Brooks & Heinze Real Estate Newsletter – October 2022

October 22, 2022


Seattle Market Update

The Seattle-area housing market has cooled significantly in recent weeks. The main reason is rising interest rates but also the fact that many potential buyers are pushing pause on their homeownership plans out of fear and confusion around economic uncertainty (volatile stock market, continued concerns over supply chain disruptions, and a potential recession).

Although the interest rates have gone up significantly, home prices have only come down moderately, certainly not enough to offset rate increases. Some would-be sellers are holding off putting their home on the market which is keeping housing supply low. The low supply is keeping prices from dropping significantly, particularly in lower price ranges.

Mortgage buyer Freddie Mac reported Thursday (10/20/22) that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Last year at this time, the rate was 3.09%!!

Congratulations

Congratulations to James and Doris on the sale of their long-time home in Bremerton.
And, congratulations to Swasti and Sabin on the purchase of their new Mill Creek home.

Did you know

United States first observed Daylight Saving Time in 1918. Historically, there were no uniform rules for DST which caused widespread confusion, especially in transport and broadcasting. The Uniform Time Act of 1966 aligned the switch dates across the USA for the first time. At 2 a.m. Nov. 6, 2022, you will need to set your clocks back one hour to 1 a.m., meaning we will “fall back” and gain an extra hour of sleep.

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.
Enjoy the fall colors and the rain!
Kerstin 🍁 Krisanne

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 – June 2022 Newsletter ☼

June 14, 2022

Seattle Market Update

There has been a significant increase in properties for sale compared to a year ago and a slowdown in sales. In King County, 73% more homes were available at the end of May than at the same time last year (in Pierce County 74% more, in Kitsap County 43% more) and in Snohomish County, more than twice as many listings were still active at the end of the month.


Most homes are no longer selling in a few days and multiple offers and waived inspections are also rarer these days. Price reductions are on the rise. Sellers are now more often required to consider offers contingent upon financing, inspections, or the sale of the buyer’s current home.


The additional supply of homes for sale is giving buyers more choices but rising interest rates coupled with inflation have greatly affected the affordability of homes. In fact, some buyers have decided to take a break from house shopping or give up on homeownership completely.


There may be a short-term dip in property prices as the market adjusts to rising mortgage rates, however, demand for homes continues to outpace supply, so we do not expect house prices to decline significantly or long-term.


Last month the median home sold for $998,888 in King county, $815,000 in Snohomish, $582,000 in Pierce and $554,550 in Kitsap.


Advice for sellers: Do not overprice your home in this changing market or “test the market” with a list price that’s too high. This will only translate into fewer showings and your home will take longer to sell.
Advice for buyers: If you still plan on buying a home, don’t sit on the sidelines hoping for huge price drops that aren’t likely to materialize. Take advantage of the increased selection of homes and your ability to negotiate a fair price and other favorable terms.


Our Listings


SOLD! West Seattle Townhouse: Well-kept, move-in ready urban townhome on a quiet street in vibrant neighborhood. $549,000. Congratulations to Travis and Elena on the sale!
COMING Soon! Manette Craftsman in Bremerton.

Did you know

More and more buyers are looking at the climate risks that could be affecting their property value, insurance costs and insurability down the road. Common climate risks include drought, flood, wildfire, heat and storms. ClimateCheck – https://climatecheck.com/ – is one company that tracks and quantifies the risks related to the climate crisis through their proprietary risk assessment tool.

We’d love to hear from you


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


Thank you,
Kerstin ☼ Krisanne

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 – May 2022 Newsletter

May 8, 2022

Seattle Market Update

Ch-ch-ch-changes. The swift move up in mortgage rates is undoubtedly putting downward pressure on the housing market. As inflation rose, fixed-rate mortgages passed 5% and housing inventory has grown in recent weeks, we have seen a stop to price increases. The number of homes with reduced listing prices has also grown over the past weeks. However, demand continues to create multiple offers on homes in desirable locations.

The median single-family home in King County sold for $995,000 in April (median means half of homes sold for more and half sold for less).  King County’s priciest homes are selling on the Eastside, where the median home price last month hit $1.7 million. In Seattle, the median home sold for about $1 million. The median home price was $660,000 in Southwest King County and $780,000 in Southeast King County. The median Snohomish County home sold for $839,298, the median Pierce County home sold for $579,980 and the median Kitsap County home sold for $565,000.

Fed Rate Hikes and Mortgage Rates

The Fed Interest Rate does not directly set mortgage rates, however, it does influence them. The rate hikes are part of the Fed’s plan to curb inflation. It is expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee. Most analysts anticipate the increases will continue until the Fed has met its directive of containing inflationary forces. This likely also means mortgage rates will continue to rise.

The average mortgage rate for 30-year fixed mortgages is at about 5.3% this week, the highest point since 2009, according to Freddie Mac.

Did you know

Did you know that a 1% increase in interest rates decreases a buyer’s purchase power by 10%.

Our Listings

…. Coming soon … West Seattle Townhouse.

We’d love to hear from you

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

Happy Mother’s Day!

Thank you, 

Kerstin 🌷 Krisanne

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 – December 2021 Newsletter✨

December 18, 2021

Seattle Market Update

Usually, the real estate market slows down Thanksgiving week until early spring. However, we are not seeing much seasonal slowdown this year; buyers remain very active in the market. Homes that come on the market are selling quickly and typically with multiple offers. Inventory is not meeting the demands of the market, so buyer competition is fierce. According to the NWMLS, King County active listings are down 60% from a year ago. We should mention that this extremely high demand is for single family homes which are selling in a matter of just a few days and that townhomes and condos are not selling as quickly.

We often tell our sellers to wait until spring to put their home on the market when their yard comes alive and we have longer daylight hours but we anticipate Q1 ‘22 being a very fast-moving market with high buyer demand and it might make sense to list earlier in 2022 and not wait until everyone else hits the market in Q2.  

Can you decorate your home if you are selling over the holidays?

If you strike the right balance and don’t overdo the holiday decorations, your residence will exude a positive energy and charm that can’t be felt at any other time of the year. Done well, your decorated home will offer the kind of warmth that appeals to potential buyers and helps them to imagine living there. So go ahead and celebrate what is likely your last holiday season in that home.

We’d love to hear from you

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

       Happy Holidays,  

Kerstin Krisanne

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 – November 2021 Newsletter

November 20, 2021

Seattle Market Update

While the overall market is less competitive than earlier this year, securing an affordable home is still challenging for many buyers.

Prices in King County are essentially flat (good news for buyers) but the county saw 65% fewer active listings at the end of October than pre-pandemic in October of 2019 (bad news for buyers).  As the year closes out, potential home sellers usually wait until the new year to put their home on the market, so buyers will likely have to wait a while to see fresh inventory.

Last month, the median home sold for $850,000 in Seattle.

Landlord Alert – Two Bills Affecting Rent Raises

On Monday, Sep. 27, 2021, the Seattle City Council approved two bills that directly affect a landlord’s ability to raise rents. Per CB 119585, starting Nov. 9, 2021, landlords will be required to provide 180 days’ notice of any rent increases (six full months). Also, per CB 120173, landlords will be required to pay equal to three months of rent to low-income tenants who depart due to rent increases of 10% or more. The relocation assistance bill takes effect July 2022. All rent increase in Seattle must include the following language: If you need help understanding this notice or information about your renter rights, call the Renting in Seattle Helpline at (206) 684- 5700 or visit the web site at www.seattle.gov/rentinginseattle.

Rain, Rain, Rain

All that rain we’ve had can be hard on your home. Make sure your gutters and downspouts are clear of debris, water is flowing freely, and everything is tied into the drainage system, so the water is carried away from your home —not pooling by the house. Pooling can cause damage to foundations and water can seep into basements.

Foreclosure Rates Up

Foreclosure rates rose during the third quarter of 2021 compared to the third quarter of 2020 and the second quarter of 2021, according to the Q3 2021 U.S. Foreclosure Market Report from ATTOM. As foreclosure moratoriums lift and forbearance programs come to an end, foreclosures are anticipated to increase slightly. However, government agencies and mortgage lenders have worked with homeowners who lost income during the pandemic and as a result, foreclosure rates so far have been kept relatively low.

We’d love to hear from you

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

🦃 Happy Thanksgiving,

       Kerstin & Krisanne

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 – October 2021 Newsletter

October 22, 2021

🍂 Brooks & Heinze Seattle Real Estate Team – October 2021 Newsletter

Seattle Market Update

Fall has brought with it cooler temperatures, rain and some favorable trends for home buyers. Homebuying activity has remained strong. However, there are signs that the market has slowed a little. Low inventory continues to pose challenges for buyers. Homes are taking slightly longer to sell, which gives buyers more time to make thoughtful decisions. Some areas and price ranges are still very hot but in other areas prices have plateaued or even slightly dropped.  

The average mortgage contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.23%. Rising mortgage interest rates caused a drop in mortgage demand for both refinances and home purchases. The expectation is that mortgage rates will continue to rise, as the Federal Reserve tapers its purchases of mortgage-backed bonds.

How will these higher rates impact homebuyers? For every home purchase that involves a mortgage, both the rate on the mortgage and price of the home will affect the size of the monthly mortgage payment. Rising mortgage rates in combination with high home prices erode affordability.

Making a Good First Impression

Landscaping provides potential buyers with a first impression of your home.  Aside from adding curb appeal and aesthetic charm, it also sends the message that the home is likely just as well-maintained. A well-designed outdoor space and attractive, functional landscaping is even more important now that all of us are spending much more time at home. Trees, in particular, add value, beauty and environmental benefit in the Pacific Northwest. According to a survey by trees.com, poor landscaping can decrease your property value by as much as 30%, ouch!

Congratulations to our clients

Congratulations to Ryan and Travis for getting into contract on a fantastic home in Burien!    

We’d love to hear from you

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

Thank you,

Kerstin 🍁 Krisanne

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 – September 2021 Newsletter

September 10, 2021

Seattle Market Update

The housing market was slightly more favorable to buyers in August compared to prior months but it is still a seller’s market. Homes took slightly longer to sell last month and home prices plateaued in most areas. This is normal for Seattle’s summer market when many are traveling and are enjoying time off from school/work rather than house shopping.

Aside from the usual summer slowdown, this could also be a sign that we are hitting a price ceiling and that appreciation is slowing. But with inventory still low and favorable mortgage rates, we predict that homes coming on the market in September and early October will move quickly if priced correctly and that buyers will still face stiff competition for desirable and affordable properties.

Housing is a very interest rate-sensitive part of the U.S. economy, so we will closely watch changes in mortgage interest rates as higher rates usually translate into lower home prices. COVID-related disruptions to consumer spending and supply chains, as well as inflation could also affect economic activity in the housing market for the rest of the year. Here we go from summer limbo into the yet undetermined autumn market.  

Huge Hike in Homeowner Insurance Rates

If you have good credit, prepare for a huge hike (20-50% increase) in your homeowner insurance bill. If you have poor credit, your rates will likely go down. If you haven’t seen such an increase or decrease yet, you will the next time your insurance policy renews.

Washington Insurance Commissioner Mike Kreidler issued an “emergency rule” without any public input or process back in March, asking the state Legislature to ban insurers’ use of credit scores when determining how much you pay for personal insurance. His ruling means that new rate plans can no longer consider a consumer’s credit history in any way. You can read more about this here.

In addition to rate changes as a result of the “insurance credit scoring ban”, homeowners are also starting to see slight increases in premiums, bigger deductibles and fewer coverage options for extreme weather coverage as insurance companies reassess their risks as a result of a sharp rise in wildfire, flood and storm losses.

We’d love to hear from you

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

Thank you,

Kerstin & Krisanne

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 – August 2021 Newsletter

August 22, 2021

Seattle Market Update

We are seeing a cooling in the urban housing market but that doesn’t mean homes are now affordable or easily attainable. This statement can also not ring true for suburban homebuyers as the majority of those homes are still selling quickly and above list price, particularly in markets about an hour outside the city or in price ranges below $600,000. Competition for homes eased slightly in July but inventory is still tight and it is still a strong seller’s market.

There is usually a little slowdown of activity in August in the Seattle market as people enjoy summer and travel. This year, it feels like this slowdown happened a month sooner, coinciding with the lifting of many pandemic restrictions in the area at the end of June. Online home searches, in-person tours and mortgage applications have all been on the decline. It’ll be interesting to see if the pace picks up again in September or if this is a long-term trend.

In Seattle, the median single-family home price this July of $896,500 is up about 11% from last July but down from a $919,000 peak in May.

The current average mortgage rate for a 30-year fixed mortgage is 3.03 percent. At the current average rate, you’ll pay a combined $423 per month in principal and interest for every $100k you borrow.

Summer Home Maintenance Tips

We have 30 summer home maintenance tips, most of which you can do yourself. Following are four of them. Ask us for a complete list if you are interested:

1, Clean your dryer vent. Clean out all of the dust and lint trapped in the vent and exhaust duct. Dryers vents can be a fire hazard if they’re not cleaned and maintained.

2) Give your deck a once-over. Check your deck to see if there are any boards that look like they’re rotting. Have them replaced. Hammer any nails that are loose. Reseal your deck. 

3) Add a layer of mulch. Extra mulch will help fight off weeds and help your soil retain moisture during those scorching summer months.

4) Protect your home against unwanted guests. Cover any holes that are more than a quarter-inch wide. Get your tree branches trimmed back so they don’t create a highway for squirrels to your attic. Branches should be at least 8 feet from your roof. Do away with yard debris. Leaves and twigs are a haven for animals that might decide to invade your home.

Congratulations to our clients

Congratulations to AJ and Laura on the sale of their Greenlake Rambler!  

We’d love to hear from you

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

Enjoy your summer,

Kerstin & Krisanne

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 – July 2021 Newsletter

July 12, 2021

Seattle Market Update

Properties still in high demand but we are seeing some cooling. We have seen more homes hit the market, finally increasing the supply of homes for sale. At the same time, homebuying demand has decreased, leaving the market feeling a few degrees cooler. Despite these changes, it is still very much a seller’s market but the share of homes sold above list price has flatlined in most urban areas. However, most first-time homebuyers in the suburbs looking for more affordable homes still face fierce competition.

NWMLS figures show the median price on last month’s completed transactions was $779,919 in King County (Snohomish County, $675,000; Pierce County $507,375).

Pandemic Mortgage Forbearance

Millions have avoided financial disaster during the pandemic thanks to government-mandated mortgage forbearance, which allows homeowners to skip payments or make reduced payments. As of March 2021, about 2.2 million homeowners remained in forbearance, according to the Federal Reserve Bank of New York.

If you are one of those homeowners, currently on a forbearance payment plan, communicating with your loan servicer prior to the end of your payment forbearance is crucial to avoid damage to your credit and/or foreclosure. Mortgage servicers continue to process millions of forbearances and under the Consumer Financial Protection Bureau’s new rules, effective Aug. 31, 2021, homeowners can continue to request a forbearance through the year-end. If you are not able to resume payments at the time your forbearance ends, you still may be able to enter into a loan modification with your mortgage servicer, but you should start those discussions before your forbearance period ends.

Our Listings

North Greenlake Rambler – 3 Bds / 1.5 Bths, $725,000 – Pending/Under Contract.

Congratulations to our clients

Congratulations to Michaelle and Randy on the sale of their Lynnwood Mid-Century, $650,000 – Sold.

We’d love to hear from you

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

Thank you,

Kerstin & Krisanne

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 – May 2021 Newsletter

May 7, 2021

Seattle Market Update

Most sellers prefer listing their home between late April and early June when their home and yard look the best. Indeed, we have seen more homes hit the market in the last few weeks. Finally, there is some more inventory for buyers who have been competing in fierce bidding wars with other buyers. It is still a strong seller’s market but it looks like there might be a little more hope for buyers who have been unsuccessful in securing a home so far this year.

The highest price increases and the most competitive areas for homebuyers have been outside Seattle. While single-family home prices are up about 7% in Seattle compared to last year, they’re up about 39% on the Eastside and 25% in Graham, Pierce County.

In Search Of (ISO)

Currently, we have an immediate need to find homes for our buyers in Renton and North Marysville/Arlington. DUE TO A LACK OF INVENTORY ON THE OPEN MARKET, we would greatly appreciate any leads for off market properties in these areas:

ISO – 3bed/2bath/2car home in Renton for our clients Laura and Robert. For more detailed information of what they are looking for click here.

ISO – 3bed/1bth/1parking home/townhouse/condo in North Marysville / Arlington for our clients TJ and Naomi. For more detailed information of what they are looking for click here.

New Construction Delays and Higher Costs

The difficulty in procuring some construction materials and the cost associated with shortages, especially for lumber, steel and electrical supplies is stalling projects and driving up prices for new construction. Some builders are including automatic closing date extensions and automatic price adjustments to the real estate purchase contracts to compensate and protect themselves from price fluctuations in materials and procurement delays. Make sure you work with a trusted real estate agent and lender who can educate you on how this may affect your bottom line and financing.

We’d love to hear from you

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

Thank you,

Kerstin & Krisanne

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


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