Seattle Market Update
In urban areas prices are decreasing, in most suburbs prices are still increasing slightly, and in markets with greater affordability prices are still soaring. Follow this link to view the decrease/increase in your neighborhood.
One of those hot markets where prices are still shooting up is Tacoma, where greater affordability and high demand are the driving factors. However, condominium prices in King County continue to fall. Figures show condo prices in King County dropped about 9.6 percent and inventory surged nearly 122 percent compared to this time last year.
Mortgage Interest Rates
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.35%, the lowest for 2019. Quite a change from the near 5% rates in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low.
10717 Burke Ave N #E, Seattle, WA – $423,000 – BACK ON MARKET. Buyer’s financing failed so we are back on the market. Modern Northgate Townhouse – 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer – shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues! MLS#1451735.
Did you know?
Did you know that Seattle City Law requires vehicles be moved every 72 hours. This can be a real pain if you only drive your car on weekends and take the bus to work on weekdays because you’ll have to move your car on Wednesday even if you don’t really need to drive anywhere. Or else, face a pricey parking ticket, as well as stiff towing and impound fees costing hundreds of dollars; and your car can be sold to cover the fees if you don’t pay up and get your car out of impound.
You might wonder why we bring this up in a newsletter about housing. More than 2,300 people (20% of the county’s homeless population) counted in 2017 lived in vehicles. King County Superior Court Judge Catherine Shaffer recently ruled that the city had violated a homeless man’s rights against excessive fines (tickets, tow and impound) under the Eighth Amendment, she also ruled the man was protected by Washington’s Homestead Act (Frontier-Era Law), which protects homes from forced sale due to certain debts. Basically, in her interpretation if a vehicle is used as a home these protections apply.
Opponents of the judge’s interpretations of the law fear this will translate into anyone being able to remain parked wherever and however long they want to as long as they claim they live in the vehicle because police will stop enforcing the 72 hour maximum parking restrictions.
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