Real Estate • June 6, 2022

How to Avoid Overpaying for a Home in a Transitioning Market

by Windermere MI

How to Avoid Overpaying in a Transitioning Market

Look Carefully at the Home Itself

Here are four home attributes beyond the number of bedrooms and baths that you should have your eye on…

Home (building) quality: Very well-built homes are a rare find and typically worth every penny of their price. Don’t confuse them with so-so homes that just measure up to the city inspector’s threshold. Lesser quality homes will cost you more in upkeep and replacement as systems and components wear out. If you purchase a lesser quality home for less, the differential might just cover the added maintenance expense. But, if you purchase a fair quality home at the going rate of higher quality homes, you might likely be overpaying.

Deferred maintenance: Different than home quality, deferred maintenance includes the to-do list of items that need to be done to maintain a home’s integrity. A home that has been well maintained over its life typically is a better investment than one that hasn’t. The true cost of deferred maintenance often adds up to more than the cost of the repairs themselves. Don’t forget to factor in the reduced life span of other components—like replacement of damaged wood beneath peeling paint or mold remediation in a damp basement caused by a clogged foundation drain.

Setting: The saying “location, location, location” didn’t get its fame from out of nowhere. A home with an ideal setting on its lot and in the neighborhood—away from busy roads and utility poles/boxes, with adequate privacy, good topography, best positioned to capture views if available, and not adjacent to undesirable elements (poorly maintained homes, water towers or other unsightly public structures, high traffic facilities, etc.) will have more value than a less-ideally sited home. When deciding what to pay for a property it is critical that you evaluate these aspects and any others relevant to a specific neighborhood to determine the +/- effect on value.

Floor plan: How a home lives—flow from room to room, size of rooms, open/closed-off spaces, and below ground vs. above ground living are every bit as important as the total home square footage. You can change a lot of things about a home, but it is very difficult to change a bad floor plan. When you are deciding how high to make that multiple offer bid, consider factoring in the added value or take-away of the floor plan.

Beyond the Four Walls

Interest Rates: In addition to being more selective about the home itself, it pays off to understand how interest rates impact your monthly housing cost. It’s a bigger deal than you might think. Every 1% increase in interest rate equates to roughly a 10% decrease in buying power. Said differently, a 10% drop in home sale price would be wiped out by a subtle 1% increase in mortgage interest rate. This means you can obtain a much more expensive home when rates are low, whereas higher rates get you less home—even though you still pay the same monthly payment.

If you have $5,000 a month to budget for a house payment (before taxes and insurance), you could purchase a $931,000 house at a 5% mortgage rate. If rates went up to 6%, the same monthly payment would only get you an $834,000 home. Your buying power diminishes considerably with each bump up in rates.

This second chart below shows how interest rates impact monthly payments. If you’re purchasing a $950,000 house at a 5% interest rate, you’ll be paying $596 less every month than if rates were 6%. That adds up quick…$7,152 in one year alone!

Job and Location Stability: Like nearly any investment vehicle, being able to buy and sell on your own time allows you take advantage of ideal market conditions or hold until a more favorable market returns. In an uncertain market, you should plan to be able to stay put for a minimum of 5-7 years if needed. If relocation or job loss is a distinct possibility, waiting to buy might avoid loss as a result of an untimely sale.

Homeownership Lifestyle: For many, homeownership represents a life accomplishment, independence, and financial security. For others, one more thing requiring maintenance and upkeep. Knowing where you stand (at this moment in time anyway) when it comes to evaluating the pros and cons of homeownership as a lifestyle choice is a better first step than an afterthought.

Final Thoughts

Want to know how you can best protect yourself in a changing real estate market? Reach out to us for help evaluating whether it would make financial sense to buy now or wait.

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77^th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

Real Estate • April 15, 2022

How’s the Market? Q1-2022 Real Estate Review

by Windermere MI

Across the region, home values continued to see huge year-over-year gains from 2021 to 2022. Most homes sold in the first 10 days and for well above the asking price. We started the year with an extreme shortage of homes for sale, resulting in an overall lower number of sales compared to the start of 2021. Buyer demand, however, remains incredibly strong.

With interest rates on the rise, buyers are feeling more pressure than ever to secure a home. We are hoping to see more listings come to market this spring and provide some much needed relief for weary house hunters.

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

SEATTLE

The Seattle real estate market for single family homes is off and running! The median sale price is up 6% since the end of 2021. Which means: Seattle’s price gains were as much in the first quarter as all of 2021. Year over year, the median price rose from $800,000 in Q1 2021 to $910,000 in Q1 2022.

For anyone who has focused their home search on the Eastside and has come up empty handed in 2021, Seattle could seem like an affordable opportunity this year. Seattle’s price gains were strong, albeit conservative in comparison with the Eastside. More plentiful active inventory (relatively speaking), and a more affordable median sale price of $910,000 (vs $1,625,000 on the Eastside) indicate that Seattle could be a bright spot of hope for any buyers left behind by the Eastside’s double-digit gains.

Rising interest rates in late Q1 are sure to play a part in the weary home buyer’s decision-making process. However, the close of quarter numbers are encouraging: 82% of homes sold in the first ten days!

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

EASTSIDE

Once again Eastside Real Estate is off to an incredible start in the first 3 months of the year. Multiple offers and wildly aggressive escalation clauses are the story of the day, and not just anecdotally—the numbers don’t lie. The average list to sale price ratio was a staggering 119%, which means the typical home listed at $1,000,000 sold for closer to $1,190,000. This is an even stronger showing than the previous record high of 112% in Q1 of 2021.

New listings were relatively flat compared to Q1 of 2020 and 2021 (1912 vs 2058 and 1935 respectively) while the total number of sales were down 21% (1137 vs 1413 in the prior year). We believe this can be explained by looking at the trailing inventory from the previous Q4 in both cases (1496 vs 1238). There were just fewer homes for sale, certainly not less demand. This was reflected in the overall price gain of 25%!

Without a crystal ball it will be tough to tell exactly how much impact the market will feel from the steep rise in interest rates. In the short term, everyone seems to be taking a deep breath as we move into Q2. Overall, the Eastside’s core values—highly ranked schools, community focused neighborhoods, and close commute proximity to some of the area’s largest employers—should keep the area in high demand!

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

MERCER ISLAND

Mercer Island by the averages was quite shocking in Q1 of 2022: 3 homes per sale per week, 11 days on market, and 111% list price to sale price. This translates to buyers who would have otherwise joined our community casting a wider net to places like Bellevue, Issaquah, and Sammamish.

One of the affordability indicators that we historically track has become obsolete over the past few quarters: number of homes listed/sold under $1,000,000. In fact, there was only one home listed under $1,500,000 in Q1. 21 of the 39 homes had sale prices above $2,000,000 and 9 were above $3,000,000!

If you’re a buyer trying to break into the Mercer Island market, patience and the ability to act fast are the top two tips we have for you. 85% of the 39 homes for sale in Q1 sold within the first 10 days. Working with a local pro will be your biggest advantage.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

CONDOS – SEATTLE & EASTSIDE

Condos continue to gain ground early in 2022. While the year-over-year median price gains are conservative compared to the single-family market, we see this as a good thing! Condos are a bright spot for today’s home buyers as interest rates rise.

Seattle condos saw a 9% increase (to $519,000). Eastside condos are up 16% (to $625,000) a 26% lift in price per square foot compared to Q1 2021.

Shoreline and East Bellevue led the market in median price gains year over year, up 66% and 48% respectively. Queen Anne and Kirkland were the most conservative with 1% and 4% gains respectively. 85% of Eastside condos sold over the list price, so if you’re shopping be prepared to compete.

Check out area-by-area details the full condo report.

↑ Back to top

WATERFRONT

If the first three months are any indication, it will be a tight inventory year in the Waterfront real estate market. On all shorelines, there were a total of 17 homes sold overall with an average of only 6 listings for sale at any one time. The good news is that we’re up from this time last year when there were only 14 homes sold overall.

Notably, the highest overall sale (at $12,750,000) was on Lake Sammamish in Issaquah! The most affordable waterfront this quarter was a home in Rainier Beach that sold for $1,362,500.

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

↑ Back to top

Real Estate • March 14, 2022

Should You Remodel or Sell Your Home As Is?

by Windermere MI

Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.

Should I Remodel or Sell My Home As Is?

To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.

Cost Analysis: Home Remodel vs. Selling Your Home As Is

Home Remodel

When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.

Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects.

According to the Remodeling 2021 Cost vs. Value Report for Seattle (www.costvsvalue.com¹), on average, Seattle-area homeowners paid $28,967 for a midrange bathroom remodel and $29,183 for a minor kitchen remodel, with a 76.9% and 87.7% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value.

Selling Your Home As Is

Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.

Market Conditions: Home Remodel vs. Selling Your Home As Is

Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.

In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.

Timing: Home Remodel vs. Selling Your Home As Is

Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.

For more information on how you can prepare to sell your home, connect with one of our local agents—we’re always happy to chat about your situation and offer advice.

This article originally appeared on the Windermere blog January 10, 2022. Written by: Sandy Dodge.

Tips, Trends & Living • February 11, 2022

2022 Home Trends

by Windermere MI

Hello 2022! Life in the new normal goes on, and with it continues a trend toward all things natural and nostalgic. We’re still seeing the Scandinavian concept of “hygge” live on in warm accents and cozy textiles, but with a newer emphasis on “perfect imperfection” (known as “wabi-sabi” in traditional Japanese art). Irregular curves, handmade decor, and mismatched kitsch are slowly creeping in on the cleaner lines of minimalism. With it comes an earthier palette and an emphasis on sustainable and reclaimed materials…

What started with a houseplant trend has bloomed into a full-blown biophilic craze–borrowing from a design concept centered around bringing the outdoors in. Now plants are going beyond the pot into integrated indoor gardens, floral ceilings, greenery-inspired motifs, and plant-focused decor/furniture all designed to create a visual connection with nature. We’re also seeing a focus on natural lighting and fresh air, with folding window walls and alfresco living spaces increasing in prominence.

Looking for a houseplant refresh? Try a sansevieria (a.k.a. Snake Plant)–not only is it easier to care for than last year’s fiddle leaf fig, a NASA Clean Air Study found that it’s capable of removing pollutants such as formaldehyde, xylene, and toluene from the air in addition to CO₂.

Another extension of the nature trend, organic curves are gradually usurping the sharper geometric shapes of recent years. From curvy, retro furniture to barrel-vaulted ceilings and archways, design is taking a softer turn. A recent Pinterest report also showed trending searches for curved walls, bars, and kitchen islands.

Shades of green and warm neutrals are the “it” home colors for 2022, shifting a bit away from cooler whites and steel greys. Rich earth tones such as camel and terracotta are cropping up as accent colors to promote that cozy, hygge vibe. Nature-inspired blue also remains in the palette. We’re seeing a continued turn toward earthier gold and bronze metal hardware (in addition to contrasting black).

Layers of texture follow the earthy trend—look for natural linen and bouclé textiles, along with a mix of wood, leather, metal, and stone for furniture and accessories. Textured walls are also trending with faux plaster and limewash paint on the rise.

Open floor plans still reign supreme (even post-quarantine), but all that working from home has made us think about how we can make our spaces more adaptable. Pocket doors, decorative screens, and kitchen islands are being seen as a way to create some division without permanently disrupting flow or line of sight.

Multi-functional furniture and rooms are also increasingly popular. Whether it’s a desk placed behind the living room couch, an ottoman with a pull-out desktop, or an integrated nook, the concept of “entangled” spaces without clear use delineations is something many people are embracing.

As an add-on to flowing public spaces, private “emotional escape rooms” are one of Pinterest’s predicted trends for 2022. Tiny library rooms, music-themed rooms, and massage rooms are all trending in searches. Home theaters are making a comeback after previously being eschewed for taking up too much space. Yoga studios and intimate lounges are also appearing more frequently on architectural wish-lists.

As supply issues have limited the supply of new furniture and decor, consumers are turning to high-quality vintage and flea market finds for a trendy, sustainable alternative. People are also infusing their personality into a more “maximalist” design concept with gallery walls full of favorite art/photos, richly patterned rugs, antique statement pieces, and favorite objects (such as guitars) incorporated into their decor.

Consumers are also putting more thought into the ethics of what they buy and where they buy it—especially as younger eco-friendly generations begin to purchase and remodel homes. Sustainable materials and energy-efficient products are in higher demand than ever. Reclaimed, locally sourced, and responsibly made furnishings are also trending in popularity.

Need an easy refresh? Try adding throw pillows, blankets or artwork in hues from Pantone’s Spring/Summer 2022 color palette. For paint inspiration, check out the latest trends on Sherwin-Williams’ blog.

Real Estate • January 13, 2022

How’s the Market? Annual Report on Seattle Area Real Estate…

by Windermere MI

Annual Market Report: Seattle + Eastside

In the wake of extreme buyer demand and mind-blowing bidding wars, housing prices soared in Seattle and reached staggering heights on the Eastside. Record low interest rates were the silver lining for those buyers who were able to successfully purchase a home with financing.

2022 looks to be another strong year for real estate. Windermere’s chief economist, Matthew Gardner, predicts that interest rates will remain low and home price growth will continue—albeit at a slower, more sustainable rate than we saw in 2021. He also foresees a nice bounce back for our COVID-impacted economy in Q4 of 2022.

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

SEATTLE

The Seattle real estate market, while extremely active in its own right, was far more moderate than the Eastside’s frenzied and nearly unattainable environment.

Seattle’s Median Sale Price increased by 9% to $852,000 (up from $785,000 in 2020). Neighborhoods in Lake Forest Park-Kenmore (+24%) and Shoreline (+16%) outperformed the average, while Queen Anne-Magnolia (+4%) and West Seattle (+7%) lagged behind.

Despite the tight supply of homes for sale, there was a 20% increase in the number of Seattle homes sold in 2021 (11,589) compared to 9,682 sold in 2020. Central Seattle (+31%) and Queen Anne-Magnolia (+22%) had the largest increases in number of homes sold.

79% of all Seattle homes, and 24% of those priced above $1 million, sold at or above the list price.

Homes that sold in their first ten days on the market went for an average of 7% above list price, compared to 4% over if we look at the overall average. The most competitive neighborhoods were North Seattle and Lake Forest Park, with first-ten-day sales averaging 10% above list price.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

EASTSIDE

To say the 2021 Eastside real estate market was aggressive would be the understatement of the year. Typical home buyers requiring loans to finance their purchases found it nearly impossible to compete with the many cash or cash-equivalent, no contingency offers that often won out. With few exceptions, home buyers had to be willing to sacrifice rights and fail safes—such as inspection contingencies—that are normally taken for granted in a balanced market.

The Eastside’s Median Sale Price was $1,350,000 in 2021, up an unprecedented 32% over 2020 ($1,020,000) as desperately competing buyers drove prices to record levels. Redmond (+38%) and South Eastside (+36%) saw the largest gains, while West Bellevue (+25%) had the lowest—albeit still staggering—year-over-year increase.

89% of all Eastside homes, and 66% of homes priced above one million dollars, sold for at or above their list price. With fewer than 0.3 Months of Inventory (the number of months it would take to sell all homes currently for sale), the entire Eastside market remained ultra-competitive throughout the year. Many Eastside communities have had only a handful of homes for sale at any one time.

Homes sold an average of 7% above list price. For those sold within the first ten days, however, that number spiked to an average of 11% above list price. The most competitive neighborhoods were East Bellevue and South Eastside, with first—ten-day sales averaging 14% and 13% above list price, respectively.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

MERCER ISLAND

Fewer than two dozen homes for sale on the Island at any given time in 2021 led to a continued ultra-competitive market. Waterfront, in particular, saw very steep increases during the year as the laws of supply and demand deftly governed prices.

Echoing the extreme price increases seen throughout the Eastside, Mercer Island’s Median Sale Price shot up by a staggering 29% over the last year. It’s worth noting, however, that this number was skewed upward by the unusually high number of luxury waterfront sales.

In 2021, 82% of all homes sold at or above their listed price. Those sold in the first 10 days on market closed for an average of 10% above their list price. On the other hand, homes on the market 11-30 days sold for an average of 2% below their list price list and homes on the market longer than 30 days sold for an average of 6% below their list price.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

CONDOS – SEATTLE & EASTSIDE

Seattle condos saw a Median Sale Price increase of 2% (to $490,000) and Eastside condos saw a 5% increase (to $550,000) in 2021. 46% of Seattle condos and 67% of Eastside condos sold in the first ten days on the market.

60% of Seattle condos and 77% of Eastside condos sold at or above their listed price. Those sold in the first 10 days on the market went for an average of 2% and 5% above their list price, respectively.

On the Seattle side, Shoreline condos saw a 43% increase—and on the Eastside, Sammamish and Redmond condos saw a 20% increase—in Median Sale Price driven by both new construction and buyer demand. West Bellevue saw an 18% decrease due to the lack of significant new construction following the debut of luxury new construction in 2020.

Check out area-by-area details the full condo report.

↑ Back to top

WATERFRONT

There were 170 privately-owned waterfront home sales in the greater Seattle-Eastside region in 2021 (Eastside 59; Seattle 48; Lake Sammamish 36; Mercer Island 27).

The waterfront home market continues to see incredible buyer demand coupled with an extreme shortage of available waterfront homes for sale. As an indicator of demand in the luxury segment, most homes sold near to or above their list price with few outliers—something that historically has rarely happened in this sector.

↑ Back to top

2737 77^th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

Tips, Trends & Living • December 14, 2021

Pro Lighting Tips to Brighten Your Home

by Windermere MI

As we approach the darkest days of the year, a few tweaks in your interior lighting scheme can brighten your home (and your mood) from the inside out. Here are some great tips from Real Simple for a lighting scheme that is flattering and functional…

Use a combo of overhead and up lighting for a brilliant, flattering effect
Include functional task lighting tailored to how the space is used—here are rules of thumb for wattage equivalents to use:
- Reading: 40-60 watts with minimal glare
- Work space: 60 watts max for a desk lamp, with additional soft lighting no brighter than the computer screen
- Makeup: 60-80 total watts of light (two 40-watt side sconces, or a few 25-watt vanity bulbs)
Dimmer switches allow you to adapt lighting for multiple uses, while also saving energy and increasing bulb lifespans—newer smart plugs, switches and bulbs are an affordable and easy way to do it with added benefits like automation and color tuning

Use a variety of upward glow for ambience + downward glow for reading
Light three corners of the room and focus one of the lights on a beautiful object or chair
Consider smart bulbs/plugs that allow you to adjust brightness and tone, especially if you also watch TV in this room

Showcase the table with a chandelier or pendant placed 36-48 inches above its surface, with a max of 100 total wattage equivalent
Avoid shadows on faces by choosing a fixture that is 1/2 to 3/4 the width of the table
Supplement with more dim, indirect lighting such as table lamps, sconces, or battery powered votive candles

Overhead lighting works best to illuminate work spaces—think pendants, recessed lighting, and under-cabinet lights
Place pendants about 36-48 inches above the countertop, spaced evenly beginning 12-15 inches from either side of the island, peninsula, or table

Position bedside lamps so that the bottom of the shade is 16-18 inches above the top of the mattress (a lamp that is 26-28 inches tall including the shade is usually a good bet)
Soft and cozy is key–angle any bright directional lighting away from the bed, and add one or two small lamps with warm, dim bulbs for a candlelight feel
Dimmers or smart bulbs work well here, too!

Sidelights—such as sconces—are great for makeup and should ideally be about 36-40 inches apart to evenly light your face
Position side fixtures about 60-65 inches up from the floor, or so that the bottom of the shades are just below eye level
Overhead lights provide good additional illumination for showering or cleaning
If your bathroom is large, consider a direct overhead light for the shower

2737 77^th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

Community • November 3, 2021

Give Back This Season

by Windermere MI

Thanks & Giving: Share Joy Through Local Charities

“We make a living by what we get; we make a life by what we give.”

Giving to others can enrich our own lives in ways we never imagined. With that in mind, here are some of our favorite Seattle-area organizations who are in need of time, resources, toys, and more to help improve the lives of homeless and low-income families in our area. You might also check out these tips on how to make the most of charitable giving. Together we can make the holidays a little brighter for everyone!

Each night in King County, almost 1,100 unaccompanied youth and young adults experience homelessness on any given night, and around 70% of these youth sleep outside because of lack of shelter or housing. Why? A national study found that over 90% of homeless youth reported family conflict and 1/4 suffered from abuse and neglect before they reached the streets. YouthCare builds confidence and self-sufficiency for homeless youth by providing a continuum of care that includes outreach, basic services, emergency shelter, housing, counseling, education, and employment training. Lend a hand by donating most needed items, delivering a warm meal, hosting a virtual fundraiser, or hiring a YouthCare graduate.

http://youthcare.org/
(206) 694-4500
2500 NE 54^th Street, Seattle

Northwest Harvest’s mission is to end hunger in Washington. They partner with 375 food pantries, meal programs, and high-need schools across the state to provide nutritious food (an average of 2 million meals per month!) and promote good health for those in need. You can help by hosting a virtual food drive, making a cash donation, or volunteering (children age 9 and up can volunteer with you!).

http://www.northwestharvest.org/
1 (800) 722-6924
SODO Community Market Food Bank: 1915 4th Ave S, Seattle
Kent Warehouse: 22220 68th Ave S, Kent

Mary’s Place helps homeless women, children and families from the greater King County area. You can help by participating in their giving tree tag program now through December 11th. You can also volunteer your time, donate wishlist items, or share your used clothing, blankets, and coats.

http://www.marysplaceseattle.org
(206) 621-8474
Donation Center in SODO: 9 South Nevada St, Seattle
Mary’s Place at the Regrade: 720 Blanchard St, Seattle

Hopelink provides critical services to homeless and low-income families, children, seniors, and people with disabilities on north and east King County. You can help by donating to their Greatest Needs Fund, volunteering at one of their centers, participating in their Turkey Trot 5k fundraiser (virtual this year), or making a cash donation to support their “Lend a Hoping Hand” holiday giving campaign.

https://www.hopelink.org/
(425) 869-6000
8990 154th Ave NE, Redmond

Did you know less than 50% of Washington state youth in foster care graduate from high school? Treehouse seeks to level the playing field by providing academic and other essential support foster kids need to graduate at the same rate as their peers, with a plan for their future. You can help by hosting a holiday drive, purchasing items on their holiday wish list, volunteering, or donating.

https://www.treehouseforkids.org/
(206) 767-7000
2100 24th Avenue S./Suite 200

With a mission to help people in need of immediate food assistance, the Emergency Feeding Program partners with 120 local agencies to distribute 42,000 meals of quality, nutritional food per week and ensure that no one will go hungry tonight. Your volunteer time or cash contribution would be most appreciated.

https://www.emergencyfeeding.org/
(425) 277-0300
851 Houser Way N, Suite A, Renton

Eastside Baby Corner was founded by a local pediatric nurse concerned about the large numbers of babies in her practice who began life without basic essentials like adequate food, clothing, beds, or safety equipment. Today Eastside Baby Corner’s locations in Issaquah, Northshore and Bremerton collect, purchase, and distribute essential care items such as formula, diapers, car seats, warm coats, school supplies, and more for babies and children in need. You can help out by donating goods or cash, shopping off their wish list, volunteering or organizing a drive.

Eastside Baby Corner:
http://babycorner.org
(425) 865-0234
1510 NW Maple St, Issaquah

Last year, King County Toys for Tots donated 85,169 toys to 61,092 local children in need. Consider helping out this year by making a cash donation, donating a toy before December 15th, hosting a Toys for Tots event, or asking your organization to become a toy drop site.

https://fort-lewis-wa.toysfortots.org
Coordinator: GySgt Edward Chapman, 760-405-3203

Every year, nearly 40% of our country’s food ends up in landfills, while millions go hungry. Food Lifeline attempts to solve both problems by rescuing millions of pounds of surplus food from farmers, manufacturers, grocery stores, and restaurants. They then deliver this healthy and nutritious food to more than 350 food banks, shelters and meal programs across Western Washington–providing the equivalent of 201,000+ meals every day for hungry children, adults and seniors. You can help by volunteering (opportunities are available for kids as young as 10, too!), donating funds or hosting a food drive.

https://foodlifeline.org/
(206) 545-6600
815 S 96th St, Seattle

Wellspring helps low-income and vulnerable individuals, children and families in Seattle and King County address issues such as mental health, family homelessness, early learning, basic needs, and domestic violence intervention. Each year they help thousands of children and families break cycles of instability, homelessness, and adversity to achieve positive, permanent change. You can help by donating essential items, cash, or your old vehicle. You can also get your kids involved in the Kids Helping Kids youth philanthropy program.

http://wellspringfs.org/
(206) 826-3050
1900 Rainier Avenue South, Seattle

Founded and run by a group of philanthropic women over 100 years ago, Seattle Children’s mission is to provide hope, care and cures to help every child live the healthiest and most fulfilling life possible. You can help their patients by donating a new toy or gift card, volunteering, contributing funds, or supporting one of its guilds (such as the Project Kids Cancer Cure Guild).

http://www.seattlechildrens.org
(206) 987-2000
4800 Sand Point Way NE, Seattle

Real Estate • October 19, 2021

How’s the Market? Q3 Real Estate Review

by Windermere MI

The frenetic pace of Seattle-area real estate continued in Q3, with the number of sales and median sales prices both up across the region compared to this time last year. Seattle condo sales saw a healthy year-over-year jump as they continued to recover from the COVID slump we saw in 2020.

While buyers still contended with a lack of inventory and stiff competition for available homes, our continued low interest rates were the silver lining. Those obtaining financing were buoyed up by lower mortgage payments and increased buying power compared to times when rates are higher.

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

SEATTLE

Seattle’s Median Sale Price increased by 8% to $865,500 (up from $800,000 in Q3 2020). Neighborhoods in Lake Forest Park-Kenmore (+19%), Shoreline (+13%), North Seattle (+10%), West Seattle (+10%), and Queen Anne-Magnolia (+9%) outperformed the average while South Seattle (+8%) stayed on par and Ballard-Green Lake (+5%) and Central Seattle (+2%) lagged behind.

There was an 8% increase in the number of Seattle homes sold in the third quarter of 2021 (3171) compared to Q3 2020 (2929) despite the tight supply of homes for sale. Central Seattle (+20%) and North Seattle (+18%) had the largest increases over Q3 2020 in number of homes sold.

79% of all Seattle homes, and 28% of those priced above $1 million, sold at or above the list price. The average of all homes sold closed at a price 4% more than list. Price increases were even more dramatic when homes sold in their first ten days on the market—with an average sale price of 7% above list price. The most competitive neighborhoods were North Seattle and South Seattle, with first 10-day sales averaging 9% and 8% above list price, respectively.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

EASTSIDE

The Eastside’s Median Sale Price was $1,325,500 in the third quarter of 2021, up 29% over Q3 2020 ($1,025,100). Buyer demand outpacing the supply of homes for sale was the biggest factor fueling this increase. Mercer Island, (+42%), Redmond (+32%), Sammamish (+32%), and South Eastside (+32%) saw the largest gains, while Woodinville (+23%) had the smallest year-over-year increase.

87% of all Eastside homes, and 65% of homes priced above one million dollars, sold for at or above their list price. With 59% fewer homes for sale than in Q3 2020, the entire Eastside market remained ultra-competitive. The average of all homes sold was 7% above list price. Homes sold within the first ten days went for an average of 11% above list price. The most competitive neighborhoods were East Bellevue and South Eastside, with first 10-day sales averaging 13% and 12% above list price, respectively.

The Eastside market saw Months of Inventory (the number of months it would take to sell all homes currently for sale) remain at historical lows of between 0.3 and 0.4 months. Many Eastside communities have had only a handful of homes for sale at any one time.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

MERCER ISLAND

Fewer than two dozen homes for sale on the Island at any given time has led to a continued ultra-competitive market and unpredictable shifts in median sale price as a result. It’s worth noting that a few very high-end waterfront home sales skewed the median sale price upward as compared to last year.

In the third quarter of 2021, 75% of all homes sold at or above their listed price. Sellers who prepped and priced their homes competitively reaped huge rewards from bidding wars—those that sold in the first 10 days on market closed for an average of 10% above their list price.

On the other hand, those properties that were not immediately snapped up tended to sell at a discount. Homes on the market 11-30 days sold for an average of 3% below their list price, while homes on the market longer than 30 days sold for an average of 5% below their list price. Pricing and condition tended to separate the “haves” from the “have nots” when it came to selling quickly.

Click here for the full report and neighborhood-by-neighborhood statistics!

↑ Back to top

CONDOS – SEATTLE & EASTSIDE

Condos did quite well overall in the third quarter of 2021 as single-family home markets became more competitive, and in some cases, unattainable.

Seattle condos saw a 3% increase (to $492,750) and Eastside condos saw a 10% increase (to $551,619) in Median Sale Price compared to Q3 2020.

62% of Seattle condos and 78% of Eastside condos sold at or above their listed price. Those sold in the first 10 days on the market went for an average of 2% and 5% above their list price, respectively.

Check out area-by-area details the full condo report.

↑ Back to top

WATERFRONT

The waterfront home market continues to see incredible buyer demand while also suffering from an extreme shortage of available homes for sale. Nearly every waterfront home listed for sale sold in record time, some for jaw-dropping prices. The Eastside had 23 waterfront home sales in the third quarter of 2021 while Seattle had 22 Q3 waterfront sales, Mercer Island had 15, and Lake Sammamish had 10 waterfront sales. More than half of waterfront homes listed for sale went under contract in mere days, with an average market time still a fraction of that of a more typical year.

As an indicator of demand in the luxury segment, with few outliers, most homes sold near to or above their list price—something that historically has rarely happened in this sector.

↑ Back to top

Real Estate • Tips, Trends & Living • September 14, 2021

Protect Your Investment: 5 Fall Maintenance To-Do’s

by Windermere MI

Protect Your Home: 5 Things to Do This Fall

Benjamin Franklin once wrote, “An ounce of prevention is worth a pound of cure.” While he was talking about fire safety, I think it applies equally well to home maintenance. One weekend of prevention this fall can save you many headaches (and a lot of money) down the road. Here are a few ideas to get you started:

1. Gutters, top to bottom

Water in the wrong spots can do a lot of damage. Start by ensuring that gutters and downspouts are doing their job. (You may want to hire a professional, especially if you have a two-story house with a steep roof.) If your home is surrounded by deciduous trees you may need to clean out your gutters a few times a year, especially in the fall. Check to make sure your gutters are flush with the roof and attached securely, repairing any areas that sag or where the water collects and overflows. Clean out the gutters and downspouts, checking that outlet strainers are in good shape, and are firmly in place. Finally, check that your downspouts direct water away from your house, not straight along the foundation.

2. Check for leaks

The best opportunity to catch leaks is the first heavy rain after a long dry spell. Check the underside of the roof, looking for moisture on joints or insulation. Mark any spots that you find and then hire a roofing specialist to repair these leaks. If you wait until spots show up on your ceiling, insulation and sheet rock will have also been damaged and you could have a mold problem too. You can find tips on how to solve roof & gutter issues in this great article from http://FamilyHandyman.com.

Don’t forget the basement and the caulking around windows & doors. Check your foundation for cracks, erosion and gaps in window and door weathering. Make sure to properly seal any leaks while the weather is nice. This will ensure materials dry properly.

3. Prevent pests

Rodents are determined and opportunistic, and they can do tremendous amounts of property damage (and endanger your family’s health). As temperatures cool, take measures to prevent roof rats and other critters from moving in. Branches that touch your house and overhang your roof are convenient on-ramps for invaders, so trim back branches so they’re at least four feet from the house. If you have a chimney, make sure it has a protective cap. Walk around your home and take a look at the siding and roof soffits—replace any damaged panels, caulk gaps, and fill or screen any holes where critters might gain access.

If you do hear scuttling overhead or discover rodent droppings in your attic, crawl space or basement, take immediate action. The website http://www.thisoldhouse.com has several helpful articles on the topic.

4. Maintain your heating and cooling systems

Preventative maintenance is especially crucial for your home’s heating and air-conditioning systems. Fall is a smart time to have your systems checked and tuned up if necessary. Don’t wait for extreme temperatures to arrive, when service companies are slammed with emergency calls. Between tune-ups, keeps your system performing optimally by cleaning and/or replacing air filters as needed.

If you have a wood-burning fireplace, a professional inspection and cleaning will help prevent potentially lethal chimney fires and carbon monoxide poisoning. Even if you don’t use your fireplace often, it’s a good idea to keep a supply of dry firewood or sawdust-composite logs so you have a backup heat source in an emergency. Gas fireplaces should be serviced about every 2 years to lengthen their lifespans.

5. Insulate & seal

Insulating your home is a cost-efficient investment, whether you’re trying to keep the interior warm in the winter or cool in the summer. Aside from more major improvements like energy-efficient windows and insulation, there are some quick fixes that do-it-yourselfers can tackle. If an exterior door doesn’t have a snug seal when closed, replace the weather stripping; self-adhesive foam stripping is much simpler to install than traditional vinyl stripping. If there is a gap under the door (which can happen over time as a house settles), you may need to realign the door and replace the vinyl door bottom and/or door sweep. Air also sneaks inside through electrical outlets and light switches on exterior walls. Dye-cut foam outlet seals placed behind the wall plates are a quick and inexpensive solution.

Community • August 12, 2021

2021 Football Schedules, Recipes & Tips…

by Windermere MI

Are you ready for some football? Fall is just around the corner and tickets are on sale now for 12s who are itching to get back to the stadium (operating at full capacity this season but with enhanced safety protocols).

Watching the game from the comfort of home? Check out these great tips on setting up the ultimate media room from The Spruce, along with our favorite gameday recipes.

2737 77^th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com