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!

 

Sept. 18, 2019

Housing forecast calls for rising prices

Thanks to rising family incomes, low mortgage rates and older millennials, home prices in the U.S. are projected to rise through July 2020.

That's according to a report released Wednesday by the real-estate data firm CoreLogic. The property information provider forecasts annual price growth of 5.4% by July 2020 despite major housing markets experiencing declines across the U.S. in much of 2019.

“With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up," said Frank Nothaft, chief economist at CoreLogic. "If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”

Click here for more information: https://www.usatoday.com/story/money/2019/09/04/home-prices-set-jump-5-4-thanks-older-millennials-report-says/2207408001/

Posted in Real Estate
Sept. 9, 2019

While Seattle housing stays flat, median rent continues to rise

Seattle homebuyers may be seeing "some relief" this summer, but Seattle renters aren't going to beat the heat.

According to a new report from Zillow, in June median rents in Seattle rose to $2,259, up 3.8% from the same time a year prior.

That's not that far off from the rise of the U.S. median rent, 3%, in June. But it does dwarf the home value growth: according to Zillow's analysis, Seattle home prices have jumped just 0.4% from June 2018. The median home price in the Seattle metro area is $489,400.

Seattle joined the notable West Coast cities that saw a flatlined last month, along with Los Angeles (up just 0.9%), and San Francisco (holding at 0% growth).

Click here for more information: https://www.seattlepi.com/realestate/article/Zillow-report-Seattle-Washington-rent-housing-home-14114909.php

Posted in Local News
Sept. 8, 2019

Spanaway resident gives free haircuts to those currently experiencing homelessness

Tre’vonne Wilkins wants people to spread love, peace and positivity.

That’s what he aimed to do in a parking lot on the corner of South Tacoma Way and Pacific Avenue in Tacoma on Sunday.

With a barber’s chair, a pair of hair clippers and some music, Wilkins offered free haircuts for people experiencing homelessness.

“It comes from the heart,” the 37-year-old Spanaway man said. “I love giving back.”

Wilkins has given free haircuts to those in need for years, mostly at events he’s invited to. For the first time on Aug. 4, he decided to provide services down the street from the Tacoma Rescue Mission.

Click here for more information: https://www-1.thenewstribune.com/news/local/article233547297.html

Posted in Local News
Sept. 7, 2019

70% of economists predict 2021 US recession

Washington state’s job and real estate markets may be in question with a potentially looming U.S. recession – with more than 70% of economists predicting one in 2021, or even sooner.

“I think looking at the last two recessions can give a sense of possible impacts to Seattle and Washington should the U.S. slip into recession,” said Steve Lerch, executive director of the Washington State Economic and Revenue Forecast Council.

Jobs were hit particularly hard during the last two.

The Seattle Metro area lost about 95,000 jobs from December 2007 to June 2009 – with the overall state losing about 186,000 in the same time span, according to Lerch.

Click here for more information: https://komonews.com/news/local/70-of-economists-predict-2021-us-recession-how-will-it-impact-seattle

Posted in News
Sept. 6, 2019

Average Mortgage Debt Tops $202K

In more places, homeowners are carrying supersized mortgages. Outstanding mortgage balances rose nationwide for the seventh consecutive quarter and reached a new high of $9.5 trillion, according to first-quarter data from Experian.

“While mortgage debt numbers could be a cause for concern as buyers increasingly leverage their finances to purchase homes, other signs show they are more responsible with their mortgage debt than in years past,” Experian’s Matt Tatham notes in the report. Lower mortgage rates are making borrowing less expensive. Also, mortgage delinquency rates have steadily decreased since 2009, which means more borrowers are making on-time payments.

On average, the U.S. mortgage debt per borrower for the first quarter was $202,284, a 2.4% annual increase for 2019, Experian reports. The average sales price for new homes has risen 46% over the past decade.

Click here for more information: https://magazine.realtor/daily-news/2019/08/14/average-mortgage-debt-tops-202k

Posted in Finance
Sept. 5, 2019

Experts say housing market fundamentals remain strong

A bevy of negative news this week has once again stoked fear that an economic downturn is imminent.

Yesterday, the Dow Jones Industrial Average had its worst day of the year with an 800-point dive. Then, news broke that the bond yield curve has inverted, a sign that the market believes investing in the short-term is more risky than investing in the long-term, which economists have identified as a consistent signifier of a future recession. With trade war tension already a front page story, is the market headed for a recession, and if so, how will that impact real estate markets?

There’s been a widespread feeling that the decade-long economic expansion has been due for a correction, and homebuyers have felt nervous about the future. A Realtor.com survey released last month found consumer confidence fell 4.4 percent over the past year, which the author felt could reflect consumer concerns over a potential recession or future economic growth.

Click here for more information: https://www.curbed.com/2019/8/15/20807042/recession-housing-market-interest-rates-home-prices

Sept. 4, 2019

New construction fell, but permits are up in July

Construction on new houses fell 4% in July to the second-lowest rate this year, but builders applied for more permits in a positive sign for the housing market.

Housing starts dropped to an annual rate of 1.191 million in July from a revised 1.241 million in June, according to the monthly report from the Commerce Department.

Economists polled by MarketWatch had anticipated a 1.25 million rate for starts.

Permits to build additional properties increased 8.4% to a seasonally-adjusted annual pace of 1.336 million from June’s revised rate of 1.232 million. For permits, economists polled by MarketWatch expected a rate of 1.29 million.

Click here for more information: https://www.marketwatch.com/story/housing-starts-slump-4-in-july-but-theres-one-silver-lining-for-the-real-estate-market-2019-08-16

Posted in Real Estate
Sept. 3, 2019

10 best cities to commute from to Seattle

The Seattle commute has long been a fixture of Puget Sound culture. Which are the best bus lines, times to drive in or out of Seattle, or how long it takes are among common conversations. But some cities are better for that commute than others.

The Seattle commute ranks in the top five drive times that grew the worst between 2007 and 2018. It went from an average of 49.4 minutes to 56.6 minutes. In fact, Seattle traffic has been ranked as the fifth worst in the nation.

CommercialCafe further reports , after crunching some numbers, that there are a few cities better for the Seattle drive than others. The conclusions are based on a range of factors including commute times, housing values, school ratings, and crime rates.

That can lead to some varying results. Housing prices in Kirkland and Shoreline are a bit apart, for example. And while Shoreline is immediately north of Seattle, it has a longer average commute time than other cities.

Click here for more information: https://mynorthwest.com/1484959/seattle-commute-best-cities/

Posted in News
Sept. 2, 2019

40-story residential tower to rise near Seattle’s Pike Place Market

The Emerald is set to be Seattle’s newest luxury condominium building, rising 440 feet above Pike Place Market and the Puget Sound. In addition to the residential tower, The Emerald will also include two ground floor retail spaces.

The development will comprise 265 studio, one-, two-, and three-bedroom residences and penthouses divided into three collections: the Penthouse collection, the Panoramic collection, and the City collection. The Penthouse collection offers an elevated finish package and floor-to-ceiling windows with views of the Seattle skyline. The Panoramic collection occupies the middle and upper floors to provide the best views, and the City collection offers homes with refined finishes and open floor plans with views that range from cityscapes to the Pike Place Market and Seattle waterfront.

Building amenities will include a full-floor rooftop Olympic Room, a double height glass encased club room that opens to the Puget Sound and Olympic Mountains. The Olympic room will feature indoor/outdoor lounge space and firepits.

Click here for more information: https://www.bdcnetwork.com/40-story-residential-tower-rise-near-seattle%E2%80%99s-pike-place-market

 

Posted in News
Sept. 1, 2019

U.S. home sales hit a 5-month high in July