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HOUSING ‘TRIFECT’ PUTTING SQUEEZE ON BUYERS

Will Springer Realtor

The City of Renton reported in June that 92% of the 7800 new units in the permitting pipeline are expected to be market-rate rentals. Some developers are delivering smaller homes in the form of four- and six-plex townhomes on a parcel of land that once featured a single-family house. leading the list. >>

Buyers 36
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Will Springer Realtor - Untitled Article

Will Springer Realtor

This year’s “cold down” is stark, with 36% fewer new listings and about 26% fewer homes under contract (Pendings) for all King County home types combined as well as single-family structures alone – and that’s simply from October to November. List price: $43M ($5548/sq. Prices declined 5.4% in King ($468K), 6.3% baths , 3700 sq.

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Will Springer Realtor - Untitled Article

Will Springer Realtor

They have also been spending oodles of money to shape their residences to meet new living needs – modern and spacious, when possible – as households live in their homes for longer. such renovations to these homes (between 20 and 39 years old), with about 200,000 of those projects running north of $25K each.

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IN DIRE NEED OF GENERATIONAL RESPONSE TO HOUSING SHORTFALL

Will Springer Realtor

And, Seattle’s attempt to force building developers to incorporate more affordable homes within their new residential endeavors yielded only 21 units in 2020 out of a swell of 224 construction projects. Many dug into savings and had their homes renovated or repaired. A surprising 3% used the time to build a new house.

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JUST IN TIME: THE 15-MINUTE COMMUNITY

Will Springer Realtor

Urban planners have a name for it: the 15-minute neighborhood and it is already in development in parts of the country, including Seattle. Where would you like to see this type of neighborhood development? THE ROI OF HOME RENOVATION. Make sure residents can get to their employer and to a jobs center. Send me a message.

Buyers 36
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Millennials Expected To Maintain Real Estate Buying Intensity

Will Springer Realtor

Housing starts – the number of units builders would begin if development kept pace for the next 12 months – increased 19% nationally to a seasonally adjusted annual rate of 1.7 and are on the high side for the unit size, with a median price per square foot of roughly $1045 from a sampling of active listings. We are on the right track.