What are you up to this summer? I sincerely hope that, whatever your plans are, they involve eating good fresh food, getting out on the water, slowing down, and doing a whole lot of nothing with your favorite people.
Perhaps your summer plans also involving buying a home, selling a home, or engaging in some other part of the real estate world. So, while you’re enjoying a cool beverage, here is a Seattle area real estate update. Also keep in mind that the first thing you should do is contact Pickett Street at email@example.com or (425) 502-5397. They have the know-how and the skills to help you navigate real estate with as little stress and as much enjoyment as possible.
1. Mortgage rates increased.
According to Freddie Mac, the 30-year fixed rate mortgage recently rose to 4.62%. (One year ago, this rate was 3.92%.) The 15-year fixed rate mortgage rose to 4.07%. (One year ago this rate was 3.18%.)
The plus side of this is that mortgage application activity has also declined, which may mean less competition if you are looking to buy a home this summer. However, according to economist Joel Kan, “government applications increased, driven largely by increases in FHA applications, reflecting stronger demand by first-time home buyers.”
2. New home prices decreased.
According to realtor.com, the median price of a brand new, recently built, never-before-lived-in home has dropped 6.9%, which is the lowest it’s been in a year. Real estate experts recommend buying now to take advantage of these low prices.
3. Rents are (still) increasing quickly.
Though Seattle’s rental market has cooled a bit, it’s still one of the most expensive rental markets in the country. Which is another great reason to seriously consider buying a home and disengaging from the rental game.
4. Home buyers should be creative and decisive.
Mike Rosenberg over at The Seattle Times offers a few tips for buying homes in Seattle’s wild real estate market. His tips include: acting quickly once you find a property you like; looking for a home outside of Seattle, such as in Everett or Tacoma; and buying homes off-market.
Rosenberg also suggests looking for fixer-uppers and for “stinkers.” This term refers to homes that, while they haven’t sold quickly, actually aren’t that stinky at all. Often, these homes are still on the market simply because the sale fell through during closing, or because the seller’s asking price was too high and scared buyers off. Rosenberg recommends “taking a hard look at these homes and investigating their back story.”
5. Two fun things.
Last but not least, check out this gorgeous home if you haven’t already. It’s one of those architectural spaces that sticks with you.
Also, just because it’s fun and because we’re all real estate nerds here, take a look at this cool, Marie-Antoinette-inspired mansion in Beverly Hills, which is one of the most expensive real estate listings in the country right now. Too bad it’s not in the Puget Sound area, which we all know is the best place in the country to live.
Contact Pickett Street today at firstname.lastname@example.org or (425) 502-5397 for help finding or selling your home this summer.