City Guides October 3, 2019

How Long Things Last

We all know that nothing lasts forever, but when everything is working fine it is easy to forget that all of the systems and appliances in your home have a finite lifespan. Keep this information in mind, whether you are buying or selling a home, budgeting for improvements, or deciding between repairing and replacing.

Here’s a brief look at some of the components of your home and their average lifespans (courtesy of the National Association of Home Builders)

 

ROOFING, SIDING, WINDOWS & DECKS. You can expect slate or tile roofs to last around 50 years, wood shingles 25-30, metal will get you about 25 years, while asphalts typically last about 20 years. The lifespan for siding can vary quite a bit. Brick will last 100 years or more, aluminum about 80 years and stucco will probably last you 25 years. Wood siding can last anywhere from 10 to 100 years depending on the climate you live in and how it is maintained. Both aluminum and vinyl windows will last 15 to 20 years, while unclad wood windows can have a life of 30 years or more. Cedar decks will average 15-25 years as long as they are properly treated and cleaned, and a high quality composite deck will last 30 years with minimal maintenance.

 

FLOORING. The natural flooring materials such as wood, marble, slate or granite will all last 100 years or more, while tile has an average life of 70-100 years. Vinyl can last up to 50 years, while laminate and linoleum will get you up to 25 years. Expect your carpet to last 8-10 years, depending on use.

 

KITCHEN & BATH. Laminate countertops can have a life of 20 years or more, but it will vary depending on use. Wood, tile and stone should last a lifetime, and cultured marble will typically see a lifespan of 20 years. You can expect your stainless steel sink to last you about 30 years, while an enamel-coated sink will give you five to 10 years. Slate, granite, soapstone and copper will be around for 100 years or more. Bathroom faucets should give you about 20 years, and toilets will average a 50-year lifespan, although some of the parts will need replacing.

 

APPLIANCES. The lifespan of appliances will vary widely depending on the appliance, the brand, model, and use. Use these average lifespan numbers as a rough guide for when it may make more sense to replace rather than repair. Gas ranges tend to have the longest lifespan of your major appliances, giving around 15 years of use. Electric ranges on the other hand, are closer to 13 years, which is also the expected lifespan for standard refrigerators and clothes dryers. Your garbage disposal should give you about 10 years of use, while the dishwasher and microwave will be around nine years. You can expect your electric furnace to last about 15 years, 18 for gas and 20 for oil-burning. Central air systems will live 10 to 15 years on average.

 

Check out the NAHB website for more information.

Newsletter October 3, 2019

Monthly Newsletter – September 2019: Identifying Dual Markets and the Opportunities They Provide

2019 has been a year where we have continued to gain more balance in the real estate market. Inventory levels have increased, days on market are longer, negotiations have opened up, and the constricted multiple-offer market is no longer the norm. It has been comforting to see price appreciation temper and move towards more normal, historical levels. Today’s market certainly seems more sustainable and has provided some great opportunities for both buyers and sellers, especially for those that are both.

Recently, I did an analysis on new phenomenon that has presented itself. This is the presence of a dual market. A dual market is when you have different market conditions within the same overarching real estate market. This duality presents amazing opportunities for sellers who are also buyers, depending on where they want to go.

Two dual markets that I have discovered are the move-up market and the move-out market. The move-up market is when you sell the home you are in and move up to an upgraded home in a higher price point. For example, in Edmonds, WA there are many people who are interested in selling their current home and upgrading to a view home. When I analyzed the statistics in both sections of the Edmonds market it appears that a dual market is presenting itself.

In August, all homes in Edmonds under $1M had an absorption rate of 88% while all homes over a $1M, 16%. Months of inventory based on pending sales under $1M was only one month of available inventory, and over $1M, six months! That is the difference of a seller’s market under $1M to a balanced market teetering on a buyer’s market over $1M. After many solid years of strong appreciation, folks that are looking to cash out the equity on their current home and move it into a view home have the opportunity to move their investment with a sizable down payment and upgrade to the lifestyle they have been dreaming about.

Let’s also not forget to mention today’s interest rates. They are a point lower than they were a year ago, affording buyer’s 10% more buying power. For example, a one-point lower rate on a home priced at $1.2M will now afford a buyer the purchase of a home at $1.32M with the same monthly payment. Couple that with price appreciation tempering and you have a move-up market heyday in the making!

The other dual market that is exciting to witness is the move-out market. This is prevalent for the Baby Boomers looking to cash out on the home that they enjoyed during their working years, typically near job centers, and relocate to an outlying area to retire. The chart below illustrates the market conditions and prices in the urban markets and compares them to the market conditions in some of the most popular retirement destinations in the state, such as Sequim, Island County, Okanogan County, and Chelan County.  Note, if there is a destination that is not listed and you would like the statistics, please reach out. I have access to many markets across the state and beyond.  Also, I am a part of an agent network that I can access to put you in touch with capable experts across or out of the state to help educate and serve your real estate needs with these markets.

 

The previous, hard-core seller’s market we experienced was quite the ride and built up some pretty major equity gains for homeowners across the board. It was exciting, but these more normal conditions are more pliable and comfortable. They allow for moves that don’t require physically moving twice, high price escalations, or constantly getting beat out by other buyers to succeed. Overall, there is just more breathing room. Are there homes that get multiple offers, yes! Homes that are expertly brought to market with thoughtful pricing and dialed-in preparation are having fun with their results. Opportunities abound for both buyers and sellers, and in a market with more options it is important to align with an agent that can help navigate all the choices.

If you are curious about the opportunities these dual markets present, please reach out. It is my goal to help keep my clients educated and empowered to make strong decisions. This is especially rewarding when it leads to their next chapter in life, which are amazing transitions to be a part of. Stay tuned for next month’s newsletter, when I will feature opportunities in the condominium market and how this duality is starting to take shape.

 

 

 

Nothing feels more like fall than pumpkin picking, hay rides and corn mazes. Get your latte in hand and head out to any one of these great, local farms to have some harvest fun and find that perfect jack-o-lantern to light up your porch.

 

 

 

We all know that nothing lasts forever, but when everything is working fine it is easy to forget that all of the systems and appliances in your home have a finite lifespan. Keep this information in mind, whether you are buying or selling a home, budgeting for improvements, or deciding between repairing and replacing.

 

Here’s a brief look at some of the components of your home and their average lifespans (courtesy of the National Association of Home Builders)

 

ROOFING, SIDING, WINDOWS & DECKS. You can expect slate or tile roofs to last around 50 years, wood shingles 25-30, metal will get you about 25 years, while asphalts typically last about 20 years. The lifespan for siding can vary quite a bit. Brick will last 100 years or more, aluminum about 80 years and stucco will probably last you 25 years. Wood siding can last anywhere from 10 to 100 years depending on the climate you live in and how it is maintained. Both aluminum and vinyl windows will last 15 to 20 years, while unclad wood windows can have a life of 30 years or more. Cedar decks will average 15-25 years as long as they are properly treated and cleaned, and a high quality composite deck will last 30 years with minimal maintenance.

 

FLOORING. The natural flooring materials such as wood, marble, slate or granite will all last 100 years or more, while tile has an average life of 70-100 years. Vinyl can last up to 50 years, while laminate and linoleum will get you up to 25 years. Expect your carpet to last 8-10 years, depending on use.

 

KITCHEN & BATH. Laminate countertops can have a life of 20 years or more, but it will vary depending on use. Wood, tile and stone should last a lifetime, and cultured marble will typically see a lifespan of 20 years. You can expect your stainless steel sink to last you about 30 years, while an enamel-coated sink will give you five to 10 years. Slate, granite, soapstone and copper will be around for 100 years or more. Bathroom faucets should give you about 20 years, and toilets will average a 50-year lifespan, although some of the parts will need replacing.

 

APPLIANCES. The lifespan of appliances will vary widely depending on the appliance, the brand, model, and use. Use these average lifespan numbers as a rough guide for when it may make more sense to replace rather than repair. Gas ranges tend to have the longest lifespan of your major appliances, giving around 15 years of use. Electric ranges on the other hand, are closer to 13 years, which is also the expected lifespan for standard refrigerators and clothes dryers. Your garbage disposal should give you about 10 years of use, while the dishwasher and microwave will be around nine years. You can expect your electric furnace to last about 15 years, 18 for gas and 20 for oil-burning. Central air systems will live 10 to 15 years on average.

 

Check out the NAHB website for more information.

Community EventsLocal News and Events September 6, 2019

Pumpkin Patch Guide 2019

Nothing feels more like fall than pumpkin picking, hay rides and corn mazes. Get your latte in hand and head out to any one of these great, local farms to have some harvest fun and find that perfect jack-o-lantern to light up your porch.

Times, dates & activities may change, please use the provided links to confirm details and hours of operation.

 

KING COUNTY

Baxter Barn
31929 SE 44th St, Fall City
Pumpkin patch, tractor-pulled hay rides, fresh eggs, gift shop, pony rides, picnic area, farm animals

Carpinito Brothers
1148 Central Ave N, Kent
Pumpkin patch, corn maze, farm fun yard, hay rides, produce stand, concessions

Fall City Farms
3636 Neal Road, Fall City
Pumpkin patch, tractor-pulled hay rides, fresh honey, pre-picked produce, farm animals, snacks and refreshments.

Fox Hollow Family Farm
12031 Issaquah Hobart Rd SE, Issaquah
Pumpkins for sale, hay bale maze, bouncy house, face painting, haunted house, pony rides, petting zoo, farm animals, concessions

Jubilee Farm
229 W Snoqualmie River Rd NE, Carnation
Pumpkins, horse-drawn covered wagon rides, hay rides, hay bale maze

Oxbow Farm
10819 Carnation-Duvall Rd NE, Carnation
Pumpkins, produce, picnic area, playground

Mosby Farm Pumpkin Patch
12747-b South East Green Valley Rd, Auburn
Pumpkin patch, corn maze, tractor-pulled hay rides, snacks and refreshment stand, picnic area

The Nursery at Mt Si
42328 SE 108th St, North Bend
Pumpkin patch, tractor-pulled hay rides

Remlinger Farms
32610 NE 32nd St, Carnation
Pumpkin patch, corn maze, animal barnyard, pony rides, steam train, hay jump

Serres Farm
20306 NE 50th St, Redmond
Pumpkin patch, corn maze, duck races, animal train

Thomasson Family Farm
38223 236th Ave SE, Enumclaw
Pumpkin patch, corn maze, kids korral, tractor train rides, pumpkin sling shot

Tonnemaker Valley Farm, Woodinville Farm Stand
16215 140th Pl NE, Woodinville
You-pick pumpkin patch, you-pick flowers, produce stand, on-site pepper roasting on Saturdays

 

SNOHOMISH COUNTY

Biringer’s Black Crow Pumpkins & Corn Maze
2431 Highway 530 NE, Arlington
Pumpkin patch, corn maze, straw or hay bale maze, tractor-pulled hay rides, farm market, picnic area

Bob’s Corn & Pumpkin Farm
10917 Elliott Rd, Snohomish
Pumpkin patch, corn maze, bonfire & picnic area, hay rides, pony rides, playground, concessions

Carleton Farm
630 Sunnyside Blvd SE, Lake Stevens
Pumpkin patch, train rides, corn maze, haunted corn maze, tractor-pulled hay rides, farm animals, farm market

Craven Farm
13817 Short School Rd, Snohomish
Pumpkin patch, corn maze, tractor-pulled hay rides, face painting, farm animals, snacks & refreshment stand

The Farm at Swans Trail
7301 Rivershore Rd, Snohomish
Pumpkin patch, corn maze, pick your own apples, pig & duck races, petting zoo, putt-putt golf and more

Fairbank Animal Farm & Pumpkin Patch
15308 52nd Ave W, Edmonds
Pumpkins, petting zoo, farm animals, picnic area

Fosters Pumpkin Farm
5818 State Route 530 NE, Arlington
Pumpkin patch, corn maze, hay bale maze, corn cannon, pre-picked produce, face painting, farm animals, snacks and refreshment stand, picnic area

Stocker Farms
8705 Marsh Rd, Snohomish
Pumpkin patch, corn maze, haunted corn maze, tractor-pulled hay rides, jumping pillow and more

Thomas Family Farm
9010 Marsh Road, Snohomish
Pumpkin patch, corn maze, monster truck rides, haunted house, gem mining, Zombie Safari Paintball Hayride, beer garden, putt-putt golf and more

 

PIERCE COUNTY

Double R Farms
5820 44th St E, Puyallup
Pumpkin patch, corn maze, hay rides, farm animals, pumpkin sling shot

Maris Farms
25001 Sumner-Buckley Hwy, Buckley
Pumpkin patch, corn maze, haunted woods, farm animals, hay ride, trout fishing, play ground

Picha’s Farm
6502 52nd St E, Puyallup
Pumpkin patch, corn maze, hay ride, pumpkin sling shot, concessions

Scholz Farm
12920 162nd Ave E, Orting
Pumpkin patch, corn maze, play area

Spooner Farms
9622 SR 162 E, Puyallup
Pumpkin patch, farm animals, face painting, pumpkin sling shot, concessions

Newsletter August 31, 2019

Monthly Newsletter – Aug. 2019

Most recently, buyers have enjoyed more selection in the marketplace which has led to more open negotiations versus bidding wars. This is illustrated by an increase in average Days on Market and a decrease in the average Sold-to-List Price Ratios complete-year over year (the last 12 months over the previous 12 months). In King County, the average Days on Market increased from 22 days to 36 days complete-year over year, and the Sold-to-List Price Ratio decreased from 101% to 98%. In Snohomish County, the average Days on Market increased from 25 to 35 days complete-year over year, and the Sold-to-List Price Ratio decreased from 100% to 98%.

Buyers have had more selection to choose from which has tempered price growth complete-year over year. Median price remains even in King County and up 3% in Snohomish County. Multiple offers are not as commonplace as they were, but terms such as inspection contingencies and home sale contingencies are doable in some areas and price ranges. This balancing out has created some more normal terms for buyers, while sellers are getting close to full price on average and cashing out on the above-average appreciation we enjoyed from 2012 to 2018.

It is still a seller’s market, yet we are heading towards balance. The months of available inventory based on pending sales (the amount of time it would take to sell out of homes if no new homes came to market) currently sits at 1.7 months in King County and 1.5 months in Snohomish County. Zero to 3 months is a seller’s market, 3-6 months a balanced market, and 6+ months a buyer’s market. In 2017 to early 2018, inventory levels were commonly under one month, which was a very volatile and constricted environment within which to purchase a home. The direction towards balance is welcome and providing much more comfort when making a move.

The inventory levels are an amazingly beneficial phenomenon due to the fact that buyers are simultaneously enjoying the lowest interest rates we’ve had since 2016! Currently, the 30-year mortgage rate is hovering around 3.6% and the 15-year around 3.07% according to Freddie Mac. Not only are rates the lowest we’ve seen in 3 years, but they are an entire point lower than they were a in Q4 of 2018. When rates crested 4.5% last year, we saw a marked reduction in pending sales. This highlights the recent opportunities that have come alive for buyers to secure such low debt service and for sellers to have a larger audience. When rates rise, folks reassess and sometimes step aside, which is why this current opportunity should be taken advantage of.

This is meaningful because the rule of thumb is that for every one-point decrease in interest rate, a buyer gains ten percent in purchase power. For example, if a buyer is shopping for a $500,000 home and the rate decreases by a point during their search, they can up their price ceiling to $550,000 and keep the same monthly payment. This is huge, especially in the wake of intense price growth over the last 6-7 years, which priced many buyers out of the market. Buyers that took a break and stepped to the sidelines in the past may want to consider their opportunities now. This is the most favorable buyer environment (inside of a seller’s market) we’ve seen in some time!
This recent decrease in rate is helping the move-up market come alive. What is great about this, is that it opens up inventory for the first-time buyer and helps complete the market cycle. First-time buyers are abundant right now as the Millennial generation is gaining in age and making big life transitions such as buying real estate. According to Nerd Wallet, 49% of all Millennials have a home purchase in their 5-year plan. The rates are also providing very low debt service for investors, second-home buyers, and down-size buyers headed toward retirement.

Will these rates last forever? Simply put, no! According to Freddie Mac, rates should increase closer to the 4’s as we round out 2019 and head into 2020.While still staying well below the 30-year average of 6.85%, increases are increases, and securing today’s rate could be hugely beneficial from a cost-saving perspective. Just like the 1980’s when folks were securing mortgages at 18%, the people that lock down on a rate from today will be telling these stories to their grandchildren. Note the 30-year average – it is reasonable to think that higher rates must be in our future at some point.

So what does this mean for you? If you have considered making a move, or even your first purchase, today’s rates are a huge advantage in helping make a move more affordable. If you are a seller, bear in mind that today’s interest rate market is creating strong buyer demand, providing a healthy buyer pool for your home. As a homeowner who has no intention to make a move, now might be the time to consider a refinance. What is so exciting about these refinances, is that it is not only possible to reduce your monthly payment, but also your term, depending on which rate you would be coming down from.

If you would like additional information on how today’s interest rates pertain to your housing goals, please contact me. I would be happy to educate you on homes that are available, do a market analysis on your current home, and/or put you in touch with a reputable mortgage professional to help you crunch numbers. Real estate success is rooted in being accurately informed, and it is my goal to help empower you to make sound decisions for you and your family.

Community EventsLocal News and Events August 9, 2019

Back to School Basics

The first day of school has snuck up on us again! Most local school districts will start just after Labor Day, so if you haven’t already, now is the time to start getting ready. Take advantage of these last weeks of summer to start settling into a new routine before life gets hectic.

 

Start talking about it. New teacher, new classmates, new schedules can all create some anxieties with kids. Start talking about school a few weeks before the first day. Talk about practical things like what the new schedule will be like, but also make sure to address their feelings and concerns about the upcoming year.

 

Ease back into the scheduled days. When you and your kids are used to lazy mornings and staying up late, shifting to the early morning school bus rush can be incredibly difficult. To ease the transition, start 7-10 days before school starts, and shift bedtimes and wake-up times gradually. Every day, start their bedtime routine 10-15 minutes earlier and wake them up 10-15 minutes earlier until they’re back on track. And don’t forget to readjust your bedtime schedule, too!

 

Re-set eating habits. When school starts, your student needs to maintain a high level of energy throughout the day. Implementing a routine for breakfast, lunch and snacks is just as important as their sleeping patterns. Begin this transition 7-10 days before school starts as well.

 

Inventory wardrobes. Before going school shopping, take some time to go through what you already have, donate things they’ve outgrown, and make a list of what is needed.

 

Go back to school shopping early. The store aisles are currently packed with school supplies. Take advantage of your summer schedule to shop while the store isn’t as busy and the supplies haven’t been picked through. Don’t forget to buy extras for homework time or the winter re-stock that inevitably happens in January.

 

Determine how your child will get to and from school and discuss it with your child so they know exactly what to expect. If they will be walking or biking, try to find a neighborhood buddy they can stick with, and be sure to practice the route with them.

 

Sync your calendars. If you don’t already have one, create a shared family calendar to track everyone’s activities and commitments. Add all the important school dates before the year starts, so important things like parent-teacher night aren’t missed, and everyone is on the same page.

 

Set rules for after school. After-school time and activities such as TV, video games, play time, and the completion of homework should be well-thought out in advance. Talk about the rules (and consequences) for these before school starts.

 

Set goals. Research shows that setting and tracking goals leads to success. Before school starts, talk to your child about some things they would like to accomplish this year. Write down their goal(s), post it somewhere visible in the house, and check in periodically with them to see how they are doing.

 

Implement a weekly family meeting. This will come in handy as the year goes on and schedules become fuller. Put it on the calendar and make it a priority: just a few minutes every week to sit down together, review the schedule for the coming week, and check in with each child about homework, projects, and goals. This is also a good time to clean out and organize backpacks and binders.

Newsletter August 9, 2019

Monthly Newsletter – July 2019

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Price appreciation has been a hot topic for some time, but over the last year, prices have started to balance out and it takes some explaining. As you can see from the map above provided by the National Association of Realtors, price appreciation over the long haul has been robust. The map above points out price appreciation since 2005, which was prior to the economic downturn. This demonstrates that if a homeowner was able to retain their home through the downturn of 2007-2012, that they came out on the other side well-positioned. Real estate is typically a long game, and that is one of the key points we will cover here.

First, let’s review price growth after the down turn. Since 2014, price appreciation has been out of the ordinary! The average (normal) price appreciation is 3-4% year-over-year. For clarity, “year-over-year” is defined by the last 12 months averaged over the previous 12 months. This is a larger data pull and tells a deeper story than just taking one month and comparing it over that same month the year prior like the media typically does.

Over these last five years, we have seen double-digit year-over-year appreciation, specifically from 2015-2018. In fact, 2018 started out with 14% price gains over 2017. This was due to rapid job growth, tight inventory, and low interest rates. It was the perfect storm to rapidly drive up prices. In the second half of 2018, interest rates started to rise, inventory had huge gains, and affordability became an increasing issue. This stalled out demand and prices came off their spring peak. The second half of 2018 brought on a price correction and started to lead a path toward more normal appreciation levels.

In the beginning of 2019, we saw year-over-year price gains average from 8-9%. As we finished out the second quarter of 2019, the year-over-year price growth continued to balance out toward typical, historical levels. We are at a place in the year-over-year data where the crazed price appreciation is no longer within 12 months, and we are tracking from the correction that happened in the second half of 2018, reflective of more normal inventory levels.

The majority of the large gains in 2018 happened in the first half of the year. Since May of 2018, inventory has grown, meaning we have seen more homes come to market, providing buyers more selection which tempers price growth. This has evened out price growth to more sustainable levels and aided in affordability. Coupled with the recent drop in interest rate (.75% since November 2018) the market has provided more ease for buyers to make purchases and for buyers that are sellers to make transitions without having to move twice. It is still a seller’s market with inventory levels under 3-months, but we are starting to move toward more balance. This is a good thing!

What does all of this mean?  Quite a bit, but I’ll touch on some key points.

  • Many homeowners are in very favorable equity positions, especially those who bought prior to 2016 (back to that long-game point).
  • The days of owning your home for 1-3 years and turning a profit with a quick sale are a blip in history from 2015-2017.
  • Buyers simply have more selection, so the homes that are in good condition, show-ready, and priced appropriately are seeing fantastic results such as quick market times, favorable terms, and full-price or sometimes over-list-price offers.
  • Overpricing is becoming more common as home sellers wrap their heads around the new normal of price appreciation. Attention to market trajectory and aligning with a trusted professional can help avoid this pitfall.
  • The more affordable areas have seen higher gains recently as the core areas balance out from hitting affordability ceilings.
  • Historically low interest rates (lowest in three years!) continue to drive demand and should be as important to watch for a seller as they are for a buyer.

Below are some national price appreciation predictions from CoreLogic and various economists. It is predicted that we will continue to have price appreciation, but for it to be more subtle. The fear of equity loss on a national level from these experts is minimal. It is understandable that when price gains become more subtle that it may seem like the sky is falling, but it is important to keep the long game in perspective.

Real estate is a complicated investment to navigate, but one that can provide amazing opportunity. It also relates to big life choices; whoever said moving was easy? That is why aligning with a trusted professional is key to help make these life-changing transitions. If you are curious about the value of your home in today’s market or have thought about a move or even a first-time purchase, please reach out. It is my mission to help keep my clients informed and empower strong, life-changing decisions.

 

We’re halfway through the Windermere Foundation’s 30-year anniversary and there’s no sign of donations slowing down. In the second quarter of this year, the Windermere Foundation collected $556,937, bringing our year-to-date total to $865,029, and our grand total to $38,871,157 raised since 1989. These donations are used to support non-profit organizations and programs that help low-income and homeless families throughout the Western U.S.

 

Every Windermere office has its own Windermere Foundation fund account from which we make donations to help those in need in our local communities. These funds come from each real estate transaction that we close, as well as individual donations from agents, staff, and the community.

Thank you for your support! Together, we are able to make a real difference for those in need in our local communities.

 

 

 

All of us at Windermere are very excited to kick-off our fourth season as the Official Real Estate Company of the Seattle Seahawks!

 

Once again, our #tacklehomelessness campaign is front-and-center, with the Windermere Foundation donating $100 for every Seahawks home-game defensive tackle to Mary’s Place, a Seattle-based non-profit organization that provides safe, inclusive shelter and services supporting women, children, and families on their journey out of homelessness. We are looking forward to raising even more money – and awareness – for this important cause.

 

Our partnership with the Seahawks and Mary’s Place fits perfectly with the mission of the Windermere Foundation which is to support low-income and homeless families in the communities where we have offices. Through the #tacklehomelessness campaign, we hope to be able to do even more.

Check out the Seahawks schedule here, the preseason is just a couple of weeks away!

Newsletter August 9, 2019

Monthly Newsletter – June 2019

Changes are coming: The Washington State Legislature is changing the way in which real estate excise taxes (REET) are calculated. REET are different from your annual property taxes; they are the tax that a seller pays when they sell their home, based on the sale price.

Currently, the Washington State excise tax is 1.28 percent. Local municipalities add their excise tax on top of the state tax, with most cities in our area adding 0.50 percent, to total 1.78 percent. Effective January 1, 2020, Washington State will begin calculating real estate excise taxes based on a tier system. Below are examples of how this change will affect the different price points.

 

The majority of sellers will enjoy a slight savings once the new tax structure starts in 2020, however, sellers whose homes are worth $1.5M or more should pay close attention as the tiered system will cost them more in 2020. If you own a high-end home and have been considering downsizing, doing so inside of 2019 may be a winning strategy.

If you or someone you know is curious about the value of your home or you have considered a move, please reach out. It is my goal to help keep my clients informed and empower strong decisions.

 

 

 

 

 

On June 7th, my office spent our annual Community Service Day with the Snohomish Garden Club constructing trellises, weeding and staking beds and planting and labeling a half-acre of produce!

The Snohomish Garden Club will harvest this half-acre, which will yield close to 10,000 pounds of fresh produce to be donated to various food banks and senior centers in Snohomish County. The land for the garden is generously donated by the Bailey Family Farm.

For more information on how you can lend a hand, please visit: SnohomishGardenClub.com

Windermere’s Community Service Day was established in 1984 to offer agents and staff a chance to volunteer an entire workday to give back to the neighborhoods in which they live and work.

 

 

 

The longer days and warmer weather means that your favorite movie is no longer relegated only to a dark stuffy room. Grab the folding chairs, blankets and popcorn, and check out a few of these fun outdoor movies. You’ll find classics like Ferris Bueller’s Day Off and The Princess Bride, as well as newer releases like Mary Poppins Returns and Spider Man: Into the Spider-Verse. Most of them are free, and many locations also offer fun, family-friendly activities before the movie starts.

Newsletter June 4, 2019

Monthly Newsletter – May 2019

The generational shift that is happening in our country right now is having a strong influence on demand for real estate. As the Millennials gain a stronger foothold into their adulthood, Generation X settles in with family, Boomers move towards retirement and the Silent Generation find themselves making moves for health reasons, the desire to match their homes to the time in their life is creating strong demand in the real estate market.

 

In the month of April, the absorption rate based on pending sales was 81% in north King County and 91% in south Snohomish County. Historically low interest rates are helping to fuel this demand. In fact, rates are over half a point lower than they were six months ago.  The low rates are enabling people to make moves with less debt service to satisfy their changing needs for housing based on their age and lifestyle. Below you can see a chart from the National Association of Realtors outlining this motivation.

 

Recently, the National Association of Realtors did a survey of home buyers to help understand the generational influence on real estate. From July 2017 to June 2018 they gathered data which outlined the top motivators for each age group. Let’s take a look at what caused these groups to make moves.


Young Millennials (1990-1998)
This group accounted for 11% of all home buyers and were predominantly first-time home buyers. Motivated by the desire to start building wealth through owning real estate and purchasing as close to work as possible, this group enjoyed small ramblers, townhomes and condos. This group used financing to obtain their purchases and used savings or gift funds to amass their down payment. A common misconception from this group is that they need a large down payment in order to purchase. This group utilized loan programs with smaller, single-digit down payments to help get their foot in the door of becoming a home owner and building wealth.

Older Millennials (1980-1989)
This group accounted for 26% of all home buyers, the largest group! They have become more established in their careers and are getting married and having children, which is creating the need for a larger home. They tend to gravitate toward larger homes and are willing to move a bit further away from work to obtain the larger square footage. This group is moving into the suburbs and considering school districts and commute times. Some were able to move equity from their first home to the next, creating a larger down payment;  others bought for the first time to avoid high rents.

Generation X (1965-1979)
This group accounted for 24% of all home buyers, the second largest group. They are motivated to upgrade to the largest square footage of all, and take a multi-generational approach to their housing. Many with aging children and/or parents, it is not uncommon for this group to consider having room for adult children or older parents. Still in prime earning years, proximity to work is very important.  Positive equity positions have helped this group make these transitions.

Younger Boomers (1955-1964)
This group accounted for 18% of all home buyers. Job change and desire to be closer to friends and family motivated this group. Positive equity growth enabled some of this group to have sizable down payments. Another interesting fact about this group is that one in four were a single female, some of which were first-time home buyers.  In some cases divorce and death lead individuals to still take on home ownership to build wealth and avoid high rents.

Older Boomers (1946-1955)
This group accounted for 14% of all home buyers. The ability to move equity from one home to the next was a huge influence for this group, and enabled them to find that “forever home” with large down payments and in some cases with “all cash”. The house with less maintenance, more upgrades, possibly further away from job centers, but still close to family and friends.  Single level living is of high priority for this group along with turn-key finishes.

Silent Generation (1925-1945)
This group accounted for 7% of all home buyers and often centered themselves in senior living choices. Smaller homes or condos with stair free access in communities close to family and health services are a priority for this group. Through years of equity growth many of these purchases are “all cash” or only with the need for a very small mortgage.

Life changes motivate real estate decisions.  Career changes, marriage, divorce, family size, retirement, and the desire to be close to family and friends are just some of the reasons people decide to make moves. Fortunately, today’s low interest rates and the ability to transfer equity from one property to another is having a positive effect on demand for real estate. The recent balancing of the market due to more inventory has also made it a bit easier for first-time home buyers to purchase a home.

If you’re curious about the market and how your goals, current lifestyle, and financial position measure up, please contact me. I can help you analyze your ability to match your home to your life. It is my goal to help keep my clients informed and empower strong decisions.

We are collecting vegetable seeds and starts for the Martha Perry Garden, where volunteers grow thousands of pounds of fresh produce every year for local food banks.

My office will be spending a volunteer day in the garden for our annual Community Service Day in June. In addition to our labor, we will gift them all of the vegetable seeds and starts collected between now and then.

All seeds should be no more than a year old, although fresh seeds are preferred.

Wish List:

Basil, Beets, Cabbage, Carrots*, Cauliflower, Chard, Cucumbers, Green Beans, Herbs, Marigolds, Peppers, Radishes, Summer Squash, Snow Peas, Tomatoes, Winter Squash, Zucchini

*High Demand!

Starts of cucumbers, winter & summer squash, cole crops (cabbage, cauliflower, broccoli, kale, etc) are especially welcome

Thank you!!

Windermere Foundation Recognized at Puget Sound Business Journal Philanthropy Luncheon

The Windermere Foundation was recognized last week, along with 74 other generous companies, at the annual Puget Sound Business Journal’s Corporate Philanthropy luncheon. The Windermere Foundation moved up the list (and it’s a very impressive list, full of national and international companies!) from #22 to #17!

Check out WindermereFoundation.com for more info on our culture of giving back.

 

Community EventsLocal News and Events May 27, 2019

Sending Kids to Summer Camp

Every year, my office comes together to provide summer camp scholarships for local kids who may not otherwise have the opportunity to experience the adventures of overnight camp. We partner with YMCA Camp Orkila and Camp Colman; local programs dedicated to nurturing the potential of youth, promoting healthy living, and fostering social responsibility.

This year, we collectively donated $16,125 for these camp scholarships. With a Windermere Foundation match of $1,000, our 2019 total of $17,125 is our highest number ever! But that wasn’t the end. An anonymous YMCA donor matched an additional $4,338, bringing us to $21,463 – Wow!

Overall, since 1994, we are responsible for $186,918 in summer camp scholarships for local kids who may be homeless, in transitional living shelters, living through family crisis, or existing within economic means that does not allow them the opportunity to experience the adventures of summer camp that other kids do. I am so proud to be part of an office that cares so deeply for the community!

Community EventsLocal News and Events May 4, 2019

2019 Farmer’s Markets Schedules

When you shop at a local Farmers Market, you’re buying outstanding freshness, quality and flavor. Knowing exactly where your food comes from and how it was grown provides peace of mind for your family. Plus, you’re supporting a sustainable regional food system that helps small family farms stay in business; protects land from over-development, and provides the community with fresh, healthy food. Find one near you on the list below!

 

SOUTH SNOHOMISH:

Arlington Farmers Market
Legion Park: 200 N. Olympic Ave
Saturdays. 10am-3pm
June 1 — August 31

Bothell Park Ridge Community Market
Park Ridge Church: 3805 Maltby Road, Bothell
Wednesdays 4pm-8pm
June 5—September 25

Edmonds Garden Market
Historical Museum: 5th & Bell Street
Saturdays 9am-2pm
May 4—June 8

Edmonds Summer Market
Downtown: 5th St from the fountain
Saturdays 9am-3pm
June 15—October 5

Everett Farmers Markets
Boxcar Park: 615 13th Street
Sundays 11am-4pm
May 12—October 6

Everett Transit Center: 2333 32nd St
Wednesdays 4pm-8pm
June 5—August 28

Marysville Farmer’s Market
Location TBD
Saturdays 10am-2pm
June 22—August 31

Mill Creek Farmer’s Market
City Hall: 15720 Main St.
Tuesdays 3pm-7pm
June 18-August 20

Snohomish Farmers Market
Cedar Ave & Pearl St.
Thursdays 3pm-7pm
May 2—September 26

 

EASTSIDE:

Bellevue Farmers Market
First Presbyterian: 1717 Bellevue Way NE
Thursdays 3pm-7pm
May 16—October 10

Bellevue Crossroads Farmers Market
East Parking Lot: 15600 NE 8th St
Tuesdays 12pm-6pm
June 4—September 24

Issaquah Farmers Market
Pickering Barn: 1730 10th Ave NW
Saturdays 9am-2pm
May 4—September 28

Juanita Friday Market
Juanita Beach: 9703 NE Juanita Dr
Fridays 3pm-7pm
June 5—September 27

Kirkland Wednesday Market
Marina Park: 25 Lakeshore Plaza
Wednesdays 2pm-7pm
June 7—September 25

Mercer Island Farmers Market
Mercerdale Park: 7700 SE 32nd St
Sundays 10am-3pm
June 2—September 29

Redmond Saturday Market
Redmond Town Center: 7730 Leary Way NE
Saturdays 9am-3pm
May 4—October 26

Sammamish Farmers Market
City Hall Plaza: 801 228th Ave SE
Wednesdays 4pm-8pm
May 8—September 18

Woodinville Farmers Market
DeYoung Park: 13680 NE 175th St
Saturdays 9am-3pm
May 4—September 28

 

SEATTLE:

Ballard Farmers Market
Ballard Ave NW
Sundays. 10am-3pm
YEAR ROUND

Capitol Hill Broadway Farmers Market
Seattle Central Comm College: Broadway & Pine
Sundays 11am-3pm
YEAR ROUND

Columbia City Farmers Market
37th Ave S & S Edmunds St
Wednesdays 3pm-7pm
May 8—October 9

Fremont Sunday Market
Corner of 3410 Evanston Ave N
Sundays 10am-4pm
YEAR ROUND

Lake City Farmers Market
125th St and 28th Ave NE
Thursdays 3pm-7pm
June 6—October 3

Lake Forest Park Farmers Market
Third Place Commons: 17171 Bothell Way NE
Sundays 10am-3pm
May 12—October 20

Madrona Farmers Market
1126 Martin Luther King Jr. Way
Fridays 3pm-7pm
May 17—October 11

Magnolia Farmers Market
Magnolia Village: 33rd Ave W & W McGraw
Saturdays. 10am-2pm
June 1—November 23

Phinney Farmers Market
Neighborhood Center: Phinney Ave N
Fridays 3:30pm-7:30pm
June 7—September 27

Pike Place Farmers Market
Pike Place & Pine St
Saturdays 9am-5pm
June 1—November 23

Queen Anne Farmers Market
W Crockett Street & Queen Anne Ave N
Thursdays 3pm-7:30pm
May 30—October 10

Shoreline Farmers Market
15300 Westminster Ave N
Saturdays 10am-3pm
June 8—October 5

University District Farmers Market
University Way NE “the Ave”
Saturdays 9am-2pm
YEAR ROUND

Wallingford Farmers Market
Meridian Park: Meridian Ave N & N 50th St
Wednesdays 3pm-7pm
May 15—September 25

West Seattle Farmers Market
California Ave SW & SW Alaska St
Sundays 10am-2pm
YEAR ROUND

 

You can also search for farmers markets in other counties here.

Before planning your visit, be sure to check market websites for possible holiday or weather closures and special events.