Brooks & Heinze Seattle Real Estate Team – November 2019 Newsletter

Seattle Market Update

Buyers don’t have much of a selection. In King County, there were 25.7% fewer homes on the market in October this year compared to last year. Snohomish and Pierce Counties saw similar dips, of 23.5% and 30.0%. In the fall, the number of homes for sale start dropping, so we expect inventory will continue to decline and we don’t expect to see a significant influx of new inventory until spring.

Nonetheless, late fall and winter can be a good time for buyers to get a good deal. It is true there are usually fewer homes on the market this time of the year and house shopping on a dark foggy and wet night might not be as fun as in the summer but there are also a lot fewer other buyers competing with you. And rates are great! The 30-year fixed mortgage rate averaged 3.78% for the week ending October 31.

In Seattle, the median price of homes sold rose 3.3% from a year ago, to $775,000 — the largest percentage increase in 12 months, according to data from the Northwest Multiple Listing Service (NWMLS).

Our Listings

No current listings available – we sold all of our inventory. 😊 There are still some great homes on the market though. We’d love to help you buy your new home.

Did you know?

Did you know, it takes about $114,535 household income to buy a $750k house? You need to speak with a home lender to find out exact details for your household and situation. The information below is not a guarantee you would qualify for a loan and provided for informational purposes only:

If you assume a 50% debt-to-income ratio (as allowed by Fannie Mae and Freddie Mac), 10% down payment, 4% interest rate, 1% property taxes, upfront mortgage insurance, $75/month homeowners insurance, $500 in car loans/leases per month, $200 in student loans per month, and $150 in monthly minimum credit card payments…here’s what you’d have to earn to buy in today’s market:

Median home price of $750,000 = minimum household income of $114,534
Tacoma median home price of $419,000 = minimum household income of $73,787
Renton median home price of $680,000 = minimum household income of $105,922
Bothell median home price of $700,000 = minimum household income of $108,385
Everett median home price of $459,000 = minimum household income of $78,712

Hint, there’s a reason the Everett and Tacoma housing markets are on fire – these areas offer home prices that are still considered affordable

Veteran’s Day! 

We wish our Veterans well. We appreciate all who have or are serving. May peace prevail.

Happy Thanksgiving!

Enjoy your time with friends and family and a Good Meal. We hope you have much to be grateful for.

We’d love to hear from you

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

Thank you!

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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