🍂 Brooks & Heinze Seattle Real Estate Team – October 2021 Newsletter
Seattle Market Update
Fall has brought with it cooler temperatures, rain and some favorable trends for home buyers. Homebuying activity has remained strong. However, there are signs that the market has slowed a little. Low inventory continues to pose challenges for buyers. Homes are taking slightly longer to sell, which gives buyers more time to make thoughtful decisions. Some areas and price ranges are still very hot but in other areas prices have plateaued or even slightly dropped.
The average mortgage contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.23%. Rising mortgage interest rates caused a drop in mortgage demand for both refinances and home purchases. The expectation is that mortgage rates will continue to rise, as the Federal Reserve tapers its purchases of mortgage-backed bonds.
How will these higher rates impact homebuyers? For every home purchase that involves a mortgage, both the rate on the mortgage and price of the home will affect the size of the monthly mortgage payment. Rising mortgage rates in combination with high home prices erode affordability.
Making a Good First Impression
Landscaping provides potential buyers with a first impression of your home. Aside from adding curb appeal and aesthetic charm, it also sends the message that the home is likely just as well-maintained. A well-designed outdoor space and attractive, functional landscaping is even more important now that all of us are spending much more time at home. Trees, in particular, add value, beauty and environmental benefit in the Pacific Northwest. According to a survey by trees.com, poor landscaping can decrease your property value by as much as 30%, ouch!
Congratulations to our clients
Congratulations to Ryan and Travis for getting into contract on a fantastic home in Burien!
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Kerstin 🍁 Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541