Current Market Snapshot Infographic | Statistical Reports
KIRKLAND, Washington (November 7, 2019) - "People are moving here, home prices will continue to increase, inventory shortages will occur. That's our future," remarked Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor, upon viewing the October statistics from Northwest Multiple Listing Service.
Active listings of homes and condos totaled 14,379, the lowest level since April. Compared to a year ago, last month's selection declined more than 21% and was down 10% from September, according to the new report from Northwest MLS. The year-over-year and month-to-month volume of new listings also declined last month. On a positive note, MLS
The market’s chilled out, but Seattle home prices still too hot for many first-time buyers
The Seattle area’s home prices have taken a break from their skyward trajectory of a year ago.
Seattle lost the title of the nation’s hottest housing market in August 2018 — but looking at home prices, which have stayed sky-high, that might be hard for shoppers to believe.
New monthly data shows the median price of a single-family home in Seattle — $760,000 — is exactly the same as it was one year ago. The same holds true for Bellevue, where a typical home ran $935,000 in August.
And while King County as a whole charted an infinitesimal bump in year-over-year home prices, it was so small that you might miss it if you
Buying a home is likely the biggest purchase you’ll make in your lifetime. There’s a reason why people joke they feel “house poor” when they leave the closing table. Too often the burden of the down payment leaves homebuyers’ cash reserves empty.
And, new data shows that can be a recipe for financial stress.
A better measure: Cash on hand
Research by the JPMorgan Chase Institute flips the script on homebuyer risk. It turns out that having a cash cushion trumps a big down payment.
Historically, a big down payment is associated with lower risk, but the report found that liquidity — having at least three months of mortgage payments available — is a better measure of homeownership success. In fact, borrowers with less than one month of
Are you on the fence on whether now is a good time to purchase a home? With low rates and better inventory than the area has seen in years, now is an excellent time to buy. In fact, according to Danny Forbes from Caliber Home Loans, it could cost you to wait. Here's a chart he sent detailing the costs of waiting in King County according to current projections of both home value and mortgage rates:
If you're ready to jump off that fence - give me call! I would love to assist you in all your real estate needs!
Even more great news for buyers! Not only is there ton more inventory to choose from than has been available the last few years, mortgage rates are dropping as well. This last week saw the biggest one-week drop in a decade. Rates overall are down almost a full point (1%!) from last October. Now is a great time to buy - if you've been on the fence, let's get you a home! Contact me anytime for all your real estate needs, I'd love to help you get into your new home.
See the article below from freddiemac.com (source link below, along with a good read from fortune.com regarding the rate drop):
The Federal Reserve's concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in
If you follow business and financial news, you hear a lot about which way the wind is blowing in the housing market. Including on Marketplace. From housing starts and new home sales, to existing home sales and various price indices, figuring out what all these numbers mean can be head-spinning.
Even one of the biggest homebuilders recently looked at all the signals coming from the housing market and, basically, shrugged. In January, Stuart Miller, executive chairman of real estate company Lennar, told analysts the company wouldn’t give a forecast for the year. “We’ve been careful not to give too much guidance looking ahead because there’s uncertainty,” he said in an earnings call.
How to make sense of it all? First, keep in mind that some of
After inventory and affordability challenges in 2018, prospective home buyers may have better chances of scoring a property this year. Affordability will remain an issue in some high-priced markets, says realtor.com® Chief Economist Danielle Hale, but overall, the national market is looking brighter for buyers who have stayed on the sidelines. Here’s why.
More homes are for sale. For the last few years, a limited number of listings has given buyers fewer choices. But housing experts predict more robust inventory this year. “For buyers, there is going to be more inventory, so that’s a bright spot,” Hale says. “The downside of that bright spot is it might not be in their price range.” The supply of homes for sale under $300,000 may not grow
Although consumer confidence seemed low in January with only 15 closed sales in Snoqualmie, and 20 in North Bend in what I feel is mainly due to the government shutdown; the market looking strong for sellers and buyers!
The Federal Open Market Committee (FOMC) voted to leave policy rates unchanged earlier this week during what was one of only eight regularly scheduled meeting the FOMC holds per year. Signaling that we may not see any further rate hikes this year.
Rates are still low by historical standards! Purchasing a home 10 or more years ago, chances are we were paying a much higher rate. Keep in mind we are still continuing trade talks with China and March 1st is the deadline for an agreement. However, with rates