Posted by: phillipsre | August 25, 2016

Seattle Votes for Affordable Housing

homelessIn the August 2nd primary, Seattle voters signed on to a $290 million property-tax levy for low-income housing, which is twice the amount approved seven years ago at the tail end of the Great Recession. Proposition 1 will cost home owners about $100 annually, most of this new money is to be spent on building, renovating or preserving about 2,150 units of rent- and income-restricted housing. This levy is positioned to help provide housing for very low-income people, those earning less than 30 percent of the area’s median income. For more information on the levy, click here to learn more. 

Posted by: phillipsre | August 23, 2016

Home Bidding Wars May Be Calming Down In Seattle

SOLDYes, the Seattle housing market is still hot as ever and it is still a sellers market, but new reports show that the bidding wars and crazy competition may be cooling down a bit. This article from Geek Wire highlights a July report from Redfin showing that new housing inventory in the region is up 7.6 percent from July 2015. Buyers in the Seattle area have been dealing with many struggles when looking to buy a home including bidding wars, multiple cash offers, homes selling way over asking prices and plenty of other contingencies that make it hard to even get in the home buying game. Although the market isn’t slowing down considerably, the new report shows that there will be new inventory on the market and as the summer winds down, so will a lot of house hunters. For the full article and to learn more about the July housing market and the current state of the industry, click here.

Posted by: phillipsre | August 18, 2016

Home Improvement Projects for Renters

Photo Credit: Better Homes & Gardens

Photo Credit: Better Homes & Gardens

Once you have found the right property, signed the lease and started to move in to your new rental property, you may feel like you want to make your new rental feel a bit more like home. The challenge for renters is that you do not own the property and a lot of times you will need the landlords approval before initiating any home improvement projects. This article from Better Homes and Gardens has some simple temporary or take-it-with-you projects that will maximize style, storage, and function in your on-loan home. Remember, when anything is semi-permanent, you may need to get your landlord or property manager’s approval, but in most cases if you are adding value to the property, it should not be a problem at all.

Posted by: phillipsre | August 16, 2016

What’s For Rent?

for-rentIf you are looking to start the fall off with a new apartment or rental home, check out Phillips Real Estate’s rental search page. There are a variety of properties from one bedroom condos in Greenwood to a 3 bedroom home in Newcastle, and something for everyone in between. For more information, check out Phillips’ website and if you are a property owner thinking about renting out your own property, Phillips can help you with that as well, click here for more details.

Posted by: phillipsre | August 11, 2016

Flipping Condos for Profit Before They Are Even Built

buildingWe are all aware that the Seattle real estate is hot and a little bit out of hand. But this article from the Seattle Times takes it to a new level. People are now reserving condos under construction and then flipping them for a six-figure profit before they even open. One real estate agent and blogger did some research into the new Insignia high-rises in the Denny Triangle, and found out that some owners that pre-purchased their condos in the building, have now gone ahead and sold the unit for a 20 percent profit. The summer months are always a hot time for the real estate market, and in Seattle luckily the inventory is improving, but at the same time the prices are also increasing. For more information on this crazy market, click here to get the details.

Posted by: phillipsre | August 9, 2016

Affordable Housing Coming to the U District

Photo Credit: Seattle Daily Journal of Commerce, Images courtesy Weber Thompson

A recent article from Seattle Daily Journal of Commerce reports that the nonprofit housing developer Bellwether has purchased four contiguous properties from University Christian Church, and plans to build a 133 unit, affordable housing complex. Construction is scheduled to start in October, with completion scheduled for March 2018. The complex will be called Arbora Court and will emphasize family-friendly units, offering 20 three-bedroom and 33 two-bedroom apartments. This is great news for those in need of affordable housing in the Seattle area.

Posted by: phillipsre | August 5, 2016

Beware of Rental Scams

scam alertToday’s rental market is very competitive, if you find an advertisement for a rental property that looks too good to be true, it probably is. This news story from KOMO 4 News highlights what to look for in possible rental scams. The main warning signs to look out for are landlords that are not able to meet with you in person, the landlord is exceptionally eager to get your personal information and get you in to your new property ASAP. There is no reason for you to wire money to someone you haven’t met, when renting a new property its best to meet the landlord you will be dealing with for the duration of your rental contract. Renting from professional property management companies will also help you avoid any scams from online thieves.

Posted by: phillipsre | August 3, 2016

Finding Affordable Housing in Seattle

home-for-rentThere is a lot of discussion regarding affordable housing in the news lately. This article from KOMO 4 News discusses the challenges of finding affordable housing and the fact that a lot of tenants continue to see rent increases. This is due in part to the fact that new construction is popping up and these units are charging more rent for new amenities and updated apartments. The hope of most renters is that supply eventually catches up with demand. If you are currently in the market looking for rental property, Phillips Real Estate has numerous apartments, condos and homes for rent, while Phillips remains competitive in the market, most of the properties listed on the site are right around the median rent price for the area.

Posted by: phillipsre | July 29, 2016

Is Seattle Becoming as Expensive as San Francisco?

seattleHousing prices in Seattle seem to continue to rise, but are becoming as competitive and expensive as the San Francisco area? This article from The Seattle Times breaks down all the statistics comparing Seattle pricing to San Francisco’s.  Luckily the Seattle average rental price is closer to $2400, where San Francisco’s average rent is closer to $4500. The problem with this is that Seattle continues to build more apartments and condominiums, which can lead San Francisco renters and home buyers moving North, making our city even more crowded than it is. For more information and data on the differences between the city, click here.

Posted by: phillipsre | July 26, 2016

Affordable Housing on August Ballot

house in handThe upcoming August 2nd primary election will include a city-wide housing levy for Seattle voters. Proposition 1, if approved, would replace an expiring levy to fund: housing for low-income seniors, workers, and households, and the disabled and mentally ill; and homelessness prevention and reduction programs, including emergency rental assistance for at-risk families. Read more about the levy at the King County Ballot Measures site. It is important for voters to be informed about all the measures on the ballot and understand how each issue will affect them, this article from Seattle Weekly addresses some of the issues of Proposition 1.

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