June Newsletter

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 difference 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


 


Posted on June 28, 2019 at 5:05 pm
Brian Hayter | Posted in Community Info |

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!


Posted on June 20, 2019 at 5:33 pm
Brian Hayter | Posted in Community Info |

May Newsletter

 

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.

 

 


Posted on May 31, 2019 at 6:41 pm
Brian Hayter | Posted in Community Info |

2019 Local Farmers Markets

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!

buy local small

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

Monroe Farmer’s Market
Galaxy Theater: 1 Galaxy Way
Every other Wednesday 3pm-7pm
May 29-September 18

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.


Posted on May 15, 2019 at 7:39 pm
Brian Hayter | Posted in Community Info |

Seed Drive!

 

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. 

Partial packets of seeds are gladly accepted! All seeds should be no more than a year old, although fresh seeds are preferred. 

 

Wish List: 

BasilBeetsCabbageCarrots*CauliflowerChardCucumbersGreen BeansHerbsMarigoldsPeppersRadishesSummer SquashSnow PeasTomatoesWinter SquashZucchini 

*High Demand! 

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

 

Drop seeds off at my office through June 6th
4211 Alderwood Mall Blvd #110, Lynnwood
Mon-Friday: 8am-5pm & Sat-Sun: 9am-3pm 

 

 Windermere Community Service Day is coming! This tradition 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.

On June 7th, my office will spend the day

with the Snohomish Garden Club working on the Martha Perry Veggie Garden, constructing trellises, staking beds, planting, weeding, labeling and sprucing everything up.

Last year, the Snohomish Garden Club provided 8,000 pounds of fresh produce to the Snohomish and Maltby Food Banks. The land for the garden is generously donated by the Bailey Family Farm. 


Posted on May 8, 2019 at 6:09 pm
Brian Hayter | Posted in Community Info |

The Gardner Report – Q1 2019

the following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me directly at hayterhomes@windermere.com or (425) 350-3621.

 

ECONOMIC OVERVIEW

Washington State employment slowed to an annual growth rate of 1.7% — a level not seen since 2012 — and continues a trend of slowing that started in the summer of 2018. I was a little surprised to see such a significant drop in employment growth, but it may be due to the state re-benchmarking their data (which they do annually). As such, I am not overly concerned about the lower-than-expected numbers but will be watching to see if this trend continues as we move through the spring months. The state unemployment rate was 4.5%, marginally below the 4.6% level a year ago.

My latest economic forecast suggests that statewide job growth in 2019 will be positive but is expected to slow. We should see an additional 84,000 new jobs, which would be a year-over-year increase of 2.2%.

 

HOME SALES

  • There were 13,292 home sales during the first quarter of 2019. Year-over-year, sales were down 12.3% and were 23.4% lower than the fourth quarter of 2018.​
  • It is quite likely that part of the slowdown can be attributed to the very poor weather in February. That said, anecdotal information from our brokers suggests that March was a very active month and I expect to see sales rise again through the spring selling season. Notably, pending home sales were only off by 3.5% from the first quarter of 2018.​
  • All counties contained in this report saw sales drop when compared to a year ago. The greatest drops were in the relatively small counties of San Juan, Clallam, Island, and Kitsap.​
  • The decline in interest rates during the first two months of the quarter nudged many home buyers off the fence. I believe this will cause a significant bump in sales activity in the second quarter numbers.

 

 

HOME PRICES

  • In combination with the factors discussed earlier, the 40% increase in listings has caused home price growth to taper to a year-over-year increase of 3.3%.
  • Home prices were higher in every county except Clallam. While the growth of prices is slowing, the strong local economy, combined with lower interest rates, will cause home prices to continue rising through 2019.
  • When compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 36.4%. Only one other county experienced a double-digit price increase.
  • As I have said for quite some time now, there must always be a relationship between incomes and home prices, and many areas around Western Washington are testing this ceiling. That said, the region’s economy continues to perform well and incomes are rising, which, in concert with low interest rates, will allow prices to continue to rise but at a significantly slower pace.

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home matched the same quarter of 2018.
  • Pierce County was the tightest market in Western Washington, with homes taking an average of 40 days to sell. There were seven counties that saw the length of time it took to sell a home drop compared to the same period a year ago. Market time rose in seven counties and one was unchanged.
  • Across the entire region, it took an average of 61 days to sell a home in the first quarter of 2019. This matches the level seen a year ago but is up by 10 days when compared to the fourth quarter of 2018.
  • In the last two Gardner Reports, I suggested that we should be prepared for days-on-market to increase, and that is now occurring. Given projected increases in inventory, this trend will continue, but this is typical of a regional market that is moving back toward balance.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am again moving the needle toward buyers as price growth moderates and listing inventory continues to rise.

I do not see any clouds on the horizon that suggest we will see a downturn in sales activity in 2019. That said, this will be the year we move closer to balance. Buyers who were sidelined by the significant increase in listings in the second half of 2018 are starting to get off the fence as mortgage rates drop. I foresee a buoyant spring market ahead.

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


Posted on May 3, 2019 at 8:13 pm
Brian Hayter | Posted in Community Info |

Hayter Homes Monthly Newsletter – April 2019

I am pleased to present the first-quarter 2019 edition of the Gardner Report, which provides insights into select counties of the Western Washington housing market. This analysis is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information will assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

Click to view the full report


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 development, and provides the community with fresh, healthy food. Find one near you!


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!!


Thank you for another successful Shred Day!

Two full truckloads of paper were safely shredded and recycled.

We love providing this service for our clients, friends and neighbors, but what we’re really excited about is how you all gave back to the community. Your donations provided 534 pounds of food and $1,129 to benefit Concern for Neighbors  food bank. Thank you!


Posted on April 30, 2019 at 11:28 pm
Brian Hayter | Posted in Community Info |

South King County Quarterly Market Trends–Q1 2019

Months of inventory has reduced as we finished out the first quarter of 2019. Months of inventory is the amount of months it would take to sell out of homes if no new listings came to market. This illustrates the balance between supply and demand. We peaked at 2.9 months in September of 2018 and found ourselves at 1.2 months this March. The first quarter of 2019 saw 2,306 new listings and 2,096 pending sales-demand tracked quite well with supply! It remains a seller’s market (0-3 months of inventory), but not as constricted of a market as last year, which saw an average of 0.8 months in the first quarter compared to 1.5 months this year. As we head into spring, we should see continued growth in new listings and demand will be strong, fueled by low interest rates and positive jobs reports.

The second half of 2018 had a large influx of homes that came to market, and an interest rate jump which created a gap between supply and demand. Buyers enjoyed some negotiations and credits in the fall and winter due to more selection, but as interest rates reduced in the first quarter,we saw demand increase. This is helping to absorb inventory and reduce the average days on market it takes to sell a home. Median price is up 7% complete year-over-year, which is still higher than the 4% norm, but much less than the unsustainable 12% gains from 2017 to 2018. This balancing out in the market has been a positive phenomenon as affordability has been a challenge for many. Both sellers and buyers are finding great opportunities in the current market.

This is only a snapshot of the trends in south King County; please contact me if you would like further explanation of how the latest trends relate to you.


Posted on April 12, 2019 at 8:04 pm
Brian Hayter | Posted in Community Info |

Eastside Quarterly Market Trends–Q1 2019

Months of inventory has reduced as we finished out the first quarter of 2019. Months of inventory is the amount of months it would take to sell out of homes if no new listings came to market. This illustrates the balance between supply and demand. We peaked at 3.6 months in December of 2018 and found ourselves at 1.5 months this March.

The first quarter of 2019 saw 2,304 new listings and 1,703 pending sales-demand tracked well with supply! It remains a seller’s market (0-3 months of inventory), but not as constricted of a market as last year, which saw an average of 0.9 months in the first quarter compared to 2 months this year. As we head into spring, we should see continued growth in new listings and demand will be strong, fueled by low interest rates and positive jobs reports.

The second half of 2018 had a large influx of homes that came to market, and an interest rate jump which created a gap between supply and demand. Buyers enjoyed some negotiations and credits in the fall and winter due to more selection, but as interest rates reduced in the first quarter,we saw demand increase. This is helping to absorb inventory and reduce the average days on market it takes to sell a home. Median price is up 6% complete year-over-year, which is still higher than the 4% norm, but much less than the unsustainable 14% gains from 2017 to 2018. This balancing out in the market has been a positive phenomenon as affordability has been a challenge for many. Both sellers and buyers are finding great opportunities in the current market.

This is only a snapshot of the trends on the Eastside; please contact me if you would like further explanation of how the latest trends relate to you.


Posted on April 12, 2019 at 8:01 pm
Brian Hayter | Posted in Community Info |

Seattle Metro Quarterly Market Trends–Q1 2019

Months of inventory was reduced as we finished out the first quarter of 2019. Months of inventory is the

amount of months it would take to sell out of homes if no new listings came to market. This illustrates the balance between supply and demand. We peaked at 2.5 months in November of 2018 and found ourselves at 1.2 month this March.
The first quarter of 2019 saw 2,456 new listings and 1,892 pending sales-demand tracked quite well with supply! It remains a seller’s market (0-3 months of inventory), but not as constricted of a market as last year, which saw an average of 0.7 months in the first quarter compared to 1.5 months this year. As we head into spring, we should see continued growth in new listings and demand will be strong, fueled by low interest rates and positive jobs reports.
The second half of 2018 had a large influx of homes that came to market, and an interest rate jump which created a gap between supply and demand. Buyers enjoyed some negotiations and credits in the fall and winter due to more selection, but as interest rates reduced in the first quarter,we saw demand increase. This is helping to absorb inventory and reduce the average days on market it takes to sell a home. Median price is up 5% complete year-over-year, which is still higher than the 4% norm, but much less than the unsustainable 16% gains from 2017 to 2018. This balancing out in the market has been a positive phenomenon as affordability has been a challenge for many. Both sellers and buyers are finding great opportunities in the current market.
This is only a snapshot of the trends in the Seattle Metro area; please contact me if you would like further explanation of how the latest trends relate to you

Posted on April 12, 2019 at 7:29 pm
Brian Hayter | Posted in Community Info |