Is Now a Good Time to Move?

Is Now a Good Time to Move?

by | Sep 24, 2020

How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:

“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”

Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):Is Now a Good Time to Move? | MyKCMAs the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

Local Market Update – September 2020

Local Market Update – September 2020

by | Sep 21, 2020

August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to new highs.  

  • With pending sales outpacing new listings, inventory continues to shrink. King and Snohomish counties each have about a two-week supply of available homes.  Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers.
  • The region saw the second consecutive month of record-setting price growth with home prices experiencing double-digit increases as compared to a year ago.
  • Fierce competition among buyers has made multiple offers the norm. In King County, 46% of home sold for more than the list price. Last August that number was 24%. In Snohomish County, 58% of homes sold above list price as compared to just 28% the prior year.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

VIEW FULL EASTSIDE REPORT

VIEW FULL KING COUNTY REPORT

VIEW FULL SEATTLE REPORT

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

The Teal Deal

The Teal Deal

by | Sep 17, 2020

THE TEAL DEAL

a home decor photo series

Teal is timeless. This worldly blue refreshes a room with instant elegance no matter the era. In this photo series, we explore home decor designed in shades of teal.

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When it comes to kitchen cabinets, there are so many color options to explore. Classic white will never go out of style but many designers are using rich colors to add vibrancy and create a statement feature. This deep teal hue looks gorgeous when paired with crisp white subway tiles and elegant marble countertops allowing the custom design features to pop while keeping the space open and bright. Sleek, modern fixtures and warm wood elements to create a space that’s just as cozy as it is enchanting.

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Timeless with a twist. The classic all-white overall look never gets old. Add a bit of art deco romance with a teal velvet bed frame, fabulous chandelier, and gold statement mirror for an elegant, modern style. Natural textures and materials add additional coziness to the overall look with lace-lined bedding, glass and shell accents, and a contemporary rug.

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In this elegant bedroom, a dark teal feature wall is set off with organic white decor and plush bedding. Soft, textured accents such as the paper lanterns, neutral leaf duvet, and decorative branches play against the luxuriant color-washing wall treatment creating a classic look that is both warm and refreshing.

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Sometimes you just have to take a risk and go all out! This bold teal pattern makes a statement and takes center stage when paired with modest furnishings. Additional white and reflective accents help break up the pattern making for a chic and modern living room.

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This mid-century modern influenced room incorporates fun graphic prints and classic teal accents. The teal tone of the full size drapes pairs well against the grey color walls. Contrasting and matching shades of decor sprinkled around the room are grounded in the geometric rug in the center.

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Teal and red, mixed with timber and notes of copper, is a daring combination that truly makes a statement. While both are strong, bright colors, they complement each other for a timeless, luxury look.

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This fun, retro-inspired sitting room contrasts bold teal paint with pops of natural tones to create this comfortable setting. The dual sofa’s button tufting and golden leather upholstery are a nod to the classic design and double the warmth of this room. The intriguing paintings and indoor plants further add to the playful styling.

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Cozy and rich. This bedroom is immersed in deep teal lending to a feeling of comfort. Minimalist decor and luscious finishes further warm the space.

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It is not necessary for teal to be the main color for your room to make a bold statement. Use it in small accent pieces and place this color throughout the room to create a cohesive connection.

This exquisite teal chandelier is highlighted by dreamy velvet upholstery and clean lines. Rich hardwood floors, cast brass accents, and inky bursts of deep purple convey a sense of poetic nostalgia.

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A gorgeous dark teal hue in the bedroom can be alluring, cozy, and powerful all at once. Tempered with a soft contrast color like dusky rose and accented with metallic accessories like brass fixtures creates a feeling of relaxed luxury. Combined with plush velvet curtains and bedding makes for a room that is just as intimate as it is beautiful.

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This modern boho master sanctuary keeps it light and bright! A single dark accent wall allows the soft white linens and accents to really pop. Dashes of gold combine with the geometric tribal rug and tufted teal settee to continuously draw your eye around the space. Original pieces, including a gold mid-century-inspired pendant light, give this master oasis a truly unique feel.

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Stairs are a practical part of the home – but that doesn’t mean they can’t be fun too! A bold statement staircase can be a simple and striking way to brighten up your entry or add some visual interest in your open concept home. Although often overlooked creatively, the staircase can become quite the eye-catching feature when handled with a bit of outside-the-box thinking.

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This alluring teal bedroom is filled with serene jewel tones creating a relaxing, chic escape. The combination of richer blues and greens along with pops of lush velvet textures, achieve an effect that effortlessly balances luxury with comfort. Softer grays with cool undertones create a calming, easily-elevated look.

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A vibrant shade of teal can inject brightness into any small or dark space. The white farmhouse sink pops against the bold high-gloss teal covering the kitchen walls, cabinets, and trim. Warm wood counter-tops and shiny silver fixtures and appliances all work together to reflect light around this cozy space.

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This room’s bright jewel tones create a space that is both dynamic and intimate. Contrasting glossy and matte textures, as well as clashing patterns and opposite color combinations, creates an unexpected and soothing effect. The supple velvet teal sofa stands vibrant against the matte wall and helps to amplify the warmth from the brass decor for a fun yet sophisticated look.

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Moody vibes envelop this luscious living room with dark teal walls and matching sofa. A warm vintage side table and ethereal layered art combine with pops of white to create a calm and soothing sanctuary.

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12108 NE 68th Place, Kirkland, WA 98033

12108 NE 68th Place, Kirkland, WA 98033

by | Sep 15, 2020

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12108 NE 68th Place

Kirkland WA 98033

$1,500,000  /  .20 acre lot  /  MLS # 1654702

In-city retreat in a fantastic location just minutes to Houghton, downtown Kirkland, Bellevue & Redmond. Relax in air-conditioned comfort in this completely updated and redone two-story with a huge basement. All new paint inside and out, new wood flooring and all new carpet throughout. Open kitchen with slab stone and stainless appliances open to the HUGE deck that overlooks a $125,000 recently renovated backyard oasis. Plenty of space to enjoy both indoors and out. Pre-inspected and repairs are already done!

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Windermere Real Estate, East Inc.
3933 Lake Washington Blvd NE, #100
Kirkland, WA 98033

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Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

by | Sep 11, 2020

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.