just how important real-time data is in giving you a competitive edge.

 

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

February 2018 Seattle Area Real Estate Report

February 2018 Seattle Area Real Estate Report

It’s tough to be a buyer in the Seattle-Eastside real estate market right now! Homebuyers competing at mainstream price points are struggling with the trickle of new listing inventory while also feeling financial pressure from rising interest rates–and reeling from stiff competition from other buyers who are in the same boat. Many sale prices are escalating to truly ridiculous numbers, with buyers also waiving significant rights. Some are even immediately releasing their earnest money deposit to the seller (rather than depositing it into an escrow trust account) as a further incentive.

New data just out shows 65% of all King County home sales involve multiple offers. Interestingly, buyers working with a Windermere broker are 12% more likely to be the selected buyer in multiple offers (determined by the change in buyer market share in multiple offers vs. non-multiple offers). Why is this? Aside from their strong reputation, Windermere brokers also receive extensive training on how to create the most competitive offer and negotiate successfully in a multiple offer situation. This allows them to help position their buyer’s offer to have the greatest appeal to the seller.

An independent survey of NWMLS brokers who closed six or more transactions in the previous year shows that brokers are more confident in completing a transaction with a broker from Windermere than they are with any other real estate company.

Sometimes who you chose to represent you really can make or break your home purchase.

 

 Neighborhood Reports

SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

When to Use Average Price vs. Median Price + Seattle Area Real Estate Report

When to Use Average Price vs. Median Price + Seattle Area Real Estate Report

You often hear the terms Average Sale Price and Median Sale Price when stats are discussed. When it comes to real estate, what’s the difference between the two and how do you know when to use average price vs. median price to determine value?

Here’s a quick overview:

The Average Sale Price is calculated by adding all sale prices for homes sold and dividing that total by the number of properties sold. The Median Sale Price, on the other hand, is the 50% point in the data, regardless of the rest of the data. For example, if you have the following data:

$500,000, $500,000, $500,000, $500,000, $500,000, $500,000, $1,000,000, $1,000,000, $2,000,000

The median sale price is $500,000 since that is the middle number in the data set, while the average is $777,778.

The problem with the average sale price is that if one or more properties were sold at an extraordinarily high or low price, the average is skewed higher or lower as a result. In this case, the average becomes a somewhat unreliable metric.

Average is best to use when your price range falls in the upper segment of a bell curve (ie. within a mainstream price point for the area). But if your data is at one extreme or another with fewer sales for analysis, the median will often be a more helpful value in evaluating overall trends such as year-over-year appreciation.

 

Is the Median Sale Price or Average Sale Price a Better Reference Point?

Both the average sale price and median sale price can be valuable when analyzing the market. It’s important to remember either value may be skewed due to outliers in the data such as a price far higher or lower than typical for the area or if there are very few overall sales.

When you’re pricing a home it’s a good idea to use both average sales price and median sales price as a comparison to help you see the full picture.

When an outlier is present, you can decide to use the median sale price as your benchmark.

Still have questions? Contact one of our knowledgeable brokers for assistance with how to determine your best sale price based on both the average and median price trends, as well as other factors that might apply be happening in your neighborhood’s micro market right now.

 

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

How to avoid overpaying for a home in an ultra-competitive market + Seattle Area Real Estate Report

How to avoid overpaying for a home in an ultra-competitive market + Seattle Area Real Estate Report

Here are four attributes, beyond the number of bedrooms and baths, that you should have your eye on.

Home (building) quality: Very well-built homes are a rare find and typically worth every penny of their price. Don’t confuse them with so-so homes that just measure up to the city inspector’s threshold. Lesser quality homes will cost you more in upkeep and replacement as systems and components wear out. If you purchase a lesser quality home for less, the differential might just cover the added maintenance expense. But, if you purchase a fair quality home at the going rate of higher quality homes, you might likely be overpaying.

Deferred maintenance: Different than home quality, deferred maintenance includes the to-do list of items that need to be done to maintain a home’s integrity. A home that has been well maintained over its life typically is a better investment than one that hasn’t. The true cost of deferred maintenance often adds up to more than the cost of the repairs themselves. Don’t forget to factor in the reduced life span of other components—like replacement of damaged wood beneath peeling paint or mold remediation in a damp basement caused by a clogged foundation drain.

Setting: The saying “location, location, location” didn’t get its fame from out of nowhere. A home with an ideal setting on its lot and in the neighborhood—away from busy roads and utility poles/boxes, with adequate privacy, good topography, best positioned to capture views if available, and not adjacent to undesirable elements (poorly maintained homes, water towers or other unsightly public structures, high traffic facilities, etc.) will have more value than a less-ideally sited home. When deciding what to pay for a property it is critical that you evaluate these aspects and any others relevant to a specific neighborhood to determine the +/- effect on value.

Floor plan: How a home lives—flow from room to room, size of rooms, open/closed-off spaces, and below ground vs. above ground living are every bit as important as the total home square footage. You can change a lot of things about a home but it is very difficult to change a bad floor plan. When you are deciding how high to make that multiple offer bid, consider factoring in the added value or take-away of the floor plan.

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Finding Homes in a Listing Deprived Market + Seattle Area Real Estate Report

Finding Homes in a Listing Deprived Market  + Seattle Area Real Estate Report

Seven out of the box ideas that might help you find your next home

  1. Consider posting a “home wanted” story on social media. Share your buyer bio online with your connections. you never know who might know someone who will be selling. Your broker can still help you see and submit an offer to an off-market home to take the awkwardness out of negotiating directly with the homeowner.
  2. Attend estate sales and garage sales to see if the owner might be preparing for a sale. If so, find out if you can arrange to have your broker show you the home and structure an offer that best protects your interests.
  3. Walk or drive through your A-list neighborhoods (neighborhoods that have the style, amenities and location that you most want) and take note of homes that are quickly being spruced-up—possibly indicating they might be coming up for sale.
  4. Check out Zillow and identify “Make Me Move” homes that might be of interest.
  5. Let co-workers and acquaintances (especially hairdressers, handymen and home services providers) know that you are looking for a home. They often hear the scoop before anyone.
  6. Contact owners of homes for rent in your A-list neighborhoods to see if they would consider selling.
  7. Set up a Google keyword search for New Listing + (your a-list neighborhood name). Often photographers and home stagers share photos of listings they are helping prepare for market.

 

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Peak Seattle Real Estate Market + Seattle Area Real Estate Report

Peak Seattle Real Estate Market  + Seattle Area Real Estate Report

Seattle’s real estate peak season market typically begins the week after mid-winter school break

If you’re one of the many buyers out there looking at the dismal 1-2 homes that come on the market in your price range each week, you may be in for some good news. Sellers who have been preparing their homes for sale since January are finally just beginning to put their homes up for sale. Next week will kick off our market’s peak season with seasonally more homes for sale (now through June) than any other time of year. There will be more competition too as buyers come out of the woodwork to circle around the most desirable homes.

This week would be a great time to get your ducks in a row. Get your loan pre-approval or underwriting squared away. Get your inspector short-list lined up. Re-review your must-have and nice-to-have home feature lists. Make sure your broker is at-the-ready and available. Write a buyer bio about yourself and why you would be a great buyer for any seller’s home. Get clarity about where you want to live and zero in on that neighborhood. Consider walking/driving through your A-list neighborhoods weekly. You’ll notice which homes are getting an exterior spruce-up—possibly indicating they might be coming up for sale. Lastly, let family, friends, co-workers, and anyone who will listen know that you are looking for a home. You never know who will know someone who will be selling. The more homes you have to consider, the better your odds of finding the one that is just right for you.

 

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

January 2018 Seattle Area Real Estate Report

January 2018 Seattle Area Real Estate Report
SEATTLE INVENTORY SHORTAGE CAUSES HUGE UPTICK IN PRICES

Prices for King County homes and condos (combined) jumped 20.3 percent year-over-year from January 2017. That’s great from the 1000 foot view but it doesn’t necessary tell you what’s happening in your area.Since real estate is always local, a look at the individual neighborhood reports depicts what is happening on a micro level.

Before you jump into the reports, you might be interested to know King County pending sales dropped 7.5 percent and closings dropped 18.5 percent due to the ongoing shortage of housing that our market continues to grapple with. Total active listings for sale are down nearly 17.6 percent from a year ago….and we thought we had the lowest inventory in history then!

 Neighborhood Reports

SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Historical Interest Rate Chart + Seattle Area Real Estate Report

Historical Interest Rate Chart + Seattle Area Real Estate Report

How Today Compares to Historical Interest Rates

With mortgage interest rates rising many home buyers are asking the question of how today’s rates compare with historical rates of the past. This chart shows the average annual mortgage interest rate as tracked by Freddie Mac for the past 46 years.

The current 30-year fixed rate mortgage is right around 4.32%. Compare that with the historical 46-year average of 8.17% and rates still look phenomenal. Yes, they are up from a low of 3.65% in 2016…but nowhere near the high of 16.63% in 1981.

Often its hard to picture just how that pencils out. So, let’s compare the monthly principal and interest payment (not including taxes and insurance) on a $750,000 mortgage at each of these rates to see just how big of a factor the interest rate is.

@ the current rate of 4.32% – $3,720

@ the 46-year low of 3.65% – $3,431

@ the 46-year average of 8.17% – $5,592

@ the 46-year high of 16.63% – $10,478

Historical Mortgage Interest Rate Chart

View the full residential market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Advice for First Time Buyers + Seattle Area Real Estate Report

Advice for First Time Buyers + Seattle Area Real Estate Report

COMPETING AS A FIRST TIME BUYER IN A WILD AND CRAZY SELLER’S MARKET

First off, this adventure isn’t for the faint of heart. Being a first-time buyer in the Seattle area will test your patience, your sanity, and maybe even your will to be a homeowner. That said, there are a few things you can do to better your position.

1 – Get pre-underwritten (not just pre-qualified or even pre-approved) by a local lender who sellers will trust. This means your loan application goes to the underwriter and is approved subject only to a clean appraisal. Most sellers want the assurance that your sale above most anything else. We’ve all heard the horror stories of financing falling through at the eleventh hour. Sellers have heard them too. Getting pre-underwritten is the best guarantee you can offer a seller that you are a sure bet.

2 – Save as much as you can. Putting 20% or more down is the ideal, but in today’s bidding war arena, you might even have to agree to make up the difference for a low appraisal.

3 – Consider shelling out money for a pre-inspection on the right home. As a first-time buyer especially, you need to know about a home’s deficiencies. Sellers aren’t likely to allow an inspection contingency today, so often your only opportunity to inspect is before you write an offer. At an average of $500 an inspection that can add up to a lot of dough. Consider setting personal guidelines for which homes you’ll pre-inspect and which ones you won’t. For example, you might choose to pre-inspect a home that is an 8 or better out of 10 on your criteria scale, is very comfortably in your price range (with room to spare for escalation) and has fewer than 2 other pre-inspections being conducted.

4 – If the home is occupied, consider giving the seller a free rent-back period to make their move out less stressful (and your offer more enticing). Typical rent-back periods are 3-60 days depending on how aggressive you need to be. Yes, it costs money…but it just might make the difference between your offer and a better offer with no rent-back. Sometimes peace-of-mind (and sanity) at move-out are more important to a seller than getting more money.

5 – Assuming you have done all the above, consider waiving typical contingencies and releasing a part or all your earnest money to the seller on mutual acceptance to sweeten the pot. While there is a degree of risk in doing this, if you’ve done your due diligence ahead of time, this can be a compelling approach that doesn’t cost you any more at the closing table.

6 – Of course, it is essential to have a competent real estate broker who can help you navigate these waters, determine the value (as compared to similar properties), history (permits, prior sales, etc.), and activity (other offers, pre-inspections, expressions of interest) of potential properties you are interested in. This helps you go in armed with the information to make sound decisions with a clear offer strategy that will help you win far more effectively than the typical guesswork that goes in too many offers written without this guidance. A reputable broker also makes for a more reputable offer. It goes back to that assurance that the sale will close. Most sellers feel more comfortable accepting an offer when there is a solid realtor, lender and buyer behind it. It’s a package deal and everyone plays a role in making it all happen.

Lastly, be prepared for the adventure. There will be joy, surprise, heartbreak, anger, frustration and bliss along the way (hopefully not all in one day). If you go in knowing it will be a challenge, you’ll be much better prepared for the task at hand.

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Are We in a Bubble? + Seattle Area Real Estate Report

Are We in a Bubble? + Seattle Area Real Estate Report

ARE WE IN A BUBBLE?

The short answer is no, or at least not yet. While Seattle prices have been escalating at breathtaking rates, demand remains strong, employment growth stable and climbing, and mortgage credit is still very strict.

The average FICO score required to obtain the best conventional financing is 750, while the lowest scores qualifying for standard conventional financing are around 701 and require substantially more down.

Today’s purchasers are very well-qualified and typically put 10-20% down on a home purchase. This is vastly different from the years before the loan crisis when nearly anyone (working or not) could obtain a mortgage loan with little or no down payment.

In fact, today’s homeowners have a have a higher equity position-an average of 40% home equity-than anytime in recent history.

What could cause a bubble in our region? Substantial easing of FICO scores and other qualifying loan criteria, significant increases in unemployment, or a sudden lack of buyer demand caused by rapidly rising interest rates.

Next week we’ll explore how to best protect yourself when buyer in a peak market. In the meantime, here are a few great articles we found interesting.

Washington State Housing Insights by Zillow Chief Economist Svenja Gudell

Windermere Chief Economist Matthew Gardner’s 2018 Forecast

Zillow Research: What We Learned About Housing Over the Past Year

 

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

3 Reasons There is So Little Inventory + Seattle Area Real Estate Report

3 Reasons There is So Little Inventory + Seattle Area Real Estate Report

Three Reasons There is So Little Inventory for Sale

  1. People are staying in their homes nearly twice as long as during the previous peak market cycle. The current average home tenure is 8.2 years.
  2. Boomers aren’t selling. Most are working far longer than previous generations and want the benefits of living close to work and play.
  3. New construction isn’t meeting demand. The shortage of skilled labor, and the high cost on both land and materials puts new construction out of reach for many buyers.

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

A Shortage of Condos + Seattle Area Real Estate Report

A Shortage of Condos + Seattle Area Real Estate Report

As Seattle-Eastside homes become less and less affordable, buyers are turning to condominiums in droves. Convenience is a huge part of this equation too. From easier commute options from more centralized locations to their low maintenance living, condos have a lot to offer today’s buyer.

While there are many aspects to condo ownership, the pros may just outweigh the cons in many scenarios. What we do know is that solid research and soul searching are a requirement of any successful lifestyle change.

Looking at this week’s snapshot, Downtown Bellevue condos are in very short supply while Downtown Seattle offers more to choose from.

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

2017 Year End Seattle-Eastside Residential Real Estate Report

2017 Year End Seattle-Eastside Residential Real Estate Report

2017 SEATTLE YEAR END REVIEW

Seattle area real estate paid off big yet again in 2017 with a 14.1% median price increase to $708,000. In fact, over the past five years, prices are up 58.7%. A Seattle house that was $446,000 in 2013 would sell for a whopping $708,000 today, or $262,000 more.

Seattle Report

Grappling with gridlock and buyer push-back over steeply escalating prices, Seattle saw the strongest price growth in neighborhoods further from the downtown core—namely South Seattle, Shoreline, and West Seattle. These more affordable regions offered home buyers more for their money than many of the core in-city hoods…although the quaint, inviting homes with signature “Seattle Charm” are pretty hard to pass up.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

 

2017 EASTSIDE YEAR END REVIEW

Median price appreciation on the Eastside fared even better than Seattle with year-over-year prices up 15.2% to $868,000. Over the past five years, prices are up 54.8%.

Eastside Review

The entire Eastside—comprised primarily of the cities of Bellevue, Medina, Clyde Hill, Yarrow Point, Hunts Point, Kirkland, Issaquah, Redmond, Sammamish, Woodinville, Carnation and Duvall—grew at a frenzied pace as buyers competed for fewer and fewer homes in Seattle’s newer and more spacious neighboring Eastside region. Those communities closest to the metro core and I-90/520 arterials fared best but homeowners in more remote Eastside neighborhoods are hardly complaining.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

 

2017 MERCER ISLAND YEAR END REVIEW

The median sale price on Mercer Island increased 17.1% (to $1,546,000) over 2016. Lack of available housing was the biggest contributor in driving prices up in this often-coveted island community nestled in the heart of the metro region between Seattle and Bellevue.

Mercer Island Report

New residential development regulations implemented in November impacted the size and placement of new construction and remodeled homes. Given the current buyer demand in the Mercer Island market, the new restrictions generally only affected values where total building size was significantly diminished.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

2017 Year End Condo Report

2017 Year End Condo Report

2017 YEAR END REVIEW

Condo Report

In desperately short supply, condos have become a favorite, or the only option, for buyers looking for walkability, convenience, and affordability in one nifty little package. Experiencing one of their best years in decades, condo prices flourished in 2017 and will likely see similar gains in 2018. Well-run buildings with reasonable monthly dues, those with all the bells and whistles, and good proximity to essential services are especially popular right now.

Check out all of these factoids and more in the full condo report.


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

What Does Months Supply of Inventory Mean? + Seattle Area Real Estate Report

What Does Months Supply of Inventory Mean? + Seattle Area Real Estate Report

An alternate method to analyze the market is by looking at the Month’s Supply of Inventory. The reverse of Absorption Rate, this number represents how many months it would take for all the homes currently for sale, to sell at the current pace. You can calculate the Month’s Supply of Inventory by dividing the total number of homes for sale by the number of homes sold each month.

For example, if there were 15 homes for sale in December, but only 6 sold (15/6), there is 2.5 month’s supply on the market for sale. Three to six months of supply is average: if the number is smaller, it indicates a seller’s market. If the number is greater, a buyer’s market is likely. The more extreme the mark on the continuum, the stronger the market polarity.

Hint: we do the calculation for you each week in this report and indicate whether the market is balanced, favors one segment, or strongly favors one segment. Easy peasy!

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

December 2017 Seattle Area Real Estate Report

December 2017 Seattle Area Real Estate Report
SEATTLE EXPERIENCES LOWEST INVENTORY LEVELS IN DECADES, MAYBE HISTORY.

Faced with the lowest inventory levels in more than three decades—probably much longer but we’d need to scour through handwritten ledgers to go back any further—prospects for an abundance of new homes for sale to meet the current demand aren’t looking favorable.

The Seattle region needs to become more creative at how it meets the housing needs of its people or its people will head elsewhere. As much as we hate it, higher density, better mass transit to outlying areas, and more effective use of available land and housing will likely have to be part of the discussion.

It’s time to roll up our sleeves and find solutions that work for longstanding residents and newcomers alike.

 Neighborhood Reports

SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

View the full market report


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Can Timing the Market Right Make that Big of a Difference? + Seattle Area Real Estate Report

Can Timing the Market Right Make that Big of a Difference? + Seattle Area Real Estate Report

Can timing the market right really make that big of a difference when buying a home? Yes! Yes! And Yes! Consider this. If the Median Sale Price in North Seattle is $798,000, and you make an offer during a typical week (where there are far more buyers than sellers) you’ll likely pay at least 4% above the listed price, or a $32,000 premium.

Compare that to an off-week (holiday, school break, or other anomaly), where you might pay close to the listed price, and you’ve got a nice furniture budget to play with. Of course, the best properties will always command the best prices, but even they are subject to market fluctuations from week to week.

Pay attention and “cha-ching” could be part of your vocabulary soon.

View the full market report

 

ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.