-More Buyers than Sellers. Inventory of available homes will remain low this year creating a sellers market!
-Generations X and Y become strong homeowners. Young adults (ages 18-35) continue to see homeownership as value. 43% already own a home. 72% want to own a home. 93% currently renting plan to buy.
-Move up Sellers will return. Negative equity has prevented many sellers from moving up to the house of their dreams. However, with prices recovering, more and more sellers will realize that now may be their opportunity…..especially with the continuing low interest rates.
-High rental prices will continue. Low inventory of available homes for sale, stricter lending requirements (more down etc.) and a strong economy are fueling higher rental prices.
With home prices in the city back to 2007 levels, inventory 43% lower than last year and interest rates at record lows we are back to a sellers market!
The buyers are scrambling to get into this market! A home in city that is priced right and taken care of is getting multiple offers and going over asking price. LOVE letters (as we call them) are back where buyers are writing letters to persuade the sellers to take their offer on their home. While the prices are not escalating to the levels we saw in 2007 which at times were 20-30% over asking they are still escalating close to 10-15% above asking with no contingencies.
If you are seeing a home sitting out there it is because it is priced too high….flat out! The market always determines the price and it is no time for sellers to get greedy. Key into what buyers are saying about your property and adjust accordingly and you should have a sold strip on your for sale sign in no time!
If you are considering selling in the near future do so before the spring rush where there are more homes out there to compete with!
We are so lucky to live in THRIVING Seattle!
The one thing I know for sure…how you live on a day to day basis in a home looks very different than when you go to sell it! When a home is market ready all the bills, toys, books, papers and clutter are put out of sight and in their proper place. Having worked with many sellers over the years I hear time and time again how they LOVE the feeling of a cleaned up, clutter free home and want to try to incorporate that into their daily lives.
Getting organized is unquestionably good for both mind and body. “If you can’t find your sneakers, you aren’t taking a walk,” said Dr. Pamela Peeke, assistant clinical professor of medicine at the University of Maryland and the author of “Fit to Live” (Rodale, 2007), which devotes a section to the link between health and organization. In fact the average person spends a minimum of 45 minutes a day trying to find something in their home…..time for frustration, resentment and anger to build up!
But experts say the problem with all this is that many people are going about it in the wrong way. Too often they approach clutter and disorganization as a space problem that can be solved by acquiring bins and organizers.
“It isn’t a house problem. It’s a person problem. The person needs to fundamentally change their behavior.
One suggestion I read years ago has become invaluable to me. “Handle a piece of paper once. Read it, file it, deal with it. Don’t set it aside to be dealt with later as then it will become a pile. I know this is not easy but I am really trying to put this into practice.
Every item in your home has an energy to it. When you clean out a drawer or your closet, the next time you walk in the room it actually feels lighter, even tho you cannot see what you have decluttered!
So here is some good news.
Letting go of what no longer serves you and setting limits on what you allow into your life is about having and doing less, while accomplishing and enjoying much more.
Most people think that clearing out their space to stop clutter will take a lot of energy, but the exact opposite happens. What I’ve seen is that as you let go of each thing that is no longer serving your life, your energy level goes up immediately and dramatically.
Stop thinking of clutter-clearing as a chore, and start thinking of it as one of the cheapest and most effective self-improvement tactics available to you. Every magazine and piece of paper you recycle, every book you give away, every knick-knack and item of clothing you release to a new owner creates space in your life for new insight, energy, joy, and experiences to come in!
Walkability translates into increased home values. You will continue to see a walk score as a marketing tool in selling homes. Homes located in a more walkable neighborhood, where everyday needs, can be met by walking, public transportation or biking, command a price premium over otherwise similar homes in less walkable areas.
People who live in more walkable places tend to earn more, but they also tend to pay a higher percentage of their income for housing. In May 2012, the New York Times Sunday Review article by Christopher Leinberger stated that “In metropolitan Seattle in 1996, the suburban Redmond area, home to Microsoft, had the same price per square foot as Capitol Hill, a walkable area adjacent to downtown, based on data from Zillow. Today, Capitol Hill is valued nearly 50 percent above Redmond.”
Clearly, people will pay more for homes that allow them to walk rather than drive. The popular website www.WalkScore.com just added a Bike Score to let potential buyers know which neighborhoods are more bikeable. There is also a Transit score to determine how close a home is to public transportation. In my business, I am seeing more buyers flock back to the city after their kids are grown. They talk about the energy it gives off, the culture and the walkability. Not only is it the young buyers who want to walk to amenities, but retirees as well. A home in a walkable location is highly desirable! What is your home’s walk score?
Anita Italiane Hearl | Windermere Real Estate Company