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.

buying a homecondominium speciaistcondominiumsreal estateRobin Myers/Condo Specialist September 14, 2022

Juanita – New on the Market

VILLA JUANITA – a spacious, open concept home designed with comfort and style

No detail was overlooked in this spacious one bedroom condo. Quality  finishes and fixtures throughout (Restoration Hardware lighting, custom window treatments, freshly painted, newer carpet and stainless appliance package) make this a comfortable home for day-to-day or entertaining. The kitchen will please any level chef offering ample work & storage space as well as a bistro bar for morning coffee or an inviting gathering place for guests. Generous sized bedroom suite has two large closets and opens to the recently updated bath. Vaulted ceilings throughout and large scale windows add light and volume to this comfortable home. There’s a private, secure garage plus ample surface parking for guests. Offered at $447,500

14335 Simonds Road NE #A-202
Kirkland, WA

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.

 

buying a homecondominiumseconomyreal estateselling a home November 17, 2021

Housing and the Economy – What to Expect in 2022

In the last housing and economic forecast for 2021, Matthew Gardner, Windermere’s Chief Economist, looks ahead and shares his economic and housing forecast for 2022.

Bellevuebuying a homecondominium speciaistreal estateselling a home July 8, 2021

Summer May Offer Temporary Relief for Home Buyers

downtown Bellevue skyline

Downtown Bellevue Skyline

This week’s press release from the Northwest Multiple Listing Service (NWMLS) provided a hint of hopeful news for local home buyers. NWMLS data shows the number of active listings added to the market in June was at it’s highest level in 17 months.

In the tri-county area (King, Snohomish and Pierce counties) single family and condo inventory was up 14% in June compared to May. It’s tough to know how the typical summer slowdown when buyers and sellers take a vacation break, could impact the market. With the easing of COVID restrictions, more people may choose to travel and temporarily abandon their home search.

If there’s a pause in the summer market, it isn’t likely to last long. Tech companies continue to lease large blocks of office space, so it can be expected hiring will accelerate as well which will put demand on available housing inventory. Tech industry growth may also increase demand for the urban housing market in the third and fourth quarters as employees return to downtown offices and the many buildings under construction, and already leased, are completed and occupied.

Condo sales activity was hit hard in the early days of the strict COVID restrictions, mostly due to concerns about living in a community setting and navigating elevators and common areas. As those restrictions have eased condo sales have increased  –  nearly 60% compared to a year ago  –  and prices have increased more than 20%. Interest in urban living will likely continue as employees return to downtown workplaces and companies ramp up hiring.

For buyers who decide to stay-cation and continue their home search efforts, July and August could provide opportunities. Staying ahead of the fall hiring cycle and corporate relocation schedule could pay off for buyers this summer.

 

 

 

Robin Myers lives and works in downtown Bellevue. She is a Realtor® with Windermere Real Estate specializing in condominiums and urban lifestyles.

buying a homecondominiumseconomyfirst time buyershome property valuesinterest ratesreal estateselling a homeworking from home February 8, 2021

2021 Housing and Economic Update

Every year Matthew Gardner, Windermere’s Chief Economic, provides his forecast for the coming year. As always, he includes a variety of topics that relate to the national economy, housing trends, mortgage interest rates and home price appreciation. This year he also addresses the impact the 2020 pandemic had on the economy and housing and what we may expect to see in 2021. It will be fun revisit this in 6-12 months and see how Matthew’s thoughts compare with what happens as we move through the year.

 

condominiumshome property valuesmortgage interest ratesreal estateRobin MyersWindermere December 8, 2020

2021 US Housing Forecast – What to Expect Next Year

This week Matthew Gardner, Windermere Chief Economist, takes a look at the US housing forecast for 2021. Topics include mortgages, existing home sales, existing home values, new construction, the impact of homes in forbearance  and the urban condo market. Overall the outlook is positive for a continuing strong real estate market and low interest rates.

condominium speciaistcondominiumshousing marketreal estateRobin MyersWindermere Real Estate November 25, 2020

Matthew Gardner’s Housing & Economic Update

This week Matthew Gardner, Windermere’s Chief Economist, shares his thoughts on the latest US home sales data.

Single family and multi family home values continue to rise while available inventory levels continue to decline. What’s the news for condos? Condo prices are trending higher nationwide, up 10% year-over-year. It’s difficult to know how long this trend can be sustained as we close 2020. What could impact values next year? We may hit an affordability issue, which could push some buyers out of the market, and increasing inventory levels may create more selection for buyers but more competition for sellers.

I specialize in Bellevue’s condo and townhome communities. If you have questions about the market or what’s been happening in your community, call, text or email.

Happy Thanksgiving. While this year may be very different from years past, if you have an opportunity to safely share the holiday with family, enjoy the day. Be safe and stay healthy.