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 |

Clyde Hill 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 positive notes in January.

The median home price in this neighborhood saw an increase of 12.0% 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 similar jump in price compared to 2015 so this is consistent with the prior year. Interestingly, while the monthly supply is still low and considered a seller’s market, the amount of homes for sale in Clyde Hill has increased 33.3% compared to the prior year. New listings also saw a jump compared to last year, which is great considering we need the inventory to satisfy the buyers needs. The percentage of list price decreased a teeny bit from 98.8% last year to 98.0% this year. Pending sales are up 24.2% and actual solds are up 26.6%. The days on the market (The time between a home being listed and receiving an accepted offer) has decreased to just 16 days. This means homes are only sitting for about a couple weeks. 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 February’s numbers for this neighborhood!


Posted on February 23, 2017 at 9:02 pm
Britt Wibmer | Posted in Britts Picks |

Are You Ready To Buy?

If you haven’t bought a home for sale in Bellevue, WA yet, you probably have it in the back of your mind as a “to do” in the near future. With home prices on the rise, interest rates on the rise and rents on the rise, financially it just seems right. However, everyone has a different time in life when buying “makes sense”. There are a few determining factors that you should keep in mind. After all, buying Bellevue, WA real estate is a big financial  investment. You want to purchase knowing that you won’t regret that decision later on. So what are the factors that should be kept in mind? Read on!

Finances

This is obviously the first factor. However, this factor has multiple aspects that can determine whether you are truly ready to buy real estate in Bellevue, WA:

  • Down Payment: While the amount varies based on the house price and the loan you have, you will need some cash to put down. While the typical 30 year conventional loan is 20% of the home price, some loans let you put as little as 5% down. Additionally, there are several down payment assistance programs. However, you should not drain your entire savings for the down payment. Once you become a home owner, you are responsible for any repairs so you will want a cushion to tap into for emergencies.
  • Monthly Mortgage: How much you can afford is based on your income. High income is great, but high debt is not. Shop around for lenders to find out what you qualify for. You should try and pay off debt before you apply for a loan. If your work is not steady, you may want to stick with renting before buying Bellevue, WA real estate.
  • Credit score: Speaking of debt, the better your credit, the better your chances are of securing a great loan. If you don’t have credit, go get some. Leander’s typically like to see 3 open lines of credit that are in good standing. If you have bad credit, pull your report to see what you need to clean up and get serious about it.

Market Conditions

Local housing markets vary and they go through highs and lows (who remembers the 2006 bubble burst?). Currently the United States in general is doing well and is considered to be in a Seller’s Market. Bellevue, WA real estate is no exception. In fact, King County real estate is making headlines for having some of the lowest inventory in the nation. Because of that, prices are up and the demand is high. The demand for housing out weighs the actual supply which means that demand for real estate in Bellevue, WA is stable and consistent. IE: we are not in a housing bubble and shouldn’t be anytime soon. Regardless, you want to make sure the current conditions are beneficial for YOU! It is really hard to time the market but you want to consider the economic conditions as much as possible. Here is what you should look at:

  • Inventory: If your market is in favor of the buyer (homes have been sitting and there is a lot of inventory), you should be able to get a great price on a home with minimal competition. If your local market is a seller’s market? Well, that is a different story. It goes back to supply and demand: The available goods will be low and what is available will be priced higher.
  • Interest rates: Interest rates can impact the price you pay on your real estate in Bellevue, WA. Home loan interest rates are still considered historically low, however they are on the rise. If your budget is strict, you may want to get in on a home sooner rather than later.
  • Renting vs. Buying: There are certain markets where rent is astronomical. Seattle and Bellevue are two local markets for example. People are throwing away what could be a mortgage payment for an 800 sqft apartment. Look at the prices in your area and compare mortgage payments to rent payments. Regardless, your rent payment is going towards someone’s equity, so it may as well be your own.

What is your plan? Are you where you want to be? Do you intend on moving or making a big life change in the next couple years? If you aren’t sure you won’t be in a home for at least 5 years (the amount experts say make a worthwhile investment), perhaps it is best to hold off for now. Unless, of course, you intend on using the property as an investment when you move on. For more information on buying or selling real estate in Bellevue, WA, give me a call at 206-683-1737.


Posted on February 23, 2017 at 7:59 pm
Britt Wibmer | Posted in Britts Picks |

Medina Real Estate 4th Quarter Market Update

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. With the high demand for King County real estate, it is no wonder that this popular area saw positive notes in the categories that Medina, WA realtors follow.

The average home price in this neighborhood saw an increase of 13.3% compared to this time last year. This means the average home price is $2, 711,329. The median home price is now $2,151,000. This didn’t see as much of an increase but it is still up 4.7% compared to the year before. Homes for sale in Medina, WA did see a slight decrease due to the low inventory. Properties that sold dropped from 63 this time last year to 52 this year. The median days on the market also dropped from 21 last year to just 10. This means homes are getting accepted offers in less than 2 weeks of being listed. The percentage of list price homes are getting is 101%. Which means that most homes for sale in Medina, WA are not only getting full price, but over asking. The month supply is also 2.9 which doesn’t come as a shock as the low inventory is a hot topic. Anything under 4 is consider a sellers market while anything over is considered a buyers market. 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.

 


Posted on January 23, 2017 at 11:24 pm
Britt Wibmer | Posted in Britts Picks |

Why You Should List Your Home

If you are thinking of listing your home for sale in Bellevue, WA, now is the perfect time. Back in September I wrote a blog about why a homeowner should sell in the Fall. Typically the colder months are a little slower and there is less demand. However, the major housing crisis is finally in the background and Bellevue, WA real estate sales are up, along with their value. Distressed sales also happen to be the lowest they have been in almost a decade. All of this is fabulous news for buyers. Except for one major issue: the lack of inventory in King County is at an ALL TIME low. In fact, Realtor.com just released an article with the 10 United States cities that have the lowest inventory and King County was number 1. Additionally, the National Association of Realtors states that buyer demand continues to be the strongest it has been in years. Mix the low supply of homes with high buyer demand and you get a price increase that can make it hard for buyers to get into Bellevue, WA real estate for sale. If you are reading this and happen to be thinking about putting your Bellevue, WA real estate on the market, check out these key reasons why you should!

  • There are some very serious buyers waiting to snag that dream home for sale in Bellevue. If you were worried about going to the trouble of listing your home for sale in Bellevue, WA only to get a bunch of “Lookie Loos” touring your home, rest assured. The folks willing to brave ice, rain, snow and freezing temperatures are committed.
  • You have less housing competition during this time of year. In fact, right now a seller would have almost no competition with how low the current supply of homes is. This gives you the edge that you may not have had just a few months ago. Not to mention, interest rates are on the rise. Serious buyers want to get into a house before the spring and summer when their competition is fierce. There is currently a sense of urgency for those that couldn’t get into a home last spring and summer.
  • Inventory is unlikely to get better for another couple years or so when new construction can catch up with the growing demand of housing needs. With labor markets and job growth getting healthier and stronger, there are more buyers out there who want to buy and simply cannot get into a home.

If you have been thinking of listing your Bellevue, WA real estate, give me a call to discuss your options. I would be happy to not only discuss your home’s current market value but also differentiate my business.


Posted on January 23, 2017 at 11:07 pm
Britt Wibmer | Posted in Britts Picks |

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