I hope you find the information below helpful and informative. If you know someone who is thinking about selling their home or wants to buy one, please send me their contact information and I will get in touch with them. I am never too busy for your referrals!
King County

A Message from Lennox Scott:
Cue the fireworks:
More new listings lead to record June home sales in Central Puget Sound!

On a monthly basis, during this time of year we see more new listings coming on the market than pending sales, and June didn’t disappoint. The increase in the number of new listings coupled with fewer offers for each individual property means more choices and a little breathing room for the backlog of buyers who have been waiting to buy a home. For sellers, the sales activity remains at a frenzy level for new listings selling in the first 30 days, although slightly less intense for each property. Sellers need to be market ready in order to get the best price.

J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate

Typical Summer Slowdown

May Mean Opportunities for Frustrated House Hunters

For frustrated house hunters, there's hope: the volume of new listings added to inventory during June (13,658) was the highest total for any single month since May 2008 (14,176 new listings), according to the latest statistics from Northwest Multiple Listing Service.
"This time of year we see more new listings coming on the market than pending sales, and June didn't disappoint," stated J. Lennox Scott, chairman and CEO of John L. Scott.
While the number of new listings was up about 7 percent year-over-year, total inventory lagged. Brokers reported 14,482 active listings of single family homes and condos at the end of June, which is down 14 percent from twelve months ago when would-be buyers could choose from 16,838 listings. Compared to the previous month, however, inventory jumped up 16 percent (12,481 vs. 14,482).
System-wide there was just over 1.4 months of inventory, but the supply varied across the 23 counties in the MLS market area. King County continued to have the tightest inventory, with less than a month of supply (0.84). Six other counties reported less than two months of supply (Cowlitz, Douglas, Kitsap, Pierce, Snohomish, and Thurston). In general, four-to-six months is considered to be a balanced market.
The increase in the number of new listings coupled with fewer offers for each property means more choices and a little breathing room for the backlog of buyers who have been waiting to buy a home, Scott believes. "For sellers, the market remains at a frenzy level of new listings selling in the first 30 days," he said. "Strong job growth, price appreciation, and low interest rates continue to fuel the Puget Sound housing market," stated Scott.
Seattle's growing population is another likely factor. Recent U.S. Census Bureau data shows Seattle is gaining about 1,100 residents per week.
“The month-to-month price changes are startling," remarked a broker. "Eventually we will outpace the first-time homebuyer's ability to qualify for a mortgage and that will slow the market down somewhat. That said, we believe the biggest challenge is that there is literally no active housing for those age 55+ being developed in the Puget Sound area. Without quality condominium development that provides a place for baby boomers wanting to downsize, they don't move, thus blocking the next big-home buyer from moving up which in turn stops the domino effect downstream."
On a more encouraging note, another broker urged buyers to not give up. "Diligence and prior planning are necessary to win the day. Buyers must be pre-underwritten for a loan, not just pre-approved. They must act decisively, not weakly or slowly. They must keep their composure and perseverance as they lose out on offers before finally winning."

Sellers need to be clear as to what they will accept, or not. Get pre-underwritten by their lender, be ready for a fast tracked inspection, strong earnest money, strong financing and amount down and put forward the most streamlined offer their situation will allow.

Condos, once the path to ownership for first-time buyers, offer sparse options. Inventory is down 24 percent from a year ago. Condos currently only account for about 8 percent of all active listings, and there is less than a month's supply. Condo prices, while more affordable than many single family homes, continue to trend upward. The median sales price for last month's closed sales of condos was $328,675, an increase of nearly 9.6 percent from a year ago.
The market frenzy prompts questions about a housing bubble. One broker answered, “Jobs in Seattle are still getting stronger, the economy is not yet at full strength, incomes are starting to rise, loan interest rates are low, money is relatively easy to borrow, gas prices are low, the stock market is doing well and the public's attitude seems to be good. This could last a few years."

Source: NWMLS July 2017

On Wednesday, Tesla opened up orders for its long-anticipated solar roof. On average, the Tesla solar roof price $21.85 per square foot, which is less than the cost of a normal roof, even without the energy savings.

The cost of a Tesla solar roof ultimately depends on how much energy you need and the percentage of active solar tiles on the roof itself. To help people determine that, Tesla also dropped a solar roof calculator with the release so people can estimate exactly the cost and how much money the roof will save them over time when they order. The solar roofs will be able to be installed in the United States this summer, and should ultimately pay for themselves, which Tesla points out makes them significantly more affordable than regular roofs. Along with that, the solar roof is stronger and lighter than a typical roof, which Elon Musk demonstrated on Instagram.

And although Elon Musk joked that he wasn’t going to make the warranty for the tiles infinity, it turns out that he changed his mind. “We offer the best warranty in the industry—the lifetime of your house, or infinity, whichever comes first,” a Tesla rep tells Inverse.

The Tesla solar roof is made of tempered glass, which makes them three times stronger than things like slate or asphalt tiles, according to Tesla. They are also half as heavy as other roofing methods. On an entire roof, the tiles will be a mix of non-active and active solar tiles. And while Consumer Reports found that a solar roof needs to be $24.50 per square foot to compete with other kinds of roofs, the Tesla solar roof comes in at $21.85 with 35 percent of the roof being active solar.

Determining the cost of a solar roof take into account how much of the roof can be active solar tile, and how much will just be the non-active glass tiles. A glass tile, without the solar elements costs $11 per square foot, and the solar tiles themselves are $42 per square foot. For most houses, Tesla says only about 40 percent of the roof will be active solar, but the percentage of active tiles depends on how much energy a household needs.

Tesla released a comparison of the different costs of roofing materials and its glass tile. 

If you want to price your own roof, you can use the Tesla Solar Calculator to determine the amount of energy a solar roof will produce over 30 years, the flat cost to purchase a roof for your house, and even adjust the cost based on your electric bill.

Of the four tile options, the grey smooth and textured black glass tiles are open to order, and the slate and tuscan style tiles will be released early in 2018. Within the United States, Tesla plans to start installing the solar roofs right away, and will start installing outside of the US in early 2018. Tesla says that installation will take about five to seven days, entirely managed by the company itself.

With all of the solar roof announcements, Musk took a moment to upload another kind of recommendation for the solar tiles. He posted a video of a hail cannonball hitting a solar tile, leaving the solar tile entirely unscathed.

For gorgeous photos and more information, go to https://www.tesla.com/solarroof

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Main Office 425.454.2437 | Fax 425.451.2525
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2016 John L. Scott Real Estate

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