GREEN Homes Introduction

In the next few weeks, I’ll be posting many new features and information about Green Homes that I’ve learned from earning my National Association of Realtor’s GREEN designation.

Whether you want to improve the resale value of your home or are looking for a new, more resource-efficient property, a REALTOR® with NAR’s Green Designation
can help.

NAR Green Designees really know green. While considering updates to your home, I can help you understand the advantages of resource-efficient upgrades to existing homes, interpret the benefits of high performance features, select the best products and professionals, research information on improving resource use, and access a variety of credits, incentives, and programs designed to help you make your home more resource efficient.

Why use a GREEN Designee? (click the link to be taken to the Green Designee website with specialized answers for Buyers, Sellers, or Builders.

Posted on March 28, 2018 at 11:08 am
Ted Mansfield | Category: Buying a home, Green homes, Investment, Move Up Buyers, New Construction, Real Estate, Remodel, Selling your home, Uncategorized

March Neighborhood Update


Neighborhood Update
from Ted Mansfield

LOCAL MARKET UPDATE

The local real estate market set new home price records in many parts of the region in February. Prices here have grown faster than anywhere else in the country for the last 16 months in a row. Demand remains high and inventory very low. Brokers are hoping the normal seasonal increase in listings this spring will help give buyers some relief.

Read the full Local Market Update, including statistics for the Eastside,Seattle, King County and Snohomish County.

  EASTSIDE

  


If you’d like information on your specific neighborhood, give me a call and I’ll be happy to send you a report.

See more over-the-top homes on our Pinterest board!

IN THE KNOW a few things I think you’ll like:

Ted Mansfield – Broker
Mobile: (425) 502-2201

Office: (425) 643-5500
If there is any additional information I can get you, please give me a call.   
– Ted
Windermere Real Estate East, Bellevue South, 14405 SE 36th St., Suite 100, Bellevue, WA 98006
Posted on March 13, 2018 at 9:42 pm
Ted Mansfield | Category: Uncategorized

Latest NAR Data Shows Now Is a Great Time to Sell!

Latest NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to sell your house.

 

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that homebuying demand continued to outpace the supply of homes available in January.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger demand there is).

Latest NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

In addition to revealing high demand, the index also shows that compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 22 states, ‘stable’ in 25 states, and ‘strong’ in only 4 states (Alaska, Nevada, North Dakota & Utah).

Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
  • Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
  • This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisisthat is weighing on affordability.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

In January, properties sold nationally were typically on the market for 42 days. As Yun notes, this will continue unless more listings come to the market.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right noware becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

Posted on February 26, 2018 at 12:09 pm
Ted Mansfield | Category: Uncategorized

The relation between interest rates and your purchasing power

Hoe does interest affect home buying power?

We all know that higher interest means higher payments. But what does that mean in real world numbers? The following infographic shows just that. A 1 point jump in interest basically means 10% less house when looking at a $700,000 house. The highlighted numbers in the table show what the same payment buys across a range of home prices.

What does it mean to me right now?

As we are foreseeing a slight bump in interest in the next year, you might want to consider making your jump now to get the most house you can.

Posted on February 23, 2018 at 10:52 am
Ted Mansfield | Category: Buying a home, Finance, First Time Buyers, Investment, Mortgage, Move Up Buyers, Real Estate, Uncategorized

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 | Category: Uncategorized

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 | Category: Uncategorized

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 | Category: 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 | Category: Uncategorized

Eastside specialist Accredited Buyer’s Rep

Posted on February 4, 2017 at 12:35 pm
Ted Mansfield | Category: Uncategorized

When is a good time to rent?!

Posted on December 6, 2016 at 10:24 am
Ted Mansfield | Category: Uncategorized