Brooks & Heinze Seattle Real Estate Team – August 2019 Newsletter

Seattle Market Update

Single Family Homes: In city sales have cooled. Buyers are seeing increased selection at reduced prices. Mortgage rates are low and usually this provides a lift to sales but it doesn’t seem to be having much effect on sluggish sales in town where property values are too high for many.  The story is different outside of Seattle, especially in Snohomish and Pierce county where homes often sell quickly and buyers are competing for homes still considered affordable.

Condo Market:We are seeing falling prices and rising inventory in the Seattle condo market. The trend is fueled by sellers who find being a landlord is harder than it used to be. According to a study from the University of Washington, nearly 40% of Seattle investors who rent out condos are selling in response to city regulations such as restrictions on move-in fees, criminal background checks, and regulations on how to qualify tenants. One exception are downtown condos where the market has been picking up.

Our Listings

9911 197th Ct NE, Redmond, WA – $1,225,000–   Exquisite Novelty Hill Home  – New Listing!

4 bedrooms, 3.5 baths, 3-car garage. Enjoy a bright, open floor plan & rambler style living. 3 bedrooms on the main level with nicely updated master bathroom and Jack & Jill bathroom. Guest suite & rec room upstairs. Fully fenced, huge yard on beautiful .78 acre lot with various outdoor entertaining areas. Newer furnace & A/C, 50 year roof, 1380 SQF unfinished basement w/permit ready plans. Updated kitchen w/granite, stainless appliances, large pantry & breakfast bar. Hardwoods. 7 minutes to MSFT, amazing schools, and conveniently close to just about everything.

10717 Burke Ave N #E, Seattle, WA – $369,000– Back on Market. FANTASTIC VALUEfor Northgate!

Modern Townhouse – 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer – shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues!

917 23rd Ave, Seattle, WA 98122 – $620,000–  Pending/Under Contract. Central District Charmer.

Welcome home to this cheery, clean and updated home in one of Seattle’s most diverse, hip and lively neighborhoods. 3bd/2bth, 2-off street parking spots. Walk to nearby Central District cafes, dining & shopping. Just minutes away from downtown. Many of the systems have been updated (electric, lighting, plumbing).  Inviting, private rear deck perfect for BBQs and outdoor entertaining. Urban micro garden space.  Two large off-street parking spaces. Lots of extra storage in walkable crawlspace under the home. Turnkey!

Did you know?

Kerstin works with a Group called Boomers Plus. Many of our clients are seniors and in addition to needing help with buying and selling real estate, some of them need additional services such as Reverse Mortgages, in-home care, aging-in-place remodelers, relocation assistance to assisted living, etc. We’d be happy to help you or any seniors in transition with finding trusted and skilled professionals that specialize in these services.

We’d love to hear from you

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

Thank you,

Kerstin

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 2019 Newsletter

Seattle Market Update

The trend from last month continues. Prices in Seattle are still dropping as inventories build and buyers continue to search outside the city limits for more affordable housing.  Last month, the median home price in Seattle fell to $781,000, a 3.9% drop from June of 2018. In King County overall, median prices dropped by 2.3% in June from the same period last year, to $695,000.

Will we soon see more MILs and ADUs

We might soon see more backyard cottages, mother-in-law suites and basement apartments. In an effort to address our city’s affordable-housing shortage, the Seattle City Council recently voted unanimously to enable the construction of more ADUs, while removing requirements that property owners live on site and provide off-street parking. These smaller units typically rent below market rate, and one in 10 provides free housing, usually to friends or family of the primary homeowner.  For more information on the recent changes click herefor an article in the Seattle Times.

Our Listings

10717 Burke Ave N #E, Seattle, WA – $399,950– BACK ON MARKET, buyer’s financing failed. Modern Northgate Townhouse – 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer – shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan. Kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues! MLS#1451735.

Buying a new house but all your funds are tied up in your current house

Some buyers choose to buy the new home contingent on the sale of their current home, meaning they will make an offer on the new home they want to purchase and ask the seller to agree that they will only go through with the purchase if they can sell their home. Sounds good, except most sellers will include a clause that they are allowed to entertain other offers and can bump you unless you remove the contingency if a better offer comes along. Buying contingent on the sale of your current home means you are not obligated to buy the new home unless you sell your current home but it does not guarantee you can stave off competition, especially in a seller’s market.

There are different solutions to this problem and the best solution depends on the current market conditions and your financial situation. However, If you have enough existing equity in your current home, you may qualify to purchase a new home non-contingent BEFORE selling your existing home with 100% financing, when financing with a cross collateralization loan. If you would like to research this option and get more information on this program, I would be happy to put you in touch with Paul Scobee at Evergreen Home Loans.

We’d love to hear from you

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

Thank you,

Kerstin

 

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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