Uncategorized January 16, 2025

South Snohomish County Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Uncategorized January 16, 2025

North King County Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Uncategorized January 16, 2025

Eastside Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Uncategorized January 16, 2025

Seattle Metro Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Uncategorized January 16, 2025

North Snohomish County Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Uncategorized January 16, 2025

South King County Market Report – Q4 2024

The 2024 real estate market experienced price growth and stability amongst volatile interest rates and tight inventory. There was a welcomed increase in closed sales in 2024 compared to 2023, which recorded the lowest level of closed sales since 2008.

Low inventory levels were driven by the “lock-in effect” from the previous lower interest rates. Price growth over the last decade has been abundantly strong despite a correction in 2018 and 2022. This has provided would-be home sellers the opportunity to reposition their equity and take on a higher rate. We are starting to see more sellers give up their lower rate to move to a home that better fits their lifestyle. This should continue in 2025 as smart buyers know real estate has proven to be a solid long-term investment even with the new normal for rates.

If you are curious about how the trends relate to your real estate goals, please reach out. It is my goal to help keep you well-informed, find opportunities, and empower strong decisions.

 

Monthly Newletter January 3, 2025

Monthly Newsletter 01/03/2025

Reflecting on the joy of the holiday season always brings with it gratitude. One of the most important pieces of my business is working with an office that always makes it a priority to come together as a team throughout the year to lift up our neighbors in need and give back to our communities. Our collective gratitude runs deep, and spreading some love and support within our community is the best way we can celebrate everything we are thankful for.

This year our holiday food drive brought in $1,372 and 1,422 pounds of food for Volunteers of America Western Washington food banks. These numbers are all thanks to friends and clients like you. Thank you for your generosity! The current need in our area is high, and our local food banks need all the help they can get.

Next, we had the absolute joy of helping bring some Christmas magic to homeless/housing-insecure youth in our area. We partnered again this year with Washington Kids in Transition, who work with social workers in Edmonds School District schools (includes the communities of Edmonds, Lynnwood, Brier & Mountlake Terrace) to collect wish lists from homeless/housing insecure students living in shelters, tents, cars, transitional housing or other temporary housing and partners with the community to fulfill those wishes. The brokers in my office all came together and we adopted the wish lists of 24 local youth, who would have otherwise gone without this holiday season.

The rest of the year, Washington Kids in Transition provides emergency closets (coats, diapers, toiletries, etc.), hotel vouchers, utility assistance, rental deposits, and recently started a teen mentorship program. This new program is in high demand, but does not yet have reliable funding, so we decided to also raise funds for that as well over the holiday. We raised a total of $3,815 for this new program, which helps teens learn basic life skills as well as have fun activities they otherwise wouldn’t have access to.

Another holiday staple at my office is putting together volunteer groups at Christmas House and also Holly House this year. Both organizations are local non-profits (100% volunteer-run) that provide opportunities for qualifying, low-income parents to select free holiday gifts for their children. This is always an amazing time helping families in need have a joyful Christmas.

You can access any of the links above to learn more about these organizations or to donate yourself.  As we head into 2025, our commitment to giving back to the community that we serve will remain a cornerstone of our business. Here’s to a happy, healthy, and heartwarming 2025 and beyond.

Monthly Newletter December 13, 2024

Monthly Newsletter – 12/13/2024

As we head into the holidays and mark the final stretch of the year, I wanted to report on the 2024 real estate market and where we might be headed in 2025. To set the stage, I must mention the ride that it has been over the last five years. Since 2019, we have experienced some key market factors that have influenced market activity and prices.

2019 was a year of recovery after the market corrected in 2018 (due to the Seattle Head Tax), and we all know what happened in 2020. The pandemic threw the real estate market into a frothy uptick from mid-2020 to mid-2022, fueled by work-from-home moves and historically low interest rates. Sales counts and price appreciation were ” off the charts,” specifically in 2021. Once interest rates climbed over 5% in the spring of 2022, price appreciation capped, started to correct, and sales declined. Since then, prices have recovered and stabilized, and the sales count has slowly started to increase.

After reviewing the last 10 years of closed sales, we are down about 25% YTD in King County and 30% in Snohomish County from a normal average closed sales rate. This has remained stubborn due to the lock-in effect that the previous low rates have created. For example, many homeowners who purchased or re-financed to obtain a rate of 3-4% are holding tight to their monthly payments. This has caused many people to stay in homes that don’t ideally fit their lifestyle due to wanting to keep the monthly payment and overall affordability.

This has created tight inventory, which has insulated prices and helped the market recover from the 2022 correction. The dance between rates and low inventory is directly related, and despite rates being higher in 2024 than they were in 2022, prices remain strong. A seller’s market is defined by 0-2 months of inventory (if no new homes came to market, we would sell out of homes in this amount of time), a balanced market is 2-4 months, and a buyer’s market is 4+ months. Over the last 5 years, we have primarily been in a seller’s market. This has caused prices to increase by 59% in Snohomish County over the last 5 years and by 42% in King County.

The age-old principle of supply and demand has had the most significant impact on prices despite volatile interest rates. Several experts predict that interest rates will slowly decrease throughout 2025. As you can see from the chart below, we will not return to the historic levels we saw in 2020-2021 (we may never). As would-be sellers contemplate the lock-in effect vs. what they want/need out of their housing and line it up against interest rates, we should see a gradual increase in closed sales in 2025 over 2024. The market is slowly starting to accept this new normal. Also, in some cases, moves cannot be delayed due to life circumstances, and the lock-in effect is not a driver.

Another aspect to point out is the trends we typically see in post-election years. Historical data indicates increased closed sales, lower interest rates, and price growth. This data, coupled with pent-up seller demand and gradually decreasing interest rates, should drive sales to increase slightly and prices to appreciate and remain stable.  Most homeowners are sitting on well-established equity, enabling them to make fluid moves.
If you or someone you know is considering buying, selling, or both, now is a great time to reach out. Executing a purchase and/or sale and a move takes strategic planning to achieve the best outcome. I love helping my clients identify their goals, curate a detailed list of items to create the ideal results, and help guide the process to a successful finish. A new year brings a fresh start, and why not start to verbalize, visualize, and start your planning now, whether your goals are immediate or in the distant future? Please use me as your real estate resource, as my goal is to be your trusted advisor rooted in data and market education.
Monthly Newletter November 16, 2024

Monthly Newsletter – 11/16/2024

As 2024 starts to come to a close, I want to spend some time talking about first-time homebuyers. Even if you already own a home, this is an important message to share; it can change someone’s life! In 2023, according to the National Association of Realtors (NAR) 2023 Profile of Home Buyers and Sellers, first-time home buyers represented 24% of the market share, which was down from 32% in 2022. First-time homebuyers are a critical part of the real estate market cycle, and we need to empower this group to invest in their future. They are also the audience that purchases inventory, enabling sellers to move on to their next home, which creates a domino effect as it travels up the market.

Often, first-time homebuyers purchase entry-level properties such as condos, townhomes, or smaller single-family residential homes based on affordability. It is also important to note that a buyer does not need a 20% down payment to purchase a home. In fact, according to NAR, the typical down payment for a first-time homebuyer in 2023 was 8%. There are loan programs that only require 3% down payments and even assistance programs requiring zero down. It is important to explore options so one knows their opportunity potential. For example, lenders will often advise borrowers to focus on saving vs. paying down debt in order to better qualify for a loan.

Sometimes, first-time homebuyers are able to skip that first level of home ownership and purchase a home that they plan to be in for many years, yet that is rare. I have found that it is critical that first-time homebuyers are focused on what monthly payment they feel comfortable taking on and commit to shopping at that price point. They then apply that price point to a combination of location, property type, and the condition/features they can afford.

The primary benefit of ditching the rent payment and becoming a first-time homebuyer is getting on the trajectory of building household wealth. As you can see from the charts below, real estate has appreciated in both King and Snohomish counties over the last 10 years, whether it be a condo or a single-family residential property. This appreciation becomes a nest egg of savings for the homeowner over time.

 

For example, if you use the data from the Snohomish County Condo chart, a first-time homebuyer who bought a condo in 2020, the median price in the market was $379,000. That is now $533,000, which is a 41% gain. Granted, these are raw numbers and represent a 30,000-foot view of the market, which illustrates the trends. We can’t simply apply the percentage growth in the market overall; we would analyze comparable properties in the specific area of the subject property to find the accurate value. The appreciation trend, however, shows that the first-time homebuyer who bought in 2020 is now sitting on a healthy nest egg of savings to utilize to purchase their next home if they desire a different property based on life changes. Plus, there is no other investment vehicle that allows tax-free capital gains up to $500,000.I point this out because I often encounter would-be first-time homebuyers who call off their search because they cannot afford the type of home or area they want, and continue to rent in the hopes of saving more to afford what they want later. While I would never want anyone to buy a home they don’t want, I do encourage my clients to consider what they can compromise on in order to start building wealth through homeownership sooner rather than later. Even if you apply the home appreciation for condos in Snohomish County prior to the pandemic, the median price in 2015 was $246,000, and four years later, it was $353,000, which is a 44% gain. Most people would not be able to save that much over that period of time, hence the advantage of building wealth via homeownership.

An exercise I often use with my buyer clients is applying the Triangle of Buyer Clarity to their budget and search. I am the first person to say that shopping for a home is exciting and even romantic, which results in starry eyes focused on dream homes and HGTV lore. I find that the quicker a buyer is able to put the dreaming part aside and get to the brass tacks of the market, the quicker they succeed in a purchase. Monthly payment is the single most important element to focus on to bring clarity to a buyer’s search. This figure should direct the price range for a buyer, which will determine which location, condition/features, and property type they can afford.

 
As you can see from the example of the Triangle of Buyer Clarity, buyers often have to adapt their search to meet their budget needs; it is rarely the perfect balance of an equilateral triangle. That could mean adapting by buying a townhome instead of a single-family home, going to a location that is a little further out, or being OK with a 90’s kitchen instead of a perfectly modern masterpiece. Getting into the market is more important than finding the perfect fit. The good news is that market trends show that townhomes, all locations throughout each county, and even 90’s kitchens appreciate! One could even tap into their equity down the road once it is built up and remodel that 90’s kitchen.Homeownership provides many benefits. Wealth-building opportunities are huge because we all need a place to live, so why not pay your own mortgage and gain appreciation instead of building your landlord’s portfolio? There are tax benefits, too, as you can use the interest as a write-off. Plus, you get the freedom to make your house your own and build a community where you live. You can paint the walls and dig in the dirt, and you don’t have to answer to your landlord. Overall, homeownership provides stability, freedom, and community. Helping my clients gain tangible and intangible benefits is the primary goal I work towards.

This is why I couldn’t let 2024 end without giving a shout-out to the would-be first-time homebuyers out there. My best piece of advice if you are considering buying your first home is to come up with a plan. I offer all of my clients a buyer consultation meeting where we review the market trends, apply their goals and search criteria, get them connected with a reputable lender, and devise a custom plan for them. The plan could start right away or sometime in the future; what matters is working towards the goal.

My mission is to help people gain the benefits of homeownership when they are ready. When I hand off the keys to a first-time homebuyer, it is one of the most rewarding aspects of my job because I know we have changed their lives for the better. If you are a potential first-time buyer or know someone who is, please reach out, I’d be honored to help.

If you’re looking for a new home, you might notice something called the ” Walk Score®” on property listings. But what does it really mean for you?

The Walk Score® algorithm calculates a score of walkability based on distance to 13 categories of amenities (e.g., grocery stores, coffee shops, restaurants, bars, movie theaters, schools, parks, libraries, book stores, fitness centers, drug stores, hardware stores, clothing/music stores). A high walk score means your new home is within walking distance to essential amenities—making life more convenient and car-lite!

What are the scores?
90-100: Walker’s Paradise. Daily errands do not require a car.
70-89: Very Walkable. Most errands can be accomplished on foot.
50-69: Somewhat Walkable. Some errands can be accomplished on foot.
25-49 Car Dependent. Most errands require a car.
0-24: Car-DependentAlmost all errands require a car.

Curious about finding a home in a walkable area? Let’s explore together!

Monthly Newletter October 25, 2024

Monthly Newsletter – 10/24/2024

Your home is your shelter where you make memories, a large part of your financial nest egg, and a vehicle for creating wealth. Knowing what your home is worth is empowering and important. The reasons that may come up when you need to know your home’s value can have a direct impact on your financial health. Do you need to update your insurance, do some estate, tax, or financial planning, prepare for a re-finance, line of credit, or remodel, or are you considering a move? Relying on accurate home valuations for all of these endeavors will result in the best outcome.

To estimate your home’s value, you can easily jump on a public website that will spit out a value. This is called an AVM (Automated Valuation Model). There are a handful of free ones such as ZillowRedfin, and RealEstimate. These sites are free for the consumer to visit and are based on a unique AI-generated algorithm that is typically a recipe of tax assessment data, CPI figures, market trend data, computer-picked comparable properties, and user-submitted data. They do not take into consideration important value points such as the condition of your home, improvements you’ve made, or nuances of the neighborhood; factors that only an actual person can evaluate.

It is important to note that on all three of these free sites, the algorithm and AVM tool are funded by the advertisers on the site, which are real estate brokers and lenders who want your business. The AVM is the carrot to get you in front of these high-paying advertisers who hope you click to connect so they can convert you into their real estate client. This is unlike the relationship-based business that I foster; this is more of a “sales-y,” transactional approach. Despite the sharks in the water, an AVM is a good starting point, like dipping your toe in the pool, but don’t get bit!

Here are the current AVM (Automated Valuation Model) values for a subject home from four sources (3 free and 1 fee-based). As you can see, the values vary. If you have a need to know the value of your home, don’t rely on an algorithm. According to Zillow, their accuracy varies by 7.49%; that is a huge variation! For example, that is $75,000, either high or low, for a $1M home. Depending on what you are planning for, that inaccuracy can severely cost you.

The AVMs above vary by 58%. If you apply the average Zillow accuracy percentage, the Zestimate® above could be off by $143,000 or more. It is important in this new world of AI that we do not underestimate the power of the human algorithm. Evaluating a home with all 5 senses, experience, and expertise is critical in establishing a home’s true value. Just like AVMs that vary, it matters who you align with, too. Hungry sharks who are paying to find clients, brokers who sell real estate as a hobby or side hustle, or brokers who are not engaged can all be detrimental. Seek out a professional who is committed to their craft, a student of the market, and up-to-date on market trends when you are assessing your largest asset.

If you want more precise information, consult a trusted advisor like me. By selecting accurate, comparable properties and analyzing today’s market trends, I will provide you with a much more comprehensive evaluation of your home’s value relative to its specific features, condition, and location. Please reach out if you are interested in having me tour your home and complete a Comparative Market Analysis (CMA) so you can plan for your future with confidence.

From saunas to gyms, more people are prioritizing private, custom spaces in their homes where they can focus on routine without distraction.

Saunas & Steam Showers
A steam shower is typically a stand-alone shower stall that can produce steam without running the hot water. The shower enclosure is sealed off from the rest of the bathroom, creating a self-contained humid environment that can also be used for bathing.

A steam shower is similar to a sauna in that it promotes relaxation with heat, but these two amenities require different equipment. A sauna—even a wet sauna—begins with dry heat from a stove or rocks. Users can choose to add some humidity with steam, but it rarely passes 60%, whereas steam showers provide close to 100% humidity. Saunas also aren’t equipped to handle running water like steam showers are. Saunas get substantially hotter than steam showers do, but because steam inhibits your sweat response, steam showers will allow you feel the effects of the heat more quickly and intensely than the sauna.

A home steam shower costs about as much to install as a home sauna. Both provide similar health and relaxation benefits, though steam offers more relief for dry skin and respiratory issues. If you’re considering including a sauna or steam shower as part of a bathroom remodel, the difference may come down to personal preference and available space.

Home Gyms & Studios
Your home’s design should include more than just your personal style; it also should accommodate your hobbies and lifestyle. If you’re committed to keeping active and working out regularly, a home gym might be a necessary part of the floor plan. Being able to fit a workout in when you have the spare time during the day without having to run across town can be life-changing.

Even better is a space that is beautiful and well thought out. A functional and aesthetic space can be welcoming and energizing. Start by bringing your own personal style into the space. Maybe a rattan light fixture or a fun wallpaper. If you don’t have room for a lot of equipment, opt for pieces that are designed to be easily stored out of the way, like a walking pad that can be folded and hung on the wall instead of a full stationary treadmill. Protect your floors from damage with rubber mats. They will also help to reduce the noise of the equipment, especially if you’re on the second floor of your home.

Wellness & Hobby Spaces
Wellness rooms can be about physical wellness, of course, but they’re also about mental well-being and can encompass anything that makes you feel calm, centered, connected, and rejuvenated. More people are realizing the importance of prioritizing their physical AND mental health. A wellness space can be for many different things: a music room, meditation, library, or even a dedicated space for hobbies. Think about what your goals are before designing your retreat.

Even a small nook exclusively devoted to your wellness space can be beneficial. No matter the size of your space, start with some basic elements and then build from there with things that bring you calm and happiness.

• Add sounds of nature or aromatherapy to lift your mood
• Choose nature’s colors for your eyes to land on, such as blues, greens, and neutrals
• Clear away any distractions
• Surround yourself with plants on the ground, table surface, and hanging
• Make your space comfortable with a cozy throw