Across the region, home values continued to see huge year-over-year gains from 2021 to 2022. Most homes sold in the first 10 days and for well above the asking price. We started the year with an extreme shortage of homes for sale, resulting in an overall lower number of sales compared to the start of 2021. Buyer demand, however, remains incredibly strong. With interest rates on the rise, buyers Continue Reading
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Should You Remodel or Sell Your Home As Is?
Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you Continue Reading
Redefining Home: Design Trends for 2022
Hello 2022! Life in the new normal goes on, and with it continues a trend toward all things natural and nostalgic. We're still seeing the Scandinavian concept of "hygge" live on in warm accents and cozy textiles, but with a newer emphasis on "perfect imperfection" (known as "wabi-sabi" in traditional Japanese art). Irregular curves, handmade decor, and mismatched kitsch are slowly creeping in on Continue Reading
How’s the Market? Annual Reports on Seattle Area Real Estate
In the wake of extreme buyer demand and mind-blowing bidding wars, housing prices soared in Seattle and reached staggering heights on the Eastside. Record low interest rates were the silver lining for those buyers who were able to successfully purchase a home with financing. 2022 looks to be another strong year for real estate. Windermere's chief economist, Matthew Gardner, predicts that Continue Reading
King County enters Phase 1.5 – What does it mean for business and real estate?
On June 5th, the Washington State Department of Health approved King County to start reopening business activity. Governor Inslee referred to the reopening plan as “phase 1.5” of King County’s gradual plan to fully reopen. The King County announcement states: "With new state health officials’ approval today, restaurants and retailers will be allowed to serve customers in their establishments, Continue Reading
New Real Estate Excise Tax (REET) Rate to go into effect January 2020
Now that the Washington State Senate Bill 5998 has been signed into law, our local real estate excise tax (REET) – the tax paid when you sell a property – will be getting a facelift in 2020. The flat rate of the past will make way for a new tiered system that gives owners a tax cut on the first $500,000 of their home value, keeps the current tax rate on the next $1 million of value, and then Continue Reading
