While the overall market is less competitive than earlier this year, securing an affordable home is still challenging for many buyers.
Prices in King County are essentially flat (good news for buyers) but the county saw 65% fewer active listings at the end of October than pre-pandemic in October of 2019 (bad news for buyers). As the year closes out, potential home sellers usually wait until the new year to put their home on the market, so buyers will likely have to wait a while to see fresh inventory.
Last month, the median home sold for $850,000 in Seattle.
Landlord Alert – Two Bills Affecting Rent Raises
On Monday, Sep. 27, 2021, the Seattle City Council approved two bills that directly affect a landlord’s ability to raise rents. Per CB 119585, starting Nov. 9, 2021, landlords will be required to provide 180 days’ notice of any rent increases (six full months). Also, per CB 120173, landlords will be required to pay equal to three months of rent to low-income tenants who depart due to rent increases of 10% or more. The relocation assistance bill takes effect July 2022. All rent increase in Seattle must include the following language: If you need help understanding this notice or information about your renter rights, call the Renting in Seattle Helpline at (206) 684- 5700 or visit the web site at www.seattle.gov/rentinginseattle.
Rain, Rain, Rain
All that rain we’ve had can be hard on your home. Make sure your gutters and downspouts are clear of debris, water is flowing freely, and everything is tied into the drainage system, so the water is carried away from your home —not pooling by the house. Pooling can cause damage to foundations and water can seep into basements.
Foreclosure Rates Up
Foreclosure rates rose during the third quarter of 2021 compared to the third quarter of 2020 and the second quarter of 2021, according to the Q3 2021 U.S. Foreclosure Market Report from ATTOM. As foreclosure moratoriums lift and forbearance programs come to an end, foreclosures are anticipated to increase slightly. However, government agencies and mortgage lenders have worked with homeowners who lost income during the pandemic and as a result, foreclosure rates so far have been kept relatively low.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
🦃 Happy Thanksgiving,
Kerstin & Krisanne
Brooks & Heinze Team at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827 – Krisanne Heinze: 206.920.2541