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The true cost of buying a home can be a lot more than the agreed-upon sale price. Along with your monthly mortgage payment, you will likely find yourself shelling out for other upfront and ongoing expenses. Closing costs, homeowners association fees, property taxes, utility bills and imminent home repairs can add hundreds — if not thousands — to your expenditures.

Avoid unpleasant financial surprises by familiarizing yourself with some of the more common expenses associated with buying or building a new home. Budgeting for added monthly expenses — and setting some aside for emergencies — will help ensure your new dream home is also an affordable one.

  1. Closing costs: Add in an estimated 2% to 5% of home price.
  2. Homeowners insurance: Add…

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Just 0.4 percent of all homes in the Seattle region were on the market at any given time last year — a lower rate than in any U.S. metro area except the San Francisco Bay Area, according to a new report from realtor.com.

In other words, just one of every 263 houses and condos in the Seattle area was for sale. That’s more than three times worse than the national average, creating a market heavily tilted against buyers.

Seattle homebuyers have known for a while how competitive the market is; 41 people recently made offers on a toxic West Seattle house that was too dangerous to enter and ultimately sold, as a likely teardown, for $427,000.

But the new data shows just how much fiercer the competition is here compared with other hot markets around…

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For home buyers hoping to snag a deal, they may want to make a move now. Home prices in January usually decrease compared to the spring and summer buying season.

There’s plenty of research to back that up too. NerdWallet recently crunched two years of realtor.com® data that reflected the 50 largest U.S. metros. Researchers found that January and February were the top months for those looking to get a bargain. In those months, home sales prices were 8.45 percent lower on average than in June through August.

However, this year may be a little different. Buyer demand has remained high throughout the fall, and home prices did not take their usual dip this January, says Jonathan Smoke, realtor.com®’s chief economist. Still, he maintains right now is…

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What Is My Seattle, Phoenix or San Diego Home Worth?

Inventory shortages persist, but Northwest MLS brokers notch record-setting sales totaling $40.3 billion during 2016 

Among other highlights in its annual compilation of statistics, Northwest Multiple Listing Service reported: 

  • About 45 percent of last year’s single family home sales had three bedrooms, while the vast majority of condos (nearly 76 percent) had two bedrooms or fewer.
  • The median price for a 3-bedroom home that sold in 2016 was $311,000, about 9.8 percent higher than the previous year’s figure of $283,250. A comparison by county shows the median price for a 3-bedroom home ranges from $120,000 in Ferry County to $485,000 in King County.  
  • Of the condo sales, about six of every 10 (61.7 percent) were located in King…

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Have you heard from clients who want to delay listing their home until the season begins? Because sales and prices tend to peak in the spring and summer, it's a common request in many markets.

However, this year is different, and the conventional wisdom of waiting for spring and higher prices isn't correct this winter. Conventional wisdom in real estate holds that sellers should time the market to maximize their price. Why? Because home sales are extremely seasonal: They peak in spring and summer, when prices peak as well. That’s why in most markets, most years, the optimal time to list is in the spring, so that the maximum number of potential buyers view the home.

But we’re in an era in which conventional wisdom is becoming an…

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Trudging through snow and sleet in boots and heavy coats might not seem ideal when you’re shopping for a home, but there are many good reasons to buy in the dead of winter. For example, you’ll have less competition from other buyers or encounter more sellers eager and willing to make a deal.

But as you may have heard, we’re coming up on what may be the worst day of the entire year to buy a home: Jan. 19.

That’s what RealtyTrac (now ATTOM Data Solutions) found in a 2015 study that culled data from 32 million home sales from 2000 to 2015. Researchers compared premiums paid over estimated market price to define the best and worst days. (For the record, they found the best day to be Oct. 8.)

Buyers who closed on Jan. 19  paid, on average,…

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Highwaystarz-Photography/iStock; sjo/iStock

Friday the 13th is an unlucky day if you’re superstitious. And in case you haven’t noticed, it’s here! But we like to think we are people who see the glass as half-full. We prefer to look at the doomed day as an opportunity to reflect upon some unexpected nuggets of—you guessed it—real estate wisdom.

To prove that valuable real estate knowledge truly can be found anywhere, we’ve turned to Jason Voorhees from “Friday the 13th” and (spoiler alert!) his nutty, murderous mother for inspiration. The hockey mask–wearing horror icon is an unlikely choice, but no one personifies the dreaded date better than the fictional fright master. And, as it turns out, there are some helpful housing lessons buried deep…

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What Is My Seattle, Phoenix or San Diego Home Worth?

Analysis of local MLS data indicates the supply of single family homes for sale in King County just hit a post-recession low. The data just keeps telling the same story – low inventory and increasing prices. If you are a Seller NOW literally is the time! Record low inventory, buyers scared of increasing rates and prices have created a feeding frenzy that allows even homes that may have been considered "Hard to sell" in the past move like hotcakes.

Selling a home is a seller's market is far different from selling a home in a buyer's market. If you are wondering about our current market, then let me assure you: It is indeed a fabulous time to sell! Not only will your days on market be remarkably fewer in a sellers’ market, but you might receive…

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KIRKLAND, Washington (Jan. 5, 2017) – Like many other months of 2016, December was frustrating for buyers across Washington state as they encountered depleted inventory and rising prices. Post-election hikes in interest rates – with more on the horizon -- added to would-be homeowners’ worries.
 
Northwest Multiple Listing Service statistics for December show year-over-year drops in new listings, but gains in pending sales, closed sales and prices. Pending sales (mutually accepted offers) in the four county Puget Sound region reached their highest level since 2005.
 
“The data just keep telling the same story – low…

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Well here we are on the doorsteps of 2017. The past year certainly flew by and was full of surprises and included one of the busiest housing markets we’ve ever seen. Here are several well researched and thought out predictions for the housing market going into 2017, and sprinkled throughout are also a few more “Humorous” predictions that span from Fake News Stories, The Seahawks and even to Marvel Entertainment… We hope you enjoy!

  1. The housing market will continue to boom in 2017, though prices will increase at a slower pace.Strong buyer interest, better access to credit and a modest increase in the number of homes for sale will allow home sales to grow. Home price growth will continue to go up but not as quickly as it did in 2016. Homes will…

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