FROM SERENA: Seattle Real Estate Update

Dear friends,

On the real estate front, Seattle continues to be # 1 in the nation for price appreciation with an overall increase of 12.7% from last year. This is more than double the national average. That’s pushed the median cost of a single-family house to $820,000 in Seattle and $926,000 on the Eastside. Even more affordable areas have recently hit record prices: $485,000 in Snohomish County, $350,000 in Pierce County and $341,000 in Kitsap County.

With house prices continuing to increase, there are some predatory real estate agents out there, hoping to make money by–in my opinion–praying on seniors who have lived in their houses for many decades and don’t know the true value of their homes. I have heard of agents not just sending letters, but door knocking and even snooping around properties and looking in the windows, which must be very intimidating for older folks who live alone.

I have owned my rental house for 20 years and recently received a written offer for half of what my house is worth! So, if you live next to an older person please advise them to talk to a local real estate agent that you trust, so they do not get taken advantage of.

In fact, I was recently approached by the manager of Washington Federal Bank who works with a lot of elderly clients to be part of an agent spotlight program that provides no pressure advice to seniors who are considering moving out of their homes. I hate to see people being taken advantage of as their house is most likely their biggest asset. 

Please don’t hesitate to contact me with any questions.

Cheers,
Serena