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All Around the World, RE/MAX Affiliates Gave Back During 2023 Global RE/MAX Week

At least once a year the office that I own and manage dedicates half of a day to serving our local community!

In 2023 there was consensus among everyone in the office to volunteer at our local food bank. The Federal Way Food Bank at the Multi-Service Center provides essential resources to individuals and families in need of supplemental food. It serves over 4,000 household visits per month in the food bank and another 2,000 household services with free home delivery of food. The Market-style Food Bank allows them to serve the community with dignity and respect, where clients can choose from the items available to feed their households, rather than merely being handed a predetermined quantity and selection of foods.

On October 2nd we helped prepare over 150 bags of non-perishable groceries and another 150 bags of produce to be delivered to families unable to travel to the food bank. We enjoyed the experience and opportunity to directly impact families in our local community of Federal Way. After all, access to food is a basic human right and nobody deserves to be hungry.

We are proud to have been featured in the RE/MAX News as one of many offices that helped combat hunger. Here’s a link to the article…

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RE/MAX National Housing Report for September 2023

Inventory Grows for Sixth Straight
Month While Sales Decline

The number of homes on the market grew month over month for a sixth consecutive month in September as sales declined 13.8% from August and 17.0% from a year ago. The 9.3% increase in inventory was the largest month-over-month increase in 14 months. Even so, inventory is 8.6% below September 2022 levels.

Despite the growth in inventory over August 2023, new listings were down 1.8% from August and 7.8% year over year.

With three months left in 2023, the Median Sales Price of $415,000 posted a seasonal decline of 2.4% month over month – last September’s sequential drop was 1.2% – but remained 2.5% higher than last September’s $405,000.

Read the full article…

Watch the 32 second summary video…

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305 S 297th St, Federal Way, WA 98003

$419,900

3 bedrooms; 1.5 bathrooms; 1,320 sq ft

Calling all investors with cash! This home offers lots of potential and opportunities, especially with its large, wide, corner lot that’s mostly fenced! There’s RV, boat and trailer parking + a work area and storage in the extra-large garage. Features include lots of hardwood floors, a door from the kitchen to deck for easy entertaining and BBQs, and a large utility room with sink. The wood fireplace insert is centrally located in the open floorplan between the living, family & dining rooms. You’ll appreciate the new gas water heater (2022) and new gas furnace (2020). Past updates include a new roof (2011) and conversion from septic to sewer. This home simply awaits some cleaning and care, or a whole new vision. Don’t miss this opportunity!

A link to more details and photos…

Sold 10/27/23 for $430,000

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Washington State NWMLS Market Update for September 2023

As we head into the fall season, the number of transactions in Washington counties continues to decline, with limited growth in year-over-year median prices.

  • When compared to the same month last year, September 2023 experienced a -20% change in active property listings on the market in Washington counties covered by the NWMLS.
  • Most counties covered by the NWMLS (23 of 26) saw a decrease in the number of homes sold, with changes ranging from -2% to -50% year over year with an average decline of -24% and one county going unchanged.
  • The median price of homes sold increased in 15 out of 26 counties, declined in 9 counties, increased in 15 and remained unchanged in 2 counties relative to September 2022.

“The real estate market typically slows down in the fall and winter months,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. “However, the high-interest rate environment has further decreased the purchasing power of prospective buyers leading to a continued decline in year over year transaction volume with overall median prices stagnating.”

While continued mortgage rate increases will make additional home price gains much more challenging, the demand for listings will have sellers thinking positively about their options by next year.

“The combination of low inventories and pent-up demand suggest that home price pressures will continue to mount and drive home prices up some 5% by next September,” said Selma Hepp, executive and chief economist with CoreLogic.

Contact me for more details, or watch the 1.25 minute market report video…

Source: NWMLS 10/5/2023

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RE/MAX National Housing Report for August 2023

Home Sales and New Listings
Both Increase as Summer Winds Down

New listings rose 1.8% sequentially in August, bucking the typical July-to-August seasonal trend of decline. Last year, new listings declined 12.8% in August, the second month in a streak of six month-to-month declines that ended in January.

Home sales rose 7.4% over July and the Median Sales Price of $425,000 was unchanged across the 50 metro areas surveyed.

Meanwhile, year-over-year new listings were down 13.2% while home sales dropped 13.1%. The Median Sales Price, on the other hand, was up 3.7%.

The number of homes for sale increased 2.7% in August, the fifth straight month of inventory buildup. Compared to August 2022, however, inventory was 13.2% lower.

Read the full article…

Watch the 32 second summary video…

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533 Sand Dune Ave SW, Ocean Shores, WA 98569

$164,500

10,964 sq ft Vacant Lot

Here’s your opportunity to own 60 ft of oceanfront property in the quaint coastal city of Ocean Shores! Build your dream beachfront cabin on this 60’ x 182’ lot that contains water onsite, and power & sewer in the street; the LID has been paid in full. Relax on the beach, enjoy kite flying, water sports & fishing. The lot was clear at one time; RV camping is allowed up to 90 days/year. Conveniently located between the city & Ocean Shores Community Club; the Bayshore Clubhouse has an indoor heated pool, 2 saunas, hot tub, basketball gym, fitness center, café; reading, meeting & game rms. Ocean Shores is known for its long, drivable beach, network of navigable lakes & waterways, and the nearby Oyhut Wildlife Recreation Area. Don’t miss this!

Contact me for more information!

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Washington State NWMLS Market Update for August 2023

Prices on homes that sold during August rose 2.5% from a year ago, marking the first year-over-year (YOY) increase since January, according to a new report from Northwest Multiple Listing Service. The median price of $615,000 for 6,734 closed sales across 26 counties matched July’s figure.

For other key metrics on August activity, including new and active listings, pending sales, and closed sales, the YOY comparisons showed declines.

Brokers added 8,152 new listings of single family homes and condominiums last month, down from 9,914 for August 2022, a drop of nearly 17.8%. Last month’s systemwide tally of new listings was the smallest monthly total since April.

NWMLS members reported 7,189 pending sales during August, which was the lowest level since April’s total of 7,137, and down nearly 25% from the year ago figure of 9,552.

Brokers and other industry-watchers point to upticks in mortgage rates as the culprit for declining sales. 

The average interest rate on a 30-year home loan reached 7.23% as of August 24, according to Freddie Mac. That is the highest rate since 2001, but it subsequently dropped to 7.12% for the week ending September 7. Along with forcing buyers to sit on the sidelines, the escalating rates are a deterrent to would-be sellers who bought or refinanced home in recent years and don’t want to swap their 3% rate for a 7% mortgage.

Despite slower activity, supply remained constrained with only 1.71 months of inventory in the MLS database. That’s down from both a year ago when there was 1.84 months of supply, and from last month when the figure was 1.76.

Contact me for more details, or watch the 1.25 minute market report video…

Source: NWMLS 9/8/2023

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How to Maintain Resale Value While Enjoying Your Home

Homeowners, here are four ways to help a property hold its value over time:

Buying a home is a big investment, both emotionally and financially.

Homeowners should enjoy their home for the reason they purchased it, whatever that might be. But they can also protect – and even enhance – the property’s resale value at the same time.

Here are four ways to help resale value while reaping the benefits of upgrades and enjoying your home.

1. Keep up with regular maintenance

Maintaining a home over time can help avoid larger repair issues down the road. This could include work such as:

• Touching up chipped paint inside and outside
• Having the HVAC system cleaned
• Aiding curb appeal with lawn and weed maintenance
• Inspecting for interior water damage or roof leaks
• Clearing out gutters
• Replacing batteries and light bulbs where needed
• Managing pest control
• Cleaning that goes beyond the normal routine

2. Invest in energy-efficient features

Implementing environmentally friendly tactics in a house can help you save money on your energy bills while adding value to your property. To determine where to focus – common examples are updating poorly insulated windows and replacing older light fixtures – conduct an energy audit before you begin.

These modern features could appeal to buyers if you ever decide to sell. Demand for energy efficiency in homes is on the rise – according to research by Freddie Mac, over 80% of homebuyers want Energy Star-rated windows and appliances, and energy-efficient lighting in a prospective home. Similarly, the 2023 RE/MAX Future of Real Estate Report reveals that 73% of Americans consider energy insulation an important factor when buying a property, up from 60% – a significant increase in recent years.

3. Renovate key rooms

Renovation projects can be an effective way to increase a property’s resale value, especially in highly trafficked areas of the home. A 2022 consumer survey by RE/MAX found that the top upgrades sellers plan to make before listing their home are to the kitchen and bathrooms.

Removal of dated features like popcorn ceilings and wall-to-wall carpeting should also enhance your experience of living in the home, as could larger renovations such as installing new appliances in the kitchen, finishing a basement to create more space, adding a bathroom, and more.

4. Consider curb appeal

Maintaining your home’s outdoor space is a must for enhancing curb appeal and enjoying its external appearance. Not only does it keep a property looking tidy, but can also be a creative way to express yourself with gardening. For future resale value, think about the longevity of new plants that could be added to the yard.

Trees, bushes, and perennial flowers can enhance the exterior of your home, and will continue to flourish with age. With regular maintenance, new saplings can age into mature trees and create shade and privacy on your property. This means you can enjoy them now, knowing they will help in a future sale, too.

Even if you adore your current dwelling, you may want to upsize, downsize, or seek other features like more acreage (which Fido would love) sometime down the road. In the meantime, it’s critical to maintain your home while you’re in it – for your current enjoyment and for resale value in the future.

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RE/MAX National Housing Report for July 2023

July Sales Down but Inventory is Up,
Sellers Get Their Asking Price

July marked the first month-over-month decline in home sales since April, signaling that perhaps the peak of summer buying is beginning to taper. Growth in the inventory of homes for sale inched up alongside modest increases in interest rates despite strong consumer demand.

July home sales declined 14.7% from June and 16.1% compared to a year ago. The decline was tied to a 9.0% drop in new listings month over month and represented 26.7% fewer new listings year over year across the 50 metro areas surveyed. July inventory was up 3.1% from June, even though it still lagged 20.8% from July 2022. Tight inventory amid consistent demand continued to prop up the median sales price of $425,000. This is a marginal decline of less than 1% compared to June, while registering a 1.2% upswing in comparison to July 2022.

With the average close-to-list price ratio in July at 100%, sellers were able to get their asking price from buyers. That was the average close-to-list ratio in June as well but was a decline from the 101% ratio recorded a year ago.

Other notable metrics:

• Months’ supply of inventory in July was 1.5, up from June’s 1.3 but below the 1.6 months recorded a year ago.

• Homes sold in July were on the market for an average of 30 days, which was 1 day longer than in June and 6 days longer than July of last year.

Read the full article…

Watch the 32 second summary video…

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Washington State NWMLS Market Update for July 2023

The Northwest MLS statistics summarizing July activity for 26 counties in the report showed declines in listings, pending sales, closed sales and prices when compared to 12 months ago. The same metrics, which include single family homes and condominiums, were also down from June, with the exception of total active listings and months of inventory. Both showed slight month-over-month improvement.

Buyers could choose from 10,982 active listings at the end of July, a gain of 375 properties compared to June’s total. Last month’s inventory dropped 28.6% from the year-ago selection of 15,381 properties. Of the selection, 8,205 listings were added system-wide during July.

A slower pace of sales contributed to a modest uptick in months of supply, rising from 1.55 months in June to 1.76 months in July; a year ago there was 2.01 months of supply. Still, with the industry using 4-to-6 months as the indicator of a balanced market, 20 of the 26 counties fell below that mark. The six counties that had at least four months of supply were outside the Puget Sound urban areas.

Last week’s rate on a 30-year fixed rate mortgage was 6.9%, according to Freddie Mac. A year ago, it was 4.99% and two years ago it was 2.77%.

The jump in mortgage rates combined with a lack of choices for buyers has put a drag on sales, Deely remarked. “Adding to buyers’ hesitancy is the record-breaking price growth in 2021 and 2022. Cost pressures are impacting affordability, and it is unlikely to significantly improve in the near future.” 

Sellers of 7,570 properties accepted offers during July. That volume of pending sales was down about 13.7% from the year ago total of 8,775 and dropped 2.4% from June’s figure (7,759).

Within King County, pending sales surpassed last year’s numbers in several sub-markets including Southeast Seattle, SODO/Beacon Hill, Ballard/Green Lake, and North Seattle. On the Eastside, three areas had more pending sales than a year ago: the area south of I-90, Bellevue – West of I-405, and Kirkland. Median sales prices in these areas exceeded $1.4 million.

Contact me for more details, or watch the 1.25 minute market report video…

Source: NWMLS 8/7/2023