For Home OwnersKari's BlogTips & TricksUpgrades & Renovations September 27, 2023

13 tasks to cross off your fall home maintenance checklist.

As the seasons change, it’s important to stay on top of your home maintenance checklist — especially during the fall.

During this time of year, the cooler temperatures and harsh fall weather can do a number on your home. But with some preparation (and professional assistance), you can keep your home warm, cozy, and safe.

Use these fall home maintenance tips to keep your home in great shape this season and beyond.

1. Clean out your gutters.

cleaning home gutters during fall

What to do:

  • Remove all leaves and debris from your gutters and downspouts.
  • Check all gutters, covers and downspouts for damage, especially after a strong winter storm.
  • Address major repairs or replace your gutters (if needed).

Neglecting your gutters could cause them to collapse from too much debris. It could also lead to water damage, roof damage, ice dams, pest problems and other issues.

 

2. Get your heating and cooling system serviced.

home heater thermostat

What to do:

  • Test out your heating system in the fall before colder, freezing temperatures hit.
  • Check your HVAC and furnace filters every other month. Change them as necessary.
  • Clean out your ventilation system for improved air quality.
  • Schedule any necessary repairs.

The best time to get your HVAC system serviced is in the fall before extreme cold weather hits, says Sacco. If you wait until your heating system fails in the winter, you could be stuck with a larger repair bill.

3. Inspect your roof.

home roof inspection

What to do:

  • Look for missing shingles and damage, such as cracking, splitting and curling.
  • Check for noticeable signs of moss, mildew and algae.
  • Check all flashing and seals around the vents, skylights and other areas of the roof where items are protruding.
  • Hire a roofer to complete a roof inspection, especially if you haven’t scheduled an annual visit yet.

Your roof is one of your first lines of defense against fall and winter weather. Severe damage to your roof could put the entire home at risk. For example, a hole in your roof could lead to leaks, which could cause water damage and mold growth.

Neglecting your roof could also get expensive down the line. For example, you may need to shell out money to fix electrical issues, rotted wood and excessive mold. If the damage is too severe, you could end up paying for a whole new roofing system.

4. Get your chimney cleaned.

chimney sweep on roof

What to do: 

  • Clean your fireplace and remove obstructions from your chimney.
  • Hire a chimney sweeping professional for a thorough cleaning.
  • Also, inquire about a chimney inspection.

As the temperature drops, you might feel tempted to start using your fireplace. Before you do, clean out any soot, debris and creosote to prevent chimney fires.

“Take the time to keep the ashes cleaned out, and make sure there are no obstructions around the exterior of the chimney or a buildup of leaves,” says Brian.

You should also inspect your chimney system to prevent moisture and critters from invading your home. If your chimney crown breaks and cracks, water can enter and damage your masonry, ceiling, and more. A damaged chimney cap may also let debris and animals enter your chimney.

5. Protect your pipes and plumbing.

fall faucet pipe maintenance

What to do: 

  • Look for existing leaks and test your water pressure and temperature.
  • Hire a plumber if you suspect there’s a leak in your pipes or if your water heater is malfunctioning.
  • Make sure you have easy access to the main water shut-off valve inside or outside your home.
  • Make sure your pipes are adequately insulated.
  • Add covers to exterior faucets to protect against freezing temperatures later in the season.

Keep an eye on your water pressure and temperature during the fall. If it’s taking longer for your showers to get hot or if the water pressure is too low, call a plumber. You could have a leak in your pipes, or there might be a problem with your water heater. Either way, hiring a professional to fix these problems before winter arrives is a smart idea.

Also, make sure your pipes are insulated to prevent them from freezing or bursting in colder weather. If your pipes do freeze, shut off the water.

“Homeowners should also make sure they know where the main water shut-off inside the house is located,” says Brian.

6. Rake leaves, aerate the soil, and fertilize your lawn.

fall leaves on front yard lawn

What to do:

  • Rake or mulch fallen leaves.
  • Fertilize cool-season grass.
  • Mow your lawn (aim for 2-3-inch height).
  • Continue to water your lawn.
  • Consider aerating your lawn.

Caring for your lawn in the fall has two main benefits: improving your home’s curb appeal and maintaining the health of your grass and plants throughout the year.

Because every lawn is unique, you’ll need to understand your grass type and its needs. A local gardener or lawn service company can help you determine if your yard is ready for aeration, fertilizing and other fall lawn care tasks.

7. Cut dead tree branches.

cutting off a tree branchWhat to do:

  • Inspect the trees in your yard, especially those closest to your house.
  • Remove tree branches that appear dead or severely damaged.
  • Do not attempt to cut down tree branches that are too high or next to power lines.

Fall weather can be unpredictable. If your area experiences a severe storm, the wind can knock down dead branches hanging from your trees and shrubs. And sometimes, a dead branch can fall and damage your roof, fence, shed or another outdoor structure.

Contact a local tree service if you think you need branches or an entire tree removed.

8. Drain garden hoses.

garden hose

What to do:

  • Shut off the water.
  • Disconnect your garden hose and drain it.
  • Drain the water from the spray nozzle, too.
  • Gather your outdoor hoses and put them away in storage.

If water freezes inside your hose, it could damage it, and you might need to buy a new hose and bib. Draining your hose can also help prevent freezing pipes as the temperature drops.

9. Insulate and seal your attic.

fall home insulation

What to do:

  • Check each room for a draft and uneven temperatures.
  • Review energy bills to see if there have been any recent spikes.
  • Check and measure your insulation levels.
  • Check for gaps and cracks in your attic (e.g., check the attic hatch).

Without a strong seal, you may experience drafts in your home, increasing the amount of energy needed to keep it warm.

Ensure that your attic is sealed correctly to help you cut down on heating costs in the fall and winter. If drafts are present in your home, install a hatch.

You should also make sure your attic is insulated. If your attic is drafty and your energy bills are high, you’ll likely need to add insulation (or upgrade your current insulation).

10. Seal and caulk cracks around windows, doors and more.

exterior house window

Check the following areas for gaps and cracks: 

  • Windows
  • Doors
  • Ceiling
  • Baseboards
  • Attic
  • Electrical outlets
  • Foundation seals
  • Vents
  • Fans

Cold weather can put a strain on your heating system and lead to higher energy bills. But by preparing your house for the cold, you can avoid wasting precious warm air. Plus, if you don’t seal or caulk cracks, cold air can enter your home and freeze your pipes.

Inspect all weatherstripping in your home, and seal your windows, doors and cracks.

11. Fix or upgrade your exterior lighting.

lights in backyard

Inspect exterior lighting around: 

  • Stairs and steps
  • Fountains and water features
  • Swimming pools
  • Patio, deck and porch
  • Walkways and pathways
  • Driveway

The days will get darker sooner in the fall. Before it happens, ensure your outdoor and landscaping lights are bright. This will help you prevent falls and slips in your yard, driveway, and other outdoor spaces.

If you decide to upgrade your outdoor lighting or create a festive atmosphere by installing string lights for the holidays, “avoid crossing walkways with cords,” says Brian. “If necessary, attach cords to the ground to avoid a tripping hazard.”

12. Clean your crawl space.

pro inspecting crawl space

What to do:

  • Clear out any debris or leaves that are piling up in your crawl space.
  • Continue to check your crawl space as the season progresses.
  • Check for any other issues that may involve moisture, mold, pests, insulation, plumbing, electrical wiring and cracks in your foundation.

If debris, leaves and construction materials accumulate in your crawl space, it might become susceptible to moisture, mold, cracks, pests and other issues. Consider cleaning it out this fall.

13. Test smoke and carbon monoxide detectors.

fire in fireplace

The U.S. Consumer Product Safety Commission (CPSC) recommends that you:

  • Replace your batteries for your smoke detectors and CO alarms every year.
  • Ensure smoke alarms are located on every level in your home, outside any sleeping spaces and inside every bedroom.
  • Ensure CO alarms are installed on each level in your house, as well as outside of sleeping areas.

As we approach the holidays, you might decide to put up decorations (like a Christmas tree) and start using your furnace or fireplace more often. Keep your household safe by double-checking all of your alarms and detectors during the fall.

Original Article from Thumbtack

Real Estate Market Updates & Insight September 14, 2023

September 2023 Real Estate Market Update

As summer draws to a close, the local housing market remains somewhat unsettled. This is due to persistently high interest rates that have caused buyers to pause and sellers to hold onto their pandemic-era mortgage rates, as well as low inventory increasing competition for the available listings. Sold home prices in some areas have begun to see year-over-year price increases in relation to the slowdown that hit the market at the end of last year.

Windermere’s Chief Economist Matthew Gardner remarked on this trend. “Historically, the number of homes for sale slows in August,” he said. “Where sales did occur, prices rose between July and August in King and Pierce counties.” Gardner also described these conditions as “very unique times” in the housing market.

While these conditions may be challenging to navigate, sellers are still finding success with correctly-priced listings. New listings are attracting multiple offers and often sell over list price. Buyers who come prepared with strategic offers and a willingness to waive contingencies can break into the market with the guidance of a savvy broker.

King County was one of the regions that saw year-over-year price gains. The median price for a single-family home rose 0.7% from $899,999 in August 2022 to $906,250 last month. Condos saw even bigger gains, likely due to their better affordability for new homebuyers. The median price for condos in August was $525,000, up 8.25% from $485,000 the same time a year ago.

The Seattle market hasn’t quite caught up to its pricing from this time last year. There, the median price for single-family homes in August was $899,000, down about 3% from $927,000 in August 2022. On the other hand, the condo market saw a 10.5% price increase year-over-year, rising from $520,000 in 2022 to $575,000 last month.

Eastside median sold prices fared better. After a somewhat sluggish summer in terms of pricing, last month the median price for single-family homes rose to $1,453,000. That’s an increase of 7.6% from $1,350,000 in August 2022. Condos in the area also saw price growth, with median sold prices increasing 5.4% from $569,000 last year to $600,475 in August.

Like Seattle, Snohomish County also hasn’t caught up to its 2022 prices, though this is likely because the county had fewer fluctuations in the last year and may be experiencing the typical end-of-summer slowdown that is common in the housing market. There, the median price for single-family homes was down 2.6% from $749,999 last August to $730,563 this year. The condo market was virtually unchanged in pricing, increasing from $474,999 in August 2022 to an even $475,000 last month.

In all the areas mentioned above, condos generally saw the most notable price gains. This is likely due to their greater affordability for first-time homebuyers and those in the median price-bracket. With interest rates still fluctuating, many buyers are rethinking their plans and may be pivoting to the condo market, thus driving up demand and prices.

Matthew Gardner sees the current real estate market as still “lack[ing] direction,” due to the ongoing interest rate issues. He says “it likely won’t find its footing until mortgage rates start to pull back, which I expect to see as we enter the fall months – and assuming the U.S. economy continues to moderate.”

The remainder of the year will set the tone for how the market looks in 2024. Until then, your Windermere broker can help you navigate these changing conditions and find a strategy that’s best for your buying or selling journey.


EASTSIDE

VIEW FULL EASTSIDE REPORT


KING COUNTY

VIEW FULL KING COUNTY REPORT


SEATTLE

VIEW FULL SEATTLE REPORT


SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com.

For Home OwnersFor SellersKari's Blog September 6, 2023

If You’re Renovating Your Home, This Guide is for You

The Kari Haas Real Estate Team has a genuine desire to help you achieve your real estate goals while negotiating smartly to protect your best interests. Connect with us today to learn more!

Home renovations can be exciting and rewarding, but they can also be overwhelming. There are so many things to consider when planning one, from the budget to the timeline to finding the right contractors. Today, the Kari Haas Real Estate Team walks you through everything you need to know about home renovations, from start to finish.

Home Renovation Options

There are nearly limitless possibilities when it comes to home renovations. Some common types of home renovations include:

  • Kitchen renovations: Limitless Renovations points out that a new kitchen can add both value and functionality to your home. When planning a kitchen renovation, be sure to consider the layout, appliances, countertops, and backsplash.
  • Bathroom renovations: A bathroom renovation is a great way to update an outdated space or add an extra bathroom to your home. When planning a bathroom renovation, be sure to consider the layout, fixtures, tile, and lighting.
  • Whole-house renovations: A whole-house renovation is a big undertaking, but it can completely transform your home. When planning a whole-house renovation, be sure to consider the layout of each room, the flow of the house, and how all of the spaces will work together.

 

The Need for a Home Warranty

It’s important to get a home warranty when your renovation is complete. But does the cost of a home warranty pencil out? This type of insurance will cover repairs or replacements of items in your home that break down due to normal wear and tear. This can save you thousands of dollars in unexpected repairs down the road, overriding the initial cost of the insurance itself.

You only need some basic information to determine what the costs are to add a warranty to your home, like the square footage and the plan type you’re interested in. Factor this cost into your overall budget to protect yourself after the remodel.

A Home Office Addition

One popular type of home renovation is adding a home office. With more and more people working from home these days, it’s no surprise that this is a popular trend. When adding a home office, be sure to consider the layout, furniture, and storage needs. And don’t forget about lighting! Make sure your office has plenty of natural light so you can avoid eye strain.

Your Contractor Is Your Ally – Choose Wisely

One of the most important things you can do to ensure that your renovation goes smoothly is to find a reputable contractor. A good contractor will be able to take your vision and turn it into reality while also staying on budget and on schedule. Furthermore, a reputable contractor will be honest and transparent, letting you know if there are any potential problems with your plans. Finally, a good contractor will have a strong team of experienced workers who will be able to complete the job quickly and efficiently.

Clearly Conveying Your Ideas

One of the most important things you can do during a home renovation is communicate your ideas clearly with your contractor (or contractors). Be as specific as possible about what you want — and don’t be afraid to ask questions if you’re unsure about something. After all, it’s your home, and you should love the final result!

Budgeting for Your Home Renovation

One of the most important aspects of any home renovation is budgeting — Houselogic.com notes that you need to know how much money you have available to spend on your project. Estimating costs can be tricky, so be sure to get multiple estimates from different contractors before making any final decisions. You should also factor in unforeseen costs like permits or materials that end up being more expensive than expected.

Take the time to set up a digital filing system. You’ll find that it helps you to keep track of your budget, schedule, contact information, warranties, and anything else that comes up during your renovation. Once you have the files digitized, you can easily combine them using a free merge tool; you can use this to combine PDFs in just five quick steps.

Negotiating a Timeline

Once you’ve settled on a budget and estimated costs, it’s time to establish a timeline and schedule for your project. Be realistic about how long it will take and factor in buffer time for unexpected delays or setbacks. You should also coordinate with your contractor(s) to ensure that their schedule works with yours. The last thing you want is for your contractor(s) to show up when you’re not ready!

Essential Contractor Apps

Last but not least, let’s talk about contractors — specifically, the apps or software they use during construction projects (like yours!). Some common apps or software used by contractors include: project management software, accounting software, communication tools, time tracking software, and scheduling software. These can all lead to a better overall remodel experience.

What If You Decide to Sell?

Once you’ve finished your renovations, you might decide to sell. Or maybe you’ll even enjoy the process so much that you’ll decide to get into house-flipping. Obviously, location matters a great deal, so research your local market to get a feel for how lucrative this new venture can be!

Move Forward with Purpose

Now that we’ve gone over some key things to expect during a home renovation project, you should have some peace of mind as you begin planning your own project. It can seem like a lot, but with the right attitude (and contractor!), you can achieve a successful remodel.

 

Image via Pexels

This post was written by Michah Norris for the Kari Haas Real Estate Team blog.

For Home Owners July 25, 2023

How Smoking Can Affect a Home’s Value and How to Mitigate This

Smoking in the US has hit an all-time low in recent years, but millions continue to smoke to this day. Most smokers in America use around six to ten cigarettes daily. With smoking in public laws becoming much stricter across the country, more smokers are choosing to smoke at home. However, this convenient solution has negative impacts not only on health but on houses as well. Cigarette smoke can linger in the interior of your home, decreasing its value and making it harder to sell. Here’s how smoking can affect a home’s value and how to mitigate this:

Why smoking devalues a home

Persistent stains and smells

Constant smoking in the home leaves behind yellow stains on walls, carpets, and furniture due to cigarette tar and nicotine. This dramatically affects your home’s value as many people would be less likely to purchase a home with an unsightly look from smoking, especially if they will be forced to pay extra for the renovations. The smell of smoke also lingers in rooms for a long time, affecting air quality and the home’s living environment. The build-up of smoke can even get into your home’s ventilation systems and may need to be replaced if too damaged. Potential buyers may not be happy about your home’s condition, which can keep property value low and drive people away.

Health risks

The effects of smoking in your home don’t go away even if you sell the house. Insights from the National Insititute on Drug Abuse highlight that chemical residue from smoking can linger on surfaces even after smoke has cleared; this phenomenon is called thirdhand smoke, and it still poses many health risks to people who may inhale fumes or touch stained parts of the property. These issues can turn potential buyers off from purchasing your home, especially if lingering toxins can complicate existing health issues and affect new house residents. It also takes a lot of time, effort, and money to replace and repair contaminated items, which is both a hassle to you and the buyer and increases the liability of the sale.

How to preserve your home’s value

Try smokeless alternatives

If you still want to get a dose of nicotine in your home while preventing stains and smells from worsening, smokeless and tobacco-free nicotine products like patches, gums, and pouches are a great alternative to cigarettes. Nicotine pouches tucked between the gum and upper lip are one of the newer alternatives to hit the US market, with brands such as ZYN growing in popularity. Prilla’s deep dive into ZYN pouches outlines how they are tobacco-free and are made with food-grade fillers, nicotine salts, flavorings, and artificial sweeteners instead. You also have the option to choose from flavors like mint, citrus, and coffee and pick from different nicotine strengths like 3mg and 6mg to suit your preferences. Nicotine lozenges are similarly new products and are increasingly available on store shelves. Perrigo’s coated mint nicotine lozenges have recently gained FDA approval, allowing for more convenient options to keep your house smoke-free.

Maintain cleanliness

Cleanliness is crucial for any home and keeps stains and smells at bay. While it may not get rid of them completely, routine cleaning will help ensure your house doesn’t get too damaged and devalued. Cleaning your furniture, walls, floors, and ceilings should be done as much as possible; you can use ingredients like white vinegar or dish soap and baking soda solutions to scrub these areas spotless. You can also enlist the help of professionals to get a deeper cleaning now and then. Our Ultimate Spring Maintenance Checklist post notes that checking your HVAC systems and inspecting your windows and doors are good to do every year. However, you may want to do that more regularly if you’re a smoker to ensure these aren’t too damaged.

Quit smoking

Without a doubt, one of the best things you can do for your house and health is to quit smoking. You can clean your home as often as you want, but it won’t be effective if you continue to smoke. By reducing the smoke in the house, you can prevent stain and smell build-up and minimize harmful toxins. These things can stay in a property for a long time, but quitting smoking can ensure you don’t worsen these issues. Kicking the habit also improves your health drastically and will increase the chance of potential buyers purchasing your home.

 

If you have any questions about maintaining your home and it’s value or how to mitigate smoke damage or other types of damage, give Kari a call. We are here to help!

 

This post was written by Samantha Wise for the Kari Haas Real Estate Team blog.

Real Estate Market Updates & Insight July 18, 2023

July 2023 Real Estate Market Update

This summer’s local housing market is seeing low inventory feed higher prices, putting the squeeze on would-be buyers. June is typically the month where home prices reach their apex, and last month was no exception as King and Snohomish counties’ prices neared the peaks seen during the sugar high of the pandemic market.

Approximately 80% of recent transactions have been in the more affordable and mid-price ranges, which are nearly sold out at the moment. Because of this, multiple offers and offers over list price were more prevalent in June’s closed home sales than at any other point this year.

Windermere’s Chief Economist Matthew Gardner addressed the inventory shortfall. “The number of homes for sale in the Central Puget Sound area in June was down 48% from the same month in 2019 (pre-pandemic),” he said. “I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you don’t have to.”

In King County, the median sold price for a single-family home landed at $935,000 in June. This is just a notch below the median price of $938,225 in June 2022. The scarce inventory has caused buyers to compete more aggressively and sellers to list higher, thus leading to comparable peaks as the pandemic market in the summer of 2022. Likewise, condos were up from $525,000 in June 2022 to a median of $529,975 last month.

In Seattle, June’s median sold price for a single-family home was $930,000, down 7% from June 2022. Condo prices in the city were up year-over-year, with a median price of $550,000—an increase from $538,700 last June. This jump could be due in part to rising residential prices pushing some buyers into the more affordable condo market.

The Eastside, meanwhile, is seeing sales activity slow because of extremely limited supply. The level of new inventory coming onto the market is just 44% of the 10-year average. As a result, median prices have held strong. In June, the median sold price for an Eastside single-family home was $1,450,000, barely off last June’s mark of $1,500,000.

In Snohomish County, the median price for a single-family home last month was $774,975, down from $799,950 in June 2022. Condos actually saw a year-over-year price increase, from $500,000 last June to a median of $506,000 last month. The strength of Snohomish County condo prices is likely tethered to low inventory—there is just over a two week-supply of condo units in the area.

Economist Matthew Gardner notes that “Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago. It will be interesting to see if this trend can continue given the stubbornly high mortgage rates.”

Despite the high-interest rates and scant supply, buyers who are educated on the market and working with a trusted broker should be able to navigate these changing market conditions. For more information on how you can make the most of your real estate endeavors, reach out to your Windermere broker.


EASTSIDE

VIEW FULL EASTSIDE REPORT


KING COUNTY

VIEW FULL KING COUNTY REPORT


SEATTLE

VIEW FULL SEATTLE REPORT


SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com.

Investing July 7, 2023

Mastering the BRRRR Strategy: Tips for Real Estate Investors

Real estate investors looking to grow their portfolio understand the importance of adopting the BRRRR strategy (buy, rehab, rent, refinance, repeat). While this strategy can be rewarding, it requires a combination of skills, knowledge, and expertise. Here are some tips to help you master the BRRRR approach.

Up-And-Coming Areas

Choosing the right location is crucial when it comes to real estate investing. As a BRRRR investor, focusing your search on up-and-coming areas will cause the property to appreciate as you work on it. The best thing about up-and-coming areas is that they are affordable and offer great potential for growth and development. Identifying these areas early on can be the difference between a profitable investment and a failed one.

Undervalued Properties

The next step is to look for undervalued properties with the potential for appreciation. You want to find properties that are sold below market value but have the potential to increase in value after renovations. Doing so ensures that you get the best profit possible. Keep in mind that the key to finding undervalued properties is research, persistence, and patience.

Choosing Renovations

Once you’ve found the perfect property, the next step is to start making renovations. However, budget constraints can cause you to run out of funds before completing the project. To minimize this risk, focus on renovating the most valuable and necessary aspects of the property first.

Digitizing Paperwork

Real estate investment involves managing a lot of paperwork, which can be overwhelming if you have multiple properties. However, digitizing your documents into PDFs and storing them in the cloud is an effective solution. Digitization saves space, reduces clutter, improves security, and makes it easier to retrieve documents when you need them. If you use a PDF file converter, you can streamline your real estate investment process and focus on growing your portfolio.

Timeline and Budget

Time and budget are crucial factors when it comes to real estate investing. As a BRRRR investor, it’s essential to be mindful of your timeline and budget. You want to ensure that you complete the project on time and within budget. Running over budget or taking too long to complete the project can eat into your profits.

Understanding the Local Real Estate Market

Having a solid understanding of the local real estate market is key to making informed decisions when investing. You need to know when the right time to sell is, what properties are in demand, and what features buyers are looking for. A good way to stay informed is by networking with local real estate agents, attending industry events, and following market trends online.

Market Effectively

The final step is to market the property effectively. You want to attract as many potential buyers as possible to increase your chances of selling quickly and at a good price. Effective marketing involves professional photography, virtual tours, detailed descriptions, and listing your property on reputable real estate websites. The more exposure your property gets, the higher the chance of finding the right buyer.

 

In conclusion, mastering the BRRRR strategy requires a combination of skills, knowledge, and expertise. By focusing your search on up-and-coming areas, looking for undervalued properties with potential for appreciation, keeping all paperwork digitized, and more, you can increase your chances of success as a BRRRR investor.

 

When you’re ready to purchase a home, contact the Kari Haas Real Estate Team for exceptional service and local expertise.

Image: Pexels

This post was written by Micah Norris for the Kari Haas Real Estate Team blog.

Real Estate Market Updates & Insight June 27, 2023

June 2023 Real Estate Market Update

The more frenetic activity of a typical spring real estate market has certainly hit our area, with buyers out in droves looking for homes. What they’ve found, however, is high competition and scant listings. The region’s low housing inventory has been a constraint that has resulted in fewer closed sales than we’ve seen in recent spring markets.

According to real estate experts, housing supply and interest rates are the defining obstacles for buyers at the moment. On the Eastside, active inventory is only 32% of the 10-year average, and new listings are off 34% year-to-date. This is driving prices up, while interest rates put a damper on what buyers can afford. While recent demand has been strong, experts expect that demand will taper off as interest rates approach the 7% mark.

However, because inventory is so scant, sellers who adequately price their homes are seeing success in this market. As an example, around 44% of properties on the Eastside are selling above their asking price, at an average of 5% over list. Anecdotally, the homeowners who are most likely to sell at the moment are those who purchased before the historic low-interest rates of the pandemic or have paid off their homes and are thus mortgage-free. Buyers in this market also have some negotiating power, having successfully negotiated pre-inspections, homeowner warranties, and seller-paid closing costs to mitigate the high rates.

In King County, with just shy of one month’s inventory, competition in the area is fierce, and buyers will need to be ready to negotiate when the right listing comes along. The county’s median sold price for a single-family home dropped almost 9% year-over-year, from $998,888 in May 2022 to $910,000 this year. However, that’s still an increase from April’s median of $875,000.

Seattle had a similar low inventory, at one month’s supply. The median sold price for single-family homes rose from $886,000 in April to $905,125 last month. While there’s been continued monthly price growth so far this year, May’s median sold price was still down 11.7% from the median of $1,025,500 in May 2022. Although residential inventory is tight, buyers in the city may have more luck with condos, which are both more affordable and plentiful. The Seattle condo market currently has almost two months of inventory and a more reasonable median price of $550,000.

Like Seattle, the Eastside has just one month of inventory at the moment. However, higher interest rates are being felt a little more in this pricier area, as May’s median sold price for a single-family home did not change from April’s median of $1,450,000. This is down 8.8% from the median of $1,590,000 in May 2022. The supply of Eastside condos is lower than the residential supply, with just .8 months’ inventory. At a median sold price of $582,000 last month, condos may be a slightly easier path to homeownership for those searching on the Eastside.

Finally, Snohomish County saw month-over-month price gains in May, landing at a median sold price of $780,000 for a single-family home, up from $767,500 in April. May’s median price was down 8% from $782,000 in May 2022. The county’s more affordable price points may allow for better appreciation in the area, despite the continued higher interest rates that have stifled other local markets. With just two weeks of inventory, the Snohomish County condo market is the tightest regional market at the moment. The median price for condos in the area is $544,900, down less than 1% from $550,000 in May 2022.

As buyers and sellers navigate continued low inventory and high-interest rates, they both must be comfortable negotiating terms to achieve the best possible outcome. Buyers should be ready to move fast and bring as much cash as possible, while sellers should be cognizant of the burden higher rates can create and price their listings accordingly.

If you have questions about these housing market trends or real estate, please give the Kari Haas Real Estate Team a call.


EASTSIDE

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KING COUNTY

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SEATTLE

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SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com.

For BuyersFor Home OwnersFor SellersKari's BlogReal Estate Market Updates & Insight May 11, 2023

May 2023 Real Estate Market Update

As the weather warms, so too does our real estate market, it seems. With dwindling inventory and climbing prices, the housing market is on an upswing, even if it’s a small one. This places sellers back in the driver’s seat, with buyers forced to compete against multiple offers and in the face of higher interest rates than last spring.

The evidence for the market’s positive growth can be found in higher median closed sales prices, an increased percentage of multiple offers, and a higher median percentage paid above the original asking price. At this point, the primary constraint on the market is a lower number of active listings. Many sellers are reluctant to part with their historically low-interest rates from the pandemic years, and with volatile interest rates, it’s an understandable predicament.

The lower number of available homes on the market has contributed to rising prices as buyers compete for a limited pool of properties. This trend often leads to multiple offers and bidding wars, further increasing prices.

For those buyers who do decide to jump into the fray, interest rates remain a key factor in determining their buying power. For the last few months, activity in the market has ticked up when rates dip, but some buyers are willing to face higher interest rates with the plan of refinancing when rates settle.

Even with that in mind, interest rates can have a huge impact on a buyer’s price bracket. For example, the median Seattle home price has declined by about 13% ($133,950) year-over-year. However, the increase in interest rates has offset this reduction. As a result, the median monthly mortgage payment remains around $5,507, which is comparable to the payment amount from a year ago — despite a lower median sold price.

Although home prices in our region may be lower year-over-year, prices have generally been increasing each month this year. In King County, April’s median single-family home price was $875,000. That’s down 12.6% from last April’s $995,000 but up from a median of $840,000 in March. A single month of available inventory means competition for homes is tight throughout the county.

In Seattle, April’s median price for a single-family home was $886,000 — down quite a bit from the same month last year, when the median price was $1,019,950. However, prices were up from a median of $869,975 in March, and a low inventory of just over a month’s supply means demand is still high, and prices are likely to keep inching upward. Condo prices in the city were actually up year-over-year, with a median sold price of $539,000 in April, compared to $512,500 in April 2022.

The Eastside also saw month-over-month price growth in April, with the median price for a single-family home landing at $1,450,000. This is up from $1,411,500 in March. Despite a 15% decrease in year-over-year prices, the current monthly price growth trend is notable. It’s likely we will not see the exponential price increases of the pandemic again anytime soon, making slow, steady growth the norm once again. The Eastside also has about one month of inventory for single-family homes, making it once again a competitive market.

Finally, Snohomish County saw month-over-month price growth in April as well. The median price of a single-family home was $767,500, up from $724,000 in March. With less than one month of available inventory, the housing market in Snohomish County is trending warm-to-hot. Condos in the county had the tightest inventory of any market, with less than two weeks’ supply. That, combined with April’s median sold price of $544,900, makes the Snohomish County condo market a competitive market for buyers to break into.

If you have questions about these housing market trends or real estate in general, please reach out to Kari (206)719-2224


EASTSIDE

VIEW FULL EASTSIDE REPORT


KING COUNTY

VIEW FULL KING COUNTY REPORT


SEATTLE

VIEW FULL SEATTLE REPORT


SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com.

For SellersKari's BlogReal Estate Related May 11, 2023

How to Sell a Home After the Death of a Loved One

The loss of a loved one is a heartbreaking experience for everyone involved. But as an heir, along with grieving for your loss, there are other responsibilities you may have to dedicate your attention towards. One of these is handling the sale of the deceased’s estate. At the Kari Haas Real Estate Team, we understand that selling your loved one’s home can be a lengthy and emotional process. This article discusses the important steps you can take to navigate through this difficult time and make the right decisions.

Start the Probate Process

Probate is a legal process through which a court verifies the authenticity of the deceased’s will and grants an executor the power to manage the estate. Often an executor is named in the will itself and can be a beneficiary such as the deceased’s spouse or children. As reported by LegalMatch, a typical probate process can take around 12-24 months; hence it’s advised to start it as soon as possible and seek assistance from legal experts.

As an executor, you also need to fulfill additional responsibilities such as:

  • Provide notice to all creditors of the estate
  • Take inventory of the estate property
  • Ensure that all debts, taxes, and liens are paid from the sale of the estate

An alternative to probate is a beneficiary deed, which allows for the instant transfer of property on the individual’s death. This does not involve any legal process and allows you to sell the estate at your convenience.

Prepare for the Sale

Once the legalities of estate transfer are complete, you can turn your attention towards planning to sell. The first step will be to clean and declutter the property. Go room by room and segregate items based on ones you can discard, sell or donate. Buy numerous plastic storage boxes and store items as per these categories. Depending on the size of the home, it can take you days or weeks to complete cleaning. Fortunately, the Kari Haas Team has plenty of resources to assist you with this.

Hiring a real estate agent, like a professional like Kari Haas, will streamline the selling process and ensure you get the best price. Our team will conduct an inspection and guide you on whether you should sell the house as is or make necessary repairs. If the deceased was elderly or sick for quite some time, they may not have paid much attention to the upkeep of the property.

In such situations, you will have two options. First, you can hire contractors to fix what is broken or in disrepair. The Kari Haas team has a long list of trusted vendors to help you find the right professionals in your area. Once you have found the right person or team for the job, you can start the renovation process.

Second, you can consider selling the home as a fixer-upper, which can help speed up the process. Fixer-uppers are often priced lower and appeal to buyers who want to create a home based on their ideas and preferences. To get the best price for your home, focus on advertising its most desirable features, such as central location, large outdoor spaces, open floor plan, etc. Using our experience, the Kari Haas Real Estate Team will help set the price, which will invite the most bids and meet your selling expectations.

Stage Your Property

Whether you are selling the property as a fixer-upper or not, it’s important to invest in staging. Staging involves undertaking activities that make your home appealing to buyers. When done right, it can help secure a higher selling price than expected. Here are some go-to staging practices to use:

  • Deep clean all rooms of your home, including the attic, basement, and garage. You can do it yourself or hire professional cleaners.
  • Add a fresh coat of paint to rooms that look run-down and dull.
  • Replace all broken/flickering lights across the house.
  • As reported by HGTV, landscaping your front lawn and back garden can increase your curb appeal.

Additionally, it’s best not to be home while your agent brings buyers over for showings. This allows them to freely navigate the home and ask questions. With a fixer-upper, your agent will be obliged to disclose any major complications with the property, such as a leaky roof, old floorboard, etc. This is to safeguard against any future claims regarding the property. Once you receive a few offers, select the one that best meets your expectations and let us, the Kari Haas Real Estate Team, complete the formalities.

Treat Your Responsibility with Care

When dealing with the responsibility of selling your loved one’s home, reduce the burden on yourself by enlisting the help of professionals who can handle legalities in a streamlined manner and guide you toward making informed decisions. But also remember that your loved one has entrusted their home to you. This was potentially a place they loved for many, many years, so treat it and the responsibility with the care it deserves.

 

The Kari Haas Real Estate Team guides several people through transactions like this each and every year. We are prepared to help you through any situation. Give Kari a call when you are ready!

 

Photo Credit: Brett Warton via Unsplash

This post was written by Micah Norris for the Kari Haas Real Estate Team blog.

For BuyersFor Home OwnersFor SellersReal Estate Market Updates & Insight April 28, 2023

Q1 2023 Western Washington Gardner Report

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to Kari Haas (206)719-2224.

REGIONAL ECONOMIC OVERVIEW

The pace of employment growth in Western Washington continues to slow. The region added only 90,340 new jobs over the past 12 months. That said, the annual pace of employment growth was a respectable 3.6%. Three counties have not recovered completely from their pandemic job losses: Whatcom, Skagit, and Snohomish. However, they are short by just under 10,000 jobs, which should be recovered by this fall. Regionally, the unemployment rate in February was 4.1%, marginally above the 3.8% level of a year ago. The employment outlook has improved modestly, with the likelihood of a recession in 2023 down to about 50%. That said, I expect the pace of job growth to continue to slow as businesses remain concerned about a contraction in consumer spending and facing tighter credit conditions following recent bank failures.

WESTERN WASHINGTON HOME SALES

In the first quarter of the year, 10,335 homes were sold. This was down 30.9% from the same period in 2022 and 18.9% lower than in the fourth quarter of 2022.

Lower sales activity was more a function of the limited number of homes for sale than anything else. Listing activity in the first quarter of 2023 was down 43% from the final quarter of 2022.

Home sales fell across the board compared to the same quarter of last year and were lower in every county compared to the final quarter of 2022.

Pending sales rose in all but three counties compared to the fourth quarter of 2022. This suggests that sales in the year’s second quarter may tick higher. That said, the region is in dire need of more inventory.

WESTERN WASHINGTON HOME PRICES

Home prices fell an average of 6.9% compared to the first quarter of 2022 and were 1.3% lower than in the fourth quarter of 2022. The average home sale price in the first quarter of 2023 was $692,866.

Compared to the fourth quarter of 2022, prices were higher in Kitsap, Skagit, Lewis, San Juan, and Whatcom counties.

Even though prices fell in the region, five counties saw sale prices rise modestly from the first quarter of 2023.

It’s worth noting that median listing prices rose in all but two markets compared to the previous quarter. This suggests that sellers are getting a little more comfortable with the market. If listing prices continue to rise, one can surmise that home prices will follow suit.

MORTGAGE RATES

❱ Rates in the first quarter of 2023 were far less volatile than last year, even with the brief but significant impact of early March’s banking crisis. It appears that buyers are jumping in when rates dip, which was the case in mid-January and again in early February.

❱ Even with the March Consumer Price Index report showing inflation slowing, I still expect the Federal Reserve to raise short-term rates one more time following their May meeting before pausing rate increases. This should be the catalyst that allows mortgage rates to start trending lower at a more consistent pace than we have seen this year. My current forecast is that rates will continue to move lower with occasional spikes and that they will hold below 6% in the second half of this year.

DAYS ON MARKET

It took an average of 56 days for a home to sell in the first quarter of this year. This was 32 more days than in the same quarter of 2022 and 16 days more than in the fourth quarter of last year.

King County remains the tightest market in Western Washington, with homes taking an average of 41 days to sell. Homes in San Juan County took the longest time to sell.

Market time rose in all counties contained in this report compared to the same period in 2022 and compared to the fourth quarter.

The greatest increase in market time compared to a year ago was in Grays Harbor County, where homes took an average of 41 more days to sell. Grays Harbor County also saw the greatest increase in market time compared to the final quarter of 2022 (from 46 to 76 days).

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Although the regional economy is still expanding, it shows signs of slowing. With the probability of a national recession this year now fifty-fifty, I do not see any reason for buyers to lose confidence in their housing decisions based purely on economic factors. Sellers appear to be a little more confident in the market, as shown by rising listing prices. Periods of lower mortgage rates and the lack of homes for sale are likely contributors to this. Whatever the case, I am not seeing any signs of panic in the market.

Even in the face of higher financing costs, low inventory levels support home values, and the data suggests that the worst of the price declines are now behind us. The region had fewer sales, modestly lower prices, and higher average days on market, all favoring home buyers. However, lower inventory levels, higher pending sales, higher listing prices, and a higher absorption rate of homes for sale favor sellers. As such, I am moving the needle towards a balanced market, but one that ever so slightly favors sellers.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 

This post originally appeared on the Windermere.com Blog.