The perception is that the Eastside real estate market is slowing down.  Having taken a look at data from the month of August, the data does support that – to a degree.  Take a look at the video below for key stats and data. I’m still pretty new to this video game, so be patient with me as I perfect the art of talking to the camera.  I’ve not yet tried a Facebook Live video – perhaps I’ll try that next month!

My key takeaway from this market update is that while the data seems to only support a very slight market slow down, and still predicts growth for the foreseeable future (albeit at a slower pace), perception is reality. And if buyers are suspecting a slowing of the market, no matter how small, that perception will translate in their offers.  Even for hot homes, my guess is that we’ll start to see fewer multiple offers, lower escalation clauses and ultimately fewer houses selling for significantly above asking.  In turn, this will of course impact the market as brokers look at recent sales to price their upcoming listings.  So, while the current slow down may be small, I believe it’s real and will continue to a degree. Ultimately I think this is a good thing as hopefully, in time, it will take us closer to a balanced market.  I come from, and like to follow a win-win mindset – i.e encourage situations where both parties win in a transaction.  And it’s hard to find the win-win in such a strong sellers market.

Happy Fall!

So I’ve discovered video! And I love it so you’ll be seeing a lot more of me in the future as I move my blog to a video format.

For my debut blog series, I want to focus on why it’s now a good time to buy a home. Despite the market currently being in the sellers’ favor, there are many reasons why it’s now a good time to buy.  For now I’m going to focus on just one – Interest rates.  If you’ve been putting off buying a home, the numbers I mention in this video may make you think twice.  Big shout out to Dietrich Miklautsch at RPM Mortgage for crunching the numbers for me.  Forgive me for the goofy image below! –

As ever, you’d like more information, or a lender recommendation, please get in touch.

For families with children, a good school is often the most important criteria in a home search.

Last week, at Issaquah School District's Monthly PTSA Council Meeting, the super intendent shared some information about www.greatschools.org – a website that many realtors (myself included) recommend to those looking for more information about schools in the area.  It gives each school a score out of 10, with a score above 8 generally considered to be very good. 

Now it's time to shake it up a bit, and as realtors we have to reeducate ourselves and most importantly our clients.  Greatschools.org has recently revamped their scoring criteria and as a result it's drastically altering the scores of many schools.  Some of our best schools in the state have seen their ratings plummet, while others who have received low scores for some time, have seen their score sky rockets.  Does this mean that the good schools have deteriorated and the poorer schools dramatically improved? Seemingly overnight?  Of course not. Life is just not that simple.

Let's take Skyline High School in Sammamish as an example.  For many years, it's enjoyed scores of 9 or 10. It's one of the most desirable high schools in the district.  And deservedly so. For a long time it's seen some of the highest graduation rates, and academic scores in the state.  It's a truly fantastic school.  But last week its score dropped from a 9 to a 4.  Just like that.  Has the bottom dropped out of this school?  Did all the good teachers leave and were suddenly replaced by less qualified staff?  Of course not. The reality is nothing has changed, except the rating system.  This in itself is not a problem. Change is good right?  The issue comes arises because the metrics being employed are not necessarily the right metrics (for example Advance Placement Class Participation) and, more concerningly, they are not being applied consistently across all schools. 

So, my advice to home buyers is go deeper in your research.  Many of school rating websites are private companies, with little or no ties to the public education system. So it's little wonder that their ratings are only skin deep. If you really want to find out about a school, its academic success and its demographic profile, the best resource is the Washington State Report Card.  Yes, it's a little (ok a lot) harder to interpret than a score out of 10, but it really is worth the extra effort. 

Beyond desk research, I also encourage anyone really wanting to find out about a school to do their own research in the field.  Go and tour the school for sure, but go beyond that. Speak to students, speak to parents and ask their opinions of the school. What they like, why they like it.  And don't forget to research the PTA.  A strong, supportive and financially generous PTA can make a huge difference to a school. 

Every once in a while I'm reminded that Corporate America rocks!  And what I've written below is 100% truthful. No exaggerations.

In recent months we've received endless letters from our mortgage lender about refinancing and promising a better mortgage rate.  Yeah, right – what corporate bank (and I am talking one of the big 5) actively encourages you to pay them less money every month?

Because of this skepticism I've been putting off calling them for weeks, months if I'm honest, because I thought it would be too painful and probably too good to be true.

I've finally made the call this afternoon because finally the knowledgeable realtor in me finally beat down the skeptical consumer.  Just 10 minutes on the phone (with a most charming lady called Kellie I might add) saved us $766 per month without changing the type of loan, or any pre-payment penalties. 

Admittedly there's an upfront fee but with the savings we're making, we've covered that in just a few payments – and even then all but $500 is rolled into the cost of the loan so the out of pocket expenses is minimal. 

So the lesson here folks is don't be as lazy and skeptical as I was.  Mortgage rates really are at an all time low.  If you haven't refinanced in the last few years now really is the time to do it.  

I don't have a crystal ball but I'm fairly certain that interest rates will go up early next year, the cost of borrowing will increase, even if only marginally. Now is the time to save some big $$$$$$.  Had I made this call just 8 weeks ago when the letters started arriving we'd have already saved over $1000.

Now, where did I see that pair of must-have shoes…

I love Fall.  Particularly in this part of the world.  It's the contrast of the bright blue skies with the vibrant oranges that just make me smile. Also, knowing that in just a few short weeks the grey skies will come and the rain will fall makes me love it even more.

While enjoying these few and increasingly few sunny days homeowners should also be prepping their house for winter.  Here's the a list of the most critical to-do's – both inside and outside the home.

1. Clear the gutters.  I get it, this is about the most unexciting thing to do yourself or spend money on. But clogged gutters can lead to serious problems. If you don't fancy climbing a ladder yourself, bring in a professional

2. Change the batteries in your smoke and carbon monoxide alarms.  Again, very unsexy but it could save your life, or if nothing else it will prevent a 'middle-of-the-night, whole-house-awakening' when just one little battery goes flat and sets off the entire system.  Surely, I'm not the only one that's experienced that!

3. Get all gas appliances serviced.  Another critical safety tip! And isn't it best to find out now that your furnace has a minor issue, before it turns into a major and expensive issue?  Murphy's Law also dictates that if you don't get it serviced now it will fail during the one week of winter that we have subzero temperatures and six inches of snow on ground.  Don't say I didn't tell you!

4. If you have a wood burning fireplace get the chimney cleaned out – or swept as we romantically refer to it in England.  Doesn't that sound better?

5. Clean and cover, or store inside all the outdoor furniture and BBQ.  Even the most weather resistant furniture benefits from a high quality furniture cover.  Buy the best you can afford.  A few additional dollars spent now will ensure your outdoor furniture last years, not just a few seasons.

6. Aerate your lawn and remove leaves.  Admittedly, keeping on top of the leaves is a bit of a losing battle at this time of year, but wet rotting leaves don't do your grass any favors.

7. Replace outdoor light bulbs.  Trick or treating is so much more fun when everyone can see where they are going!

8. Plant Spring bulbs.  My favorite Fall task. Ok, planting is a little tedious but come Spring that hour or so spent on your hands and knees this month will repay you in spades with an abundance of colorful spring bulbs.

Happy Fall!

The housing market continues to be buoyant, and it remains a seller's market with record low inventory on the Eastside.  But there's good news for buyers too – which hopefully will encourage on-the-fence sellers to go live with listing.

Last week's news from the Fed that they wouldn't raise interest rates immediately led to a drop in mortgate rates.  For a few days it was a little volatile, with rates bouncing around a little. Those making a loan application, were faced with the tough decision of when, or indeed if they should lock in a rate. 

Following a few days of volatility, mortage rates seem to have got back on track with most lenders offering rates between 3.875%-4.0%.  This is great news for buyers,and encouraging for sellers too.

Read more from the experts at Mortgage News Daily at http://www.mortgagenewsdaily.com/consumer_rates/513918.aspx

More good news for buyers: economists are predicting that the current 10-15% increase in property values will level out to a more sustainable 7- 8%. 

In a perfect world, these two factors combined will continue to give us a strong housing market, but one that is a little more balanced. Sellers will continue to see their property values rise, buyers continue to get a great deal on mortgages and, all being well, inventory will rise, taking the pressure of both buyers and would-be sellers.  I'm excited to see how the next 3-6 months play out.