Monthly Real Estate Reports – Seattle & The Surrounding Area

MAY 2018

 

Download the reports here —> MAY-2018_ JILL JUDY

Posted on May 16, 2018 at 6:33 pm
Jill Judy | Category: Real Estate

April Monthly Real Estate Report For Seattle

Click to view the April Real Estate Market Reports for Metro Seattle CondosMagnoliaNW SeattleNE SeattleCentral SeattleSE SeattleCentral Seattle SW, and West Seattle.


Posted on April 23, 2018 at 6:50 pm
Jill Judy | Category: Real Estate

3 Reasons to Sell Your Home During Spring

3 Reasons To Sell Your Home During Spring

Spring is in full swing and the real estate market is blooming. If you are debating or on the fence about whether or not to sell your home this season, Here are 3 reasons you should list your home for sale during spring:

Tap Into Your Home Equity

According to a recent report released by Zillow, in Seattle, homeowners are gaining $54.24 in equity per hour, 3.5 times the minimum wage of $15 an hour. This indicates that home values are appreciating at a rate per hour that’s actually higher than the local hourly minimum wage. This equity, however,
is only available once a homeowner sells.

Low Inventory Means Less Competition

According to another report released by Remax, the Seattle metro area is tied only with Denver for lowest home inventory and has one of the fastest markets in the country. This means that, in the majority of Seattle, there are not enough homes for sale to satisfy the number of buyers in the market.

Quicker Home Sale Than Ever

Due to the low home inventory, home buyers are doing all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford home shopping.

Bottom Line

Only you can decide whether or not now is the time to sell your home or downsize, however, the real estate market is ripe for a quick and profitable home sale.

Posted on April 13, 2018 at 10:00 pm
Jill Judy | Category: Home Sale, Real Estate | Tagged , , , , ,

March Real Estate Reports For Seattle

Click to view quarterly market reports for Metro Seattle CondosMagnoliaNW SeattleNE SeattleCentral SeattleSE SeattleCentral Seattle SW, and West Seattle.

March Seattle Real Estate Reports.pdf Monthly reports

Posted on March 19, 2018 at 9:54 pm
Jill Judy | Category: Real Estate

Why You Should Buy A Home During Spring

Flowers are blooming, spring is in the air, and the housing market is as active as ever. Take a look at these three great reasons why you should consider buying a home during spring.

Home Prices Will Continue To Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.6% over the last 12 months and predicts that prices will continue to increase at a rate of 4.3% over the next year.

Just to give you perspective, on a $400,000 dollar home that’s around $17,000!

With home prices continuing to appreciate in value, waiting no longer makes sense.

Mortgage Interest Rates Are Predicted to Increase

Freddie Mac’s Primary Mortgage Market Survey noted that in 2017, interest rates for a 30-year mortgage hovered close to 4.0%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors, all agree in forecasting that rates will increase by nearly a full percentage point by this time next year. Once again, driving up the cost of purchasing a home.

 

Pay Rent Or Pay Mortgage – The Choice Is Yours

Unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s.

As a homeowner, your mortgage payment can act as a form of ‘forced savings account’ that allows you to have equity in your home with which you can tap into later in life. As a renter, you’re helping your landlord gain that same equity.

 

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying one sooner rather than later could lead to substantial savings.

If you’re a first time home buyer, consider reading my top first-time home buyer tips!

Ready to take the first step and own the home meant for you? Get in touch

Posted on March 12, 2018 at 8:18 pm
Jill Judy | Category: Buying A Home, Home Buying Tips, Home Purchase, Real Estate | Tagged , , ,

Retiring? Empty Nester? The Time Has Come To Tap Into Your Home Equity

Are you close to retirement but not ready to move yet? Are you living in a home that is too big in size and maintenance needs? When you retire would you like to stay in your home or does downsizing and vacation destinations sound like a better option?

The answer for many empty nesters and retirees lies directly in their home equity.

According to the newest Equity Report from CoreLogic, the average homeowner in the United States has seen an estimated $14,000 gain in their home equity in just the last year alone. On the West Coast, where the Real Estate Market is thriving due to the tech industry, homeowners have gained twice that amount, some even more than that!

If you’re unaware or unsure of how much equity your home has earned in recent years, please feel free to take my Free Home Estimate.

In this Seller’s Market, homeowners have the advantage. Especially in Seattle, where supply has yet to catch up to the demand, Homeowners can quickly sell their current house and use the profits from that sale to downsize, relocate, or even enjoy vacations that were once financially impossible.

Bottom Line
The sale of your home can allow you to take full advantage of today’s seller’s market, enable you to cash in on the equity your home has built throughout the years, and live a lifestyle relieved of the everyday tasks that come with homeownership.

Posted on January 12, 2018 at 4:56 am
Jill Judy | Category: Home Sale, Home Sale Tips, Home Staging Tips, Real Estate, Selling A Home | Tagged , ,

It’s A Seller’s Market! Should You Downsize Now?

As the majority of the country currently experiences a seller’s market, a recent study by Edelman Berland reveals that an estimated 33% of homeowners are considering selling their homes in the near future as they plan to scale down. There are several reasons why this might make sense for many homeowners.

A smaller home implies less space; however, it also means less time, stress and money spent on upkeep.

Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

You’ve built up enough equity in your current home to make a profit.

For most homeowners, this is the case. Of course, this is only true if the homeowner has held on to their properties for long enough to have positive equity that will be sizable enough to put a large down payment on their next home.

Downsizing can offer you a different lifestyle.

For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.

Bottom Line
If you are currently considering downsizing your home and want to evaluate your options, I am available to guide you and your family on the best housing opportunities available to you now.

Posted on January 12, 2018 at 4:52 am
Jill Judy | Category: Home Sale, Home Sale Tips, Real Estate, Selling A Home | Tagged ,

So You Bought A Home? It’s Time To Move!

It may seem like there are a million things to think about when moving. But like anything else, if you’re organized and think ahead, you can make the process a lot easier. Use these tips to keep your move on track and prevent any important items from slipping through the cracks.

Before Moving Day

  • Decide if you will be handling your packing and moving or contracting with a professional service.
  • Contact the post office to file a change of address notification.
  • Notify all utilities and service providers of your upcoming move (e.g., gas, electric, water, telephone, trash disposal, cable/satellite, the Internet, landscapers, newspaper delivery, etc.).
  • Arrange for any special care needed for small children or pets on moving day.
  • Coordinate with local trash disposal service for bulk item pickups or a particular dumpster for items you won’t be taking with you.
  • Transfer medication prescriptions to a pharmacy closer to your new home.
  • Register children at new schools if necessary.
  • Contact all of your insurers and inform them of your move.
  • Arrange for a cleaning crew to come in after you move.

On Moving Day

  • Mark each box on the top and sides to indicate contents and the room in which they should be placed at your new home. (Boxes usually are stacked on top of each other, so you want information on the sides to be visible.)
  • Mark boxes that you want immediate access to at your new home (e.g., bed linens, towels) and make sure they are the last boxes to be loaded into the truck.
  • Keep possession of all valuables (cash, jewelry, antiques, valuable artwork, important documents, etc.) and take them with you in a private car if possible.
  • Verify that all utilities have been disconnected at the appropriate time.
  • Lock the doors and windows.
  • Arrange for the old house keys and garage door opener to be provided to the new occupants.
  • Take one last look around (including checking closets and cabinets) to make sure you haven’t left anything behind.
  • Leave your contact information with the new occupants so they can forward any mail, packages, etc., that are shipped to your old address.

After Moving In

  • Contact your new municipality to see if they have new resident guides available or if they require residents to display municipal vehicle stickers.
  • Update your contact information on your driver’s license.
  • Provide your new address to all financial service providers (banks, credit card companies, credit unions, etc.) as well as magazine and newspaper subscriptions.
  • Register to vote at your new address.
  • Order new checks.
  • Familiarize yourself with the locations of grocery and drug stores, hospitals, police and fire stations–any place you plan to visit frequently or may need to find in an emergency.

 

Original article source

Posted on January 12, 2018 at 4:51 am
Jill Judy | Category: Buying A Home, Home Buying Tips, Home Purchase, Real Estate | Tagged , ,

Selling Your Home In A Seller’s Market

Buyers are searching for homes, but supply is not keeping up with their demand!

There are two types of real estate markets: Buyer’s and seller’s markets.

What does this mean for you?

Selling a home in a seller’s market is very different from selling a home in a buyer’s market. Not only will your days on the market be notably fewer, but you might even receive multiple offers on your home, which could drive up your sales price and get you top dollar on your investment.

It’s an excellent idea to take advantage of restrained home supply since it’s the demand that drives competition. The greater the number of potential buyers for your home, the higher the chances are that you’ll make more money.

Another upside to a seller’s market is that homes that would otherwise be difficult to sell in a buyer’s market stand a greater chance of a sale.

Some homeowners believe that once you stick a “For Sale” sign in the front of your yard, the market takes care of the rest. Although it might be easier to sell in a seller’s market, it still takes a lot more to sell a home than hanging a sign out front. It requires strategy.

 

Top strategy for selling your home in a seller’s market:

Prepare The Home For Sale

Clean, declutter, and make small repairs on your home from top to bottom. Some buyers will overlook little defects in a seller’s market because there are not enough homes on the market and they don’t have many choices. However, your ultimate goal should be to sell your home for as much as you can. This entails having a clean and decluttered home potential buyers could picture themselves calling home. You’d be surprised the difference a fresh coat of paint can make on value perception.

A Picture’s Worth A Thousand Words

Once you have your home clean and have taken care of small touch-ups and repairs, your next course of action should be to hire a professional stager. The benefits of staging your home far outweigh the costs that come along with it. Not only will your home look great in photographs but often, it will leave a lasting impression on buyers as they view the home.

Lower The Sales Price

If you set the price a bit below the current market value, this effort will attract more buyers. It also will leave some room for buyers to feel more comfortable bidding above the asking price. Be careful when using this strategy, pricing your home too below its market value, will most likely turn away buyers and decrease the amount of market exposure your home receives.

Set a time for offer review

Let the potential buyers know that you will consider all offers on a specified day and time. Don’t make buyers wait longer than necessary or your strategy could backfire, and they might withdraw the offer.

Review Seller’s Market Offers

After all of the offers are received, make notes on each offer so that you are aware of not just the sales price but other factors such as:

  • The amount of the earnest money deposit
  • Whether the offer is all cash or if finance & the proposed type of financing
  • Amount of down payment
  • Waiver of standard buyer inspections or contingencies
  • Seller costs, including proposal to pay the buyer’s closing costs
  • Unusual requests or allowances
  • Some buyers will send photographs of themselves, often including their pets or their children. They might write letters to the seller, talking about why they want to buy the home and sharing a bit of personal information.

Bottom Line

Buyers are searching for their new home right now! If you are considering selling your home this year, the early months of 2018 will be your best option. Contact me today to capitalize on current market conditions and get top dollar for your home.

Posted on January 12, 2018 at 4:49 am
Jill Judy | Category: Home Sale, Home Sale Tips, Real Estate, Selling A Home | Tagged , ,

3 Questions To Ask Yourself Before Purchasing A Home

If you are considering purchasing a home right now, you’re probably receiving a lot of advice and information. Although your friends and family will have your best interest at heart, they may not be completely aware of your needs and what is currently occurring in the real estate market.

Asking yourself the following 3 questions could help you determine if now is a good time for you to purchase a home:

 

1. Why are you buying a home?

This should be the most crucial question to answer. If you put aside the financial investment, besides money, why did you start to consider purchasing a home? For most, the reason has little to do with finances.

Research by the Joint Center for Housing Studies at Harvard University revealed that the top four reasons Americans buy a home have more to do with family and less to do with money.

The top 4 reasons why Americans are buying homes are:

-A good place to raise children and for them to get a good education
-A place where you and your family feel safe
-More space for you and your family
-Control of that space

What does owning a home mean to you? What non-financial advantages will you and your family gain from owning a home? If you are starting or already have a family, the answer to that question should be the most significant reason why you decide to go ahead with the purchase of a home or wait until you’re ready.

 

2. Where are home values headed?

According to Zillow, The median home value in Seattle is $609,100. Seattle home values have gone up 11.3% over the past year, and Zillow predicts they will rise 4.7% within the next year. The median list price per square foot in Seattle is $418, which is higher than the Seattle Metro average of $205.

If we look at the estimates year over year, a home that would cost you $600,000 today, might cost you an additional $20,000 if you wait until next year.

What does that mean to you?

Simply enough, with home prices increasing each month, it might cost you more to purchase your home the longer you wait to buy one. Your down payment will also need to be higher to account for the higher price of the home you wish to purchase.

 

3. Where are mortgage interest rates headed?

Buyers should be concerned about more than just home prices. The “long-term cost” of a home can be significantly impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months.

This rise in mortgage rates will affect how much financial investment you put in your home.

 

Bottom line:

The purchase of a home shouldn’t just be a financial decision; you have to be ready for the changes that it could potentially bring to your family life.

Posted on January 12, 2018 at 4:47 am
Jill Judy | Category: Buying A Home, Home Buying Tips, Home Purchase, Real Estate | Tagged , ,