Tag Archives: Eastside

Open Houses: Saturday, 5/18 & Sunday, 5/19 2013

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Hello! Happy Friday!! Did you know interesting fact on May 18, 1860 President Abraham Lincoln was nominated, also May 18, 1980 Mt St Helens blew its top.

We have 8 beautiful Windermere R.E. / Mercer Island listings being held open over the weekend.

Details about the open houses is below. Enjoy!

Mercer Island

$1,150,000 l 8413 SE 82nd St l 486302 l Nancy LaVallee l Sunday, 5/19, 1-4PM

$1,439,000 l 8400 W Mercer Way l 480039 l Peni Schwartz l Sunday, 5/19, 1-4PM

$1,575,000 l 7900 Northbrook Lane l 440324 l hosted by Kristopher Herrell l Sunday, 5/19, 2-5PM

$2,280,000 l 7270 W Mercer Way l 444561 l Cherrie Lee l Saturday, 5/18, 1-3PM

Seattle

$799,000 l 2721 Warren Ave N l 470145 l Bonnie Sanborn l Sunday, 5/19, 1-4PM

Renton

$399,000 l 17535 SE 186th Wy l 479351 l Claire Dion l Sunday, 5/19, 1-4PM

Bellevue

$299,000 l 5395 164th Ave SE l 484179 l Lisa Dong l Sunday, 5/19, 1-4PM

$699,950 l 12526 SE 47th Pl l 488424 l Andrea Victor l Sunday, 5/19, 1-4PM

“The Mercer Island Open House List is ready to conveniently print from this blog post!  9 home are available to preview Saturday, May 18th, and 23 will be open Sunday, May 19th. The list prices range from $595,000 to $10,885,000. The prominent features of the homes being held open over the weekend include recent price reductions, new to the market, outdoor entertaining spaces and walk-in pantries.”

Open House List_

Open Houses: Saturday, 4/27 & Sunday, 4/28

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Hello! Happy Friday!! What a wonderful week of sunshine! Spring is here and summer is right around the corner. Lots of garage sales going on as people are spring cleaning!!!

We have 5 beautiful Windermere R.E. / Mercer Island listings being held open over the weekend. 

Details about the open houses is below. Enjoy!

Seattle

$860,000 l 2721 Warren Ave N l 470145 l Bonnie Sanborn l Sunday, 4/28 1-4PM

$950,000 l 2040 43rd Ave E #510 l 475531 l Nancy LaVallee l Sunday, 4/28 1-4 PM

Mercer Island

$779,000 l 5053 88th Ave SE l 476988 l hosted by Michelle Rubin l Sunday, 4/28 1-4PM

$1,375,000 l 5331 Forest Ave SE l 470311 l hosted by Kathryn Lerner l Sunday, 4/28 1-4PM

$1,449,000 l 7850 SE 52nd St l 470676 l Erin Ewing l Saturday, 4/27, 11-2 PM

“The Mercer Island Open House List is ready to conveniently print from this blog post!  5 home are available to preview Saturday, April 27th, and 22 will be open Sunday, April 28th. The list prices range from $4698,000 to $10,885,000. The prominent features of the homes being held open over the weekend include recent price reductions, new to the market, outdoor entertaining spaces and walk-in pantries.”

Open House List

Mercer Island’s Months Of Inventory: Incredibly Low & Creating a Seller’s Market

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We’ve been talking a lot about our region’s low inventory of homes for sale here on Mercer Island Pulse (Should I Wait to Move Up; Continuing Discussion: Our Local Housing Market and Low Inventory; Sellers – Why Waiting To Sell May Not Make Sense). February 2013′s regional statistics exhibited another month of incredibly low inventory. February 2013′s Months of Inventory for Mercer Island was 2.8 months for closed sales. The Months of Inventory for pended sales on Mercer Island (where homes were in the process of being purchased but had not closed yet) was even lower at 1.9 months. This situation has caused the island real estate market to become more of a seller’s market, where there are more buyers for well priced homes than listings available.

Do you have questions about what the term “months of inventory” means? The infographic below explains “months of inventory,” along with sharing other pertinent information about the Mercer Island real estate market and low inventory.

Home Inventory Infographic

In the infographic, the term “balanced market” is mentioned. A balanced market is a situation where the market is neutralized – there are equal numbers of buyers and sellers in the marketplace. Home pricing is generally more stable as the months of inventory are higher to accommodate the number of buyers, however not so high as to cause homes to languish on the market because there are not enough buyers for the homes listed for sale.

How many months of inventory are needed to create a balanced market? This number is subjective, as it is dependent on a number of market factors like average home pricing and average number of homes listed for sale to create neutrality in the market. On Mercer Island, 5 to 9 months of inventory, as mentioned in the infograpic, is typically a balanced market. In other areas you may find that a balanced market has a little lower months of inventory count, like 3 to 6 months or 4 to 6 months.

Do you have any questions about the current real estate market on Mercer Island? Please post them in the comment section below. Also, if you would like more statistics about the real estate markets in Mercer Island, Seattle and the Eastside, check out the blog Weekly Property Report — this blog provides weekly 16-week summaries of market activity, by price point, for fifteen MLS areas in the greater Seattle/Eastside region.

Should I Wait to Move Up?

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While only you can decide when it’s the right time to purchase a new home for your family, there are some compelling reasons to consider a move now rather than later…

Did you know that sellers moving up to a more expensive home actually fare better when prices are low?  As you can see in the chart below, even move-up sellers who bought in the peak of the market will come out ahead.  This is because the money you save on your more expensive home will outweigh the loss of value on your current home.

While waiting may increase the value of your current home, it will also increase the purchase price of your new home.  According to the latest S&P/Case-Shiller Home Prices Indices–the leading measure of US home prices–prices are already up 7.4% year-over-year in the Seattle Metropolitan area.  If you’re moving up to a more expensive home, this means you’ll actually have less net gain by waiting to sell and purchase your new home.

Rising interest rates will also have a direct impact on your bottom line. Our current 3.4% interest rate represents a phenomenal low. How low? Buyers now actually pay less monthly interest on a median-priced $856,000 house on Mercer Island today than they did on a median-priced $458,125 house back in 1998. Considering wage increases since then, that’s pretty incredible!  However, rates have started slowly creeping up since December and are expected to rise to 4.4% by the end of the year. Even this small change can mean a huge difference in both your monthly mortgage payment and the loan amount you can can qualify for…

A shortage of homes for sale in the current market means less competition for sellers. Right now, there are less homes for sale in the Seattle-Eastside area than we’ve seen in the past 15 years (as long as we’ve been keeping record!). While that might make it harder to find the right home to purchase, it will also reduce the time it takes to sell your current home. Buyers are quickly snapping up homes as they become available, and we’re even seeing multiple offers on homes that are strategically priced and well-prepared for market. Selling your house faster will minimize the typical household disruptions–such as showings and open houses–that you would typically have to contend with during a slower market.

*1: Projected increase based on current 7.4% year-over-price gains for the Seattle area as shown in the S&P/Case-Shiller Home Price Indices.

*2: Projected average 30-year fixed mortgage interest rate in Q4 2013 based on the Mortgage Bankers Association predictions.

Sources:

S&P Dow Jones Indices Press Release, January 29th, 2013

keepingcurrentmatters.com

© Copyright 2013, Windermere Real Estate/Mercer Island.

Continuing Discussion: Our Local Housing Market and Low Inventory

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The housing market recovery, locally and nationally, and the low inventory in our region are both hot topics of interest. Windermere Blog featured posts on both subjects this week.

Windermere’s president, OB Jacobi, discusses the low inventory in our region in his post Time to Reality Check the Real Estate Market. From the post:

Here are the current inventory levels in key markets along the West Coast, all of which fall below six months of supply and report strong competition among buyers.

· Seattle: 1.4 months

· Portland: 4.2 months

· San Francisco: 1.8 months

· Las Vegas: 3.8 months

· Palm Springs: 2.5 months

Mr. Jacobi discusses what this means to buyer and sellers, along with discussing the impact of current interest rates and its effect on affordability.

Matthew Gardner, principal at Gardner Economics, compiled a report on how our region fared during the 4th Quarter of 2012. He provides analysis of Western Washington’s job market along with the housing market. He, too, touched on our region’s low inventory:

As stated previously, I do worry about the lack of homes for sale. If we do not see a fairly dramatic increase in inventory, I fear that the market will be forced to give some of its recent gains back— albeit temporarily. Because of this fact, and regardless of the solid price growth that we are witnessing, I am still unable to raise my grade above the “C” that I gave it last quarter.

With that being said, Gardner goes on to state in his conclusions:

From a real estate standpoint, it is clear that we are now well removed from the days when home prices were hemorrhaging. Home values have stabilized and a recovery in values is underway. The credit markets have thawed and getting a mortgage is easier now than it has been since the housing “bubble” exploded. Interest rates remain at historic lows, and although I believe that they will rise in 2013, the increase should be modest.

Please take time to read both blog posts. They are full of pertinent data for those interested in our current housing market. To quote OB Jacobi, “It goes without saying that nobody wants to sell at the bottom of the market, yet at the same time, everybody wants to buy at the bottom. Obviously these two scenarios can’t exist at the same time, but I hope the information in this blog shows there are definitely opportunities to be had by both buyers and sellers that are worth considering.”

2012 Year in Review

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Drum roll please…..

The 2012 Year in Review Reports for Mercer Island, Seattle and the Eastside are now available to preview! To read the full synopsis for each market, please click here. These Reviews contain some pretty positive news regarding each market. Brisk sales were reported across the board, despite the record low inventories in all three markets. We hope you find the information contained within these reports valuable and helpful as you examine our region’s housing market.

Annual Reports:

Click to view year-end real estate reviews for Mercer Island, Seattle and The Eastside.

P.S. The Mercer Island Patch did a nice write up about Windermere Real Estate / Mercer Island’s Year in Review for the island. Thank you!

Sneak Peek at Mercer Island’s 2012 Year in Review

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How do real estate companies ring in the New Year? For many, it involves the compilation of annual reports detailing the productivity of the housing market during the past year. Windermere Real Estate / Mercer Island is proud to participate in this annual process. We want to provide local homeowners and potential home-buyers with accurate, specific statistics regarding the performance within the Mercer Island real estate market over the past 12 months. Owner Julie Barrows personally compiles the statistics. She spends time carefully analyzing all the data, utilizing her 27 years of local real estate experience, 15 of those years spent right here on Mercer Island, to guide her through this endeavor.

Every year, Julie and Windermere Mercer Island shares this helpful information with the Mercer Island community by mailing out the Year in Review report. While this document is still in the production stage, below are some 2012 stats to whet your appetite:

YIR Sneak peek

Also for you to draw comparisons, below are the number of Single family home sales on Mercer Island for the past 15 years. 2012 had the potential for more home sales, however the low inventory of listings here on Mercer Island stymied many buyers eager to purchase a home.

  • 2012: 297
  • 2011: 261
  • 2010: 220
  • 2009: 173
  • 2008: 188
  • 2007: 301
  • 2006: 329
  • 2005: 369
  • 2004: 384
  • 2003: 339
  • 2002: 289
  • 2001: 245
  • 2000: 287
  • 1999: 372
  • 1998: 330

Windermere Mercer Island also produces a Year in Review for the housing markets in Seattle and on the Eastside. Stay tuned here at Mercer Island Pluse, and on Weekly Property Report, for more details!

Mercer Island: 2013 Polar Bear Plunge

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Picture1Mercer Island Residents: It’s the 44th year tradition of the Polar Bear Plunge in Lake Washington on Tuesday, January 1st 12pm, at Clarke Beach Park. 7700 E Mercer Way.

Many different ways of doing it, tip toe in, or run full blast and jump in the frigid cold temperature of Lake Washington! Or even just coming down to cheer everyone on! Make sure you bring warm towels! The neat part to watch is afterward watching everyone get excited as they come out!! :)

Have a safe and good New Years 2013!!

Mercer Island: 2012 Christmas Tree Recycling Options

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Christmas Tree RecyclingMercer Island Residents: You have a few Christmas Tree recycling options available for the 2012 holiday season.

The Mercer Island Lacrosse Club is hosting their annual Christmas Tree Recycle event. You will need to click here to sign up for a recycle date: Saturday Dec. 29th, Saturday Jan. 5th or Sunday Jan. 6th. Trees, with all decoration removed, will need to be placed outside by 9 am on your chosen recycle date, and if you would like to give a tax-deductible donation, please attach it to the tree secured in a plastic bag (suggested donation is $20).

Allied Waste, who handles collection for Mercer Island residents who have signed up for curbside residential yard debris recycling, will recycle Christmas trees for their clients. Via the Allied Waste website:

  • Yard Debris customers can set Christmas trees out on their regularly scheduled collection day.
  • Trees must be free of flocking, tinsel, ornaments and metal hangers, cut to 4′ lengths and tied into bundles less than 2′ x 3′ wide. Use biodegradable string or twine – no nylon, plastic or other synthetic materials.
  • Flocked trees are not recyclable and will not be accepted. Put flocked trees in the garbage.

UPDATE via MI Weekly:

The City of Mercer Island annual holiday tree chipping service is offered through Monday, January 13 for Mercer Island Residents only. Undecorated holiday trees can be brought to the City Maintenance Shop at 9601 SE 36th Street during daylight hours where City staff will chip the tree (free of charge) and re-purpose it for use in City parks, trails, and open spaces.

When dropping off your holiday tree for chipping:
• Remove tree stands
• Remove all ornaments and lights
• Deliver your tree only during daylight hours
• Note: No flocked or artificial trees will be accepted
• Note: No garbage or other yard waste will be accepted

Annual Holiday Tree Lighting & Firehouse Munch: Friday, December 7th, 2012

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Child Decorating a Christmas Tree Looking toward this weekend, there are two fun Mercer Island Parks and Recreation holiday events to attend. On Friday, December 7th, is the highly anticipated Holiday Tree Lighting and Firehouse Munch. On Saturday, December 8th, is a Breakfast with Santa.

The annual Holiday Tree Lighting and Firehouse Munch kicks off over at Mercerdale Park at 6 pm, with Radio Disney providing holiday tunes from 6-6:30 PM. The tree lighting and caroling will be at the park from 6:30-7 PM. The fun continues over at the North Fire Station from 7-8:30PM. Local island merchants will be providing treats and entertainment for the kids – plus Santa will be on hand for photos. The best part is the price: FREE!

Santa is a busy guy this time of year. He will be back at Saturday’s Breakfast with Santa, which will be held at the Mercer Island Community and Event Center. The holiday fun begins at 10am, and runs to 12pm. You must reserve a spot for the breakfast by calling (206)275-7609 and referencing Parks & Rec Course #13056. The cost for the event is $9 for adults and $7 for ages 18 & under. Brunch will be served and jolly old St. Nick is scheduled to bring along a few of his elf pals to visit with and for photos.

And looking at the holiday events calendar over at Mercer Island Reporter, there are a lot more fun Christmas and Hanukkah holiday events in the next few weeks. Hanukkah begins this weekend, on Saturday December 8th, and runs through Sunday December 16th.