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.
$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.
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541