Housing Resource
Posts Tagged ‘Home buyer education’

As you begin looking for a home to purchase, you will start to come across houses that have a homeowner’s association.  This is an association made up of the people who own homes in the area, created to help maintain certain standards in the community.  They set rules and regulations for all kinds of things, from the color you can paint your house to the time you need to turn down the stereo in your backyard.

You will need to decide whether or not you want to live in a neighborhood with an existing homeowner’s association or whether you would rather avoid them.  This is, of course, a personal choice, but you should know what homeowner’s associations are all about before you make the call.

Why A Homeowner’s Association?

If you have ever had neighbors who were incredibly loud, let their house get run-down, behaved inappropriately, or any of the long list of things that can make life unpleasant and bring down the value of your home, you know why a homeowner’s association can be helpful.  With rules for conduct among neighbors clearly set out, you can be confident that your home’s value won’t be brought down by a pile of old appliances in the neighbor’s yard.

You can also avoid nasty confrontations with your neighbors by simply taking grievances before the homeowner’s association board and letting them handle any rule violations.

Homeowner’s associations also often take care of shared areas in the neighborhood, keeping them available for the use of the families in the association.  This many include a park or a pool.

The Cost Of An Association

Every homeowner’s association collects dues monthly or yearly from the people who live in the neighborhood.  This money goes toward running the association and taking care of the shared spaces.  You will be informed of this amount before you buy, and should factor it into your monthly budget.

There is another cost to belonging to a homeowner’s association, and that is a little bit of your freedom.  When you live in an association area, you will have to abide by the rules as well, even if you think they are silly.  You do, however, have the option of petitioning the homeowner’s association to change any rule you don’t agree with.  But if you lose, you will have to live with it.

There are both good and bad sides to having a homeowner’s association.  For those who prefer living in a more controlled environment, they are a great choice.  For those who want to be free to do as they want on their property, the constraints might not be appreciated.


1. One of the easiest ways to cut your heating and cooling bill is to make sure that your attic has seven inches (R-22) or more (up to R-49) of fiberglass or rock wool insulation.
2. A simple step we often ignore-replace or clean your AC vents once a month.

3. Don’t leave your bathroom ventilator running  longer than necessary, as it can drain your entire house of cooled or heated air in about an hour!

4. During the summer keep your drapes closed in the heat of the day.  In the winter keep the south facing window drapes open.

5. Make sure all windows are caulked and weather-stripped to save 10% on your heating bill.

6. White window shades or blinds will deflect the heat away from your house.

7. Lower hot water costs by installing low-flow shower heads and faucets.

8. Insulate your water heater and set its thermostat at 115° F.

9. You can cut up to 50% on your lighting costs by replacing 25% of the bulbs in your  main-use areas with fluorescent lighting.  Fluorescent lights are more expensive but also last six to ten times longer than incandescent bulbs.

10. Plant trees ASAP.  Well-placed trees will not only lower your energy costs but will increase the curb appeal of your home and make your yard a more enjoyable place to be.



Balance “finally returning” to housing market
as buyers welcome more choices, moderating prices

KIRKLAND, Washington (October 4, 2018) – Housing inventory continued to improve during September
while the pace of sales slowed in many counties served by Northwest Multiple Listing Service. “Balance is
finally returning to the market, and with it, slowing home price growth,” stated OB Jacobi, president of
Windermere Real Estate.

A new report from Northwest MLS shows double-digit increases in inventory in several of the 23 counties it
serves, led by a 78 percent year-over-year gain in King County. Despite improving selection in the central
Puget Sound region, a dozen counties reported drops in the number of active listings compared to last year.
System-wide, the month ended with 2.56 months of supply of single family homes and condos, well below
the 4-to-6 months analysts use as an indicator of a balanced market between sellers and buyers. The current
level is the highest since February 2015 when member-brokers reported 3.56 months of inventory. In King
County, supply exceeded two months for the first time since January 2015.

Condo inventory remains sparse, with only 0.34 months of supply area wide, despite improving inventory (up
nearly 70 percent from a year ago). The shortage is expected to ease as construction progresses on several
recently-announced high-rise projects.

Brokers added 10,458 new listings of single family homes and condos to the MLS database during
September, slightly more than the year-ago figure of 10,120. At month end, buyers could choose from 19,526
listings, a 22.9 percent improvement from twelve months ago when selection totaled 15,888 listings.
Commenting on the wider selection, Mike Grady said buyers “are at long last now seeing properties that stay
on the market longer.” Listings that are priced appropriately, “and not based on the feverish market we saw
just a few months ago are still selling quickly, and home prices are still showing 8 percent appreciation year over-year – more than double the rate of inflation,” added Grady, the president and COO of Coldwell Banker

With improving inventory, some brokers suggest the market may be showing signs of pausing, if not
softening. A market shift may be under way, but they believe activity will stay strong.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, encouraged would-be buyers to “put extra
focus on October,” which he described as the last great month for new listings until March 2019. “Over the
winter, new monthly resale listings will lower by approximately 50 percent compared to summer months.” He
also noted interest rates, currently in the upper 4 percent, are projected to rise in the coming months.
“This is a more traditional yearly market cycle taking the place of the unusually overheated real estate market
of the past several years,” said John Deely, principal managing broker at Coldwell Banker Bain.

“Given there doesn’t appear to be an end in sight related to the region’s job growth, with employees moving
here and not enough units being built to accommodate them, we believe this market normalization will
continue,” stated Grady. (For every six new jobs created in the Seattle/Tacoma/Bellevue region, there was
only one single-family permit issued, according to data from the National Association of REALTORS®.)
Northwest MLS director Robert Wasser reported the recent re-balancing of the market “has led to fewer
listings with offer review dates and pre-inspections,” which he said is a positive for buyers hoping to retain
their contingencies. His analysis of MLS statistics indicated the median marketing time in King County has
risen to 14 days. Also, prices for closed sales are at 100 percent of their list price for a third straight month.
“In the South Sound the market has shifted into neutral and is idling at the moment,” commented Dick
Beeson, principal managing broker at RE/MAX Professionals in Gig Harbor. Noting inventory has improved
in both Pierce and Thurston counties “but nowhere near what King County has experienced,” Beeson said
buyers can see more homes available for sale for the first time in three years. “Buyers are taking deep breaths
as they survey this new territory.”

Beeson thinks the “new normal” at two-plus months of inventory is “healthy and long anticipated.” He also
believes the steep curve of ever-increasing prices and scarcity of properties has crested.
Ken Anderson, another Realtor in South Puget Sound, noted the bigger selection for buyers is good timing
with interest rates on the rise. “We are finding buyers eager to get into homes this fall to take advantage of the
still incredibly low borrowing rates.” Sellers need to be mindful of softening sales, he suggested, adding
“they’ll have to keep a sharp eye on this trend and have a pricing strategy to match.”

Anderson, the president/owner and designated broker at Coldwell Banker Evergreen in Olympia, said sales
remain robust, describing last month as the “second best September on record for closed sales.” Even though
pending sales “softened a bit” he said they remain high by historical standards and says “we remain solidly in
a seller’s market” but are trending toward balance. “This is welcomed as prices here have risen much faster
than our market’s long-term trend line.”

Pending sales (mutually accepted offers) were down nearly 14 percent area-wide, with about half the counties
in the MLS report showing double-digit declines. Members notched 8,913 pending sales last month, a
slippage of 1,435 sales when compared to the same month a year ago.
Closed sales also reflected slower activity. Members reported 7,630 completed transactions during September,
down 18.6 percent from the year-ago volume of 9,371. Through nine months, this year’s closings are down
4.4 percent compared to 2017.

Prices across the 23 counties in the Northwest MLS report are up about 5 percent from a year ago, with ten
counties reporting double-digit gains. The median price for last month’s completed sales of single family
homes and condos system-wide was $400,000, up from the year-ago median price of $381,000. Last month’s
price was down $15,000 (-3.6 percent) from August and $25,000 (-5.9 percent) from the year’s peak (so far),
which occurred in June when the median price was $425,000.

For the four-county Puget Sound region, the median price for September’s completed transactions was
$455,000, up about 5.8 percent from a year ago. Despite slower sales, Northwest MLS spokespeople remain upbeat.
“The housing market close to the job centers has gone from a historic extreme-frenzy market in the spring
down a few levels of hotness to a strong level of pending sales activity for new listings,” said Scott.

“Rising interest rates and slowing home prices are affecting the psychology of the region’s housing market,
and causing some to speculate that we’re heading towards another housing crash, but that’s definitely not the
case,” commented Jacobi. Noting it’s been more than 15 years since this area experienced a “normal” market,
Jacobi suggested “people have just forgotten what it looks like. As long as the local economy remains strong,
there’s little cause for concern about the shift we’re experiencing.” He believes “there’s little cause for concern about the shift we’re experiencing,” so long as the local economy remains strong.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in
the Northwest. Its membership of around 2,200 member offices includes more than 29,000 real estate
professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in the state.