Local Housing Market News

Some great local news on changes in the local housing market:

https://www.king5.com/article/news/local/pearl-jam-helps-raise-nearly-11-million-to-combat-homelessness-in-king-county/281-600444272

https://www.seattlemag.com/news-and-features/how-denny-substation-will-help-supply-seattles-growing-need-power-while-also

https://www.bloomberg.com/news/videos/2018-10-03/redfin-ceo-sees-moment-of-reckoning-in-seattle-real-estate-market-video

And several articles on backyard cottages:
http://mynorthwest.com/1136320/backyard-cottages-seattle-housing-market/

https://www.sightline.org/2018/10/05/where-seattles-environmental-impact-statement-has-landed-for-backyard-cottages/

http://www.djc.com/news/re/12115274.html?cgi=yes

Happy Investing!

Seattle Real Estate Market Stats

Well, pretty much any way you slice it, we’re heading into October 2018 with a CONSIDERABLY softer real estate market than we had entering into last October.  Charts are below, but here’s the year over year breakdown:

·         New Listings:  2.98% more new listings hit the market in Sept 2018 versus Sept 2017

·         Total Active:  38.83% more inventory on the market in Sept 2018 versus Sept 2017 (supply goes up, prices go down)

·         Pending Sales:  16.12% fewer pending sales in Sept 2018 versus Sept 2017

·         Closings:  22.45% fewer closings in Sept 2018 versus Sept 2017

·         Average Price:  11.07% price appreciation year over year…but all of that was realized last October through Feb.  Prices have been declining region-wide since March 2018

·         Median Price:  10.25% price appreciation year over year…but again, all of that was realized last winter

o   Note:  Per Altos Research’s median price chart below, in Seattle the median home price appreciated about 23% between October 2017 and March 2018

·         Months of Inventory (Total Active divided by Number of Closings):  36.07% more months of inventory in Sept 2018 versus Sept 2017

Outside of May 2018, the overall number of New Listings hitting the market every month has been relatively constant…the big change has been number of buyers.  With a smaller 2018 buyer pool, inventory has inched as high as it’s been in years around Puget Sound.  This increase in inventory has the buyer window WIIIIIIDE open for anyone looking to venture into the Puget Sound Real Estate market – competition is down, therefore bidding wars are down, therefore people can actually DO an inspection before moving forward with their purchase… and overall, all this has the median house price down about 14% from its March 2018 high. 

With this said, this week or next week is traditionally where we start to see inventory dry up for the winter.  Remember, inventory in Seattle fell about 60% in 2015/16; 56% in 2016/17; and 67% in 2017/18.  Will inventory fall enough this year to reset the soft(er) market we’ve been experiencing, and therefore cause median house prices to start rising again?  It’s anyone’s guess as to what actually happens this winter, but right now…this week and next week…will be our clue to where we might be headed. 

Happy Investing!

This post courtesy of Primary Residential Mortgage Inc

Housing Affordability: Interest Rates

The ‘5 Percent’ Test?

 (Source: REALTOR® Mag Daily News) The 30-year fixed-rate mortgage—the most popular loan for home buyers—is inching closer to the 5 percent range. The rise in mortgage rates coincides with years of home price increases. Could this erode affordability more and cause would-be buyers to sideline themselves from the housing market?

Click here for more.

Happy Investing!

Vashon Waterfront Open House

Open house Saturday May 5, 2018 2-4p:

Ballard Room Rental

OPEN HOUSE SATURDAY MAY 5, 2018 12NOON

Room rental in this charming 1926 house-share in the heart of Ballard. The funky, unfurnished attic bedroom will be available June 1. It features lots of space, playful angles, nooks and crannies for creative decorating (see second photo).

Two other tenants live in the upstairs bedrooms, with a shared bathroom on each level. There are two other bedrooms and bath o the main level, and an onsite property manager on the basement level. All rooms are rented on a monthly basis. Personal items are to be kept in the room, and housemates should be respectful of others when using items in the common areas. Rent includes free wifi internet, gas, electricity, garbage, water, sewer, property management, yard maintenance, and common household supplies.

This vintage house features an attractive yard designed by a master gardener. Pretty living room with oak hardwoods and gas fireplace on the main floor. There is a modern handicap-accessible, walk-in bathtub on the main floor. 

The common laundry area with free washer and dryer is located on the basement level. Portions of the garage have been rented to upstairs tenants, managed by the property manager for additional storage.

Plenty of on-street parking for residents and guests, bicycle storage, and easy walking distance to the amenities of Market Street and the Ballard business district.

$35pp online tenant screening fee. First month rent, and $800 security deposit to move in. No last month required, as long as gross income is at least $2460 with a two year employment history in the same industry. 

Criteria: Must play well with others, be respectful, clean, and have good character and former tenant references. Gross income of at least $2460, with 2-year employment history in same industry preferred.

Open house is scheduled for noon on Saturday, May 5 and 6p, Sunday, May 6. If this sounds like a good fit for you, please reply by email to HomeLandInvestment@gmail.com to confirm your attendance at one of the upcoming open houses.

 
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Homeowner Stabilization Loans

Here is a great new program to help homeowners in distress:

HomeSight is pleased to announce the launch of the Seattle Homeowner Stabilization Loan Program. We have received a $484,000 investment from the City of Seattle - Office of Housing Housing Levy to originate foreclosure prevention “rescue loans” to help homeowners in jeopardy of losing their home. These funds are for a two-year pilot period at which time the City will decide whether to continue the program.

Homeowners experiencing temporary hardship or facing default or foreclosure whether from mortgage lender, property taxes or a condo association, may qualify for a low interest rescue loan up to $30,000 to help resolve the default. These loans will generally be available to owners who have fallen behind in payments and have exhausted other options and need assistance getting caught up, or who need additional funds in order to secure a loan modification, pay back taxes or condo dues.

For more information, or to find out if you qualify, contact:

WASHINGTON HOMEOWNERSHIP RESOURCE CENTER HOTLINE at (877) 894-4663.

Waterfront Fixer

Here is my newest property listing:
10018SWBunkerTrail.C21.com

View any time this morning with your real estate broker, but without an appointment - or any time after today, by appointment only.

Major fixer with awesome views!

Happy Investing!