Why Seattle Real Estate Is NOT In a Housing Bubble

With Seattle real estate making headlines across the nation, there are a lot of long time locals that are wondering if we are headed towards another housing bubble. In fact, there has been speculation about this all over the United States. Real estate in Seattle is moving quickly and prices are on the rise just as fast.  However, several industry experts have weighed in on this topic and are reassuring consumers that a housing bubble is not the current concern. Here is why:

1.) Lending standards are still not as lenient as they were. Yes, there are several different programs and loans available for almost every kind of buyer looking to purchase Seattle real estate. And yes, they have “loosened up” a bit in the past few years, but nowhere closed to being as relaxed as they were a decade ago.

2.) Contractors are not overbuilding. In fact, new construction (also known as housing starts) is still not catching up with buyer demand. Inventory is at an all time low across the nation right now and luxury Seattle real estate is no exception. With so much economic growth in the Pacific Northwest, and King County specifically, we have thousands moving to our region daily that are well employed and looking for homes to purchase. Until we get more Seattle homes for sale or new construction on the market, the demand will continue to stay high for probably another year or two to come. At least until new construction and housing supply can catch up with buyer demand. And in our region, there is a LOT of buyer demand.

3.) Housing prices are rising, yes, but for most of the United States, they are nowhere near the pre-recession peak. Trulia recently stated that only 34.2% of homes have surpassed their height of the market value. Luxury Seattle real estate has passed the pre-recession peak, yes. However, it is very important to note that homes for sale in Seattle, WA have actually stayed within what is considered a normal appreciation rate for this area. In fact, even if there was a crash, prices on real estate in Seattle would be pretty close to what they are at right now.

The housing bubble of last decade was a result of a high demand for homes due to people getting approved when they shouldn’t have been qualified. This caused for a surplus of new construction and prices that sky rocketed. The excess of housing flooding the market and serious lack of lending standards led to the crash that people are just now recovering from. With the stricter lending standards, low inventory and homes for sale in Seattle being priced based on market value, this shouldn’t be a concern for the immediate future. For more information on luxury Seattle real estate, give me a call. I would be happy to help you navigate this competitive market.


Posted on August 30, 2017 at 10:24 pm
Britt Wibmer | Posted in Britts Picks |

West Bellevue, WA Real Estate Market Report

If you are looking to purchase or sell West Bellevue, WA real estate, knowing what the current market conditions look like are important for a positive Bellevue luxury real estate transaction. As a seller, you want to price according to the comparable sales. If you price too high, you run the risk of your Bellevue luxury real estate sitting for too long and being stigmatized as having something wrong with it. OR if you price too low, you could be leaving money on the table. As a buyer, you want to feel confident you didn’t overspend. If you have your sites set on West Bellevue, WA real estate, let’s take a look and see how things are going in the categories that Bellevue, WA realtors follow.

As far as sold prices go, both the median and average is up for real estate in West Bellevue, WA. The median is up 8.2% at $1,327,290 while the average is up 9.3% at $1,675,981. As Bellevue luxury real estate has been making headlines across the nation for the rising home prices, these numbers don’t come as a surprise for those of us in the West Bellevue, WA real estate industry. In fact, these numbers are actually lower compared to certain neighborhoods in and around the east side. Although I can understand where buyers would have sticker shock. If you are wondering if you have any wiggle room with negotiations within this neighborhood, the average percentage of list price (which determines your negotiation power) is at 100.3%. This means that on average, real estate in West Bellevue, WA is getting at least the listing price and then some. Of course, your West Bellevue, WA realtor can help advise you on what an appropriate offer is to make or accept. New listings saw a 8.9% decrease while homes for sale saw a 21.3% decrease while closed sales actually saw a 3.7% increase and pending sales saw a 8% increase. So how have prices on real estate in West Bellevue, WA gone up but activity has seen minimal increases or decreases? We are still very much in a seller’s market. Demand is high and inventory is low so this particular part of Bellevue has a month supply of 2.2. In order to be considered balanced, there needs to be a 6 month supply.

For more information on this area, feel free to contact me. As a West Bellevue, WA realtor, I would be happy to help you navigate this area’s market!


Posted on August 21, 2017 at 9:49 pm
Britt Wibmer | Posted in Britts Picks |

Clyde Hill, WA Real Estate Market Report

If you are looking to purchase or sell Clyde Hill, WA real estate, knowing what the current market conditions look like are crucial for a positive Bellevue luxury real estate transaction. As a seller, you want to price according to the comparable sales. If you price too high, you run the risk of your Bellevue luxury real estate sitting for too long and being stigmatized as having something wrong with it. OR if you price too low, you could be leaving money on the table. As a buyer, you want to feel confident you didn’t overspend. If you have your sites set on Clyde Hill, WA real estate, let’s take a look and see how things are going in the categories that Bellevue, WA realtors follow.

As far as sold prices go, both the median and average is up for real estate in Clyde Hill, WA. The median is up 12.2% at $2,244,000 while the average is up 14.2% at $2,530,411. These numbers don’t really come as a surprise for those of us in the Clyde Hill, WA real estate industry as Bellevue luxury real estate has been making headlines across the nation for the rising home prices. Although while I can certainly see where buyers would have sticker shock, these increases are on par with local market trends. If you are wondering if you have any wiggle room with negotiations within this neighborhood, the average percentage of list price (which determines your negotiation power) is at 99%. This means that on average, real estate in Clyde Hill, WA is getting almost the full asking price. Of course, your Clyde Hill, WA realtor can help advise you on what an appropriate offer is to make or accept. New listings saw a decrease of 25.9% while homes for sale saw no increases. Closed sales actually saw a 9.1% decrease and pending sales saw a 9.2% decrease. So how have prices on real estate in Clyde Hill, WA gone up but other categories have decreased? We are still very much in a seller’s market. Demand is high and inventory is low so this particular neighborhood has a month supply of 2.7. In order to be considered balanced, there needs to be a 6 month supply.

For more information on this neighborhood, feel free to contact me. As a Clyde Hill, WA realtor, I would be happy to help you navigate this area’s market!


Posted on August 21, 2017 at 9:29 pm
Britt Wibmer | Posted in Britts Picks |

Medina, WA Real Estate Market Report

If you are looking to purchase or sell Medina, WA real estate, knowing what the current market conditions look like are crucial for a positive Bellevue luxury real estate transaction. As a seller, you want to price according to the comparable sales. If you price too high, you run the risk of your Bellevue luxury real estate sitting for too long and being stigmatized as having something wrong with it. OR if you price too low, you could be leaving money on the table. As a buyer, you want to feel confident you didn’t overspend. If you have your sites set on Medina, WA real estate, let’s take a look and see how things are going in the categories that Bellevue, WA realtors follow.

As far as sold prices go, both the median and average is up for real estate in Medina, WA. The median is up 29.3% at $2,719,000 while the average is up 23.4% at $3,055,419. As Bellevue luxury real estate has been making headlines across the nation for the rising home prices, these numbers don’t really come as a surprise for those of us in the Medina, WA real estate industry. Although I can certainly see where buyers would have sticker shock. If you are wondering if you have any wiggle room with negotiations within this neighborhood, the average percentage of list price (which determines your negotiation power) is at 100.7%. This means that on average, real estate in Medina, WA is getting at least the listing price and then some. Of course, your Medina, WA realtor can help advise you on what an appropriate offer is to make or accept. New listings and homes for sale saw no increases while closed sales actually saw a 3.4% decrease and pending sales only saw a 3.3% increase. So how have prices on real estate in Medina, WA gone up but activity has stayed minimal or decreased? We are still very much in a seller’s market. Demand is high and inventory is low so this particular neighborhood has a month supply of 2.5. In order to be considered balanced, there needs to be a 6 month supply.

For more information on this neighborhood, feel free to contact me. As a Medina, WA realtor, I would be happy to help you navigate this area’s market!


Posted on August 21, 2017 at 9:09 pm
Britt Wibmer | Posted in Britts Picks |

Medina, WA Real Estate Report

Medina, WA real estate is a sought after community located near Bellevue, WA. As a Bellevue, WA realtor that specializes in this area, I keep a close eye on the Medina, WA real estate market statistics. Each month, the NWMLS releases statistics for each neighborhood for the prior month. Medina, WA real estate saw some very positive notes in the categories that Medina, WA realtors follow. Which is not shocking considering that inventory is low and buyer demand is especially high as home prices and interest rates continue to increase.

The average price for Medina, WA real estate in this neighborhood saw an increase of 16.1% compared to this time last year. This means the average home price is $2,794,801. The median home price is now $2,350,000 which is up 20.7%. This is a pretty decent increase which means the value of your home has gone up in just a year. New Medina, WA real estate listings increased 13.3%. Although, don’t get too excited as this neighborhood is still a sellers market with 2.9 Month Supply. This confirms that sellers have control of the market. The days on the market has also decreased to just 13, which means that homes are going from “just listed” to “pending” in two weeks. If you are looking to sell your Medina, WA real estate quickly, this is a great time to put it on the market. The percentage of list price has had a slight increase at 1.1%.

If you are thinking of listing your Medina, WA home for sale, I would be happy to discuss the current market conditions further as well as differentiate my business. In the meantime, stay tuned for April’s stats as they will be released soon.


Posted on April 19, 2017 at 7:24 pm
Britt Wibmer | Posted in Britts Picks |

Clyde Hill, WA Real Estate Report

Clyde Hill, WA real estate is a sought after community located near Bellevue, WA. As a Bellevue, WA realtor that specializes in this area, I keep a close eye on the Clyde Hill, WA real estate market statistics. Every month the NWMLS releases the stats for specific areas for the prior month. With the high demand for King County real estate, it is no wonder that this popular area saw so many positive notes in March.

The median home price in this neighborhood saw an increase of 11.5% compared to this time last year. This median home price for real estate in Clyde Hill, WA is $2,150,000. This time last year saw a 9.2% jump with a median price of $1,928,000. The monthly supply is still low and considered a seller’s market but there was a 26.7% increase in the amount of homes for sale in Clyde Hill, WA. New listings saw a minimal jump at 5.1% compared to last year’s 15.4%, which is great considering we need all the the inventory we can get in order to satisfy the buyers needs. The percentage of list price stayed about the same at 98.6%. Pending sales are up 13.4% and actual solds are up 21.5%. The days on the market (The time between a home being listed and receiving an accepted offer) has decreased to just 13 days. This means homes are only sitting for about a couple weeks. The month supply further proves that we are in a sellers market at 3. Anything over 4 is considered a buyers market, which means there is plenty of inventory and you can get a little more bang for your buck. If you are thinking of selling your real estate in Clyde Hill, WA I would be happy to discuss the current market conditions as well as differentiate my business. In the meantime, stay tuned for April’s numbers for this neighborhood which will be out in just a couple weeks!


Posted on April 19, 2017 at 7:13 pm
Britt Wibmer | Posted in Britts Picks |

How Rising Interest Rates Impact The Local Market

Real estate in King County is in hot demand right now with low inventory and high buyer demand. As one of the fastest growing metro areas in the nation and incredibly high rents, it makes sense that people would want to buy Bellevue, WA real estate sooner rather than later. However, the lack of available housing for sale makes that hard. Additionally, The Federal Reserve just raised the rate and they plan to do so a couple more times over the course of this year. So what does that mean for buyers and sellers? Luckily there are no signs of the Bellevue, WA real estate market retreating anytime soon. However, there are a few key points to pay attention to. Check them out below.

First, let’s tackle the obvious, which is the psychology of the consumer. Buyer’s in King County are likely feeling some pressure right now to get into a home for sale in Bellevue, WA. Prices are going up monthly, inventory is low so bidding wars are up and now you have the “looming cloud” of higher interest rates. This results in a sense of urgency for the buyer. While this does impact a buyers purchasing power (also known as their spending budget), rates are still low! Someone looking to purchase real estate in Bellevue, WA can still get a fantastic rate if they buy this year. This will also drive sales which in return, generally has a positive effect on the local economy.

As a seller, you benefit from the high demand AND securing a loan that is still lower compared to decades past. So when you list, as long as your Bellevue, WA real estate is clean, professionally staged and photographed and the price is on par with local market conditions, you stand to receive multiple offers and possibly over asking as we have seen happen a lot in King County recently.

Other things to note in regards to the increased mortgage rates is that higher interest rates provide lenders with an incentive to make loans, which loosens some of the tight lending standards we have seen over the course of the past few years. Higher rates usually reduce the amount of issued refinance loans. Also, it is important to realize that the recent hike was well within the expected range from industry analysts. This was predicted and is still within the low end of historically low rates.

When you mix together looser lending standards, minimal interest rate increases, strong wage and job growth and a lot of very serious buyers, the result is expected to be one of the best selling seasons the Bellevue, WA real estate market has seen in years. If you are interested in selling or buying this year, I would love to differentiate my business. With the current market conditions, it is important to use a seasoned local Bellevue, WA realtor.  For more information, give me a call.


Posted on March 31, 2017 at 12:00 am
Britt Wibmer | Posted in Britts Picks |

How To Get Your Home Ready For The Spring Real Estate Market

If you are getting ready to list your Bellevue, WA real estate this spring (or even if you just want to do a little spring cleaning), there are some steps you will need to take to get your home ready for the Bellevue, WA real estate market. King County is getting national recognition for historically low inventory and very high buyer demand. While this could result in the mindset that buyers will purchase your real estate in Bellevue, WA in “as is” condition, it is actually more important than ever to make sure it is in great condition. Take a look at this “spring prep” list you can do to get your home ready.

Pre-Inspection. This is nice to have before listing your real estate in Bellevue, WA as it cuts down on time and any surprises once an offer has been made. It also lets you know what needs to be fixed. After the wet winter we had, it is important to check the roof, siding, gutters, basement and more. It is important to make repairs for a couple reasons. One being a preventative measure so that the damage doesn’t get worse. The second is so that you can make repairs with the hopes that you will have less to negotiate during escrow.

Schedule repairs and projects in advance. AC, landscaping, painting, etc. are all tasks that are in high demand when it is warm, sunny and dry. If you get your AC serviced now, you don’t have to worry about it being out of commission and having to wait a week before a technician can service it. If you know painting and landscaping are also on the list, schedule them now so that you can be one of the first on the list and you don’t have to wait.

Pest control is another thing to get handled asap. Since spring is a busy season for eight legged critters, sweep out cobwebs, clear debris, and check all the nooks and crannies. With Washington State being known as a hot spot for Brown Recluse spiders you should contact your local pest control if you have had issues in the past. If you have signs of other infestations, such as rodents, you should handle that as well. One of the biggest turn offs for buyers is an infestation of any kind.

Another crucial aspect of getting your Bellevue, WA real estate ready for market is de-cluttering. Go through your home and toss, donate, sell and pack! This has a couple benefits such as less packing to stress about if you are in a time crunch. There are also less items to move, which costs you less if you are hiring professionals. The other major perk to this is that less stuff makes a home appear bigger, which allows potential buyers to see how much living and storage space they really have. I also hire professional stagers for every one of my listings, so this makes their job easy as they work to showcase how spectacular your home is.

Don’t forget to deep clean while you are de-cluttering. People open drawers and cabinets, so be sure to dust, scrub and wipe! With all the extra light coming in from the sun, people also see dust more than compared to the dark winter months, so be sure to get into those nooks and crannies.

Take it outside! Clean up debris like twigs and leaves, mow your lawn, plant some bulbs and check your curb appeal. If you need to touch up some paint, buy new house numbers or replace your mailbox, now is the time to do it.  Remember, this is the first impression for buyers looking to purchase real estate in Bellevue, WA. Make sure your home is ready to wow visitors!

For more information on how to get your Bellevue, WA real estate ready for the spring market, give me a call. I would be happy to not only tell you how I differentiate my business, but also guide you through this exciting process.


Posted on March 30, 2017 at 9:22 pm
Britt Wibmer | Posted in Britts Picks |

Bellevue, WA Real Estate Market Update

West Bellevue, WA real estate is a sought after area of King County. As a Bellevue, WA realtor that specializes in this area, I keep a close eye on the Bellevue, WA real estate market statistics and conditions. Each month, the NWMLS releases stats for the prior month. All the areas that Bellevue, WA realtors keep an eye on (noted below) saw positive notes, reinforcing that if you want to sell your Bellevue, WA real estate-now is a great time! Let’s look at the facts for this area:

Average home price: Up 3.9% at $1,529,259

Median home price: Up 17.4% at $1,250,000

New listings: Up 10%

Pending sales: Up 7.2%

Homes sold: Up 8.0%

Percentage of list price: Up 0.7%

Price per SQFT: Up 12.1%

Median Days on market (This is the time between being listed and getting an accepted offer): -23.5%/13 Days

Monthly supply (This determines what market we are in. Anything under 4 is considered a sellers market): -15.6%/2.7

If you are thinking of listing your real estate in Bellevue, WA, I would be happy to discuss the current market conditions further as well as differentiate my business. In the meantime, stay tuned for February’s stats as they will be released soon.


Posted on February 23, 2017 at 9:25 pm
Britt Wibmer | Posted in Britts Picks |

Medina, WA Real Estate Market Report

Medina, WA real estate is a sought after community located near Bellevue, WA. As a Bellevue, WA realtor that specializes in this area, I keep a close eye on the Medina, WA real estate market statistics. Each month, the NWMLS releases statistics for each neighborhood for the prior month. Medina, WA real estate saw some very positive notes in the categories that Medina, WA realtors follow. Which is not shocking considering that inventory is low and buyer demand is especially high as home prices and interest rates continue to increase.

The average price for Medina, WA real estate in this neighborhood saw an increase of 10.7% compared to January of last year. This means the average home price is $2,651,184. The median home price is now $2,105,000 which is up 5.1%. This isn’t a huge increase, but it does mean the value of your home has gone up in just a year. New Medina, WA real estate listings increased 1.2%, which isn’t a huge jump but with the low inventory, that is somewhat expected. The month supply is still low, 3.0, which confirms that sellers have control of the market. The average days on the market has also decreased to just 11, which means that homes are going from “just listed” to “pending” in less than two weeks. The percentage of list price has gone up 1.1% compared to January of 2016.

If you are thinking of listing your Medina, WA home for sale, I would be happy to discuss the current market conditions further as well as differentiate my business. In the meantime, stay tuned for February’s stats as they will be released soon.


Posted on February 23, 2017 at 9:15 pm
Britt Wibmer | Posted in Britts Picks |

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