Brooks & Heinze Seattle Real Estate Team – April 2019 Newsletter

April 8, 2019

Seattle Market Update

The spring home buying season is in full swing! Yowza!!! Open houses are “mad” houses and bidding wars have returned. Home prices in the region have jumped up in the last couple of months.

King County’s median single-family house sold for 3.2% less in March 2019 than a year prior in March 2018. We saw home values dip between June 2018 – December 2018 but since the beginning of 2019,  prices are definitely on their way up again.  Single family homes (under $500,000 especially) have seen great gains and interest from buyers. The condo market is not quite as hot but we are seeing some gains here, too.

Both pending sales and new listing activity around Western Washington surged last month. Prices in Snohomish County jumped nearly 5.5 percent, while King County’s median prices rose more than 3 percent in March when compared to February.

The 30-year fixed-rate mortgage averaged 4.08% the first week of April, according to Freddie Mac. The 15-year fixed-rate mortgage averaged 3.56%.

Property Taxes 2019 – some up, some down

Did your property taxes go up or down for 2019? Here is a list of property tax rates for each city in King County. Some cities saw property taxes go up, some down. Some examples: Bothell up 14.6% (ouch!), Shoreline up 6.6%, Burien down 2.1% and Seattle down 1.2%.

Our Listings

5818 East Dr, Everett, WA – $310,000 – 3bed/1.75bath – For more information and a video tour, click here. UNDER CONTRACT.

20620 60th Ave W #F, Lynnwood, WA – $242,950 – 2bed/1.75bath – SOLD April 2019. Congratulations to our clients John C. & Mary H. on this sale.

Did you know?

The Seattle Kingdome was so expensive that the building wasn’t paid off until 2015 – a full 15 years after it was demolished.

Thank You

Thank you to Jennie J. & Edie T., Stacey K., as well as Taylor S. for the referrals!

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy Spring,

Kerstin

Brooks & Heinze Team at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827 &Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – March 2019 Newsletter

March 12, 2019

Seattle Market Update

The Seattle Real Estate Market is heating up! We had very cool temperatures this last month but the housing market is heating up again. Buyers and sellers are no longer sitting on the sidelines waiting to see what will happen – they are taking action. What a difference a month can make!

During last month’s Snow Storms, showing activity dropped more than 41 percent the week of the heaviest snow, according to the NWMLS which tracks agent access to homes on the market. Despite the weather disruptions, brokers added lots of new properties to the market during the month. Inventory is starting to be absorbed much more quickly, unlike the last 4-5 months when homes sat on the market a little longer.

In brief, sales are happening! Prices are shooting back up. Mortgage interest rates are low, economic indicators for our city are looking good, and buyer demand is high. Some buyers who had given up last year are back on the prowl.  We are even seeing multiple offers and bidding wars making a slow comeback in some areas.

The 30-year fixed-rate mortgage averaged 4.35% during the week of February 28.

Our Listings

20620 60th Ave W #F, Lynnwood, WA 98036 – Do you know someone looking for a condo in the Lynnwood area? We just listed a spacious 2 bedroom / 1.5 bath condo / 2-car carport. This is a top floor townhouse style unit with a nicely updated continental bath including jack-n-jill sinks. For more information take a look at this video.

Affordable Housing Upzone Rezone

Making more affordable housing available is one of many priorities for Seattle’s City Council. One of the many options under consideration are allowing for denser construction in the hearts of 27 neighborhoods while also imposing affordable-housing requirements on developers. This is met with applause by some and stern criticism from others. Click here to learn more about this, including a map feature that allows you to check on your neighborhood. We often have clients contact us and ask us what effects certain rezones have on their property value. If you are concerned about this for your property feel free to contact us.

Did you know?

This “bank” made one in five home purchases in the U.S. possible. What is the name of this bank? The “bank of Mom and Dad”.  Homeownership is out of reach for many young people — and those who don’t have family members to turn to for help are often out of luck. The down payment is the biggest hurdle to a home purchase. Many renters who would be able to meet monthly mortgage payments can’t qualify for a mortgage because they’re unable to save enough for a decent down payment to either get a loan or get a loan with reasonable terms.

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

 

Brooks & Heinze Team

at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827

Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 


Brooks & Heinze Seattle Real Estate Team – February 2019 Newsletter

February 8, 2019

 

Seattle Market Update

There is a clear lack of consumer confidence evident in the real estate market. January is always a little slow but we saw slower activity in the market than usual last month.

Seattle Area home prices are still dropping but for most Seattleites that still means homes are out of reach. The median income of homebuyers in the Seattle metro area has reached $114,000 or about 40% higher than the region’s actual median household income of $82,000.

The 30-year fixed mortgage averaged 4.46 percent for the week ending Jan. 31, up from 4.45 percent the previous week. A year ago, mortgage rates stood at 4.22 percent.

There is hope that the softening of house price appreciation along with increasing inventory of homes on the market, as well as historically low mortgage rates will give a boost to the spring homebuying season. However, signs of a slowdown in the global economy and lack of affordability for locals might dampen these hopes.

Seattle Rental Market

Seattle has added lots of new, modern and expensive apartment buildings to address the influx of newcomers to the Emerald City. Perhaps too many units were added. Currently, 1 in 10 units across the city are sitting empty. Landlords have responded by lowering rents slightly and offering more perks to get tenants in the door. For more detailed information click here. Unfortunately, affordable apartments are still hard to find.

The rental market is cooling the most in the priciest parts of the region. On the Eastside, rents dipped 2.5 percent, in the last quarter, while rents remained virtually unchanged in South King County and Snohomish County. Rents dropped at least 3 percent in the past quarter in Belltown, South Lake Union, Fremont/Wallingford, Kirkland, Redmond, Sammamish/Issaquah and Edmonds.

Did you know?

A recent report by AARP found that 90 percent of retirees want to stay in their homes as they age. Aging in place — rather than packing up and moving to a specialized retirement community — is the newest housing trend for older Americans.

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

 

Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – January 2019

January 14, 2019

Seattle Market Update

2018 in review – The year started strong for real estate. High demand from well-qualified buyers, low interest rates, a strong economy and low inventory kept driving prices up the first half of the year. The second half of the year, sales slowed as higher mortgage rates and unsustainable price increases squeezed would-be buyers out of the market. At the same time, inventory improved offering more options to buyers, however, inventory for affordable homes didn’t really improve all that much. Homes started to take much longer to sell over the summer, not for a lack of interested buyers but more for a lack of housing affordability. Once the rates declined again toward the end of the year, sales started to rebound slightly showing that homebuyers are very sensitive to mortgage rate changes.

2019 “crystal ball” – We’ll have to see. 30-yr-Mortgage Rates are projected to increase to 5.0% in Q2, 5.2% in Q3 and 5.3% in Q4 but we don’t know what they will actually be. The biggest problem in our area is a lack of inventory, particularly affordable inventory. Seattle is facing some real growing pains. The sudden injection of tech wealth over the last 5+ years has exacerbated inequalities pushing people and businesses out of the city. Unless solutions are found for some of these issues, housing appreciation may be modest.

Comparing Seattle trend to National Trend

Looking at the information from October 2017 – October 2018. You can see that the increase in rates eased appreciation in most other parts of the country but unlike in Seattle didn’t push prices downward.
This graph published in the Seattle Times Business section visually conveys this interesting point.

graph

Did you know?

Did you know that the shutdown of the IRS & other Government Agencies is causing headaches for homebuyers and lenders? There is a delay in financing or refinancing mortgages because lenders cannot obtain income validation for form W-2 and personal tax return income. Some people will have to wait to get their mortgage refinanced or move into their new home.

Our Listings

1431 NW Richmond Beach Rd #1, Shoreline, WA – 2 bdr/1.5bth – $234,950 – Under Contract.

The townhouse is located at the Brookside West Condos, a well-managed 16-unit townhouse community with many long-term residents. Spacious master bedroom is connected to the 5-piece master bath. The second bedroom is loft-style. Open floor concept on main level with access to large, level and fenced in yard. Home needs some TLC.

We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.

Happy New Year,
Krisanne and Kerstin


Brooks & Heinze Seattle Real Estate Team – November 2018 Newsletter

November 15, 2018

Seattle Market Update

The inventory of homes for sale this year compared to last year has increased for the last four months, all while sales of existing homes have slowed compared to last year’s numbers. For over three years leading up to this point, the exact opposite was true; Inventory dropped as sales soared. Rising interest rates coupled with high home prices and increased inventory have cooled the market. Rent growth has also slowed or reversed.

Good news for home buyers: inventory is up, so there’s more selection and prices have stopped going up. Bad news, Seattle is still an expensive market to buy into. Due to rising interest rates, someone who bought a $700,000 house a year ago is paying the same monthly mortgage bill as someone who pays $640,000 for a house today.
Home sellers have more competition today. Price drops are common now and so are seller concessions and seller paid repairs. Five years ago, the median price in Seattle was $461,000; this spring, the median price peaked at $830,000; and now the median price is down to $775,000. Appreciation has been fantastic over the last few years despite the recent dip. Emotionally, this price correction might be hard to take for some sellers but looking at the gains overall might help keep some perspective.

Sales are taking longer as a lot of buyers are playing a bit of the wait-and-see game. Waiting might not be a good idea, if you want to buy, as rising interest rates will make buying more expensive in the very near future.

For renters, it is getting easier to find an apartment to rent. Rents are still going up slightly in most neighborhoods but in some neighborhoods (i.e. downtown, South Lake Union) rents are going down. You can read more about the rental market here.

Did you know?

Do you know how hot the water should be in your hot water tank? Above 120F and below 130F.
At a temperature above 130 degrees there will be an increased amount of sediment build-up within the tank as well as wasted energy. There is also the health risk of scalding. Below 120 degrees there is a risk of contracting legionnaires disease. According to the Mayo Clinic, the risk of colonization of Legionnaire bacteria is significant in hot water tanks where the temperature is between 104 and 122 degrees.

Our Listings

25812 115th Ave SE #B104, Kent, WA 98030: 2bd/1.5bth Townhouse – SOLD.

Congratulations

Congratulations to our clients Laura and AJ on their new home in North Seattle.

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,
Kerstin

Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – October 2018 Newsletter

October 27, 2018

Seattle Market Update
There has been a small uptick in homes hitting the market but there are more homes available for purchase mostly because homes take longer to sell than earlier this year. So, if you are seeing more for sale signs in your neighborhood it is mostly because those signs are staying up longer.
Rising interest rates and price drops are affecting buyers’ emotions who are now more reluctant to commit to a purchase or at least are taking more time and are more discerning about which property they choose and how much they are willing to pay for it.
As long as the local economy remains strong, there’s little cause for concern about the sudden shift or market correction we are experiencing, and it should not be interpreted as a market crash. However, for sellers currently on the market the adjustment has been very sharp and unexpected.
We are in the middle of the shift and further downward price corrections may be in store as we head into the late fall and winter which can be challenging times for sellers to sell property even in a strong market.
Sellers going on the market this month should make sure their property shines, is in good condition and priced well to beat competition. Buyers seriously considering buying have more leverage now than in the last 5 years to secure a property at a good price in a popular urban market that long-term should always be an attractive investment.

Our Listings
$305,000 – 34212 S 18th Place S, Federal Way 98003 – under contract.
We are working on getting two listings ready for the market: a nicely updated townhouse in Kent and a 1930’s charmer in Everett. Stay tuned.

Did you know?
The baby boomers began turning 65 in 2011. Every single day, roughly 10,000 boomers are turning 65 and many retire at that age. By 2029, when all of the baby boomers will be 65 years and over, more than 20 percent of the total U.S. population will be over the age of 65.
Much of their wealth is in form of equity in their home and many will be faced with liquidating some or all of that equity to pay for daily living expenses, medical bills or renovations to their current home to allow for aging-in-place.
Krisanne and I have helped clients understand the pros and cons of reverse mortgages, downsizing, selling their home, aging-in-place and moving to assisted living depending on what stage of life they are in. We work with a team of trusted retirement community managers, financial advisors, HECM (reverse mortgage) lenders, elder law attorneys, and in-home care professionals to make sure our clients understand their options and can make an educated decision on what’s right for them. Do you know any seniors who are thinking of making a move, either downsizing their home or moving to senior housing? We would love to help them.

We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.

Thank you,
Kerstin

Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – September 2018 Newsletter

October 27, 2018

Seattle Market Update
The current market condition can best be described as a major slowdown. Our roaring real estate market, fueled for years by the city’s historic population growth and, at least to some degree, foreign investment, has slowed dramatically in July and August.
It looks like there is more inventory on the market which technically is true in that there are more homes sitting on the market at this time. However, the “increase” in inventory is a byproduct of homes taking longer to sell not an actual increase in selection for buyers. August is often a slow month for new listings as Seattleites enjoy the summer and travels but this year it is combined with an overall slowdown in the market.
Exceptional homes in highly desirable neighborhoods are still selling quickly and we still see some competing offers. However, sellers in less desirable neighborhoods with a home that’s outdated or with deferred maintenance have found that even significant price drops and seller concessions aren’t always enough to attract buyers in this new market.
We have seen downward price corrections in rural Snohomish County, South King County and the suburban condo market. Wondering what has happened to the value of your home as a result of this market slowdown? Contact us, we’d be happy to prepare an individualized report for your home.

Our Listings
$309,900 – 34212 S 18th Place S, Federal Way 98003 – under contract.

Did you know?
Homeownership remains below 2006 levels for all age groups. Homeownership rates were lower in 2017 than in 2006, the year before the Great Recession (2007-2009). The homeownership rate among the largest group of homeowners — those age 65 and over — has returned to within about 2 percentage points of 2006 levels. However, householders under age 35 and 35-44 years old had 2017 rates about 7 and 10 percentage points lower than in 2006. More information on this is available on the Census Bureau website.

We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.

Thank you,
Kerstin

Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com


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