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Handy Tips for House Hunting Around Seattle
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nventory reached historic lows in many parts of the Greater Seattle area during 2015, prompting keen competition as relocating families scrambled alongside first-time buyers, move-up buyers, and investors to find their dream home.
Despite the scarce selection in many Puget Sound area neighborhoods, house-hunters who are “buyer-ready” and who enlist assistance from both industry professionals and technology will have an advantage in the fast-moving market.
For much of 2015, the months of supply (a way to measure inventory) fell below two months in the four-county region, and hovered near only five or six weeks of supply in King County. That’s well below the four-to-six months of supply that some industry experts say reflects a balanced market, favoring neither buyers nor sellers.
With tight inventory, prices tend to rise. For 2015, prices around Puget Sound increased by double-digits compared to 2014. In fact, for some areas, prices were at or above their pre-recession peak.
A check of active listings in the Northwest Multiple Listing Service system in mid-February shows a wide range of asking prices for single family homes. The selection in the four-county region ranges from a two-bedroom teardown in Bremerton (at the low end) to a 525 acre sanctuary encompassing 47 parcels on Vashon Island with a sticker price of $43 million at the upper end.
Whether looking for newly-built or pre-owned, and regardless of architectural style, homes closest to job centers tend to command the highest prices. Buyers should expect to pay a premium for waterfront homes or for homes with views.
Lancaster Ridge neighborhood in Sammamish
Single Family Homes Listings as of 2/15/16
# of units Price range Average Median
King 1966 $59,500-$43,000,000 $1,029,029 $600,750 Snoh 1043 $41,600-$14,900,000 $525,487 $410,000 Pierce 1839 $34,800-$6,500,000 $424,654 $325,000 Kitsap 562 $29,950-$8,860,000 $485,180 $338,950
Condos Listings as of 2/15/16
# of units Price range Average Median
King 528 $58,000-$9,990,000 $667,167 $418,250 Snoh 138 $35,950-$1,195,000 $303,427 $282,225 Pierce 118 $62,000-$1,495,000 $348,423 $279,850 Kitsap 29 $20,000-$699,999 $207,389 $142,900
During 2015, homebuyers in Seattle paid a median price of $565,000 for a single family home (half those homes sold for more, half for less) and $350,000 for a condominium. On the Eastside, encompassing Bellevue, Kirkland and Redmond (where Microsoft is based) single family homes fetched a median price of $663,800, with condos selling for $302,500.
Homes in South King County were less expensive. In the AuburnKent-Renton area the median sales price for single family homes in 2015 was $377,000. In the southwest part of the county, where Auburn, Federal Way and Normandy Park are situated, the median selling price was $295,000.
Lakefront homes that sold last year in King County commanded a median price of more than $1.3 million. Floating homes (sometimes called houseboats), sold for a little less ($912,500)— but only a few dozen were offered for sale during 2015.
If new construction is high on the wish list, house-hunters will find the best selection in the suburbs, including Auburn, Kent, Renton and Sammamish in King County. Builders are also quite active north of Seattle, in Snohomish County, where would-be buyers will find new home developments in several communities, including Everett, Marysville and Snohomish. In Pierce County, south of Seattle, the best selection of new homes will likely be found in Tacoma, Bonney Lake, Gig Harbor, Puyallup and Lakewood.
For equestrians who own horses and need pastures, plus those who desire acreage, the MLS database includes around 300 listings situated on five or more acres that are scattered throughout the four-county region.
If urban condominiums and townhomes are more suitable, the biggest selection is likely to be found in Seattle, Bellevue and Kirkland. Expect to pay around $750,000 for newer condos in the Belltown/Downtown area of Seattle, and even more (around $827,000) for recently-built and/or high-rise condos with views in downtown Bellevue. Condo and townhome prices are much lower in areas away from the central business districts. (Condos make up about 15 percent of the region’s current inventory, and three-fourths of them are located in King County.)
Like many parts of the country, the Greater Seattle region encourages residents to “think green” by investing in ways to reduce energy consumption, conserve water, and recycle waste. The MLS continues to add “green” fields to its database to help members uncover listings with environmentally friendly and sustainable features. Price Comparisons: 3 bedroom homes sold during 2015 (by sampling of school districts)
School District Median price
King Seattle $550,000 Kent $285,000 Lake Washington $530,000 Shoreline $395,000
Pierce Tacoma Puyallup Peninsula $200,333 $246,725 $325,000
Snohomish Edmonds Everett Marysville
Kitsap Bainbridge Island North Kitsap Bremerton $355,650 $325,000 $253,000
$630,000 $307,000 $189,000
Starting the search
House-hunters should take advantage of technology throughout the searching and purchasing process. The Seattle King County REALTOR® website (nwrealtor.com) has a link for finding local Realtors® who can best assist with specific needs.
Most Realtors® are members of the Northwest Multiple Listing Service and can access entire databases for previewing listings, as well as tools for getting notifications on new listings and for scheduling tours.
Several member firms have interactive maps to pinpoint listings within specific neighborhoods that match requirements for price, square footage, lot size, and other criteria.
Smoothing the Move
Looking for a new home can be a challenge. Educating yourself about your destination market and working with an experienced Realtor® can help you set priorities and make informed decisions that fit your needs and budget.
No matter what type of home is desired, prudent buyers can minimize the stress by following a few guidelines:
• Engage the services of professionals, starting with a Realtor® who is knowledgeable about your destination neighborhoods and can serve as your advocate and assist with negotiations. • Prioritize your needs and wish lists, and be ready to make decisions and tradeoffs. • Get pre-approved for financing. • Do your homework. Check commuting times and transit options, along with proximity to schools, shopping, entertainment and services. • Utilize technology for location-based and featured-based searches, online tours, electronic document processing and instant communication with advisers. • Work with a team of professionals (e.g., lender, home inspector, escrow services and title insurance). • Enjoy your house-hunting journey!
About the Author
Patti Hill is 2016 president of Seattle King County REALTORS® and is a managing broker at Windermere Real Estate Northwest in Ballard.
Seattle King County REALTORS® , is a nonprofit trade organization whose members include more than 6,000 licensed real estate professionals and affiliated businesses. Based in Bellevue, SKCR is a local association of the National Association of REALTORS® . Membership is voluntary, and only members may use the term Realtor®, which is a licensed collective trademark. Realtors must adhere to a strict Code of Ethics.
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