Updated home on one acre, cul-de-sac lot on English Hill in Redmond

14315 173rd Pl NE, Redmond-1
Listed at $825,000
Complete details here

Beautifully maintained and updated home in the desirable neighborhood of Sheffield on English Hill. The gracious floorplan boasts 2,540 s.f. and features 4 bedrooms and 3 baths. The home is ideally positioned on a 45,089 s.f. lot at the back of a cul-de-sac! The list of extensive updates includes remodeled kitchen & baths, refinished hardwoods and new carpet! The formal living room features a vaulted ceiling, bay window overlooking the gardens and a stone wrapped, gas fireplace. The dining room is a great place to share a meal with friends. Updated kitchen with ample cabinets, granite counters, under-mount sink, breakfast bar appliances included! The light-filed nook includes a slider to the deck – perfect for BBQing or entertaining.

Relaxing family room with brick fireplace including a gas insert, built-in shelving & ample windows. Private 4th bedroom or den with wainscoting and 1/2 bath across the hall is ideal for guests. Updated powder room off entry foyer. Generous master bedroom with walk-in closet. The sumptuous bath has been remodeled with a double vanity, large soaking tub, and oversized, double shower – all finished in stone. Two additional bedrooms are spacious. The hall bath has been remodeled with double vanity and tub with shower above – all finished in stone.

The huge, entertainment sized deck is a great space to relax. There are ample garden beds and room for play – all with a lush backdrop. Laundry room with sink and extra storage area – washer & dryer included. Attached three car garage with storage possibilities. Outstanding Northshore schools – Sunrise Elementary, Timbercrest Jr High & Woodinville High.

Stunning two story home near North Creek Park in Bothell!

1119 184th Pl SE Bothell-1

Listed at $475,000

Complete details here

Fabulous home in desirable Foxwood Meadows Neighborhood in Bothell. The home is 2,454 s.f. and features 4 bedrooms, 2.5 baths, plus den in an ideal location. Rich hardwoods welcome you in along with designer touches throughout the home!

The formal living room has a vaulted ceiling, chair rail and large windows overlooking the front gardens. The dining room features a custom inlaid ceiling, chair rail and big windows overlooking the rear yard. Generous kitchen with abundant oak cabinets, slab granite counters, designer tile backsplash, pantry, breakfast bar – all stainless appliances included. The nook is wrapped in windows overlooking the yard and a slider to the covered deck and yard. Relaxing family room off the kitchen and nook with gas fireplace. Private, main floor den with double door entry. Nicely appointed powder room for your guests.

Generous master suite with large windows. Five piece master bath with a double vanity, tile counter, toilet closet, soaking tub, separate shower and a walk-in closet too! Three spacious guest rooms with serene views. Full bath with oversized oak vanity, is drenched in light.

The private rear yard includes – Entertainment sized deck with covered and uncovered areas for year round enjoyment, lawn, planting beds, firepit, all wrapped in green. Attached 3 car garage with storage options. Easy access to shopping, restaurants and local freeways.

Is Your First Home Within Your Grasp Now?

 

20160607-Within-Grasp-STM

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer:

20160607-STM-ENG-1024x607

Bottom Line

You may not be much different than many people who have already purchased their first home. Let’s get together to see if your dream of homeownership can become a reality!

Sell NOW Before Competition Hits the Market

20160525-Share-STM

In their current edition of the Home Price Expectation Survey released last week, Pulsenomics asked this question of the 100+ economists, real estate experts and investment & market strategists they surveyed:

“In your opinion, what is the primary driver of recent home value growth in the U.S.?”

Here are the top four reasons given by those surveyed:

20160525-ENG-STM

As we have stated before, the current lack of inventory in most housing markets has caused home appreciation to increase at greater percentages than historical averages. This means that this is a great time to sell your home as supply is low and demand is high.

However, things may be about to change…

The fortuitous situation sellers see themselves in may soon change for three reasons:

  1. As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.
  2. With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock.
  3. Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.

According to Daren Blomquist, senior vice president of RealtyTrac, in the Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report:

“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory.” 

Bottom Line

In most housing markets, don’t wait for this additional competition to hit the market. If you are considering selling your house, now may be the time.

Warren Buffett: There is No Housing Bubble

STM-Share-1

With home prices expected to appreciate by over 5% this year, some are beginning to worry about a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine. He simply explained:

“I don’t see a nationwide bubble in real estate right now at all.”

Later, when questioned whether real estate and/or mortgaging could present the same challenges for the economy as they did in 2008, Buffet said:

“I don’t think we will have a repeat of that.”

What factors are driving home prices up?

It is easily explained by the theory of supply and demand. There is a lack of housing inventory for sale while demand for that inventory is very strong. According to a recent survey of agents by the National Association of Realtors (NAR), buyer traffic was seen as either “strong” or “very strong” in 44 of the 50 states (the exceptions being: Alaska, Wyoming, North Dakota, West Virginia, Connecticut and Delaware).

Also, in NAR’s latest Pending Home Sales Report, it was revealed that the index was the highest it has been in a year.

What does the future bring?

As prices rise, more families will have increased equity in their homes which will enable them to put their home on the market. As more listings come to market, price increases should slow to more normal levels.

Anand Nallathambi, President & CEO of CoreLogic, recently addressed the issue:

“Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, we anticipate a better balance of supply and demand in many markets which will help sustain healthy & affordable home values into the future.”

NWMLS Market Report: May 2016 – Housing inventory shortages persist

green housesSTM

KIRKLAND, Washington (June 6, 2016) – Just as expected, the month of May had an uptick in new listings (12,272), but just as many buyers (12,275) made offers on homes during the month to keep inventory depleted, according to the latest figures from Northwest Multiple Listing Service.

“Inventory is being squeezed from all directions,” reported Frank Wilson, branch managing broker at John L. Scott in Poulsbo. He said the pool of house-hunters includes young first-time buyers, renters whose rents are escalating, buyers who are returning to the market after recovering from a foreclosure or short sale, investors, and baby boomers who are purchasing for their retirement needs. Additionally, in Kitsap County where his office is located, there are military families who are transferring to a base there and want to buy.

By month end, member brokers reported 15,198 active listings in the Northwest MLS database. That’s down more than 22 percent from a year ago when buyers could choose from an inventory of 19,515 listings across the 23 counties served by the listing service.

“The May housing market was not just hot, it was frenzy hot,” commented J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Brokers are working like bees in a hive as the housing market creates a buzz of sales activity in the Seattle-Central Puget Sound area.”  By his analysis, 80 percent of the homes coming on the market in King and Snohomish counties are selling within the first 30 days. “Many sell within the first week,” Scott reported, adding, “A healthy/normal market would have 30 percent selling in the first 30 days.”

MLS figures show there is only 1.76 months of supply system-wide. In both King and Snohomish counties, there is barely more than one month of supply – well below the 4-to-6 months that many experts use as an indicator of a balanced market.

“With less than two months of inventory, every new listing seems to draw multiple offers,” Wilson remarked. He also said homeowners who want to move up in this same market know they face a conundrum: “If we sell today, will we be able to buy tomorrow?”

Buyers are becoming more and more aggressive with offers and pricing, and that concerns some brokers, said Northwest MLS director George Moorhead. As the gap between pricing and value widens, some would-be buyers may overextend themselves. Also, appraisers are struggling with a lack of comparable sales versus multiple offers that escalate well beyond the listing price, said Moorhead, the designated broker at Bentley Properties. Since lenders base loans on appraised values, buyers will likely need to make up the shortfall.

Even though brokers say paltry inventory is limiting sales, the year-over-year volume of pending sales rose more than 7.4 percent last month. Members reported 12,275 mutually accepted offers, up from the year-ago total of 11,425. MLS data going back to 2004 shows that one-month total is the highest on record.

Prices also rose. The median price area-wide for last month’s 8,630 closed sales of single family homes and condominiums (combined) was $339,950. That’s up more than 7.2 percent from twelve months ago when purchasers paid $317,000 for the median-priced home. Ten counties reported double-digit price hikes.

In King County, the median price jumped more than 11.7 percent, from $434,000 to $485,000. Prices on single family homes surged nearly 16.5 percent, rising from $480,942 to $560,000. Condo prices were up 9 percent, but finding one proved challenging as inventory dropped 29 percent in King County.

Former MLS board member Ken Anderson, the president/owner of Coldwell Banker Evergreen Olympic Realty in Olympia, said last month set records for both pending and closed sales. “Low inventory coupled with the huge number of buyers has our market moving at a record pace,” according to his calculations. “Well-priced homes are selling in an average of just 12 days – a full month faster than the peak of the market in 2006,” he commented.

Brokers offer various suggestions to prospective buyers as they vie for scarce inventory:

  • “The best advice I can offer to potential first-time buyers is to think outside the box” said Gary O’Leyar, a past chairman of the Northwest MLS board. He encourages buyers to consider purchasing a “stepping stone” property. Since the close-in neighborhoods in Seattle and Bellevue hold little opportunity for first-time buyers, their best option is to look further out, he suggests. “Consider future growth, such as in areas near light rail or other transit services, and areas that have good public schools,” said O’Leyar, the owner and designated broker at Berkshire Hathaway Home Services Signature Properties in Seattle. “Waiting on the sidelines to buy will likely lead to increasing rental costs, so why not make a real estate investment purchase and have some hedge against future inflation,” he added.
  • “Relationships are paramount in this market,” said Lennox Scott. “If you’re looking for a home, make sure your broker knows your story and can convey it in a compelling way.”
  • “Buyers must carefully study the market so they can make decisive but smart offers when new listings arrive on the market,” emphasized Anderson. “With the robust activity, success for buyers means making an offer that stands above the competition.” He also urges buyers to not forgo important protections like home inspection contingencies.

Wilson and other brokers do not see an easing in the inventory crunch “for some time to come.” Even if the Fed raises interest rates, he believes shortages will persist because of the backlog of buyers.

Moorhead noted new home construction is also seeing prices soar as many of the defunct projects from 2008 to 2012 are being completed and built out. “Finding land for new home plats is forcing more teardowns and pushing builders/developers farther out where services are not as prevalent. He said first-time buyers tend to be hardest hit since they’re priced out of many close-in areas and must look at commute times of 45 minutes or more.

“There’s good news for luxury homebuyers,” Scott suggests. It’s prime time to showcase such properties, he explains, and “this is the season when more luxury inventory hits the market. The good selection in King County is easing the pressure for homebuyers in the luxury ($1 million and above) market. A search of the MLS database shows there are currently more than 900 listings in King County with asking prices of $1 million or more.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state

Past, Present & Future Home Values

STM-9-1

In CoreLogic’s latest Home Price Index, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month, and projected appreciation over the next twelve months.

Here are state maps for each category:

The Past – home appreciation over the last 12 months

1STM-1

The Present – home appreciation over the last month

2STM-1

The Future – home appreciation projected over the next 12 months

3STM-1

Bottom Line

Homes across the country are appreciating at different rates. As we have mentioned before, the rate of home price appreciation across the country is due to a strong housing market reacting to supply and demand, and not a new housing bubble.

If you plan on relocating to another state, and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster.

Let’s meet up so I can guide you through your next steps and help you decide what’s right for you.

Sunny, park-like lot with territorial views in great Newcastle location

9024 132nd Pl SE - Newcastle-1

Listed at $525,000

Complete details here

Well cared and updated tri-level home. The light filled floorplan features 1,920 s.f., 3 bedrooms, 2.25 baths on a quiet 15,295 s.f. lot with territorial views! Recent updates included vinyl windows, neutral paint, white millwork, new carpet in the family room and completely remodeled baths.

Formal living room with brick fireplace & big windows overlooking the front yard. Formal dining room with ample room for a dinner party. Nook with slider to the deck – perfect for BBQing or entertaining. Generous kitchen with ample cabinets & counters, gas cooktop – all appliances included too. The large family room provides plenty of room to relax or play with skylights and a slider leading to the patio. The oversized powder room is remodeled and finished in granite and tile.

The spacious master suite has gorgeous territorial views. You will find an attached 3/4 bath that has been fully remodeled with new fixture, vanity, tile shower and heated tile floor. Two additional bedrooms upstairs are oversized. Completely remodeled full bath in the hall with new vanity and fixtures, granite counter, tile tub surround and heated tile floor.

The expansive rear yard includes – Huge, entertainment sized deck, flat lawn for play, two patios, grand staircase, fire pit, all showcased with territorial views. Side yard is leveled and ready for an RV or all your toys. Hot & cold faucet too. Attached 2 car garage with storage options. The area features close access to shopping, restaurants and I405.

Spend this summer vacationing at your own home! Park Avenue Estate on English Hill in Redmond.

13405 179th Ave NE - Redmond-51

Listed at $1,180,000

Complete details here

This custom built home was completely remodeled since 2013 and is located on a private 42,907 s.f. lot. Ideally positioned in the easily accessible English Hill area of Redmond, the home features 4 bedrooms, 3.5 baths, den, bonus, 3,940 s.f. and a park-like lot.

Wonderful home for entertainment with cozy spaces in a flowing layout. Craftsmanship shows throughout with ample molding, wainscoting and rich hardwood floors. Formal living room with gas fireplace and big windows. Elegant dining room is perfect for a dinner party. Relaxing family room with gas fireplace, built-in storage and custom stone wall. Private den with built-ins and French doors to covered patio.

State of the art kitchen includes: Top of the line stainless appliances including a 48” dual fuel range and built-in refrigerator, pot filler and boiling water tap, island with vegetable sink, Brazilian quartzite leathered counters, stainless steel backsplash, abundant solid maple cabinets, desk area and pantry closet too!

The lush master is a welcome retreat at the end of the day. You can enjoy a relaxing evening on your private deck or read by the gas fireplace. Sumptuous 5 piece master bath with freestanding tub, towel heater, double door shower with rain head, double sinks, toilet closet – all finished in beautiful stone and tile. Walk-in closet too!

Three spacious guest rooms. Two with Jack-n-Jill full bath attached. The third bedroom includes an en-suite bath. All bathrooms have been remodeled.
Big bonus room is a perfect space for play or a home theater room – easily accessible from the second staircase. Laundry with storage cabinets, folding counter and soaking sink.

Stunning yard is your own private park! Covered patio, wood gazebo, expanded patio, gas lit wood burning fireplace, 18’ x 32’ saltwater pool with UV sanitizer and efficient heat pump or gas heat for year round enjoyment, new hot tub, large lawn for play, tree house with zip line – all with a tree-lined backdrop. Simply gorgeous!

Outstanding Northshore Schools – Sunrise Elem., Timbercrest Jr. High & Woodinville High.