Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

June 18, 2024

Median price in Bellevue for May 2024 was $2,015,000

What can you buy for that amount of money? How about this 2-story in the Somerset neighborhood of Bellevue, its a 3 bedroom 2.5 bath with 2,600 sq ft, built in 1981 and sold last month, in May for $2,015,000.

#Bellevue real estate #real estate report #local Bellevue agent

Posted in Market Updates
June 13, 2024

Median price in Bothell WA for May 2024 was $1,230,000

What can you buy for that amount of money? How about this 2-

story in west Bothell off Locust Way, its a 4 bedroom 2.5 bath

with 2,200 sq ft, built in 2006 and sold last month, in May for

$1,230,000.

Posted in Market Updates
June 9, 2024

New listing: 16102 3rd Ave NE, Shoreline

Imagine a charming one-story home with zero steps on a serene corner lot. This fully fenced, private haven awaits your personal touch. Lots of large picture windows bring in natural light to all rooms. Hardwood grace many of the rooms. The expansive living room features a dual wood fireplace (other side is the family room), while the dining room flows seamlessly into a spacious galley kitchen and breakfast nook with a slider to a covered entertainment area. A full-sized 2-car garage offers ample shop space. The beautifully landscaped yard, with picturesque hedges and a large patio, is perfect for BBQs and gatherings. Ample driveway and off-street parking. Conveniently located on a quiet street with quick access to the new Sound Transit Station. Price $775,000 MLS#2249213

Posted in Market Updates
June 7, 2024

New listing: 15441 81st Ave NE, Kenmore

Finn Hill Daylight Rambler on 1/4-acre lot in a peaceful neighborhood with dog walkers, bikers, strollers & joggers. Original hardwood floors, crown molding, cozy fireplace, oversized picture windows light the living, dining and garden kitchen window are features of the main level. 3-main level bdrms overlook a secluded, fenced, park-like backyard. The lower daylight level has ADU potential, with private entrance, 4th bdrm/bath, rec/family room, & 2nd fireplace. 2-storage sheds. Ample parking: 2-carport, 2-driveway, 1 boat or RV + street! Mins. to I-405, I-5, Lake Washington beaches, Saint Edward Pk, Bastyr U, & top-rated Northshore schools, Moorlands Elem ½ block & Inglemoor H.S. ½ mi away. No HOA. Pre-inspected & move-in ready! $899,900 MLS#2248605

Posted in Market Updates
June 4, 2024

Sun is shining on sellers

Thinking of selling your house soon? Let’s work together to get your house listed, so we can find your dream home.

Posted in Market Updates
May 29, 2024

House hacking’ helps some families become homeowners

House hacking’ helps some families become homeowners

With rising home prices and mortgage rates, affordability can be a challenge. Instead of settling for a smaller home, consider "house hacking" — purchasing a larger home with rental space to offset your mortgage.

What is House Hacking? House hacking involves buying a bigger home and renting out part of it. Or, if you own a home, rent a portion of your home out to gain extra income. This rental income can help cover your mortgage, making it more affordable.

How Does It Help? Some lenders consider future rental income when assessing loan applications, allowing you to qualify for a higher purchase price. This means you can buy a better home in a desirable neighborhood.

Survey Insights A Zillow survey found that 55% of millennial and 51% of Gen Z homebuyers view house hacking as a viable homeownership strategy. Many hope to convert their homes into investment properties in the future.

Living Arrangements House hacking offers flexible living arrangements:

  • Separate Living Space: Renting out a basement apartment or ADU with a private entrance is common. I'm helping my friend Nison in Shoreline do exactly that right now.

  • Shared Space: Some share common areas like the kitchen while keeping other spaces private.

Example of House Hacking An example is converting a basement with a private entrance into a rental unit by adding a kitchen and laundry facilities. This approach is straightforward and cost-effective.

Ideal Homes for House Hacking Split entry homes are particularly suitable for adding rental spaces. A simple modification like adding a door at the bottom of the stairwell can create a separate rental unit.

Real-Life Success A notable success story is a woman who converted her garage into a rental unit, making retirement more affordable. The last time I spoke to her, the same tenant is still living there, since their move-in in 2014. We did something similar a few years ago with a new purchase. It was a one-story with basement and we converted the basement to a rental.

Things to Consider Before diving into house hacking, consider the following:

  • Local Zoning Laws: Ensure your modifications comply with local zoning regulations. Also, its always good to be on good terms with your neighbors so try and minimize any disruption to them. Example; having noisy tenants, the tenants blocking driveways with their cars or not maintainging the outside of your property etc.

  • Landlord Responsibilities: Be prepared to manage tenants and handle any issues that arise.

  • Home Wear and Tear: More residents mean increased maintenance and wear on your home.

  • Utility Costs: Plan how to manage and split increased utility costs with tenants.

 

House hacking can be an excellent strategy to achieve homeownership and/or generate additional income. By carefully planning and understanding the responsibilities, you can make this approach work for you.

 

If you want advise from me on your current home or on a potential purchase, please reach out to me. I would be happy to help - its what I do. 

Posted in Market Updates
May 29, 2024

Median price in Kenmore for April 2024 was $1,281,000

What can you buy for that amount of money? How about this one story in Arrowhead neighborhood in Kenmore, its a 4 bedroom 2.5 bath with 2,500 sq ft, built in 1959 and sold in April for $1,240,000

Posted in Market Updates
May 22, 2024

Cost vs value of the ideal remodel

Cost vs Value of the ideal remodel

 

The ideal remodel is one where you will appreciate the results for years and when you go to sell, the remodel increased the value of your home. Achieving this requires strategic planning and making choices that balance personal enjoyment with market appeal. Here are some key aspects to consider:

Quality Over Quantity: Invest in high-quality materials and craftsmanship. Durable and timeless finishes will not only enhance your daily living experience but also appeal to future buyers, who often look for move-in-ready homes with minimal immediate repair needs.

Kitchen and Bathroom Updates: These are typically the most valuable upgrades. Modern, functional kitchens and bathrooms with updated fixtures, efficient appliances, and contemporary designs can significantly boost your home's market value.

Energy Efficiency: Incorporate energy-efficient solutions such as upgraded insulation, windows, and energy-efficient appliances. These not only reduce utility costs for you but are also attractive selling points for eco-conscious buyers.

Open Floor Plan: Modern buyers often prefer open floor plans that offer flexibility and a sense of spaciousness. Consider removing non-load-bearing walls to create a more open and inviting living space.

Smart Home Technology: Integrate smart home features like programmable thermostats, security systems, and smart lighting. These modern conveniences are increasingly sought after and can set your home apart in the market.

Consistent Style: Ensure that the style of your remodel is consistent with the rest of your home and fits well within your neighborhood. A cohesive design is more appealing than one with disjointed or overly personalized touches.

Professional Guidance: Consult with professionals, including real estate agents and contractors, to understand what improvements offer the best return on investment in your specific market. Professionals can provide insights into current trends and buyer preferences​​​​.

 

 

By focusing on these aspects, you can create a living space that not only enhances your enjoyment but also maximizes your home’s value when it comes time to sell.

Posted in Market Updates
May 22, 2024

Median price in Brier for April 2024 was $880,000

What can you buy for that amount of money? How about this one story house that sold in Brier last month? Its a 3 bedroom 2 bath with 1,700 sq ft, built in 1968 and sold in April for $880,000

Posted in Market Updates
May 17, 2024

Median price in Bothell for April 2024 was $1,191,000

What can you buy for that amount of money? How about this split entry style in the Norway Vista neighborhood of Bothell, its a 4 bedroom 3 bath with 2,300 sq ft, built in 1976 and sold in April for$1,190,000.

Posted in Market Updates