Seattle Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

Nov. 11, 2019

Gas prices keep rising in Seattle while dropping nationwide

Gas prices are rising in the Seattle area and across Washington state, even as the average gas price drops nationwide, says a survey released Monday.

The survey, by GasBuddy, found that the average gasoline price in Seattle has risen nearly 5 cents a gallon over the past week, while the nationwide average price has dropped by 2.4 cents.

In Washington state as a whole, the average gas price is up 4.4 cents per gallon. And in the Yakima area, the average price has surged by 11.3 cents per gallon over the past week.

Still, Seattle gas prices are about 13 cents cheaper than at the same time last year.

Find more information at: https://komonews.com/news/local/gas-prices-keep-rising-in-seattle-while-dropping-nationwide

Posted in News
Nov. 10, 2019

Seattle minimum wage to increase January 2020

The minimum wage will increase for Seattle employees on Jan. 1, 2020.

In 2019, large employers with 501 or more employees paid a minimum wage of $16 per hour and small employers of 500 or fewer employees paid a minimum wage of $15 per hour.

If small employers paid at least $3 per hour towards the employee’s medical benefits and/or the employee earned at least $3 per hour in tips, the minimum wage was $12 per hour. Large employers followed this two-tiered system in the past but stopped in 2019.

Click here for more information: https://www.msn.com/en-us/news/us/seattle-minimum-wage-to-increase-january-2020/ar-AAIPbvc?ocid=spartanntp

Posted in News
Nov. 9, 2019

Seattle named “‘most overlooked innovation market’ in North America”

Early stage startup investors looking for strategic advantages should pay attention to Seattle.

That’s one takeaway from an analysis of historical investment returns for markets across North America over the past decade.

Chris DeVore, managing partner at Seattle-based early-stage venture capital firm Founders’ Co-op, penned a blog post this week that combined two datasets: a stack-rank of startup cities based on actual dollars returned from companies based in respective metros, and geographic location of early-stage funds under $100 million.

The resulting data, which you can see below, “shine[s] a light on some startling imbalances in the relative allocation of early-stage LP dollars by market, particularly when compared to the markets that have actually driven the greatest cash returns over time,” DeVore wrote in his post.

Find more information at: https://www.geekwire.com/2019/startup-returns-analysis-shows-seattle-overlooked-innovation-market-north-america/

Posted in News
Nov. 8, 2019

The latest Update from the Northwest MLS

"People are moving here, home prices will continue to increase, inventory shortages will occur. That's our future," remarked Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor, upon viewing the October statistics from Northwest Multiple Listing Service.

Active listings of homes and condos totaled 14,379, the lowest level since April. Compared to a year ago, last month's selection declined more than 21% and was down 10% from September, according to the new report from Northwest MLS. The year-over-year and month-to-month volume of new listings also declined last month. On a positive note, MLS figures show system-wide gains in October's pending sales (up nearly 5.6%), closed sales (up 4.1%) and prices (up nearly 7.7%) compared to a year ago.

Beeson, a member of the Northwest MLS board of directors, and other MLS leaders also commented on inventory shortages, which some refer to as the "new normal." The sustained, lower levels of supply "drive some buyers crazy as they keep expecting to gain the upper hand," Beeson reported, adding, "It's not going to happen any time soon. The market has settled into a circadian rhythm of sorts."

Find more information at: http://www.nwmls.com/News--Information/page/Latest-Press-Release

Posted in News
Nov. 7, 2019

What does real estates tech makeover mean for homeowners

Nowadays, any industry that technology takes on doesn’t stay the same for very long. Airbnb uprooted hospitality. Uber and Lyft changed transportation. Netflix not only changed entertainment, but shifted routines and enabled on-demand consumption. The list goes on.

Each time tech puts its stamp on an industry, consumer behaviors shift and their expectations go up. Now the $27 trillion residential real estate market is in the midst of its own transformation — the very industry in which many Americans will make the single largest personal transaction they may ever make in their lifetimes.

The face of this renaissance are instant buyers, known as iBuyers. Currently the “it” kid of real estate, iBuyers use computer algorithms and market projections to determine the price they are willing to pay for a property. This assumes that the property fits their “buy box,” which is defined by factors like price range, age of the home and location. Home sellers can either accept or reject an iBuyer offer. If accepted, they can sell their home for all cash relatively quick. The key output driving these types of transactions, however, is the belief that the iBuyer can then resell the property at a higher price and turn a profit.

Find more information at: https://www.forbes.com/sites/forbesrealestatecouncil/2019/10/07/real-estate-is-experiencing-a-tech-renaissance-but-is-it-at-the-expense-of-the-homeowner/#24e5de092c2b

 

Posted in News
Nov. 4, 2019

Seattle ranks #10 on list of best real estate prospects of 2020

A city in Texas is expected to be the best real estate market in 2020, according to a new report.

On Sept. 19, the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) co-published the Emerging Trends in Real Estate report, which ranked the top of its overall real estate prospects.

Many of the cities on the list are in the midsize or large range and can also be found in the “Smile States” -- which include the East and West coasts and states in the Sun Belt, which stretches across the Southeast and Southwest.

Find more infomation here: https://www.foxbusiness.com/markets/best-markets-2020

Posted in News
Nov. 2, 2019

The Biggest Housing Boom In History Has Just Begun

Bill Brame edited Star Trek films before he took up “house flipping.”

During the housing boom, Bill was often “turning around” 14 houses at once with three crews of renovators working full time. In 2004, he paid $400,000 for a house in Hollywood, California. A year later he flipped it for $1.2 million.

Back then, flipping houses was the most profitable side-job in America. Buy a house, fit it with a new kitchen, sell it for a big mark-up, repeat. In 2006, one in every 10 homes was bought to flip!

The housing market melted down in 2008, and the average home lost over a quarter of its value. Flippers went bankrupt when they got stuck owning rapidly depreciating homes no one wanted to buy.

Click here for more information: https://www.forbes.com/sites/stephenmcbride1/2019/10/14/the-biggest-housing-boom-in-history-has-just-begun/#569da43725b0

Nov. 1, 2019

Fall real estate may bring big opening for Seattle

Opportunity is the buzz word for many Washington real estate experts at the moment.

While supply problems hamstrung most of the market during the end of summer — what's normally known as the peak real estate season — September was a different beast entirely, more like a "roller coaster" where prices were up in certain areas and down in others.

But as the summer season gives way to fall, that can open up avenues for those trying to break in to the market.

"The transition into the fall housing market creates opportunities for homebuyers," J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in the latest Northwest Multiple Listing Service report. "Although there are fewer listings than what buyers find during peak summer months, there is also less competition."

Click here for more information: https://komonews.com/news/local/fall-real-estate-may-bring-big-openings-for-seattle-buyers-experts-say

Posted in Real Estate
Oct. 16, 2019

Real estate agent commissions are now allowed to be published

Real estate firms are now allowed to publish the amount of commission the seller is offering to the broker on the firms’ public websites. Sellers are also not required to offer their broker a commission.

The Northwest Multiple Listing Service made changes to its rules in July that went into effect Tuesday.

The rules aim to provide more transparency for consumers in terms of their broker’s compensation.

“Consumers want greater transparency and flexibility in the home buying and selling process,” NWMLS CEO Tom Hurdelbrink said in a statement. “We believe these changes encourage member real estate firms to continue to innovate and evolve their business models to better serve consumers.”

Click here for more information: https://www.king5.com/article/money/markets/real-estate/nwmls-rule-changes-goes-into-effect/281-d9636140-3841-4c40-a206-4a8be2f66601

Posted in Local News
Oct. 15, 2019

Millionaires say real estate is still the best investment you can make

Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. We wanted to know: Is this still true? Is investing in real estate still a good idea?

According to these nine Advisors in The Oracles, who made millions by investing in real estate, the answer is a resounding yes.

1. ‘Owning made me rich.’

“Buying real estate has made me rich — mostly through necessity, not by design. I bought my first itty-bitty studio after scraping together a few bucks because I needed to live somewhere anyway.

A few years later, the studio doubled in value, giving me enough cash to plunk down 50% on a one-bedroom apartment. That soon rolled into a two-bedroom, then a three-bedroom, and finally landed me in my 10-room penthouse on Fifth Avenue in New York City.

Click here for more information: https://www.cnbc.com/2019/10/01/real-estate-is-still-the-best-investment-you-can-make-today-millionaires-say.html