Eastside Seattle Real Estate Blog

King County Real Estate Breaks More Records: Analyzing Each Community

Just when you think the real estate market in Seattle and throughout King County can't get any hotter, there's news of yet another shattered record. The Seattle Times recently reported that for the first time, the median price of a King County home rose by more than $100,000 between July 2016 and July 2017. The median sales price of a home in King County is now a whopping $658,000, according to data published in the article and released by the Northwest Multiple Listing Service. With an 18.6 percent increase in prices since the previous July, this also is the hottest July market since the year 2000. 

So, as a whole, King County is enjoying a booming real estate market. But let's break...

As Tech Industry Thrives, Seattle Real Estate Adapts

The conditions in Seattle were perfectly aligned for a technology boom. Known for its innovative atmosphere, Seattle became a natural choice for many technology corporations and emerging start-ups to do business. For the last several years, Seattle has been climbing the ranks as one of the up-and-coming tech markets, but now it's earned the number two spot in the nation.

According to GeekWire, Seattle clocked in as the third best tech market in the country last year, falling behind Washington D.C. and unable to compete against long-time leader San Francisco. However, the city has now climbed into second place, and there's no denying that the tech industry is making its mark on the city more than ever before....

Selling in Seattle: How Long Will Your Home Last on the Market?

People across the country are in awe of the blazing hot Seattle real estate market. Home prices are skyrocketing while inventory levels hit record lows, leaving buyers clamoring to buy any property they can get their hands on in the Emerald City. Month after month, the news media continues to report on the new records that the Seattle market is reaching, and June was no exception.

In June, the Seattle homes for sale were selling quick — quicker than ever before. Properties were on the market for a median number of 36 days, according to an article published by KOMONews.com, but the average homeowner who listed their home would sell it in less than a week. This means that if a homeowner put their property on the market on a Sunday...

Do I Need an Attorney When Selling a Home?

Selling a home does, indeed, carry specific legal obligations. However, depending on the applicable local and state laws, along with whether or not the home is involved in the probate process, an attorney isn’t a consistent necessity.

While many real estate transactions do not need to involve an attorney, there are instances when hiring an attorney is either preferred or required.

Understanding Legal Language

Many real estate brokers use a standardized form for selling a home. This is neither good nor bad. Yet, if the seller isn’t familiar with legal language, there may be caveats or questionable clauses embedded within the contract.

If the seller is contracting directly with the broker, then seeking out the assistance of a real estate attorney to review the contract may establish peace of mind.

Making Changes?...

Bellevue WA Real Estate Market at a Glance: Hot and Getting Hotter

Located just east of Seattle and within the heart of King County is the Bellevue real estate market, a suburban community that is growing, thriving and making a mark all its own. It may be the next door neighbor to the most influential city in the state, but Bellevue stands its own ground. There's more than 130,000 residents in the city, which has a notably vibrant downtown area. In fact, more than 10,000 residents live in the downtown which began to thrive during the recession of 2008, and there are about 1,300 businesses located there. 

Bellevue is more than just Seattle's sidekick, and its current real estate market is just further proof of that fact. The hyper-competitive real estate market in Seattle is being mirrored in Bellevue, according to an article ...

Millennial Homeownership in Seattle: Challenges and Helpful Solutions

The Seattle real estate market continues to top the charts nationwide as one of the hottest in the country. This is good news for many people, including home sellers who want to earn a significant return on their real estate investment and property owners who feel confident that their values will continue to rise.

However, many Millennials are finding this to be a frustrating market. They can't seem to make offers fast enough before the houses are sold out from underneath them. With each passing month, sales prices continue to increase, while their income remains the same. There's little inventory on the market, and many of them are faced with the startling reality that they will need to commit at least half of their total income to their mortgage payment in order to secure a home in this growing city with a strong economy. 

The Seattle...

Pros and Cons of the Probate Real Estate Market

Though they are no longer the largest generational population, the Boomers – who are heading into their sunset years – will continue to possess the most wealth. That is until they pass their assets onto either their Gen X children or Millennial and Gen Z grandchildren. According to a report by Deloitte, $24 trillion in bequests will be transferred over the next 15 years.

Enter the probate real estate market. Due to many factors that will be discussed below, probate real estate is a virtually untapped real estate space. Due to the conditions under which sellers are motivated to market the legacy property, navigating the emotional and tangible process has several definitive pros and cons.

What is Probate Real Estate?

...

What Does a $1M Home Look Like in Seattle?

Seattle is topping many of the real estate charts across the country, and is becoming the prime example of what low inventory levels and high demand can do to a metropolitan market. As buyers clamor to get their hands on any type of house in the city, sellers are noticing that the values of their homes continue to rise.

Recent Statistics

In fact, recent data published by Realtor.com revealed that Seattle ranked 8th in the country for the highest percentage gain of properties valued at $1 million or higher. In 2017, about 7.7 percent of properties on the market in Seattle were listed for $1 million or more, according to an article published on GeekWire. That's a 2.4 percent increase since 2014,...

Financing Your Seattle Home: Is Cash the Only Option?

Anyone looking to purchase real estate in Seattle knows that the market is one of the most competitive in the country. With minimal inventory levels and increasing property values, buyers are finding the conditions to be challenging. It's not uncommon to send through 3, 4, 5 or more offers on various properties before one finally gets accepted. Now, recent data published in the Puget Sound Business Journal indicates that 20 percent of real estate transactions are being paid for in cash.

That's great for those who have the cash available to secure luxury listings, but for many people, cash is not an option. So how can you finance a home purchase in a way that works for you, while also getting an accepted offer? 

Selecting...

To Seattle and Beyond: Housing Market Breaks Records in Every Direction

City dwellers have long known that their housing prices — as well as the cost of living, in general — is higher than that of the suburbs. In the last decade, as Seattle grew into a tech hub and attracted thousands of jobs to the region, and it's become more expensive and challenging to find an affordable place to live in the heart of the city.

Now, however, Seattle residents are finding that the same trends are taking place in the surrounding communities. In fact, a recent Seattle Times article reports that you'll be hard-pressed to find an affordable home within an hour of Seattle, as the housing market continues to explode into one of the most competitive markets ever seen.

Record-breaking...

Alternative Housing Options in Seattle: Floating Homes

Every home buyer is unique in their own way, and some are looking for more than a "standard" home in a neighborhood in Seattle or in a subdivision just outside of the city limits. For those that are most interested in alternative housing types, Seattle has plenty to offer. In fact, there's several floating homes on the Seattle housing market right now, according to Curbed Seattle.

What's a Floating Home? 

A floating home is most simply defined as a home that is only semi-permanently fixed to the land. They are literally built on the water, offering homeowners the most spectacular waterfront views in the city. There are several types of floating homes for buyers to consider:

  • Nautical houseboats — These most resemble an RV on the water, giving your...

Inventory Dilemma Sweeps the Nation: Seattle-based Firm Notes Concerns

The Seattle market is currently defined by its record-low inventory levels and increasingly high demand for homes in the city and throughout the suburbs, including East King County. However, this isn't a challenge that is being faced by the Emerald City alone. In fact, cities and metropolitan areas across the country are staring at startling statistics that continue to show depleting inventory levels, despite the fact that buyer demand typically heats up in the summer months. 

Redfin, a real estate firm based in Seattle, shows some concern regarding this trend. Recently, CEO Glenn Kelman told CNBC that low inventory levels are impacting business, and the firm is finding that more homeowners are upgrading to new properties without listing their previous...

First-Time Homebuyer in Seattle? Here's How to Rise Above the Challenges

For first-time buyers, dipping their toes into an unimaginably competitive seller's market is quite intimidating. Every interested home buyer in Seattle realizes that the odds are stacked against them to some degree. You can't scroll through your news feed or walk by a TV without hearing about the record-setting Seattle housing market. 

In fact, Seattle was recently ranked by Zillow as the 9th toughest market for first-time home buyers, according to an article published by the K5 news station. To determine which markets were most competitive and challenging throughout the country, the study considered the following five factors: median home value, forecasted value appreciation, current inventory levels, listings that had to lower the price of the...

The Reality of a Record-Breaking Market

Month after month, the Seattle housing market continues to shatter records — and April was no different. Not only are property prices sky-high in the city, but home prices throughout all of the counties that surround Seattle are rising higher than ever before. In King County, the median sales price has reached heights of more than $600,000 for the first time, while the median price of an Eastside home is $900,000 — a jump of more than $150,000 in a 12-month period. 

For home sellers, this is great news. They are already listing their property in what has been dubbed by the Seattle Times as the hottest market in the country. And the best part? There's no end in sight.

Breaking record after record sounds like...

How Amazon is Impacting the Seattle Real Estate Market

In many respects, Amazon brought life into Seattle and rejuvenated the city when the online mega-retailer brought its corporate headquarters to the city about 7 years ago. Ushering in jobs and real estate development, Amazon became an anchor in the community and has continued to grow exponentially since coming to Seattle. 

For any city, a major corporation impacting the local economy in such a way is often welcomed news, but Amazon's unencumbered growth has had negative impacts on the city along the way. It's a sensation that has been dubbed by locals as "Amageddon," and it's made its mark on the local real estate market.

Amazon's Expansion

Around the world, Amazon employs about 340,000 individuals — 30,000 of whom are based out of its Seattle headquarters. That's a pretty big chunk of the corporation, and the company recently listed another 10,000 jobs in Seattle alone....

3 Reasons to Avoid House Flipping in Seattle

In many respects, the Seattle housing market has never been hotter. Inventory levels are at record lows, which has home values skyrocketing in the city and throughout the surrounding suburbs. For real estate investors, these seem to be idyllic conditions. They can list a property that they have purchased for an investment, and likely have it sold within a matter of hours to a buyer who is willing to pay above their asking price.

And the bonus? Most buyers who are getting homes in Seattle are paying with cash.

If you look at the data, it may seem like now is the best time to get into the house flipping business in Seattle. But according to King 5, the market is saturated with real estate investors hoping to cash in on these incredible market conditions. Here's three reasons...

Attention Buyers: Learn How to Compete in Seattle's Hot Market

Currently, opinions on the Seattle housing market are quite divided. Mention the market to someone who recently sold their property or who is planning to list, and they likely will gush about what a great time it is to get involved in real estate. Mention it to someone who is simply looking for an affordable and comfortable place to call home, and you may be met with a groan.

To call the market is hot is an understatement. There's a significant lack of inventory coupled with a plethora of motivated and interested buyers, and it's made for an incredibly competitive market in the city and the surrounding suburbs. In fact, a recent report dubbed Seattle as one of the most competitive markets in the entire country. 

According to Curbed Seattle, ...

Who's Moving the Market in Seattle?

When mentioning the housing market in Seattle, one is likely to be bombarded with comments about how crazy it is out there for anyone looking to buy or sell a home in the city. It's incredibly competitive, as inventory is low and prices are rising steeply — in some cases, even creating an affordability crisis for those who are interested in moving. Beyond that, the economy is strong in Seattle and high-paying job opportunities are bringing new residents to the Seattle metropolitan area, adding strength to the suburban markets as well.

However, it might come as a surprise that the biggest movers and shakers in the Seattle real estate market are not the new residents who want to make the Emerald City their home. According to the Puget Sound Business Journal, it's the...

Seattle Home Prices on the Rise: A Tough Situation for Home Buyers

Rising home prices is typically good news for local real estate markets, as it is a sign of a strong market and tends to motivate both sellers as well as buyers. However, in Seattle, rising home prices has actually led to a housing affordability crisis. Many people who want to live in the city limits have found that it's too expensive to own real estate in Seattle, and instead opt to rent apartments, townhomes or single-family homes in the different neighborhoods.

Now, according to The News Tribune, the housing affordability crisis is expanding beyond the borders of Seattle and creeping into the neighboring suburbs as well. Those who already own real estate in the Puget Sound region may benefit from selling their home during this time, but they may be faced with a shortage of qualified buyers ready to purchase. ...

Seattle Predicted to Have Second Hottest Real Estate Market in 2017

Home prices in Seattle are soaring, so much so that Zillow predicts the city will have the second hottest real estate market nationally in 2017. In fact, within Seattle itself, home values have skyrocketed, increasing in price by 42% since 2011.  Current homeowners and developers looking to build new housing units could stand to see enormous profits.

Neighborhoods by the Numbers

Although most of Seattle is experiencing enormous appreciation rates, each area is a little bit different. Here is a breakdown showing appreciation rates in some of Seattle’s most sought-after suburbs:

  • Zillow predicts that the Seattle metro will appreciate by 5.6% in the coming year, which places the area second nationally. Provo, Utah tops the list. This statistic is an overall measurement, covering a large portion of the city including places like Tacoma, Bellevue and neighborhoods farther...
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