Real Estate News & Information • May 23, 2024

Area Rents Still Rising

by Don Koonce

Slowly but steadily, rents are rising, and they’re going up faster than last year. In Q1 2024, Seattle rents grew 2.2 percent compared to 1.3 percent during the same quarter last year, according to new data from Apartment List.

This local increase in rent comes despite the U.S. rental market cooling off as a whole. Nationally, annual rent growth has remained negative since last summer. By contrast, in March 2024, Seattle’s rent prices grew 1.4 percent over the previous March.

While rental rates are inching up as opposed to skyrocketing, the outlook for renters is far from rosy. In March, Seattle had the 16th highest median rent – $2,019 – making it one of the priciest cities in the country for renters.

Much of our region has seen rents increase year over year as well. Bellevue, Issaquah and Sammamish have had annual rent hikes of 5 percent, 5.4 percent and 6.4 percent, respectively. Stunningly, if comparing the median two-bedroom rent in Sammamish to the largest cities in the country, this sought-after suburb would rank fifth most expensive, just behind San Francisco.

Mill Creek in Snohomish County has a median one-bedroom rent of $1,878, reflecting year-over-year growth of 1.5 percent. Auburn has a median one-bedroom rent of $1,320, representing a 2.2 percent jump from last year. During Q1, Puyallup saw its rents increase 2.4 percent from the same time last year, while Redmond saw rents grow by 2.6 percent.

This post was based on information found on Seattle Met.

Design • May 21, 2024

How to Eradicate Bamboo without Toxic Chemicals

by Don Koonce

When we bought our house 22 years ago, there were several clumps of black bamboo planted in various spots around the property. For 15 years, the clumps sat seemingly well-behaved. On year 16, some of them really took off running and I started to find it coming up far from the original clump.

It quickly grew past my fence into the alley, which potentially could be in the right of way, and I found myself knocking down new growth daily.

I tried to dig it up, but it was like trying to dig in cement. Finally, I contacted a bamboo removal company that quoted me $7,500 and said that I would have to remove my fence and replace it when they were done.

No, thank you!

I did some research and found the following method which has so far worked.

First, I want to mention that it is not chemical free, but it is poison free. The fertilizer and the heat from the sun will burn the bamboo rhizomes. If it can’t photosynthesize, it will die.

I don’t like using any chemicals on my property, but I feel that this fertilizer will just add nitrogen to the soil when it breaks down. The nitrogen will also help the clump of rhizomes decompose.

Good luck!

Cut down all bamboo as short as possible.
Soak the entire clump with water.
Cover clump with a thick layer of a high nitrogen chemical fertilizer.
Lightly sprinkle water on the fertilizer taking caution not to wash it away.
Cover with thick, clear plastic sheeting and weigh it down with rocks or bricks so that the wind will not catch it.
You shouldn’t get any sprouts if you apply the fertilizer heavily enough the first time, but if you do, just peel back the plastic sheeting, cut the new sprouts and add more fertilizer to the area where the sprouts grew.
If you see any sprouts outside of the main clump, you can either dig up the runner and cut it off, or just keep the sprouts cut down.
Leave the plastic on until you no longer see any sprouts. Depending on the amount of bamboo, this process can take up to three seasons.
Once you remove the plastic, you may need to wait a season or two for the nitrogen to dissipate.
I recommend testing the area with an expendable plant before planting a valuable one.

Now, on to the next clump!

Real Estate News & Information • May 16, 2024

Local Market Update – May 2024

by Don Koonce

Local Market Update – May 2024

Our local real estate market is exhibiting seasonal strength, with most areas seeing month-over-month and year-over-year sales gains. Despite continued interest rate increases, which can constrain both buyers and sellers, the number of closed transactions in King and Snohomish counties has risen for three straight months. This suggests that both sides of the table are figuring out how to adjust to the higher interest rate environment.

In King County, both home and condo prices soared again last month. The median residential sold price of a single-family home was $980,000, up 12% from April 2023. Despite the rise in interest rates and in light of low inventory, 70% of the country’s home sales closed at or above list price. King County condo prices also rose last month, with the median sold price up 15% from a year ago, to $580,000.

Seattle saw a drop in residential inventory last month, continuing to spur competition among homebuyers for the best listings. The median sold price of a single-family home within the city limits was $997,900 in April, up 13% year over year, and 68% of closed transactions sold at or above the list price. Seattle condo prices rose again, to a median of $599,000, even with 51% more units in play than a year ago.

Eastside single-family home prices rose to $1,677,500 last month, up 16% compared to a year ago. Nearly three-quarters of those sales closed at or above list price, likely driven by a 33% year-over-year drop in available supply, which stood at just 0.7 months of inventory by month’s end. Eastside condo prices rose 17% year over year, from $620,000 in April 2023 to $722,500 last month.

Last month, Snohomish County saw a high rate of closed residential transactions – 76% – that sold at or above asking price. With the number of active residential listings down 10% compared to last year, competition among homebuyers was quite strong. The median sold price of a Snohomish County single-family home rose to $799,500 in April, up 4% from a year prior. Conversely, Snohomish County median condo prices dropped by 4% year over year, to $525,000 last month.

In this market, buyers who find a home they love will need to be ready to compete and willing to stomach rising interest rates. There is some market optimism that the next four to six months will see higher levels of for-sale inventory that will have an impact on stabilizing price levels. In the meantime, prospective home and condo sellers will likely continue to encounter strong interest and offers from buyers, along with fast market times.

Whether you’re waiting on the sidelines for the perfect moment to jump into the market or have taken the plunge and are actively seeking to buy or sell, your Windermere broker will provide valuable insights to help you best navigate the spring and summer market ahead.

More.

Buyers • May 14, 2024

Simple Steps to Saving for a Down Payment

by Don Koonce

Whether your dream home just came onto the market or you’re thinking ahead for a purchase down the road, coming up with the money for a down payment can feel daunting. Don’t fret! There are steps you can take now—both large and small—that will add up over time to help you secure the funds you need to make that offer.

Determine how much you need

First things first, set your goal. The answers to these questions will help you determine what you’ll need to budget for the down payment:

What do homes cost in the area you where want to live?
How soon are you looking to buy?
Do you qualify for buyer-assistance programs in your area? Where have interest rates been going (up or down) lately?

Don’t forget about closing costs when calculating how much you’ll need!

Start a high-yield savings account

It’s difficult to keep track of how much you’re saving if you’re putting all your money in the same account you pay for living expenses with. Your down payment fund deserves its own savings account.

Look for high-yield savings account options at your current bank or find a new bank that offers one. Many banks today offer a 3-5% annual yield that will compound quickly.

Eliminate unnecessary expenses

No, you don’t need to stop eating avocado toast or give up your hobbies. Even simple changes can quickly add up.

Go thrifting instead of buying new clothes.
Get your library card rather than buying new books.
Cancel subscriptions to publications or services you rarely use.
Prepare meals at home a few times a week instead of dining out.

Though cutting back can sometimes feel like an inconvenience, these adjustments are temporary and don’t have to change how you live too drastically. Even while you’re re-prioritizing your spending, you can still simultaneously save for things like travel, and all the provisional adjustments will feel worth it when you’re enjoying your new home.

Don’t dip into emergency funds

Though it can be tempting to look at your retirement account balances or emergency savings account and daydream about barbeques in your new back yard, don’t give in. The tax implications of cashing out a 401K or IRA almost always outweigh the benefits of the quick money, and many retirement accounts require paying them back relatively quickly, likely before you’ll have built equity in your home. And your emergency fund is there for just that: emergencies. Life can be unpredictable and having at least six months’ living expenses stored away offers peace of mind is priceless.

Automate your savings

If you haven’t already, arrange to have your paycheck automatically deposited into your bank account, and then designate a percentage of it to go directly into savings rather than checking. This helps ensure that you’re putting the cash away before you use it on other expenses. By depositing directly into your savings account you’re less likely to think about it when making a purchase.

Other ways to automate savings include taking advantage of programs that will round up any purchases you make from checking and put the difference directly into your savings account. Check to see if your bank offers this or look into available applications in your app store. You can also use a credit card that offers cash back on a percentage of what you spend and save those rewards in your separate savings account. Just be sure to pay the bill completely each month!

Take advantage of windfalls

If you get a raise, bonus, or inheritance, put the extra money right into your high-yield savings account and stick to the budget you had before the windfall. You won’t feel a difference in your lifestyle, but even an incremental increase will help chip away at your goal.

Ask for help

Weddings, graduations, new babies, and other major life events are great opportunities to ask for cash in lieu of gifts. Be sure to document any gifts appropriately, and as long as it is a gift and not a loan, money from family and friends can help put you in a home you’ll all be able to enjoy together soon.

Buying a home is likely to be the largest financial transaction you’ll make in your life, and saving enough for a down payment can feel overwhelming. But with some dedication and smart money choices, you could be ready sooner than you think. Good luck, and happy saving!

Living • May 9, 2024

Easy Earth-Friendly Energy Fixes

by Don Koonce

There are plenty of good reasons to make your house a little greener, including saving money on energy expenses and ensuring a more livable planet for future generations. No matter what your motivation, making eco-friendly changes doesn’t have to be a daunting proposition.

The following relatively simple tips will help to not only reduce your carbon footprint to realize savings but also bring the peace of mind that comes from making smart choices for the environment.

Reduce Water Usage

For many homeowners, the highest utility expense is the water bill. We all know that taking shorter showers and only running the dishwasher when it’s full can help reduce water usage, but there are other ways to find savings.

If you are an ardent gardener, collect water in a rain barrel during the wetter months to use on plants and yards when outside temperatures go up. Installing a low-flow or dual-flush toilet (or retrofitting your existing toilets) can also reduce the amount of water that goes down the drain.

More tips on reducing water, click here.

Invest in Energy Star® Appliances

If your appliances—including your washer and dryer, refrigerator, water heater, or television—are more than ten years old, buying new ones could be all it takes to save money.

For an even bigger bang for your buck, invest in Energy Star appliances. To be certified as Energy Star, appliances must meet strict standards for energy efficiency set by the Environmental Protection Agency (EPA). The upfront cost of these products can be a little heftier than other appliances, but rebates and federal tax credits can help offset that initial expense.

Get a Smart Thermostat

Many thermostats have a scheduling feature to help manage your heating and cooling. This can be helpful if you have a consistent daily routine of when you will be home and out of the house to save energy during the hours when you’re away or asleep.

You can now find thermostats that meet the EPA’s criteria for energy efficiency. Energy Star smart thermostats are Wi-Fi-enabled and give you better control over the heating and cooling of your home. Many of these options have apps on your smartphone that give you the power to adjust from your fingertips. And over time, they can learn your preferences, including times you are away from home and when you sleep, to improve efficiency. They can also provide insight into your energy usage so you can make adjustments yourself for optimal performance.

Plant a Tree or Two

Trees not only suck carbon dioxide out of the atmosphere while producing the oxygen we need for fresh air, but they also provide shade for homes in the summer months, which can cut down on the time you need to run an air-conditioning unit or the AC function of your HVAC system. Plant trees on the south and west side of your home for the best results. Trees that shed their leaves in the fall can provide mulch for your yard or garden, thus reducing the amount you’ll need to water them in the summer and fall.

For other ideas on creating a more sustainable home to bring your energy expenses down, read 7 Tips for Sustainable Living at Home.

Interior Design • May 7, 2024

Protecting Your Home’s Air Quality

by Don Koonce

Most of us tend to think of air pollution as something that occurs outdoors where car exhaust and factory fumes proliferate, but there’s such a thing as indoor air pollution, too. Since the 1950s, the number of synthetic chemicals used in home products have increased drastically, while homes have become much tighter and better insulated. As a result, the EPA estimates that Americans, on average, spend approximately 90 percent of their time indoors, where the concentrations of some pollutants are often two to five times higher than typical outdoor concentrations.

Luckily, there are many ways to reduce indoor air pollution. We all know that buying organic and natural home materials and cleaning supplies can improve the air quality in our homes, but there are several other measures you can take as well.

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Real Estate News & Information • May 2, 2024

Ten Qualities to Look For in Your Real Estate Agent

by Don Koonce

Windermere Blog:

Buying a home is one of the most significant financial and emotional purchases of a person’s life. That’s why it is so important to find an agent that can not only help you navigate the home search process but one who can also answer your questions and represent your needs from start to finish. Most importantly, your agent should care about your happiness and ensuring that you find the home that best fits your needs.

Here are some qualities to consider when selecting a real estate agent:

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Buyers • DIY • April 29, 2024

Buying with Gardening in Mind

by Don Koonce

Every home buyer has a list of must-have amenities that they’re just not willing to compromise on. For some, it could be an open floor plan or maybe a certain number of bedrooms. For others, that priority is a place to garden.

A garden provides a place where one can nurture the earth, feel connected to other living things, and have a positive impact on the environment. If you’re a home buyer who requires space to garden, here are a few things to consider:

The Hardiness Zone

When searching for a home, location is always high on the list of priorities, and for gardeners, it’s no different. If having a garden is important to you, the first thing you should do is check the hardiness zone to determine what you can realistically grow at any home you are considering buying.

Hardiness Zones are used by gardeners and growers around the United States to determine which plants will grow best in their region. The USDA uses the average annual minimum water temperature in the area to establish the zones, making it a great place to start when looking for your next garden.

Hardiness Zones don’t change by street like neighborhoods do but knowing where you are in the zones map can be a helpful guide to what to expect, especially if you’re moving to a completely new region.

Outdoor Space

Your Windermere agent will be able to use a combination of property metrics, photos, and land surveys to help narrow down your search to homes with adequate outdoor space for a garden.

Ask your agent about lot size versus the home size to make sure there is enough land to build and sustain a garden. Prior to visiting homes in person, check the exterior photos to get an idea of the area.

Local Wildlife

Local wildlife organizations have resources about the animals that might appear in your backyard. Knowing this will not only help you protect your veggies, herbs, and other plantings, but also aid in creating a wildlife-friendly sanctuary. The National Wildlife Foundation offers suggestions on how to do this and offers tips on how to attract songbirds and butterflies to your garden.

Infrastructure Requirements

Depending on the size of your garden, you may need to set up appropriate infrastructure for easier care, like a sprinkler system, raised beds, or outbuildings. If the land is uneven, consider installing raised beds that will help flatten the growing surface for your veggies and fickle flowers. A greenhouse can help you control humidity and light levels but be sure to consider the construction costs alongside your home loan amount.

Living • April 25, 2024

A Quick Guide to Urban Farming

by Don Koonce

Urban farming can be a fun way to produce your own nutritious and sustainable food supply for your household while learning about self-sufficiency and gardening. Though urban farming likely won’t replace your household’s entire food intake, it is an environmentally friendly complement that can help lower your reliance upon commercial grocery stores over time.

A Quick Guide to Urban Farming

What is urban farming?

Urban farming or urban agriculture comes in many forms. Whether it’s a backyard or rooftop garden, a community agricultural space, or a small balcony plot, urban farming is the practice of cultivating food by those who live in cities or densely populated areas. Typically using raised garden beds to house produce, urban farming promotes sustainability, health, and a connection to nature. Whether you’re looking to grow a few simple fruits and vegetables or seek to cultivate a flourishing garden, here’s how you can get started.

Plot Out Your Garden

Whether you have a spacious backyard waiting to be tilled into gardening heaven or a smaller, unused section of your flower beds, how much space you’re working with will determine the arrangement of your urban farm. Research the crops you intend to plant and how much space they require, then take measurements in your gardening space before buying materials. Your raised gardening beds should be anywhere from six to thirty-six inches deep. Keeping them less than four feet wide will make it easier to reach across when watering, weeding, and planting.

Planting Your Garden

Once you’ve plotted out your garden space, there are a series of decisions to make about your garden; namely which crops you want to grow, how you’ll pot other plants and flowers, whether you’re going to start from seeds or seedlings, and deciding between manual and automatic watering. If you’re starting from seeds, know that the growing process will take longer, whereas seedlings can help to speed things up. Creating an automatic watering system requires an upfront investment, but you’ll save time, and you won’t have worry about under-watering or dehydrating your garden.

Raising Chickens and Keeping Bees

Keeping animals on your property presents new opportunities for sustenance, but it also introduces new challenges. Two animals urban farmers often choose to raise are chickens and bees, which take up a lot less space that other livestock. Before starting either venture, check your local zoning laws.

If you intend to raise chickens, you’ll need to build a coop first. The size of your chicken coop will depend on whether your chickens are able to forage outside the coop or not. If you have the space to let the chickens out, allow two to three square feet per bird in the coop. If the chickens must stay in the coop, you’ll want to make sure they have plenty of space, so it’s recommended to allow five to ten square feet per bird.

The key features of a chicken coop include roosts, nest boxes, dust baths, lighting, and protection from local predators. Search online or locally for pre-made chicken coops that fit your property’s needs or make it a DIY project. A commercial poultry feed will provide your chickens with the basic nutrients they need, but keep in mind that many foods outside of their normal diet can alter egg flavor and have adverse health effects. So, if you’re thinking about incorporating table scraps into their diet, make sure those foods agree with their systems before doing so.

To keep bees at home, start by reaching out to local beekeeping associations to inquire about purchasing bees and when you can expect your colony to arrive. Once you have a timeline set, you can go about gathering supplies. There are two common hive systems used for keeping bees: a Langstroth hive; which is a system of stacked rectangular boxes with removable frames, and a top-bar hive; which is a series of horizontally connected boxes. Gear up by purchasing protective beekeeping clothing, tools, and feeding supplies. After you introduce your bees to their new hive, continually monitor their behavior and tend to their seasonal needs. Spring is generally the best time of year to start a hive, since it gives bees plenty of time to build up their colony and produce and store honey before winter arrives.

For more information on sustainable gardening practices, read our blog post below:

10 Tips for Sustainable Gardening

SOLD • April 23, 2024

PENDING: Brand New Columbia City Home

by Don Koonce

5907 44th Avenue S
Seattle, WA 98118
$910,000

MLS #2206014
Beds: 4
Baths: 3
Size: 1,920 sqft
Days on OneHome: 41

CHARMING BRAND NEW 4Bd/3Ba Listing in Columbia City! Fully Fenced & Gated Oasis in the City w/Covered Front Porch, Back Deck, Lawn & Garden spaces. Refreshed Liv & Din Rms w/Laminate Floors plus 1Bd/1Full Bath on Main w/NEW Kitchen w/Espresso Cabs, Quartz Counters, Full Tile Backsplash, SS Appliance Package w/Large Island which opens to Private Outdoor Living Space w/New Deck. Upper Primary Bd w/En Suite Full Bath w/Custom Tile + 2nd Bd. Fully Finished Basement w/Sep Entry, 2nd Kit w/Quartz, Tile, SS, Dining, Fam Rm, 1Bd/1 Full Bath w/Custom Tile + Laundry Rm. Rare 1-Car Garage + 1-Car Off Street Parking Space. Remodel Includes: NEW Windows, Roof, Insulation, Furnce, Lighting, Appliances, Floors, Finishes & White-Painted Millwork & Doors.