-
Five Reasons You Should List Your Home Today
August 10, 2017 /You may have heard that it’s a seller’s market right now. However,you may also be wondering what exactly that means for you, the potential seller. Here's the rundown of the current seller's market and a few reasons why you shouldn't wait to sell your home. 1. Seattle is one of the hottest housing markets in the country. According to several different reports, Seattle’s real estate market is one of the hottest in the country for 2017. And the city of Seattle isn’t the only area that’s hot: King, Snohomish, and Kitsap Counties are all experiencing competitive real estate markets right now. 2. Inventory is low. There are currently more people looking to buy homes than there are people listing their homes in the Seattle area. According to the Seattle Times, inventory is down by 27 percent when compared to last year's numbers. This means that competition among potential buyers is high. Plus, this competition often results in bidding wars, which means that sellers are likely to receive more than the original listing price. About 75 percent of listed homes have received multiple offers this year, and 56 percent of homes are selling for more than the asking price. In several city neighborhoods, and…Read more
-
Tips for Navigating Seattle’s 2017 Real Estate Market
August 9, 2017 /Seattle’s real estate market is on fire right now, and it’s easy to see why. Tech giants such as Amazon, Microsoft, and Expedia are creating healthy job growth, making the local job market one of the hottest in the country. Additionally, despite its growing costs, this urban area remains one of the more affordable west coast cities, especially when compared to Los Angeles and San Francisco. Not to mention, Seattle is just plain gorgeous. With these perks, Seattle one of the fastest growing cities in the county; the most recent data found that about 1,100 people are moving to the city every week (you heard me right--1,100 people per week!). So, how does one navigate this exciting and competitive atmosphere when buying or selling a home? Here are a few tips, along with more information about what to expect from Seattle’s real estate market in 2017. 1. Don’t Wait to Buy If you’re serious about buying a home in Seattle, now’s the time to go for it. Real estate professionals predict that the market will remain competitive throughout 2017 and beyond. According to the NW REporter, while there was a small increase in residential listings this past June (a 7…Read more
-
Fannie Mae Changes Help Homebuyers With Student Debt
August 4, 2017 /It’s tough out there for students. Take it from me, a millennial who has collected a bachelor’s degree and a master's degree, as well as a bit of debt along the way. Recent surveys have shown that the average college graduate has more debt than ever before, and that this increased debt makes it harder for graduates to save money and therefore more hesitant to buy homes. What’s more, millennials aren’t the only ones who carry this burden--about 43 million Americans, including millennials, Gen Xers, and even some baby boomers, are currently drowning in student debt. However, luckily for us former students, the mortgage investor Fannie Mae has introduced three new changes that will make it much easier for individuals with student debt to purchase homes. Here are three situations in which these new rules will help. 1. If Someone Else Makes Your Student Loan Payments Many employers now offer their employees student loan repayment benefits. In the past, this system has made it more difficult for individuals looking to buy homes; when calculating a homebuyer’s debt-to-income required for mortgages, mortgage lenders did not take into account that the potential homebuyer did not have to make their student loan payments…Read more
-
Neighborhood Profile: Gold Creek
August 1, 2017 /If you’re like me, you might have trouble deciding where you want to settle in the Seattle area. With the city, the mountains, the Puget Sound and its islands, and the countryside full of farms and wineries, I am always wishing I could have five or six houses scattered around Washington. Luckily, however, there are places to live like Gold Creek. Gold Creek is a quiet neighborhood between Mill Creek and Snohomish, Washington. Nestled among the Cascade mountains and the Puget Sound, in one of the true centers of activity in Washington, this area is one of the most gorgeous and convenient places to live in the state. Vancouver, Canada is a little under 100 miles north, Seattle is 20 miles south, and the San Juan Islands and the Olympic Peninsula are just short ferry rides away. Neighborhood Stats As of 2010, Gold Creek had about 2,300 residents. While this neighborhood is small, it’s close to several exciting hubs, including Seattle ( about a 30-minute drive) and Everett (about a 20-minute drive). Because of its convenient location, Gold Creek is popular among families, couples, and single individuals who work in the nearby cities and want to enjoy a relatively short…Read more
-
Seattle Neighborhood Profile: Laurelhurst
July 24, 2017 /Just south of Windermere and east of the University District, Laurelhurst is situated on the shores of Lake Washington. The Duwamish tribe used this area as a seasonal campground called “Sahlouwil.” The neighborhood was first developed around the turn of the century, when a community of about fifty people built the Seattle Golf Club there; today, the club is a beautiful private residence. Here are a few reasons why living in Laurelhurst might be just what you need. 1. It Has Something For Everyone Niche.com ranked Laurelhurst as the best neighborhood in Seattle for families. This status is largely due to the neighborhood's excellent schools, quiet residential streets, and proximity to the University of Washington. The area’s best schools include the private Villa Academy and Laurelhurst Elementary, which offers the popular Laurelhurst After School Enrichment Rooms (LASER). Laurelhurst isn’t just for families, however; it’s also home to many singles and couples, both professionals working in the city and retired individuals. Because Laurelhurst is 52% less populated than the rest of Seattle, it’s the perfect home for anyone looking for a tiny oasis of quiet in an otherwise bustling city. Check out this sweet and private mid-century modern home in Laurelhurst.…Read more
-
Common Architectural Styles for Seattle Homes
July 21, 2017 /When I was younger, my mother and I used to spend Sunday afternoons driving around looking at houses in pretty neighborhoods. At the time, we lived in a small home in the Des Moines/SeaTac area. Today, my mother has worked her way up to a beautiful rustic cabin-style home in Gig Harbor. However, when we get together, we still love to admire the gorgeous houses in Seattle and the way they look in the Northwest’s unique silvery light. If you’re interested in buying a home in the Seattle area, here’s a quick guide to some of the common architectural styles that you’ll see around the city. Be sure to contact Pickett Street at at (425) 502-5397 or info@pickettstreet.com to get started finding your home. 1. Victorian Often found around the Queen Anne neighborhood and mostly built during the 1880s and 1890s, these elegant homes are among the oldest in Seattle. Common features of this style include a gabled roof, scalloped shingle siding on the upper level, covered porches with round columns, and a round or octagonal turret. Check out this gorgeous, romantic, and renovated Victorian in Capitol Hill. 2. Tudor Built in Seattle through the 1930s, Tudor homes are known for…Read more
-
Seattle Summers: Golden Gardens Park
June 30, 2017 /While on a recent visit to Seattle, my partner and I hit the Washington weather jackpot for June: 65-degree mornings and 85 degree afternoons, without a single cloud in the sky. We decided to grab Thai food and head to Golden Gardens, which is a beachfront park located in northern Ballard. “Hooray, beach day!” I said as we drove to the park. “Well,” my partner replied, with that tone he often takes when he is about to be clever. “Beach day.” He pantomimed air quotes around “beach,” implying that Seattle beaches are not real beaches. My partner is from Colorado (which, let me just point out, has zero beaches), and he grew up frequently visiting family in Hawaii, enjoying pristine white sand beaches and warm waters. I love him dearly, but he is a tiny bit of a beach snob. “What are you saying?” I asked. “I mean, is it even a real beach if it’s all rocky and doesn’t have any sand?” I told him that he’d better change his attitude or I would eat all of the spring rolls and his pad thai (which I am totally capable of doing). While driving to the park, we were able…Read more
-
Neighborhood Profile: Beacon Hill
June 28, 2017 /It’s a tough decision: should you live downtown amid the constant bustle of the deliciously funky urban organism that is Seattle? Or, should you live in a quieter neighborhood with better parking and perhaps slightly cheaper housing prices? Luckily, with Beacon Hill, you can enjoy the best of both worlds. The Basics Located south of downtown, between I-5 and Rainier Valley, the up-and-coming Beacon Hill is one of Seattle’s oldest neighborhoods. This large area is known for its relatively affordable housing and its convenient location—residents enjoy easy access to downtown Seattle without having to navigate the freeways (which we all know are not, ahem, Seattle’s best feature). Homes in the northern part of Beacon Hill were mostly built in the early 1900s, and so this area contains many lovely Craftsman bungalows and Seattle box houses. The hill also offers views of downtown, Elliott Bay, Rainier Valley, Mount Rainier, and the Olympic Mountains. Neighborhood Vibe Depending on where you are in the neighborhood, Beacon Hill can be both bustling and quiet. Currently, as well as historically, the neighborhood is home to a diverse population of working-class families. Completed just a few years ago, Beacon Hill’s light rail station has reenergized the…Read more
-
Do You Like Low Interest Rates?
May 9, 2017 /Interest Rates Unchanged After The Fed's Wednesday Meeting After its meeting this Wednesday, the Fed voted to leave interest rates unchanged, keeping its benchmark rates at 0.75-1.00%. The decision was a response to the economy’s slow .7% growth in the year’s first quarter. Much of this slowing growth can be attributed to the transition period following the presidential election, so the Fed remains optimistic for future economic growth. In that case, two more rate increases are expected by the end of the year. The next rate hike is expected to occur in June as long as the economy continues to grow, while many experts expect a second increase to occur in September. Overall, the decision seems to have had a very slight indirect effect on mortgage rates. As of Thursday, the average 30-year FRM was down about 1 basis point, hovering around 4.02%, while the average 15-year ARM and remained around 3.27%. And, though rates are always changing, many experts don’t expect them to increase dramatically between now until the end of the year. Many economists expect the 30-year FRM to fall between 4.2-4.5% at the end of 2017. For some, these rates might seem to be way too high.…Read more
-
Neighborhood Profile: Capitol Hill
March 17, 2017 /For some, going home means retiring to a quiet corner to enjoy a predictable evening away from the city’s stressors. For others, going home means embarking on an eclectic adventure full of new surprises and opportunities. If you’re a member of the latter camp, then Seattle’s Capitol Hill might be the perfect place to call home. Capitol Hill is indisputably one of the Emerald City’s most important cultural hubs, and residents of the hip urban neighborhood can enjoy a vast and diverse assortment of restaurants, bars, and art galleries. In fact, there’s so much to do in Capitol Hill, even longtime natives of the area are still likely to enjoy new experiences and fresh surprises. If you’re looking for some of Seattle’s best restaurants, Capitol Hill is certainly the place to start. The neighborhood serves up many different kinds of cuisine, so even the pickiest eater can find something to munch on. Stateside uses seasonal ingredients to serve traditional Vietnamese cuisine with an innovative French twist. If you’re looking for something a little more traditional, Poquitos boasts some of the best Mexican food in the city, while Bateau offers delicious farm-to-table ingredients fresh from their farm on Whidbey Island. Or,…Read more
-
How Paying Off A Mortgage Builds Wealth
March 10, 2017 /Few homeowners are likely to say that they enjoy making monthly mortgage payments. Fulfilling an essential financial duty might be satisfying in the same way that cleaning one’s room or emptying the dishwasher is satisfying, but few people are likely to relish the act of paying off a mortgage. Which is strange, because most people enjoy receiving checks in the mail. While paying for a mortgage and receiving a paycheck aren’t quite the same, the comparison highlights an important feature of owning a home and having a mortgage: both are far better at building wealth than renting. The classic argument for this idea is that, while rent checks pay for a physical space that the renter will never own, a mortgage payment finances a piece of property that will one day be owned completely by the occupant. However, while this reasoning is perfectly sound, it also misses a key factor in a mortgage’s wealth-building power: mortgage payments contribute to building home equity, while rent payments do not. Let’s say, for example, that you’ve just bought a $250,000 house using a 30-year FRM. The beauty of this loan is that, no matter what the market does in the three decades following…Read more
-
How I Got The Gumption: The FHA 203K Loan
March 3, 2017 /Sometimes, renovations can cause even the mildest mannered homeowner to panic. After all, home improvements can be costly and stressful. However, when Pickett Street’s very own Margaret Smith, Director of Operations, decided to purchase a vacant, bank owned fixer-upper, the FHA 203K Loan presented her with an opportunity that turned the process into a dream come true. Margaret bought her duplex in south Everett near Paine Field in August 2014. It was a bank owned property, meaning nobody had been living there for over a year. The previous owners had gone into foreclosure, so the home sat there vacant, lacking love and attention. The upstairs unit was a 3 bed, 1 bath layout that Margaret planned to rent out. It needed a new bathroom, new washer and dryer, a fresh coat of paint on the laundry room walls, and an all-around thorough scrubbing. The bottom unit was a 2 bed, 1 bath layout that was perfect for Margaret and a roommate. That 2 bed unit also needed a new bathroom, new kitchen and new vinyl wood flooring (which also needed to be leveled). The bottom half of the duplex’s exterior required a new paint job, and some general TLC. The…Read more
