The Home Connection – January 2019

Posted on December 13, 2018 at 8:24 pm
Shelley Elenbaas | Category: Shelley's Blog, The Home Connection | Tagged , , , , , , , , , , , , ,

Commute vs. Home Price Trade-Off: How Far Are You Willing To Drive?

Would you be willing to swap a longer commute time for a lower monthly mortgage payment? With prices of homes near city centers skyrocketing, many buyers are rethinking their priorities and choosing to “keep driving until they can afford it.”

Housing Search Trade-Off: Price vs. Commute Time

Windermere examined active listing on the Northwest Multiple Listing Service and their drive-time proximity to downtown Seattle. Looking at homes within a 30-minute radius from downtown, the median home price was $1,612,500. Homes located within a 31 to 60-minute commute from downtown had a median price of $890,000–that’s 45 percent less. This means if you are willing to commute over an hour, the price of the average home in the area would be $1 million less than if you lived close to the city.

Search for Homes by Commute Time on Windermere.com

The Drive Time Search function on my website allows you to customize the search criteria with your work address, time of day that you commute, and maximum amount of time you want to spend driving to and from work. The results will exclusively show homes for sale within your preferred drive time. 
Search By Drive Time

Are you ready to look for a home?

I can help you choose the right area, narrow down your criteria, and create a strategy for getting you the home you want at a price you can afford.

This post originally appeared on the Windermere.com blog.

Posted on July 17, 2018 at 4:57 pm
Shelley Elenbaas | Category: Shelley's Blog | Tagged , , , , , , , ,

2018 Housing Forecast: Where are we headed?

2018 Housing Forecast
What lies ahead for the local housing market in 2018? We sat down with Windermere Chief Economist Matthew Gardner to get his thoughts. Here are some highlights:

Home prices will continue to increase, but at a slower pace

The strong local economy, high demand and very low inventory will continue to boost home values in 2018, according to Gardner. However, he believes that the double-digit growth of 2017 will moderate, and predicts home prices in King County will rise by 8.5% in the new year.

Mortgage interest rates will rise slightly.

Gardner admits that interest rates continue to baffle forecasters. The rise that many economists have predicted the past few years has yet to materialize. His forecast for 2018 sees interest rates increasing modestly to an average of 4.4% for a conventional 30-year fixed-rate mortgage.

More Millennials will enter the housing market.

Despite the relatively high cost of homes in our region, Gardner expects more Millennials to buy homes in 2018. They are getting older and more established in their careers, enabling them to save more money for a down payment. Many are also having children and are looking for a place to raise their family.

The tax reform bill will have a limited effect on our housing market.

The recent changes to the income tax structure will have an impact on homeowners, but Gardner does not believe that impact will be significant here.

    • The mortgage interest rate deduction will be capped at $750,000 – down from $1,000,000. But according to Gardner, just 4% of the mortgages in King County exceeded $750,000 in 2017. Most buyers of more expensive homes have been making larger down payments, or buying homes for cash.
    • Since the $1,000,000 mortgage deduction cap is grandfathered in for those who have already purchased a home, some homeowners may opt to stay put rather than move. That could result in fewer homes being placed on the market.
    • The tax bill eliminates the deduction for interest on home equity loans. This is bound to slow down the trend of homeowners choosing to remodel their home rather than trying to find a new home our inventory-deprived market.

Bottom Line

The increase in home prices may moderate, but inventory will still be very tight. 2018 is on track to be a strong seller’s market.

This post originally appeared on the Windermere Eastside Blog.

Posted on January 23, 2018 at 9:32 pm
Shelley Elenbaas | Category: Shelley's Blog | Tagged , , , , , , , , , , , ,

The Home Connection – November 2017

The Home Connection Nov 2017

Posted on November 1, 2017 at 9:00 am
Shelley Elenbaas | Category: Shelley's Blog, The Home Connection | Tagged , , , , , , , , , , , , , , , , , , , , , ,

The Home Connection – September 2017

The Home Connection September 2017

Posted on September 1, 2017 at 9:00 am
Shelley Elenbaas | Category: Shelley's Blog, The Home Connection | Tagged , , , , , , , , , , , , , , ,

The Home Connection – March, 2017

Posted on March 1, 2017 at 10:00 am
Shelley Elenbaas | Category: Shelley's Blog, The Home Connection | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,