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Q2 Western Washington – The Gardner Report
The following analysis of the Q2 2022 Western Washington real estate market report 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 contact Kari Haas.
Regional Economic Overview
The most recent employment data (from May) showed that all but 2,800 of the jobs lost during the pandemic have been recovered. More than eight of the counties contained in this report show employment levels higher than they were before COVID-19 hit. The regional unemployment rate fell to 4.5% from 5.2% in March, with total unemployment back to pre-pandemic levels. For the time being, the local economy appears to be in pretty good shape. Though some are suggesting we are about to enter a recession, I am not seeing it in the numbers given rising employment and solid income growth.
Western Washington Home Sales
- In the second quarter of 2022, 23,005 homes sold, representing a drop of 11% from the same period a year ago, but up by a significant 52% from the first quarter of this year.
- Sales rose in Grays Harbor County compared to a year ago but fell across the balance of the region. The spring market, however, was very robust, likely due to growing inventory levels and buyers trying to get ahead of rising mortgage rates.
- Second quarter growth in listing activity was palpable: 175% more homes were listed than during the first quarter and 61.98% more than a year ago.
- Pending sales outpaced listings by a factor of 3:1. This is down from the prior year but only because of the additional supply that came to market.
Home Prices
- Even in the face of rising mortgage rates, home prices continue to rise at a well-above-average pace, with average prices up 13.3% year over year to $830,941.
- I have been watching list prices as they are a leading indicator of the health of the housing market. Thus far, despite rising mortgage rates and inventory levels, sellers remain confident. This is reflected in rising median list prices in all but three counties compared to the previous quarter. They were lower in San Juan, Island, and Jefferson counties.
- Prices rose by double digits in all but four counties. Snohomish, Grays Harbor, Mason, and Thurston counties saw significant growth.
- List prices and supply are both trending higher, but this has yet to slow price growth significantly. I believe we will see the pace of appreciation start to slow, but not yet.
Mortgage Rates
Although mortgage rates did drop in June, the quarterly trend was still moving higher. Inflation—the bane of bonds and, therefore, mortgage rates—has yet to slow, which is putting upward pressure on financing costs.
That said, there are some signs that inflation is starting to soften and if this starts to show in upcoming Consumer Price Index numbers then rates will likely find a ceiling. I am hopeful this will be the case at some point in the third quarter, which is reflected in my forecast.
Days on Market
- It took an average of 16 days for a home to go pending in the second quarter of the year. This was 2 fewer days than in the same quarter of 2021, and 9 fewer days than in the first quarter.
- Snohomish, King, and Pierce counties were, again, the tightest markets in Western Washington, with homes taking an average of between 8 and 10 days to sell. Compared to a year ago, average market time dropped the most in San Juan County, where it took 26 fewer days for a seller to find a buyer.
- All but six counties saw average time on market drop from the same period a year ago. The markets where it took longer to sell a home saw the length of time increase only marginally.
- Compared to the first quarter of this year, average market time fell across the board. Demand remains very strong.
Conclusions
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.
How to Successfully Move and Start a Business at the Same Time
If you’re moving house and starting a business at the same time, proper planning is key to easing stress and making smart decisions. Bellevue, WA has a lot to offer new business owners and homeowners, so it’s a great place to start your search. If you take the time to consider your needs, this venture can be an opportunity for the best start possible rather than an additional challenge.
Buying Your New Home
If you’re starting a home-based business, there are additional concerns to take into account. To help the process go smoothly, here are some steps you should take:
- Secure a mortgage. It can be difficult for self-employed people to get home loans. If you don’t have a partner helping with expenses, you may want to keep your day job until after settlement.
- Define your needs. List any special requirements of your business, whether that’s inventory storage or a separate entrance and waiting area for clients.
- Hire a real estate agent. The right agent listens to your needs and budget and presents properties that meet those requirements.
- Consider laws and regulations. Zoning laws and HOA regulations can restrict your ability to run a business from your home. Bellevue’s zoning regulations can be found online.
By following these steps, you’ll minimize the challenges that can come up during the buying process.
Moving In
Getting professional assistance for your move can be useful. Movers can pack and transport the majority of your belongings while you concentrate on your most important possessions. These important possessions include paperwork, your computer, any inventory you have, and other tools or equipment that let you do your work. It can be best to put this all in one box or bag that you move yourself so that it remains easy to access. If your new property doesn’t have space for everything, you can look at alternative storage. This can be a temporary or more permanent solution for storing inventory. In the Bellevue, WA area, 5×5 storage units start at $45.
Launching Your Business
The next step is to launch your business. The Small Business Administration has a good guide that can help you through the process, from market research to opening a business bank account. You can also look into getting a business degree to cover all the ins and outs of being a successful entrepreneur. You can choose to study online to better balance your studies with your other responsibilities.
Spend some time deciding on the structure of your business. Your options include sole proprietorship, partnership, corporation, or limited liability company. An LLC limits your personal liability, which can protect your assets, such as your new home. In Washington, you can register your LLC online. This helps you avoid legal fees.
Also, keep track of your finances. No matter what your business structure is, it’s important to keep personal and business expenses separate. Consider using business accounting software that can keep track of income, business receipts, and expenditures. Accurate records can help you at tax time, especially when it comes to the deductions you’re allowed for a home office.
The Right Help
No matter how well you plan, having the right assistance can be essential to your success. The right real estate agent can also help you make your home and business ownership dreams come true. While we might not be able to help you start a business, we are prepared to take the weight of home buying off your shoulders. Contact Kari Haas to start your journey.
We pride ourselves in having the best track to success in real estate and while we aren’t business advisors, we do have a long list of referrals for those seeking help. i.e., a financial advisor, property manager, and more.
Image via Pexels
This post was originally written by a guest blogger, Lisa Walker.
July 2022 Real Estate Market Update
Cooler temperatures and a cooler regional real estate market have been this summer’s hallmark thus far. After months of blazing hot sales and a breakneck pace, buyers are finally seeing inventory levels accelerate and price gains slow. With inspection and financing contingencies once again becoming the norm, the region may, at last, be shifting toward a more balanced market.
Area home prices were down across the board last month. The median sold price for King County single-family homes dropped to $938,225, slightly lower than May’s near million-dollar price ($998,888). Year-over-year, however, King County prices were still up by 9%, despite the higher 1.5 months of available inventory.
Seattle mirrored the county’s trend, with the median price dropping from $1,025,500 in May to an even $1,000,000 in June. This price was still up 12% year-over-year, indicating continued demand for housing in the city.
Real estate experts have pointed out that areas that saw the greatest appreciation earlier this year will likely see a more significant dip in prices as the market rebalances. The Eastside market bore out this theory in June as the median sold price for single-family homes was $1,500,000 — down almost $100k from May’s median price of $1,590,000. That said, last month’s Eastside median sold prices were still up over June 2021, increasing 10% year-over-year in the residential market and 12% in the condo market. And with two months’ supply of homes currently listed, Eastside buyers have significantly more options to choose from than they would have had earlier in the year.
Snohomish County — long a refuge for buyers seeking more bang for their buck — followed a similar trend. The median sold price for single-family homes dropped to a more attainable $799,950, down from May but still up 11% year-over-year. Snohomish County condo prices dipped in June as well, with the median sold price of $500,000 down 9% from May and up a meager 1.6% from June of last year.
While these recent price dips may cause concern for some sellers, local real estate experts reiterate that this is a necessary step toward a more balanced market. “The increase in listings has started to slow the rapid pace of price gains that we’ve experienced,” said Matthew Gardner, Windermere’s Chief Economist. “This is a good thing, not a cause for concern.”
Other factors influencing the summer real estate market are higher mortgage rates, higher post-pandemic rates of travel, and typical seasonal buyer patterns. With graduations occurring and school years finishing up, many potential buyers are scratching their itch for travel and family time, putting off their home search until a little later in the year.
For sellers looking to make the most of the current market, flexibility is key. Pricing their home correctly from the get-go and being willing to negotiate with buyers on terms can still result in a top-of-market sale, albeit one in which multiple offers are less expected.
If you have questions about real estate opportunities in the current market, please reach out for additional insights and analysis. The Kari Haas Real Estate Team is here for you! “Let’s Sell Your House & Find Your Home!”
Eastside
King County
Seattle
Snohomish County
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
June 2022 Real Estate Market Update
Windermere just released the market statistics from May, so let’s review what’s happening in the real estate market.
The tides of our local real estate market may, at last, be shifting, as buyers find relief in increasing inventory and the frenetic pace of sales slows noticeably. At the end of May, inventory across the 26 counties served by the Northwest MLS had increased by 59%, with 8,798 active listings in the database, compared to 5,533 active listings just a year ago. While this shift may cause concern from some who anticipate a drop in the market, Windermere’s Chief Economist Matthew Gardner had this to say: “What’s more likely to occur is that the additional supply will lead us toward a more balanced market, which after years of such lopsided conditions, is much needed.”
Are Price Hikes Slowing?
While inventory has increased, the meteoric price hikes seen in this first part of 2022 – including again in May’s closed sales – are expected to slow dramatically in the next half of the year. Seattle saw a historic first in April, with the median sold price for a single-family home topping $1 million for the first time. May home sales continued that trend, with the median sold price inching up to $1,025,500, which is a 12% increase from $919,000 in May 2021. King County as a whole mirrored this trend, with the median price of single-family homes reaching $998,888 in May, up from $995,000 in April, and up 14.8% from last May’s median price of $869,975.
Eastside & Snohomish Markets Cool
May closings reveal that the Eastside and Snohomish County didn’t follow this same pattern, instead experiencing a much-needed cooling of prices. On the Eastside, the median sold price for single-family homes fell from $1,722,500 in April to $1,590,000 in May. While last month’s median price is the lowest since January of this year, it was still up 22% year-over-year. The Eastside saw an increase in the percentage of homes that had a price change before selling, hitting 10% in May — double that of April. This is likely due to Eastside sellers needing to adjust their price expectations. While a majority of listings in the area — about 66% — still sold over list price last month, a full month of inventory and a 403% increase in active inventory on the Eastside from February to May means that buyers have more choice and agency than they’ve had in some time. Homes are still selling, but multiple offers are far fewer, and sellers are more likely than before to accept an offer written with contingencies.
Snohomish County also saw a shift in May, likely due to the combination of increasing inventory running headfirst into decreasing buyer budgets thanks to rising mortgage rates. With .85 months of inventory, prices reflected this, with the median sold price for single-family homes falling slightly to $815,000 last month, down from $839,298 in April. However, most homes sold for over list price and quite quickly, averaging less than two weeks on the market. It’s worth noting that these statistics largely reflect home sales that went under contract in prior months when the competition was at its fiercest. The median sold price for Snohomish County condos dropped just slightly to $545,000 last month, down from $550,000 in April. With only two weeks of inventory on hand, the county’s condo market is likely to remain competitive for a while.
A Chance for Buyers
Falling prices in the Puget Sound region may have caused concern for some, but most analysts see this as a necessary and long-overdue price correction. Prices for single-family homes (excluding condos) in King County rose from $775,000 in January to a whopping $995,000 in April, a change of $220,000 in only four months, or 28.4%. Last month, the Eastside saw prices decrease by only 8%, and this was likely only because prices had previously risen so astronomically in the area. Neighborhoods that saw the highest appreciation will likely experience a sharper correction, but this may serve to help some previously unlucky buyers re-enter the market and finally find success.
If you have questions about pricing trends in your neighborhood, or how to make the most of your purchase or sale, please reach out!
Seattle
Eastside
VIEW FULL EASTSIDE REPORT HERE
King County
VIEW FULL KING COUNTY REPORT HERE
Snohomish County
VIEW FULL SNOHOMISH COUNTY REPORT HERE
This post originally appeared on GetTheWReport.com
May 2022 Real Estate Market Update
After a long stint of suppressed housing inventory across our region, buyers may, at last, have more options as the supply of available homes ticks up ahead of the summer market. The month-over-month increase in inventory has been as much as 50% in some areas, offering renewed opportunities for those buyers who are not dissuaded by high home prices and rising mortgage rates.
The Eastside appears to have experienced the most dramatic inventory growth, with .79 months of available single-family homes last month compared to .46 in March. Seattle increased slightly to .59 months of inventory, while Snohomish also had a notable increase up to .67 months of inventory compared to .46 in March.
The increase in supply is likely occurring because rising home prices and mortgage rates have put a slight damper on sales in the area. Last month, the median sold price for a single-family home in Seattle surpassed $1 million for the first time—landing at a historic $1,019,950. This is up 16.6% year-over-year from $875,000 in April 2021. The median price for single-family homes on the Eastside last month was an eye-watering $1,722,500, with 80% of homes selling over list price. Although inventory has increased in the area, Eastside homes are still selling quickly, with 96% of listings selling in under two weeks. King County as a whole also saw prices increase, with the median sold price for single-family homes reaching $995,000, up from $830,000 a year ago.
Snohomish County home prices have kept pace with the market, with the median sold price for a single-family home reaching $839,298. That’s an increase of 24.3% year-over-year from $675,000 in April 2021. This is likely due to increased demand from buyers who can’t compete in the intense Seattle and Eastside market, seeking more bang for their buck in the relatively more affordable Snohomish County market.
Affordability issues have also trickled into the condominium market, as some prospective homebuyers divert from the single-family market to condos. Eastside condo prices have increased 29.7% year-over-year to $674,444 last month from $520,000 in April 2021. In Snohomish County, the median sold price for condos rose to $550,000 year-over-year from $432,250 last year. That’s an increase of 27.2%.
Despite rising home prices and heftier mortgage rates, many buyers are still eager to take advantage of the financial benefits of homeownership. According to Windermere’s Chief Economist, Matthew Gardner, “Owning real estate is a hedge against rising inflation. Homeowners with a fixed-rate mortgage will always have the same monthly payment, even as other costs rise.”
If you have questions about how to find the opportunities presented by today’s market, please don’t hesitate to contact me.
Seattle
Eastside
King County
Snohomish County
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
April 2022 Real Estate Market Update
The spring market continues its frenzied pace, with soaring prices and stiff competition testing the resolve of buyers. Despite these obstacles and rising mortgage rates, inventory remains low across King County, as pending sales keep pace with new listings, demonstrating a strong demand from buyers. Continue reading for the April 2022 real estate market update.
Buyer Demand
This demand has factored into the way sellers are approaching the market. Windermere’s Chief Economist Matthew Gardner notes that median listing prices continue to rise, saying “this suggests that sellers remain quite bullish when it comes to pricing their homes.”
This was certainly true in March on the Eastside, where the median closed sale price for single-family homes was $1,700,000, an all-time high. This was up 26% year-over-year, and slightly up from February, when the median was $1,697,500. In Seattle, the median price for single-family homes achieved an all-time high of $970,000, up 18% year-over-year. Snohomish County continues to feel the impact of this voracious demand, with a median closed sale price of $1,298,000 for single-family homes — that’s an increase of 38.1% year-over-year.
Selling Over List Price
Not only are asking prices increasing across the region, but many homes are selling for well over the list price. On the Eastside, a staggering 85% of closed sales in March 2022 sold for more than the list price. Overall, that’s down from an all-time record last month of 87% but tied for the second-highest month ever with April 2021. Of the Eastside homes that sold over asking last month, the median difference was 21% over asking, and they spent an average of just 4 days on the market.
Seattle is experiencing a similar pattern, with 71% of the closed sales in March going over the list price. This is high for Seattle; in March and April of 2018, 63% and 68% of listings closed over asking, respectively. Last month, the Seattle listings that sold over the list price sold for a median of 15% over the list price, and were on the market for 5 days.
In Snohomish County, homes that sold over list price went for a median of 21% over the asking price.
With these conditions, many buyers are looking to condos as a more affordable way to break into the market. Consequently, condo prices have also seen a year-over-year increase. In King County, condos remain relatively more affordable, with a median price of $540,000 in March 2022. That’s up from $470,000 in March 2021, a 14.9% increase. Snohomish County has seen a more dramatic increase, as the median condo price in March 2022 was $555,000 — up 33.1% year-over-year, from $417,000 in March 2021.
Expectations
Matthew Gardner expects mortgage rates to continue trending higher in the coming months, but so far he says there’s nothing to be too concerned about, as the interest rates have not yet caused sales to taper off. Savvy sellers can still easily benefit from the opportunities presented by this market, and although rates are higher, buyers can finance their home purchase with rates still far lower than the historical norm.
If you’re looking for knowledgeable advice as you consider when might be your best time to enter the market, whether as a buyer or a seller, please give me a call or text. We are here to give you professional insight to help you make the best decisions possible.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
February 2022 Real Estate Market Update
What’s Happening in the Market
In this February 2022 real estate market update, we see that the local market in January looked a bit like the calm before the storm. Home prices took a pause from the frantic surges of last year, but if the sales we’ve seen in the last few weeks are any indication, the market looks like it’s heating up again. Inventory inched up in January but remains far short of buyer demand. Homes are selling fast, and for well over the asking price. Expect this spring, traditionally the busiest season of the year for home sales, to be hotter than ever.
Reason for Concern?
Concerns about future mortgage interest hikes appear to have added fuel to an already overheated market, further depleting already meager inventory. The number of homes for sale was lower than any January on record, according to Matthew Gardner, Windermere’s chief economist. There were 59% fewer homes on the market in King County than at the same time last year. Snohomish County’s inventory was down 35%. Based on current demand, it would take less than two weeks to sell all the properties on the market in both counties. Buyers competing for scant inventory snapped up available homes quickly. In King County, 72% of the homes sold in January were on the market less than two weeks. On the Eastside, 81% of homes sold in less than two weeks, as did 61% of homes in Seattle, and 76% of homes in Snohomish County.
Home Price Trends
Homes prices continued to trend upward compared to the same time last year. In January, the median price of a single-family home in King County rose 7% year-over-year to $775,000. Home prices on the Eastside jumped 32% over a year ago to $1,515,000, virtually unchanged from the all-time high of $1,529,500 set in December. With 71% of homes on the Eastside selling for over asking price, the market is expected to stay very competitive. Prices in Seattle have been fairly level for the past few months. The January median home price of $790,000 is flat compared to a year ago. In Snohomish County, the $715,000 median home price was up 19% over the prior year.
While January’s statistics (which reflect sales that closed in December) hinted that the market may be easing off, the housing activity we’re seeing today indicates that buyers are stepping on the gas. Expect even more competition for homes in the coming months.
Expectations for the Future
Despite the pandemic and remote work, large companies continue to hire new workers and invest in large office projects in the area. Matthew Gardner weighed in on how he sees that affecting the housing market for this February 2022 real estate update. “One of the biggest questions for 2022 is how the market will be further impacted by the work-from-home paradigm given that many companies have postponed their long-term WFH plans. This is likely holding back sellers during a time when we desperately need additional inventory, as well as buyers who are concerned about rising mortgage rates.” Gardner expects more sellers will list their homes and more buyers will start their searches once they know how often they need to commute to work, which may result in a busier spring market than expected.
If your plans for 2022 include buying or selling a house, we’re here to help. Get in touch and we can get started.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
Check back next month for a new local market update.
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This post originally appeared on GetTheWReport.com.
A Smarter Way To Invest In Your Child’s Education
Investing to Pay Off Your Child’s College Tuition
What if you could invest in something that earned enough profit to pay for your child’s college tuition and still kept your initial investment growing towards your own retirement? That’s the picture when you purchase a home or condo as an investment for college. There are options in every price bracket and investment models that work no matter how soon college starts.
Current Interest Rates
Interest rates are historically low and the demand for housing is continually rising in our tech-rich, mild-weathered, economically-advantaged area. Companies like Amazon, Microsoft, Google, SpaceX, Boeing, and Facebook attract over 5,000 new people per month to the Sound. This has given the Pacific Northwest a hot housing market that’s grown strongly for generations. Don’t you wish you had bought Mercer Island waterfront in the 1980s? In a few years, we’ll look back on today’s market the same way.
Here’s where your kids come in. You may already be proactively depositing into a college fund. This is a step in the right direction but it’s not a terrific investment. Instead, you want to pay for your child’s college and keep your investment growing. The dollars go in and grow at a snail’s pace of interest or rise and fall with the stock market and hopefully you get back more than you put in. There are some tax advantages….
Tax Advantages of Investing in Real Estate
The tax advantages of real estate are huge. The interest paid on your investment mortgage is tax deductible and you also enjoy depreciation, so you get to shelter and keep more of your hard-earned wages from the very start.
Here’s the magic in using real estate for your college fund: When you purchase a home with a mortgage you are leveraging your money at a higher rate of return than you could possibly attain with any other safe vehicle. “Aha!” you say, “Safe? Remember the housing bubble and how home values dropped?” Yes, yes I do! But here’s the thing: Prices are back just a few years later and we are seeing the highest price growth ever. Seattle enjoys a historically strong market, remember?
Leverage
What’s leverage? It gives real estate a 5:1 advantage (typically) over other kinds of investment with almost zero additional risk. Leverage is where you invest some money, and a bank supplies the rest of what you need – up to 80% loan-to-value without additional fees. That means a $50k “ordinary” investment into the stock market controls $50k of stock, and when values eventually double your profit is 100%. Great! But $50k in real estate controls $250k in property, so after doubling in 10-12 years you profit a whopping 500% plus rental income and tax benefits.
Let’s say you put down $50,000 on a $250,000 condo or home. Your mortgage and costs should be covered by the market rent. When your child is ready for college you can do a cash-out refi to access most of your profits without incurring a tax bill. Then after refinancing you will continue receiving rent and your investment keeps appreciating, as opposed to liquidating stocks and paying tax on the profit.
How to get Started
By now you might be asking yourself, “How can I do this? How am I going to make this work for my children, family, and retirement?”
First and foremost, it’s critical to have a good agent. Use someone trustworthy who is knowledgeable about the local market, has an eye for a good investment, and with a proven track record of getting things done. Since the hot market inspires multiple-offer bidding frenzies for good homes, you especially need an agent who knows how to win in multiple offer situations with strong negotiation skills.
If your kids are young, you have enough time by starting now. But even if your kids are in middle school, you’ll be able to supplement student loans while continuing appreciation will quickly pay off those loans after your child graduates college.
Get Started Now!
In conclusion, pick a good road and start right away. Real estate is the best road around. Like any good habit, this kind of investment improves your life gradually and builds on itself, so you know you’ll kick yourself for not starting sooner. Today is officially the soonest you can start, so just do it. Get started now.
Not only does Kari Haas have more than 300 real estate deals under her belt, but she has an outstanding success rate. When multiple offer situations arise, Kari’s clients win in over 95% of those instances! Put the Kari Haas Real Estate team behind you. Call or email us today!
Tips for Moving Without the Headache
Top Moving Tips:
Packing up your life into cardboard boxes and schlepping it across town or across the country can be a hassle. But, as Huffington Post suggests, you can make your move a lot simpler if you plan ahead. With that in mind, here are some tips from realtor Kari Haas for moving without the headache.
Purchase a Home
Before you begin the moving process, you’ll have to buy a suitable home. To get started, your first step is finding a realtor. It’s really important who you choose to represent you. A professional team with a good track record of being able to negotiate and market successfully for your benefit can put far more in your pocket than you might save with a discount broker or friend of a friend. This is many people’s largest investment and it always amazes me that a lot of people choose their cousin’s wife’s brother’s best friend without checking their success rate or reviews, based on relationship alone without regard for their financial well-being. A good realtor will also have connections within the industry and will have mortgage professionals that they recommend and who will help you with the preapproval process.
Pay a Pro
If your budget permits it and you have a lot to pack, consider hiring a professional moving company. Consumer Reports recommends selecting a company with good references and making sure they are properly licensed and insured for damage. Of course, the Kari Haas Real Estate Team has a list of resources and vendors, as well as a professional support team to help streamline the process.
Movers are well-trained and know the best methods and techniques for packaging and shipping your valuables. Their inventory process ensures you won’t have boxes that get knocked around in a friend’s truck or get left behind at the old place by mistake. You’ll avoid the potential for mishaps and injuries.
Get Organized
If you elect to do this without professional movers, create a checklist and start packing well in advance of moving day. Pack heavy items in small boxes and lightweight items in larger boxes. Pack your glasses and dishware in your table linens and kitchen towels for extra padding.
Color-code your boxes by room and load them with respect to what you’ll need access to first. Fill an overnight bag with a change of clothes, toiletries, medications and cleaning supplies and keep it with you close at hand; these are the things you’ll need as soon as you arrive in the new place.
Look After Your Devices
Before disassembling electronic setups, take photos of how they are configured. This will make it easier to get everything back up and working in the new place. Use small baggies to store screws and other hardware, and tape them to the component they were removed from.
Make sure to back up your data beforehand, and if you have manuals it’s a good idea to box them with their items. Consider removing batteries to prevent them from breaking down (or exploding) in warm conditions or on bumpy roads. Wrap all electronics carefully in protective materials designed for that purpose. Also, some electronic items respond badly to being shaken, so you should minimize movement in their boxes.
Know Where the Important Stuff Is
Gather up important documents, such as birth certificates, licenses, passports, wills, insurance papers, and vaccination and medical records, because it’s important to transport these yourself, keeping them close at hand. For example, it is better to have them with you than lost in a box you may not open for a few days.
Ensure your pets’ shots and certifications are up to date and take pictures of them in case of emergency. Make sure not to lose track of your pet’s information. Microchipping can be helpful in this instance, so make sure your vet is updated with your new contact information.
Get Help
Hire a babysitter if you have children and consider hiring a pet sitter if you have pets. Moving day is usually a little bit chaotic and stressful. It’s always easier if the kids and the pets aren’t underfoot. If you can’t take children and critters to the sitter, consider enlisting one of your moving buddies to act as chief child chaser and pet wrangler on the day.
With the right preparations and proper planning, your move will go smoothly and your property will be protected from damage. You’ll cut down on the time spent unboxing and organizing in your new home and prevent needless rummaging through unidentified boxes. To prepare your move in advance, use a checklist, pack items carefully, and identify them correctly for the trip. This will make moving day less stressful and time-consuming for you and your family.
The Kari Haas Real Estate Team has a team of professionals prepared to help you every step of the way. Whether it is junk removal, professional organization, or packing services our team is here for you!
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This post was originally submitted by Lisa Walker and has been edited by the Kari Haas Real Estate Team.
December 2021 Real Estate Market Update
What’s Happening in the Market
While the housing market typically slows down in the winter, fewer buyers are taking a break this year. High demand and scant inventory still favor sellers, who continue to see multiple offers. In one bright spot for buyers, home prices – while up from over a year ago – appear to be evening out in most of the region. Potential home sellers who’ve been sitting on the fence may want to consider taking a leap into the market now.
November Results
With the exception of the Eastside, Puget Sound median home prices were essentially flat in November compared to the previous month. However, prices increased by double-digits in most areas from last year. In King County, the median single-family home price rose 12% from last November to $820,000. Home prices in Seattle continue to level off, with the median price of $850,000 up just 4% from a year earlier. The Eastside maintained its strong appreciation, with prices soaring 35% from a year ago to a new record. The median home price there of $1,428,000 topped the previous all-time high price of $1,365,000 set in October. Prices in Snohomish County jumped as well, rising 23% to $695,000.
Despite the traditional winter slowdown, the supply of homes for sale just isn’t budging. Snohomish County has just three weeks of inventory. In King County it would take just over a week to sell through all the homes for sale. Inventory is at an all-time low on the Eastside, where there are only 100 single-family homes for sale in the entire area, which stretches from Issaquah to Woodinville. Homes there are snapped up quickly, with 85% of properties selling within two weeks. With demand at a peak, the inventory crunch is expected to continue. Developers are particularly bullish on the Eastside, where plans are in the works for numerous projects, including a new condo tower in Bellevue, a $500 million transit-oriented development, and over 7,500 new apartment units that are being built in Redmond.
2022 Predictions
What’s ahead for 2022? Matthew Gardner, Chief Economist at Windermere, expects the market to continue to be strong, but believes the pace of appreciation will slow significantly from this year. “I predict single family prices will increase by around 8% in King and Snohomish counties. Affordability issues and modestly rising interest rates will take some of the steam out of the market in 2022.”
Do your New Year’s plans include buying or selling a home? Your broker can keep you up to date on the latest trends and help you create a plan to meet your goals. Let us know how we can help.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
Check back next month for a new local market update.
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This post originally appeared on GetTheWReport.com.
