Eastside Seattle Real Estate Blog

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. 


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...

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...

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? ...

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...

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...

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...

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...

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.


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...

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...

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...

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...

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...

With Limited Inventory, Buyers Prepare for Competition in Seattle Housing Market

For sellers, the Seattle-area market is rife with possibility!

Throughout 2016, home prices increased significantly — in fact, it made headlines as the most expensive year for Seattle real estate in history. Those who had real estate investments to list on the market were sure to enjoy significant returns, but the fact of the matter is, most people weren't selling their property... often-times because there's no place for them to move to (and they would also be paying top-dollar).

According to an article published in the Seattle Times, housing inventory hit all-time lows in Seattle, which is the primary reason for the price increase. Meanwhile, there was also an influx of buyers who were interested in purchasing real estate in Seattle and throughout King County.

Housing Inventory...

Mortgage Mistakes: What NOT To Do Before Applying for a Mortgage

You often read about what to do before applying for a mortgage to buy a home. However, despite all the attention paid to the housing market and restrictive lending standards over the past few years, it is still quite common for home-buyers to be unaware of what "NOT" to do before, or during their application for a mortgage.

In this post, we'll discuss some of the potentially costly mistakes home buyers make when applying for a mortgage to buy a home.

Don't Change Your Job or Career

It's surprising how often we encounter real estate clients who are considering a...

Are Tiny Homes a Wise Investment

tiny homes

It seems there are Tiny Homes popping up everywhere. Magazines, websites, and reality TV shows all praise the space-saving miniature houses that typically range between 180 and 400 square feet in size. Is it a practical lifestyle choice? Is it truly possible to live comfortably with another person in such a tiny space? Do people still enjoy living in tiny homes after the first year? How much do they cost? These are questions you need to ask before you consider purchasing a tiny home.

What Does A Tiny Home Cost?


Counting Days in Real Estate Contract Contingencies

CalendarHow do we count the number of days for contingencies in home purchase & sale contracts? it's not too terribly complicated to answer, but misunderstandings regarding the "Computation of Time" in real estate contracts are unfortunately very common.

While all contract contingencies are important, arguably, the most critical contingency in any real estate purchase and sale contract is the Financing Contingency, which is typically 20-30 days. All parties, especially the home buyer and their real estate agent, need to accurately count the number of days - and to adhere to any related terms of the contract. The inspection contingency is just as important. Wait too long after the inspection to negotiate any repairs, and you may find you just accepted the home...

Applying for a Mortgage: Top Ten Tips for Home Buyers

Applying for a mortgage these days, while not nearly as difficult in the past few years, still has challenges. While lending standards have loosened up a bit, the housing market has become more difficult for home buyers, with limited inventory and multiple offer situations. As a result, home buyers quickly discover they MUST be fully prepared when they commit to searching for their next home.

What can you do to ensure your offer will be considered, while also receiving the lowest cost mortgage with best terms? Below are Top 10 Tips to consider when applying for a mortgage, to help make your next home buying experience more enjoyable - and hopefully result in a winning offer.

applying for a mortgage


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