Downsizing can happen at any phase of life and for many reasons. Moving, if it involves a major lifestyle change, can be an especially difficult and emotional process. Whether you’re moving yourself or assisting a family member or friend, there are ways to make the process easier and less stressful.
Define, or Redefine Your Needs
If you’re moving to a smaller home, compromising on space doesn’t need to mean compromising on lifestyle. Think about how you currently use your existing space, what rooms go unused on a daily basis, how much time you spend on upkeep, plus the expense. Then look at how you would ideally like to set up a new space to maximize not only how you would use the space but also how it could be a better fit for your lifestyle.
Must Have, Should Have, Could Have and Won’t Have
Downsizing is a compromise, and while it may feel like there are sacrifices, in the end it will be well worth the effort. Make a list of what must go with you and what won’t fit into your new home. Couples can make separate lists and then collaborate to revise them if needed (this works for the kids too). An easy exercise is to think about leaving everything in your old home behind – then ask yourself what you would absolutely have to replace in order to live comfortably. If there’s a frequently used piece you want to take but it won’t fit in the new space, think about a smaller, more practical replacement that might offer multi-use options.
Use Space More Creatively
Quick tips for making more space with less space:
— Reserve kitchen counter space only for frequently used appliances. Keep other less frequently used items stored in
— Invest in space saving tools (wall mounted magnetic knife rack, drawer/cabinet organizers or roll-out
cabinet shelves so that those items in the back are more easily accessible.
— Look for multi-use furniture – living room ottomans with storage or beds with drawers built-in. Use storage bins
that slide out-of-sight under a bed (great for off season clothing or kid’s toys).
— Is there unused space under a staircase or in the back of a deep closet where custom storage could be created? Continue reading
Earlier this month the Seattle Times reported on a recent Zillow Zestimate for a home in Belfair on the Kitsap Peninsula. The Mason County assessor’s value of the home was $283,000. The home recently sold for $225,000 (below market value because the home was headed for foreclosure). A Zillow Zestimate published the home’s value at $1.8 million – 700% higher than the county assessor’s office, several real estate companies and just about any local Realtor® who knows and understands the local market. This is an example of how algorithms can go wrong.
The Zillow real estate website is both loved and hated by buyers, sellers, appraisers and real estate professionals. This recent error in valuation is a classic example why Zillow’s Zestimates should be taken with a grain of salt. Zillow is a popular real estate data company that provides real estate data on millions of homes throughout the United States. Zestimates are created using algorithms, publicly available sales and market data. Zillow has no real estate brokers – no one from Zillow has ever visited the homes or neighborhoods for which their estimates of value are provided. Continue reading
Design and use changes are proposed for the existing Sears site in the Redmond/Overlake area. The rendering above and link to the City of Redmond website provides more information about the Seritage mixed use project. Preliminary plans for the 13 acre site propose office, retail, hotel, restaurants and residential plus approximately 2 acres of parks and open space.
Anyone interested in learning more about the proposed project can attend a public meeting on Thursday, March 8th at 6:00 PM at the Redmond Community Center at Marymoor Village (6505 176th Avenue NE, Redmond, WA).
Earlier this month I shared 2017 King County real estate market statistics supplied by the NWMLS. Median sales prices were up 15% county-wide (houses and condos) over 2016. Taking a closer look, here are the 2017 market stats for Bellevue condos:
- 759 condos sold in 2017 (resale and new construction), up from 746 in 2016 for a 2% increase
- The median Bellevue condo sales price was $500,550 in 2017, up 30% over 2016.
Just eight weeks into the new year stats haven’t changed much. There are just 20 condos available for sale in Bellevue. Newly listed condos are trickling into the market and selling quickly. So far this year 61 resale condos (vs. new construction pre-sales) have sold with an average market time of 15 days. Sales prices are averaging 5.5% over the list price.
This year has already seen an all time record condo sale in Bellevue. A penthouse at Bellevue Towers sold earlier this month for $11,950,000. Custom designed throughout, the home offers 6,398 SF of luxury interior living space plus multiple terraces that add 10,000 SF of outdoor space with 360 degree views.
No doubt the penthouse sale will hold the city/county/state condo sales record for some time, but sales data for the balance of the market is a bit more realistic. Of the 61 resale condos sold since January 1st, sales prices ranged from $202,750 for a 691 SF one bedroom/one bath to $2,237,500 for a 2,615 SF 2 bedroom + den/2 bath penthouse. The median Bellevue condo sales price so far this year is $558,568, but of those 61 sales, 17 (20%) sold for $400,000 or less. Condo values in and around the central business district will continue to command higher prices per square foot, but step just outside the downtown core and prices are far more affordable while still offering easy access to downtown’s workplaces, nightlife and arts and Bellevue’s sought after schools.
Available condos are going to be in short supply for the foreseeable future. A limited number of communities are in design review or under construction, but delivery of those homes is 2+ years away. A few recently completed new communities, mostly multi-level townhomes, are adding new homes to the mix but supply is limited with prices starting in the $700,000s and up. The supply of condos this year is likely to be found in the dozens of existing communities just outside the central business district. They offer a sought after Bellevue address and access to great schools. New construction is very sexy, and the amenities luxurious, but older communities often offer larger floor plans, more green space and more affordable prices. Trading a few blocks of location may gain you a lot of space and lifestyle for less money. Those resale condos are going to be in short supply this year too. If you’re ready to sell, be ready to move quickly. If you’re ready to buy, be ready to act quickly and work with a Realtor® who knows and understands the market.
The info-graphic above provides a quick look at 2017 King County real estate market statistics.
- nearly 3% more homes (condos and houses) sold in 2017 vs. 2016
- the median sales price was up nearly 15% county-wide
- at the end of 2017 there was less than a one month supply of available homes
- a 4 – 6 month supply is considered normal – we haven’t sen a “normal” level of supply for 2+ years
Six weeks into 2018 the stats haven’t changed much. Homes are coming on the market slowly and are selling quickly. Inventory still can’t meet buyer demand. The “spring” market generally opens up in mid-to-late February. Hopefully there will be more condos and houses available as the weather begins to warm.
The take away . . .
- Planning to sell? Buyer demand is high but condition and location are still important selling factors.
- Ready to buy? Position yourself to be a strong buyer. Meet with your lender and obtain a current loan pre-approval . Work with your Realtor® to educate yourself on neighborhoods, schools, recent sales prices and list vs. sold statistics, commute times, etc.
- Expand your options – maybe the home that fits your lifestyle isn’t a house. Don’t rule out a condo or townhouse which can offer a single family lifestyle with lower maintenance responsibility, a great alternative if you don’t want a lot of yard or exterior home maintenance.
2018 is expected to be another challenging real estate market for buyers and sellers. Be patient. Be flexible. Be ready to move quickly.
Robin is a Realtor® with Windermere Real Estate/East. She lives and works in Bellevue and specializes in the Eastside’s condo and townhome communities.
Interest in rentals remains strong, but there’s been a noticeable slight decline in area rents this year. Even in high demand urban areas, rents have dipped slightly. With thousands of new apartments recently completed or nearing completion, and hundreds more under construction, rental supply may have begun to outpace demand.
If you own a rental property there will be more competition the next time you negotiate a lease renewal. Hundreds of new apartments are available offering modern finishes, new appliances, high tech features and a long list of community amenities and services. Tenants may not be as quick to accept a rent increase or lease renewal when, for the same money, or attractive lease-signing incentives, they can move into newer digs.
If you’ve owned your investment property for a while, this may be the time to sell and maximize your return on investment. Available inventory for sale is at historic lows and buyer demand is at an all time high – the perfect storm if you’re a seller. Properties sell quickly, often with multiple offers. Renting or selling, your property needs to be in good condition, but any minor cosmetic investment will translate to a major return when you sell.
Need market information? I’ve lived and worked in downtown Bellevue for over 30 years – there isn’t much I don’t know and love about the city. A Realtor® and condo specialist for over two decades, I combine my knowledge of the city with years of condo experience to advise and guide clients through the process of buying or selling a home.
Scheduled for completion the last quarter of 2018, the new Meydenbauer Bay waterfront park promises to be bigger and better than ever. The park expansion has been in the planning stages for years while the city acquired properties and obtained funding to create the new waterfront park. The public will have access to 700′ of lakefront, a much larger swimming beach, bath house with rest rooms, changing rooms and locker rooms, a public marina and a unique pedestrian pier that will allow you to walk out over the water. Terraced grounds will provide plenty of space for picnics, relaxing and taking in the lake view. Rentals of non-motorized boats and paddle boards will also be available.
Bellevue’s waterfront is only 1 1/2 blocks from the Downtown Park. The lakefront park expansion will better connect the city’s waterfront to the Downtown Park and eventually to the Grand Connection.
Robin Myers is a Realtor® with Windermere Real Estate specializing in downtown Bellevue’s condominium residences.
There are dozens of holiday activities this month, but several should top your “to do” list this month.
Nightly at 7:00 PM Bellevue Way is closed between NE 4th and NE 8th Streets for Snowflake Lane featuring drummers, dancers, holiday characters and a parade complete with snow every night. Arrive early, sidewalks on both sides of the street fill up quickly, but it’s definitely worth the time and effort for this holiday tradition. Kids of all ages will love the event. (www.snowflakelane.com) Free parking is available at Bellevue Square and Lincoln Square. Continue reading
This time of year buying or selling a home goes on the back burner while people focus on the holidays, family and friends. Locally real estate tends to take a break until our “spring” market ramps up in late January.
When preparing a home for sale there’s a typical “to do” list that includes organizing closets, power cleaning, paint touch-up, repairs, de-cluttering inside the home and sprucing up the landscaping outside the home. There are two important items, required by the State of Washington that can’t be ignored.
The State of Washington (along with many other states) requires carbon monoxide detectors be properly installed throughout the home (https://www.doh.wa.gov) and water heaters be strapped to prevent damage or injury in the event of an earthquake. It is important for many reasons to pay close attention to these items: Continue reading
Most of us agree Bellevue is a great place to live. Residents consistently giving high marks to the city’s government, services, safety, parks and recreation services and overall amenities. One of the city’s biggest perks is its many parks – urban parks, waterfront parks and small pocket parks offering playgrounds, indoor and outdoor recreation options, walking and hiking trails, boat launches, swimming beaches and more. If you’re a park user and appreciate the city’s efforts in maintaining and improving the parks, maybe now is the time to get involved – the City Council is seeking candidates for a vacancy on the Parks and Community Services Board. Continue reading