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