JUST SOLD | FIRST HILL TOWNHOME

The Stats

212 18th Ave #E, Seattle WA 98122

2 Bedrooms | 1.75 Bathrooms

1,320 sq ft

Listed at $799,000 | Sold at $799,000

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WELCOME TO FIRST HILL.

Light-filled, luxe modern townhome on First Hill. Built in 2021 by premier builder Isola Homes with modern, designer finishes throughout. Tall windows and ceilings create a loft-like feel. The chef's kitchen features quartz countertops, stainless appliances and a pantry. The adjacent dining room makes this home the perfect place to entertain. The upper floor features a primary suite with abundant closet space and a spa-like bath.  Don’t miss the spacious rooftop deck with city and territorial views. The beautifully landscaped courtyard make this rare in-city retreat the perfect place to call home. 

HIGHLIGHTS

• Flex office area

• Chef's Kitchen 

• Engineered hardwood floors throughout

• Full size Washer/Dryer 

• Tall windows & ceilings 

• Built Green 

• Ductless min-split heating + cooling

• Tankless hot water heater

• Rooftop Deck with city views

• Gated dedicated parking 

• Walk to cafes, bars, dining & shopping 

• Taxes 6454 PCR 

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NEARBY AMENITIES

BA BAR
Tasty Vietnamese lunch spot / 3 mins away

BROADCAST COFFEE
Exceptional coffee / 1 min away

CAL ANDERSON PARK
Bustling city park / 7 mins away

NEUMOS
Seminal music venue / 6 mins away

1-5 FREEWAY ENTRANCE
Quick access north or south / 5 mins away

FIRST HILL LIGHT RAIL
No need for a car, just hop on and go / .3 miles away

TWILIGHT EXIT
Burgers + pub grub / 3 mins away

TRADER JOE’S
Essential grocery store / 5 mins away

SEATTLE UNIVERSITY
Stunning college campus / 2 mins away

FRYE ART MUSEUM
Showcasing local + global art / 5 mins away

SWEDISH HOSPITAL
Quick access to medical care / 6 mins away

ELLIOTT BAY BOOKS
Full-service bookstore w/ sweet cafe / 6 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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JUST SOLD | MOUNTLAKE TERRACE MID-CENTURY

The Stats

7202 228th St SW, Mountlake Terrace WA 98043

5 Bedrooms | 3.5 Bathrooms

72,779 sq ft | 9,148 sq ft lot

Listed at $840,000

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WELCOME TO MOUNTLAKE TERRACE.

This remarkable mid-century home sits on a sprawling corner lot and offers endless possibilities. Enjoy this home as a generous single-family residence or capitalize on the lower level's separate entrance, 2nd kitchen, and potential laundry setup. The primary bedroom boasts an en-suite bath. Remodeled kitchens + baths, gleaming hardwood floors, and vaulted ceilings add timeless charm. Entertain on the oversized deck, or retreat to the fully fenced yard with storage shed. Stay comfortable with a newer AC and on-demand hot water. The over-sized garage with shop space, RV/boat parking, and proximity to the Interurban Trail, Lake Ballinger, and Mountlake Terrace Transit Center make this a dream home in the fantastic Edmonds school district! Welcome Home.

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NEARBY AMENITIES

INTERURBAN TRAIL
Bike route linking Seattle to Sno County / across street

BALLINGER PARK
Mature trees, wetland, playgrounds / 1 min away

LAKE BALLINGER
100 acre freshwater lake, great fishing / 2 mins away

COUNTRY FARMS
Local produce since 1946 / 1 min away

DOWNTOWN EDMONDS
Restaurants, ferry + beaches / 10 mins away

FUTURE LIGHTRAIL
Link to be completed in 2024 / 4 mins away

THIRD PLACE BOOKS
Bookstore, eats + neighborhood hangout / 11 mins away

TRADER JOE’S
Easy parking, great groceries / 8 mins away

COSTCO
Everything you’d ever need, ~10 mins away / 6 mins away

HEMLOCK STATE BREWING
Craft brewery + taproom / 4 mins away

MLT LIBRARY
Sweet Sno-Isle library branch/ 4 mins away

DOUBLE DD MEATS
Oldest premium butcher - cult favorite / 6 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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Top 7 Tips To Attract the Best Offers for Your Home

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.1  

Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.2

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are my top seven strategies to attract the best offers and maximize your real estate returns. 

1. UNDERGO A PRE-LISTING INSPECTION

Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market?  

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.3

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of concessions, a delayed closing, or a canceled sale.

I can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, I can advise on which items need attention before you list your home. 

2. CONSIDER STRATEGIC UPGRADES

Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.

For example, refinishing hardwood floors results in an average 147% return on investment at resale and new garage doors typically pay for themselves.4  Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.5

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.5   

But before you make any changes to your home, reach out. I know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile. 

3. HIRE A HOME STAGER

To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space.

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses.

According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.6

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of my recommended home stagers who can help your property show its full potential. 

4. EMPLOY A COMPETITIVE PRICING STRATEGY

While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.7  

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.

To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood.

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with my local market insights, I’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin. 

5. OFFER BUYER INCENTIVES

Sometimes, sweetening the deal with buyer incentives can help you get the best possible offer. Incentives are especially helpful in the current market, when many buyers are struggling with affordability and concerned about their monthly payments.

Options that can pay off include:

●      Buying down their interest rate – You can pay an upfront sum to reduce the buyer’s mortgage rate. This approach can save far more than that cost over the life of the loan, meaning it’s worth more to the buyer than a simple price reduction.8

●      Offering closing cost credits – You might pay a set amount or a certain percentage of the buyer’s closing costs.

●      Paying HOA costs – You could cover homeowner association or condominium fees for a set period of time. 

Buyer incentives vary and valuing them can get complicated. I’m happy to talk through the options that might make sense for you.  

6. USE A PROVEN PROPERTY MARKETING PLAN

Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible.

The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.

My proven approach can have a big impact on the success of your sale. Reach out to learn more about my multi-step marketing plan and discuss how I can use it to generate interest and offers for your home

7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA

To get the best offers possible, you need a real estate agent who knows your area inside and out.

Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. I have my fingers on the pulse of the local market because I’m working directly with sellers like you. I also represent local buyers who are active in the market, searching for homes like yours.

That puts me in an ideal position to help you price your home for a quick sale and maximum profit. And since I hear first-hand what local buyers want, I can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, I can use my extensive network of local agents to solicit feedback and get your home in front of more potential buyers.

All of these factors can add up to a significant difference in your profit: In 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.9

LET’S GET MOVING

Are you ready to get a great offer for your home? My multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started! 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 Sources:

1.     U.S. Bank -
https://www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html

2.     National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf

3.     Bankrate -
https://www.bankrate.com/real-estate/prelisting-inspection/

4.     National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf

5.     Bankrate -
https://www.bankrate.com/homeownership/landscaping-increase-home-value/

6.     National Association of Realtors -
https://www.nar.realtor/infographics/staged-for-success

7.     The Balance -
https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671

8.     U.S. News & World Report -
https://money.usnews.com/loans/mortgages/articles/a-guide-to-seller-paid-mortgage-rate-buydowns

9.     National Association of Realtors -
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Renovate or Relocate? 3 Questions To Help You Decide

Does your current home no longer serve your needs?

If so, you may be torn between relocating to a new home or renovating your existing one. This can be a difficult choice, and there’s a lot to consider—including potential costs, long-term financial implications, and quality of life.

A major remodel can be a major commitment. From hiring contractors to selecting materials to managing a budget, it can take a tremendous amount of time and energy—not to mention the ordeal of living through construction or relocating to a temporary residence.

On the other hand, moving is notoriously taxing. In fact, in one survey, 40% of respondents viewed buying a new home as ”the most stressful event in modern life.”1

So which is the better option for you? Let’s take a closer look at some of the factors you should consider before you decide.

What Are Your Motivations for Making a Change?

It’s possible that some of the limitations of your current home can be addressed with a renovation, but others may require a move.

Renovate

Certain issues, like dated kitchens and bathrooms, are fairly easy to remedy with a remodel—and the results can be dramatic. In many cases, a relatively minor renovation can significantly increase your enjoyment of your home.

Other shortcomings can be more challenging to fix but are worth exploring so that you know your options. For example, if your home feels cramped or it lacks certain rooms, you might be able to make changes like installing an extra bathroom, adding a dedicated office, or finishing an attic or basement. You may even be able to build an accessory dwelling unit or extension to accommodate a multi-generational family.

In fact, many Americans have remodeled their homes to meet changing needs since the start of the pandemic. According to the National Association of the Remodeling Industry, 90% of their members reported increased demand for renovations starting in 2020, and 60% reported that the scale of remodeling projects has grown.2

However, the feasibility and cost of these larger changes will depend on factors ranging from zoning and permitting to your home’s current layout. Speaking with an architect or a contractor can help you make an informed decision. Let me refer you to one of my trusted partners to ensure you receive the best possible service.

Relocate

Of course, sometimes, even rebuilding your home from the ground up wouldn’t solve the problem. For example, moving may be the only solution if you’ve switched jobs and now face a lengthy commute or if you need to live closer to an aging family member.

Conversely, if the shift to remote work has opened up your location options, you may wish to seize the opportunity to relocate to a new locale. A 2022 study found that nearly five million Americans had already moved since the start of the COVID-19 pandemic due to increased flexibility from remote work, and nearly 19 million more were planning to move in the near future for the same reasons.3 

Moving may also be the best option, even when you’re happy with your geographic location. A local move may make sense if you’re looking for a larger backyard or significantly more space. Similarly, some frustrations—like living on a busy street or a long way from a grocery store—can’t be addressed with a renovation. I am well-versed in this area and can help you determine whether another neighborhood might suit you and your family better. 

Which Option Makes the Most Financial Sense?

 Renovating and relocating both come with costs, and it’s wise to explore the financial implications of each choice before you move forward.

Renovate

The costs of a renovation can vary widely, so it’s vital to get several estimates from contractors upfront to understand what it might take to achieve your dream home.

Be sure to consider all of the potential expenditures, from materials and permits to updates to your electrical and plumbing systems. It’s also prudent to add 10-20% to your total budget to account for unexpected issues.4  If you plan to DIY all or part of your renovation, don’t forget to factor in the value of your time. 

Renovations can also come with hidden expenses. These might include:

●      Additional home insurance

●      Short-term rental or hotel if you need to move out during the renovation

●      Storage unit for possessions that need to be out of the way

●      Dining out, laundry service, and other essentials if you can’t access appliances at home

Remodeling choices can also impact the long-term value of your home. Some projects may increase your home’s value enough to outweigh your investment, while others could actually hurt your home’s resale potential.

For example, although you may enjoy the additional living space, garage conversions aren’t typically popular with buyers.5 Refinishing hardwood floors, on the other hand, brings an average return of 147% at resale.2  The specific impact of a renovation will depend on a number of factors, including the quality of work, choice of materials, and buyer preferences in your area. I can help you assess how a planned project is likely to affect the value of your home.

Relocate

The cost of a new home, of course, will vary significantly depending on the features you’re seeking. However, you may find that it’s cheaper to move to a home that has everything you want than it is to make major changes to your existing one.

For example, adding a downstairs bedroom suite or opening up a closed floor plan could cost you more than it would to buy a home that already has those features. On the other hand, simpler changes and updates probably won’t outweigh the expense of a relocation.

If you’re considering a move, give me a call early in the process. I can assess your current home’s value and estimate the price of a new home that meets your needs. This will help you set an appropriate budget and expectations.  

It’s important to remember that the cost of buying a new home doesn't end with the purchase price. You’ll also need to account for additional expenditures, including closing and moving costs and the fees involved with selling your current home. And don’t forget to compare current mortgage rates to your existing one to understand how a different rate could impact your monthly payment.

However, keep in mind that the interest rate on a mortgage is typically lower than the rate on other loan types—so you could pay less interest on a new home purchase than you would on remodel.6 I’m happy to refer you to a lending professional who can help you explore your financing options. 

Which Option Will Be the Least Disruptive to Your Life?

A final—but critical—consideration is the time and hassle involved with each option since both renovating and relocating involve a significant amount of each.

Renovate

Don’t underestimate the time and effort involved in a large-scale renovation, even if you choose to hire a general contractor. You will still need to consider and make a number of decisions. For example, even a fairly basic kitchen remodel can involve a seemingly-endless selection of cabinets, tile, countertops, paint colors, fixtures, hardware, and appliances. 

And don’t assume that you will get out of packing and unpacking if you stay in your current home. Most renovations—from kitchens to bathrooms to flooring replacement—require you to remove your belongings during the construction process. 

The time frame for a remodel is another consideration. High demand for contractors and ongoing material shortages can mean a long wait to get started. And once the project is in progress, you can expect that it will take a couple of weeks to several months to complete.7

Contemplate whether you will be able to live in your home while it’s being renovated and how that would impact your routine. For example, being without a functional kitchen for months can be frustrating, inconvenient, and expensive (since you’ll need to purchase prepared food). Remember that delays are inevitable with construction, and consider what additional challenges they could present.

Relocate

Of course, finding a new home and selling your current one also takes a significant amount of time and energy. According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the average buyer searched for 10 weeks and toured a median of five homes.8

However, in many cases, the timeline can still be shorter than a major renovation. Once you find a home that works for you, it typically takes between 30 and 60 days to close if you’re taking on a mortgage—and the process is even faster if you’re paying with cash.9  Plus, you can look for your dream home without the inconvenience of living in a construction zone.

However, a move comes with its own stress and disruptions. If you’re selling your current home, you’ll need to prep it for the market and keep it ready and available for showings. Once you’ve found a place, the packing and moving process takes time and work, as does settling into a new home—especially if it’s in a different neighborhood.

Fortunately, I am here to help make the moving process as easy as possible, if you choose to pursue that route. I can help you find a property that meets all your needs, sell your current one for top dollar, and refer you to some excellent moving companies that can help pack and transport your belongings. 

WHATEVER YOU DECIDE, I CAN HELP

The decision to renovate or relocate can be overwhelming—but this choice also presents a powerful opportunity to improve your quality of life.

There’s a lot to consider, from how renovations could impact your home’s resale value down the road to your neighborhood’s current market dynamics. I’m happy to help you think through your options. Get in touch for a free consultation! 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 Sources:

1.     HousingWire -
https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/

2.     National Association of the Remodeling Industry -
https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY

3.     Business Insider -
https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3

4.     Forbes -
https://www.forbes.com/home-improvement/contractor/home-renovation-costs/

5.     U.S. News & World Report -
https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home

6.     Bankrate -
https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences

7.     House Beautiful -
https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/

8.     National Association of Realtors -
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

9.     Forbes -
https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/

Summer 2023 Real Estate News: Buyers Compete Over Low Inventory

Supply and demand is the theme of the region's Summer real estate market. Many thought the rise in interest rates would cool buyer interest. However, it has turned out to be a hot summer market. Buyer interest remains high, and inventory is low. Buyers find they are having to compete in multiple offers on well-priced homes. The supply issue is likely created by homeowners unwilling to sell and lose their sub 4% interest rate. This results in fewer homes sold than this time last year.

The latest NWMLS report shows the number of active listings of single-family homes and condominiums systemwide is down nearly 21% from June 2022 (10,607 versus 13,405). For single family homes (excluding condos), year-over-year inventory is down about 22.4%, while condo inventory declined 9.2%.

Pending sales for June totaled 7,759. That is a decline of 13.2% from a year ago when the total was 8,937.

Last month’s 6,842 closed sales marked the largest number of closings since September, but compared to June 2022 the volume was down about 24%. Across the entire region the median price for last month’s closed sales was $625,000. That is a drop of 3.85% from a year ago, but prices are up about 12.2% since January when the median price was $557,250. Seventeen counties reported double-digit price gains since January. Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago.

Demand continues to keep the existing and new inventory in check as buyers compete over low inventory. It will be interesting to see if buyer frustration grows with so few homes to choose from and will high buyer demand continue given the persistently high mortgage rates.

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• Bite of Seattle July 21 - July 23

• Tour de Terrace July 21 - July 23

• West Seattle Grand Parade July 22

• Seattle Chinatown Seafair Parade July 23

• Pier Sounds Free Concerts July 28 & July 29

• Seafair Torchlight Parade July 29

• Free National Park Day August 4

• Magnolia Summerfest August 4 - August 6

• Seafair Weekend August 4 - August 6

• Lake City Summer Festival & Parade August 5

• From Hiroshima to Hope Lantern Festival August 6

• Taste Edmonds August 11 - August 13

• Celebrate Shoreline August 19

• Evergreen State Fair August 24 - September 4

• Kirkland Summerfest August 28 - August 30

• Washington State Fair September 1 - September 24

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Darnell@lakere.com | 206-679-8815

National Real Estate Market Update for 2023

There’s an old adage in real estate: location, location, location. But ever since the Federal Reserve began its series of inflation-fighting interest rate hikes last year, a new mantra has emerged: mortgage rates, mortgage rates, mortgage rates.

Higher rates had the immediate impact of dampening homebuyer affordability and demand. But this year, we’re seeing further repercussions. While analysts expected listing inventory to swell as sales declined, instead, homeowners have been pushing off plans to sell because they feel beholden to their existing, lower mortgage rates.

So what impact is this reduced demand and low supply environment having on home values? And what can we expect from the real estate market in the coming months and years? Here are several key indicators that help to paint a picture of the current market and where it’s likely headed.

HOME SALES ARE EXPECTED TO PICK UP BY EARLY NEXT YEAR

The weather isn’t the only thing that heats up in the spring and summer. Nationally, it tends to be the busiest time in real estate. But this year, the peak season got off to a slow start, with sales declines in both March and April.1,2 Existing home sales in April were down 3.4% from the previous month—and 23.2% from a year earlier.2

What’s causing this market slowdown? Industry experts attribute it to several factors, including near-record home prices, high mortgage rates, and low inventory. 

According to National Association of Realtors (NAR) Chief Economist Lawrence Yun, “Home sales are trying to recover and are highly sensitive to changes in mortgage rates. Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market.”1

However, some industry experts believe the market is poised for a comeback. Forecasters at the Mortgage Bankers Association (MBA) predict that home sales will continue to fall through Q3 before rising in Q4 and throughout next year.3  Analysts at Fannie Mae expect the recovery to take a bit longer, picking up in early 2024.

Meanwhile, home builder confidence is already up, as purchases of new single-family homes surged in March and April to a 13-month high.5 Builder incentives are helping to boost sales: According to the National Association of Home Builders, in May, 54% reported using them to win over budget-conscious buyers.6

What does it mean for you? 

A slower pace of sales has given buyers some breathing room. If you hated the frenzy of the pandemic-era real estate market, now might be a better time for you to shop for a home. I can help you evaluate your options and make an informed purchase.

If you plan to sell your home, prepare yourself for less foot traffic and a longer sales timeline than you may have found a year ago. It will also be crucial to enlist the help of a skilled agent who knows how to draw in buyers. Reach out for a copy of my multi-step Property Marketing Plan. 

PROPERTY VALUES REMAIN RELATIVELY STABLE

Some good news for buyers: While home builder sales climbed in April, the median new-house price fell to $420,800, an 8.2% decrease from a year ago.5 Meanwhile, the median existing-home price dropped to $388,800, down 1.7% year-over-year. Notably, existing-home prices rose in parts of the country but fell in the South and West.2

“Roughly half of the country is experiencing price gains,” explains Yun. “Multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”2

The average national home price remains about 40% higher than it was in early 2020, according to the S&P CoreLogic Case-Shiller index.7 A tight housing supply has helped to buoy prices amidst a slowdown in sales.

“While it varies from region to region, home prices at the national level may fall 1% or 1.5% by the end of the year, so not much,” Doug Duncan, senior vice president and chief economist at Fannie Mae, told Yahoo Finance in April.8

Record levels of home equity will help to stabilize the sector and prevent a wave of foreclosures, even as prices moderate, according to Mark Zandi, chief economist at Moody’s Analytics.9

“But for those who have owned a home for more than a year or two, their home will remain a rock-solid investment. And once affordability is restored, the next generation of households can become homeowners. Getting there is critical to the financial well-being of those households, their communities, and the broader economy,” writes Zandi in The Washington Post.9

What does it mean for you? 

Prices have softened in certain market segments—and motivated sellers are out there and willing to make deals. I can help you find your next home and negotiate a great price.

If you’re a homeowner, the surge in home values has slowed, but you’re likely still sitting on a nice pile of equity. Reach out for a free assessment to find out how much your home is currently worth.

LISTING INVENTORY IS LOW, BUT NEW CONSTRUCTION IS ON THE RISE

Unsold existing home inventory rose 7.2% from March to April, according to NAR. At the current level of demand, this equates to 2.9 months of supply, which is still well below the 5 to 6 months of inventory required for a “balanced” market.2

Inventory remains tight despite the market slowdown because many would-be sellers are reluctant to give up their lower mortgage rates. “Affordability is not only an issue for first-time homebuyers, but also for many repeat buyers who still need to take on a mortgage,” explains Danielle Hale, chief economist for Realtor.com.10

In a recent survey by the home listing site, 82% of respondents who are planning to both buy and sell a home said they feel “locked in” by their low rate.11

In some areas, new home construction is helping to fill the supply gap. “Currently, one-third of housing inventory is new construction, compared to historical norms of a little more than 10%,” according to National Association of Home Builders Chief Economist Robert Dietz.12

And more new homes are in the pipeline, after a builder slowdown last year. Single-family housing starts rose 1.6% from March to April (seasonally adjusted) and new construction permits hit a seven-month high.13

What does it mean for you? 

Inventory remains tight, but less competition means more choice and negotiating power for buyers. If you’ve had trouble finding a home in the past, it may be time to take another look. I can help you explore both new and existing homes in our area.

Sellers are enjoying reduced competition right now, as well. However, the longer you wait to list, the more competition you’re likely to face. And if you feel locked in by your current, lower mortgage rate, consider this: If you roll your equity gains into a down payment on your next home, you could possibly lower your monthly payment. Reach out to discuss your options.

MORTGAGE RATES MAY FINALLY COME DOWN

According to Freddie Mac, the average 30-year fixed-rate mortgage hit a peak of 7.08% in the fourth quarter of 2022, and since then it’s primarily floated between 6 and 7%.14 However, there are signs that rates could trend lower later this year.

“Calmer inflation means lower mortgage rates, eventually,” Yun predicted in a recent statement. “Mortgage rates slipping down to under 6% looks very likely toward the year’s end.”15

Other leading economists agree. In its May forecast, Fannie Mae speculates that 30-year fixed mortgage rates will continue to decline, averaging 6.0% in Q4 2023 and 5.4% by Q4 2024.4 Meanwhile, the MBA predicts rates will fall even faster, averaging 5.6% by Q4 2023 and 4.8% by Q4 2024.3

On May 3, the Federal Reserve raised its benchmark borrowing rate by another quarter point—its 10th consecutive increase since March 2022. However, in its corresponding statement, the Fed omitted language from its previous release about “additional policy firming,” leaving some analysts to speculate that the rate hikes may be over.16

Although mortgage rates aren’t directly tied to the federal funds rate, a decision by the Fed to pause rate increases could have a positive effect. In the meantime, buyers should shop around multiple lenders to find the best rate—and buckle up for what could be an exciting ride.

What does it mean for you? 

Mortgage rates may finally trend down, which would be great news for buyers. But, a decrease in rates could correspond with an increase in competition and prices. If you start searching now, you’ll be prepared to make an offer when the time is right.  I can help you negotiate a great deal and potential seller incentives.

If you’re planning to sell, this is good news for you, too. But, there are several factors to consider when determining the right time to list your home. Reach out for a consultation so I can help you chart the best course.

I’M HERE TO GUIDE YOU

While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as a local market expert, I can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighborhood.

If you’re considering buying or selling a home, contact me now to schedule a free consultation. I’ll work with you to develop an action plan to meet your real estate goals. 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     National Association of Realtors -
https://www.nar.realtor/newsroom/existing-home-sales-slid-2-4-in-march

2.     National Association of Realtors -
https://www.nar.realtor/newsroom/existing-home-sales-faded-3-4-in-april

3.     Mortgage Bankers Association -
https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-may-2023.pdf?sfvrsn=4bf1d1a7_1

4.     Fannie Mae -
https://www.fanniemae.com/media/47006/display

5.     U.S. Census Bureau -
https://www.census.gov/construction/nrs/current/index.html

6.     National Association of Home Builders -
https://www.nahb.org/news-and-economics/press-releases/2023/05/lack-of-existing-inventory--boosts-builder-confidence-to-key-marker

7.     New York Times -
https://www.nytimes.com/2023/04/29/business/spring-housing-market.html?

8.     Yahoo Finance -
https://finance.yahoo.com/news/mortgage-rates-increase-after-weeks-of-declines-160015631.html

9.     The Washington Post -
https://www.washingtonpost.com/business/2023/04/22/housing-prices-put-some-out-of-the-market/

10.   CNBC -
https://www.cnbc.com/2023/04/20/home-sales-fell-in-march-amid-volatility-in-mortgage-rates.html

11.   Realtor.com -
https://www.realtor.com/research/2023-q1-sellers-survey-btts/

12.   National Association of Home Builders -
https://www.nahb.org/news-and-economics/press-releases/2023/04/lack-of-existing-inventory-continues-to-support-builder-sentiment

13.   United State Census Bureau -
https://www.census.gov/construction/nrc/pdf/newresconst.pdf

14.   Freddie Mac -
https://www.freddiemac.com/pmms

15.   National Association of Realtors -
https://www.nar.realtor/blogs/economists-outlook/instant-reaction-inflation-april-12-2023

16.   CNBC -
https://www.cnbc.com/2023/05/03/fed-rate-decision-may-2023-.html

How to Become a Homeowner on a First-Time Buyer’s Budget

It's not easy being a first-time homebuyer right now. At the end of last year, housing affordability hit an all-time low.1Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, but especially for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timers by offering stronger, often cash-heavy bids.2

In fact, according to the National Association of Realtors, only 26% of last year's homebuyers were first-timers—the lowest share on record and down from 34% a year prior. This underscores just how steep a hill new buyers are facing.3 As a result, many first-time homebuyers are finding that they need to get creative or risk renting for longer than they planned. 

If you, too, are struggling to afford homeownership, here are some workarounds to consider as you plot your first home purchase.

1. Try House Hacking

“House hacking” is a real estate investment strategy in which participants use their homes to generate income in order to offset their expenditures.  

For example, renting out a basement apartment or accessory dwelling unit (ADU)—such as a detached garage that's been outfitted with a bathroom and small kitchen—counts as house hacking. So does splitting housing costs with a roommate or converting a part of your home into an Airbnb.

House hacking isn’t new. But, it’s grown in popularity as a new crop of digital platforms has entered the market and made it easier than ever for homeowners to generate income from their property.

In some cases, house hacking may make it possible for you to qualify for and afford your first home. A lender, for example, may approve you for a larger mortgage if you purchase a home with immediate income potential, such as a legal duplex or a property with a secondary suite that has a kitchen and full bathroom.4

In addition, house hacking could help you pay your mortgage once you move in. Here are just a few of the ways you could use your home to earn some extra cash:

●      Offer paid parking in your driveway on a site like Spacer or SpotHero.

●      Make your home available for photoshoots or events on Giggster or Peerspace.

●      Turn your backyard into a pay-by-the-hour dog park on Sniffspot.

●      List your garage space on an app like Neighbor Storage.

But before you make plans to house hack, make sure you fully understand an area's laws and HOA rules. I can help you find a home with income potential in a neighborhood with less restrictive zoning and regulations.

2. Team Up With Friends or Family

If you aren't wild about the idea of welcoming strangers to your home, you may want to consider co-purchasing with a friend or family member instead. This unconventional housing arrangement is also growing more popular as friends and family members cope with higher living costs by pooling resources. 

According to the National Association of Realtors' 2022 Profile of Home Buyers and Sellers, the share of first-time homebuyers living with people other than children or a romantic partner is currently at an all-time high.3 Meanwhile, research from Pew found that multigenerational living has accelerated especially quickly, with a quarter of U.S. adults aged 25 to 34 now living in a multigenerational home.5

Arrangements can be customized to fit your circumstances. For example, you could purchase a home and then rent a portion of it to a loved one. Or you might consider co-buying a home with friends or family members so that you can step onto the property ladder and start building equity together. 

Co-ownership could work out especially well for you long-term if it helps you to buy a home that's bigger, has more investment potential, or is located in a high-demand area and so appreciates at a faster rate. Plus, you'll get to see your loved ones more often and enjoy the coziness of shared living with people you like having around. 

On the other hand, sharing a big financial responsibility, like a mortgage, with friends or family could get messy—especially if you don't create a clear-cut co-ownership agreement beforehand that outlines your mutual expectations. So plan carefully before you proceed. 

In addition, you may need to rethink the type of home you pursue. For example, a smaller home might be cheaper, but do you really want that much togetherness all the time? I can help you set priorities and search for a suitable property. 

3. Tap Your Network for Help With Funding

Another established method for affording a first home is to lean on family or friends for financial help. Getting assistance with the down payment or other borrowing costs can go a long way toward making your homeownership dreams come true.

As long as you don't mind asking for help, a free-and-clear gift that's intended for your down payment is an ideal arrangement, since it will allow you to borrow less overall. Or, if that’s too big an ask, your loved ones could pitch in toward closing or moving costs.

Alternatively, your loved ones could help by co-signing your loan. For example, if their credit score is a lot higher than yours, it could enable you to secure a lower interest rate so that your monthly payment is more affordable. 

According to a recent YouGov poll, more than a third of homeowners (and a whopping 79% of those under 30) received financial help from their parents when buying their first home.6 So you wouldn't be the only one leaning on family to help afford a home at today's prices. 

Just be sure your parents or other generous loved ones are aware they're giving a gift, not a loan, and are willing to put that in writing. A lender will want proof that this money isn't adding to your debt burden and may require documentation from your benefactors. 

Another way to tap your network for help is to crowdfund part of your down payment or ask for monetary gifts instead of tangible ones. For example, if you're getting married soon, you could skip the wedding gift registry and ask guests to contribute funds to your hoped-for home purchase instead.

4.  Look for Special Programs and Assistance

You could also cut some of your upfront mortgage costs by applying for special grants and funding opportunities. 

For example, consider using a grant to help you fund your down payment. There are a number of public and private grants and down payment assistance programs that are expressly intended to help first-time buyers.

Just like a gift, you don't have to pay a grant back. But, depending on your personal situation, you may find some grants difficult to qualify for—especially if you make a relatively high income. 

Many grants are reserved for lower-income buyers only.7

Check out grant programs, such as the HomePath Ready Buyer Program, National Homebuyers Fund, the Good Neighbor Next Door Program, and specialized grants from banks. Also look to state and local sources for potential grants and down payment assistance programs, including forgivable and deferred payment loans, Individual Development Accounts, and DPA Second Mortgages.7

Similarly, if you have enough income to support a house payment but can't spare much cash for your down payment, you may qualify for a government-sponsored loan, such as an FHA loan that allows you to put down as little as 3.5% to 10%.8

I can connect you with a lender or mortgage broker who can educate you about your options and help shepherd you through the process. Some financial assistance programs require you to work with specific lenders, while others require you to apply directly and fill out a separate application.  

Depending on the market, you will likely get more help from a seller if you ask them to pay closing costs or contribute to your mortgage rate buydown. In many cases, I can help you negotiate seller concessions that make your home purchase more affordable. 

5. Expand Your Home Search

If you’re having trouble finding a home within your budget, consider broadening your search criteria. You may be surprised by the kinds of deals that are available when you're willing to compromise. 

For example, if you're struggling to find an affordable home in your target neighborhood, expand your search area and consider homes that are further out of town or that are located in up-and-coming areas with lower starting prices. I would be happy to introduce you to some great but lesser-known neighborhoods that we consider hidden gems.

You could also save money on your home purchase simply by dropping or revising some of your must-haves and settling for OK-to-haves instead. 

For example, do you really need two bathrooms and a large backyard? Or could you settle for a single bathroom with space to add a second one in the future? And would a small garden, cozy balcony, or rooftop terrace still give you the outdoor time you crave? These types of compromises can sometimes shave tens of thousands off your purchase price. 

Similarly, if you don't mind rolling up your sleeves or working with a contractor on minor jobs, you can look for homes that need a little TLC. Just because a house looks dated doesn't mean it's destined to stay that way or that it will take a ton of money to spruce up. In fact, a home with good bones but cosmetic flaws could be a perfect match: With less competition, you'll have a better chance of purchasing the home at an affordable price. You can then take your time to save more and fix it up to your taste. 

Keep in mind, starter homes are rarely forever homes, but merely a first step onto the property ladder. By gaining a foothold in the real estate market now, you can set yourself up to afford a more expensive property in the future.

According to the National Association of Realtors, in 2021, the net worth of a typical homeowner was $300,000, while that of a renter was only $8,000.9 I can help you find an affordable first home so you can start building equity to reach your long-term financial and real estate goals. 

YOU CAN DO IT—AND I CAN HELP 

Buying a first home is challenging, but it's not impossible—especially when you have a savvy real estate professional and lender in your corner. I will work with you to devise a plan to overcome your financial constraints. Then, I’ll help you find a home that not only excites you but also fits your budget and lifestyle. Give me a call to get started with a free exploratory consultation.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     Housing Wire - 
https://www.housingwire.com/articles/housing-affordability-ends-2022-at-record-low/

2.     Realtor.com - https://www.realtor.com/news/trends/death-of-the-starter-home-where-have-all-the-small-houses-gone/

3.     National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

4.     ValuePenguin -
https://www.valuepenguin.com/mortgages/claiming-rental-income-for-mortgage

5.     Pew - https://www.pewresearch.org/fact-tank/2022/07/20/young-adults-in-u-s-are-much-more-likely-than-50-years-ago-to-be-living-in-a-multigenerational-household/

6.     YouGov - https://today.yougov.com/topics/economy/articles-reports/2022/05/25/american-homebuyers-finanancial-help-parents

7.     Bankrate - 
https://www.bankrate.com/mortgages/first-time-homebuyer-grants/#types

8.     Investopedia - 
https://www.investopedia.com/terms/f/fhaloan.asp

9.     National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf

First Citizen Award Event May 18th: You Are Invited

I’m super excited to share I’ll be speaking at this event about what an incredible inspiration Sue Bird is to me, to women of all ages, and the City of Seattle! Please join me in congratulating the incomparable Sue Bird on her First Citizen’s Award.

Statistics only tell a small part of the remarkable impact of this year’s Seattle-King County First Citizen Award recipient. “She’s a trailblazer in the community as well,” said one admirer.

For her extraordinary accomplishments as an athlete, a community volunteer, an advocate for LGBTQ equality, and her philanthropy, recently retired professional basketball player Sue Bird will be honored as the 85th First Citizen. The future Hall of Famer, once called “the most accomplished champion this city has ever seen,” will be recognized at a civic celebration on Thursday, May 18 at the Sheraton Grand Seattle. Read more

Thursday, May 18
5:30 PM – 8:30 PM
Sheraton Grand Seattle
1400 6th Ave, Seattle, WA  98101

5:30 PM   Check-in begins; Cocktail Reception
6:30 PM   Dinner & Presentation begins

$150 per person

Historic Ravenna Home Tours, Anyone?

I was recently asked to join the board of Friends of Ravenna-Cowen, and I couldn’t be more thrilled and honored to share in the joint effort of education and preservation of the beautiful neighborhood I’ve called home for over 20 years. More on that later!

For now, I encourage all you historic home buffs to join me this Saturday, May 6th, on a walking tour by local architect and historian Larry Johnson. I’ll be volunteering, and would love to see you, and share in my love of this incredible neighborhood’s history.

Visit the website HERE for more information, and find that suggested donation link!

Seattle Magazine | 5 Star Agent Winner

A big thank you to my clients for recognizing me in 2022!

I’m looking forward to continuing 5 Star Service in 2023.

Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households

Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.1 Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.2

The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?

That’s why I’ve rounded up my favorite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning.  

SET A SCHEDULE FOR DAILY AND WEEKLY CLEANING

We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of my favorite strategies: 

1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget.

2. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.

3. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off.

It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of my favorite cleaning services! 

TACKLE BIGGER CHORES SEASONALLY

Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores: 

4. Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets.

5. Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation.

6. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.

7. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate items that you no longer need or enjoy.

Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.

And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give me a call for a list of my recommended service providers.

REDUCE THE BARRIERS TO CLEANING

Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:

8. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.

9. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.

10. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.

11. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.

By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit. 

STOP THE CLUTTER BEFORE IT STARTS

From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them.

To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.3 Here are a few ideas to get you started: 

12. Install coat hooks and shoe racks in the entryway for easy access.

13. Add a key caddy or shelf for essential items to get you out the door.

14. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.

15. Place a donation box in each closet for items you no longer want or need.

It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable.

Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home! 

TACKLE SMALL TASKS RIGHT AWAY 

Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.3  

Try working these changes into your routine:

16. Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.

17. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.

18. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office.

19. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.

If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.

EMBRACE AN EVENING “SHUTDOWN” ROUTINE

Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.4

Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:

20. Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.

21. Load and run the dishwasher every night so you can empty it the next morning.

22. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.

We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen.

THINK OUTSIDE OF THE BOX WHEN IT COMES TO STORAGE

Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized.

But I’ve found that using household items in innovative ways can help keep mess and clutter under control.5 Here are a few of my favorite swaps:

23. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.

24. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.

25. Separate dress and athletic socks by turning an old shoe box into a drawer divider.

26. Repurpose jam jars by using them to store office supplies or bathroom essentials.

27. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste.

A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later! 

I’M HERE TO HELP YOU MAKE THE MOST OF YOUR HOME

Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run. 

Remember, I’m not just here to help you buy or sell a home. I want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

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I’m here if you have any questions - just a filled-out form away!

Sources:

1.     Healthline -
https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning

2.     Forbes -
https://www.forbes.com/health/mind/mental-health-clean-home/ 

3.     My Domaine -
https://www.mydomaine.com/house-cleaning-schedule

4.     Housewife How-Tos -

https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/

5.     Better Homes and Gardens -

https://www.bhg.com/decorating/storage/projects/simple-solutions/

IN THE MARKET: 2023 REAL ESTATE OUTLOOK

It's hard to know what’s going in the real estate market right now. News, both national and local, are reporting a mixed bag. On a local level, since the start of the new year, we're seeing renewed buyer interest with open houses heavily attended. We're also seeing multiple offers on great homes in key locations. The good I'm seeing is a return to normalcy. Even in multiple offer situations, we're seeing inspection and financing contingencies and a return to realistic escalation clauses.

To put some perspective on this market, we need to look at the beginning of last year. We saw an unprecedented jump in real estate values in King County as a whole between January through April of 2022. During that time King County median home prices jumped from $785K to $1M in value. Even nationally, CoreLogic repots this time frame as the highest reported growth in over two decades.

WHY DID WE SEE THIS?

Inventory: We had historically low inventory. There simply weren’t enough homes for the amount of buyers.

Interest Rates: With the looming interest rate hikes, those who were on the fence committed to buy.

Stock Market: With the instability of the stock market, many looked to real estate as a safer place to invest their money.

The market dramatically shifted in fall of 2022 as rates surged and prices remained high.

WHAT’S GOING ON NOW?

What we've seen in the past several months is a healthy return to a traditional, seasonal market.

I’m sure you're wondering if we will see a further softening of values. There are a number of factors that counter this:

Interest Rates: Economists are predicting interest rates won't go above 7%

Inventory: We continue to have a historically level of homes for sale.

Economy: Stability of our local economy.

Buyers: The pent up pool of buyers who were unable to compete the past 5 years who are now entering the market.

These factors should keep home prices stable and our local market active and healthy as our region continues to grow.

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I’m here if you have any questions - just a filled-out form away

JUST SOLD | LOYAL HEIGHTS HOME

The Stats

3 Bedrooms | 1.75 Bathrooms

1,820 sq ft | 5,100 sq ft lot

Listed at $950,000

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WELCOME TO LOYAL HEIGHTS.

Nestled in the heart of Loyal Heights, this charming home is a dream come true! The large, sunny living room welcomes you with gleaming hardwood floors and cozy wood burning fireplace, while the dining room is perfect for hosting dinner. The updated kitchen boasts sleek solid surface counters & plenty of cabinet space. Outdoors, you will find a private, fully-fenced yard, large patio, garden space, and detached garage. The deck off the kitchen is perfect for your BBQ or morning coffee. Double-pane windows keep the home warm and quiet. The finished basement has a separate entrance, large 3rd bedroom, office/den, family room, 3/4 bathroom, and additional storage space. Located mere blocks from parks, cafes and restaurants.

Welcome home!

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NEARBY AMENITIES

LOYAL HEIGHTS PLAYFIELD
Includes ballfields and a children’s play area / 2 mins away

SALMON BAY PARK
Neighborhood park perfect for a picnic / 3 mins away

MABEL
Great coffee, spot for some computer work/ 2 mins away

UN BIEN
Caribbean sandwiches and entrees / 3 mins away

LARSEN’S BAKER
Traditional Danish pastries / 2 mins away

SHILSHOLE BAY MARINA
1400-slip marina - great browsing / 3 mins away

GOLDEN GARDENS PARK
Popular coastline spot with sandy beaches / 8 mins away

COPINE
Classic French meets local ingredients / 1 min away

THE FAT HEN
Trendy Italian American breakfast + lunch / 4 mins away

BALLARD POOL
Public indoor pool with water slide / 4 mins away

LOYAL HEIGHTS COMMUNITY CENTER
Classes for youth and adults in sports, arts + more / 2 mins away

SCANDANAVIAN SPECIALTIES
For all your Nordic treats!  / 3 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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JUST SOLD | SCHMITZ PARK RAMBLER

3636 51st Ave SW

The Stats

3 Bedrooms | 1 Bathroom

1,010 sq ft | 5,700 sq ft lot

Listed at $720,000

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WELCOME TO SCHMITZ PARK.

Welcome to this charming 50's rambler located in the heart of Schmitz Park! Flooded with natural light, this home has a warm and inviting ambiance both inside and out. A new roof and new furnace provide peace of mind for years to come. The private and fully fenced backyard is perfect for outdoor enthusiasts, while the custom-built cedar artists' studio and garage with shop and alley access provide space for all your hobbies. The updated kitchen, windows, and electrical system, and a heat pump for A/C, make daily life comfortable and convenient. Don't miss the opportunity to own this well cared-for gem in one of West Seattle's most desirable neighborhoods.

Welcome home!

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NEARBY AMENITIES

SCHMITZ PRESERVE PARK
Natural space with 1.7 miles of trails / across the street

ALKI BEACH
Catch the sunset with a coffee in hand / 5 mins away

LA RUSTICA
Pasta in cozy converted house with patio / 3 mins away

OLYMPIA COFFEE
Modern space for fantastic coffee / 2 mins away

PROST!
Family-friendly pub in rustic space / 3 mins away

PCC COMMUNITY MARKET
Food co-op with excellent array of goods / 3 mins away

ERCOLINI PARK
Hub park for local families / 4 mins away

EASY STREET RECORDS
One stop shop for your new fav record / 4 mins away

HUSKI DELI
Best ice cream in town! / 4 mins away

FARMER’S MARKET
Every Sunday, the spot for local produce / 4 mins away

WEST SEATTLE NURSERY
Top notch nursery with cool plants / 6 mins away

SEATTLE FISH COMPANY
The freshest fish from kind folks / 3 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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JUST SOLD | TWIN LAKES

3311 SW 329th CT | Federal Way 98023

The Stats

3 Bedrooms | 2.25 Bathroom

1,760 sq ft | sq ft lot

Listed at $545,000

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WELCOME TO TWIN LAKES.

Spacious Twin Lakes home nestled on a large, private lot with mature landscaping & gardens. Living room with fireplace, dining room & additional flex space off of kitchen with french doors that open onto back deck and yard - great flow for entertaining. Lower level features large family room with new carpet, 1/2 bath & utility room. Oversized 2 car garage with abundant storage. Easy access to freeway, shopping, dining, parks & schools. 

Welcome home!

HIGHLIGHTS

• Hardwoods throughout main floor

• Large living room with mantled fireplace

• Dining room

• Flex room

• Primary suite with 3/4 bath on upper level

• 2 additional bedrooms on upper level

• Family room on lower level with new carpet

• Skylights

• Utility room

• Gas furnace

• Oversized 2-car garage

• Abundant storage

• Easy access to freeways, shopping, dining & parks

• Light Rail Station on 320th estimated completion 2025

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NEARBY AMENITIES

OLYMPIC VIEW PARK
Just down the street! / 1 min away

BROWN’S POINT PARK
Complete with lighthouse / 13 mins away

FRED MEYER
A grocery shopping destination / 6 mins away

WEYERHAUSER AQUATIC CTR
Aquatic facility constructed for 1990 Goodwill Games / 8 mins away

BPA TRAIL
3.6 mile trail connecting key parts of Federal Way / 8 mins away

LIGHT RAIL
Open for service in 2024 / 10 mins away

HOYTT BIGFOOD JAVA
Specialty coffee drive-thru chain / 4 mins away

PIZZA, PASTA & CO. BY GINO’S
Seafood, pasta & pizza plus lounge / 5 mins away

DASH POINT STATE PARK
398-acre park on Puget Sound / 7 mins away

TWIN LAKES GOLF CLUB
Opened in 1967, open year-round / 4 mins away

NORI SUSHI
Easygoing spot for sushi & sashimi / 10 mins away

FEDERAL WAY COMMUNITY CENTER
Including pool & fitness programs / 12 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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My Home Didn’t Sell! Now What?

When it comes to listing their home, most home sellers want three things: 1) to make a lot of money, 2) to put in minimal time and effort, and 3) to sell quickly. But the reality is, selling a home is rarely that simple. And homeowners who try to do it themselves—or receive bad advice—can end up stuck (months later) with a property that hasn’t sold. 

If that’s you, don’t panic! I've outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.  

Not sure why your property didn’t sell? If you’re not already working with an agent or your listing has expired or been withdrawn, give me a call! I'd be happy to offer a free, no-obligation assessment and create an action plan to get your home SOLD, or, if your out of my area of expertise, introduce you to the perfect broker.  

This marketing piece is not intended as a solicitation for properties currently in an exclusive agreement with another Broker.

1. BAD TIMING

If your home didn’t sell after several months on the market, timing could’ve been a factor. Markets are driven by the law of supply and demand, and real estate is no exception. 

When there are a lot of people who want to buy homes (demand) and a shortage of inventory (supply), it’s considered a seller’s market. During a seller’s market, listings tend to get snapped up quickly. In a buyer’s market, however, there are more homes for sale than active buyers. This can cause homes to sell for less money and to sit on the market for a longer period of time before receiving an offer.

What causes the shift between a seller’s market and a buyer’s market? Economic factors like interest rates, affordability, domestic growth, and the unemployment rate can all impact buyer demand. Over the past year, for example, higher mortgage rates have not only made it harder for some borrowers to qualify for a home loan, they have also sharply pushed up homebuyers' anticipated monthly payments.1 So even if a buyer was interested in your home, they may have passed on it if they couldn’t qualify for a mortgage at your asking price. 

Seasonal factors like weather, holidays, and school schedules can also increase or dampen the activity and motivation of buyers. Additionally, unexpected events, such as a natural disaster or a stock market crash, can cause some buyers to put their purchasing plans on hold until conditions normalize.

Now What?

If timing does appear to be a factor, it may be advisable to delay re-listing your property. Of course, that’s not feasible (or desirable) for every seller. 

In most cases, buyers can be motivated to act with a combination of improvements, incentives, and pricing. Where there’s a will to sell, there’s usually a way. Fortunately for sellers, people will always need a place to live, and there will be a percentage of the population that is motivated to buy quickly. 

If you suspect timing played a role in your inability to sell, let's get a strategy in place. I'm in the field every day and have access to the latest market data. I can estimate how long a home like yours should take to sell given current market conditions and help ensure that your asking price is competitive.

2. INEFFECTIVE MARKETING

Did your home get a steady stream of showings when it was on the market? If not, you may need to try a new promotional strategy. 

Take a look at the listing description. Did it entice buyers to visit your property? A well-written description should be clear and compelling while highlighting your home’s most desirable features. Additionally, it should have utilized best practices for search engine optimization (SEO) to ensure that it was found by buyers who were looking for homes online. 

And how well did the listing photos showcase your property? Many buyers use photos of a home to decide whether or not to visit it in person. In fact, 85% of buyers who browse online find photos “very useful” in their home search.2 Poor quality or a low quantity of listing photos could have kept potential buyers from stepping through your door.

Another factor to consider is whether your listing reached the right audience. This can be especially important if you have a unique or highly-customized home. The Multiple Listing Service is a great place to start, but some properties require a more robust marketing approach.

Now What?

If you suspect ineffective marketing, consider turning to a skilled professional with a proven approach. I employ a strategic and proven Property Marketing Plan that uses the latest technologies to seed the marketplace, optimize for search engine placement, and position your home for the best possible impression right out of the gate. 

For example, I know what buyers in this market want and can craft a persuasive description to pique their interest. And since good listing photos are so crucial, I work with the top local photographers to ensure each shot is staged to your home’s advantage. 

I also know how to get your listing in front of the right audience—one that will appreciate its unique features. By utilizing online and social marketing platforms to connect with consumers and offline channels to connect with local real estate agents, your property gets maximum exposure to your target market. 

Want to learn more about our multi-step marketing strategy? Reach out for a copy of my complete Property Marketing Plan.

3. POOR IMPRESSION

If your property received a lot of foot traffic but no offers, you may need to examine the impression you made on buyers who visited your property.

Start with your home’s structure and systems. Are there large cracks in the foundation? How about doors and windows that don’t properly close? Are there water stains on the walls or ceiling that could signal a leak? These can be major “red flags” that scare away buyers.

Next, examine your curb appeal. Does the yard need mowing or do the hedges need trimming? Are there oil stains on the driveway? Any peeling paint or rotted siding? If your home’s exterior looks neglected, buyers may assume the entire house has been poorly maintained.

Now move on to the interior of your home. Is it clean? Is there a noticeable odor? Have you taken the time to depersonalize and declutter each room? Buyers need to be able to picture their items in your home, but that’s difficult to do amongst your family photos and personal collections. And oversized furniture and packed closets can make a space seem small and cramped.

Now What?

When I take on a new listing, I always walk through it with the homeowner and point out any repairs, updates, or decluttering that should be done to maximize its sales potential. I also share tips on how to prep the property before each showing. 

In some cases, I will recommend that you utilize staging techniques to highlight your home’s best features and help buyers envision themselves living in the space. Home staging is one of the hottest trends in real estate—because it works! According to the Real Estate Staging Association, professionally-staged homes sell, on average, 9 days faster and for $40,000 over list price.3 In addition, the National Association of Realtors suggests that staging can help push up your final sale price by as much as 20%.4

Some sellers choose to hire a professional home stager, while others opt to do it themselves, using guidance from their agent. I can help you determine the appropriate budget and effort required to get your home sold. 

4. PRICE IS TOO HIGH

Many homeowners are reluctant to drop their listing price. But the reality is, buyers may not seriously consider your property if they think your home is overpriced.

Attitudes have changed since the Federal Reserve started hiking interest rates. Many of today's homebuyers are no longer willing or able to pay as high a price on a new home as they might have when borrowing costs were lower.5 If your home’s original asking price was set using sales data from the market's peak, then you may need to rethink your pricing strategy.

Economic factors aren't the only reasons, though, why a home's asking price might not match its market value. Pricing a home can be tricky, regardless of the economic climate, because so many factors can impact how much buyers are willing to pay. For example, unique, highly customized, and luxury properties are particularly difficult to price because there aren’t a lot of comparable homes with which to compare them. 

Regardless, if your home sat on the market for months without an offer, then chances are good that your asking price needs to be reevaluated.

Now What?

If you aren’t in a rush to sell your home, adjustments to timing or marketing may bring in a new pool of potential buyers. And repairs, upgrades, and staging can increase the perceived value of your home, which may be enough to bring a buyer to the table at your original list price.

However, if you need to sell quickly, or you’ve already exhausted those options, a price reduction may be necessary to get your home the attention it needs to sell. 

I am a local market experts and have access to the latest market data and comparable sales in your neighborhood. I can help you determine a realistic asking price for your home given today’s market conditions. Just reach out for a free home value assessment! 

5. YOU HIRED THE WRONG AGENT (OR WORSE, NO AGENT AT ALL)

If you suspect that your previous real estate agent didn’t do enough—or used the wrong approach—to sell your home, you’re not alone. Many sellers whose listings languish until they expire or are withdrawn feel this way. 

While most agents have the best of intentions, not all of them have the skills, experience, instincts, or local market expertise to devise a winning sales strategy in this challenging market.

Or, perhaps you chose not to hire a listing agent at all and have been trying to sell your home yourself. This can be an equally frustrating endeavor.

Although selling your home independently can help cut some costs, it can also be extremely risky and may even lose you money in the long run. For example, research by the National Association of Realtors suggests that For Sale By Owner (or FSBO) homes tend to sell for less than homes represented by a professional. In 2021, for example, the average FSBO home sold for $105,000 less than the average home sold with the assistance of an agent.6

Now What?

If either of those scenarios sounds familiar, you need to ask yourself: “Would I still be interested in selling my home if I could get the right offer?”

If so, we should talk. I understand how frustrating it can be when you’ve put a lot of time, money, and effort into prepping your property for the market and it doesn’t sell. I also empathize with how disruptive a delayed home sale can be to your life.

By now, don’t you owe yourself more than the status quo when it comes to your real estate representation? My multi-step Property Marketing Plan can help you sell your home for the most money possible, and in the process reconnect you with the excitement you originally felt upon first listing. It’s time for a new agent, new marketing, new buyers, and most of all… new possibilities.  

READY TO MAKE A MOVE? 

Let's talk. I can help you figure out why your home didn’t sell and how to revise your sales strategy and set your home up for success. 

The housing market has experienced a shift and the waters may be choppier than usual for a while. But there's still plenty of opportunity in the current market: You just need a guide who knows where to look and how to find it.

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I’m here if you need me - just a filled-out form away!

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     New York Times -
https://www.nytimes.com/2022/12/30/realestate/housing-market-prices-interest-rates.html

2.     National Association of Realtors - https://store.realtor/2022-nar-profile-of-home-buyers-and-sellers-download/

3.     Real Estate Staging Association - https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

4.     National Association of Realtors - https://www.nar.realtor/blogs/styled-staged-sold/why-staging-matters-even-in-a-sellers-market

5.     Marketplace -
https://www.marketplace.org/2023/01/26/housing-slump-may-have-bottomed-out/

National Association of Realtors -
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Top 6 Home Design Trends To Watch in 2023

Over the past few years, many of us have spent extra time at home—and that means we appreciate the personal design touches that make a house cozy and comfortable more than ever. Some of us have adapted our dwellings in new ways, from creating functional home offices to upgrading the appliances we use most.

But while it’s important to make your home your own, it’s also smart to think about the long-term impact your renovations could have on its value. Choosing highly-personalized fixtures and finishes can make it harder for future homebuyers to envision themselves in the space. Even if you don’t plan to sell your home soon, investing in popular design choices that are likely to stand the test of time will make things easier down the road.

And if you’re in the market for a new home, it’s wise to keep an eye out for features that might need to be updated soon so you can factor renovation costs into your budget.

I’ve rounded up six trends that I think will influence interior design in 2023, as well as ideas for how you might incorporate them in your own home. Remember, before taking action, it’s always wise to consult with a real estate professional to understand how specific updates and upgrades will affect your property’s value in your local market.

1.     Separate Kitchen, Dining and Living Areas

Photo by LDa Architecture & Interiors - Browse dining room photos

For years, home design has been dominated by open-concept floor plans, particularly for kitchen, dining, and living areas. However, as the pandemic forced families to work and study from home, many struggled to find the privacy and separation they needed. As a result, designers report that more families are choosing to bring back kitchen and dining room walls to break up the space and create quieter areas.1

That doesn’t mean that we’re returning to an era of dark and cramped spaces, however. Even as walls make a return, it’s important to take care to retain a sense of flow and openness within the home and to prioritize natural light.

If you’re buying or building a new home, consider how you will use the space and whether or not an open floor plan will suit your needs. If you already live in a home with an open floor plan and it isn’t working for you, try rearranging furniture and strategically placing pieces like bookshelves, room dividers, or rugs to create distinct areas within the home and reduce noise.

2.     Nature-Inspired Design

Photo by Savant Design Group - More living room ideas

In the past few years, I’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023.2 This trend is all about bringing the outside in by adding natural touches throughout your home.

This year, design experts predict that natural, sustainable materials like bamboo, cork, and live-edge wood will lend character without being overwhelming. Wooden kitchen cabinets and islands will become more common in 2023, with white oak and walnut among the most popular choices.3,4 Wood will also appear in bathroom vanities and shelving and furniture throughout the home.  

Colors inspired by nature (think mossy greens and desert tones) will also play into this trend and will blend seamlessly with wood tones. I’m also seeing a return to natural stone countertop materials like quartzite, marble, dark leathered granite, and soapstone.4,5

If you’re planning to add new shelving or redo your kitchen, consider turning to these materials to embrace the biophilic look. Or, incorporate elements of the trend by choosing nature-inspired paint colors and adding to your houseplant collection.

3.    Lighting as a Design Feature

Photo by The Brooklyn Studio - Search living room design ideas

Spending more time at home has shown us the importance of having the right lighting for specific tasks and times of the day. As a result, many homeowners are reconsidering the ways they light their homes and using light fixtures to change the usability and mood of their spaces.5

In particular, homeowners are rejecting bright, flat overhead lighting and replacing it with lamps and task-specific options. A layered approach to lighting—such as using a combination of under-cabinet, task, and ambient lighting in a kitchen—enables homeowners to tweak the level of light they’re using based on the time of day and what they are doing.

In 2023, I expect to see more statement chandeliers, pendants, and wall sconces in a variety of shapes and materials.6 Thinking about switching up the lighting in your home? Start by adding floor or table lamps and swapping out fixtures before you invest in rewiring your space. Take note of what works and what doesn’t and watch how the light in your home changes throughout the day. You can then use that information to make lighting decisions that require a bigger investment.

4.     More Vibrant Color Palettes

Photo by Touch Interiors by Bronwyn Poole - Discover bedroom design ideas

After the long dominance of whites and grays, more vibrant colors are coming back as a way to add character and dimension to homes.

This year, warm and earthy neutrals, jewel tones, and shades of red and pink are particularly popular.7,8 If your style tends toward the subtle, consider options like light, calming greens, blues, and pastels.

Major paint brands have responded to these homeowner preferences with their newest releases. Benjamin Moore’s 2023 color of the year, Raspberry Blush, is a lively shade of pinkish coral, while Sherwin William is embracing warm neutrals with Redend Point, a blushing beige.9,10 Behr’s choice of the year, Blank Canvas, is a creamy off-white that's a warmer version of the stark whites that have been trending over the past few years.11

If you’re planning to put your home on the market soon, it’s better to play on the safer side and avoid extremely bold or bright color choices when it comes to paint or fixed finishes like tile and countertops. Instead, try incorporating pops of color through throw pillows, art, and accessories.

5.     Curved Furniture and Architectural Accents

Photo by Wilson Lighting - Look for living room pictures

Goodbye, sharp corners. In 2023, arches and curves lend a sleek feel that draws on classical design and retro trends while remaining modern.5,8 Rounded corners feel more relaxed and natural than sharp edges, lending more of a sense of flow and comfort to a home.

If you want to incorporate the trend into your new build or remodeling plans, curved kitchen islands and bars and arched alcoves are all good options—or you can take it a step further with arched windows and doorways. You can also carry this trend through to your light fixtures by incorporating a bubble chandelier or globe pendants.

It’s easy to embrace this look without renovations, too. Look for a softer feel in furniture, with sofas, chairs, and tables that showcase curved edges. Or, break up your space with an arched folding screen and a circular rug.

6.     Art Deco Revival

Photo by Favreau Design - Browse living room photos

Art Deco, the architecture and design style that took hold in the 1920s and ’30s, is enjoying a resurgence.12

As a style, Art Deco is marked by bold geometry, textures, and colors, as well as an emphasis on art. But the 2023 interpretation of this style is likely to be a bit less splashy than its historical roots. Designers predict that instead of incorporating all of the elements of the style, which could feel overwhelming, homeowners will pick bursts of color or bold accessories to bring some whimsy to their space.

Keep an eye out for vintage mirrors, lamps, or vases that bring a touch of Art Deco glam to your home, or embrace bold colors and fabrics like velvet. Choose pillows and throw blankets in bright colors and geometric patterns to nod to the look without diving in all the way.

DESIGNED TO SELL

Are you thinking about remodeling or making significant design changes to your home? Wondering how those changes might impact your future resale value?

Buyer preferences vary significantly based on your home’s neighborhood and price range. I’m happy to share my insights on the upgrades that will make it easier (or more difficult!) to sell your home. Give me a call for a free consultation!

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I’m here if you need me - just a filled-out form away!

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     US News and World Report - https://realestate.usnews.com/real-estate/slideshows/interior-design-trends-for-2023?slide=2

2.     Architectural Digest -

https://www.architecturaldigest.com/story/design-trends-in-2023

3.     Insider -

https://www.insider.com/popular-home-decor-trends-for-2023-according-to-experts-2022-

4.     Houzz -

https://www.houzz.com/magazine/35-home-design-trends-on-the-rise-in-2023-stsetivw-vs~164032473

5.     The Spruce -

https://www.thespruce.com/2023-design-trends-6743803

6.     The Spruce -

https://www.thespruce.com/2023-lighting-trends-6891412

7.     The Spruce -

https://www.thespruce.com/2023-color-trends-6751137

8.     Good Housekeeping - https://www.goodhousekeeping.com/home/decorating-ideas/g42084756/interior-design-trends-2023/

9.     Benjamin Moore -
https://www.benjaminmoore.com/en-us/paint-colors/color/2008-30/raspberry-blush

10.   Sherwin Williams -
https://www.sherwin-williams.com/content/colorforecast/colormix-2023/color-of-the-year-2023

11.   Behr -
https://www.behr.com/consumer/inspiration/2023-coty/

12.   The Spruce -

https://www.thespruce.com/art-deco-trend-for-2023-7092174

JUST SOLD | SWEET SOUTHWEST HOME

10226 20th Ave SW

The Stats

3 Bedrooms | 2.5 Bathrooms

1,440 sq ft | 2,500 sq ft lot

Listed at $590,000

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WELCOME TO THE SWEETEST SPOT IN SOUTHWEST SEATTLE.

Plants, + garden beds welcome you, with a front porch beckoning you to stay a while. The cozy living room has a bright front window that drapes the room in light. The eat-in kitchen is spacious, with plenty of counter space, light from big windows, and a kitchen island for work prep or saddling up for a cup of morning coffee. Three spacious bedrooms on the upper level provide a retreat, plus two full bathrooms. Catch the sunrise from the east bedroom. It has a walk-in closet, vaulted ceiling + en-suite bath. Watch the sun set over the Olympics + Puget Sound from the west bedroom. Plenty of parking with an oversized garage, alley access and off-street parking. This home has all you need and really maximizes the space. It has been lovingly cared for in a tight-knit community that is near bars, restaurants, bus lines and parks, including popular Westcrest dog park. Close to Westwood Village with easy access to the freeway.

Welcome home!

SELLER’S FAVORITE THINGS:

• Perfect layout for gathering together or escaping to your own quiet space.

• SO MUCH STORAGE… closets, garage, pantry, kitchen - just hide it all away!

• Kind and amazing neighbors.

• Dreamy kitchen.

• Feels quiet and private, with perfect separation between neighbors, an alley that doesn’t go through, and a street that is off the beaten path yet close to everything.

• Organic and productive garden beds. South pathway lined with mint, lemon balm and strawberries.

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NEARBY AMENITIES

MOONSHOT COFFEE
All-day cafe w/ coffee, beer, wine + food / 3 mins away

PROLETARIAT PIZZA
Kid-friendly, thin-crust pizzeria / 3 mins away

THE HEART CENTER
A yoga + healing community / 3 mins away

FULL TILT ICE CREAM
Funky atmosphere for slurping ice cream / 3 mins away

BEER STAR
Fresh, local craft beer + local hangout / 3 mins away

TOMO
Pacific NW cuisine w/ Asian influence / 3 mins away

L’IL WOODY’S
Fresh burgers + shakes / 3 mins away

GOOD DAY DONUTS
Mom + pop donut shop / 3 mins away

MCLENDON HARDWARE
For all your DIY needs / 3 mins away

DUBSEA COFFEE
Coffee with a side of friendship / 4 mins away

WHITE CENTER LIBRARY
Bright library, great kids section / 3 mins away

ROXHILL PARK
Vibrant community hub w/ playground / 3 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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JUST SOLD | GATEWOOD MID-CENTURY

3538 SW Rose St

The Stats

5 Bedrooms | 2.5 Bathroom

2,220 sq ft | 5,155 sq ft lot

Listed at $940,000

Sold at $1,030,000

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WELCOME TO GATEWOOD.

Prepare to be stunned by this Mid-Century Gatewood home. Upon entering, you are greeted with the dramatic vaulted ceilings, hardwoods and fireplace. The updated kitchen has a large pantry that’s prepped for a washer/dryer. 3 spacious bedrooms, 1.5 bathrooms are on the main level. Don’t miss the south-facing deck. The lower level includes a family room with a fireplace, kitchen, bathroom (ready for a washer/dryer), 2 bedrooms (one has no closet) and walkout access to the backyard. Make your way outside for the fully-fenced yard with flower beds and large patio. This neighborhood is incredible, with quiet streets and easy access to the freeway. You’re near the best parts of West Seattle, beaches, parks, restaurants and coffee shops.

Welcome home!

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NEARBY AMENITIES

THE WESTY
Not your ordinary sports bar / 3 blocks away

REAL FINE COFFEE
Hip joint with great espresso / 3 blocks away

LIMBER YOGA
Neighborhood yoga studio for all abilities / 3 blocks away

THISTLE STEPS
Stairway of 376 steps to Lincoln Park / 3 blocks away

LINCOLN PARK
Lovely nose-shaped bluff on Puget Sound / 10 mins away

THE BIRDHOUSE
Popular neighborhood coffee shop / 3 blocks away

ENDOLYNE JOE’S
Rotating menu + regional faire / 5 mins away

WILDWOOD MARKET
Easygoing market w/ lunch options / 5 mins away

SEATTLE PUBLIC LIBRARY
Fantastic library with quiet spaces / 3 blocks away

SOLSTICE PARK
Short hiking trail to the “sundial” / 4 mins away

THRIFTWAY
Fantastic community grocery store / 5 mins away

BEVERIDGE PLACE PUB
Craft ale, cider + rotating local beer on tap / 5 mins away

**Buyer to verify all information

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SCHEDULE A SHOWING

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November Market Stats are HERE!

With recent interest rate hikes and the resulting shift in the real estate market, many are on the fence. Clients are asking, “is this a good time to buy? Should I hold off on selling?”  

The numbers for homes that went under contract in October and closed November just came out. These stats show that we're following seasonal trends with a slowing of sales leading into the holiday and that rising interest rates have cooled the market.  

Stats show: 

• Uptick in median home prices in most areas between Sept and Oct

• In November, we saw a drop in median prices which we do see almost every year leading into the holidays (historic trend)

• In King (+.9%), Pierce (+1.9%) & Snohomish (+2.8%) Counties, prices are higher than they were this time last year.

All data from Northwest Multiple Listing Service®. InfoSparks © 2022 ShowingTime.

All data from Northwest Multiple Listing Service®. InfoSparks © 2022 ShowingTime.

The November stats present a nuanced market - with new opportunities for weary buyers and support for sellers in those key neighborhoods who've properly prepped their home for market. I can pull numbers for your specific situation….for example, selling a house in Tacoma and buying a condo Downtown.  Please reach out with questions on specific neighborhoods, cities or counties and I can translate the stats to a timing, pricing, or marketing strategy that’s reflective of that current market! 

Here's what we're not seeing: 

• Buyer's willing to purchase a home out of desperation  

• Extreme escalation clauses and crazy multiple offers  

• Waiving of all contingencies  

Here's what we're seeing: 

• Interest rates just did a 1% drop in the past month, creating renewed buyer interest and activity.  

• I'm seeing offers with contingencies and homes in contract under list price.    

• Keep in mind, I am still seeing some multiple offers and escalators on special, one-of-a-kind homes in key areas.  

As a seller, now, more than ever, it’s critical to prepare your home well and have a pricing and marketing strategy that is reflective of the current market.  

Expectation moving into late winter/Spring: 

With interest rates stabilizing, I expect a healthy market with opportunities for both buyers and sellers. Speaking with local lenders, industry leaders and my network of peers, the expectation is the market will pick up late winter/spring. 

If you're considering a purchase get in touch, there are some great opportunities right now. Buying a home at a discounted price and/or a seller buying down your interest rate could be more beneficial than waiting for interest rates to go down on their own. Also, the less buyer competition there is, the more likely you will have sellers covering expensive repairs found in inspections! 

If you're considering selling, reach out to discuss best strategies to prepare your home to maximize your investment. Don’t worry that you didn’t sell last year! At this time, you are still ahead of the game. 

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