Seattle, Eastside, and King County Market Update

The spring home buying season started early this year. Open houses had increased attendance and bidding wars returned. After months of softening, home prices in most of the region jumped significantly from the prior month. With just one month of data, we’ll have to wait and see if this is the start of a longer upward trend.

Eastside

>>>Click image to view full report.

The Eastside was one area of King County that continued to see prices moderate. The median price of a single-family home on the Eastside was $900,000 in February, a drop of 5 percent from a year ago and down slightly from last month. However, supply here isn’t nearly enough to meet demand, a fact that most likely won’t change any time soon. Amazon’s latest expansion in Bellevue is expected to bring a significant wave of new employees to the city.

King County

>>>Click image to view full report.

The median single-family home in King County sold for $655,000 in February. While up slightly less than 1 percent year-over-year, it was an increase of $45,000 over January.  Southeast King County, which includes Kent, Renton and Auburn, saw the greatest gains with prices rising 4.5 percent over the previous year. While inventory has grown, it is less than half of the four to six months that is considered balanced.

Seattle

>>>Click image to view full report.

More inventory and low interest rates helped bring buyers back into the market. The median price of a single-family home in Seattle hit $730,000 in February, down 6 percent from a year ago, but up $18,500 from January. With just six weeks of available supply, Seattle continues to have the tightest inventory in the county. Seattle’s record development boom shows little signs of easing, so we can expect strong demand to continue.

Snohomish County

>>>Click image to view full report.

The median price of a single-family home in Snohomish County reached $474,947 in February. Although that is a 2 percent decrease from last year, it is $5,000 more than January. As buyers push outside of King County to search for more reasonably priced homes, Snohomish County continues to struggle to find enough inventory to meet growing demand.


Posted on March 12, 2019 at 1:33 pm
Ted Mansfield | Posted in Uncategorized |

Don’t Get Caught in the Rental Trap in 2019

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone!

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market

It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership.

 


Posted on December 13, 2018 at 12:11 pm
Ted Mansfield | Posted in Uncategorized |

Lake Hills Real Estate

Lake Hills Real Estate

Neighborhood Entry Signs Lake Hills Real EstateKing County Library Lake Hills Real Estate1955 Ads Lake Hills Real EstateLittle Red Barn Lake Hills Real EstateJust on eof the neighborhood schools Lake Hills Real Estate

BACKGROUND

Lake Hills is a post-50’s mass development planned community, built on a system of winding boulevards and quiet neighborhood streets. A community swim and recreation club, The Samena Club, and the Lake Hills East Bellevue Little League Field are also centrally located. The distinctive Lake Hills entry signs are reminiscent of the 50s-era housing style, and there are still great examples of Mid-Century Modern architecture in the area. The Lake Hills Real Estate market is only going to increase in value!

LAKE HILLS TODAY

Today, Lake Hills is a culturally rich community. It has a multitude of parks, wetlands, open space, trails, shopping, restaurants, schools, and the new Lake Hills Library. Lake Hills is also home to the Lake Hills Greenbelt, including the Lake Hills Farm Fresh Produce Stand (affectionately known as the Little Red Barn) and the Larsen Lake Blueberry Farm.

LAKE HILLS REAL ESTATE

The location, lot sizes, relative affordability, and community assets are making Lake Hills one of the hot real estate markets on the Eastside. Combined with the extremely successful revitalizion of Kelsey Creek Shopping Center and Lake Hills Village, Lake Hills is experiencing construction of many new homes, and rehab and modernization of the 50’s homes. If you want a Mid-Century Modern home at a great price, Lake Hills is your spot!

Lake Hills is situated in a unique location, making the old adage “location, location, location” absolutely true. Easy access to 520, I-90, and 405. Minutes to Microsoft. The Lake Hills Connector road gives nearly instant access to downtown Bellevue.

You need to have the right Realtor for buying and selling Lake Hills Real Estate! A Lake Hills specialist who knows the details, the neighborhood, the schools, and the market. Ted is uniquely qualified to sell your Lake Hills home, or to help you find the perfect new one. When buying, Ted’s first-hand knowledge is invaluable. Ted’s true enthusiasm for Lake Hills is that added boost to successfully marketing your home and getting top dollar! Ted Mansfield is your Lake Hills Real Estate specialist! Interested, contact Ted today!

Lake Hills Real Estate Links:


Posted on November 8, 2018 at 2:02 pm
Ted Mansfield | Posted in Buying a home, Community, First Time Buyers, Investment, Move Up Buyers, Real Estate |

Don’t Be Spooked by the Real Estate Market!

Starting your journey to buy or sell a home can be scary if you aren’t familiar with everything that needs to happen! That’s why you need a trusted advisor to lead you through the whole process. One that will educate you, help you get the best price for your home or make the best offer, and will lead you through the process with confidence! Let’s get together today!


Posted on November 1, 2018 at 11:11 am
Ted Mansfield | Posted in Active listing, Buying a home, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Selling your home |

How Will Home Sales Measure Up Next Year?

How Will Home Sales Measure Up Next Year? | Simplifying The Market

There are many questions about where home sales are headed next year. We have gathered the most reliable sources to help answer this question. Here are our sources:

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.

Here are their projections:

How Will Home Sales Measure Up Next Year? | Simplifying The Market

Bottom Line

Every source sees home sales growing next year. Let’s get together to chat about what’s going on in our neighborhood.


Posted on November 1, 2018 at 11:08 am
Ted Mansfield | Posted in Uncategorized |

Buyer’s Guide to purchasing a home

The newest edition of the Mansfield Group Buyer’s Guide. It’s a handy reference tool that walks one through the steps to buying a house. Includes information on financing & mortgages, the home search itself, as well as info on closing activities. The Buyer’s Guide also includes a Glossary of Buyer’s Real Estate Terms that will help you understand the lingo a little better. Looking or thinking of buying a new home? Give us a call/text/DM on Insta and we can make it happen! Ready to start searching, click HERE.

 


Posted on October 16, 2018 at 9:27 am
Ted Mansfield | Posted in Buying a home, First Time Buyers, Mortgage, Move Up Buyers, Real Estate |

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? |Simplifying The Market

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.

In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? |Simplifying The Market

Bottom Line

Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.


Posted on October 14, 2018 at 1:32 pm
Ted Mansfield | Posted in Buying a home, Finance, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate |

Dispelling the Myth About Home Affordability

Dispelling the Myth About Home Affordability | MyKCM

We have all seen the headlines that report that buying a home is less affordable today than it was at any other time in the last ten years, and those headlines are accurate. But, have you ever wondered why the headlines don’t say the last 25 years, the last 20 years, or even the last 11 years?

The reason is that homes were less affordable 25, 20, or even 11 years ago than they are today.

Obviously, buying a home is more expensive now than during the ten years immediately following one of the worst housing crashes in American history.

Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) that were selling at 10-50% discounts. There were so many distressed properties that the prices of non-distressed properties in the same neighborhoods were lowered and mortgage rates were kept low to help the economy.

Low Prices + Low Mortgage Rates = High Affordability

Prices have since recovered and mortgage rates have increased as the economy has gained strength. This has and will continue to impact housing affordability moving forward.

However, let’s give affordability some historical context. The National Association of Realtors (NAR) issues their Affordability Indexeach month. According to NAR:

“The Monthly Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent monthly price and income data.”

NAR’s current index stands at 138.8. The index had been higher each of the last ten years, peaking at 197 in 2012 (the higher the index the more affordable houses are).

But, the average index between 1990 and 2007 was just 123 and there were no years with an index above 133. That means that homes are more affordable today than at any time during the eighteen years between 1990 and 2007.

Bottom Line

With home prices continuing to appreciate and mortgage rates increasing, home affordability will likely continue to slide. However, this does not mean that buying a house is not an attainable goal in most markets as it is less expensive today than during the eighteen-year stretch immediately preceding the housing bubble and crash.


Posted on October 14, 2018 at 1:28 pm
Ted Mansfield | Posted in Buying a home, Finance, First Time Buyers, Investment, Luxury market, Mortgage, Move Up Buyers, Real Estate |

Wants vs Needs When Buying a Home – Learning the Difference

One of the first questions that a real estate agent will ask new buyers is, “What do you want in
your new home”? It might seem like an easy question to answer but identifying your “wants’
from your “needs” is an important aspect of home seeking.

Needs
A need is something that is truly essential to how you and your family live. For instance, if you
have a family of four, you truly can’t live in a studio-style apartment; bedrooms become a real
need in house hunting. By contrast, while having an acre of land would be nice, do you truly
have to have that much space in your yard?

Make a List
One way to focus your thought is to create a list of features and amenities that you would like
to have in a new home. Prioritize this list starting with the essential (need) first and work your
way down to the aspects that would be nice to have (want). Remember that you might live in
this home for a number of years, so consider how your family will grow over the next few
years and what needs might change.

Think about elements outside the house itself as well. Do you have school aged children, or
will you? The location of the home might be a need as well. Commute times, recreation and
services must also be included in the list of priorities.

Home hunting is exciting; make sure you include your needs in your search so you don’t get
distracted by a want instead.


Posted on August 1, 2018 at 5:32 am
Ted Mansfield | Posted in Buying a home, First Time Buyers, Move Up Buyers, Real Estate |

Good Start Back to School

To give students every possible advantage, we are having a school supply drive for lower income Bellevue kids. Please consider purchasing some of these items (or a gift card and I will purchase the items) – I will even come to you and pick the items up!


Posted on July 24, 2018 at 9:58 am
Ted Mansfield | Posted in Uncategorized |