Choosing a color palette for your home can be a complex process. Whether you are refreshing the interior or exterior, identifying colors that you relate to and that are on trend can be a challenge. Check out this article from House Beautiful on the most popular color palettes for 2019 based on your color personality. I think there is a lot of fun to be had here, and remember – a couple coats of paint can be the most inexpensive way to refresh your home. If you need a painter or any other contractor, remember that I can be a resource, as I have a preferred contractors list that I can pull from.

With a healthy increase in inventory since May, the need for buyers to have all their down payment funds immediately available, and a willingness to make offers with no contingencies has passed in most cases. It has been quite a relief, and is providing opportunities for many folks that have wanted to cash in on their well-developed equity levels, and either move up to a bigger home or down size (right size) to a home that better fits their current lifestyle. For the first time in years we are starting to see an increase in contingent offers that are turning into pending transactions. A contingent sale is one where a buyer makes an offer to purchase their next home contingent on the sale of their current home. In some cases, the buyer’s current home may be already on the market, or in other cases they still need to launch their home to the market. Many buyers in this situation wait to find a home/seller that is willing to accept their contingent offer, and then they immediately launch their home onto the market.

The goal is a sale within 30-45 days, which will then provide the buyer with their down payment funds, and then close both properties within days of each other, making a smooth transition from one house to the next. We have not seen inventory levels the way they are now since late 2014, so the opportunity for successfully executing a contingent offer has not been an option for 4 years! It is a great time to seize this opportunity. With that said, let’s look at some statistics which highlight some of the gains there are to be had.

First and foremost, let’s look at year-over-year price appreciation. Over the last 12 months, we have seen an 11% increase in prices in both King and Snohomish Counties. Last year, the year-over-year price appreciation was 14% for both counties. This illustrates that price appreciation is slowing, or softening, if you will, due to the increase in inventory levels. This is a welcome trend as we move away from unsustainable appreciation levels, which is helping to stabilize affordability. Bear in mind that a historically-normal appreciation rate is 3-5%, so we are still a ways away from reaching that baseline.

The current market environment for both counties is still a seller’s market, sitting at 2.6 months of inventory based on pending sales for King, and 2.3 for Snohomish. A balanced market is representative of 3-6 months on inventory; we are currently just under that, but well above the extreme 0.5-0.8 months that we experienced over the last year or so. This has created more selection, which has minimized multiple offers and given buyers the opportunity to write offers with more comfortable terms, such as a home sale contingency.

Lastly, let’s talk interest rates! Currently, they are hovering around 5%. Yes, this is up from the 4.5% we saw earlier this year, but still well below the 30-year historical average of 6.7%. Money is still relatively cheap to borrow, and this should be taken advantage of as experts predict interest rates to rise as we head into 2019 and beyond. Your interest rate is typically fixed for the life of your loan, so rate plays into the long-term savings you can have on your asset if locked in at today’s levels.

If you have thought about making a move to a home that is a better fit for your current lifestyle, but have been stalled because you weren’t sure how to do it, now is the time to consider your options. Please reach out if you’d like a review of the current market conditions and how they relate to your goals. It is my goal to help keep my clients informed and empower strong decisions.

South King County Market Trends 

In September, the average days on market landed at 26 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level.

Back in April, the average days on market was 21 days and the original list-to-sale price ratio 103%; but months of inventory based on pending sales was 0.9 months, compared to 2.6 months currently. Year-over-year, prices are up 10%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 10% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

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. 

Q3: July 1 – September 30, 2018

In September, the average days on market landed at 29 days and the original list-to-sale price ratio at 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level.

Back in May, the average days on market was 22 days and the original list-to-sale price ratio 101%; but months of inventory based on pending sales was 1 month compared to 2.3 months currently. Year-over-year, prices are up 11%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 11% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

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

Q3: July 1 – September 30, 2018

In September, the average days on market landed at 23 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level. 

Back in April, the average days on market was 11 days and the original list-to-sale price ratio 105%; but months of inventory based on pending sales was 0.8 months, compared to 2.4 months currently. Year-over-year, prices are up 11%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 10% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

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. 

Q3: July 1 – September 30, 2018

In September, the average days on market landed at 32 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level.

Back in April, the average days on market was 13 days and the original list-to-sale price ratio 103%; but months of inventory based on pending sales was 0.8 months, compared to 2.9 months currently. Year-over-year, prices are up 10%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 10% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

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. 

Q3: July 1 – September 30, 2018

SOUTH SNOHOMISH COUNTY: In September, the average days on market landed at 27 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level.

Back in April, the average days on market was 14 days and the original list-to-sale price ratio 104%; but months of inventory based on pending sales was 0.8 months, compared to 2.5 months currently. Year-over-year, prices are up 11%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels.

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 11% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection.

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

🏡 Warm-weather spaces begin with cold-weather plans. Come to the Seattle Home Show October 19-21 at the CenturyLink Field Event Center to discover the resources you need to make your dream outdoor space a reality by spring. 🌷The Seattle Home Show is the PNW’s largest consumer home show with everything for the home inside and out! Everything from floor to ceiling and beyond! Visit http://seattlehomeshow.com/ for information on vendors, tickets, and more!