Three topics are the subject of this month’s newsletter:
- A snapshot of our current Eastside real estate market.
- A chart showing the continuously changing availability of homes to purchase on the Eastside.
- A quick review of our Windermere “Dress to Impress” program available to our sellers.
Current Interest Rates
The local market is HOT with no signs of slowing down. Buyers are snapping up new listings as soon as they hit the market and total available inventory has dropped to a 10-year low. Multiple offers are common and homes are being snapped up as soon as they hit the market. If you’re looking to buy this season, it’s important to put your best offer forward. Take a look at our latest Local Market Update blog post for a full update on the Eastside, Seattle, King County & Snohomish County.
Two Year Chart of the Eastside Market
– Single Family Residential Only
The two-year chart shown below has become one of our favorite charts for putting context into how real estate is (or has been) performing over time – in this case a two-year period of time.
This particular chart is a compilation of all single family residential for the Eastside which includes all of Bellevue, Mercer Island, Issaquah, Issaquah/Sammamish Plateau, Carnation, North Bend, Redmond, Kirkland, parts of Bothell and all of Woodinville encompassed by King County.
The available inventory (dark blue line) depicts the number of residential listings that are “Active” at the single point in time that the data was collected. The dark red line represents the number of “Pending” contracts that occurred in the 30 days prior to that data point. In a balanced market the red line will always be below the blue line and the greater the separation, the greater the inventory available. Inventory peaked in October 2018, gradually diminished through the coming winter months, then peaked again in July-August of 2019 before diminishing to a new low in January-February 2020.
Then came Covid-19 and the mandated lock-down in March 2020. Inventory levels had generally been comfortable for much of about a year and a half, but by October 2019 the level started dropping again. This time to a new low. By March 2020 as we entered the Covid pandemic, our inventory levels across the Eastside market were about as low as they have ever been.
When the red line rises above the blue line, our inventory level has dropped into the fractional numbers. The .8 months of inventory noted in the previous section of this newsletter is perfectly shown by the July-August 2020 portion of this chart.
– Invest to Impress
We brought this concierge program to you in April but wanted to circle back to it. We have been using this program with several of our recent listing clients and it is very effective and easy to implement. Windermere will cover up to $50,000 of anything that will help get your home ready for the market. There are no fees and no interest, and the advance will simply be paid at closing.
We’ll walk through your home together and identify potential updates and repairs. With your timeline and needs in mind, we will help you decide on the improvements that will get the biggest return.
Once we identify our top home improvement priorities, we will connect you with my preferred local service providers, assist with a work schedule and arrange access to your home.
HIGH IMPACT UPDATES
No matter how small they seem, even the simplest changes can make a big difference.
These are the most valuable:
• Interior and Exterior Painting
• Floor Repair/Refinishing
• Carpet Cleaning/Replacement
• Window Washing
• Professional Deep Cleaning
• Fixture Repair or Replacement
• Cosmetic Updates
• Punch List Repairs
Plus dozens of other high-impact home improvements and services.
When your home’s ready for its close-up, we’ll have it professionally staged, which can dramatically transform your home and boost your bottom line. In fact, forbes.com reports that staged homes statistically sell 87% faster than non-staged homes and for 17% more!