Entering the winter real estate market – what to expect

Entering the winter real estate market – what to expect

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

  • Friday, November 9, 2018 11:30am
  • Life

By Erin Flemming

Special to the Reporter

As we enter the winter residential real estate market, historically the number of resale listings by month dips downward. Over the last five months, we’ve seen more inventory than we have in years previously, which can be favorable for buyers who previously could not afford a home or secure a home in a multiple-offer situation.

Now, Mona Spencer, branch manager for John L. Scott’s Redmond office, said these buyers may be able to do some negotiating on price and also secure more protections under the contract such as the ability to do an inspection before moving forward on the purchase.

“As more inventory enters the market, buyers have more options,” she said. “Bidding wars are less likely and we are seeing some price reductions. This does not mean that houses are falling in value; it means that the rate of appreciation is decelerating.”

While the current real estate market is certainly different from the frenzy conditions present last May, Spencer said there’s no cause for worry.

“Concern about the housing market can come from confusion,” she said. “Reach out to your trusted real estate advisor to get clarity on the housing market in your area of interest.”

When looking toward the future, it’s difficult to say exactly what will happen with home prices in the years to come. Many sources — including Zelman & Associates, the Mortgage Bankers Association, Freddie Mac, Fannie Mae and the National Association of Realtors — indicate that home prices are continuing to appreciate, but at a lower rate than we saw in previous years. The National Association of Realtors prediction of prices going forward in 2019 is an increase of 3.5 percent, while it was an increase of 4.8 percent in 2018.

One good starting point for understanding the current local market is median list and median sale price — though it’s only one piece of a much larger picture of the local housing market. In Redmond, the median list price is $899,000, and the median sale price is $820,000.

When looking to sell a home, the “best” timing can really depend on personal needs or preferences. Spencer said for people considering selling their home, they can wait for the spring when many other homes go on the market and demand drums up, or if they’re facing a life event currently, it’s not an issue to list this winter.

Regardless of the time buyers decide to enter the residential housing market, it’s always a great idea to begin conversations with a skilled broker and potential lenders. With a loan amount of $100,000 on a 30-year fixed, the most popular mortgage, the principal and interest payment would be $536 per month with an interest rate of five percent. To give an approximate idea of monthly payments with current interest rates, simply multiply that number accordingly to match up with a price range you’re looking at. For a more detailed look at financing, connect with a lender to chat through options.

“It’s good to get a head start on financing so you understand your placement in the market,” Spencer said. “And as always, taking the steps to improve your credit score will always benefit you when looking to purchase a home.”


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@redmond-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.redmond-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Life

Courtesy photo/Artists Sunday
Artists Sunday, following Black Friday, puts out call for participants before Nov. 29

The movement has a website that offers a free directory of artists and art organizations that participate

The closed Redmond Senior Center on Oct. 13. Community members leave ribbons in the heart to honor the memories of the to-be-demolished center. Haley Ausbun/staff photo.
Demolition of Redmond Senior Center underway this month

The city council has an upcoming vote on the size and cost of the future senior center

File photo from September 2016, when hundreds participated in the Alzheimer’s Association’s Walk to End Alzheimer’s event at Redmond Town Center.
Eastside Walk to End Alzheimer’s Oct. 10

Similar to other walk events in the region, Alzheimer’s Association encourages registered users to walk in a location of their choice

Diya Garg, left, distributes Mighty Crayon recycles crayons and coloring books for Seattle students. Courtesy photo/Diya Garg.
Getting crayons to kids runs in the family

Eastside nonprofit Mighty Crayon is relaunched by younger sister of founder, repurposing used restaurant crayons

Courtesy Friends of Lake Sammamish State Park.
Walk’n Wag at your pace with extended virtual event

A scenic course for dog walkers is on display at Lake Sammamish through Sept. 2o

Courtesy photo/ Greater Redmond Transportation Association
Registration open for Tour de Redmond

This year, the annual event will encourage cyclists to shop local.

2020 Honda CR-V Hybrid. Courtesy photo
2020 Honda CR-V Hybrid | Car review

There’s a reason Honda’s CR-V has been America’s top-selling crossover vehicle over… Continue reading

2020 Ford Ranger SuperCrew Lariat. Courtesy photo
2020 Ford Ranger SuperCrew Lariat | Car review

Ford’s venerable compact Ranger pickup went away for a while. But it… Continue reading

Courtesy photo
Sign up for 2020 ‘Run to Rwanda’ Fun Run slated for September

Clyde Hill resident Sophie Sharp, an 11th grade student at The Overlake… Continue reading

Toni Underwood celebrates her 100th birthday with sequins, glam and a face mask. Haley Ausbun/Staff photo.
Celebrating 100 years during COVID-19 pandemic

Toni Underwood, Redmond, was still able to get a red-carpet celebration, despite the pandemic cancelling her 150-person birthday party.

Screenshot of the stray kitten and the Rev. Aaron Burt from the July 12 liturgy video.
Stray kitten surprises local priest during virtual Sunday service

“It was one of the most difficult sermons I’ve ever had to offer, because I was trying not to step on her.”