Eastside Market Review – 4th Quarter 2017

Our Eastside Market Review is now available for the fourth quarter of 2017.

You can read the full report online by clicking the image below.

Eastside Market Review Q4 2017


Posted on February 7, 2018 at 3:29 pm
Ted Mansfield | Posted in Buying a home, Investment, Luxury market, Mortgage, Real Estate, Selling your home |

Where Are Mortgage Interest Rates Headed in 2018?

Where Are Mortgage Interest Rates Headed in 2018? | Simplifying The Market

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Where Are Interest Rates Headed? | Simplifying The Market

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home.


Posted on February 7, 2018 at 3:26 pm
Ted Mansfield | Posted in Finance, Investment, Mortgage, Real Estate |

Bidding wars – how long will they continue?

Bidding Wars Abound… How Long Will They Continue? | Simplifying The Market

Bidding Wars Abound… How Long Will They Continue?

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.


Posted on February 1, 2018 at 1:53 pm
Ted Mansfield | Posted in Buying a home, Finance, Luxury market, Mortgage, Real Estate, Selling your home |

U.S. Housing Inventory Crunch Continues… List Your House Today!

U.S. Housing Inventory Crunch Continues… List Your House Today! | Simplifying The Market

Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.

Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!

At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.”

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Crunch Continues… List Your House Today! | Simplifying The Market

The largest drop in inventory was in the starter home category which saw a 19% dip in listings.

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2018, now may be the perfect time!


Posted on January 29, 2018 at 7:35 am
Ted Mansfield | Posted in Uncategorized |

5 Reasons Millennials Choose to Buy

5 Reasons Millennials Choose to Buy [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
  • The top reason millennials choose to buy is to have control over their living space, at 93%.
  • Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.

Posted on January 26, 2018 at 12:52 pm
Ted Mansfield | Posted in Buying a home, Community, Investment, Real Estate |

Eastside Statistics Slideshow

Eastside Real Estate Statistics including Bellevue Issaquah Redmond Kirkland Woodinville . The statistics show that low inventory and record numbers of buyers continue to dominate our market. This strong seller’s market doesn’t mean one can’t find their “just right” home – contact me to be your expert Buyer’s Representative to navigate these waters, or to be your Eastside Expert Seller’s Rep. I’m passionately innovative in making you, your properties, and your needs number one!

Posted on January 26, 2018 at 10:08 am
Ted Mansfield | Posted in Uncategorized |

What Impact Will the New Tax Code Have on Home Values?

What Impact Will the New Tax Code Have on Home Values?

 

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

What Impact Will the New Tax Code Have on Home Values? | Simplifying The Market

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Here is a map based on NAR’s analysis:

What Impact Will the New Tax Code Have on Home Values? | Simplifying The Market

 

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.


Posted on January 25, 2018 at 11:54 am
Ted Mansfield | Posted in Real Estate, Selling your home |

If You’re Considering Selling, ACT NOW!!

If You’re Considering Selling, ACT NOW!! | Simplifying The Market

If You’re Considering Selling, ACT NOW!!

Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?

  1. New-home sales were at their highest level in a decade.
  2. Sales of previously owned homes were at their highest level in more than a decade.
  3. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

And Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”

And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.


Posted on January 25, 2018 at 11:50 am
Ted Mansfield | Posted in Real Estate, Selling your home |

December Eastside Statistics show more of the same!

Statistics are showing that our market isn’t slowing down. The longer you wait to buy, the less and less you will get for your money, and if you wait until Spring or Summer to sell, the more competition you will have for those buyers’ dollars. Eastside sales, especially West Bellevue, continue to rise rapidly in price. Other areas, including the traditionally affordable Lake Hills and Lochmoor, are also rising rapidly, as affordable housing in Bellevue becomes more and more rare.

Call me now to take advantage of this market in either selling for a maximum profit, or expert help in buying and negotiating!

Eastsdie Real Estate Statistics

Statistics are showing that our market isn't slowing down. The longer you wait to buy, the less and less you will get for your money, and if you wait until Spring or Summer to sell, the more competition you will have for those buyers' dollars. Call me now to take advantage of this market in either selling for a maximum profit, or expert help in buying and negotiating!

Posted by Ted Mansfield – Windermere Real Estate on Tuesday, January 16, 2018


Posted on January 19, 2018 at 1:09 pm
Ted Mansfield | Posted in Uncategorized |

Don’t be surprised by Closing Costs

As a Realtor, I love to provide to all of my clients the information they need to be confident in their real estate transactions. Many people don’t know what questions to even ask, so we’ll go over everything in brief or detail – your choice. I also provide educational booklets and web links that are also great tools for the home seller or home buyer to use at their leisure. My goal is for you to not be surprised by anything!

According to a recent survey conducted by ClosingCorp, over half of all home buyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat home buyers, the results revealed that 17% of home buyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Home buyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”


Posted on March 9, 2017 at 11:54 am
Ted Mansfield | Posted in Uncategorized |