More • February 5, 2016

#YourStoryIsOurStory: Starting from Scratch

by Windermere Staff

Kate and Peter spend a lot of their free time on Whidbey Island, WA. In fact, Peter practically grew up there. The island holds special meaning to them and their relationship. It was the place Kate first met Peter’s family, where they were engaged and eventually married. For a couple renting a small apartment in downtown Seattle, Whidbey also offered a great escape from the city. So before they upgraded their city apartment to a city condo, they decided to invest in some land for their future vacation get-away and eventual retirement property.

Windermere Real Estate agent Linda Casale was the perfect person to help Kate and Peter through this unique journey of finding an undeveloped piece of land on an island in the middle of the Puget Sound. Soon enough weekends were spent driving from lot to lot, kicking the dirt and taking in the views. After about a month of searching, Kate and Peter came across a very special parcel that they knew right away was “the one”, and immediately started dreaming of the life and the home they would build on it. Linda guided them through the process, which is very different than buying a home, and included identifying the right companies to assess the land and provide quotes for future improvements.

For Kate and Peter, finding a special place on Whidbey Island to call their own is an investment in their future together. While they don’t plan on living on Whidbey full-time just yet, they hope to build their dream home and plan for their future retirement in this special spot.

Throughout the year we will be posting some of our favorite #YourStoryIsOurStory videos, photos, and blog posts. Please take a minute to share your experiences, and follow #YourStoryIsOurStory on our blog, Facebook, Twitter, Instagram, YouTube, and Pinterest pages.

Living • More • February 3, 2016

Keeping up with the Joneses: Demo Day One

by Guest Author

This blog was written by Jenn Jones

Our closing date had finally arrived! We were officially the owners of our little Wedgwood home. We rushed over to the house as soon as we got the go-ahead with boxes delicately packed and a cheap bottle of lukewarm champagne. Tyler carried Addie over the threshold. We prayed in the kitchen together. It was one of my favorite moments we've shared to date.

Twelve hours later, we were back in the house, lit up in all its splendor by the morning light – but this time, we were not alone. We were surrounded by a swarm of contractors, worn tarps strewn over the original hardwood floors, walls missing huge panels of drywall. What happened to my beautiful home?! What had we willingly done?

This is normal right? To wonder if updating the plumbing and electrical was a good idea? Wasn't it fine before? I feel like I'm hurting the home!!

Enter my first lesson in home renovations: While it is slightly traumatizing to watch perfectly good walls be torn through, replacing things behind the walls is both nauseating and worth it. It will be worth it to give Addie a bath without wondering if there's water leaking behind the walls. It will be worth it to be able to plug in my laptop without worrying about tripping a breaker. Actually, I don't even think we have a breaker box…the electrical is that old!

Let the renovations march on. Goodbye orange countertops. Farewell nasty linoleum. And as my husband says, "Onward and upward…"

One change I will not second guess… removing the window from the bathroom. Because it’s a stained glass bear with a hat and a honey jar. And because that bathroom honey-bear window leads into… wait for it… another room!”

Tyler Davis Jones is a Windermere Real Estate agent in Seattle who, with his wife Jenn, recently traded in their in-city condo for a 1940s fixer-upper. Tyler and Jenn, along with the help of some very generous friends and family members, are taking on all the renovations themselves. You can follow the transformation process on the Windermere Blog or on Tyler’s website and Instagram.

Next week on the blog: how much does it cost to update a bathroom?

Market News • February 2, 2016

Western Washington Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

The Washington State economy has added almost 370,000 jobs since the lowest point of the recession at the start of 2010. Additionally, total employment is 176,000 jobs higher than seen at the 2008 peak. With a vast majority of our metropolitan areas having fully recovered from the job losses seen during the recession, I expect to see somewhat more modest job growth in the coming year. That being said, our economy will continue to expand, which will be a benefit to our region’s housing market.

HOME SALES ACTIVITY

There were 16,895 home sales during the fourth quarter of 2015, up by 4.6% from the same period in 2014. Sales activity is starting to slow somewhat but this is due to inventory constraints.
The growth in sales was most pronounced in Cowlitz and Lewis Counties and double-digit growth was also seen in Thurston County. Sales declines were seen in Grays Harbor County and Skagit County, but only minimally.
The number of home sales grew in all but two counties, with the average number of sales up by almost 6% from the same period in 2014.
I am not surprised to see some decline in sales start to appear. Listing activity was down by 28% compared to the fourth quarter of 2014, and there were no counties where there were more homes for sale in Q4-2015 versus Q4-2014.

HOME PRICES

Prices in the region rose by an average of 9.3% on a year-over-year basis but were
0.4% lower than seen in the third quarter of 2015.
Unsurprisingly, no counties saw a drop in average home prices compared to fourth quarter last year.
When compared to the fourth quarter of 2014, San Juan County again saw the fastest price growth with an increase of 37.6%. However, this county is notorious for extreme swings given the huge variations in prices in the San Juan Islands. Double-digit percentage gains were also seen in five other counties.
As long as inventory constraints persist, it is likely that price growth will continue.
That said, modest increases in interest rates, in combination with declining affordability conditions in several markets, will likely slow price appreciation.

DAYS ON MARKET

The average number of days it took to sell a home dropped by nine days when compared to the third quarter of 2014.
It took an average of 78 days to sell a home in the fourth quarter of this year—down from the 91 days it took to sell a home in fourth quarter of last year.
There were just two markets where the length of time it took to sell a home did rise, but the increases were minimal. Jefferson County saw an increase of eight days while Mason County rose by two days.
King County remains the only market where it takes less than a month to sell a home.

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, sales velocities, interest rates, and larger economics factors. For the fourth quarter of 2015, I have left the needle at the same position as the previous quarter. In as much as the market is still very heavily in favor of sellers, I fear that some markets are reaching price points that will test affordability. Furthermore, while inventory levels are likely to see some growth in 2016, it will not be enough to satisfy demand, adding further upward pressure to prices.

Overall, 2015 was a stellar year with sales volumes and home prices moving higher across the board. In 2016, I believe we’ll see some growth in sales activity, as well as continued price growth – just at more modest levels than last year. Interest rates are going to rise moderately through the year, but still remain very competitive when compared to historic averages. In other words, any increase in interest rates should not be a major obstacle for home buyers.

Looking forward, I believe 2016 will be a year of few surprises. Because it is an election year, I do not expect to see any significant governmental moves that would have a major impact on the U.S. economy or the housing market.

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.

Living • January 26, 2016

Keeping Up with the Joneses: Home Renovations

by Guest Author

Our Dream

Jenn and I have long desired that our story would involve owning a home in Seattle in a great school district, with plenty of room for Addie to grow up, and space to host our friends and family overnight. But with home prices in Seattle rising higher every month (the median being $562k right now), this dream seemed like a stretch. We knew that the only way to make our dream become a reality would be to save our money diligently and buy a fixer that we updated ourselves.

With determination and a tight budget (I plan to write on budgeting for your future home soon), we worked hard and saved for the last two years. I'm excited to announce that our dreams became a reality today! We are now the proud owners of a beautiful 1941 4-bedroom, 1.75-bathroom home in the cozy neighborhood of Wedgwood, Seattle!

What's Next?

This is an exciting time, but we can't celebrate just yet as the house hasn't been updated since the 1960s! With knob and tube electrical, galvanized plumbing, an awkward 70's bathroom, and a kitchen that is straight out of Mad Men, we have a whole lot of work ahead of us!

We Want To Share Our Experience

While I sell real estate as a profession, and have been a part of many remodeling projects with clients, the truth is I'm a layman when it comes to DIY. It's in that spirit that I want to share the experience of our home renovation with you.

My goal will be to honestly share the highs and lows, as well as break down the budget of what it actually costs to create our dream home. I hope that you find this journey helpful, humorous and maybe even inspirational.

Next week on the blog: demolition day!

More • January 25, 2016

Make 2016 A Year of Service

by Marilou Ubungen

On January 18, 2016, many people across the U.S. engaged in service activities on the federal holiday to honor the life and teachings of Dr. Martin Luther King, Jr., and to continue his legacy of service. The MLK Day of Service is also a part of United We Serve, the President’s national call to service initiative which is built upon the belief that ordinary people can come together and achieve extraordinary things when given the proper tools.

If you did not get a chance to volunteer on MLK Day, there are many opportunities for you to get involved and help out others in your community throughout the year. You can visit Serve.gov to find volunteer opportunities near you.

Here are some ideas for how you can help out in your community:

Collect food for your local food bank. They are always in need of donations—and not just during the holidays. There is a great need during the summer when schools are on break, and subsidized breakfast and lunch programs are not available for children.
Volunteer at your local food bank. You can come in as an individual, or plan a group outing with co-workers, friends, or family members and help sort and pack food items.
Help prepare and serve food at a homeless shelter or community center. The staff will appreciate the help, and the patrons will enjoy interacting with others in their community.
Help build and renovate homes. Volunteer with an organization like Habitat for Humanity in your community, or sign up for volunteer trips throughout the U.S.
Participate in a neighborhood, park, or beach cleanup. Many neighborhood organizations have at least one yearly event where they garden, paint, or clean up an area within the community.
Support a backpack/supply drive. Most schools have a backpack and school supplies drive before the beginning of each school year. You can volunteer to help collect and sort items, or donate money and supplies.
Collect warm coats and blankets for the winter season. While shelters need donations throughout the year, warm coats and blankets are in most need during the fall and winter season.

If you are not able to volunteer your time, but would still like to help, then another option is to donate money. This is probably the best way you can help out organizations that serve your community. No matter what the amount, every little bit counts. Many organizations, such as food banks, can make your donation dollars stretch further and serve more people through their partnerships with various organizations.

Not sure where to donate your money? You can always make a donation to the Windermere Foundation and designate your funds to the Windermere Real Estate office nearest you. This ensures that your donation will go towards supporting non-profit organizations that serve people in need in your community. For more information about the Windermere Foundation, please visit http://www.windermere.com/foundation.

Please consider donating your time and money throughout the year, and help us make 2016 a year of service. Together, we can make a positive impact in our communities.

Living • January 20, 2016

New Year, Bold Home

by Guest Author

This article originally appeared on WindermereSeattle.com

"New year, new me" is so 2015. We thought we would change things up a bit because frankly, 2016 deserves better and so do you. This is the year to be bold. In fact, if there was a color named "bold" we would recommend it for your kitchen remodel. Once a month we will be showing you a different way to go bold with your home. These will be easy, inexpensive changes to add character and life to various rooms and spaces.

Our first? Colorful, crafty storage. Many New Year's Resolutions include decluttering your life. Not only is this great for your house, but it can also be very therapeutic. However, instead of putting the same old containers or storage back on your shelves, opt for a modification. For those of you who are more DIY, try painting the lids of mason jars your favorite bright color. If you are more of an online shopper than DIY queen, we found some storage options that are cute and simple: These are the perfect solution to keeping your kids playroom tidy, while still feeling fun friendly. Try these for your office space that feels a little dull and in need of inspiration. If you'd rather do something more permanent, paint the back wall of your storage shelves, it adds dimension and character. If you don’t want to permanently color your bookcases, try fabric or wallpaper. If you choose wallpaper, tie in the color with the items that are filling the shelves (hint: match to your mason jars).

We've mandated that 2016 is the year to be bold, but to also have fun. So start by adding some color to otherwise boring old storage spaces! If you go bold with your home each month this year, you can bet that the ending of 2016 will be sweeter than last.

More • January 15, 2016

#YourStoryIsOurStory: The New Kid on the Block

by Windermere Staff

When starting a family, home takes on a special meaning. But what happens when you decide to start looking only seven days shy of your due date? Well, Andrew and Mandy called their Windermere Real Estate agent, Erin Mitchell Hoppe. Erin had to act quickly, so she made a plan to look at the best prospects in a very short timeline. Within days, Andrew and Mandy found the home that was a perfect fit, and Erin was able to negotiate mutual acceptance the next day. Luckily, the listing agent worked for Windermere too, so she felt confident the process would go smoothly.

Being the ever so prepared real estate agent, Erin made sure to google “how to deliver a baby at home” just in case they got an unexpected surprise during the home inspection. Two days later, the New Kid on the Block arrived, and within the month, Andrew, Mandy, and their newest addition were moved into their new home, just in time to celebrate baby’s first Christmas.

More • January 13, 2016

Emerging Trends in Seattle’s New Construction Housing Market

by Shelley Rossi

At yesterday’s Windermere Builder Solutions Breakfast, more than 150 Windermere brokers came together to listen to Windermere Chief Economist Matthew Gardner lead a panel discussion on new home construction trends in the greater Seattle area. The panelists included Todd Bennett, CEO: BDR Capital Partners; Ron Boscola, GM: Murray Franklyn Companies; and Eric Campbell, CEO: MainStreet Property Group. New construction housing was arguably one of the biggest casualties of the real estate crash of 2008, when a staggering 60 percent of the local builders went out of business. But those who weathered the downturn are beginning to build again and some interesting new trends are emerging.

The builder panelists told us that the size and scope of today’s new construction projects have changed significantly from the booming market of the 2000s. Not only are builders more cautious, but they also don’t have access to the same level of financing that they did a decade ago. Some are avoiding financing altogether by only building when they have the cash to do so. Another challenge they face is finding buildable land, which is heavily impacted by both the King County Growth Management Act and the natural boundaries that water and mountains pose in the greater Seattle area.

So what are home builders doing to combat these challenges? For one, they’re building smaller housing developments. Gone are the days of master planned communities with thousands of homes; in place of them are spec homes and small “infill” developments with only a handful of properties. Others are focusing on “upzoning”, which is all about increasing density closer to the job centers in the form of multi-family developments.

In terms of home design, things have evolved as well. Over the years, builders have listened closely to the changing needs of buyers. The results are much more open floor plans, outdoor living spaces, and more square footage. Gone are formal living and dining rooms and cookie cutter homes that all look the same.

When discussing the rising prices of new construction homes, the panelists all agreed that the biggest factors for them are the costs of land and skilled labor. When the new construction housing market dried up back in 2008, a large number of those skilled laborers found new, more reliable employment. When the market returned, many of the remaining laborers were snatched up by the apartment building boom. This has heavily impacted the pool of skilled laborers available to home builders, as well as the cost to hire them, which is ultimately reflected in the price of homes.

New home construction is very important to the overall health of the housing market. Historically, when inventory levels are low, we look to the builders to supplement the market with new homes. It helps keep a balance between supply and demand. But because of the challenges local builders face, there haven’t been enough new homes to significantly impact our woefully low inventory levels. Looking forward to 2016, the panelists all agreed that we should see the supply of new homes increase modestly; however, probably not enough to meet the demand. It would appear that the will is there, but the way continues to be a challenge for King County builders.

More • January 13, 2016

Windermere Welcomes Cuba to 30th Annual Windermere Cup

by Shelley Rossi

Along with our partners at the University of Washington, Windermere Real Estate is excited to welcome the Cuban Men’s and Women’s National Rowing Teams as the headlining opponent for the 30th annual Windermere Cup, scheduled for Saturday, May 7, 2016. Rounding out the event will be the Stanford men’s and University of San Diego women’s teams.

The annual spring rowing event on the Montlake Cut is held prior to Seattle Yacht Club’s Opening Day festivities which signal the beginning of boating season in Seattle. The entire event is a joint effort between the University of Washington, the Seattle Yacht Club, and Windermere Real Estate.

Windermere Cup History and 30th Anniversary

The 2016 Windermere Cup matchup with Cuba is significant due to the reestablished diplomatic relations between the U.S. and Cuba on July 20, 2015. It also marks one of the few times a Cuban National Team has competed in the United States since the U.S. and Cuba severed diplomatic relations in January of 1961 during the Cold War, roughly 55 years ago.

The matchup is a fitting tribute to the history of Windermere Cup, which got its start 30 years ago when Windermere Real Estate founder, John Jacobi, joined up with the University of Washington to create the annual rowing event. They wanted to bring the best team in the world to Seattle’s Montlake Cut, which at the time was the Soviets. That occasion marked one of the few athletic competitions for the Soviets inside the U.S. in 25 years, since relations were strained during the 1962 Cuban Missile Crisis. The Soviet Union brought both its men’s and women’s crews and won both races in convincing fashion. After that, the precedent was set for what has become one of the world’s premier rowing events, and certainly a staple of Seattle’s rowing community.

The Windermere Cup will include a number of events during the week leading up to race day. The Seattle Yacht Club’s Opening Day parade through the Montlake Cut will immediately follow the racing.

You can follow all events and find future announcements on the Windermere Cup Facebook page and on Twitter @WindermereCup.

Living • January 12, 2016

A Peek into the Future

by Guest Author

This article originally appeared on WindermereSeattle.com

The International CES (Consumer Electronics Show) trade show took place last week in Las Vegas. If you thought last year’s best tech nology from CES was cool, this year brings a whole new meaning to “innovation.”

Samsung Family Hub Smart Refrigerator

Samsung’s latest smart device was unveiled at CES this year and it might be something you have to see to believe. This is the first third-party home appliance to feature Amazon Alexa. Alexa is the always-listening digital assistant first introduced in Amazon’s Echo device late last year. This fridge allows you to see what’s inside while you’re at the grocery store. The Family Hub Fridge features a pair of cameras on the inside that take pictures of the fridge’s contents every time you open and close the doors. You’ll be able to access those images on the Samsung app (iOS or Android). Picture yourself at the store, checking if you enough milk or juice. Your stress level just went down a notch. Read more here.

Hydrao Smart Shower

Let’s face it, we all waste water whether we mean to or not. Now there’s a way to find out how much and it doesn’t use any energy whatsoever. The white shower head, which was introduced at CES, is equipped with built-in LED lights that can tell you about how much water you’ve used. The Bluetooth device connects to an iPhone or iPad app, which lets you set three alert intervals, such as five gallons, seven gallons and 10 gallons. It even lights up in different colors depending on the one you choose. It fits any shower head and has a tiny turbine inside that uses the water flowing through it that produces energy to power the lights and the Bluetooth connectivity. Talk about eco-friendly! You can set profiles for different users and track water usage in the app, in order to encourage family members to change their over-use habits. Get the rest of the down low on Mashable.

SCiO food scanner

A French startup, DietSensor, has invented a device that tells us just how many carbs and calories are on our plates. That’s right ladies and gentlemen, thanks to the French, we can no longer enjoy food. It’s like when you go to a restaurant to have a good time and they put the calories on the menu and you feel shamed for eating. This pocket-sized device called SCiO uses near-infrared spectroscopy (the analysis of how molecules interact with light) to determine the chemical makeup of food and drink. Although dieting Americans will never leave this device out of sight, it was actually intended for those with diabetes or cardiovascular diseases. Check out the best of CES 2016 here.

Netflix

We’ve all spent many Friday nights and long weekends cuddling up with our significant other: Netflix. The most popular streaming service stole the CES show and we aren’t surprised one bit. They rolled out their streaming service worldwide – 130 countries and 70 million homes. The day of this announcement their shares grew nine percent. Who runs the world? Netflix.