Renovations to Consider Before Selling for Increased ROI

by Kari Haas

Interior designer working with young couple

Selling your home can be both exciting and daunting as you prepare to downsize and enter retirement. One way to maximize your investment and ensure you get the best price is by making strategic renovations that increase your property’s return on investment (ROI).

Enhancing your home’s appeal is crucial to stay competitive in today’s real estate market. Explore the best renovations to consider and how to get started on them.

Why Increasing Your Home’s ROI Is Important

Increasing your home’s ROI means you’ll get a higher sale price than the amount you invested in improvements. In today’s market, where buyers are looking for move-in-ready houses, even small updates can make a significant difference. Aside from making your residence more appealing, investing in renovations increases its value, ensuring you have more funds to enjoy your retirement or to reinvest in your new home.

5 Essential Renovations for a Higher ROI

Here are five critical renovations to consider before putting your home on the market:

1. Kitchen Upgrades

The kitchen is often considered the heart of the home. Simple updates like new countertops, modern appliances, and fresh cabinets can dramatically improve its look and functionality. Consider replacing old hardware, adding a fresh coat of paint or installing a new backsplash to give your kitchen a modern feel without breaking the bank. Upgrading your sink to a stainless steel version or one in white porcelain can also help achieve a clean and sophisticated look.

2. Bathroom Remodels

Bathrooms are another critical area for buyers. Updating fixtures, regrouting tiles and adding new lighting can make a huge difference. If your budget allows, consider replacing the vanity, installing a walk-in shower or adding accessibility features, which can be a selling point for older buyers.

3. Energy-Efficient Improvements

Energy efficiency is increasingly important to buyers. A modern window upgrade can help the new owners save on energy bills. Installing a new HVAC system is also an excellent upgrade. Aside from making your home more comfortable, these improvements reduce overall utility costs, which can be a strong selling point.

4. Curb Appeal Enhancements

First impressions matter. Enhancing your home’s curb appeal can attract more buyers and potentially increase your sale price. Simple tasks like landscaping, painting the front door and adding outdoor lighting can make a significant impact.

5. Fresh Paint and Flooring

A fresh coat of paint can make your home feel new again. Choose neutral colors to appeal to the broadest range of buyers. Similarly, updating your floors can modernize your home. Consider replacing old carpets with hardwood or laminate flooring. These options are attractive and easy to maintain.

How to Budget, Plan and Execute Renovations

Start by determining how much you can afford to spend on renovations. Create a list of priority projects and get estimates from contractors. It’s crucial to balance your budget, focusing on renovations that offer the highest ROI.

Remember that unforeseen costs can always arise, so it’s essential to include a contingency fund between 3% and 10% of your total budget. This funding can cover unexpected expenses such as design and material changes or upgrades, equipment malfunction or breakdown, accidents and more.

Once you have a budget, plan the renovation in phases. Start with the most critical areas, like the kitchen and bathrooms, before moving on to less essential updates. Research materials and fixtures to ensure they fit your budget and style. Also, note renovations requiring building permits, like decks, carports, fences, fireplaces, and even new doors or windows, so you can factor them into your timelines.

Most importantly, hire reputable contractors to ensure quality work. Ask people you know who have done renovations before for recommendations. Check references, read reviews, and get quotes from different suppliers and service providers. Communicate your expectations clearly and monitor the progress to stay on schedule and within budget.

Start Small, Think Big

Maximizing your home’s ROI through smart renovations is a great way to ensure you get the most out of your investment as you downsize and enter retirement. Focusing on key areas like the kitchen, bathroom, energy efficiency, curb appeal and interior updates can significantly enhance your home’s value. Start small with manageable projects, and think big about the overall impact on your sale price. It will pay off in the end.

If you’re feeling overwhelmed, remember that you don’t have to navigate this process alone—Kari’s team is here to support you every step of the way. When it comes to selling your home, we offer a comprehensive range of resources designed to help you prepare your house for the market effectively. Our expertise ensures that you can maximize your return on investment. From staging and marketing to negotiating the best price, we handle all the details, so you can focus on your next chapter. Text or call Kari today to get started and let us help you achieve your real estate goals with confidence.

Kari's Blog • July 12, 2024

Local Market Update – July 2024

by Kari Haas

As temperatures rise, so has the supply of for-sale homes in our area. Last month, active inventory continued its upward trajectory, which is leading to some summer price stabilization. Every region represented here saw a rise in the number of single-family homes and condos for sale in June. And while median sold prices did increase over last year in most cases, they dipped or were flat when compared to May.

Home buyers needing a little more time to find the right home can breathe a bit easier. With the rate of price increases slowing and the number of available single-family homes growing, there’s a little less pressure to act quite as fast as springtime bidding wars necessitated. While it’s still a seller’s market, buyers who’ve been sitting on the sidelines can now dip their toes back into a somewhat mellower market. That said, in hot areas like the Eastside, half of homes sold in June closed above list price and in an average of five days.

Let’s break it down by area to see what’s heating up and cooling down this summer.

In King County, the median sold price for a single-family home increased from $935,000 in June 2023 to $965,000 last month. However, June sold prices decreased by 4% from May’s record-high price of $1,001,000. While these numbers likely reveal the effect of higher inventory, 43% of King County homes sold in June closed above list price. As of June 30, active residential listings were up 31% year over year and 12% month over month. King County condo prices rose 5% year over year from $529,975 last June to $555,090 last month. The increase is despite a 75% year-over-year jump in the number of active condo listings, up from 832 units on June 30, 2023, to 1,453 last month.

In Seattle, residential sold price increases are showing signs of slowing, with last month’s median of $957,000 up just 3% from a year ago and dropping 1% between May and June. This trend is likely a result of the healthy dose of new listings inventory over the past few months, as buyers now have more options and bidding wars have lessened. June saw many more residential listings hit the market, and by month’s end inventory was up 30% from the end of May and 27% year over year. Seattle condo prices stayed flat month to month at $550,000. Sensing calmer pricing on the horizon, it will be interesting to see if some potential condo buyers might be able to give the single-family housing market a second look.

The June residential real estate market on the Eastside saw substantial year-over-year price gains but experienced a 4% decrease from May’s median sold price. Half of the homes sold in June received multiple offers, with the sales price exceeding the original asking price by a median of 7 percent. While these figures show a healthy seller’s market carrying over from May to June closings, the remaining summer months are likely to provide more balance for Eastside buyers, with fewer multiple offers and lengthening market times. June saw a growing supply of homes: the number of active residential listings rose 16% over the course of the month. Eastside condo prices dropped year over year from $650,000 last June to $637,500 last month, and the supply of listed condos grew by 19% during the month.

Snohomish County single-family home prices rose 7% year over year, up from $774,975 in June 2023 to $830,000 this June. Month-over-month prices, however, were flat: the median residential sold price was $830,000 in June versus $828,000 in May. The number of active listings was up 38% year over year and 21% higher at the end of June than at the end of May. Increasing inventory is happy news to home buyers and may help moderate prices in the coming months. The median sold price for a Snohomish County condo in June was up 5% against last year but down 5% from May. Between June 1 and June 30, there was a 26% increase in the number of active condo listings in Snohomish County.

In all markets reported above, the same trend lines have formed: price increases are slowing – or stopping altogether – and inventory is growing. The strong spring seller’s market has given way to a summer of more balance, with renewed opportunity for many buyers.

Your Windermere advisor can provide a clear, real-time picture of the market and its summertime trends, focusing on your priorities and presenting the best match for your real estate goals.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

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SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com.

Kari's Blog • Real Estate Related • July 2, 2024

Relocating for Climate Resilience: Essential Strategies for Remote Workers

by Kari Haas

man drawing with graphic tablet in the comfort of his own home

As climate change continues to dramatically reshape our environment, more and more remote workers are thinking about relocation to areas less impacted by climate-related disruptions. This shift requires thorough planning and insight. Preparing adequately ensures a smooth transition, whether escaping rising sea levels or seeking a cooler climate. Today, the Kari Haas Real Estate Team explains how to strategize your move.

Selecting Your New Home Base

Start by analyzing different regions based on climate trends. Identify areas with stable weather patterns and minimal risk of natural disasters. This means looking into historical data on temperature, precipitation, and any recorded extreme weather events. Such proactive research aids in selecting a locale that matches your lifestyle and offers long-term stability.

Advancing Your Career Remotely

When relocating, rejuvenating your professional image is a prime moment, especially if you’re diving into a fresh, remote-compatible profession. Enhance and refine your CV with your most recent abilities, background, and accomplishments to maintain your edge. Also, saving your file as a PDF is a great way to make it look more professional while ensuring it stays easily shareable and accessible. In fact, if you’d like to make the PDF editable, you can try this listing to access a helpful tool. Just upload the document online, implement your revisions, and retrieve it to your device, primed for sharing in your upcoming career ventures.

Budgeting for Your Move

Understanding the cost of living in your potential new city is crucial. Evaluate everything from housing costs and utility prices to groceries and transportation. This step ensures your new home is financially sustainable. It’s essential to consider the immediate costs and potential future changes in the area’s economy.

Embracing Sustainable Living

Investigate the environmental policies of the areas you’re considering. A community’s commitment to sustainability can significantly influence your decision. Look into local recycling programs, water conservation measures, and any incentives for renewable energy use. Supporting cities that invest in sustainability contributes to a healthier planet and aligns with ethical living principles.

Ensuring Access to Essential Services

Check the availability of crucial amenities such as hospitals, schools, and recreational facilities. Accessibility to these services enhances your quality of life and ensures you can maintain a standard of living similar to what you’re accustomed to. Furthermore, consider the local infrastructure’s ability to support remote work, including reliable internet and coworking spaces.

Learning From the Locals

Engage with people who already live in your chosen area. Existing residents can provide invaluable insights you won’t find in online articles or guides. Join local online forums, attend community events if possible, and connect with neighbors to better understand the area’s day-to-day realities. Building relationships with locals can also help you feel more integrated into your new community, fostering a sense of belonging and support.

Networking with Like-Minded Professionals

Connect with fellow remote workers who have undergone similar relocations. Such networks can provide support and advice, offering practical tips and emotional encouragement during your transition. Sharing experiences with others who understand the challenges of remote work and relocation can alleviate feelings of isolation and uncertainty. These connections can also lead to professional opportunities and collaborations in your new home, expanding your network and potential for success.

Choosing a Green Home

When looking at potential homes, prioritize those with energy-efficient features. Energy-efficient appliances, sustainable building materials, and solar panels reduce your carbon footprint and save money on utility bills. This consideration is good for the environment and economically beneficial in the long term.

Climate Strategies for Remote Workers

Moving as a remote worker due to climate change involves more than finding a new place to live. It’s about creating a sustainable lifestyle supporting personal well-being and the environment.

As you embark on this journey, remember that this move could also be a stepping stone to advancing your career, blending personal aspirations with professional growth. Following these steps ensures that your relocation is successful and contributes positively to your life and the global community.

Whether you’re buying or selling, the Kari Haas Real Estate Team is here to get you the best deal possible. Reach out today if you have any questions!

About Kari Haas • Kari's Blog • June 17, 2024

A ‘Little Bit’ of Community Service

by Kari Haas

On June 7th, Kari Haas joined fellow Windermere agents for the annual Windermere Community Service Day. They dedicated their time to support Little Bit Therapeutic Riding Center in Redmond, WA. This event brought together a team of volunteers committed to making a positive impact in their community.

Kari and her colleagues rolled up their sleeves and tackled various projects around the center. They painted fences, landscaped, and cleaned the stables. Their efforts aimed to enhance the facility’s environment, ensuring it remains a safe and welcoming space for its participants and their families.

“Community service is a core value at Windermere, and I am always excited to participate in these events,” Kari said. “The work Little Bit does is incredible, and it’s an honor to support their efforts.”

Little Bit Therapeutic Riding Center creates a community where horses transform the bodies, minds, and spirits of people with disabilities. Moreover, the center offers therapeutic riding and equine-assisted activities that make a significant difference in the lives of its participants.

By the end of the day, volunteers felt a strong sense of accomplishment and camaraderie. Kari and her team left the center in better shape than they found it. They knew their contributions would directly benefit the individuals who rely on Little Bit’s services.

The Windermere team’s efforts help the center maintain its operations and continue offering these valuable services. By volunteering their time, they supported a vital community resource and strengthened their bonds as a team dedicated to giving back.

Join Kari Haas in Supporting Community Service

Kari Haas and the Windermere Real Estate team commit to making a difference in the community. If you’re interested in learning more about their community service initiatives or how you can get involved, reach out to Kari and her team. Together, we can continue to support organizations like Little Bit Therapeutic Riding Center and make a positive impact in our communities.

Kari's Blog • Real Estate Related • June 10, 2024

Bridging the Gap: Moving Closer to Your Aging Loved One

by Kari Haas

Photo of Woman Embracing Her Grandmother

Having a senior loved one who needs your support can be demanding, especially if you live far away from them. You might feel that your current location is preventing you from meeting their daily needs. Distance can also make it difficult to keep track of their health and well-being. In such situations, moving closer to your loved one can make a positive difference. However, the process of moving can be challenging.

As a Windermere expert in transitional real estate Kari is trained to understand your goals, concerns, and needs—it is a journey we can embark upon together from start to finish. She can provide a customized approach with the patience, professionalism, and respect you deserve. Below are some things to think about as you consider your move forward.

Research Your New Area

Before moving, it’s important to research the area where you plan to relocate. In addition to housing prices, look for amenities that you need, such as hospitals, pharmacies, and grocery stores. Check for proximity to public transportation. Ensure that the place you plan to move to is senior-friendly, safe, and accessible.

Get Preapproved for a Mortgage

If you intend to buy a new house, get pre-approved for a mortgage so that you know how much you can borrow and what homes are within your price range. Work with a reliable and reputable lender who can help you navigate your options and select a mortgage that fits your financial situation.

Keep Communication Open

Moving is a significant change and can cause anxiety, stress, and uncertainty. Therefore, it’s essential to communicate openly with your senior loved one. Discuss your reasons for moving and ask what they think about it. Listen to their concerns and address them as honestly as possible. This way, they will feel included in the process and more willing to accept the move.

Have a Plan to Move Your Business

If you’re a business owner, moving your business can be a daunting task, but with proper planning and organization, it can be done smoothly. It is important to create a detailed plan, communicate with your employees and customers, and enlist the help of professional movers to ensure a successful transition.

Earning a New Teacher Certificate

As a teacher moving to a new state, you may encounter the additional challenge of obtaining a new teaching license to meet local requirements. Fortunately, online learning programs offer a flexible and cost-effective solution for earning your teacher certification.

These programs provide the convenience of flexible scheduling, allowing you to study and complete coursework at your own pace and during times that best fit your busy lifestyle. This flexibility ensures you can efficiently work towards your new certification without disrupting your current professional and personal commitments.

Establish Necessary Boundaries

Establishing clear boundaries when moving closer to a senior loved one is crucial for maintaining a healthy relationship. Open communication, setting expectations, and respecting each other’s needs can help create a balance between providing support and maintaining independence.

Create a Moving Support System

Moving closer to a senior loved one can be overwhelming and challenging. Therefore, it’s essential to create a support network that includes family, friends, and community resources. Look for support groups, caregiver networks, and volunteer organizations to get the help you need.

Furnish Your New Place

While relocating, adding a few useful home products can make your transition smoother and your new place more comfortable. Whether it’s a new coffee maker to start your day right, an efficient storage solution to keep things organized, or a smart home device for added convenience, these additions can make a big difference.

Always make sure to consult unbiased online reviews before purchasing. Online resources offer in-depth product reviews and comparisons, helping you make informed decisions about the best products for your needs and budget.

Take a Break Once in a While

Taking on the responsibility of caring for a senior loved one can be emotionally and physically taxing. It’s crucial to remember that it’s okay to feel overwhelmed at times and to be patient with yourself as you adjust to this new role. Seeking support from friends, family, or caregiver support groups can also provide valuable resources and encouragement during this challenging time.

Moving closer to your aging loved one for extra care is a significant decision that requires careful planning and consideration. By finding a temporary apartment, maintaining open communication, relocating your business, and establishing necessary boundaries, you can successfully bridge the gap and provide the support your loved one needs while preserving your own independence and well-being. Embrace this opportunity to grow closer and strengthen your relationship with your senior family member while ensuring their safety, happiness, and comfort!

For Home Owners • Kari's Blog • May 31, 2024

Everything You Need to Know About Your Rights as a New Homeowner

by Kari Haas

Buying a house is an exciting milestone, but it involves understanding your rights as a homeowner. Knowing what you can and cannot do is essential to avoid disputes and exploitation, especially if you’re a first-time homebuyer or newcomer to the area. Discover these common rights to ensure a safer and more enjoyable experience in your new home.

What Are Property Rights?

These rights refer to what you can legally do with your owned property. You earn this once the property is transferred to you with the following:

House title: This is a set of rights you have as the legal owner of the property.

House deed: Also known as property deed, this document signifies the legal transfer of rights from the seller to you. The deed is vital when determining the chain of homeownership in the county.

Types of Property Rights

Understanding what you can and cannot do with your property is essential. Owning a home isn’t just about having the title — it entails many legal responsibilities and privileges.

1. Bundle of Rights

This concept refers to your collection of fundamental property rights as the legal owner. The bundle consists of five privileges:

Right of Possession

You have the authority to hold title to your home. However, you can lose this privilege under specific circumstances, such as late mortgage payments or failure to pay property taxes. The lender and tax authorities can take possession if you don’t fulfill your ownership responsibilities.

Right of Enjoyment

This doesn’t mean you can dictate your neighbor’s morning activities because you want a peaceful sleep. However, you have the right to tell them not to damage your trees when spraying herbicides in their yard. The right of enjoyment also assures you can lawfully enjoy your home by throwing a garden party without breaking local laws.

The Right of Disposition

This privilege allows you to sell, pass down or transfer your property to someone else. Whether relocating elsewhere or selling the house, you have the right to evaluate and execute your chosen action. If you owe a mortgage, you must pay it off before you can sell or give away your residence.

Right of Control

You possess the right to control your property, provided you’re following all state and local ordinances, including zoning laws. For instance, you may hold meetings and gatherings but are forbidden to conduct unlawful actions, such as selling drugs.

You can decide to leave the property alone, build a residential unit or generate income from it, but you might not be able to paint your house an eccentric color if it’s against HOA rules.

Right of Exclusion

You exercise your right of exclusion when you choose who can and cannot enter your property. Like most privileges, this comes with exceptions. Law enforcement authorities can enter your home without your permission if they have a warrant. Emergency workers can also get inside if they sense danger inside your household.

You also have the right to keep unwanted trespassers off your land. You may sue for compensation up to three times the value of your loss if the trespasser causes damage, such as cutting down trees or hitting golf balls onto your property. A civil lawsuit against the violator might be appropriate if they engage in invasive activities, such as spying on you through the windows.

However, the intruder may raise several defenses to reduce sanctions. For instance, they may assert that there was no established prohibition on your property or that trespassing was done out of necessity, such as saving a life in danger.

2. Right to Make Improvements

Expanding your house and upgrading fences are within your home improvement rights. Before starting a construction project, consult your local building authority to assess your ideas for a feasibility check.

3. Homeowners Association Rights

An HOA is a group of homeowners in a particular area led by a board of neighborhood volunteers. Their task is to oversee events within the community, including maintenance of public spaces, regular trash pickup and establishment of rules. Here are some of the rights you may have within your HOA.

Right to change HOA regulations: Homeowners like you can take action if the community deems rules outdated or discriminatory.

Right to question fees: Depending on where you live, the HOA fee costs around $100-$700 You and other homeowners can complain if you collectively believe fees are unjust.

Right to access documents: You can access financial reports, vendor contracts, HOA tax returns and board meeting agendas.

Approach your HOA’s board of directors and inquire about the existing HOA rules once you settle in your new home. Get involved in public board meetings and activities to get to know your neighbors better.

Know and Protect Your Rights

Understanding your rights and responsibilities as a homeowner helps you know the rules so you’ll never break them. More importantly, having solid knowledge can help protect you and your property from a legal dispute in the future.

This post was written by Evelyn Long for the Kari Haas Real Estate Team blog.
Evelyn Long is the Editor-in-Chief of Renovated Magazine and a writer with a focus in the real estate sector. Her passion is to make the real estate market easier for young homeowners as they navigate buying, maintaining, and selling homes.

Real Estate Market Updates & Insight • May 30, 2024

Local Market Update – May 2024

by Kari Haas

Our local real estate market is exhibiting seasonal strength, with most areas seeing month-over-month and year-over-year sales gains. Despite continued interest rate increases, which can constrain both buyers and sellers, the number of closed transactions in King and Snohomish counties has risen for three straight months. This suggests that both sides of the table are figuring out how to adjust to the higher interest rate environment.

In King County, both home and condo prices soared again last month. The median residential sold price of a single-family home was $980,000, up 12% from April 2023. Despite the rise in interest rates and in light of low inventory, 70% of the country’s home sales closed at or above list price. King County condo prices also rose last month, with the median sold price up 15% from a year ago, to $580,000.

Seattle saw a drop in residential inventory last month, continuing to spur competition among homebuyers for the best listings. The median sold price of a single-family home within the city limits was $997,900 in April, up 13% year over year, and 68% of closed transactions sold at or above the list price. Seattle condo prices rose again, to a median of $599,000, even with 51% more units in play than a year ago.

Eastside single-family home prices rose to $1,677,500 last month, up 16% compared to a year ago. Nearly three-quarters of those sales closed at or above list price, likely driven by a 33% year-over-year drop in available supply, which stood at just 0.7 months of inventory by month’s end. Eastside condo prices rose 17% year over year, from $620,000 in April 2023 to $722,500 last month.

Last month, Snohomish County saw a high rate of closed residential transactions – 76% – that sold at or above asking price. With the number of active residential listings down 10% compared to last year, competition among homebuyers was quite strong. The median sold price of a Snohomish County single-family home rose to $799,500 in April, up 4% from a year prior. Conversely, Snohomish County median condo prices dropped by 4% year over year, to $525,000 last month.

In this market, buyers who find a home they love will need to be ready to compete and willing to stomach rising interest rates. There is some market optimism that the next four to six months will see higher levels of for-sale inventory that will have an impact on stabilizing price levels. In the meantime, prospective home and condo sellers will likely continue to encounter strong interest and offers from buyers, along with fast market times.

Whether you’re waiting on the sidelines for the perfect moment to jump into the market or have taken the plunge and are actively seeking to buy or sell, your Windermere broker will provide valuable insights to help you best navigate the spring and summer market ahead.

EASTSIDE

King County

Seattle

Snohomish County

For Home Owners • March 4, 2024

Unique Ways to Increase Your Home’s Energy Efficiency

by Kari Haas

An energy-efficient home presents many benefits, including lower utility bills, improved indoor comfort, and minimized environmental footprint. The good news is you can achieve all these advantages with just a few inexpensive tweaks in and around your property. Here are eight unique ways to boost energy efficiency in your home.

1. Upgrade Shades and Drapes

Did you know installing cellular drapes can reduce unwanted solar heat gain by up to 60% during winter? They can also minimize heat loss through windows by up to 40% during the warmer months.

These simple measures can significantly impact energy efficiency and increase the thermal comfort in your home. Beyond installing better curtains, keep doors and windows closed to prevent heat or cold from escaping outdoors.

2. Maximize Residual Heat

Your home uses more energy during the cold season since you’ll likely spend more time indoors. Maximizing residual heat from everyday activities can increase efficiency and save you money. For instance, you could slow-cook your meals or open the oven door as it cools down so the heat energy wafts through your home. You can also leave the bathroom open after a steamy shower to let the warm air permeate nearby spaces.

Another option is to install reverse ceiling fans. Reversing the fan blades’ spin direction pushes warm air back down, making the room feel warmer without the additional strain on your home furnace.

3. Tint Your Windows

Applying a thin film to the surface of your windows is an inexpensive way to ramp up your home’s energy efficiency year-round. During summer, tinted windows reflect solar heat away from your home, keeping indoor temperatures cooler. In the winter, tinted windows prevent heat from escaping, keeping internal spaces warmer.

Tinting your windows is relatively easy and only costs around $5-$15 per square foot. Beyond improving energy efficiency, tinted glass surfaces reduce glare and add privacy, enhancing overall comfort.

4. Install a Demand-Type Water Heater

According to the Department of Energy, water heating is the second-largest consumer of energy in your home. Switching to a tankless or instantaneous water heater can minimize energy use and improve efficiency. These tank systems provide hot water only when needed, eliminating the standby energy losses associated with traditional storage heaters.

Moreover, it means you and your family can enjoy a constant hot water supply without waiting for a storage tank to fill up. One drawback to keep in mind is that the initial installation costs of tankless water heaters are much higher than a conventional tank storage system. However, long-term energy savings can offset these expenses.

5. Replace Air Filters

Look at the air filters in your home appliances, particularly in your heating and cooling systems. If they’re dusty or otherwise clogged, consider replacing them or at least have them thoroughly cleaned. Dirty filters make your HVAC equipment work harder to maintain your preferred indoor temperature, which in turn increases the rate of energy consumption.

Regularly changing your air filters will also improve air quality and minimize the risk of fire hazards. That being said, replacing filters often can impact your wallet. It often makes more sense to opt for higher-quality screens that don’t require frequent changing.

6. Switch to a Lighter-Colored Roof

Darker colors are known for their heat-absorbing properties, making indoor spaces considerably hotter. That means more work for your cooling system and, by extension, higher utility bills. On the other hand, lighter-colored roofs reflect heat away from your home, minimizing the energy required to maintain a cool interior.

However, note that changing your roofing system can be costly. Plus, if you don’t get it right the first time, you’ll often have to redo the entire process. That’s why working with roofing experts who offer stellar labor and material warranties is crucial. Remember, roofing is not a DIY job.

7. Eliminate Energy Vampires

No, this doesn’t mean you should break out the stakes and garlic. Energy vampires simply refer to appliances that use power even when not in use. Coffee makers, game consoles, phone chargers and several other constantly plugged-in gadgets in your home could be driving up energy consumption without you knowing.

These phantom plug loads draw relatively little standby power but quickly add up, accounting for up to 20% of your electric bill. This means you could save a lot or money just by unplugging appliances in your home when you’re not using them. Consider moving these devices onto a power strip, allowing you to turn multiple appliances on or off simultaneously.

8. Plant Trees Around Your Home

Strategically positioned trees can save up to 25% of the energy used in a typical household. They provide relief from the sun, lowering the temperature around your home and improving the efficiency of your HVAC system. A row of trees and hedges outside your property can also protect against strong winds and inclement weather.

The obvious drawback here is the time required for your landscaping to fully grow before you can realize the energy-saving benefits. You could opt for rapidly growing trees like poplars and cypresses as a workaround.

Increase Your Home’s Energy Efficiency

Amid rising energy costs and growing concerns about environmental impact, improving your home’s energy efficiency is more crucial than ever. Take advantage of these unique methods to enjoy higher savings on your utility bills and sleep better, knowing you’re doing your part in promoting a sustainable future.

Real Estate Market Updates & Insight • February 28, 2024

Local Market Update – February 2024

by Kari Haas

Like some plants and trees, the local real estate market is starting to bloom. Last month, median residential sold prices increased in each of the four geographic areas covered below. That’s welcome news for intending home sellers, who are also benefitting from continued low inventory region-wide. At the same time, local buyers are seeing stabilizing interest rates (currently in the mid-6-percent range) while confronting hefty competition for available properties. With residential supply shrinking last month, compelling offers continue to be the key to buyers securing a home.

In King County last month, single-family home prices rose by 9% year over year, to $849,850. Condo prices gained momentum as well, rising to $495,000 last month, up 10% from $450,000 a year ago. With limited new listings coming on the market in January, the inventory of available King County single-family homes dropped to 1.0 months of supply, down from 1.3 months at the end of December 2023.

Seattle also saw an increase in home prices last month, with an 8% year-over-year jump to $869,000, up from $803,750 in January 2023. The supply of homes in Seattle dropped from 1.7 months to 1.0 months, spurring buyer competition. Seattle condo prices also rose year over year, from $487,500 in January 2023 to $537,500 last month, while supply dipped to 2.1 months of inventory, having started the year at 2.5 months.

On the Eastside, the median sold price for a single-family home was $1,465,000 in January, up 11% from $1,320,000 the year prior. The supply of Eastside homes dropped from 1.2 months of inventory at the beginning of January to just 0.9 months by February 1, and more than half of the area’s available homes sold in under 30 days. Condo prices also rose last month, though at a slower rate. The median sold price for an Eastside condo increased 5% to $570,000, up from $543,000 in January 2023.

Snohomish County home prices rebounded last month, perhaps feeling the effects of a continued drop in inventory. The median residential sold price increased by 4% year over year, up from $699,000 in January 2023 to $729,990 last month. By the end of January, the supply of Snohomish County single-family homes stood at just 0.6 months of inventory. Perhaps reflecting these supply constraints, the median sold price for a Snohomish County condo jumped by 13% last month compared to January 2023.

While real estate market activity has remained slow in accordance with seasonal buying patterns and low inventory, residential prices have been on the rise. The regional condo market, despite its comparatively greater supply (as measured in months of inventory), has seen its share of recent price gains as well.

In the face of a rapidly evolving market, it’s more important than ever to connect with your Windermere broker. They can provide insight into the changing dynamics of regional submarkets, offer nuanced expertise, and move quickly when the time is right for you to attain your real estate goals.

EASTSIDE

King County

Seattle

Snohomish County

Kari's Blog • Real Estate Market Updates & Insight • Real Estate Related • January 29, 2024

Local Market Update – January 2024

by Kari Haas

Despite moments of snow in Western Washington, the local real estate market is slowly warming, as new opportunities arise for both home buyers and sellers. Lower mortgage rates are welcome news for buyers, and low inventory means sellers are starting the year with minimal competition.

King County continues to see residential price gains, with last month’s median sold price of $849,950 up from $825,000 a year ago. Condo prices also rose, up 15% from $465,000 in December 2022 to $537,000 last month. King County is also experiencing a reduced supply of available single-family homes. At the end of last month, inventory stood at 1.3 months, down from 1.6 months at the end of November and 2.0 months a year prior.

In a slightly different dynamic, Seattle experienced a decrease in both inventory and home prices last month. The median residential sold price was down from $879,975 in December 2022 to $850,000 last month. And December ended with 1.7 months of inventory, down from 1.9 months the previous month. While 16% of homes sold above list price in December, that was significantly lower than November, when 29% sold above asking. Seattle condo prices rose year-over-year, from $512,500 in December 2022 to $585,000 last month, with supply dropping 22 percent.

Following a modest decline in November, the Eastside rallied with an 11% bump in the median residential sold price, up from $1,400,000 last year to $1,440,000 last month. Further proof of a warming Eastside market: residential inventory is less than half of what it was last year, down from 2.5 months at the end of 2022 to just 1.2 months at the end of 2023. Mirroring the residential market, Eastside condominiums experienced a healthy 12% price increase last month, up from a median of $565,000 a year ago to $630,000.

Snohomish County was an interesting tangle of contradicting sales data. Median residential sold prices saw a slight year-over-year decrease last month, down from $700,000 to $684,995. This price decrease occurred despite a dramatic drop in inventory. The supply of Snohomish County single-family homes stood at just 0.8 months at the end of December, down from 1.8 months the year prior. Of the four areas reported in this market update, Snohomish County saw the lowest percentage of sold homes that had experienced a price reduction, at 41%, perhaps a reflection of the drastically reduced supply. Another possible outcome of the limited supply of single-family homes: the median sold price for Snohomish County condos jumped 11% year over year, from $469,950 in December 2022 to $523,500 last month.

As we move further into the new year, buyers remain hopeful that interest rates will continue to drop. The inventory of homes on the market has declined from a year ago in most markets, prompting price gains during what’s normally a slower time of year. Overall, the regional condo market has seen sustained activity, with unit sales experiencing only a modest decrease in the face of lower inventory and higher prices.

With regional submarkets exhibiting varying dynamics, it’s more important than ever for buyers and sellers to have a knowledgeable expert at their side. So connect with your Windermere broker to co-create a strategy that’s best for your buying or selling journey.

EASTSIDE

King County

Seattle

Snohomish County