Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 11

Live Love Mukilteo June Edition

by Michael & Leilani West

The Mukilteo Real Estate market is smoking hot this year!

Check out

www.LiveLoveMukilteo.com

Mukilteo Real Estate Market 2017

by Michael & Leilani McCormick-West

The 2017 Mukilteo real estate market is off to a very interesting start! As of today there are only about 18 homes for sale in Mukilteo. Homes that have come on the market in January that are in good condition and priced correctly are selling in a matter days. If you are looking to sell your Mukilteo home do not wait. The buyer demand is very high and there is very little for sale. Looming interest rate hikes and an uncertain economy could make prices level off or come down if you wait too long.

Want an experts opinion of your homes value and the market as it applies directly to your situation?

Get in contact with The West Home Selling Team - Mukilteo's most trusted real estate team for the last 7 years! We are the only Certified Home Selling Advisors in Mukilteo!

425-231-8688

Mike@Mukilteo-RealEstate.com

www.Mukilteo-RealEstate.com

Mukilteo Real Estate is definately a sellers market!

by Michael & Leilani McCormick-West

KIRKLAND, Washington (February 4, 2016) - Depleted inventory is contributing to "overwhelming" traffic at open houses, shifts in strategies for both buyers and sellers, and escalating prices, according to officials with the Northwest Multiple Listing Service. Dick Beeson, a former chairman of the MLS board, said the lack of inventory in almost every county is, "without question, a 2016 game changer." He described traffic at open houses as sometimes simply overwhelming. "There haven't been any battle royals on the premises, but it could happen any day now," quipped Beeson, the principal managing broker at RE/MAX Professionals in Tacoma. The latest figures show a drop of nearly 28 percent in the number of active listings in the MLS database compared to a year ago. Members added 6,670 new listings during the month across 23 counties in the MLS service area. That's down nearly 4.6 percent from twelve months ago. At month end, members reported 12,357 active listings, which compares to 17,082 at the end of January 2015. Measured another way, there is just under 2.5 months of inventory which compares to 3.8 months the MLS reported for January 2015. Supply was especially tight in King County, at 1.4 months of inventory, and Snohomish County, with just under 1.6 months. Condo inventory (excluding single family homes) fell sharply, from 1,793 active listings a year ago to last month's total of 1,145 at month end, a plunge of 36 percent. In King County, the inventory of condos dropped 42 percent. For the area overall, there is just 1.7 months of condo inventory, with Snohomish County reporting the tightest supply (1.1 months) followed by King County (1.2 months). The inventory shortage took a toll on last month's sales. The number of pending sales (mutually accepted offers) fell about 5.3 percent area-wide during January, although half the counties in the report tallied increases compared to a year ago. The 5.3 percent drop marked the first negative change in year-over-year comparisons since April 2014. Member brokers reported 7,253 pending sales last month, down from 7,658 for the same month a year ago. Despite January's downturn, industry leaders remain upbeat. "Only three other Januarys since 2000 had more homes go under contract in the four-county region area of King, Snohomish, Pierce and Kitsap counties," noted Mike Grady, president and COO of Coldwell Banker Bain. "This, in the face of stock market scares, shows the viability of real estate as the better investment for both homeowners and investors," he suggested. Commenting on last month's activity in King County, MLS director Joe Deasy said sales are down nearly 15 percent compared to last January because inventory is down more than 31 percent. "Demand is still really strong based on multiple offers and high-volume open house traffic," added Deasy, the co-general manager of Windermere Real Estate/East. Other industry leaders agreed. "We're selling virtually all new listings, many with multiple offers in all the market areas of King, Snohomish, Pierce and Kitsap counties in the price range where 90 percent of the sales activity is happening," said J. Lennox Scott, chairman and CEO of John L. Scott. Scott also said his analysis of the number of homes selling in the first 30 days is double what a normal, healthy market would look like. "The Greater Seattle area housing market remains out of equilibrium," stated OB Jacobi, president of Windermere Real Estate. He said sales will continue to suffer at the current pace of transactions without adding new inventory. "At the same time, prices will continue to appreciate and could outperform our expectations if inventory levels and mortgage rates remain at current levels." MLS director Frank Wilson said the Kitsap County market is "taking off again right out of the gate," adding, "We are seeing an increase in open house activity as well as more multiple offer situations." Wilson said Kitsap County, where there is only 2.4 months of inventory, is "deep into a seller's market." He expects the market will become more unbalanced throughout the first half of 2016. "First-time home buyers are probably being hit the hardest in this type of market," observed Wilson, the branch managing broker at John L. Scott's Poulsbo office. In general, he said financial resources are thin for this segment, their confidence is low, and the types of loans they use are often not as favorable. A strong fourth quarter in 2015 is reflected in January's closed sales of single family homes and condos (combined), which rose 11.6 percent from a year ago. Members reported 4,985 completed transactions; a year ago, they tallied 4,467 closings. The year-over-year median price on these sales increased 7.5 percent, rising from $279,000 to $300,000. Ten counties reported double-digit gains. Single family home prices (excluding condos) jumped 7.6 percent from a year ago for the area overall. For the four-county Puget Sound region, the median price for a single family home rose 12 percent, from $325,000 a year ago to last month's figure of $363,975. Snohomish County reported the largest increase at 16.6 percent. A comparison of prices by county shows King County tops the chart with a median sales price of $490,970, up 11.2 percent from a year ago. Condo prices spiked 16.3 percent from a year ago, rising from $219,900 to $255,750. Rapidly rising prices and low inventory are worrisome, according to some brokers. "A true conundrum exists," said George Moorhead, designated broker at Bentley Properties. "For sellers there is no better time in history, but the concern we hear is there's no place to move." He said since most sellers are looking to move up to larger homes, the ripple effect is "more like a tidal wave as it rolls back to the first-time buyers in the market who are quickly getting priced out of the possibility of purchasing a home." Moorhead, a member of the Northwest MLS board of directors, reported doing a recent search of homes for sale in Bellevue with asking prices between $500,000 and $800,000. That search yielded only about a dozen properties in the database, a result he described as "staggering" and well below the norm. Despite such challenges and complaints by buyers, Moorhead said buyers are still presenting offers that are very aggressive. The increasingly competitive market is prompting hesitation among some would-be sellers, reported Bobbie Chipman, principal managing broker at John L. Scott in Puyallup. She said potential sellers are expressing reluctance to list their existing home prior to finding a home to move into due to limited inventory. "A strong strategy is for sellers to list their home, sell and close, and move into temporary housing," suggested Chipman, one of the MLS directors. "This approach allows offers to be written that are not conditioned upon their sale closing, and it strengthens their position as a buyer," she explained. Echoing the notion of being flexible, Frank Wilson said a seller's decision to accept an offer does not come down to sales price alone. "Type of loan, lender, closing time, amount of earnest money, and other concessions like closing costs and offer price all play into a seller's decision," he stated. "On top of that, a seller can choose any offer for any reason, even a lower price offer if other variables are favorable. Escalation clauses, back-up offers and finding funds or a bridge loan are all tools that buyers will need to employ to be successful in today's market."

Early Spring Brings Many More Buyers To The Mukilteo Real Estate Market Than Sellers!

by Michael & Leilani McCormick-West
Early Spring Brings Bumper Crop of Homebuyers Who Face Inventory Drought KIRKLAND, Washington (March 5, 2015) - Favorable weather and restored confidence are propelling home buying activity around Western Washington to the highest level in nearly a decade, according to Northwest Multiple Listing Service sources. "The pent-up demand being unleashed has rocketed pending sales back to the levels of our record year in 2006," said Ken Anderson, president/designated broker at Coldwell Banker Evergreen Olympic Realty in Tumwater. Buyers have come off the sidelines, the former MLS director commented, adding "At the same time, homes for sale are near a 10-year low." Northwest MLS figures show pending sales system-wide surged 18.7 percent in February compared to the same month a year ago, rising from 7,247 mutually accepted offers to 8,599. Twenty of the 23 counties in the service area reported double-digit increases in pending sales. Those numbers might be even higher given the ample supply of buyers, but inventory is far from ample. "Listings are flying off the shelf faster than allergy medicine in this early spring market," quipped MLS director Frank Wilson, the branch managing broker at John L. Scott, Inc. Poulsbo. He said the brisk activity is posing challenges for buyers. "They will probably make several offers before one is accepted and they just need to expect to be competing with others," he cautioned. Northwest MLS broker-members added more new listings to the database during February than 12 months ago (7,852 last month versus 7,234), but the higher sales volume kept inventory levels well below year-ago totals. The MLS reported 16,946 total active listings at month end. That compares to a total of 19,273 for the same month a year ago for a drop of about 12 percent. John Deely, principal managing broker at Coldwell Banker Bain, also commented on the imbalanced market. "The early spring weather has brought a bumper crop of buyers to a market experiencing a drought of listings." The MLS director said activity in Seattle continues to move "at the fastest pace in memory." It is not uncommon for weekend open houses to draw upwards of 100 group visits and bidding competitions, he reported. "Multiple offers rule the day, with many bids at 20 percent over well-priced properties around Greater Seattle." For the 4,761 sales of single family homes and condominiums that closed during February, the median price was $280,000. That reflects a gain of about 6.5 percent from the year-ago sales price of $263,000. The volume of closed sales jumped about 13.5 percent from a year ago. Brokers reported 4,761 closed sales last month, which compares to 4,196 for the same month a year ago. For single family homes, which accounted for 86 percent of all sales, the median price system-wide jumped about 7.4 percent, rising from $270,000 to $289,925. A comparison of the four-county Puget Sound region shows single family homes in King County had the highest median price at $429,900 (up 6 percent from a year ago), followed by Snohomish County where February's completed transactions commanded a median price of $330,00 for a year-over-year gain of nearly 4.8 percent. Kitsap's median price was $238,903; in Pierce it was $233,000. Condo prices increased 6.7 percent year-over-year, from $215,500 to $230,000. The total number of sales increased 6.7 percent. "February was a very robust month," observed Gary O'Leyar, a past chairman of the Northwest MLS board. "If there is any real estate market slowdown, we're not seeing it," he said, suggesting doubters look at King County's Eastside corridor for new or newer high end homes in the $900,000-plus price range. Northwest MLS figures show 68 homes sold for $900,000-plus in its Eastside segment during the first two months of 2015, outgaining the same period a year ago when brokers sold 36 such homes. "Be prepared to get in line to get into the new home pipeline," O'Leyar advised. The market for waterfront homes also appears to be gaining momentum. "This is the year for waterfront homes in Kitsap," reported Frank Wilson, noting they have been the last to recover price wise. "Values for waterfront homes were pretty flat in 2014 and they should start appreciating in 2015," he said. "In the future, buyers will say 'I wish I would have bought a waterfront home back when they were affordable.' Today they are affordable." "Undeniably, our unusual spring-like weather has not only fueled and jump started an early allergy season, but the market as well," suggested Diedre Haines, Coldwell Banker Bain's principal managing broker for South Snohomish County. Characterizing the market as "exceedingly active," she noted garden shops, home improvement stores, furniture stores and other retailers that sell home-related items are also experiencing high levels of activity. Dick Beeson, the principal managing broker at RE/MAX Professionals in Tacoma and a member of the Northwest MLS board of directors, believes the market is adjusting to scarce inventory and the abundance in the buyer population in the form of multiple offers and frustrated buyers and sellers. "But buyers will not be dissuaded," he believes, in part because they anticipate hikes in interest rates. "Sellers are frustrated because they can't find replacement homes. Some won't list their homes because of fear of not finding a suitable replacement," Beeson believes. "This cycle will work its way out as spring brings more inventory, hopefully, and sellers give in and say they trust there will be a home for them somewhere," Beeson stated. Like Beeson, brokers around the Northwest MLS service area are clamoring for listings: "Hopefully, more potential sellers will seize this market window of opportunity as a good time to sell before the regional real estate market does finally start to level out and take a breath; which it will eventually." -- Gary O'Leyar, Berkshire Hathaway HomeService Signature Properties. "We desperately need inventory. Potential sellers of all shapes, sizes, price ranges and locations should be contacting their brokers and jumping off the proverbial fence." -- Diedre Haines, Coldwell Banker Bain. "Sellers haven't experienced a market this favorable since those frothy days (of 10 years ago). With home prices now consistently on the rise, savvy sellers looking to trade up know this is the time to make that move." -- Ken Anderson, Coldwell Banker Evergreen Olympic Realty. "The housing market is on fire," said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. "Due to the backlog of buyers and shortage of homes available for sale, we are experiencing multiple offers on nearly every new listing. This is creating price appreciation where 90-plus percentage of the sales activity is taking place." Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

Mukilteo Real Estate Market Update

by Michael & Leilani McCormick-West

The Mukilteo Real Estate market has been real good this year, much the same as last year with a little less appreciation in prices.Still lots of interest to live in our beautiful city!

 

Mukilteo homes for sale are down by 3.1% over this time  last year.

Closed sales for homes in Mukilteo are up 4.2% over last year

So still a good time to be home seller or buyer here in Mukilteo.

 

Mukilteo Real Estate Market Update

by Michael & Leilani McCormick-West

The Mukilteo Real Estate market is off to a great start, Many new listings coming on the market and buyers are responding by putting them under contract quickly in some cases. The following chart will show you how many homes are available in all of Mukilteo, how many are under contract and how many that have sold each month  You will notice that the available homes are declining and sales are steady, great time to be a seller and if you are a buyer don't wait too long as prices and interest rates are on the rise!

If you are considering selling your Mukilteo home now would be a good time to get a thorough market analysis for your home, We offer a FREE indepth No obligation market analysis to see if it might be the right time for you to sell.

More Mukilteo home owners have trusted us to sell their homes over the last 4 years than any other agents.

Give us a call at 425-231-8688 to find out more or visit  www.MukilteoHomeValue.com

 

 

 

 

 

Mukilteo Real Estate Market

by Michael & Leilani McCormick-West

The Mukilteo Real Estate market continues to be very strong with very few homes for sale and strong buyer demand in all price ranges.We are seeing multiple offers and escalation clauses on many homes, so yes the prices are going up and so are interest rates,in May we saw rates increase about 3/4 of a percent,if your thinking about buying or selling don't miss the market.

5 reasons why you may not want to wait to list your home

by Michael & Leilani McCormick-West

5 Reasons You Should List Your Mukilteo House SOON!

 

Points About PointsMany Mukilteo homeowners are waiting until the Spring ‘buying season’ to list their homes for sale. Here are five reasons why that might not make sense this year:

1.) Demand Is High

Homes are selling at a pace not seen since 2007. The most recentExisting Home Sales Report by theNational Association of Realtors(NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Low

The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers.

4.) Interest Rates Are Projected to Inch Up

The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter

The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.

These are five good reasons why you should consider listing your house today instead of waiting.

 
by THE KCM CREW

 

Mukilteo Real Estate Market Update

by Michael & Leilani McCormick-West

Mukilteo Home Prices On The Rise!

Existing-home sales were up 9.2 percent in 2012, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops reached 4.65 million units in 2012, the highest volume since 2007 when it reached 5.03 million units.

Existing Home Sales By Region

Demand remains strong despite a slight sales decrease in December, says NAR chief economist Lawrence Yun. "Record low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales," he said. "The number of potential buyers who stayed on the sidelines accumulated during the recession, but they started entering the market early last year as their financial ability and confidence steadily grew, along with home prices. Likely job creation and household formation will continue to fuel that growth. Both sales and prices will again be higher in 2013."

 

Mukilteo Real Estate late winter Update

by Michael West & Leilani McCormick-West

Mukilteo real estate in 2013 is looking to be one of the best years in the last 5 years to be a home seller in Mukilteo as 2012 came to an end we enjoyed price increases across the city from 3-10% and 2013 is looking even better with very few homes on the market and high demand with still near record low interest rates buyer demand is high.

So if you are considering selling your Mukilteo home this year contact Michael West & Leilani McCormick-West  the #1 home selling team in Mukilteo for the last 3 years straight and get more for your home.

Displaying blog entries 1-10 of 11

Mukilteo Real Estate Specialists 11917 59th Ave W Mukilteo Wa 98275 425-231-8688. 98275