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Seattle’s housing market is in flux for the first time in almost a decade. The Seattle real estate market has been on fire since pre-pandemic. Fortunately, the signs of a cooling market persist, where metro home area sales were down by 28.5%. 

On one side, the marketing is cooling off, making it great news for investors and buyers that had otherwise been priced out of our market. On the other hand, home prices in the Seattle area have remained relatively unchanged since their previous position last year. 

According to NWMLS’s latest report, signs of a more traditional market were visible in September, with a natural slowdown of pending sales during the fourth quarter. There was almost the same quantity of new listings as before the global pandemic, albeit with reduced intensity and a reduced percentage of homes going under contract.

How Can I Get Started in Real Estate Investment?

One of the best places to invest within the real estate market is vacation rentals, especially in popular destinations with a hot vacation market. There are two main options for vacation rental investing: short-term and long-term vacation rental. Before selecting an option, you should explore the pros and cons of each choice and determine which is best for you. 

Options for Investing

The main difference between short-term and long-term vacation rentals is the duration of stay for renters. Short-term vacation rentals are rented for one or more nights, and long-term are rented for at least one year. Airbnb rentals, HomeAway, and VRBO are an example of short-term rentals. 

Let’s explore short-term and long-term vacation rental investing pros and cons.

Short-term Vacation Rental Investing

The housing market in the Greater Seattle area has been on an upward trajectory since early 2011. The housing crash in 2007, fueled by poor lending practices, took roughly four years to correct itself; it took even longer for homebuyers to regain the equity they lost in their homes due to the housing crash. Those homeowners who were lucky enough to hold on to their homes during this time eventually could profit off their investment, albeit some years later, and with a lot of patience. 

Buyers! I know you’re exhausted; I know that the last few years have been a challenge, to say the least. It’s been hard to watch so many qualified, ready, able, and willing buyers losing home after home, even while putting their best foot forward. The number of devastated buyers that have finally sidelined themselves, feeling that no matter what they did, homeownership just didn’t feel like a possibility due to the incredibly competitive market…NOW IS YOUR TIME!

Most homeowners probably see their homes as a place not only to do life, but also one of the best and safest ways to build wealth through the magic of appreciation. But how should they get their homes ready for sale to make the most money possible when selling? 

Evaluating your home to see the market trends, demands, and the preference of buyers can be highly beneficial for getting top dollar for your home. You only get one chance for a first impression! So, evaluating your home to ensure it is setup to impress and highlight the great features is imperative to both selling and yielding the best price you can sell for.

This is where Windermere’s unique program called Windermere Ready comes in. Windermere Ready provides sellers with the up-front home improvement costs and helps you to identify areas that may need updating or improvement to sell your home faster and for a higher price.

How Can You Get Your Home Ready to Sell?

Research first! Using the right agent and company can make a significant difference in how quickly you sell your home. A lot goes into listing a home. In the Seattle Puget Sound area, Windermere sells over 36% of all the homes listed. Why? Because we have a level of service and strategy that are unparalleled to others. Picking a Windermere agent to sell your home means you are in the best hands possible.

People usually buy what they see. In fact, people often form a first impression within 7 seconds. Together with your agent, evaluate your home to make sure it’s market ready and ready to shine for buyers. Is it clean? How’s the lighting? Does it need decluttering? Is there any handyman work that needs to be completed? All of these are things your agent should be able to guide you on and advise where your money is best spent before listing.

How does Windermere Ready Benefit and Support Sellers?

The Windermere Ready program was created to ensure sellers make necessary upgrades and repairs to help them sell their homes faster and at a higher price, sometimes even above valuation. The program can front the home improvement costs and support varied services from decluttering to replacements or repairs to ensure your home creates an excellent first impression. 

It is statistically proven that even small updates or improvements strategically made to your home, sellers can get a far better payoff when going to sell. That’s why Windermere provides this financial support to their sellers. With this, the buyers don’t have to come up with the cash out of pocket to make these improvements. It’s a win-win and ensures you the highest dollar for your home!

Home Improvements Supported by the Windermere Ready Program

Buyers value homes depending on different preferences. Some like it stylish, while others value specific comforts and amenities. As a result, it becomes hectic for the sellers to determine the specific areas that require upgrades. The Windermere Ready program provides personalized consultations and approaches to determine the improvements that matter most. Some of the simple improvements the program supports are:

• Lighting
• Painting
• Floor refinishing or repair
• Cosmetic updates
• Fixture repairs
• Decorating window features
• Landscaping

It also focuses on cleaning strategies like:

• Professional deep cleaning
• Power washing
• Carpet washing or replacements
• Decluttering
• Window washing

Get Top Dollar for Your Home with Windermere Ready

Are you thinking of selling or ready to sell and ready to see how Windermere Ready can benefit the sale of your home? Reach out! I’d love to meet with you to evaluate your home and talk through options and strategy for getting your home listing, sold quickly, and for top dollar!

The housing market has experienced a serious cooling off period this past few months. With inflation, the feds raising rates, and mortgage rates increasing, it has left many feeling uncertain about whether now is the time to buy or sell. That coupled with talk of a looming recession has sent ripples through the real estate market.

With many people now preferring to stay put rather than take out new mortgages or sell, it’s a great time to invest and build value in your current home. It’s a win-win with offering the opportunity for a refresh (sometimes feeling like a new home), or increasing the value and attractiveness of the home for when you are ready to sell.

Here are some great ways to maximize the value of your home.

Curb appeal

Real estate and aesthetics go hand in hand, especially if you want to command the best price when you sell the property. Studies show it takes just 38 seconds to judge your home—so, what does your home say?

Curb appeal is one of the most important areas to invest in for a homeowner. It helps homes to sell faster, for more money, and creates a positive feeling for people visiting your home right from the get-go! Here are some

• Update landscaping: flowers, greenery, mulch, etc.
• Fix your siding and facade
• Pressure wash the driveway and exterior surfaces
• Add a fresh coat of paint to the exterior or interior
• Clean or repainting your front door
• Modernize your porch
• Update your roof

Kitchen/bathroom refresh

Most buyers rate the kitchen and bathroom as some of the most important considerations when buying a house. Thankfully, these two areas are some smartest investments to make in your home, often bringing in over a 100% return of the investment cost.

You don’t have to start from scratch, think of it as a refresh! Take a look at the areas to determine if any repairs need to be made. If so, address those. And if you’re ready to dive into a little refresh, here are some great things to update that will add value to the home and help to freshen things up aesthetically:

• Switch to natural stone 
• Update appliances
• Replace outdated wallpaper with a fresh neutral coat of paint
• Replace the hardware: cabinet/drawer pulls, faucets, etc.
• Substitute outdated lighting fixtures with LED fixtures and bulbs
• Upgrade to Water Sense-certified faucets and shower heads

Additions

Adding usable square footage commands real value, but when you can’t expand outside, you can look for clever ways to expand within. For instance, making a secondary bedroom from an unfinished attic or basement will attract buyers. You can also get more buyers by finding better ways to use neglected spaces. The immediate candidates for this are the pantry, the space beneath the stairs, and the courtyards.

An extra bathroom or just a half bath will massively improve the valuation, but so will some removals. Decluttering improves openness and facilitates more effective use of space. Depending on how aggressive you are with decluttering and breaking down barriers, you can have amazing spaces like minibars and home offices. 

Opening up the floor plan 

An increasingly common architectural design idea is open floor designs. Besides their aesthetic appeal, buyers favor open living spaces because they are:

• Effective with space usage
• Flexible with interior design and decor
• More accessible and practical to modern living

Recent studies show that open floor plans improve home values by 7.4% per year. Fortunately, you could create an open layout from your current setup by knocking down any walls that interrupt the continuity of the space. 

If you don’t have the money for it, focus on making small modifications that will be more likely to attract buyers, such as installing new lighting, changing the windows, and improving the entrance.

A final word

Taking on home refreshes or renovations can often times feel overwhelming. You might have questions like:

• Where should I invest in my home?
• What home renovation project will increase my home’s value the most?
• What’s the most important are to invest in my home?
• How can I increase my home’s value the most?

If you have questions like this, reach out! As a real estate agent, I am fully immersed in home value every day and am happy to consult and help you to determine which area of your home is best to address to add value. I just happen to have a design background that also pays off in ensuring the projects are glowing and sure to attract interest by visitors or future buyers. I can also help to get you connected with an excellent local team if you need support with projects.

Consulting with a real estate agent before diving into home improvements is a sure-fire way to ensure you’re investing in areas that will increase the value of your home for years to come. I’m here to help with any of your home buying, selling, or improvement needs. Let’s connect!

With its stunning landscapes and remarkable metropolitan areas, Washington may very well be the best place to be during the summers. For as long as the sun is out, there’s no shortage of places you can dip your adventure boots. It’s the time for cool drifts down the local lake and hot air balloon rides, trips to the beautiful beaches, and all other kinds of warm weather fun.

Looking for more ideas? Here are some amazing activities you can try out.

Take a hot tub boat tour

If the idea of sitting around in the middle of the water doing absolutely nothing sounds appealing, then our first suggestion is for you. Take a boat ride in any one of the many water bodies, Puget Sound, Lake Washington, Green Lake, or Elliot bay.

If an ordinary boat ride doesn’t do it for you, how about a hot tub ride at Lake Union? Soak up in the warm water as you view the breathtaking seaplanes, skyline, and parks.

With housing prices starting to flatten, this is a great time to get into the real estate investment arena. If done right, real estate investing can be highly lucrative. It’s also a great way to diversify your existing investment portfolio. You’ll want to spend some time planning how hands-on you want to be, and which path is right for you and your future.

In this article, we’ll take a look at the state of the Seattle housing market (trends, prices, and forecasts) and explore the various investment opportunities to help you decide which market best fits your goals.

Is Now a Good Time to Buy a Home?

The real estate market has seen historical changes, numbers, and stats for over a year now, and we’re now facing more changes as we maneuver through 2022 and beyond. Homes have been put on the market and sold quickly, with multiple offers and for far over the list price! Sellers got to be picky and were able to net record numbers with excellent terms. But the market is shifting and with that, the climate of home sales is changing alongside it.

With recent rate hikes, the market is stabilizing and it’s a great time for buyers to get out there. (Remember, today’s rates are still very good rates!) Buyers are starting to hold a more balanced playing field and role in today’s real estate transactions. Some buyers have actually been able to negotiate prices and terms, which is a welcome relief from the last 6 months. It’s a great time to buy!

Like many would-be homebuyers, you probably missed the opportunity to buy a home last year and wish to grab the chance in 2022. While it’s unlikely to witness last year’s jaw-dropping rises in home prices, interest rates, and home prices will continue to increase through 2022 and into 2023. 

Home prices will continue to climb throughout the rest of 2022. Matthew Gardner, Windermere’s chief economist, predicts a slower increase than recorded from 2020 into 2021.

Prices will increase the highest on the Eastside, where Kirkland and Bellevue have become tech hubs. The current median home price on the Eastside is approximately $1.515MM, up 32% from last year.