As you probably know, our real estate market has never been hotter. Here is a market update and snapshot of what we have been up to!
UrbanAsh Team highlights, year-to-date:
POINTE3 REAL ESTATE NEWS – 2016 IN REVIEW
This past year, Pointe3 Real Estate and Seattle Rental Group broke records in terms of growth as a team as well as sales, leasing, and relocation service transactions. Below are a couple highlights from 2016:
- $100,000,000 in sales
- 302 leases signed
- 81 local companies and corporations serviced
- 806 rental tours
- Property Watch portfolio nearly doubled
- Added 6 new brokers to the team
- Added two new locations – Issaquah and Portland, OR
URBANASH TEAM UPDATE – NEW YEAR, NEW LOOK
The UrbanAsh Team is starting off the year with a fresh new look! We have added more features to our property marketing campaigns to better serve homes we are listing for sale, AND have a couple new tricks up our sleeve for our buyers when in competitive offer situations.
IF YOU ARE LOOKING TO SELL YOUR CONDO OR HOME THIS YEAR, we would love the opportunity to share how we can assist with market positioning, strategic property preparation/rehab, maximum listing exposure, professional guidance throughout the selling process/review periods, and achieving the ultimate goal of selling your property as quickly as possible at the highest price. Contact us at 206-799-9949 or firstname.lastname@example.org.
MARKET UPDATE – SALES & RENTALS
Without skipping a beat, the holiday season and the dreary winter months have set records for homes values, days on market and sales! We are seeing crazy bidding wars and multiple offer situations for both condo and single family homes with the average buyer having to place as many as 6-10 offers before securing a new home.
The most recent NWMLS stats show February sales prices for single family homes are up year over year by nearly 9% and it has been reported that condo sales prices are up 20% Seattle wide. The increase is due to buyers employing price escalation tactics during multiple offers situations, foreign investors entering our market due to tax pressures, high wage earners relocating to Seattle for new job opportunities, and record low inventory– there has never been a better time to list a home for sale!
As we approach the end of the 1st quarter, we will start seeing more market stats, but here are a few to peruse:
– Seattle was the fastest moving market in February with half of all homes pending sale within 12 days of being listed. 49.3% of homes sold were above asking price.
– Seattle’s latest and greatest new construction condo tower, Nexus, is 75% sold out.
– Nearly 40% of single-family homes listed in Seattle during February were listed at $1M or more.
– We are approaching the “Golden Window” of listing homes in the first week in May – it is not too late to prep your home for market!
THINGS TO KNOW IF YOU ARE A LANDLORD WITH PROPERTIES IN SEATTLE
– ALL landlords within Seattle city limits MUST register their rental properties (single family, condos or apartment buildings) with the city. The deadline was 12/31/16, but you can register at www.seattle.gov/RRIO – let us know if you have any questions!
– The Seattle City Council voted unanimously to create a 15-member board to create new laws to address rising rental rates, displacement and other issues.
– Effective July 2017, landlords will need to accept applicants on a “first come, first serve” basis. All information regarding minimum screening criteria will need to be disclosed prior to accepting applications and they must be screened in the order in which they have been received. We at Seattle Rental Group have modified our process to fit the requirements, but please ask if you have concerns or questions. Some landlords have filed a lawsuit with the city over the new ordinance.
– When selling or reoccupying a property, landlords MUST give 90 days notice (formerly 60 and 20 days), but landlords may request a hardship exception to shorten the notice period in certain circumstances.
– The time in which landlords need to refund a tenant’s security deposit is 21 days from the date the tenant surrenders possession, unless otherwise stated in a lease agreed upon prior to 2016.