Market Update It is typical for the real estate market to slows down as we head into October and usually the market is slow through the winter months. September, however, is usually a strong market. This year though, the high-interest rate environment has translated into a much earlier downturn in the market. In some areas and for highly desirable properties we are seeing slowed sales and prices stagnating BUT in some areas and for some property types, we are seeing significant price drops and sales slowing more than in prior years. Sellers dropped prices on more than a quarter of homes listed ..read more

Interested in buying property on Capitol Hill (Seattle, WA) but can’t find an affordable solution? Have you considered a co-op?  Here’s a terrific 1 bed / 1 bath plus den co-op in the vintage Union Terrace Co-op under $300k: 1136 13th Ave #206, Seattle, WA Only $299,000!  1 bed / 1 bath / den If affordability is preventing you from being able to buy a condo in urban Seattle, you might want to consider purchasing a co-op.  Co-op buildings are a unique form of property ownership that is common in many urban areas, particularly in cities like New York City. Co-ops are less common ..read more

Market Update Mortgage rates have been stubbornly above 7% for two months now. Home buyers are growing weary about the effect of rates on their monthly payments. As a result, sales have slowed and property prices are decreasing slightly. A slight downturn in the housing market is inevitable given the higher mortgage rates. As of August 18, 2023, the average 30-year fixed-rate is 7.60%. This figure marks an increase of about 2% from the same time last year and represents the highest rate in over 20 years. Our Listings $299,000. Available. Charming 1920’s Vintage Co-Op located in vibrant neighbo ..read more

Market Update Uncertainty continues to describe the housing market and mortgage industry. Over the past year or so, rising mortgage interest rates have decimated affordability, sidelining and pricing out some would-be homebuyers. Higher rates have also led to worsening inventory as homeowners have been reluctant to relocate and give up their record-low mortgage rates secured when they purchased (or refinanced before the rate hikes).  The latest NWMLS report shows the number of active listings of single-family homes and condominiums is down nearly 21% from last year. According to Mortgage ..read more

Market Update Residential market inventory has gone up slightly. Home buyers found the largest selection of listings last month since December. Both pending sales and closed sales reached their highest volume in months. However, inventory is still critically low and sales volumes are down 30% from last year. Many buyers are wondering if it makes sense to buy or if they should wait for lower rates? We don’t have a crystal ball but we don’t expect rates to go down or at least not significantly. Mortgage rates in June have seen little ups and downs but they haven’t moved much. Inflation is gettin ..read more

April 14, 2023 Market Update The “Best Time to Sell” nationwide, according to Realtor.com, is the week of April 16-22. We certainly agree that spring, particularly late April through mid-June has historically been a great time in the Seattle area to put your home on the market and find a suitable buyer for your home. The real estate market started a little slow this year and inventory was particularly low in January and February but in March we started seeing the listing numbers moving in a more positive direction and finally giving buyers some more selection. At the end of March, there were 8 ..read more

March 2023 Newsletter Market Update It’s a seller’s market. At the end of last month, the Northwest Multiple Listing Service report shows only 1.7 months of supply. While that’s an improvement from a year ago when there was only about 0.7 months of supply (about three weeks), it is down from January’s total of about 2.5 months. A supply of four-to-six months is considered a balanced market, according to the National Association of Realtors and other industry watchers. Both inventory and interest rates are worrisome for some buyers who are staying on the sidelines BUT there are plenty of buyers ..read more

Market Update We are in a seller’s market. In some select markets we are seeing bidding wars but nothing near as frantic as last year. However, in some markets, houses are still sitting a little longer before they sell and there are still price reductions happening. As a seller, it is really important to price your home right for the demand in your neighborhood and the type of property you are selling. Also, if your home isn’t in tip-top shape and has a lot of deferred maintenance, expect buyers to pass on your home. Buyers are very picky and cautious.  Buyers have more time to find the h ..read more

Market Update In the last quarter of 2022 we saw a slow down in the real estate market. Market times for homes went up and some sellers dropped list prices to attract buyers who weren’t exactly willing to rush in due to higher financing costs and economic uncertainty. In January, we saw little available inventory of homes for sale. This is a combination of very few new listings hitting the market and a slight uptick in demand from buyers. The low market supply is helping prices stay stable. In recent weeks, borrowing costs have eased. Mortgage Rates The average rate on a 30-year fixed mortgage ..read more

Brooks & Heinze Seattle Real Estate Team – December 2022 / Year End Newsletter Market Update What a year it’s been in real estate. As 2022 is wrapping up we look back at the changes this year has brought and look ahead at what 2023 might look like. 2022 – We started 2022 at all-time inventory lows, forcing intense buyer bidding wars until mortgage rates rose from 2.5% to over 6+% in a matter of just a few months and took the fire out of the market. Buyers waived inspection and other contingencies and made offers well above asking the first quarter of the year. As mortgage rates moved up ..read more