Bellevue condominiumcondominium speciaistcondominiumsDowntown Bellevuereal estateRobin Myers/Condo Specialist May 11, 2023

Downtown Bellevue First Quarter Condo Market Statistics

2023 had a bumpy start. There’s been a lot drama and speculation regarding interest rates, the stock market, investments, employment, etc. While the eastside hasn’t been immune to these issues, the downtown Bellevue condo market has looked like a fairly normal spring market. Sales prices are gradually increasing, the difference between list price and sale price is narrowing and the days-on-market continues to decline.

 

DOWNTOWN BELLEVUE CONDO MARKET STATISTICS  –  2023 YEAR-TO-DATE

1st Quarter 2023
total condos sold in 1st quarter     25
average sale price                            $913,398
average days on market                 66
% of sale price vs. list price           97.7%

April 2023 sales
total condos sold in month          17
average sale price                          $970,382
average days on market               42
% of sale price vs. list price         99.35%

Current Pending Sales
total condo pending sales           14
average list price                          $1,186,986
average days on market              40

There are 42 condos actively listed for sale in downtown Bellevue with an average list price of $1,820,196. This includes several new construction pre-sale units that won’t be available for occupancy in the 3rd or 4th quarter of 2023. Removing the pre-sale units, there are just 28 homes available for occupancy within 30 days of closing escrow.

communityfamilyneighborhoodssupporting communitiesWindermere Foundation May 4, 2023

Windermere Foundation Reaches Its $50 Million Goal

For over 30 years the Windermere Foundation has donated a portion of the proceeds from every home purchased or sold through Windermere Real Estate. What started as a mission to serve families in need in Washington State now includes ten states in communities where Windermere operates. In 2022, Windermere’s 50th anniversary, the company set a goal to reach $50 million in total donations, launching the “50 in 50” campaign. An amazing goal and an amazing accomplishment. Windermere succeeded in raising over $50 million for programs and organizations that provide shelter, clothing, children’s programs, emergency assistance and other services to those who need our help the most.

 

It is an honor to be part of the Windermere family and support the Windermere Foundation. Funds raised go directly to support many organizations assisting low income and homeless families throughout our local communities.

Learn more about the Windermere Foundation at windermerefoundation.com.

 

 

buying a homecondo financingcondominium speciaisthome financinghome loansmortgage interest ratesRobin Myers/Condo Specialist April 27, 2023

Mortgage Interest Rate Buydowns

flickr.com/mikelawrence

If you’re thinking about buying a home, the good news is mortgage interest rates continue to decline. Rates are in the low 6% range compared to over 7% a few months ago. There are ways to lower the mortgage interest rate even more with a temporary or permanent mortgage buydown, but there are pros and cons.

A mortgage rate buydown allows a buyer to secure a lower interest rate on a mortgage by paying more money up front in the form of discount points. Each “point” is equal to one percent of the total loan amount. This can be beneficial when mortgage rates are high.

Permanent or Temporary Buydown?
With a permanent interest rate buydown, the interest rate is reduced for the life of the loan, but there are generally heftier up front costs. With a temporary interest rate buydown, a borrower can get a temporary discounted interest rate and ease into the permanent mortgage interest rate.

1-0 buydown mortgage – a 1% discounted interest rate for the first year
2-0 buydown mortgage – a discounted interest rate for the first two years of the loan. The first year the interest rate is 2% lower, decreasing to 1% the second year.
3-2-1 buydown mortgage – a 3% discounted rate the first year, 2% in the second year and 1% the third year.

With a temporary mortgage buydown the borrower must qualify for the mortgage at the higher interest rate even though initially paying a lower rate.

Does it pay to permanently buy down a mortgage? Mortgage payments will be more affordable for the life of the mortgage, but there are higher up front costs. If you plan to stay in the home for a long period of time, this could be a wise financial decision, but if you plan to move in a few years you may not break even given the up front costs.

Talk with your lender or mortgage broker for information about current interest rates, loan programs, mortgage buydowns and calculations to see which scenario is the best for your financial situation and future plans.

 

buying a homecondominium speciaistcondominiumsfirst time buyersreal estaterentalsRobin Myers/Condo Specialist March 7, 2023

Rent vs. Buy – What Best Fits Your Current Lifestyle? Copy

There are definite advantages to owning a home, as a vehicle for building wealth and the security of owning a safe place to call home. Matthew Gardner, Windermere Real Estate’s Chief Economist, speaks to the advantages of owning a home in this short video. While most of us can agree with all the points in Matthew’s video, the reality is that sometimes life happens and it might be wiser to make a temporary decision to rent before you explore buying a home. Lifestyles change, relationships change, jobs change . . . wherever you are in life, if you need information about condos, townhomes or houses for sale, or if home ownership is a year or two away, I have resources for lenders, market data, movers, contractors, property managers and rental properties to help you with whatever you need.

 

 

buying a homecondominium speciaistcondominiumshome financinghome loansmortgageselling a homeWindermere March 1, 2023

Increased Conforming Loan Limits Will Benefit Buyers

flickr.com/mikelawrence

Conforming home loan limits are tied to local home prices. Each year the Federal Housing Finance Agency (FHFA) evaluates home values nationwide and adjusts the conforming loan limits for each state and each county within each state.  FHFA also establishes higher conforming loan limits for areas deemed to be “high cost areas” based on local median home values. In the King/Snohomish/Pierce county region, considered a high cost area, the conforming loan limit for 2023 is $977,500. Any loan above this amount is considered a jumbo loan. (In most of the United States the average 2023 conforming home loan limit is $726,200.)

What this year’s adjustment to the conforming loan limit means is more buyers can qualify for a conforming loan vs. a jumbo loan  –  good news if you’re planning to purchase a home this year. Conforming loans allow lower down payments (as low as 3%) and have more flexible loan qualification standards. Jumbo loans typically require a minimum 20% down payment, higher credit score and stricter loan qualification guidelines.

If you’re planning to purchase a home this year, meet with your lender or mortgage broker before you begin your home search. Find out what’s needed to start the loan application process and learn which loan program will best meet your needs and budget. Obtaining a fully underwritten loan approval before you begin your home search will put you in a much stronger position when you find the home that best meets your needs.

condominiumsDowntown Bellevueeconomyhome property valueshousing marketreal estateRobin Myers/Condo SpecialistWindermere February 22, 2023

What’s the Expected Local Impact of Recent Tech Industry Layoffs?

There’s been a lot of media coverage in the last six weeks relating to local and national tech industry layoffs. The Pacific Northwest has a significant tech industry presence, not just all the major players but also many smaller but successful start-ups What impact can we expect in the Seattle and Eastside economy and housing market as a result of these layoffs?

Matthew Gardner, Windermere’s Chief Economist, doesn’t anticipate significant change as we move through 2023. Take a look at his thoughts on the local economy and housing market.

 

 

 

 

condominium speciaistcondominiumshome safetyreal estateRobin Myers/Condo SpecialistsafetyWindermere Real Estate September 20, 2022

September is Realtor® Safety Month

flickr/Jonathan Warner

September is Realtor® Safety Month. You wouldn’t think real estate was a profession that deals with a lot of risk or safety concerns. Though rare, over the years there have been several instances locally and across the country of Realtors® being physically or cyber stalked, injured or abducted. Locally, our industry was rocked by the murder of a well known and respected broker just over 20 years ago.

 

 

Realtors® are trained and educated about the potential dangers faced while on the job and reminded to practice safety strategies designed to keep themselves, and their clients, safe while visiting homes or attending open houses. Safety guidelines have been designed and implemented utilizing tips from national and local law enforcement and industry veterans to keep all of us safe and be sure we all make it home safely.

Most of the safety protocols are common sense, but can sometimes be thought of as inconvenient or unnecessary. Keep in mind . . . your broker is taking precautions and is concerned about their own safety as well as yours. If your Realtor® suggests a first meeting at the office rather than going directly to a property, asks for ID, or discourages showing homes after dark, keep in mind, their concern is for their own safety as well as yours.

Bellevue condominiumDowntown Bellevuereal estateRobin Myersurban livingWindermere Real Estate August 24, 2022

Thoughts on Bellevue’s Fall Condo Market

downtown Bellevue skyline

Downtown Bellevue Skyline

August tends to be a quiet month for real estate, but after the Labor Day holiday weekend, expect to see market activity pick up as we head into fall.    It was a frenzied first half of the year, both nationally and locally, with a continuing shortage of existing and new construction housing inventory. The impact of two significant interest rate increases certainly caused the market to cool a bit this summer and demand declined slightly while buyers adjusted to 5%+  mortgage interest rates. (Not that an increase from 3% to 5% isn’t significant, but if you’ve been around long enough to remember, mortgage interest rates in the mid 1970s were in the mid-to-upper teens.)

There’s been a lot of talk about a housing market crash or a housing bubble. What we’re experiencing now is a normal market, and a normal market doesn’t mean buyer interest has evaporated. The Pacific Northwest is fortunate to have a strong business and economic base with companies continuing to expand, hire new employees and relocate existing employees to the area. During the height of the pandemic there was momentum to move away from the city to find space to spread out and create home school and work-from-home space. Not everyone decided to move to the country (some have chosen to move back to the city) and buyers new to the market are looking for convenience and access to employment, amenities, schools, transportation, health care, etc. Urban living is still in high demand and local sales activity supports that trend.

Over the past 90 days, here’s what’s been happening in downtown Bellevue . . .

  • 45 condos sold in the last 90 days
  • the median sold price was $1,175,000 (compared to $957,500 during the same period in 2021)
  • 40% of those condos sold above list price
  • 60% sold in 10 days or less (average days on market was 19)

Buyers are still active in the marketplace and downtown Bellevue is definitely on their radar. Multiple offers still occur but price escalations haven’t been as dramatic as seen late last year and the first half of 2022.

Downtown Bellevue (98004 zip code) currently has a 3 month supply of available condo inventory. It is a more balanced market but still slightly favors sellers. (A balanced market is considered 4-6 moths of available inventory.) New construction opportunities exist but those units, either under way or in the planning pipeline, won’t deliver homes ready for occupancy for 18-24+ months. One community, nearing completion, will  add 16 new residences to Bellevue’s urban marketplace this year.

Looking at all Bellevue neighborhoods/zip codes, 146 condos sold over the last 90 days. 65% sold at or over list price with an average time on market of just 10 days. Right now there are just over 100 condos listed for sale throughout Bellevue (including downtown) or a 2.2 month supply of available inventory.

Nothing in the market data suggests home prices are declining or that we’re headed into a housing bubble or market crash. This year’s interest rate increases did have an impact on the market, and there was a moderate market correction as a result, but local condo values are expected to appreciate but at a far more normal and sustainable pace.

 

Downtown BellevueDowntown Parkfamilylifestylerecreationsupporting communitiesurban livingwalkability August 7, 2022

Summer Movies in the Park are Back

photo courtesy flickr/Heather Harvey

 

A favorite summer event, movies in the Downtown Bellevue Park, are back on Tuesday evenings beginning July 19th through August 23rd. This is a free, fun family event that always draws a big crowd. Pre-movie entertainment starts at 7:30 PM and movies start around dusk (9:00-ish).

 

 


July 19th 
         Sing 2     Light Up the Night – bring your glowsticks

July 26th          Rango     Country Western Night – don’t forget your cowboy hat and boots

August 2nd      Sgt. Stubby: An American Hero     Military Appreciation Night – represent your favorite branch

August 9th       Space Jam: A New Legacy     Sports Day – wear your favorite sport/team jersey

August 16th     The LEGO movie     LEGO builders night – LEGO building time

August 23rd     Back to the Future     80s Night – wear bright colors and bit hair

(movies will be canceled in the event of rain)

Movies are also scheduled at the Crossroads Park every Thursday evening beginning August 4th through August 25th.

Pack up the family, snacks, drinks, blankets and jackets, find your favorite spot in the park and enjoy a fun outdoor night at the movies.

For more information call 425/452-4240 or visit BellevueWA.gov/outdoor-movies

condo resale disclosurescondominium speciaistcondominiumselectric vehicle charging stationsEV charging stations June 15, 2022

Revision to Condominium Resale Certificates Relating to EV Charging Stations

courtesy flickr/Ivan Radic

The WA State Legislature recently approved a revision to the Condominium Resale Certificate. House Bill 1793, passed by both the House and Senate, was effective June 9, 2022.

A new section has been added to the Condominium Resale Certificate relating to electric vehicle charging stations. Whether located in the unit or the limited common elements assigned to a unit, an association manager (or HOA of self-managed) is now required to complete the updated document to disclose information relating to application requirements for EV charging stations, the status of any application in process, insurance information and/or requirements, maintenance responsibilities, associated costs including any utility allocations to a unit or owner and other requirements related to proper approval of and installation of an EV charging station. With the popularity of electric vehicles on the rise, HOA rules and regulations will soon need to be updated to include the approval process and requirements for installing EV charging stations.

The updated form must be used for all condominium or common interest community purchase transactions with mutual acceptance on or after June 9th. If a resale certificate was previously ordered (for example, when the home was listed for sale), the resale certificate will need to be updated and available to a seller for review and approval.