Greater Seattle Area Real Estate News & Market Trends

You’ll find my blog covers everything from local market statistics and home values to community happenings. That’s because I care about the community and want to help you find your place in it. Please reach out if you have any questions at all. I'd love to talk with you! -Elizabeth

Feb. 22, 2019

Differences Between a Condo and PUD Homeowners Association

When on the hunt for the perfect townhouse or condo in the Seattle area, you need to take into consideration the HOA you will become part of. Knowing the differences between a condo and PUD homeowners association could alter which type of property you want to purchase.

Great question asked by two different clients today. What’s the difference between a PUD and a CONDO HOA?

First and biggest difference is that a planned unit development homeowner association and a condominium homeowner association: So, with a PUD you own your land and with an HOA you do not.

A lot of times you have to fix the outside of our home in a PUD and a condominium you do not because the condo association owns the land. So generally speaking your fees are a lot higher in a condominium versus a PUD.

Interesting fact! A townhome can be in a PUD or a CONDO HOA. The only difference is the condo HOA owns your land, the PUD you own it, so there’s a lot less area maintenance and a lot less fees.

For example, today I showed two townhomes not more than a couple of miles away form each another. One in a PUD and one in a condo. The only difference was the fees. The fees were $181 in the PUD and $495 in the condominium HOA. WOW!

They both had pools, play areas, barbecue areas, park like setting, beautiful. What does this mean for you? You might qualify for more money if you were to go about getting a home in a PUD versus a condo.

The good question to ask your loan strategist is, what’s your max monthly payment? At the bottom of my website, I have a little loan calculator that tells you what your monthly payment will be for your loan.

All you need to do is factor in the few things your loan strategist tells you, like homeowners association dues, your taxes and your insurance.

Call me when you’re ready to purchase a home in the King County? Let’s get to work! Let me know if you have any questions. I’m around when you need me.

Posted in Tips and Tricks
Feb. 15, 2019

Madison Park Neighborhood

Click here to read all about it:

Elizabeth Russo's Take On Madison Park Seattle

Feb. 8, 2019

Market Update: January 2019

Historical Days on Market in January 2019Though I generally walk everywhere, I see the roads are slick all over Seattle and loved it when my general manager called a snow day, before the snow started to stick.  So, we know why there aren't very many homes on the market in King County, right?  It's even easier to see why they aren't selling at warp speed as in months past.  But I still freaking love looking at numbers!  When they start moving, this is more interesting to me than watching my outdoor Belltown neighbor screaming at his invisible friend.

The U.S. economy has been doing so well.  Unemployment is way down and people are finally getting steady raises.  Many like to blame the Federal Reserve for the high prices of homes and interest rate hikes.  I think the Fed noticed this, decided to give it a rest and didn't increase rates in January 2019.  My local MLS economist informed me, this is called a patient approach, and I think it's starting to help:

  • The amount of homes that closed escrow decreased by 15.2% for single family homes and 13.1% for condos. 
  • Homes pending a sale increased 10.8% for single family homes and 6.9% for condos.
  • Total homes currently on the market increased 48.8% for single family homes and 136.7% for condos.
  • The median sales price increased 6.3% to $450k for a single family home and 4% to 343k for a condos.
  • Days on market increased 29.7% for single family homes and 84.6% for condos.
  • Months supply of inventory increased 62.5% for single family homes and 180% for condos.

Home affordability will be the big topic of 2019.  Obviously, there are already signs that show our inventory is improving.  There are even areas starting to show a year-over-year increase in value (find yours by clicking here).  If you're a motivated buyer, and you're already looking at annual goals, many new homes for sale come onto the market immediately after the turn of a calendar year and in early Spring.

Remember, I'm working hard to be your only Realtor.  Make contact with me when you're ready?

-Elizabeth Hanford Russo, your total home resource :)

Follow me on Twitter @eliseswalk:

Posted in Market Updates
Feb. 1, 2019

Newsletter: February 2019

 

Posted in Newsletters
Jan. 25, 2019

Real Estate Negotiation Tips: Buying A Home With Cash Money

 

Real Estate Negotiation Tips: Buying A Home With Cash Money 

 

Reduce the stress of your next real estate deal by buying a home with cash and enjoy the additional benefits for both the seller and buyer that come along with it. Watch the video to learn what makes this form of purchasing one of the best real estate negotiating tips a realtor can give you!

Video Transcription:

With about 90% of my pipeline right now being cash, I felt like it was important to address “why cash is still King”. 

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Posted in Tips and Tricks
Jan. 18, 2019

Newsletter: January 2019

 

Posted in Newsletters
Jan. 12, 2019

Expected Time on Market in King County

Today, in King County Washington, The current expected time for a home to be on the market, before it gets an accepted offer is 9 days:

Expected Time on Market in King County

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates