Seattle Market Update
Even as concern over the rapid spread of the novel coronavirus mounts, the market for Seattle-area homes remains hot. It’s too early to tell just what the impact of the novel coronavirus will be in the coming weeks, however, low inventory, low mortgage rates and excited spring buyers are keeping sales moving. Traffic through homes for sale has not slowed.
Mortgage Interest Rates
When there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history. If your current rate is over 4% and you intend to stay in your home for several more years, we recommend you take a look and see if you can save some money on your current mortgage payments or maybe shorten your term. Talk to your preferred lender or feel free to reach out to Rodney Coulombe, Senior Loan Advisor at RPM Mortgage, NMLS #70209: www.rpm-mtg.com/rcoulombe
Property Taxes Up
Did you receive your property tax statement? Counties usually mail it in the middle of February. For most of you, property taxes went up and for some of you they went up quite a bit. Ouch!
Fortunately, limited-income seniors (61 and older) with incomes below $58,423 in King County ($55,473 in Snohomish County & $45,708 in Pierce County), disabled homeowners and veterans are getting a break, with a more generous property-tax exemption taking effect this year. It is estimated that only 20% of eligible seniors, disabled homeowners and veterans are taking advantage of this tax break simply because they don’t know it exists or they don’t think they qualify. If you would like to learn more, contact us and we’ll let you know how you can apply for a deferral or exemption.
Did you know?
Since the Empire State Building was opened during the Great Depression, much of its space initially went unrented. As a result, many New Yorkers referred to the building as the “Empty State Building.”
SOLD 02/27/2020 – 19514 Burke Ave N, Shoreline – $640,000.
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