Viewing entries tagged
washington

Spring has sprung Seattle's real estate market is warming up again...

Spring has sprung Seattle's real estate market is warming up again...

    If you’re following the real estate market in the Seattle area at all, you probably have come across headlines and news on the current house market, when is the exact “right” time to buy a home is, or the rise or fall of home prices.  In an expensive real estate market, it’s common for buyers and sellers to put a pause on the their real estate goals until the more economically ideal opportunity comes their way, which has historically been in different times of the year for the buyer and seller.  Overall, this creates a gap in the market...but Seattle has recently seen a shift in the market, creating a more sustainable outcome for both sides.

    In the second half of 2018, the Seattle real estate market experienced a cool-down, which was frustrating for sellers due to the urgency to lower their listed home prices. Subsequently,  sellers dropped their prices, which resulted into homes going off the market. Though this “cool-down” has come to an end in the Seattle area, buyers are encouraged to get a home that has been on the market for several months, under the contract for slightly lower than its original listed price.  Despite this cool-down in the fall and winter months, Seattle’s real estate market is expected to experience a continuous rise year over year... just at a more more sustainable level then we've experienced over the last 5 years of double digit home value appreciation.

    With spring in bloom, this is the time of the year where the real estate markets starts to heat up.  In the Seattle area, home prices have been rising at their slowest pace in years,  continuing a downward trend that started in the middle of 2018.  Recent forecasts have predicted that the median home price in Seattle will rise 2-2.5 % over the next twelve months, compared to rising in double digits annually several years ago.  With the slowdown in price appreciation, sellers have been more flexible and eager to negotiate, creating a wider selection of affordable options for buyers in 2019.  The comparatively slow rate of prices increasing is in accordance to the national trend, which is also declining. Mortgage rates are also at the lowest they have been in 12 months.  Lastly, Incomes in the Seattle area has been on the rise at the same pace as home prices, which has been a monumental shift after six years of home values significantly outpacing wages.
 

    Since the busiest time of the year for sellers and buyers has just begun, this is where the conversation and questions open up: 
Is this “really” the best time to invest in real estate?  


Despite the few logistical aspects of why 2019 is the year to make an investment, there are innate characteristics of Seattle that add value to your long term investment. Not only has Seattle has grown to be considered a top international metropolitan destination, but it is a leading tech-hub city, that has attracted people from all over the country and world, increasing the Seattle population.  This along with other attributes- natural beauty, diversity and good job prospects, this will sustain housing demand for the foreseeable future.


Bottom Line - Now is a great time to invest in real estate in Seattle. 
Home values aren't going to go down anytime soon and interest rates aren't going to get any lower.

a15135b4-1a96-4b9b-8fd3-54b79119f85e.jpg

Drop me a line to find out your home buying or selling options
or join us for our next "
Beers + Home Buying" Class to learn about the process of buying a home in Seattle.


Thanks for sharing in this journey with me.

 Until next time, be well and be excellent to each other!

Think you will never be able to afford to buy a Seattle area home? Well, think again...

Think you will never be able to afford to buy a Seattle area home? Well, think again...

    You don’t feel like you make enough money, you haven’t saved enough, your students loans and debts are a burden and you live in Seattle, one of the most expensive places to live in the country. If this sounds familiar to you, you might question my sanity if I told you might very well be able to (and should) buy a home now. A dip in the market, increased housing inventory and continued historically low mortgage rates = great opportunities for home buyers!

    I completely understand the hesitation and uncertainty association with becoming a homeowner - in the recent past, you may not have only personally experienced a substantial rise in your rent and cost of living in this highly desirable city but you have likely seen some of the sensational recent headlines, Facebook posts and memes about how pricey real estate has become and how we are becoming the next San Francisco as the median house price is North of $700,000.

    Lets face it, being constantly fed disappointing news can sour our outlook... but how can you reject something when you don’t have the full story? While I’ve heard plenty from the news about how home Seattle home values have plummeted in the last 8 months, the reality is that they are actually up 2% year-over-year and are expected to continue going up at a similar rate for the foreseeable future, as the Seattle economy and job market is still booming. If you could see the larger context of the Seattle market and take the time to fully understand the home buying process, you may be surprised that it is actually much more doable (and personally beneficial) for many Seattle renters to transition into Seattle area home owners!

    I recently realized that one of the largest barriers and hesitations for younger Seattleites to buying their own home was that they didn’t think they could afford it or didn’t understand the value and wealth creating potential that home ownership provides. To help dispel some of these rather commonly held beliefs, I decided to create and start a first-time home buying class in West Seattle... to inform, discuss and answer questions all about the process and realities of becoming a homeowner. We meet at The Westy, provide the drinks, appetizers and a fun laid-back class and have aptly called it the “Beers + Home Buying” Class. I’ve partnered with Stephanie Maulding, from Guild Mortgage to explain the first step of the process - getting prequalified for a mortgage. During last weeks initial class, we had a great turn out and were able to answer some real good questions, exchange ideas and experiences over our years in helping our clients with their home ownership needs.

4367f42f-365a-43e8-a66f-772ba197b162.jpg

Some of the big takeaways and myths we tried to dispel with the class were:

  • If you can afford rent in Seattle, you can likely afford to buy a home.

  • Why pay your landlords mortgage and help them accumulate equity and wealth, when you could be doing that for yourself?

  • You don’t need as much money for a down payment as you probably think you do!

  • The combination of the Seattle housing market having cooled off in the last 8 months, increased number of homes available and still historically low interest rates are providing great opportunity for Home Buyers RIGHT NOW!

    The feedback from the “Beer + Home Buying” class was so positive and it was such a success that we plan on doing this class monthly. If this may be something you are interested in joining us for in the future,go over to our Facebook page and “like” the Sea-Town Real Estate page, so you’ll see when we post our events each month.

e1563c1d-4fb5-45a7-824b-59967c370172.png

Thanks for sharing in this journey with me.

 Until next time, be well and be excellent to each other!