Newsletter

Ben Kinney Wealth Series

I have long admired Ben Kinney for his business acumen and straight-forward advice.  He started in real estate only 16 years ago, and today operates one of the top real estate teams in the nation.  To say he is successful is an understatement.

Recently he and his team made possible a great podcast series titled Win, Make, Give.  I listened and highly recommend it.  Ben shares proven models and systems around health, wealth, leadership, and legacy.  Using Ben’s coaching and training excerpts, explanations of his models, and thought-provoking powerful interviews with some of the world’s greatest minds in both life and business you will walk away with a lot of ideas to go forth and do well!  I’m pleased to make this available to my readership. 

Just click here to register and begin the first of eight, hour-long lessons. Let me know what you think!

Seattle Area Home Shoppers Changing their Desires

The pandemic has caused changes in the housing market across the nation. While many home buyers are looking for larger homes with more outdoor amenities, in our region, we have seen a huge bump in searches for homes under 1000 square feet.

According to real estate researchers, Point2, prior to the pandemic lock-down roughly half of home searches were for homes under 1000 sq ft.  Lately that has accounted for 83% of searches as apartment dwellers looked for more space and to take advantage of the low interest rates.  I suspect this is particularly true for those who work in tech, which has not been as hard hit by the economic punches, and it may also reflect some investor buying.

Also interesting, is that fewer people are dead set on the “open floorplan” instead focusing on separate private spaces.  It’s easy to understand as parents and students are all “working from home,” personal space is a hot commodity. I am also seeing more buyers interested in living further out in the “country” if you will, in the outskirts of Snohomish and King County.

With trends like these, it will be interesting to see what builders offer in 2021!

THE PANDEMIC IS CHANGING WHAT BUYERS WANT

The shelter in place orders are not only inspiring home improvement projects, they are also changing what buyers are looking for. In this time of virtual meetings, home exercise and home schooling, families need more flex spaces than ever before. My listing last month had a ton of extra rooms that could be purposed for a family staying home and it sold fast. The sense is that we are also seeing more people wanting larger outdoor areas and considering homes a little further away from work than they did a couple of months ago due to more working-from-home time. Read more from Forbes Magazine about this here.

Curious About Your Home Value

 

Reach out to me for a market evaluation, or visit my valuation website and request one.  If you provide your email address, I will send a “Comprehensive Market Report” via email giving you loads of information about homes like yours that have sold near you, along with a lot of tips about getting ready to sell. Also like my Facebook page so you can be the first to get the local real estate news.

Housing Market Could Lead the Recovery

 

With the likelihood of a recession looming, a Harvard researcher believes the housing industry may be poised to help lead the post-COVID economic recovery, according to article shared by Northwest MLS.  Daniel McCue, a senior research associate at Harvard’s Joint Center for Real Estate Research, acknowledged it’s too soon to say how far the economy will fall and when the slide will end. 

McCue credits a decline in interest rates that lowers borrowing costs for both homebuyers and builders, which makes homebuying more attractive and spurs homebuilding and the many related durable consumer goods industries that drive GDP growth.

ONLINE HOME SEARCHES

The wave of the immediate future

Not surprisingly, with the spread of “stay home, stay healthy,” interest in home buying plummeted.  But it slowly rebounded to higher levels than the previous year, according to Zillow’s metrics.  I saw the same thing as buyers became interested in seeing homes and in fact, we listed and sold a home in a weekend. While sales are slower, they are still happening. As we adjust to the “new normal,” most experts are anticipating a slight rebound in the market. And the good news for sellers is, prices are slightly up.

APRIL NWMLS MARKET STATS

Prices are up, believe it or not

To many people’s pleasant surprise, April’s Market Activity Report showed an increase in sale prices by almost 5% compared to a year ago but inventory is significantly lower.  Still 5,866 homes sold and more went under contract.  However, with listings down 35%, there is simply not enough homes to meet demand.  This is what is causing the market to continue to rise despite Coronavirus.  What happens next takes a crystal ball, which are sold out like many things right now ;-). Buyers might get frustrated and back off, or sellers might get greedy and demand prices that are too high or flood the market all at once. Time will tell and I will release May’s numbers as soon as they come available, so be sure to friend my Facebook page to get the latest.

FEATURED LISTING

My listing went under contract in just a weekend and for almost 6% over asking. We use a proven marketing plan, along with expert staging advice and top-notch photography which helps us average 4% over listing price on all our listings. Ping me to see how I can help you.

Counties Across Washington Delay Property Taxes Until June 1

The good news is that there have been many programs offering help to those whose incomes are impacted right now. King County was first in delaying property taxes until June 1, with all other counties now following suit. Most utilities are also offering support in the form of rate reductions or payment deferrals if you reach out to them. The same for credit card companies. Some landlords are reducing or deferring rent and the state has some programs for people having trouble making their mortgage payments. Even some car insurance policies are rebating fees due to reduction in accidents with fewer people on the road. Take advantage of these savings to help get through the hurdle. Together, we will get through this!

March Market Statistics Are Out ~ But They Don’t Mean Much

According to Northwest MLS, local real estate market “experienced a bit of turbulence in late March” as the coronavirus crisis evolved, and Governor Inslee shut down real estate efforts entirely for a time. Realtors are still prohibited from holding open houses but are permitted to show and list homes now. That said,  it’s under strict guidelines and there is not a lot of activity right now. However, despite the limitations, Northwest MLS brokers added 10,291 new listings to the database during March, up 31.2% from February and nearly matching the year-ago number. At the end of March, there were 9,418 active listings in the NWMLS database. Assuming we continue to “Stay in Place” and are able to stem the tide of the coronavirus, most experts expect the market to return over the summer months, in part due to phenomenal interest rates and because of the large tech presence in our area. April and May will be very quiet with some listings and sales happening, but not at nearly the rate we would expect for this time of year. None of us have a crystal ball so only time will tell, but there is reason to be optimistic. For example, even when the stock market might fall, real estate tends to hold its value making it an appealing investment for many. Stay tuned!