Seattle Market Update
Last month we told you there might be a shift in the air? We reported on an increase in inventory for the first time in years. Well, we can now confirm that the market has changed. It is still a seller’s market but we are seeing signs of a more balanced market. There are fewer bidding wars and more homes are selling for asking price rather than well above list price. Gone are the days where sellers could overprice, especially homes in less desirable neighborhoods or in poor condition; factors that seemed not to matter a couple of months ago. Buyers still have to make strong offers, especially on the better homes, but competitive conditions have eased a little.
Rents Continue Decline
After years of steep increases, Seattle rents are seeing a decline, and those declining returns could persuade some landlords to sell their property. Many rentals are multi-family properties but one in six single-family houses across the Seattle metro area is actually rented out rather than owner occupied. If some of those landlords decide to sell, it could add more inventory to the home-buying market.
The real big change in availability and reduction in rent is happening in new/newer apartments downtown/SLU/Belltown where vacancy rates hit their highest levels since the recession; one-fourth of all apartments there are now sitting empty and move-in specials (one-month free rent, gift cards, free parking, etc.) have become commonplace.
Are you thinking of selling your rental investment property? Let us know.
Median Rent price was Down YoY 3.7%:
May 2017: $2,700
May 2018: $2,600
Average Rent Price was Down YoY 3.23%
May 2017: $2,877
May 2018: $2,784
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Did you know?
Together with your income and assets, your credit score is an essential part of your loan application. However, credit scoring methods for mortgages are different than for credit cards and other consumer accounts. FICO® stands for Fair Isaac Corporation, the inventor of the analytics software that produces most credit scores. A person has three FICO® scores, one for each of the three major credit bureaus – Equifax®, Experian® and TransUnion®. Many consumers are led to believe that they only have one FICO® score, but this isn’t true. Currently, 55 different FICO® scoring models are in use. Many are industry-specific and not available to the public. If you recently purchased your FICO® score online, it may be vastly different than your FICO® score used for mortgage loan qualification. To learn more about this speak with your mortgage lender.
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Krisanne and Kerstin