Zillow Overvalues Washington Home by 700-Percent in Zestimate Gone Wrong

As an ever-popular real estate website in the U.S., homeowners and potential buyers have long looked to the Zestimate tool when exploring what a home may be worth. Though it can sometimes provide a helpful starting place, there are also pitfalls to the algorithm-based system, which doesn’t account for system errors and the human element of valuing a home. For example, how is Zillow to know if the owners put thousands of dollars into a brand new, state-of-the-art kitchen? These flaws were recently on display in Washington, as Seattle Times reported that a home in Mason County was over-valued by a staggering 700-percent in its Zestimate.

Sotheby’s International Realty® Achieves $108 Billion in Global Sales Volume for 2017

Sotheby’s International Realty Affiliates LLC today reported that in 2017 its affiliated brokers and sales professionals achieved approximately $108 billion USD in global sales volume, the highest annual sales volume performance in the history of the brand.

Seattle Office Rents Are Fastest Rising in the Nation

As Mike Rosenberg of Seattle Times reports, “it’s not just housing prices: Seattle is not the bargain it used to be for companies, either.” Though the Emerald City was historically a bargain compared to other larger cities, “the city’s recent boom driven by Amazon and other tech companies has propelled Seattle up the ranks of the nation’s most expensive places to rent an office, passing Chicago and Los Angeles just in the last three years.” During the three year period, Seattle office rents increased a staggering 31 percent, “about 2 ½ times faster than the national average.”

Mortgage Rates Increase to 4.40%

Amidst a strong economy and housing market, long-term mortgage rates in the United States inched upward this week, and as Seattle Times reports, the increase in the cost of borrowing comes “just as more of the millennial generation is entering the real estate market.” According to a release from Freddie Mac earlier this week, “the average rate on 30-year fixed-rate mortgages rose to 4.40 percent, a slight gain from 4.38 percent last week.”

Local EconomyAaron FreemanFebruary 22, 2018Seattle Times, Mortgage Rates, MortgageComment

A Lack of Inventory Drives Price Increases Across Puget Sound

In their latest press release, the Northwest Multiple Listing Service (NWMLS) reports that the January 2018 real estate market far from slowed down, as "activity shows a slight year-over-year gain in pending sales, a double-digit increase in prices, and continued shortages of inventory."

Market UpdateAaron FreemanFebruary 22, 2018NWMLS, King County, Snohomish County, Single-Family Homes, Condominiums, Market TrendsComment

New but Few Condominium Projects Coming to Downtown Seattle

Realogics Sotheby’s International Realty recently announced that for the first time in a decade, their brokers are representing ten new multi-family for-sale condominium and townhome projects in downtown Seattle and its surrounding neighborhoods. Though project specialists admit the cycle is a mere fraction of the last one, the spur of activity has caused the firm to relaunch the UrbanCondominiums.com website and a New Developments Preview Center in Belltown at 2715 First Avenue in Seattle. These resources will help potential buyers learn more about what’s currently for sale, what’s coming next, and equip them to combat today’s competitive in-city condo market.

Seattle Tops the Nation for Home Price Growth 15 Months in a Row

After a slight dip in home price growth from September to October, home prices in Seattle have begun their upward trek once again, as the index ended November 2017 at 0.18%. As Case Shiller noted in their official report, the highest year-over-year gains among the top 20 cities belonged to Seattle, Las Vegas, and San Francisco. “In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”

Seattle’s New Era of Condos

A recent feature by Realogics Sotheby’s International Realty proclaims its “Seattle’s New Era of Condos,” as a new development spur is adding more new condominium projects to the city than in the last decade, the population continues to grow, residents and visitors are fueling new in-city attractions, and millennials decide to make the move from renting to homeownership. In addition to its position with the February edition of Portrait of Seattle Magazine, the condo insert was hand delivered to 1,500 broker mailboxes throughout the region, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.

1 in 6 King County Home Sales in 2017 Reached Seven Figures

As a recent Seattle Times article proclaims, the number of million-dollar homes in King County is soaring, as a staggering 1 in every 5 or 6 homes sold in 2017 reached seven figures, up 71% compared to 2016. Million-dollar price tags are no longer “reserved for mansions and waterfront estates,” and have “expanded to include ordinary houses in attractive neighborhoods and even some upscale homes in more affordable spots.”

Market UpdateAaron FreemanJanuary 26, 2018NWMLS, King County, Seattle Times, Seattle, Market TrendsComment

Will Seattle Keep Up Its Hot Streak?

As Seattle continues to experience unprecedented economic and population growth, the question on many minds is can the city maintain its hot streak? According to Forbes, it can and will, as they report they're "betting on Seattle to maintain growth for the foreseeable future." The reasons include investment and development, high demand, a strong economy, and more.

Local EconomyAaron FreemanJanuary 23, 2018Forbes, Seattle, Market TrendsComment

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