Local inventory up; buyers, sellers prep for spring

By Erin Flemming

Special to the Reporter

If you’re looking to purchase a home this winter or spring, you’ll likely benefit from the uptick in inventory at all price levels in the Bellevue area. Julia Nordby, office leader and business coach of John L. Scott’s Bellevue-main office, said many buyers in February appreciated the options and the less hurried pace in the local market.

In Bellevue, there were 326 homes for sale in February 2019, which is up from the 184 homes for sale in February 2018. When looking at months of inventory in Bellevue, the city had 1 month of inventory in February 2018, and a year later we are at 1.9 months of inventory.

Nordby said these numbers are encouraging and a move toward a balanced market, though multiple offer situations are still a possibility for well-priced homes in certain areas.

“When we’re looking at months of inventory in Bellevue, we’ve essentially gone from one month to two months,” Nordby said. “We’re still in a seller’s market, though pressure has eased off a bit. The Bellevue market went in like a lamb but out like a lion in February – capped off with several multiple-offer situations reported by our brokers the last weekend of the month.”

Bellevue was hit with multiple inches of snow in February, which led to school and business closures affecting many residents. Though snow did slow things down a bit, Nordby said the local real estate market wasn’t brought to a complete standstill due to the weather.

“Not a lot of new listings went on the market during the snowy days in February,” Nordby said. “However, people were looking online and motivated buyers were out and about – our brokers with four-wheel drive vehicles heard from buyers who still wanted to look at houses. Once the snow started to melt, the second half of the month took off, with extremely busy open houses and multiple offers on homes in some cases.”

As the snow has melted and temperatures increase, many homeowners are looking to do a bit of spring cleaning and home improvement. Some spring cleaning and repairs can translate to a higher return on investment when homeowners do decide to sell. A recent report from ATTOM Data Solutions detailing year-end sales numbers for 2018 noted that the highest profits from home sales are in the west, with an average return on investment in Seattle of 70.7 percent.

Regular home maintenance, like a regular car tune-up, is crucial for ensuring your home stays in good shape and needed repairs don’t become daunting. Though many homeowners may not have the time (or cash) to complete all of the repairs and upgrades they’d like to do to their house, prioritizing certain upgrades can pay off in the long run.

“When you’re looking to sell your home, carpet and paint investments are great to focus on first,” Nordby said. “Kitchens, bathrooms and landscaping are also good areas to update and improve. Properties that are seen as turnkey will be highly valued by many buyers. We recommend thinking about the upgrades that fit within your budget and will truly make your house stand out in the marketplace.”

More in Business

Bellevue Chamber launched environmental partnership

The partnership with Mountains to Sound Greenway Trust gives locals access to volunteer events.

Samena Swim & Recreation Club now hosts two human-powered treadmills that will allow members to participate in a global Earth Day contest to see who can generate the most power in five minutes. Samena Swim & Recreation Club / courtesy photo
Local recreation club harnessed human power

Samena Swim & Recreation Club recently installed human-powered treadmills to celebrate Earth Day.

Amazon currently leases three buildings in Bellevue and plans to move its entire Seattle-based worldwide operations team to the city by 2023. Bellevue will also see transportation improvements in 2023 as Sound Transit constructs the East Link extension. Kailan Manandic / staff photo
Amazon confirms move to Bellevue

The company’s worldwide operations team will make the move by 2023.

(Left to right) Josh Marti, co-founder and chairman of Point Inside; Jimmy Ng, vice president and senior business banking relationship manager of KeyBank; Zara Huang, Global Public Relations manager for Dragonchain; managing partner, Doug Bixel with FSorb; Shiraz Cupala, vice president of UX and Incubation at OfferUp; Theresa Larsen, investor relations officer for Jubilee REACH; Lindsey Hoffman, director of Business and Finance at Jubilee REACH; city of Bellevue deputy mayor, Lynne Robinson; and Joe Fain, president and CEO of the Bellevue Chamber of Commerce pose for a picture after the award ceremony. Mike Nakamura / courtesy photo
Bellevue Chamber awards local businesses for excellence

The 30th annual Eastside Business Awards recognized small business, non-profits and innovation.

Nintex acquires EnableSoft in company acquisition

Bellevue-based company is a world leader in workflow automation industry.

Local inventory up; buyers, sellers prep for spring

By Erin Flemming Special to the Reporter If you’re looking to purchase… Continue reading

Stocks stay strong for Smartsheet, Microsoft, T-Mobile

Fortune 500 functionality, Hololens technology, 5G network contribute to growth

Kailan Manandic/Staff photo 
                                From left: Ed Barry, Tolling Division director for WSDOT; Kim Henry, I-405/SR 167 Project director for WSDOT; Amy Carlson, BDA board member; Paul Cornish, Bus Rapid Transit director for Sound Transit; and Bernard van de Kamp, East Corridor development director for Sound Transit, discuss various questions around transit projects along the I-405 corridor.
Transit officials talk current, future projects at BDA event

The Bellevue Downtown Association’s breakfast series featured WSDOT and Sound Transit officials.

Microsoft has expanded their AccountGuard service to 12 new European Countries. Yellow: European countries already protected. Blue: European countries now protected. (Source: Wikimedia Commons)
Microsoft warns of hacking ahead of elections

Launching defense services in Europe.

Faley of Bellevue lauded

Recognized as a 2019 Best in State Wealth Adviser by Forbes.

Praerit Garg joins Smartsheet as CTO

Bellevue-based company employs 760 people

Despite interest rate approach, real estate ticking onward

A real estate snap shot from John L. Scott Real Estate.