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Seattle Real Estate Update: What to Expect from 2018
January 15, 2018 /As you let go of 2017, look forward to 2018, and reassess your life and goals, you may wonder what’s in store for the Seattle real estate market over the next year. 2017 was an exciting and wild year; Seattle was named the hottest real estate market in the country and home prices rose 13.4 percent, which is more than twice the national average rate of 5.9% for home price growth. So, if you are looking to buy or sell a home in the greater Seattle area, what can you expect from the market over the next year? First, you should find a great agent who can help you. Second, check out these predictions for the coming year. 1. Lower mortgage rates will make it easier to buy a home. Long-term mortgage rates recently fell from 3.99% to 3.95% (a year ago the averages rates were 4.20%). The average rate for 15-year fixed-rate mortgages also recently fell from 3.44% to 3.38%. According to the Seattle times, these relatively low rates can help homebuyers offset the rising costs of real estate and make it easier to afford a home. 2. Seattle, in case you haven’t heard, is very cool. According to…Read more
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Five New Year’s Resolutions for Your Home
January 5, 2018 /I love that each year New Year’s Day and the month of January bring transformation, renewal, and possibility. As everyone returns to work after the holiday bustle and the weather in Seattle remains chilly and gray, the world feels quiet and peaceful. While we tend to focus on New Year resolutions that have to do with career, health, happiness, etc, we often overlook resolutions for one of the most important spaces in our lives–our homes. Setting and achieving goals for your home can significantly improve your finances and your general wellbeing (for more about the connections between architectural spaces and mood, check out this fascinating article). Here are a few of our favorite New Year’s resolutions for your home in 2018. 1. Create a budget for home improvements. Because it’s easy to rack up credit card charges when working on home improvement projects, this is the best place to start. Create a list of projects in order of priority. Be sure to devise a home improvement budget each year–HouseLogic suggests that the owner of a $250,000 home set aside $2,500 to $7,500 per year for maintenance and repairs. 2. Cut your energy use. Energy Star has an informative guide to…Read more
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How to Take the Leap and Invest: A Conversation with Cody Touchette
December 7, 2017 /While investing in real estate is one of the best ways to build wealth, getting started can often feel intimidating. However, this exciting process is much more accessible than you think. In fact, one of my favorite parts about writing for Pickett Street has been learning from their wonderful team and realizing that investing in real estate is not just for experts in real estate and finance. I was recently able to talk with Cody Touchette, who is a mortgage planner with Caliber Home Loans and provides clients with expert guidance during their home financing processes. Here’s what he had to say. 1. Why is investing in real estate a worthwhile endeavor? According to Cody, there are four main benefits to real estate as an investment: cash flow, appreciation, leverage, and tax benefits. First, investing in real estate through buying your own home, purchasing a property to rent to others, or other options, is a great way to receive immediate cash flow that can help you purchase more property. Second, regarding appreciation, Cody reminded me that real estate has always increased in value over time, if you look at a long period or time. While the market experiences normal ups and downs, appreciation on real…Read more
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Free Holiday Events in Seattle and Beyond to Keep You Warm
December 1, 2017 /In the chaos of gift-buying, searching for the perfect party outfit, and organizing holiday travels, it’s easy to forget that some of the season’s most enjoyable events are free. In fact, there are so many free holiday events happening this month that it was impossible to fit them all into this list. Here’s a guide to just a few of the best free holiday events in Seattle and surrounding areas this December. Festivals and Other Events Reindeer Festival When: November 11th through December 24th Where: Swansons Nursery, 9701 15th Ave NW, Seattle What could be better than holiday shopping while strolling through fragrant pines and mingling with two real-life reindeer? This holiday festival includes a model train display, Christmas trees for sale, gifts and holiday decorations for sale, live music, and Santa Claus and holiday yurt photo ops. Gingerbread Village When: November 21st, 2017 - January 1st, 2018 Where: City Centre, 1420 Fifth Ave, Seattle The Sheraton’s Gingerbread Village has been a Seattle tradition for 25 years. Each year, architects from the city’s top firms, as well as master builders and the Sheraton’s culinary teams, design intricate and stunning gingerbread creations. The event is free and donations go to the…Read more
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Pickett Street Properties Gives Gratitude for 2017
November 21, 2017 /My favorite part about Thanksgiving is the chaos: family members bickering while on hour three of Settlers of Catan, something burning in the oven, the dog stealing turkey off the counter, a holiday song sung terribly out-of-tune. These sweet, funny moments of imperfection are, I believe, life in its purest form. They remind me of all the people, relationships, and tiny moments for which I feel grateful. So, in the spirit of the season, let’s talk about gratitude. Multiple scientific studies have shown that gratitude improves sleep, psychological health, and physical health. Basically, gratitude is one of the keys to a happy life. I recently interviewed the Pickett Street team to find out what they’re grateful for this year. I’ll start. I’m grateful for my partner, who makes me coffee and brings it to me every single morning (seriously, what a hero!), for my healthy body that lets me do yoga and climb mountains, for my undergraduate students, who are funny and inspiring and give me hope in the world, for the great companies with which I work (such as Pickett Street!), and for my sweet dopey pitbull puppy. Here’s what the team at Pickett Street had to say. Christi Samaniego, Listing Coordinator…Read more
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Buy now, my pretties!
November 3, 2017 /While Halloween and its festivities can be super fun, this holiday may have put you in a spooked mood. Am I the only one out there who regrets spending Halloween huddled on the couch, mindlessly eating Reese’s peanut butter cups and watching The Shining? While Jack Nicholson wielding an axe is certainly terrifying, most adults experience more anxiety over certain aspects of everyday life, including financial commitments like career decisions and buying a home. (Quick side note, another common fear is robots taking over the world.) If anxiety over buying a home sounds familiar, not to worry--this decision is not as scary as it seems. To soothe your fears and ease the process, get in touch with Pickett Street (425) 502-5397 or info@pickettstreet.com. In the meantime, settle in with that leftover Halloween candy (unless you ate it all like me), and relax by reading about common home-buying fears and why they’re not actually that scary. 1. Buying a home costs too much money, and I can’t afford it. Finding enough cash to make a down payment on a home is one of home buyers’ biggest anxieties. The median home price in Seattle is $725,000, which means that a 20% down…Read more
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Embracing Hygge: The Benefits of Selling Your Home During the Fall
October 20, 2017 /Embracing Hygge: The Benefits of Selling Your Home During the Fall Many people claim that spring is the best time to sell your home. Summer’s just around the corner, giving potential buyers more time away from work to move, front yards are generally looking cheerful with fresh blossoms, and new beginnings are in the air. However, selling in the spring and summer just isn’t possible for every homeowner. What's more, there are several secret advantages to selling during the “off-seasons” of fall and winter. If you’re considering listing your home this fall, here are a few reasons why this might be an excellent idea. 1. Embrace hygge. One of my favorite words ever, hygge is Danish for all things cozy and content--relaxed gatherings for family and friends, candles and firelight, warm blankets, and more. While it is possible to find hygge year-round, there is no better time for this concept than during the fall and winter. Most buyers want a welcoming, comfortable space to call their own, and you can achieve the hygge feeling through embracing fall's natural emphasis on hearth and home. Be sure to highlight your interior’s natural light through opening curtains or shades. It’s also smart to…Read more
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Seattle Real Estate Update for Fall 2017
October 12, 2017 /With its misty mornings and mouthwatering apple harvests, fall in the Seattle area is in full swing. As the seasons change, let’s check in on how the Seattle real estate market is doing. The median price for Seattle home is $667,500, or $476 per square foot, which is an increase of 16% over last year. Whether you are buying or selling, or are somewhere in between, here’s the latest scoop on the local market. 1. Mortgage rates rose last week but remain low. In the beginning of October, 30-year fixed-rate mortgages rose ever so slightly, from 3.83 percent to 3.85 percent. According to Freddie Mac, the 15-year fixed-rate also rose from 3.13 percent to 3.15. Adjustable five-year mortgages rose from 3.17 percent to 3.20 percent. Despite these increases, mortgage rates remain very low, which is good news for home buyers. 2. Seattle real estate reporter talks about the bubble. Because Seattle is experiencing such a competitive, wild real estate market, the question on many people’s minds is whether or not the current situation is a bubble that will eventually burst. Seattle real estate reporter Mike Rosenberg discussed this question and more in his recent AMA interview on Reddit. According to…Read more
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New Listing Near the Arboretum Is a Seattle Dream
October 5, 2017 /Here’s a nerdy confession: one of my favorite ways to relax is to sit down with a cup of coffee or a glass of wine and drool over home design makeovers. I love to read about how people buy homes and make them their own with just a bit of design smarts, such as this inspiring example on Cup of Jo. As such, I am thrilled to talk about Pickett Street’s newest listing today, and am both jealous of and excited for the lucky homebuyer who snags this property. The Listing While searching for your dream home can sometimes be discouraging, there also comes the time when, by some miracle, you find the perfect spot. Just four blocks from the Arboretum, this four-bedroom, three-bathroom historic home was built in 1904 and is oozing with charm. Highlights include a spiral staircase, a fully finished daylight basement with a cozy wood stove, crafted cabinetry, a jetted tub in the master bathroom, and the unbeatable location. The best part about this property is that, at a spacious 4,000 square feet, with two levels and the finished basement, the property is begging to be customized to fit your style and needs. The basement’s private…Read more
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How Owning a Home Builds Wealth
August 17, 2017 /Here’s something I wish I’d known in my early twenties: buying a home is one of the best ways to build wealth. In 2015, according to the Federal Reserve, the average homeowner’s net worth was $195,400, while the average renter’s net worth was $5,400. Perhaps you know all of this already and are wondering if buying a home is still, in the current economy, even after the 2008 housing crisis, one the best wealth-building strategies. The answer to this question is yes, and here are a few reasons why. 1. Owning a Home Builds Equity and Forces You to Save Home equity is an asset that comes from owning a home and represents one of the largest sources of net worth for most investors. In other words, equity is the portion of your home that you actually “own.” Of course, when you a buy a home you own all of it, but borrowing money to buy your property means that the seller still has an interest in it until you pay off the loan. Equity is essentially a form of wealth; you can eventually take out income or lump sum withdrawals from this asset, or you can pass it on…Read more
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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
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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
