March 2013 NW MLS Seattle Area Real Estate Snapshot

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It may not feel like Spring this week, but Spring is in full bloom as far as the real estate market is concerned!

The NWMLS figures show that 2/3′rds  of last month’s condo sales were in King County where  prices jumped 28.6 percent, increasing from $175,000 to $225,000. The price of a single family home that sold in King County increased from $330,000 to $392,000 (up 18.8 %).

The market remains incredibly competitive. One in four buyers are cash buyers, multiple offers vary from community to community but it is common to see multiple offers on all properties, including distressed ones. The inventory in King County is down 42.4% from the same period last year!

Supply and demand is the key to these incredible price appreciation figures. Buyers want to take advantage of new record low interest rates, sellers want to take advantage of the low inventory, thus demanding higher list prices because they know they can get it. The one major issue is the appraisal, where appraised values may or may not be in line with the pumped up offers. In this case, the buyer has to decide how bad they want that house and whether or not they are willing to dig into their own pockets to make up the difference.

Interest rates are hitting new record lows and some predictions are that they will drop below 3%!! But, remember, nothing lasts forever. This perfect storm of good values and incredible interest rates can be here today; gone tomorrow.

Let me know if you are in the market to buy or sell. I have over 23 years experience helping buyers and sellers throughout the greater Seattle area!

 

Snohomish County Living

 

Seattle Area Real Estate Stats- February 2013

Spring is just around the corner but the Spring real estate market has already sprung in a BIG way. Our region’s housing recovery is well underway! The greater Seattle area real estate market is in full bloom!

In my 23 years in the business, I have never seen such low inventory. The number of active listings in King County is down 45.3% from the same period last year, according to the NWMLS. To add to this issue, about a quarter of the inventory is considered distressed (short sale or bank owned).

Buyers are out in force wanting to take advantage of the incredible interest rates and good values but they are up against fierce competition. We need inventory!

Homes in King County commanded a median price of $365,000, rising from $308,125 for a year-over-year gain of about 18.5 percent.Condos that sold last month in King County had a median selling price of $210,000; a year ago it was $159,950. Wow! What a difference a year can make.

Let me know if you are in the market to buy or sell. I want to be your partner in real estate!

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Snohomish County Living

 

What’s Happening Around The Greater Seattle Area – March 2013

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Real Estate Around The Greater Seattle Area – NW MLS January 2013 Statistics

 

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2013 may become known as the comeback year. Why you ask? In one word – Housing!

The Spring housing market has jumped the gun. Not only did the groundhog see his shadow but the housing market has taken off in a big way!

Northwest Multiple Listing Service  statistics for January showed a 14.4 percent year-over-year increase in pending sales and a 23.6 percent jump in closed sales amid a 31.3 percent decline in inventory. The MLS reported 4,289 closed sales during January, surpassing the year ago total by 820 transactions. Last month’s completed sales of single family homes and condominiums had a median selling price of $239,300. That’s up 11.3 percent from the year-ago figure of $214,990. Supply has dwindled to less than two months in some counties close to job centers, spurring bidding wars. Some buyers are even resorting to writing letters to win over sellers in these competitive situations. Brokers also report an increasing number of buyers have little or no interest in making offers on short sales.

Northwest MLS members reported 5,548 pending sales during January in the four-county region (King, Snohomish, Pierce and Kitsap). That total surpassed the previous high for the month of January, which was logged in 2005 when members reported 5,426 pending sales.

Sellers thinking about listing this spring? You may want to get a jump on it while inventory remains so, so low. You will have the advantage of a quick sale and perhaps even multiple offers to choose from. I offer a complimentary CMA as well as advise to prepare your home for the marketplace as an Accredited Staging Representative. I also offer very attractive commission plans for sellers. But beware about overpricing your home. Buyers are well informed. There is a fine line between pricing at the top of the market and overpricing. With 23 years of experience, I can make sure that you get top dollar for your home without overpricing

Buyers need to be ready to go and that means being pre-approved. Know what you can buy and what you need. The good deals go fast so you must come into the market ready to act. I can help make sure that you make a wise decision when investing in what is usually ones’ largest purchase. Use your head and not your heart to avoid buyers remorse and do not ever forgo the inspection process. Also, avoid any broker willing to act in a dual agency role. It is a major conflict of interest to represent both a buyer and a seller. Make sure you have your own representation! And more important than anything else – DO NOT SETTLE for a home that does not meet your needs. Do not get caught up in the moment thinking that a particular house is as good as you will be able to find.

 

Happy February 2013- What’s Happening Around The Greater Seattle Area This Month

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2013 Energy Tax Credits For Making Your Home More Energy Efficient In Seattle and Beyond

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It’s cold out there, baby! Has our Seattle area weather been cold enough for you? It sure can magnify areas of our homes that need some energy use reduction. If our homes are not efficient, our next power bill will be a shocker!

Is your furnace efficient? How about your water heater? Insulation? Etc.  Yes, you can still get a tax credit for energy updates that meet the requirements.

After advocacy by Efficiency First and other industry partners, the 25C tax credit was brought back to life in a package of energy tax extenders in the “American Taxpayer Relief Act of 2012” — the overall fiscal cliff legislation passed and signed into law earlier this month. The 25C tax credit – which is capped at 10% of the product cost and a $500 lifetime limit – is now extended through the end of 2013, and it has been made retroactive include to products installed in 2012. It had previously expired at the end of 2011. To claim the credit, homeowners need to enter the appropriate information about cost and measures installed when they file their tax return. They should also keep a copy of the product information and the verification from the manufacturer that the product is 25c eligible.  Click here to learn more about the 25C tax credit and eligibility requirements.

 

It’s Been A Cold Winter Around The Seattle Area – What Will An Energy Audit Do For You?

What will an energy audit do for me? This is a question I am asked often. We are once again experiencing some very cold days and nights around the greater Seattle area. There isn’t a better time to find out if money is literally flying out of your home.

An energy audit helps the homeowner with home energy efficiency and comfort issues. It will help identify opportunities to lower utility costs through various measures, like air sealing, insulation, education on energy usage habits and other proven methods. A home energy assessment, also known as a home energy audit, is the first step to assess how much energy your home consumes and to evaluate what measures you can take to make your home more energy efficient. An assessment will show you problems that may, when corrected, save you significant amounts of money over time.

During the assessment, you can pinpoint where your house is losing energy. Energy assessments also determine the efficiency of your home’s heating and cooling systems. An assessment may also show you ways to conserve hot water and electricity. You can perform a simple energy assessment yourself, or have a professional energy auditor carry out a more thorough assessment. I recommend that you hire a professional to get the most in-depth assessment.

Here is a great video showing what an auditor will do:

Within a few days of the audit, the homeowner will receive a report discussing the results and suggestions for improvement. This includes a list of recommendations, including simple, low-cost actions you can take to start saving right away and perhaps larger home improvements that will do even more to improve comfort and reduce home energy costs.

Here is a wonderful resource to help one prepare for an audit and select a home auditor: Energy Savers

And if you feel really confident and want to do your own assessment, check out this great Do-It-Yourself resource

An added bonus for homeowners trying to sell their homes: What a great selling feature to be able to say that you have had an assessment, provide the written assessment and then show how you have made the home more energy efficient. Another way to set your home apart from all of the competition and your buyers will love it!

Real Estate Around The Greater Seattle Area – NW MLS December 2012 Statistics

 

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Happy New Year! We made it through another year and 2013 is set to be a major comeback kid. Real estate is looking up. With record low interest rates, great prices and loans a tad bit easier to obtain, this is the year for buyers and sellers who want to jump into the real estate market. Whether you are a home owner thinking about moving or a prospective buyer, timing is everything.

December was a very active real estate month, despite the holidays. First time home buyers and investors both helped make December a month to remember. According to the NWMLS, home buyers around western Washington made offers on 5,314 residences during December, outnumbering the 3,857 owners who listed their homes for sale. The imbalance helped push up prices and further thin already depleted inventory.

MLS members reported 5,314 pending sales of single family homes and condominiums last month for a modest year-over-year increase of 1.5 percent. That volume of mutually accepted offers fell from November’s total of 6,522, but far exceeded the number of new listings, 3,857, that members added to the MLS system during December. It also marked an unprecedented fourth straight month when pending sales outnumbered new listings.

MLS members tallied 5,267 closed sales during December, outgaining the same month a year ago by 526 transactions for an increase of about 11.1 percent.  The 2012 total of 64,624 closed sales was 14.8 percent higher than the volume reported for 2011. Now that’s impressive! A word of caution for home sellers – Don’t get greedy! Just because inventory is down, don’t think buyers will overpay for a home. With short sale properties, buyers are being very cautious. The time it takes to get these transactions done is still lengthy and buyers are not willing to wait and lose loan locks or the opportunity to buy a home without third party liens.

The multiple reports that  even with distressed properties (and the lower prices they usually fetch) being part of the mix of sales, median sales prices are edging up. Last month’s buyers paid more for their home than purchasers of a year ago, and the number of properties that sold for a million dollars or more jumped nearly 56 percent, rising from 68 in December 2011 to 106 last month.

The median price area-wide was $255,000, up 13.3 percent from twelve months ago when the price was $225,000.  Prices rose by double digits in ten of the 21 counties in the Northwest MLS service area.  Homes and condos that sold in King County commanded the highest prices at $342,000, reflecting a gain of more than 17.5 percent.

For single family homes (excluding condos), the median selling price rose $30,000 system-wide (about 12.8 percent) climbing from $235,000 a year ago to $265,000.

In King County, the median sales price of a single family home jumped nearly 18.8 percent, from $320,000 to $380,046.  Within the county, the biggest increases on single family homes that sold were reported in Skyway/Bryn Mawr area (up 89.8 percent), Central Seattle (up 50.2 percent), Vashon (up 35.6 percent), Bellevue west of I-405 (up 28.6 percent) and Burien-Normandy Park (up 26.9 percent).

Low unemployment, less inventory, low interest rates and rising rents are among factors that will create a strong housing market in 2013.

I am a Real Estate Broker with over 23 years experience serving buyers and sellers in King, Snohomish and Skagit counties. I would love to partner with you this year. Contact me by text, email or phone.

New Year Eco Resolutions That Can Be Done Today

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The New Year is here, and what better way to celebrate than by doing some good! Whether you made resolutions or not, the start of a new year is a clean slate. You may not know what the next 12 months have in store, but you can guarantee that you jump-started 2013 on a positive note by accomplishing any (or all!) of the following eco-actions.

1. Keep the TV off. It’s the first week of the New Year, do you really want to waste it sitting in front of the television? We though not. You could get so much done today if you spend less time watching reruns — and you could cut down electricity usage too.

2. Make dinner tonight. Why waste the gas and money to go out for dinner, when you can make a nice, hot meal right at home? Go with local ingredients to step it up a notch. Not only will you be saving money, and help out the local economy, you’ll have leftovers for later.

3. Take a shorter shower. In general, it’d be good to cut back on excess water usage. You can install low-flow showerheads and fix leaky faucets for other inexpensive and easy conservation moves, but if you shave a minute or two off of your shower today that’s a step in the right direction. Do that for a whole month and you could save 150 gallons of water.

4. Clean out your closet. It’s time to clean out all those clothes you never wear and put them to good use. Donate them to your local Salvation Army or upcycle them.  You’ll feel better for having cleared out some of the clutter.

5. Drop that paper towel. Sure it’s easy to just grab that roll of paper towels when there’s a spill or you need a napkin, but a regular kitchen towel does the same trick and reduces waste. It’s a hard habit to break, we know, but worth it! You could also go with Bambooee towels to help kick that regular roll of disposable towels out of the kitchen.

6. Cut back on driving. I know, it’s so convenient to just jump in the car, but if you’re going down the street to the store, why not walk? Not only will you get in some exercise (fulfilling another resolution perhaps?), but you’ll reduce pollution. If the trip is longer than down the street, use a bike, carpool, or take public transit to lower your carbon footprint.

7. Sponsor a wild place. Not only will you feel good for having protected America’s wildlands and wildlife, you’ll get to choose which area you support. The sponsorship will help restore and preserve the region of your choice, and maybe inspire you to go on an outing later in the year.

8. Recycle, recycle, recycle. Did you do some celebrating for the New Year? Well then that must mean you have some bottles or cans leftover. Don’t just trash them, collect them in an old trash bin and save them to be recycled instead. It’s a simple step, but highly effective.

9. Turn down your thermostats. This will help lower your energy usage, and your bills. And yes, that was plural. We’re not just talking about your heater and AC units, think about your refrigerator settings as well.

10. Protect clean air. A fresh, new year requires fresh air. You can help ensure by educating yourself and pledging to take a stand against toxins caused by coal mining. Visit the Beyond Coal website and sign the petition, donate funds, or volunteer time to fight for clean air throughout the year.

11.  Make a compost bin. In general, it’s best to cut down on food waste when you can. If you have a yard, look into setting up your own composting. If you’re in a smaller place, there are a couple different options to keeping your waste to a minimum. Try out some of these simple compost ideas.

12. Invest in rechargeable batteries. It may sound like an odd resolution, but think about the number of times you replaced batteries last year. We go through them quicker than we’d like to think, and much of the time they don’t get disposed of properly.

13. Switch to reusable bags. New year, new mottos!  And we say that plastic is out and reusable is in. One of the easiest ways to help reduce plastic waste is to ditch plastic bags when shopping. You can purchase reusable bags or make your own. Either way, make a mental note to always keep one handy, either in your purse, briefcase, or glove compartment.

14. Donate blood. With all the tragedy being reported on a daily basis, it’s hard to know what you can do to help. Donating blood is one of the best ways to help out. The Red Cross  can help you find your nearest location and you can set up your appointment today.

15. Clean up your neighborhood. For today, start by taking a walk around the neighborhood and seeing how much trash you wind up with after a couple blocks. You’ll be surprised by what you find. Plan a neighborhood clean up party or form a crew to do a regular clean up. Make it fun by adding a potluck to end the day.

Thank you Sierra for some of the content.

Exercising Outside In The Winter In The Greater Seattle Area Is Fun and Rewarding If You Are Prepared

 

 

I know that the cold damp days of Seattle can be hard to take but it’s no excuse to hibernate.

Ditching your workouts because it’s cold outside and you’d rather curl up with a cup of cocoa? Instead of letting winter derail your fitness, brave the elements and exercise all season long. Follow these outdoor fitness tips and save the cocoa as an after-exercise treat. You’ll thank yourself when shorts and bathing suit season arrives and you’ve got the bod to sport them!

Here are some tips and tricks:

Outdoor fitness tip #1: Get dressed

Wearing proper clothing is essential to your comfort and safety for outdoor exercise. It is crucial to keep both your core and your extremities warm. In addition to wearing adequate layers on your torso, also pay close attention to your arms, hands, legs and feet — wear warm gloves and proper socks as well as cover your head when necessary. But remember not to overdress. It can be dangerous to overdress and cause perspiration. Wearing a layer next to your skin that helps remove perspiration is always a good idea. Silk or polyester are good choices. Avoid cotton as your next to the skin layer as it traps moisture. I prefer wool for my base and mid layers. The outer layer should block the wind and allow moisture to escape, like Gore-Tex.

Outdoor fitness tip #2: Consider all weather factors

Before you start piling on clothes, take into consideration all the factors that will affect your core body temperature. Factors such as the real temperature, wind chill, wind speed and direction, sun position and precipitation can make the “real feel” temperature lower than the reported temp. For example, if the temperature is 40 degrees, one might consider that quite warm. However, strong winds can cause a wind chill temperature that is closer to 20 degrees.  And if you are hoping for the warmest part of the day to exercise outside, do it while the sun is high.

Outdoor fitness tip #3: Invest in proper footwear

Running shoes may be fine on packed dry snow but they can be dangerous if roadways or trails are iced over. If you run in snow, products like Yaktrax that you can slip on over your sneakers, can be a great investment. These as well as footwear made for weather can prevent falls by supplying more traction. If the terrain happens to be deep newly fallen snow or soft powder, your running shoes are worthless — your feet are going to freeze. Consider snowshoeing instead of walking or running or buy a pair of waterproof snowboots and tromp away. Not that this happens around here much, but hey, one can dream!

Outdoor fitness tip #4: Listen to your body

Even if you are motivated to weather the winter, tune in to your body. Conditions that are too cold varies from person to person and  winter workouts outdoors may not be right for all people. People with certain medical conditions like heart disease may need to avoid certain temperatures because cold can cause vascular constriction. If you have any medical conditions — particularly diabetes, Reynaud’s, lupus, fibromyalgia or arthritis — talk to your doctor before heading outdoors to exercise.

Outdoor fitness tip #5: Drink up

Not keeping your body hydrated is a frequent mistake.  In the summer, people are perhaps more in-tune with their hydration because they sweat and feel the thirst sensation. In winter you may not feel as thirsty and therefore forget to drink. It is equally as important to hydrate when exercising in the cold as it is when you workout in the summer heat. Keep a bottle of water with you during winter workouts just as you do with hot weather exercise.

Outdoor fitness tip #6: Warm up and cool down

Regardless of the time of year or type of workout, it is important to remember to do a proper warm up and cool down to prevent injuries and hasten recovery. However, spend a few extra minutes warming up for winter exercise. And more important, when you get back indoors after your workout, fight the urge to immediately remove your layers.Give your body time to adjust.  Post exercise hypothermia is possible, which happens when your body rapidly loses its heating stores. As long as you are prepared to weather the winter, you can avoid winter weight gain and stay in top shape. You might even come to love taking a run in the invigorating brisk winter air or trekking up your favorite trail with powdery snowflakes falling around you.

My picks for the best outdoor exercises in and around Seattle are:

1. Snowshoeing is a great cross trainer for runners because it is low impact and involves similar, basic movements as running. Head to mountain trails or try some of the nordic areas that usually have designated snowshoe trails. If you venture into the woods in the winter, make sure to stay on existing trails and carry emergency supplies, a charged cell phone with GPS and avalanche safety equipment like a shovel, beacon and probe. Make sure someone knows where you are going and when you are coming back. Sign in at the trailhead so that rangers know you are there.

2. Take a walk, run or stroll on many of the paved trail systems in and around Seattle – The Burke-Gilman system, The Centennial Trail, and many more paved trails close to civilization.

3. If you have kids, why not spend the day tobogganing or sledding, which can be a great social activity and workout combined. When you are racing up the hill with both the sled and children in hand, your heart rate is sure to increase, and it’s a chance to spend time with family and friends. Many of the ski areas have designated hills or, if we are lucky enough to have lowland snow, head to your neighborhood hill. Please don’t let anyone tow you behind a car, no matter how fun it may sound.

Some of my top picks in and around the greater Seattle area are:
1. Two of my favorite paved trail systems in our region, which will someday become one, are the Burke Gilman Trail and the Centennial Trail. They are perfect for biking, walking, strolling, roller blades and even horses. In snow, I have cross country skied and used my mountain bike.

2. For sledding and other family friendly mountain spots, my top picks are Hyak Sno-Park sledding hill at Snoqualmie Pass and  Snoqualmie Summit Tubing Center.

3. Winter hiking is a great year-round activity in our region. We have ample low elevation hikes that rarely need special equipment. Caution: Make sure to sign in at trailhead and let someone know where you are going and when you are going in and plan to come out. Mother nature can always surprise us. My top choices are Boulder River Trail near Darrington in Snohomish county, Coal Creek Falls/Cave Hole/Wildside Loop in Cougar Mountain Regional Wildland Park, which – by the way – is the largest urban wildland park in the U.S., and it’s right in the backyard of Seattle and its environs. My final pick for winter hiking is Twin Falls near North Bend.

4. For cross country skiing and snowshoeing my top picks are Stevens Pass Nordic Center and excellent snowshoeing routes along the I-90 corridor. For a fun trip, why not think about heading to Mount Tahoma, North America’s largest No Fee Hut-to-Hut Trail System.

5. Outdoor ice skating rinks around the greater Seattle area. A great family activity for both novice and experienced skaters.

Whatever you decide to do this winter, have fun and be safe.

Lynn Newcomb, Seattle REALTOR® With over 22 years experience in residential real estate, Lynn feels strongly that service is the key to satisfied customers. Lynn's passion for the environment prompted her to be one of Washington's first EcoBrokers. She is excited to assist both buyers and sellers in making choices that will lessen their footprint on the earth. Contact Lynn.