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!

 

July 18, 2019

Sumner is the new South Sound hot spot for homebuyers

SUMNER, Wash. -- Local home buyers are looking outside of Seattle for more affordable deals, and many are turning to the Sumner-Bonney Lake-Lake Tapps market, wherein some cases, homes are half the price of what you’ll pay in Seattle.

The median home price in Seattle is over $700,000, according to Zillow, while prices in Sumner and Bonney Lake range in price from about $300,000 to $400,000.

Real estate agents Kylee Hill and Shelley Heck live and work in this booming area. They say that price difference is a big deal, especially for first-time homebuyers and families.

Click here for more information: https://q13fox.com/2019/07/10/sumner-area-providing-quality-of-life-for-home-buyers-at-affordable-prices/

Posted in Local News
July 17, 2019

Best places to own a home and pay fewer taxes

Homeownership comes with a lot of extra expenses, mostly thanks to the taxman.

Due to increasing demand and limited inventory, the nationwide median sale price has reached $226,800, according to Zillow. Values have gone up 5.4% over the past year and are expected to rise another 2.5% in the next year.

On top of that, state and local income taxes, property tax and sales tax can drastically increase the tab, depending on where you live.

Click here for more information: https://www.cnbc.com/2019/06/25/here-are-the-best-places-to-own-a-home-and-pay-fewer-taxes.html

Posted in Finance
July 16, 2019

US home sales climbed 2.5% in May amid lower mortgage rates

U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges.

The National Association of Realtors said Friday that existing homes sold at a seasonally adjusted annual rate of 5.34 million last month, up from 5.21 million in April.

The recent gains likely came from reduced borrowing costs that made it easier to finance a home. Rates for the 30-year mortgage are averaging 3.84% this week, down sharply from 4.57% a year ago, according to the mortgage buying company Freddie Mac.

Click here for more information: https://komonews.com/news/business/us-home-sales-climbed-25-in-may-amid-lower-mortgage-rates

July 15, 2019

Are McMansions Making People Any Happier?

American homes are a lot bigger than they used to be. In 1973, when the Census Bureau started tracking home sizes, the median size of a newly built house was just over 1,500 square feet; that figure reached nearly 2,500 square feet in 2015.

This rise, combined with a drop in the average number of people per household, has translated to a whole lot more room for homeowners and their families: By one estimate, each newly built house had an average of 507 square feet per resident in 1973, and nearly twice that—971 square feet—four decades later.

Click here for more information: https://www.theatlantic.com/family/archive/2019/06/big-houses-american-happy/591433/

July 14, 2019

More home inventory is on the way

There’s a fresh sign that more inventory may be coming to the market, as homeowners deepen their faith in selling. The percentage of consumers who are “strongly” optimistic that now is a good time to sell hit 46% in the second quarter of this year, a significant increase from the 37% who said the same thing in the first quarter, according to the National Association of REALTORS®’ Housing Opportunities and Market Experience Survey, which was released Wednesday.

Home prices have begun moderating in recent months, which may be prompting homeowners to consider selling sooner in order to cash in before prices go any lower. “With home price appreciation slowing, home sellers understand the days of large price gains from holding an extra year are over,” says NAR Chief Economist Lawrence Yun.

Click here for more information: https://magazine.realtor/daily-news/2019/06/19/would-be-sellers-appear-ready-to-boost-inventory

Posted in Real Estate
July 13, 2019

Seattle renters flock to Portland as growing tech hub

According to a new report, Seattle renters are flocking to Portland, Oregon, as an alternative to the Emerald City’s ever-increasing cost of housing.

A “migration report” from Apartment List details 7.9 percent of Seattle’s renters headed south to live in Portland, the most of any city.

“West Coast tech workers look to Portland as a more affordable alternative to San Francisco and Seattle,” the report reads. It goes on to note that “Seattle is the 2nd most common source of inbound searches to Portland,” behind only San Francisco.

Click here for more information: https://mynorthwest.com/1419177/seattle-renters-portland-tech-hub/

 

Posted in Local News
July 12, 2019

Consultant uncovers more Eastside homeowners violating affordable housing rules

A consultant has found more homeowners violating the terms of their contracts with ARCH, the Eastside's largest affordable housing program.

A new report from Oakland-based Street Level Advisors says up to 35 owners who bought their properties through the publicly-backed program have been renting their units, instead of living in them, as required by ARCH.

In addition, the consultant found that ARCH lost 43 properties – 6% of its ownership portfolio – to foreclosures over the years. Under the terms of ARCH’s contracts, a home loses its affordable status in a foreclosure and can be sold at an unrestricted price.

Click here for more information: https://www.king5.com/article/news/investigations/consultant-uncovers-more-eastside-homeowners-violating-affordable-housing-rules/281-d65beac0-261b-4443-a4c5-5f476b7775b9

Posted in Local News
July 11, 2019

How Population Growth Across Western Washington Impacts Real Estate

A few weeks ago Gene Balk reported in the Seattle Times that King County Population Growth Hit is Decade Low.  That said, King County still ranked 6th in the nation for overall growth at 28,934 total population growth which is still pretty good.  The most interesting part of King County’s growth was that NONE of it was from people moving to King County from other counties across the nation.  King County actually LOST a net of 4,868 residents to other US Counties.  Which US counties though, we’re not exactly sure, but that leaves King County’s growth stemming only from births outpacing deaths (+12,367), and International Migration (+21,491).

Click here for more information: https://auburnexaminer.com/population-growth-and-real-estate/

 

Posted in Real Estate
July 10, 2019

Largest increase in Washington wages since recession

It’s the biggest jump in pay for Washington workers since before the recession, as wages grew an average 5.5 percent in 2018 across all industries, to an average of more than $65,000 a year.

Washington has been making a slow, 10-year climb out of the economic hole left by the recession, and this is another indicator of that recovery.

Part of what’s driving wages is up is an explosion in job growth. King County has just 2.8 percent unemployment, lower than the national average of 3.3 percent. It shows that almost everyone who wants a job can get one, since workers are in high demand.

Click here for more information: https://mynorthwest.com/1423797/washington-wages-unemployment-jobs/

Posted in Market Updates
July 9, 2019

Apple announces major Seattle expansion into big new office complex

Apple is branching out into Seattle's South Lake Union, joining other tech giants Amazon, Facebook, and a new Google campus in the neighborhood.

Real estate executives from Apple joined Mayor Jenny Durkan on Monday afternoon to announce significant growth for the company in Seattle.

Apple will occupy 333 Dexter, the former site of KING 5. More than 2,000 jobs will be added in the next five years, with 200 jobs added by the end of this year.

Click here for more information: https://www.king5.com/article/tech/apple-announces-major-expansion-in-core-of-seattles-tech-scene/281-02466ae8-ee26-465c-a554-345349d7d561

Posted in Local News