Brooks & Heinze Seattle Real Estate Team – August 2021 Newsletter

August 22, 2021

Seattle Market Update

We are seeing a cooling in the urban housing market but that doesn’t mean homes are now affordable or easily attainable. This statement can also not ring true for suburban homebuyers as the majority of those homes are still selling quickly and above list price, particularly in markets about an hour outside the city or in price ranges below $600,000. Competition for homes eased slightly in July but inventory is still tight and it is still a strong seller’s market.

There is usually a little slowdown of activity in August in the Seattle market as people enjoy summer and travel. This year, it feels like this slowdown happened a month sooner, coinciding with the lifting of many pandemic restrictions in the area at the end of June. Online home searches, in-person tours and mortgage applications have all been on the decline. It’ll be interesting to see if the pace picks up again in September or if this is a long-term trend.

In Seattle, the median single-family home price this July of $896,500 is up about 11% from last July but down from a $919,000 peak in May.

The current average mortgage rate for a 30-year fixed mortgage is 3.03 percent. At the current average rate, you’ll pay a combined $423 per month in principal and interest for every $100k you borrow.

Summer Home Maintenance Tips

We have 30 summer home maintenance tips, most of which you can do yourself. Following are four of them. Ask us for a complete list if you are interested:

1, Clean your dryer vent. Clean out all of the dust and lint trapped in the vent and exhaust duct. Dryers vents can be a fire hazard if they’re not cleaned and maintained.

2) Give your deck a once-over. Check your deck to see if there are any boards that look like they’re rotting. Have them replaced. Hammer any nails that are loose. Reseal your deck. 

3) Add a layer of mulch. Extra mulch will help fight off weeds and help your soil retain moisture during those scorching summer months.

4) Protect your home against unwanted guests. Cover any holes that are more than a quarter-inch wide. Get your tree branches trimmed back so they don’t create a highway for squirrels to your attic. Branches should be at least 8 feet from your roof. Do away with yard debris. Leaves and twigs are a haven for animals that might decide to invade your home.

Congratulations to our clients

Congratulations to AJ and Laura on the sale of their Greenlake Rambler!  

We’d love to hear from you

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

Enjoy your summer,

Kerstin & Krisanne

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 2021 Newsletter

July 12, 2021

Seattle Market Update

Properties still in high demand but we are seeing some cooling. We have seen more homes hit the market, finally increasing the supply of homes for sale. At the same time, homebuying demand has decreased, leaving the market feeling a few degrees cooler. Despite these changes, it is still very much a seller’s market but the share of homes sold above list price has flatlined in most urban areas. However, most first-time homebuyers in the suburbs looking for more affordable homes still face fierce competition.

NWMLS figures show the median price on last month’s completed transactions was $779,919 in King County (Snohomish County, $675,000; Pierce County $507,375).

Pandemic Mortgage Forbearance

Millions have avoided financial disaster during the pandemic thanks to government-mandated mortgage forbearance, which allows homeowners to skip payments or make reduced payments. As of March 2021, about 2.2 million homeowners remained in forbearance, according to the Federal Reserve Bank of New York.

If you are one of those homeowners, currently on a forbearance payment plan, communicating with your loan servicer prior to the end of your payment forbearance is crucial to avoid damage to your credit and/or foreclosure. Mortgage servicers continue to process millions of forbearances and under the Consumer Financial Protection Bureau’s new rules, effective Aug. 31, 2021, homeowners can continue to request a forbearance through the year-end. If you are not able to resume payments at the time your forbearance ends, you still may be able to enter into a loan modification with your mortgage servicer, but you should start those discussions before your forbearance period ends.

Our Listings

North Greenlake Rambler – 3 Bds / 1.5 Bths, $725,000 – Pending/Under Contract.

Congratulations to our clients

Congratulations to Michaelle and Randy on the sale of their Lynnwood Mid-Century, $650,000 – Sold.

We’d love to hear from you

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

Thank you,

Kerstin & Krisanne

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 – January 2020 Newsletter

January 26, 2020

Seattle Market Update

2020 is starting out as a seller’s market! In December, buyers had fewer homes to choose from in King County than any time since February 2018. To some extent, seasonal factors are at play as housing markets generally contract in December but the shortage in inventory was more than just a seasonal trend. Inventory for single family homes and condos (combined) was down by more than 30% in seven counties: Thurston (-54%), Pierce (-38.9%), King (-38.8%), Snohomish (-35.6%), Mason (-32%), Kitsap (-30.6%), and Skagit (-30.5%). There is only about 1.2 months of supply (6-month supply would be a balanced market). Available homes were quickly snapped up by buyers.
What does this mean for buyers looking to buy right now? Few homes to choose from and stiff competition from other buyers, as well as bidding wars driving up home prices. Whew!
Krisanne and I are working with motivated buyers and we can hardly get to the good homes fast enough with our clients before they go under contract! There are just too many buyers chasing too few properties. What a frenzied start to the new year!

Did you know?

The most expensive home to sell in 2019 in our area was in Hunt’s Point, WA. The 9,420 square foot home sold for $37,500,000. The second biggest sale was a $30,000,000 home on the waterfront in Medina. In 3rd place, another home in Medina on the waterfront which sold for $16,050,000.

Our Listings / Sales

We don’t have any home for sale right now but we are working with a seller in Shoreline and one in Kenmore to bring their homes on the market in the coming weeks. Stay tuned.

We’d love to hear from you

Life transitions such as growing a family, empty-nesting, dissolving a relationship, or other life circumstances often necessitate a change in living arrangements, let us know if we can help you with your next move.
Any questions, comments, or feedback? Contact us any time.

Happy New Year,
Kerstin

Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – December 2019 Newsletter

December 8, 2019

Seattle Market Update
The middle of November through the middle of January usually is a good time for homebuyers to get a good deal. However, extremely low inventory in the last few weeks, has been sending prices higher, especially in more affordable and mid-price ranges. Few new listings have come on the market and inventory on the market has been snatched up. With December typically marking a low point for new listings coming on the market, it doesn’t look like there are any deals to be had or properties available for buyers this winter.
Most buyers and sellers sit out the market between Thanksgiving and the New Year. So we don’t expect to see much activity the next few weeks. But what will 2020 bring? Our best guess, if mortgage rates stay below 4% and inventory remains tight, we will see a competitive market for buyers and a lucrative market for sellers. Of course, predicting market conditions can be tricky and a myriad of factors (location, price points, demand, economy at large, employment, income, etc.) play into the equation.

Did You Know
From 1908 – 1940, Sears, Roebuck and Co. sold over 70,000 mail-order houses. They arrived as a kit and came with most modern conveniences. Some of them still exist today. Sears Catalog Homes were sold primarily through mail order. Most were sold in North America.

Happy Holidays
We wish you Happy Holidays, complete health, much joy and success in the New Year! Kerstin will be travelling to Germany to visit with family and friends and Krisanne will be vacationing with family in the Grand Canyon. We hope you will get to spend quality time with your loved ones, as well.

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: http://www.propertyinseattle.com


Brooks & Heinze Seattle Real Estate Team – February 2019 Newsletter

February 8, 2019

 

Seattle Market Update

There is a clear lack of consumer confidence evident in the real estate market. January is always a little slow but we saw slower activity in the market than usual last month.

Seattle Area home prices are still dropping but for most Seattleites that still means homes are out of reach. The median income of homebuyers in the Seattle metro area has reached $114,000 or about 40% higher than the region’s actual median household income of $82,000.

The 30-year fixed mortgage averaged 4.46 percent for the week ending Jan. 31, up from 4.45 percent the previous week. A year ago, mortgage rates stood at 4.22 percent.

There is hope that the softening of house price appreciation along with increasing inventory of homes on the market, as well as historically low mortgage rates will give a boost to the spring homebuying season. However, signs of a slowdown in the global economy and lack of affordability for locals might dampen these hopes.

Seattle Rental Market

Seattle has added lots of new, modern and expensive apartment buildings to address the influx of newcomers to the Emerald City. Perhaps too many units were added. Currently, 1 in 10 units across the city are sitting empty. Landlords have responded by lowering rents slightly and offering more perks to get tenants in the door. For more detailed information click here. Unfortunately, affordable apartments are still hard to find.

The rental market is cooling the most in the priciest parts of the region. On the Eastside, rents dipped 2.5 percent, in the last quarter, while rents remained virtually unchanged in South King County and Snohomish County. Rents dropped at least 3 percent in the past quarter in Belltown, South Lake Union, Fremont/Wallingford, Kirkland, Redmond, Sammamish/Issaquah and Edmonds.

Did you know?

A recent report by AARP found that 90 percent of retirees want to stay in their homes as they age. Aging in place — rather than packing up and moving to a specialized retirement community — is the newest housing trend for older Americans.

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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