Economics and statistical information on the current Seattle and Puget Sound regional real estate market.
Top 10 Predictions for Seattle’s Real Estate Market in 2024 1. Still no housing bubble This was number one on the list last year. The reason it’s being called out again is because the market performed better in 2023 than expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but highly unlikely. 2. Mortgage rates will drop, but not quickly The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, it is estimated that rates will only fall to around 6% by the end of the year. 3. […]
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Effective January 1, 2024: Big Changes Coming to Washington State Significant changes are on the horizon for real estate laws in Washington, coming into effect on January 1, 2024. This marks the most substantial revision to the agency statue since its inception in 1997, addressing the evolving real estate landscape. The revamped pamphlet formerly known as The Law of Agency, now named Real Estate Brokerage in Washington, not only modernizes existing regulations but introduces enhanced safeguards and sustained transparency for both buyers and sellers. To understand the impact of these changes, let’s rewind a bit. In the past, Washington brokers exclusively represented sellers, leaving buyers without dedicated representation. The introduction of the Law of Agency in 1997 allowed brokers to extend representation to home buyers, although without a mandatory agreement outlining the broker-buyer relationship. Starting January 1, 2024, a comprehensive […]
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Photo by Devon Grace Interiors – More kitchen photos Embrace Harmony and Simplicity with Japandi: The Perfect Interior Design Trend for Your Home Step into the world of Japandi, the latest interior design trend that effortlessly blends the timeless elegance of Japanese minimalism with the warm and cozy elements of Scandinavian design. This fusion of styles creates a harmonious and inviting space that promotes tranquility and simplicity. In this blog post, we will explore the origins of Japandi, delve into its key aspects, provide you with a palette of paint colors to incorporate the trend, and offer a selection of items to decorate your home in this captivating style. Japandi emerged as a response to the fast-paced and cluttered world we live in, seeking to bring balance, serenity, and a connection to nature into our homes. This design trend […]
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Today we’re diving into an important topic that could make a big difference in the amount of money you net from your home sale. There is no denying that the Seattle real estate market is hot. There are more buyers who need houses than houses for sale. That means your home is in demand and it’s not even listed yet. This sounds like great news for you, and it is! As a result, we know what potential sellers are thinking . . . Hmm, maybe we should just put a sign up in the front yard and see what happens. The truth is, the worst thing you can do as a seller in a hot market is to do it alone. So, before you head to the local hardware store for that “For Sale By Owner” sign, keep reading. We know […]
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A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. HOUSES ARE NOT UNAFFORDABLE LIKE THEY WERE DURING THE HOUSING BOOM The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should not spend more than 28% of their gross income on their mortgage payment. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and […]
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We see you out there… the For Sale sign is up in your front yard, people have come and gone to the open house (or maybe the open house had very little traffic which left you feeling defeated). You are seeing neighbors sell their homes after only a few days and wondering why you haven’t gotten that accepted offer yet. Here are a few reasons that the sign in your front yard still says For Sale. Or maybe you want to avoid being the seller who needs to read this blog post when the time comes for you to sell, and in that case, keep reading! 1) CONDITION If your home is in need of some TLC, it can lead to a lack of buyer interest. Buyers in Seattle’s market want to be able to move right in and avoid […]
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The Four Part Plan: 1) FOCUS ON SELLING A LIFESTYLE You’re not just selling a house, you’re selling a lifestyle. Think beyond your “house data” such as square footage and room sizes. Highlight home features that resonate with the lifestyle buyers will get if they purchase your home. Whether that’s entertaining space, smart home tech, a peaceful outdoor setting or a hotel like owner’s suite – you can optimize your space to show off the lifestyle and help potential buyers experience what it would be like to live there. Don’t forget about local amenities and nearby attractions! QUESTIONS TO ANSWER: 1. Which room do you spend the most time in? 2. What is your favorite part about your community? 3. What is your favorite space in your home? 4. Which feature most attracted you to your home? 5. […]
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The thought of buying or selling a home can be intimidating . . . the idea of doing both simultaneously can be downright overwhelming. Should you buy first? Should you sell first? Should you rent in between? With the recent impact of COVID, now more than ever, our clients are seeking the opportunity to upsize to larger spaces. Here are 4 steps we recommend to help guide you through the process: 1) CONTACT A LENDER Before you make any major decisions on your home transition, the first and most important step to take is to speak with a lender about your options. There are various programs available to consider including a bridge loan or a HELOC. It will be important for you to understand all of your options prior to making an offer on a new home. […]
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Let’s be honest, six months ago, none of us imagined we’d be where we are today. While last spring was filled with coping strategies and beliefs that this was all just “temporary,” the new reality is we are in this for the long haul. Here in Seattle, most schools have moved to an online platform for Fall. Which means parents, and especially working parents, continue to carry the load. If you’re like us, last spring was filled with moments of popcorn for dinner and philosophical ideas on how early was “too” early for happy hour. With the first day of school just a few days away, it’s time to shift and accept. Accept that we need to gain a sense of control over our family lives and shift to a new normal. We have compiled a list of suggestions […]
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Even with COVID restrictions, the Seattle real estate market continues to be very strong. We find that our sellers who follow these 5 steps are more successful in this market, often selling over list price with multiple offers. While your market may be faster, or slower, than Seattle, in the time of COVID, it is best to be prepared. VACATE YOUR HOME: Selling a home that is occupied is challenging enough, let alone in a global pandemic. For the safety of you and your family, it’s best to not reside in the home while it is on the market. If you are in a faster market such as Seattle, you should be able to sell your home within a week which means it’s the perfect time to book an AirBnb vacation. Or consider purchasing/renting your next home first, […]
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