Seattle Real Estate Update: Fall 2019
As drizzly days and cooler temperatures arrive, I have to admit that fall is my favorite season in Washington. I love falling asleep to the rain, I love the silvery mist in the mornings, I love sipping on big steaming cups of coffee all day, and I love cozy fall layers (as the Swedish say, “There’s no bad weather, only bad clothes.”)
And while it’s always important to inhabit a home you love, the fall’s insistence on coziness makes a solid real estate investment even more necessary to one’s wellbeing. If you’re looking to buy or sell this fall, or if you have general real estate questions, Pickett Street Properties can help—reach out to them at firstname.lastname@example.org or (425) 502-5397.
Also, to keep you informed, here is a fall real estate update for the Seattle area.
1. Long-term mortgage rates decrease.
According to Freddie Mac, the average rate on the 30-year, fixed-rate mortgage dropped to 3.64% from 3.73% this past week. A year ago, this rate held at 4.72%.
Additionally, the average rate for 15-year, fixed-rate home loans dropped this week to 3.16% from 3.21% last week. These declining rates are good news for both buyers and sellers looking to finalize offers in early fall.
2. Seattle ranks tenth in the U.S. for real estate development.
In their Emerging Trends in Real Estate report, the Urban Land Institute and the consultancy PwC report that Seattle is in the top ten cities in the country when it comes to real estate development for 2020.
The Seattle Times notes that this ranking applies less to residential housing development and more to real estate’s general state of affairs in this city. According to the report, “Seattle real estate remains in expansionary mode.” The city has already begun construction projects for around 8.8 million square feet of office space, half of which sits in South Lake Union.
The report expects Seattle to experience average housing development in 2020 (ranking 31st in the country). However, the city’s high ranking for general real estate indicates a strong economy, high investor demand, and job density—all of which is good news for prospective buyers and sellers.
3. Home prices hold steady.
The rise in home prices has been slowing down all over the country. Meanwhile in Seattle, home prices remain fairly stable. Business reporter Katherine Khashimova Long writes that Seattle home prices are currently in a “holding pattern.”
Prices dipped slightly in August, making Seattle “the only major market in the country to post negative year-over-year housing price returns.” However, this data may have just been a blip, as the area’s home prices seem to be slowly on the rise again.
4. Experts predict that inventory will rise.
Market analysts believe that, with the area’s strong economy and job growth, and homeowners looking to sell before winter sets in, this fall will bring increased housing inventory. The Seattle PI asserts, “If you’re looking to buy, there may be a window soon. But act fast — winter is coming.”
In other news, read about the city’s trend toward constructing tall buildings out of timber, this amazing integration of landscaping and contemporary art, and more information about apartment rentals.
Be sure to contact Pickett Street at email@example.com or (425) 502-5397 to learn about your best real estate options for the fall.