Shoreline homes gaining equity again

Tuesday, January 28, 2014

By Jose Hurtado
Redfin Real Estate Agent

As the economy continues to rebound, Shoreline residents who bought a house a few years ago are starting to see enough equity in their homes to sell. Many of them made small upgrades to their properties while they waited for home prices to spring back. Improvements such as hardwood floors and a new kitchen have only added value to their homes.

I recently helped a Shoreline couple list their 2-bedroom, 700-square-foot house in the north end. They purchased the home in 2008 and made some small upgrades, such as hardwood floors and a remodeled kitchen with granite countertops, new cabinets and stainless steel appliances. Eventually, they moved out and put the condo up for rent. When the couple finally thought they could sell, they expected to list the home for $225,000. They were pleasantly surprised when I informed them that the condo could actually be priced between $275,000 and $300,000, thanks to increasing home prices in Shoreline and the great home improvements they made to the home.

The median sale price in Shoreline was $350,000 in December, a 29.6 percent increase from December 2012. Adding to price increases is the lack of quality inventory. In December, Shoreline inventory was down 15.2 percent compared to the previous month. Homes in the $400,000 price range are experiencing price increases between 8 and 15 percent during a bidding war. Another family I worked with bought a North Seattle townhome in February 2012. They have since earned $100,000 in equity and are now ready to sell their home. But the area’s low inventory may prove the home buying process to be a tougher challenge than the selling process. 

Visit our Home Selling Guide for more information on home improvement and other helpful tips.


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