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!

 

March 15, 2019

More King County residents moving to Kitsap

Kitsap County has moved up the list of destinations for people moving out of King County, according to a U.S. Census Bureau report.

The bureau estimated 2,261 people moved from King to Kitsap in a five-year period from 2012 to 2016, making Kitsap the No. 5 county of choice for residents exiting King. Counties ranking ahead of Kitsap were Pierce, Snohomish, Los Angeles and Whatcom.

An estimated 1,786 residents moved from Kitsap to King over the same five-year period, meaning Kitsap gained 475 more residents from King than it lost to King. The estimates are based on the American Community Survey, which asks respondents if they lived in a different place one year before.

Click here for more information: https://www.kitsapsun.com/story/news/2018/12/26/census-more-king-county-residents-moving-kitsap/2416483002/

Posted in Local News
March 11, 2019

Seattle falls from top spot in home price growth

The last two years, Seattle has topped the Case-Shiller index for annual growth in home prices. Recent months, though, have Seattle tumbling all the way down to fourth, behind Las Vegas (12.8 percent increase), San Francisco (7.9 percent), and Phoenix (7.7 percent).

And while Seattle’s annual increase in home prices was 7.3 percent through October, prices in King County have also plummeted 11 percent over the last six months as of November, per the Northwest Multiple Listing Service.

This falls in line with a decrease across the country, with the National Association of Realtors reporting that sales of existing homes in the United States fell 7 percent in November from last year. Looking to 2019, expect this trend to continue.

Click here for more information: https://www.kiro7.com/special/housing/seattle-falls-from-top-spot-in-home-price-growth-for-first-time-in-years/895053268

Posted in Local News
Feb. 19, 2019

Eastside home prices fall

Home prices on the Eastside have now dropped on a year-over-year basis. In Seattle, the median house is nearly $100,000 cheaper than last spring. And across King County, the number of condos available for buyers has more than quadrupled in the past year.

The cool-down in the local housing market continued in December, ending a topsy-turvy year for real estate, according to new figures released Monday by the Northwest Multiple Listing Service.

King County’s median single-family home price ticked up just 0.6 percent in December from a year before, and condo costs rose at the same rate — the smallest annual gain since early 2012, when the market was bottoming out.

It’s a huge shift from the prior six years, where the average year-over-year increase was 12 percent, adding as much as $100,000 to the median home in a single year.

Click here for more information: https://www.seattletimes.com/business/real-estate/seattle-home-prices-down-nearly-100000-in-seven-months-eastside-market-falls-too/

Posted in Local News
Jan. 31, 2019

Seattle home prices dip

There was a dip in supply but realtors in the latest Northwest Multiple Listing Service Report want you to know: brighter futures are ahead in 2019.

The final post-mortem on 2018's housing market is still forthcoming, but the final report -- from the December 2018 data available -- shows that it's going out in a much different place than where it started.

While five counties had less than two months of supply at year end for the first time since July (Kitsap with the smallest selection with just 1.48 months of supply), a shrink in the December market isn't uncommon; between holidays and the general winter home market slowdown, it's a more. It didn't surprise many brokers, and confirmed what many of them saw as a "transition" year for Seattle-area real estate.

Click here for more information: https://www.seattlepi.com/realestate/article/Seattle-median-sales-price-2019-real-estate-market-13517781.php

Posted in Local News
Jan. 30, 2019

Seattle-area home prices improve, but still not a buyer’s market

A recent report from the Northwest Multiple Listing Service was generally positive on the outlook for buyers in the region’s housing market, but Windermere Real Estate Chief Economist Matthew Gardner also cautions that we’re not quite in a buyer’s paradise yet.

“Are we going to see house prices continue to drop?” Gardner asked KIRO Radio’s Dave Ross on Seattle’s Morning News. “I would argue that no, that’s not the case. Why do I say that? Quite simply, I think we’ve reached an affordability ceiling.”

That ceiling saw the median closing price for houses in King County settle at $639,000 by the end of 2018, down from the year’s high of $726,275 in May. That marked a 2 percent raise year-over-year, the lowest King County has seen in “several years” according to Gardner.

This seems to build on what the NMLS report said as well — in it, Windermere President OB Jacobi noted that the end of 2018 brought us “closer to a more balanced market.”

Click here for more information: http://mynorthwest.com/1236765/seattle-housing-prices-buyers-market-windermere/

 

Posted in Local News
Jan. 29, 2019

Newest data predicts return to balance for Northwest housing market

The latest data and estimates from a handful of Northwest Multiple Listing Service real estate professionals paint a picture of a much friendlier housing market for buyers in 2019.

As 2018 rolled to a close, the housing market in the Northwest saw a noted increase in eager sellers.

“Buyers in December were reaping the benefits of market-weary sellers who were willing to give up part of their bloated home equity to make a deal and move on,” said John Deely, principal managing broker at Coldwell Banker Bain, in the NMLS report.

Click here for more information: http://mynorthwest.com/1235284/newest-data-predicts-return-to-balance-for-northwest-housing-market/

 

 

Posted in Local News
Jan. 28, 2019

Reasons Not to Buy Your House With Cash

Especially in today’s low-inventory housing market, homebuyers are looking for any way to get a leg up on the competition when putting in an offer on their desired home.

If you have the means, an all-cash offer is a great way to fast-track a deal. A seller is more likely to accept your offer, the success of the deal isn’t reliant on a lender’s OK following an appraisal, and you'll own the home outright after the transaction with no mortgage.

“All things being equal, it’s very likely that your offer would be the most attractive that they’d be considering with limited risk for the seller,” says Marcy Keckler, vice president of financial advice strategy for Ameriprise Financial, a financial planning and investment advice company.

Click here for more information: https://realestate.usnews.com/real-estate/articles/5-reasons-not-to-purchase-your-home-with-cash

Posted in Finance
Jan. 27, 2019

Mortgage rates hit nine month low

Rates for home loans slid again, even as the ongoing government shutdown poses a fresh threat for a wobbly housing market.

The 30-year fixed-rate mortgage averaged 4.45% in the January 10 week, mortgage liquidity provider Freddie Mac said Thursday. That was down 6 basis points and marked the lowest point for the popular product since April. The 30-year-fixed hasn’t risen in over two months.

The 15-year fixed-rate mortgage averaged 3.89%, down from 3.99%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.83%, down 15 basis points.

Fixed-rate mortgages follow the path of the 10-year U.S. Treasury TMUBMUSD10Y, -0.04%   note. Investors have snatched up government paper as concerns about trade and economic growth have buffeted the stock market.

Click here for more information: https://www.marketwatch.com/story/mortgage-rates-hit-a-9-month-low-as-government-shutdown-is-already-biting-the-housing-market-2019-01-10

Posted in Finance
Jan. 26, 2019

New survey highlights first-time home buyers' biggest regrets

While most people are happy with the results of their first home purchase experience, a recent survey by Porch.com, a network that connects homeowners and home professionals, found that most homeowners have a few regrets and lessons learned.

The No. 1 regret across all generations, according to the survey of nearly 1,000 homeowners, was buying a property that was too small. The second most common mistake was not saving enough money before buying their first home. Fifteen percent of millennials regretted not saving enough before their first year of homeownership.

Most buyers anticipate the money they’ll need for their mortgage, homeowners’ insurance and taxes, but they don’t always budget for home maintenance and repairs. While the amount you’ll need varies widely according to the size, age and condition of your home, many financial experts suggest saving at least 1 percent of the home value annually specifically for repairs.

Click here for more information: https://www.washingtonpost.com/business/2019/01/09/new-survey-highlights-first-time-home-buyers-biggest-regrets/?noredirect=on&utm_term=.31992dc7c84a

Posted in Local News
Jan. 25, 2019

Vegas is the hottest housing market of 2018

Las Vegas is hot and it’s not because of its casinos and vibrant nightlife.

Sin City is the hottest housing market of 2018 based on home price growth. It has become a place where people want to live, not just play. Vegas has benefited from the high cost of homes and generally high cost of living in southern California and other neighboring cities. While Vegas’s home prices have skyrocketed this past year, the southern Nevada city is still among one of the cheaper metropolitan areas to live in the U.S.

“People are coming to Las Vegas. We have been seeing major job creation and diversification in industries,” said Chris Bishop, president of the Greater Las Vegas Association of Realtors. “All those things together led to a perfect storm.”

Since June, Vegas has led the S&P CoreLogic Case-Shiller 20-City Composite, dethroning Seattle as the city with the fastest home price growth. Vegas posted a 13.5% year-over-year increase in September. It, along with Phoenix and Tampa, had the biggest gains and largest losses 10 years ago, according to S&P.

Click here for more information: https://finance.yahoo.com/news/hottest-housing-market-2018-163701109.html