Seattle Market Update – it is a seller’s market / prices are going up:
The end of the year is just a few weeks away. The weather is cooling with winter knocking on the door. Real estate prices are not cooling – quite the opposite actually.
We are seeing a lot fewer listings hitting the market which is common for winter. Home listings have been scarce all year and supply has been critically low leaving many would be buyers in their current home or rental longer than they wish.
Low inventory, coupled with low interest rates, a robust job market, staggering foreign cash investment in real estate (mostly from Chinese buyers) and our exceptional Seattle lifestyle keep driving demand and property prices up in urban areas. Prices in rural areas are increasing more moderately but we are still seeing prices go up.
The Federal Reserve is meeting on December 14 and is expected to raise the Federal Funds rate. If the Fed indeed raises this rate, banks will have to pay more to borrow money – which could in return result in a higher mortgage interest rate for buyers.
Normally, we recommend sellers not list their home between Thanksgiving and mid-January, as there is generally less interest from buyers over the holiday season. However, with the current imbalance in supply and demand, fueling multiple offers and with so many willing and able buyers still looking for a home, we expect December and January this season to be just as good a time as any of the year to sell.
Our quarterly photo contest continues. The theme this quarter is “Winter Wonderland at Our House”. Submit a picture from your house highlighting the season. It can be a picture of holiday decorations at your home, a snow man you made in your backyard, a special holiday treat you made, etc. – surprise us! Rules: Only one picture per person – must be submitted by January 5, 2017. Submit to us via email – we will publish it on our facebook page. The winner will get a $30 gift card, the 2nd and 3rd prize will be a $10 gift card to a venue/store of the winner’s choice.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time, we’d love to hear from you. We hope you enjoy the upcoming holidays. Happy Winter !
*** Kerstin & Krisanne ***
Brooks & Heinze Real Estate Team Skyline Properties, Inc. Kerstin Brooks - 206.276.5827 Krisanne Heinze - 206.920.2541 Email: firstname.lastname@example.org www.propertyinseattle.com