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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 Spring Market Heating Up!

by Michael & Leilani McCormick-West

3 Reasons to sell your Mukilteo home this spring!

Many Mukilteo home sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons. 1. Demand is about to skyrocket Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north. These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition - For Now Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation.Mukilteo Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future. The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in Mukilteo to put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015. Moving up to a new home will be less expensive this spring than later this year or next year. By the KCM crew

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 Video

by Michael & Leilani McCormick-West

It has been a great Real Estate Market here in Mukilteo  this summer lots of brisk sales in all price ranges, inventory dropping to record low's at times, multiple offers, escalating prices too! now things seem to have calmed down a little, inventory has shot up about 35% in the last 60 days so some homes are sitting on the market a bit longer, while some get snatched up quickly. We will see what happens as the kids go back to school and the fall market sets in.

Please take a minute and watch our short video tour around Mukilteo by Michael West & Leilani McCormick -West your Mukilteo Real Estate Specialists!

http://www.youtube.com/watch?v=z1T-TyXKKbc

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 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.

Mukilteo Real Estate Update

by Michael West & Leilani McCormick

Homes are selling in Mukilteo quickly and for  higher prices in some neighborhoods even the higher price range is seeing some brisk sales, some homes are going under contract in a few days after hitting the market. We still have more buyers than we have nice well cared for homes that are priced correctly for the market.If you are thinking about selling your Mukilteo home this might be one of the best times to list it for a quick sale with buyer demand up and low interest rates.

Mukilteo Real Estate Spring Update

by Michael West & Leilani McCormick

The early spring real estate market here in Mukilteo is really heating up with tons of buyers hitting the market with not enough homes to choose from, it really is a sellers market again big demand low interest rates and not enough nice homes to buy.It is going to be an interesting year for Mukilteo real estate.If you are considering selling your home this is one of the best times we have seen in the last 5 years with some homes going under contract in a week in some neighborhoods, you might want to explore your options.

Displaying blog entries 1-9 of 9

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