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