Seattle & Eastside Market Report for March 2019

After King County home prices fell to a two-year low in January, the market is already showing signs of a rebound. With more inventory available, buyers now feel like they have something to shop for. Inventory = Opportunity. Not shown in the year-over-year stats: February saw multiple offers returning in some areas. While prices are down from this time last year, the current market is healthy for both buyers and sellers, and having an experienced agent who can translate year-over-year stats vs. real-time conditions is critical. Want to know more? I also have reports for Snohomish and Pierce counties as well.

SPRING SUPPLY AND DEMAND IN SEATTLE AREAS

By Chris Doucet 

I start every morning (early, about 4:30 am) by jumping on the Multiple Listing Service and checking on new inventory for all of the many market areas where I work. This area encompasses north to Mukilteo, south to Normandy Park and Seattle east to Sammamish. A broad area, I know, but one where my clients take me. It has been a point of discussion in many of my agent groups that the pickings are slim and the spring listing rush has not yet begun. It is widely known that, historically, spring is the best time to list and sell a home. Flowers are popping up, lawns are green and we are favored with a few more hours of daylight. Every year there are more people who get an early start and list in February. So far, that hasn’t happened and we are now into the 3rd week. Granted, we have been digging ourselves out of a historically long snowfall but this is unusual. 

Yesterday, in 9 market areas there were 3 new listings in a 24 hour period. 

Why should this be so when the interest rates have decreased and the buyers are out of the holiday hiatus? Prices have stabilized to a more balanced market so perhaps greedy sellers are not as predominant, but this is crazy. 

It is the old adage of Supply and Demand. We have buyers but not sellers. The few properties that I have listed over the last few weeks are getting tons of interest and multiple offers. Multiple offers are not a thing of the past, they are happening RIGHT NOW. 

If you are a seller, get that home listed NOW before everyone else does who is dragging their feet and waiting for spring to arrive. Take advantage of the demand without the competition that will invariably appear in mid March and April. 

The early bird gets the best buyers

DYI: My Stair Saga

My primary residence is a mid century home in Magnolia.

It is a home that my husband and I purchased to rehab and sell in two years. That was 8 years ago and we have grown to like this solidly build, open floor plan home with some views of Mt Rainier, Mt Baker, Queen Anne and the city rooftops. The home was not without its quirks though.

The entry stairs have always bothered me. Three different wood finishes—one on the risers, one on the stair itself and one on the baseboard. Without res-staining the entire stairway (and then the hardwood floors beyond) I needed to come up with a solution.

As a former designer, I always have some crazy ideas that I just need to figure out how to translate to reality and I did. The photos show a work in progress. As usual, I forgot to take a “before” photo until part of the painting started. 

First came painting the sides of the stairs white. Sanding, primer and 3 coats finally got the wood covered. Next, I trimmed in the risers with a charcoal paint in preparation for the riser material—STAINLESS STEEL! 

My superb tile setter was able to cut a template for each riser (old house and they were all different) and cut the stainless that I had procured to fit.

Now the stairs look floaty but not flashy (stainless is a matte finish) and really improve the look in the entry.

Proof that crazy ideas can sometimes be brilliant!

The Compass Concierge Program

How It Works:

• Our team will develop a tailored project plan with suggested home improvements and updates to prepare your home for the market.

• You will contract directly with home improvement service providers.

• Compass Concierge will pay the associated cost for home improvement work performed subject to your agreements with home service providers.

• At the closing of the property, Compass Concierge will collect a fee that covers the cost of the work performed.

Key Eligibility Criteria & Restrictions:

• The program is available to all sellers with an exclusive Listing Agreement with Compass. 

• Prospective sellers interested in participating in the Compass Concierge program must review and execute the Compass Concierge Service Agreement outlining the program services.

• Properties that are short-sales or foreclosures are not eligible for the program. Structural or construction services will not be covered

• Payment for Services:
  Invoices should be sent to your Compass Agent for payment by Compass. 

• When your property closes during the term of the Listing Agreement, Compass Concierge will issue an invoice reflecting the total cost of services rendered. 

• Payment for the program services will be collected using your preferred payment method at the earlier of (a) the actual closing of the property or (b) the one-year anniversary of your participation in the program.

• In the event that your property does not sell or the Listing Agreement is terminated for any or no reason (including the property going off market), Compass Concierge will collect any actual costs incurred by the home improvement work performed (within 15 days).

Interested in more information for The Compass Concierge program? I would love to assist you. You may call me at 206.819.4663, email me at Chris@SeatlesGreatestHomes.com or fill out the form below!

DID YOU KNOW?

DID YOU KNOW? U.S. consumer spending increased by the most in 7 months in October. (Reuters)

DID YOU KNOW? Millennial spending habits are a lot like the generations that came before them, they just have less money at this point in their lives. The group born between 1981 and 1997 has fallen behind because many of them came of age during the financial crisis. (Business Insider)

DID YOU KNOW?  The Fed is expected to raise interest rates a fourth time this year in December, but stated it would be ‘flexible’ on plans to raise rates. (CNN)

DID YOU KNOW? The Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve have proposed loosening real-estate appraisal requirements to enable a majority of U.S. homes to be bought and sold without being evaluated by a licensed human appraiser, potentially opening the door for cheaper, faster, untested property valuations based on computer algorithms. It would increase to $400,000, from $250,000, the value of homes that can be bought and sold without a human appraiser visiting a property. (WSJ)