Real estate activity over the last 2 years didn’t slow down for the fall season. In fact, I think November was our busiest month each of the last 2 years. And it was because a lot of people didn’t want to wait for the busy spring and summer seasons.
This year, we’re finally leveling out into a more level playing field as far as buyers and sellers go. That means we have more listings and buyers are able to be a little bit pickier.
The result, two of our listings are surprisingly still available. Both have had significant price drops over the last month.
MLS 1350518 – A 10 year old home in North Beacon Hill within walking distance to Rainier and multiple bus routes. It features 3 bedrooms and a price tag under $700K. Located at 1535 17th Avenue South, in Seattle 98144.
MLS 1341684 – A condo next to a great elementary school in the Klahanie neighborhood of Tanglewood, located in Issaquah. It features 2 bedrooms and a price tag of $319,000. Located at 25025 SE Klahanie Blvd, in Issaquah 98029
My advice is that if you’re a buyer in this market, now is the best time in the last 5 years to buy a home. Especially if you want to be picky about finishes, inspections, closing dates, and so on.
#FREE #SALOMON #SICKSTICK
It pains me to do this (again) but it’s time for someone else to enjoy this “sick stick.”
If you, or someone you know, wants to get into snowboarding, hit me up on my Instagram (@jin411) and introduce yourself.
I rarely buy into the fads, so I rarely own pro models (except the Kazu) and it took me forever to try rocker, and I don’t pay enough attention to what my board is made up of. But this is a board that all my diehard snowboard friends raved about.
Something about the float in pow, the ability to carve on hardpack, and the pop of the bamboo core. All with a nice blend of camber in between the bindings, and a little bit of rocker. And they were right. This is the board I would bring on vacation or to trips to Whistler when I didn’t want to bring multiple boards.
Again, my quiver is ever evolving just because I’m surrounded by gear on a daily basis. So getting rid of old boards is unfortunately the norm and something I’ll always regret in hindsight, like selling your Jeep.
If you’re a progressing rider who wants to expand your terrain, or someone who already frequents the backcountry, this would be a nice addition to your quiver. And in this case, it’s FREE. So hit me up.
The real estate market has certainly changed over the past year.
A year ago, inventory was painfully low. Looking at emails from the fall of 2017, we had clients looking for homes on the Eastside around $700-$800K and there were literally just a handful of homes available in Issaquah and Bellevue. Most listings went pending within a week with multiple offers. We would often get emails about the same properties from multiple friends / clients.
Fast forward to today, as of this writing, if I were to do a search for 3+ bedroom homes for under $800K in Issaquah and Bellevue, there are 99 active listings and just 35 pending listings.
So what does that mean?
We tend to use terms like seller’s market or buyer’s market. It’s been a seller’s market for so long that the swing is catching some people off guard. I actually think it’s pretty balanced right now. There are definitely sellers out there that are willing to look at any offers, but for the most part, areas such as Mercer Island, downtown Bellevue, South Cove (Issaquah), Lakemont (Bellevue), are still very sought after and the sellers are willing to hold on for that buyer to come along who is willing to pay the asking price.
So what happened?
Things seemed to be trending this way for a couple of months. Earlier in the summer, we would see one property get 10+ offers, and then a similar property a month later would get 3 offers, and then another similar property would later get 1 offer. But over the past month, the buyers just stopped. They stopped showing up to open houses, stopped reaching out about new properties, stopped replying to our emails about new listings. I think a lot of them are fed up with the way sellers were treating them for the past several years. They’re fed up with the increasing prices, multiple offers, and competition with other buyers.
My biggest concern about this, as a real estate agent, is that this type of market is exactly what a lot of our buyers were waiting for.
A lot of this is typical, and some of the newer agents just aren’t used to it yet. A natural slowdown happens in real estate when kids go back to school (because parents don’t want to move during the school year), the weather cools down, days get shorter, people think about spending their money elsewhere (due to the holidays), and usually fewer homes are available on the market.
The fall slowdown never happened the past several years because buyers were still fighting for the few listings that were available. And a lot of them thought, “It’s fall, there’s still competition but there’s less competition compared to spring and summer, so we’re going to keep looking year round.”
So what’s next?
There’s no reason to think the market will crash or will stay slow like this. The Seattle job market is still strong, and people are still moving to the region. Interest rates are still low compared to what they’ve historically been. My guess is that some sellers will just take their listings off for the winter and wait to relist in the spring. We’re not getting a sense of desperation from most sellers. And it’s not like mortgages aren’t being defaulted in record numbers.
We are seeing quite a few price drops. And we’re also seeing many homes stay on the market longer.
If you have been thinking about real estate, it is one of the rare moments in the recent Seattle market where the buyers have a little more control over what goes on. Inventory is still relatively low when looking at history.
I would take advantage of it and go take a look at some homes. If you’re not locked into a lease or some other commitment, it would be a great time to find your first home. For others, it might also be a great opportunity to upgrade to a new home, or find an investment property.
It pains me to do this, as this board means a lot to me. But it’s time for someone else to enjoy it.
If you, or someone you know, wants to get into snowboarding, hit me up on my Instagram (@jin411) and introduce yourself.
Going back to the late 90s, I had started this snowboard company out of my dorm room. Around the same time, Monument Snowboards was launched by Dave Tran (follow him!) on the East Coast. I watched as his influence in the industry grew, even if Monument was mostly a small niche brand with a cult following. The designs and shapes were some of the most unique I had ever seen.
About 5 years ago, a friend of mine said he’d have a hard time supporting small snowboard brands, and I thought that was asinine. The small brands keep the big brands on their toes and aren’t afraid to innovate.
So I reached out to Dave and got a hold of this 2014 District 153 snowboard. It was the first flat camber board I had ever ridden. I thought it was amazing. The contact points were always on the snow and I could ride as fast as I wanted, but it could still butter and have a playful effect. Up until then, I had always loved classic shapes like the Burton Custom. But after that, I was riding blunt nose boards, pointy tip boards, swallow tails, a splitboard, and eventually, I started riding other smaller brands like Super Happytime Death Machine and United Shapes.
My quiver is ever evolving just because I’m surrounded by gear on a daily basis. So getting rid of old boards is unfortunately the norm and something I’ll always regret in hindsight, like selling your Jeep.
The Monument District is rare, it’s fun, it’s solid. And in this case, it’s FREE. So hit me up.
Growing up, with endless hours to play and goof around, one of the things I loved most was making videos with friends. Whether we were lip syncing to Michael Jackson or making projects for school, I loved going back and watching what we were able to create. Things nobody ever got to watch because it was a different time before internet, all things digital, and Youtube.
As a grown adult, I’ve always dreamt about making videos in my spare time. The problem now, of course, is the lack of spare time and the lack of friends who have spare time.
When I was a college student, my friends and I would make videos of us snowboarding around the Northwest and skateboarding around campus. And it’s really what led me down the path to where I am today. Our videos were noticed by a small local snowboard manufacturer, and we started building websites to showcase our photos and videos, creating content, and eventually working our way up to learn more about eCommerce.
I’ve been thinking about what to do with stuff that sits and doesn’t get used much. That includes my Canon T1i Digital SLR camera and my Skylab Gimbal (the gimbal is designed to work with the iPhone 7 and 8. Not the Plus sized phones, unfortunately).
If you, or maybe your child, has shown an interest in videography and photography, hit me up on my Instagram (@jin411) and direct message me. I don’t expect too many people to respond to this, but my hope is that it will inspire someone.
The 2018 SkiBonkers has just completed. Now it’s time for cleanup. It’s great to be a small part of SkiBonkers, which is an annual 4 day sale that takes place over Labor Day weekend. This year it was held at the old Sports Authority building on Bellevue Way in downtown Bellevue.
It’s great that so much of the community still supports a local small business, and SkiBonkers has been around since I was a little kid when I would visit with my dad (back then I remember it being put together by Olympic Sports and being sponsored by The End 107.7).
I hope that one day my kids will be taking their kids to it.
I feel like with anything in life, you should set goals, whether that’s to eat healthier, take up more hobbies, read more, watch TV less, or whatever it is. Maybe that’s just how my mind is wired.
But when Mitch and I started working together in real estate, we mutually set a goal to average at least 2 deals a month. And this month, we’ve finally reached that goal by doing 49 deals over a 24 month period.
We couldn’t have done any of this without our friends and clients. So thank you to everyone who has trusted us with your real estate needs.
Of course, now that just means we need to set new goals. A friend of mine who goes by the name “Henry” who I look up to has done over 70 transactions during the same period. That’s basically an average of 3 per month. So, challenge accepted.
The market is a little bit slower now than it was at the beginning of summer, so we’re hoping it leads to more opportunities for buyers. I guess we’ll find out!
Sold for $470,000 | 4 bedrooms | 1.75 bathrooms | 3228 S Chicago St | Seattle | 98118
Move-in ready rambler on Beacon Hill with detached ADU. Fantastic location, large lot, and income opportunity found here. Main home features 3 bedrooms and 1 full bath, hardwoods in the living room, a wood-burning fireplace, plenty of natural light, and ample parking for 5-6 cars. ADU in back is detached with kitchen and 3/4 bath. Two buildings on record, 1,210 sqft Main and 290 sqft ADU. Easy access to I-5, shopping, and the light rail. Bring your creative touch to make this home truly special.
Asking $722,000 | 3 bedrooms | 2.25 bathrooms | 1360 square feet | Seattle WA 98144
Welcome to your beautiful, spacious North Beacon Hill townhouse. Amazing location, just minutes to everything Downtown, Capitol Hill, and walking to shops. No HOA for this freestanding home plus a secure, attached garage. 3 bedrooms and 2.5 bathrooms mean room for anything and almost anyone while the kitchen w/ stainless appliances, gas cooktop, granite, and an open concept are perfect for every event. Tankless hot water, radiant heat, new carpet and w/ d make this the perfect home to call home.
Asking $229,000 | 2 bedrooms | 1.5 bathrooms | 1004 square feet | Renton WA 98055
Take this opportunity to snatch this condo unit up, located in the Gainsborough Commons community in Renton.
Why We Love This Listing: There’s a lot of options with this listing. Purchase it as a first home, or as an investment property. The cashflow as a rental would be better than most investment opportunities in King County. The complex features a club house, exercise room, and outdoor pool, which are typically things you’d have to pay for in a gym membership. The best part is that there’s no rental cap, so if you live there, outgrow it, and want to rent it out in the future, you will have that option. If you’re in the market for a condo, let us know! -Jin