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RE/MAX National Housing Report for July 2024


Home Sales Rise 3.8% While Prices Dip, Inventory Grows

July home sales rebounded 3.8% from June while the median sales price dropped for the first time this year across the 51 metro areas surveyed. The median price of $425,000 was $5,000 – or 1.2% – lower than June’s. Compared to one year ago, July home sales were up 6.7% and the median sales price increased 3.7%.

Inventory, meanwhile, was up 1.8% over June and 36.7% year over year. This happened despite a 9.4% decline in new listings from June, though new listings were up 7.1% from July 2023.

Read the full article…

Watch the 32 second summary video…



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26506 187th Ave SE, Covington, WA 98042

$649,999

5 bedrooms; 2 bathrooms; 1,660 square feet

Welcome to your beautifully enhanced home, offering modern comforts and stylish living! Recent upgrades include a charming fireplace mantel, separate bathroom on the main level, and LVP flooring downstairs to match the main. Enjoy the 5th bedroom, newly landscaped front yard, and a serene patio in the back. Step outside to your dream outdoor kitchen, complete with a counter, power, fridge, and a bar for two. Relax by the fire pit or fire up the BBQ – there’s plenty of room! The fully fenced yard provides privacy with gates on both sides and parking for 3 in front. The community features a clubhouse, pool, playground, sport court, and trails, while the upcoming Lakepointe Urban Village will soon add even more convenience & excitement nearby!

A link to more details, photos, floor plan and the 360 degree Tour…

Sold 12/6/24



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Washington State NWMLS Market Update for July 2024


Market Recap

High mortgage interest rates continue to be a drag on home sales, discouraging both potential buyers facing high-rate mortgages and would-be sellers wanting to keep their low-rate mortgages. However, there are signs that the housing market is loosening up and that interest rates are declining and likely to decline even further in the coming months. Home sales are up 5.9% year-over-year in the NWMLS market area, and the number of active listings increased 37.7% relative to last year at this time. According to Freddie Mac, 30-year mortgage rates are at their lowest since February 2024 (6.73% as of August 1st).

July 2024 Key Takeaways

Active Listings

  • There was a 37.7% increase in the total number of properties listed for sale, with 15,122 active listings on the market at the end of July 2024, compared to 10,982 at the end of July 2023.
  • The number of homes for sale increased throughout Washington, with 25 out of 26 counties seeing a double-digit year-over-year increase.
  • The six counties with highest increases in active inventory for sale were Douglas (+80.8%), Pierce (+51.2%), Walla Walla (+49.6%), Lewis (+49.3%), Snohomish (+47.8%), and Mason (+43.7%).

Closed Sales

  • July 2024 saw a 5.9% increase in the number of closed sales transactions year-over-year (6,615 in July 2024 compared to 6,247 in July 2023).
  • 19 out of 26 counties saw an increase in the number of closed sales year-over-year, while 7 saw a decrease.

Median Sale Price

  • Overall, the median price for residential homes and condominiums sold in July 2024 was $650,000, an increase of 5.7% when compared to July 2023 ($615,000).
  • The three counties with the highest median sale prices were King ($880,000), Snohomish ($775,000), and San Juan ($740,000), and the three counties with the lowest median sale prices were Columbia ($270,000), Pacific ($290,000) and Ferry ($319,900).

Contact me for more details, or watch the 0.75 minute market snapshot video…

Source: NWMLS 8/5/2024



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How to Create the Ultimate Staycation Spot at Home This Summer



Staying local this season? Here’s a few ways to create a lovely staycation in your own yard.

Summer is a favorite time for a relaxing vacation – and avoiding plane flights or long car rides can create an even more restful experience. For many, the perfect destination is the closest one: Home.

Consider these ways to create the ultimate staycation spot in your own yard this summer.

Level up lounge chairs

Chances are, you’ll want to spend a lot more time in your yard if your outdoor furniture is comfortable. Grab some resort-like lounge chairs or upgrade upright chairs with weather-proof cushions.

Other ideas? Opt for a hanging egg chair, traditional hammock, or swing. Sway about as you soak up the sun, catch some ZZZs, or get lost in a good read.

Get shady

Having a way to spend time outdoors without getting too much sun is important. Try implementing an umbrella or shade covering over your designated lounge space.

For a more permanent solution, consider adding a pergola in your yard. Not only do they provide some coverage by day – especially with cover functionality built in – but they can also be a good place to hang string lights for a twinkle at night.

Add games galore

Your outdoor space can be a place of rest – or, it can be a place of competitive fun. This summer, set up your favorite games (depending on how much space you have to work with) and host a game day with family and friends.

A few classics:

• Badminton
• Cornhole
• Kan Jam
• Giant Jenga
• Croquet
• Spikeball®
• Kubb

Find a fire pit

Spend summer nights cozied up around a fire in your very own yard. Whether it’s wood burning or gas, a variety of sizes and shapes can fit various spaces. Tabletop options work for those who want the essence of a bonfire – but on a micro-level.

Be sure to abide by local fire regulations and implement best safety practices when using your fireplace.

Stock up on summer supplies

When you’re on vacation, you may seek out your favorite sweet snacks. So do the same thing on your staycation! Stock the freezer – or patio cooler cart – with your favorite summertime treats, like ice pops, ice cream sandwiches, refreshing beverages, and more. Or, DIY the ice cream parlor experience at home with pints in fun flavors, cones, and toppings. Plus, if you have a fire pit, don’t forget to grab all the fixings for ooey-gooey s’mores.

Other essential supplies include sun protection (SPF cream, hats and visors, etc.), bug repellant spray (or citronella candles), unbreakable dishware, grilling supplies, and pool floats if applicable.

Decorate

Time to set the scene for a seasonal oasis. In addition to the string lights mentioned above, find fun ways to add color and personal flair to your outdoor oasis. Add a weatherproof rug to help frame a seating area, and add bright hues with potted flowers dotted about.

Doing some yard maintenance will freshen up the space, too, like regular mowing and watering of the lawn, and plucking of weeds from garden beds. Plus, add a fresh coat of mulch or rocks, or even new bushes and plants, to change up the overall look. In some places – like dryer climates – some people opt to xeriscape their yard, saving on water usage and getting creative in the design process.

Looking for a new home this summer? Contact me today!




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5 Questions to Ask When Buying a Fixer-Upper


When purchasing a property that could use a little (or a lot of) work, make sure you’re truly prepared to take on the task.

Buying an outdated, or even dilapidated, property can be exciting for those with a DIY mindset and creative vision. For many, it provides a chance to own a home that has more square footage, is situated on a bigger lot, or has a sought-after location. Plus, with properties like these, the purchase price is often lower than market comps, which can mean lower monthly mortgage payments.

An early 2024 survey from RE/MAX found that of consumers looking to buy a home this year, 56% were interested in considering a fixer-upper as a creative way to achieve homeownership amid changing (and sometimes challenging) market conditions. Of those who were open to the option, more than half were willing to do so based on location.

Don’t be fooled, however, by reality TV shows that gloss over the details in what can be a complex process – projects like these often require abundant time and resources, with costs adding up along the way.

Here are five fixer-upper questions to consider:

1. How much can you afford for renovations?

Cost will lay the groundwork for all plans pertaining to the renovation process – and setting a budget ahead of time will help you prioritize what to fix. It’s generally better to overestimate the potential costs to account for unexpected situations that might pop up along the way. Ultimately, the budget depends on your personal financial situation, as well as location, property type, renovation goals, and more.

Some people work with a lender on financing solutions, like home improvement loans, if they meet qualifying criteria.

2. What was the outcome of the home inspection?

A home inspection is an essential step when buying any property – and it’s extra important with a fixer-upper. A professional inspector focuses their examination to the home’s physical structure and major systems. They’ll look closely at the foundation, as well as the structural integrity of floors, walls, ceilings, and the roof. They’ll also check the functionality of windows, doors, HVAC system, electrical, and more.

With fixer-uppers, there’s a higher likelihood of some of these features being compromised. Costs for repair and restructuring can vary depending on the issue and the severity of damage or wear.

3. What scale of renovation does the place need?

You may hear people saying a house has “good bones.” Essentially, if a house is structurally sound and just needs some cosmetic upgrades, it’s a very different process than if it requires larger-scale demolition. Before you take on a fixer-upper, consider the scale of the necessary renovations to determine the feasibility of your plans.

It’s important to also think about who would be doing the work. Hiring contractors can be much more costly than going true DIY. It’s also critical to identify health hazards that may be present, like asbestos, mold, lead paint, and more – and always hire professionals to remove toxins like these in a safe manner.

4. What permits will be required to complete the project?

Each city and town has regulations and restrictions on residential construction. Some places, for example, allow grandfathered property rights or adhere to strict rules that limit the current-day building potential of structures and footprint additions. Many larger-scale home repairs require permits and inspections during the process.

As you determine what fixes need to be made, check with the local government to make sure your plans are legally compliant before starting any form of demolition.

5. Can you wait to live there until renovations are completed?

Priorities will likely take shape based on the condition of the home. Some people buy a fully functioning house that simply has outdated style, prompting them to make cosmetic upgrades. In cases like these, many choose to space out renovations over time and slowly update the place room-by-room while living there.

For those who go with a more dilapidated structure, the fixing of essential features – like foundation, roof, HVAC, etc. – will likely take priority over aesthetic changes, and need more urgent attention before the space becomes habitable.

Whether you’re looking for a fixer-upper or move-in-ready home, contact me! I’ll be happy to help you get the process started!



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RE/MAX National Housing Report for June 2024


Inventory Continues to Increase Amid Modest Median Price Growth and Home Sales Decline

June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

Across the 50 metro areas surveyed, inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Inventory compared to last June’s 1.4 months.

The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

Read the full article…

Watch the 32 second summary video…



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28148 192nd Pl SE, Kent, WA 98042

$699,950

3 bedrooms; 2 bathrooms; 1570 sq ft on main level; 1440 sq ft unfinished basement

Enjoy privacy in this basement rambler on a spacious private lot that offers many opportunities! Update the 1570 sq ft main level and/or finish the 1440 sq ft heated basement that is plumbed for a bathroom. You’ll appreciate the bright entry, living & dining rooms w/ vaulted ceilings & skylights. The stone coated steel roof was just cleaned; front deck & side gates/fence freshly painted. The extra deep garage has a worktable, lots of storage & is wired for a generator that stays. The riding lawn mower & cart in shed stay; RV parking has power. Desirable Winterwood Estates is an equestrian community just minutes from a variety of retail, restaurants & health care in Covington. It has 2 parks w/a playground, sport court, horse arena & picnic areas.

A link to more details, photos and the 360 degree Tour…

Sold 10/15/24



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Washington State NWMLS Market Update for June 2024


Market Recap

Washington counties covered by NWMLS continue to follow seasonal trends with respect to inventory levels yet divert from typical patterns with regard to transaction volume. With the 30-year fixed mortgage rate currently at 6.86% (as of late June 2024), the purchasing power of prospective buyers remains constrained relative to a few years ago. Year-over-year for-sale inventory levels have increased dramatically relative to June 2023 (up 35.7%). Year-over-year closed sales transactions decreased by 3.1%, signaling that despite recent decreases in interest rates, buyers may be slightly less active when compared to June 2023. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months.

June 2024 Key Takeaways

Median Sales Price

  • The median price for residential homes and condominiums sold in June 2024 was $650,000, an increase of 4% compared to June 2023 ($625,000).
  • The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497). The three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000) and Ferry ($175,000).

Active Listings

  • There was a 35.7% increase in the total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023.
  • The number of homes for sale increased throughout Washington, with 22 out of 26 counties seeing a double-digit year-over-year increase.
  • The six counties with highest increases in active inventory for sale were Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (+43.3%).

Closed Sales Transactions

  • For Washington counties covered by NWMLS, June 2024 saw a 3.1% decrease in closed sales transactions year-over-year, a reversal in trends from April and May 2024, which saw positive increases in year-over-year transaction volume (9.5% and 6%, respectively).

Months of Inventory

  • A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little over two months (2.17) to sell every home that is active in the NWMLS inventory.
  • The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).

Contact me for more details, or watch the 0.75 minute market snapshot video…

Source: NWMLS 7/3/2024



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15715 4th Ave S #2-11, Burien, WA 98148

$237,000

1 bedroom; 653 sq ft

Enjoy the sun on your private patio and in this ground level end unit with extra windows! And welcome to the beautiful, well-maintained community of Summerfield! The community features new roofs, gutters, some exterior paint, abundant visitor parking & pest control. Your carport is closest to the accessible patio & lockable slider to dining room. You’ll appreciate the open floor plan that is bright, accessible, features laminate floors throughout & a wood fireplace. Updates include light fixtures, some fresh paint, new shower tile, water heater & a kitchen faucet. The functional kitchen features stainless steel appliances & attractive counters. Storage includes a coat, large bedroom & linen closets, as well as a unit in the bldg next door.

A link to more details, photos and the 360 degree Tour…

Sold 2/4/25



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Let’s Vote on Energy Choice!



Time is running out to protect energy choice in Washington! Your signature is needed to make sure gas utilities continue to provide natural gas to all customers who want it.

Visit this website for details about the initiative, a super signing event this weekend, and other local signing locations: https://letsgowashington.com/i-2066-stop-the-gas-ban-protect-energy-choice/