David Floan

David Floan

Real estate market will continue to stay hot in 2018 | Guest Column

  • Monday, January 8, 2018 2:40pm
  • Life

By David Floan

According to the National Association of Realtors, the sale of homes across the United States is expected to increase 3.7 percent in 2018 compared to 2017. Driving the increase will be a continued lack of housing inventory to purchase.

Low inventory is a huge problem around the Puget Sound region as listings sit at record low levels with not much change expected in 2018. The result: not many homes to purchase. When homes are available, they are often off the market in a few days. Popular neighborhoods also continue to see bidding wars, cash offers and sometimes foreign buyers. These conditions make it challenging for anyone looking to purchase a home at any price point.

Expectations for Redmond are no exception. Zillow estimates that the median home value in Redmond is $817,500. This is an increase of 16 percent over the past year and that price is expected to rise another 6 percent in the next year.

As the local market remains hot, potential buyers need to take steps to prepare to buy a home before they start trekking from open house to open house. Potential homeowners looking to buy in the Redmond market in 2018 should sit down with a trusted mortgage lender and ensure they are in the strongest position to purchase a home.

At Evergreen Home Loans, we recommend our homebuyers get preapproved so potential sellers know you are in a strong position to close. Preapprovals involve completing an application and providing income information along with documenting the borrower’s assets. This process goes beyond a basic income verification, so the lender is able to issue a loan approval amount. It also provides homebuyers with their budget constraints as they search for the perfect place to call home.

It’s also critical to enlist the services of a local real estate agent who is prepared to move quickly to put an offer on your dream home. As a buyer, you need to be prepared to go in with the strongest offer possible. If you drag your feet on a home you love, you will most likely miss out on moving in a few months down the line.

The local real estate market is a challenge, but it’s still a great time to buy a home. Interest rates have only slightly increased from record lows and there are strong financing options for all buyers, even first-time homebuyers. Preparation and putting yourself in the strongest position to buy is the key. With a trusted mortgage lender and a real estate professional at your side, you will find yourself with a competitive advantage that hopefully sees you moving into your dream home in Redmond in 2018.

David Floan is executive vice president of loan production for Evergreen Home Loans.

More in Life

As 2018 real estate market wraps up, buyers and sellers prepare for the year ahead

To list or not to list during the holidays? That is the question.

New Redmond Ridge school to be named Timberline Middle School

Student voices considered in determining new school name.

Lake Washington school bus drivers host toy drive for Hopelink

The donations will be used to stock Hopelink’s Redmond center holiday toy and gift room.

What I eat in a day: Eating nutritiously on a busy schedule

Some tips on how to eat healthier on a daily basis.

Santa reads to youngsters at story time at Brick and Mortar Books in Redmond Town Center on Dec. 4. Stephanie Quiroz/staff photo.
Santa visits Brick and Mortar Books for story time

One last chance to catch Santa story time.

Redmond firefighters to offer student scholarships

Applications are due on March 1, 2019.

KCLS launched their first podcast called The Desk Set. The podcast is hosted by librarians Britta Barrett and Emily Calkins. Courtesy of The Desk Set.
KCLS launches first podcast, The Desk Set

Librarians Britta Barrett and Emily Calking co-host new podcast.

Redmond Lights features six new temporary artists

The winter festival will incorporate new light installations on Dec. 1 and 2.

Entering the winter real estate market – what to expect

Over the last five months, there has been more inventory than in previous years previously.

Aadi Panchal, 7 said his favorite part of the workshop was putting stickers on his helicopter. Stephanie Quiroz/staff photo.
Local kids build helicopters in honor of veterans

Families celebrated and honored those who served, in a hands-on Veteran’s Day workshop on Nov. 3.

The city of Redmond’s	Redmond Lights festival Dec. 1-2. Photo courtesy of Redmond Parks and Recreation Facebook
Redmond Lights returns to City Hall and town center

The annual winter festival will run for two nights this year.

Members of the King County Council join retiring executive director of ARCH Arthur Sullivan after the council recognized Sullivan as a voice for affordable housing in East King County. Photo courtesy of King County.
King County Council recognizes ARCH’S Arthur Sullivan

Executive director of A Regional Coalition for Housing retires after three decades.