Seattle homes for sale

Seattle Real Estate Blog

Local real estate news in the Greater Seattle market: Home prices and trends in Seattle, on the Eastside, and across the Puget Sound region. Written by , Managing Broker with Coldwell Banker Danforth and State Director for Washington REALTORS.

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Feb. 26, 2015

Columbia City Modern Townhome for Sale in Seattle

Our latest listing is a modern-styled Columbia City townhome/townhouse:

4081 Letitia Ave S, Seattle WA 98118 - Columbia City home for sale - MLS 746522

Columbia City Townhouse - 4081 Letitia Ave S

Experience the contemporary vibe of this stylish home. Enter to windows stretching upward, capturing bright city scenery. Open rooms and staircases flow smoothly across levels. Artistic design allows for a modern feel while hardwoods and sustainable finishes make the spaces warm. Entertain in the chef's kitchen, relax by the gas fireplace, garden on the back patio, or grill on the rooftop deck. Take a quick walk to Light Rail, or dining/shopping in Columbia City.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Feb. 25, 2015

Why Can't We Build More Homes in Seattle?

Why can't we build more Seattle homes?Everyone seems to be asking the same question about homes in Seattle these days.  "Why can't I find one?"  Whether it's a rental or a purchase, people in the greater Seattle metro searching for homes are finding that the inventory of available homes keeps going down, while the number of people living in the area keeps going up.

Business is booming, Amazon just keeps hiring, and the housing stock remains flat.  It turns out that there may be some systematic roadblocks in place that prevent developers from building the kind of high-density housing that a growing metropolitan region like Seattle needs.

The costs are high.  Condo developers tell us that the financial reserves they need to keep in place to deal with the loosely-written condominium statutes are staggering.  The liability for a developer in an atmosphere where a lawsuit isn't a question, but a given, is a major factor in driving developers of high-density housing out of our market.  That's inhibiting our ability to get employees into housing near the job and transit centers in our cities.

There are also structural issues in our Growth Management Act that artificially limit the number of homes that can be built locally.  This puts our housing development far behind the the number of homes we actually need to satisfy local demand.  

Seattle King County REALTORS® are engaging with King County and Seattle officials to start a conversation about how we can keep our city's housing stock at a level that makes it viable for most of our workers to live and commute in a sensible geographic region.  Quality of life in Seattle depends not just on the ability to earn an income, but also to be able to make it home in time to enjoy it.  

If you're connected to a local official in King County who might share our concerns for improving housing choices, share the proposal with them:

http://www.nwrealtor.com/you-need-inventory-to-sell-and-workers-need-homes-to-live-in/

Meanwhile, if you're a buyer or seller who is frustrated with the lack of inventory in our market, give us a call.  There are plenty of homes coming on the market every month, they just sell very quickly.  We need to be on top of your search, and ready to move immediately when the right home becomes available.  

When we have your pre-approval in place and are prepared to get your current home sold and/or buy your next home, you'll be ready to deal with today's fast-moving market.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Feb. 6, 2015

The Common Cold and Home Sellers: Follow the Science, Silly!

This time of year, we're inundated by the common cold.  It's almost impossible to escape, and any of us lucky enough to be around children will probably have the pleasure of experiencing it more than once.

While we've known how to prevent the common cold for decades (washing hands and avoiding sneezes/snotty noses), and how it's cured (only through our antibodies fighting the viruses over a time period of one to two weeks), we often act like we've forgotten.  Old habits and silly cliches still pervade our behavior:

  • Taking Vitamin C (never proven to do anything for the cold)
  • Staying out of the cold outdoors (cold surroundings are less likely to have the virus)
  • Eating chicken soup (Nothing wrong because it feels great, but it has no healing power)

We like to feel comfortable, and if we can say something to ourselves that feels relatable and simple, it allows us to believe it even when we know the facts state otherwise.

So goes the current market with home sellers (or, more appropriately the lack thereof).  We talk to potential sellers every week.  They want to know whether or not it's a good time to sell.

Months of Inventory Available for Sale in Seattle, Past Five Years

Seattle home sellers

"How much is my house worth today?"  It's nearing 2007 value levels in the markets near the core of our metro, which means that almost everyone has gained their equity back.

"How's the market?" We have practically zero inventory.  Home sellers are calling the shots, and receiving multiple offers over asking price.

"Where is the market headed?"  Projections are for a slowing rate of appreciation.  As soon as interest rates rise, or more inventory comes on the market, prices will flatten and sellers will lose leverage.

"I think I want to wait it out to see where values go."

As this conversation has repeated itself over the past few months, it's clear that sellers are just looking for that comfort zone.  It's much harder to be out on the leading edge of a trend than it is to wait until "everyone is selling so now must be the time".  It's just like Vitamin C.  Everyone else is doing it, so even though we know it doesn't work, following the crowd seems safe.  

The problem:  It's not safe.  It's not rational.  It's not good for homeowners' future financial state.

That may sound harsh, but sometimes a bit of stark contrast is necessary to break out of old molds.

  • Interest rates don't just affect buyers, they affect sellers.  When rates rise 1 point, your buyers can buy 20 percent less home, and you can buy 20 percent less home on your move-up purchase.
  • Demand is everything.  A seller in a 2-month inventory market gets full price and chooses the best offer.  A seller in a 6-month inventory market works hard to find a single buyer.
  • Price appreciation is wiped out for move-up buyers.  If you wait a year to sell because your current home will appreciate 10 percent, the home you're going to buy will also become 10 percent more expensive (and since it's usually a pricier home in comparison, the gap between the homes' prices actually increases).

There are plenty of scenarios where it makes sense for home sellers to wait.  Unless your scenario can be specifically supported by facts, though, don't be lulled into the comfort of the "wait and see" mentality.  The day that everyone decides is the right time to sell will be the day that you missed out on the peak opportunity.

If you're going to sell your home and buy another, the statistical measures and trends say that you should be doing it now.  You can benefit from the uniquely powerful position you currently have in the market, or you can take some vitamin C and have a bowl of chicken soup.

It's your choice, home sellers--do what makes the most sense for you in the long run.  If a move to a new home is somewhere in your short-term to mid-term future, it's time to give your Realtor a call.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Jan. 5, 2015

Seattle Craftsman Homes - Craftsman Houses For Sale

 Craftsman house in SeattleHome buyers in the Seattle real estate market are often looking for traditional or historic homes.  That often leads them to Craftsman homes which were particularly popular during the 1920s and 1930s in Seattle.

Craftsman homes can be identified by their emphasis on woodworking and solid, stacked structures.  They have covered front porches, usually supported by bulky corner columns wrapped in wood or stone.  The roofs have large overhanging eaves with enclosed soffits and multiple peaks with dormers creating perpendicular roof ridges.

- See Seattle Craftsman Houses For Sale Today - 

The Craftsman style was adapted from the Arts and Crafts movement in Great Britain, becoming popular in the U.S. during the beginning of the 1900s. 

Craftsman homes for saleCraftsman houses emphasize the warmth and strength of the local timber materials.  Living rooms are often centered on a large fireplace, with oak hardwood floors and wood-wrapped windows.  Bedrooms and upper floors often have wider planked softer fir floors, which are more prevalent in the Northwest.  Door frames and window frames consist of multiple stacked pieces of molding, adding texture and depth to their shapes.

Exterior materials on Craftsman houses are usually cedar lap siding or shingles.  Original windows still exist in many of these homes, with multiple-panes separate by hand-crafted wooden frames.  If you're lucky, they'll even still have the counterweight balance system in the walls that allows for them to slide up and stay open just as they did a century ago.

The eaves on Craftsman roofs are supported by ornamental "knee braces".  Basements are very common in Craftsman houses and many are still unfinished.  It can be a good idea to do earthquake retrofitting to basement walls and pony walls before finishing basements in homes of this age completely.

The Craftsman is a Seattle staple.  It's known as a classic symbol of the city's lumber industry roots, and still provides the beauty and strength that home buyers today are searching for.  Whether it's an original-condition project Craftsman or a fully-remodeled home, Craftsman houses remain in high demand in Seattle.

- See New Listings For Seattle Craftsman Homes - 

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Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Dec. 10, 2014

3% Down Payments Are Back--And They Pose No New Risk To The Market

Fannie Mae and Freddie Mac announced this week that they will now back mortgages with just three percent down payments.  That means banks, mortgage lenders, and other loan originators will be able to lend more freely to first-time home buyers and others with limited savings but appropriate incomes and credit scores to buy a home.

Real estate and mortgage professionals are encouraged by the change.  Some observers are concerned that this leads us to an environment like the one that caused the mortgage meltdown nearly a decade ago.  Let's get specific as to whether down payments or credit scores really impact default rates.

Borrower Default Rates in 2001, 2004, 2007, 2011, and 2012 (Fannie Mae loans)

750+ credit, 3% - 5% down - 1.2%, 4.1%, 13.5%, 0.4%, 0.1%

Under 700 credit, 20% down - 2.2%, 7.7%, 20.9%, 1.0%, 0.3%

Over the course of the past 13 years, borrowers with sub-700 credit scores defaulted on their mortgage at significantly higher rates, even when they had 20 percent down payments.  In most cases, the low-credit/high down payment borrowers defaulted at a rate nearly twice as high as those with higher scores and less down.  Clearly, the credit scores of the borrowers were far more important than how large their down payment was.  

While there is a slight correlation in down payment size to default rate in the same credit tiers, there are two things to consider here.  The first is that down payments with Fannie Mae are only being moved from five percent to three percent.  That's a small shift.  The second is that default correlation to credit scores is orders of magnitude larger than down payments in all cases.

Here is another example.  Borrowers with 750+ credit scores and five percent to ten percent down, are compared to those with three percent to five percent down:

Borrower Default Rates in 2001, 2004, 2007, 2011, and 2012 (Fannie Mae loans)

750+, 3%-5% down - 1.2%, 4.1%, 13.5%, 0.4%, 0.1%

750+, 5%-10% down - 0.9%, 4.3%, 11.5%, 0.2%, 0.1%

In all of these cases, the default rate is very similar no matter the down payment amount.  The discrepancy rose somewhat in the worst year of our downturn, but at 13.5 percent, it was still significantly less than default rates of lower credit score borrowers with any size down payment.  In effect, the default rates of loans with three percent to ten percent are in the same ballpark.  There's not a significant increase in risk by lowering down payments from five percent to three percent.

For borrowers with scores under 700, we saw default rates from 20 to 35 percent during 2007.  This lower-credit category was where the biggest losses in the credit markets occurred.  We should continue to look at credit history as a strong indicator of likelihood for default.

Credit standards have been significantly improved.  Along with that, we've shrunk the allowable debt-to-income ratios for borrowers, and we've tightened up guidelines for borrowers with past bankruptcies, short sales, and foreclosures.  The lending world today looks nothing like it did in 2007.

Oh, and one other thing.  We actually require that borrowers verify their income and employment today.  As obvious as it sounds, that massive hole in underwriting was one of the biggest factors in mortgage boom lending that caused the collapse.  You can't understate how much that one component of borrower viability affected the defaults rates in the downturn.

We're asking for increased credit scores and income verification, decreased debt ratios, and more stringent background checks in the mortgage market today.  We also require significantly more mortgage insurance for small down payments.  The new Fannie Mae and Freddie Mac loans simply reduce the minimum down payment from five percent to three percent.  That change has been shown, statistically, to have a very minor impact or no impact at all on default rates based on historical data.

We all need to keep an eye on lending standards to make sure we don't repeat our past mistakes.  This minor change in lending is not one of those mistakes.

- Search every real estate listing from every company in Greater Seattle on SeattleHome.com -

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Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Dec. 5, 2014

Seattle-Area Gets Higher Loan Limits For 2015

Seattle loan limit increaseThe FHFA announced new loan limits for 2015 in many counties across the country.  The Seattle market was one that saw an increase in the size of real estate mortgages available next year, a significant boost in a tight credit environment.

King, Pierce, and Snohomish County saw their loan limits for these GSE-backed mortgages rise to $517,500.  That's up from the $506,000 loan limit for 2014.  FHFA oversees Fannie Mae and Freddie Mac, which are responsible for the secondary market that makes much of the conventional mortgage market feasible.  

While Jumbo mortgages are still available for high-priced real estate markets like Seattle, they often have more strict lending standards than those backed by an FHFA outfit.  Allowing borrowers in high cost markets to borrower larger amounts gives more flexibility to the credit markets and gets inventory moving more quickly.  

From the Realtor blog:

As local median home sale prices rise in the recovery, it will become increasing important that the FHFA keep up with conditions, or borrowers pushed into the jumbo portion of the market may not be able to find financing. In 2015, the agency will increase loan limits in 46 counties. Loan limits are determined at the county level, but are the same across metro areas. Thus, the loan limit for all ten counties in the Denver metro areas was raised from $417,000 in 2014 to $424,350 in 2015, an increase of $7,350. Boulder (4.7% increase), Baltimore (9.5%), and Napa (3.9%), will all experience significant increases in their loan limits, but the largest increase was in the Boston (10%) metro area where the limit will rise by $47,150 to $603,750.

 

The FHFA’s action to raise limits in 2015 will improve access to credit for many borrowers in affected areas. But in the years ahead, the FHFA’s responsiveness to changes in local conditions will grow in importance until health is restored to the jumbo sector.

As the Seattle market's prices continue to rise, we'll likely need to see more adjustments by the FHFA to keep up with local values.  Financing options for homes that are within a normal price range for their local markets are a necessity to keep the real estate market in a healthy growth environment.

- Search every real estate listing from every company in Greater Seattle on SeattleHome.com -

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Nov. 12, 2014

Surprise: Seattle Stats Say Winter Is A Better Time To Buy A Home

I've written before about the opportunities for home buyers in winter.  It's the best time to buy a home if you can brave the weather and the holiday schedule.  Buyers at this time of year have little competition, and sellers know it.  Now, I have statistical evidence to back up the notion.

Seattle winter home prices drop

Here's the simple analysis:  Match up the troughs in the chart above, and you'll see that there's a very consistent pattern every winter.  While the multi-year trends are all upward in direction, when we hit December every year, sellers are listing their homes at lower prices.  At the same time, buyers are negotiating bigger discounts on those homes.  In combination, you're seeing home buyers getting the best prices on homes, by far, during the winter.

The statistics used were very broad.  Over 36,000 transactions in Seattle, recorded on the Northwest MLS, were included.  From early 2011 through late 2014, we looked at the original median listing price, or the price that sellers first posted when they put their homes on the market.  We also looked at the sale-to-list price ratio, which measures how much lower the final selling price was than the advertised listing price.

Remember that Seattle homes prices were going up throughout this entire time frame.  Every year, median prices were higher, but we still had those troughs of list price depreciation in winter.  It frankly doesn't make sense in terms of the market's momentum, but practical factors like buyer scarcity apparently entice sellers to post less aggressive prices on their homes in December.

The same story holds true for the bigger discounts buyers were getting in winter.  Based on low inventory and appreciating market prices, sellers should be holding firm in winter on their prices.  That just doesn't pan out in real life, however, as they statistically allow buyers to negotiate prices down further during the month of December.

Without getting too deep into the details, the median original listing prices in December of each year were 10 to 20 percent lower than their maximum prices in the same year.  Buyer negotiations netted discounts of one to two percent (of the purchase price) more than they did in the best months for sellers, typically April.  That basically meant doubling the discount in terms of raw dollars.  

There are plenty of other factors that could have affected original list prices, including different property types and categories being listed more often at different times of the year.  Still, it's very unlikely that they make up for the entire change in original list prices.  As for the negotiated discounts, the only conclusion we can come to is that sellers are more flexible in a December negotiation.

Winter is the time to buy in Seattle.  Your friends may think otherwise, but they're playing the "nice sunny open house" game, not the "get the best price I can" game.  If you have the ability to buy a home during the winter months, you can take advantage of being that lonely buyer with sellers tripping over themselves to get you under contract.  That's a nice trade off for braving a little bit of cold and rain.

- Search every real estate listing from every company in Greater Seattle on SeattleHome.com -

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Oct. 30, 2014

How To Choose A Seattle Real Estate Agent/Realtor

Choosing a Seattle RealtorChoosing a real estate agent in Seattle is not an easy task.  There are dozens of companies and thousands of agents locally.  Most online guides offer "20 questions to ask a Realtor", but they don't really focus you in on the most important qualities to look for.

Every home seller and every home buyer is different.  

The best real estate agent for you won't be the same as your neighbor.  You might prefer the top selling agent in your neighborhood.  That person might be very busy and have a team that handles the majority of your interaction, but top production numbers might be the status you're looking for.

Your neighbor, on the other hand, might want an experienced agent who can spend plenty of one-on-one time with them directly.  The agent who has a moderate number of clients will be much more available for phone calls, or in-person meetings than the mega producer.

You may want to consider whether or not your real estate agent is a Realtor.  

This distinction isn't always clear to buyers and sellers, but not all agents are Realtors.  The designation is only given to those agents who are members of the Realtor organization.  

Realtors work for property rights and protections for homeowners in your community and give back with their own time and money.  That dedication to the local community is important to many homeowners who make sure the agent they select is a Realtor member.

Consider where the buyers for your home are right now.  

Nine out of ten home buyers are online.  If your agent doesn't have a significant online presence, how will they make your listing stand out where all of the buyers are shopping for homes?  If your home is in a gated community or on a golf course, an agent with lots of local connections like neighborhood associations might be the person who can sell your home to a neighbor quickly.  More and more, though, homes are discovered online and get more offers through online exposure, even from neighbors who are just a few blocks away.  Without a standout online presence, your listing will sit on the big aggregation websites, undistinguished at ten pages deep between thousands of other listings.

If you think that your most likely buyer is online, make sure your agent's listings are discoverable.  Google the agent's name to verify them.  Better yet, Google "Seattle homes" or "Seattle condos for sale".  That's what the buyers are doing, and that's where your home gets discovered.  Agents who show up for those kinds of buyer searches have a unique advantage when marketing your home online.

Experience, marketing skills, and personal likability 

These factors come into play for each buyer or seller in a different way.  Some are looking for the agent with the most years in the business.  Others might prefer a newer agent if he or she has a unique grasp on today's online marketing.  The most important thing, for many buyers and sellers, is that they get along well with the agent.  You'll potentially be working with this person for a few months, so knowing that they're responsive, attentive, and polite will make a big difference in how your relationship works out as you move through the sales process.

Make the process of choosing a Seattle real estate agent your own

Don't feel obligated to quickly choose an agent because they sold the neighbors' house, or the newspaper ad says they're a top producer in Seattle.  Those might be the right agents for you, but without getting to know them personally, you'll never know.  Figure out what you need personally from your agent, and what you need in terms of marketing or searching for a home.  Then spend some time researching online, and finally sitting down with an agent to see if your personalities mesh.  

Your real estate agent isn't just a transactional provider.  They're going to answer your calls at 8 pm on a Thursday, and run out to show a home to you or for you at noon on a Sunday.  They're going to be working on a contract for you at 8 A.M. Monday morning when they need to get it signed and delivered by 11 A.M.  The process can be stressful if you're not working with someone you can talk to directly, see eye-to-eye with, and trust to bring your transaction to a successful close.

Choosing a Realtor in Seattle isn't easy.  If you take your time, though, and really think about what you need as a home buyer or home seller, you'll find that your search will quickly focus you in on the kind of agent that will make your home purchase or sale a much more organized and low-stress process.

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Oct. 29, 2014

Bellevue #2 in America's Best Cities To Live

Bellevue was once again near the top of an American livable cities list.  The most recent story was produced by Wall St 24/7.

The outlet measured employment growth, education rates, housing affordability, and crime rates to create a list of the "best cities to live in".  Newton, Massachusetts was the only city to outpace our Eastside enclave.

Housing affordability might be a stat that sticks out to those familiar with Bellevue.  Known for upscale real estate, the city certainly isn't "affordable" across the board.  There are many neighborhoods in East Bellevue, though, that are not as well known but still have access to the city's top-rated school and employment opportunities.  Homes in these areas have affordable pricing compared to much of the Seattle market.

Bellevue was cited for its 5 percent employment growth rate and under 5 percent unemployment.  Based on the commercial and residential building boom locally, the effect of those jobs is obvious. The sales tax was listed as a negative, but that's of course offset by there being no state income tax in Washington.

Almost two-thirds of Bellevue's adults have college degrees.  That stands out against any city in the country, and the local schools show the area's dedication to preserving those high levels of education.

See today's newest listings for sale in Bellevue

 

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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Oct. 21, 2014

Seattle Homes Prices Rise 9.7%, Inventory Still Under 2 Months

Home prices in Seattle rose nearly ten percent over the past year, outpacing many projections for the metropolitan market and adding further steam to local real estate atmosphere.  The median home sale price in Seattle sat at $499,000 in September, an increase of 9.7 percent over the same month in 2013 ($455,000).  

Month-over-month, the pricing improved 6.2 percent, a significant jump as we head in to a slower fall market.  Tight inventory might once again make the fall season more competitive than normal.  

Seattle Median Home Prices, Months of Real Estate Inventory Available For Sale

Seattle home prices

 - See today's newest listings direct from the MLS - 

There are still less than 2 months' inventory available in Seattle for single family homes.  That means that the current buyer population would theoretically eat up the entire available inventory within 60 days if no new listings came on the market.  The quick rate at which homes are selling makes for a continued sellers' market.

We've been under 2 months' inventory for most of 2014.  A balanced market should have closer to five months of inventory.  This may be the winter where we finally get some of that inventory back, but rising prices will definitely keep up the competition and motivation for buyers who are in the market.

For home sellers thinking about listing, even the normally slow winter months may be a great time to sell based on buyer motivation in the current market.

Search every home from every company in the Greater Seattle market right now!

New real estate listings in SeattleDetailed Seattle home searchWhat is my Seattle home worth?

Seattle Homes Group

© Seattle Homes Group
Sam DeBord, Managing Broker, REALTOR®, Coldwell Banker Danforth

Director, Seattle King County REALTORS® - State Director, WA REALTORS®
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com

Statistical source if not otherwise noted is NWMLS. The Northwest Multiple Listing Service did not compile or publish this information.

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