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News Update : Seattle-area home prices pick up as spring market inches closer

Victor K • March 11, 2024

Data from February of this year shows a subtle increase in the housing market. This is mainly because a lesser number of homes were put up on the market raging a bidding war amongst those looking for homes in Seattle. A slight drop in mortgage rates also pushed this trend upwards as prices of median homes in Seattle increased.

 

Experts at TOV Restoration believe that many buyers jumped into the market thinking that there will be a further decrease in the mortgage rates by the end of 2024. As a result, median home prices rose by 8% in King County, while some other significant counties also registered a slight increase in home prices.

 

 In the southwestern region of King County, encompassing areas like Burien and Federal Way, there was a significant surge in single-family home prices, marking a 16% rise compared to the preceding year. In Seattle, the median price for single-family homes soared to $927,000, reflecting a 12% uptick, with condominium prices also experiencing an upward trend.

Similarly, when we talk about condos; their sales and prices have risen especially in the post-pandemic era. These condos are becoming an affordable option due to pandemic-related hesitancy. In February, more homes were put up for sale in King County providing price competition and variable options to the buyer. This was missing in 2023 as the supply-demand graph was highly skewed towards the demand part. However, inventory levels remain lower than during the housing frenzy preceding the pandemic.



The low interest rate on the other hand is making sellers sit on their property for more time. However, they are neglecting the fact that tax brackets go up once the price of the property increases. The major concern for current homeowners is that taxation has been made more severe knowing that a recession is just around the corner. While inventory levels have slightly improved year-over-year, demand still outpaces supply, leading to bidding wars and quick sales.


Similarly, looking out for their interests; buyers are selling their stock positions as well as willing to make large down payments for lesser mortgage payments in the future. These strategies are helping them in mitigating the shortage of homes on the market by punching above their body weight (or bank accounts). Contingencies, such as the ability to conduct inspections, are becoming less common as buyers compete in a competitive market.

In the face of escalating prices, real estate professionals recommend that buyers adhere to their budgetary constraints and assess their long-term financial stability. Though refinancing might provide eventual respite, the unpredictability of forthcoming interest rates underscores the necessity of pragmatic financial planning.


The Seattle housing market is facing continuous fluctuations making it a competitive landscape. Yes, it might seem harsh on people buying or of thinking a cheap home. The fluctuations in mortgage rates, interest rates, and drop in homes being put up; caused us a great deal of uncertainty amongst buyers.


The Seattle housing market continues to experience significant fluctuations, with buyers and sellers navigating a dynamic and competitive landscape. Therefore, if you are thinking of investing in property; you should probably wait for the right time to buy a home with the conditions in your favor rather than against.

How to Build an ADU: A Quick Project Guide

By Victor K • October 16, 2024
Building an ADU in Seattle is possibly the best way to increase the value of property, create additional space to live in, or generate rental income. Without proper guidance, the process will be overwhelming. In this guide, we'll take you through steps on how to build an ADU Seattle with adherence to all local regulations. A Quick ADU Seattle Project Guide Identifying the Needs an ADU Can Fulfill First and foremost, you need to understand why you need an ADU. An ADU can fill several needs since it is highly versatile. These include: Rental Income: Many homeowners build ADUs to create passive income through the opportunities of long-term or short-term rentals, even vacation rentals. Family Accommodation: ADUs can offer comfortable living space to aging parents, adult children, or extended family members, making the home multigenerational. Guest Quarters: An ADU can house guests with privacy, not affecting the main living space. Home Office or Studio: As many people work from home, ADUs are an increasing selection for silent home offices, studios, or creative areas. Once you have a concrete idea of the need your ADU will serve, you can settle on a design that meets those specific needs and yet still aligns with the local regulations. 

Design Ideas For Your Seattle ADU: Making The Most Of Limited Space

By Victor K • October 14, 2024
Are you on a hunt to design your ADU Seattle? But don't want that cookie-cutter look? Well, Seattle is always ahead in solving space constraints and increasing property value. That is where ADU kicks in. Whether you want a cozy guest space, a dedicated home office, or a rental income opportunity, here are some creative Seattle ADU ideas that reflect you. A Brief Insight Into ADU Seattle Accessory Dwelling Units (ADUs) in Seattle are the perfect way to have your cake and eat it too! These charming Eco-friendly ADUs Seattle offers a cozy hideaway to your property. You can do anything in these ADU Seattle whatever your creative soul want you to do. Reach For The Ceiling Vertical space is the most important thing to consider for your ADU Seattle. Because, after all, you don't have much area horizontally. But we need storage along with design, so think upward. Install floor-to-ceiling shelves. Such an approach maximizes storage and draws the focus upward. Wall hooks and hanging organizers are another great option. They are perfect for storing stuff like pots and pans. Further, it keeps your floor clear and your space clutter-free. And if you're an adventurous personality, then consider lofted or mezzanine sleeping areas. At TOV Restoration , our creative craftsmanship not only build your ADU Seattle but also offer you innovative design ideas that suits your taste. 

Why Choose a DADU? The Benefits of Detached Living in Seattle

By Victor K • October 10, 2024
In the hustling and bustling city of Seattle, when space is highly limited, home owners are now increasingly using innovative housing solutions like DADUs, or Detached Accessory Dwelling Units. A DADU is an alternative living space-one that combines independence with the benefits of detached living. In this blog, we are going to explore what a DADU Seattle is, its various considerable benefits, and why you should consider it on your property. What is a DADU? A DADU is a self-contained living unit on residential property, detached from the main house. It is meant to independently support living needs in one room, with a kitchen, bathroom, and sleeping area. DADUs range from guest house to rental income possibilities to giving family members their private space. DADU vs. ADU Seattle: Understanding the Difference While both ADUs (Accessory Dwelling Units) and DADUs offer extra space, the distinction between the two is in their structure. A DADU would be detached from a house whereas an ADU would typically be built into an already existing structure. One may be more fitting than another, depending on your needs. As you consider DADU construction Seattle, you should first take your goals and preferences into consideration. Benefits of DADUs Increased Property Value A DADU Seattle is a fantastic way to boost property value. With the demand for housing increasing, a detached living unit provides an amazing selling point. The extra space that will be allowed is flexible; there will be several choices for buyers over what its intended use is in a very competitive market. 
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