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!

Changes in Seattle Housing Market

The Seattle Real Estate Market – WHERE TO START???

I don’t even know where to start!  So much housing related info came out this week…  I guess I’ll just let the bullet points tell the story:

·         Seattle passed sweeping short-term rental laws

o   Hosts for AirBnB, VRBO, HomeAway, and other short term rental platforms can now only rent out two dwelling units (including a room in the host’s primary residence)

o   Hosts must now be licensed, which means they will likely be taxed by the local government for operating a short-term rental

o   Overall, this should help preserve an adequate supply of long-term rental stock for the city’s permanent residents

§  Effect on local housing market – Neutral

·         Amazon hiring has slowed dramatically

o   As recently as June, Amazon had over 9,000 job postings for Seattle-based jobs…There are only 3,503 postings for jobs currently

o   This is the fewest Seattle-based job postings Amazon has had in almost 4 years

o   Nonetheless, the 3,503 postings is still more than the combined postings for Microsoft, University of Washington, Nordstroms, and Starbucks

§  Effect on local housing market – Slightly not good… but an additional 3,500 highly paid employees still adds a lot of pressure on an already pretty tight housing market (currently 458 homes for sale out of 129,331 total single family residences), so we may not notice a difference.  Nonetheless, it’s something to keep an eye on

·         New Tax Plan

o   Interest deduction on home equity lines of credit goes away

§  Effect on local housing market – Neutral

o   Interest deduction on mortgages up to $750,000 (used to be up to $1,000,000)

§  Effect on local housing market – Slightly not good

o   State and local taxes (SALT) deductions capped at $10,000

§  Effect on local housing market – Slightly not good

o   There was no change in the requirement for people to qualify for the gain-exclusion on sale of a personal residence.  It was talked about that the current gain-exclusion of living in the house 2 out of the last 5 years was going to increase to 5 out of the last 8, but that didn’t happen. 

§  Effect on local housing market – If the gain-exclusion increased to 5 out of the last 8 years, then we would have less sellers, and therefore prices would rise.  However, nothing happened, so housing is unaffected

·         Overall, the new tax plan will put downward pressure on higher priced homes.  Seattle’s current median home price is $754,000…  so the vast majority of us aren’t affected yet (since a homebuyer did put some money down on that $754,000 purchase price), but the tax plan could play a larger role in the next couple years as Seattle home prices continue to appreciate

Renton Open House Sunday

Here is my latest listing in Renton. This lovely suburban home is open tomorrow (Sunday November 19, 2017) from 1-3p. It is located at 18858 129th Pl SE, and is listed for $400,000.

Friendly suburban community with annual neighborhood events, including Easter egg hunts, garage sales, beauty bark sales in nearby park. This lovingly maintained home has a long-term roof warranty, updated kitchen, new carpets, laminate flooring, lots of space to play, and a fully fenced yard. Welcome to the neighborhood!

NWMLS #1218245

Happy Investing!

South Seattle Brick House for Sale

We are reviewing offers on this property today:

Address: 6724 Mars Ave S, Seattle 98108
List Price: $549,888

Housing Trends

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends October 2017 Newsletter http://wendywonder.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. 

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://wendywonder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Sincerely yours, 

Wendy Ceccherelli
Century 21 NW Realty
216 31st Avenue Seattle WA 98122 
2063551706  
 wendy@c21nwr.com 

Seattle Housing Inventory

Normally we see a pretty nice little bump in inventory in September, however, I’m not entirely sure that’s going to happen again!  We saw a HUGE run up in Seattle inventory between April and late June (about an 80% increase in inventory during that time), however, since peaking in August we’ve been on a pretty sharp decline in overall inventory levels.  That doesn’t mean things won’t start hitting the market in late September like they normally do, this early decline in inventory is merely representative of the gigantic build-up of buyers still looking for a home, and refocusing on their search now that Summer and Labor Day are over.

With the recent decline in overall inventory, we’ve also seen the median priced home in Seattle tick back upward from $699k in late August, to $722k this past week.  Please note, the Seattle median price home peak for the year was set in mid May at $777,475.  It will be interesting to see whether or not prices continue to increase throughout fall and winter, and then increasingly so next spring; versus what normally happens where prices remain steady until January when they start skyrocketing. 

In the end, it looks like the stage is being set for an even more competitive market next year with inventory levels plummeting earlier than normal as Fall’s buyer-pool snatches up homes more fiercely than ever before. 

Happy Investing!

Today's market report courtesy of Kyle Bergquist, Guild Mortgage

Vacation Waterfront with Financing

Always dreamed of your own Puget Sound waterfront home to dock your fishing boat? Fractionalized ownership gives you 100% of the occupancy rights, and 65% of the equity, as the majority owner. Up to ten years - with no payments and no interest - to cash out the other equity partners.

3650 Steelhead Dr, Lagoon Point, Greenbank, Whidbey Island. $400,000 for 65% equity.

https://www.dropbox.com/s/cdkpwjgr1rag45s/Rocheford3650_HD_Final_MJ_2.mp4?dl=0

Here's the description of this home:
Spacious house, with 60' of waterfront on a well-protected canal for crabbing/boat moorage, just a stone's throw to open water of Admiralty Straits on Puget Sound, in a stunning island community. West-facing, spectacular sunsets. Moor your boat on your backyard shared dock, kayak the canals, or fish for salmon from some of the best shore fishing on Whidbey. Beachcomb at the community beach of coveted Lagoon Point.

Watch container ships and cruise ships sail by as you relax on your back deck. Watch the winter storms safely inside by the gas fire. 

Wildlife abounds here: deer, rabbits, ducks, hawks and eagles. Minutes from south Whidbey State Park & the Greenbank Farm, with miles of trails for both dogs & humans. Easy access to Coupeville, Ft. Casey, Freeland, Langley. Only 20 minutes to the ferry!

Buyer has the option of either 65% (at $400,000 purchase price) or 100% (at $525,000 purchase price) of equity ownership. Seller financing available to help with the down payment. Meet one of the owners at the Open House this weekend, tomorrow, Sunday September 3, 2-4p. 

Happy Investing!