Monthly Archives: July 2017

Typical “Summer Slowdown” May Mean Opportunities For Frustrated House Hunters

Buying, Economy, Market, , ,

Source: NWMLS

KIRKLAND, Washington (July 6, 2017) – For frustrated house hunters, there’s hope: the volume of new
listings added to inventory during June (13,658) was the highest total for any single month since May
2008 (14,176 new listings), according to the latest statistics from Northwest Multiple Listing Service.
“This time of year we see more new listings coming on the market than pending sales, and June didn’t
disappoint,” stated J. Lennox Scott, chairman and CEO of John L. Scott.

Noting the pace of sales is slowing and the number of multiple offers is moderating, broker Gary O’Leyar
suggested a summer breather is under way (as anticipated), which could yield “the season for a successful
purchase” for weary shoppers. O’Leyar, the designated broker/owner at Berkshire Hathaway
HomeServices Signature Properties, said this mid-summer real estate market “seems to be following a
fairly typical seasonal cycle” even though inventory is significantly lower than a year ago.

Northwest MLS director George Moorhead also commented on the “typical summer slowdown,” but said
it is more noticeable in outlying areas. “The hot core areas are still quite active as buyers vie for a new
home.” He also detected a slight increase in the time it is taking to market a home, and reported some
cooling off in the luxury market, saying prices may be reaching a plateau.

For many brokers, rising prices are an ongoing concern, with one industry leader describing the ever-
increasing prices as “startling.”

While the number of new listings was up about 7 percent year-over-year, total inventory lagged. Brokers
reported 14,482 active listings of single family homes and condos at the end of June, which is down 14
percent from twelve months ago when would-be buyers could choose from 16,838 listings. Compared to
the previous month, however, inventory jumped up 16 percent (12,481 vs. 14,482).

System-wide there was just over 1.4 months of inventory, but the supply varied across the 23 counties in
the MLS market area. King County continued to have the tightest inventory, with less than a month of
supply (0.84). Six other counties reported less than two months of supply (Cowlitz, Douglas, Kitsap,
Pierce, Snohomish, and Thurston). In general, four-to-six months is considered to be a balanced market.
“Inventory continues to go lower as prices continue to climb in Kitsap County, leaving us with about 1.5
months of supply and home prices that are up more than 12 percent from a year ago,” said MLS director
Frank Wilson, branch managing broker at John L. Scott in Poulsbo.

“Unlike a normal market for buyers, today’s market is not about the current inventory, rather it’s about
inventory that is coming on the market,” Wilson commented. “The real story is the increased number of
homes that will become available next month, and the month after.” He recommends buyers work out a
success strategy with their real estate professional before even looking at their first house.

8 Ways to Make Your Backyard a Summer Paradise

Economy, Home Ownership

Source: Sage Singleton/RISMedia

Summer is the season to be outdoors. It’s the perfect time for backyard barbecues, neighborhood socials, and late-night evenings on the patio. You don’t need to travel to a luxurious and exotic location to enjoy spending time outdoors. Make your own backyard a summer paradise with these eight simple suggestions.

Inspect and update wooden decks

To make your backyard a summer haven, take some time to inspect and update your deck. Wooden patios and decks can be warped by cold weather, so you’ll want to replace loose or missing slats as needed. Sand, stain, and seal your deck once you’ve made sure it’s structurally sound. If you have a stone patio, check for missing pieces and update as needed. Once this is complete, you’ll have a shiny and appealing deck you can decorate with patio furniture—creating a relaxing sitting area for summertime.

Purchase patio furniture and essentials

Once you have a designated patio or deck space, you’ll want to add some patio furniture so you can sit down, mingle with friends and family, and relax. Consider purchasing weatherproof patio furniture that is both comfortable and durable. Patio furniture can be exposed to harsh, seasonal weather, so you’ll want to make sure it lasts for years.

Get the basics including some lounge chairs, an umbrella, a hammock, and an outdoor table so you can enjoy meals or games outside. In addition to patio furniture, you may want to buy or build an outdoor fire pit. It’s a simple feature that adds so much to your backyard. Sit around the fire and socialize, roast marshmallows or even cook dinner on your own backyard fire place.

Add colorful cushions and pillows

You’ll want to add a splash of color to your patio so it’s eye-catching and sings of summertime. Buy some bright-colored, and comfortable throw pillows and cushions to spice up the furniture. The bright colors and fun patterns will entice people to sit down, relax, and enjoy your backyard paradise.

Get a rug for the patio

Consider adding a rug to the patio or deck area to make the space feel cozier. Outdoor rugs vary in material, size, and shape and are generally made to last in all types of weather. They make a great addition to your space, and can also protect your deck.

Install outdoor lighting

Nothing is more magical than twinkling lights against a royal-blue evening sky. Add strands of tea lights or other innovative lights to create a fairy-tale effect in your backyard. In addition to the decorative lighting, you’ll want to consider adding sensor or smart lights to your backyard for added security. Smart lights are a great way to ensure the backyard is lit—you can even control smart lights with your smart phone.

Make the backyard private

You may love your neighbors, but that doesn’t mean you want them always peeking into your backyard. Be creative when thinking of ways to ensure better backyard privacy. One easy way to create a private, secluded backyard paradise is to install a fence. Not only does it ensure privacy, but it is an essential safety measure. Install a strong, secure fence to create a private and safe backyard.

Update your landscaping

Landscaping can make or break your backyard. It’s essential to take time to update your landscaping to create an outdoor paradise. You don’t need extravagant plants or trees to make your backyard grand. Take some time to cut back unruly trees and bushes, pull the weeds, water and trim the lawn, and plant flowers around the yard. These simple updates will make a world of difference. You’ll have your own secret garden in no time!

Secure outdoor belongings

Once you’ve created a magical backyard space, you’ll want to take the necessary precautions to safeguard your belongings. Make sure your garden tools and supplies are in a locked shed—away from kids, pets, and burglars. Take time to assess the backyard for any security breaches. This will keep your family safe and protect your backyard, patio, and deck from major damages.

Summer is a wonderful time to relax and enjoy being outdoors. Update your own backyard and you’ll have access to a private paradise any time you want.