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Seattle Real Estate Update for Fall 2017
October 12, 2017 /With its misty mornings and mouthwatering apple harvests, fall in the Seattle area is in full swing. As the seasons change, let’s check in on how the Seattle real estate market is doing. The median price for Seattle home is $667,500, or $476 per square foot, which is an increase of 16% over last year. Whether you are buying or selling, or are somewhere in between, here’s the latest scoop on the local market. 1. Mortgage rates rose last week but remain low. In the beginning of October, 30-year fixed-rate mortgages rose ever so slightly, from 3.83 percent to 3.85 percent. According to Freddie Mac, the 15-year fixed-rate also rose from 3.13 percent to 3.15. Adjustable five-year mortgages rose from 3.17 percent to 3.20 percent. Despite these increases, mortgage rates remain very low, which is good news for home buyers. 2. Seattle real estate reporter talks about the bubble. Because Seattle is experiencing such a competitive, wild real estate market, the question on many people’s minds is whether or not the current situation is a bubble that will eventually burst. Seattle real estate reporter Mike Rosenberg discussed this question and more in his recent AMA interview on Reddit. According to…Read more
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Five Reasons You Should List Your Home Today
August 10, 2017 /You may have heard that it’s a seller’s market right now. However,you may also be wondering what exactly that means for you, the potential seller. Here's the rundown of the current seller's market and a few reasons why you shouldn't wait to sell your home. 1. Seattle is one of the hottest housing markets in the country. According to several different reports, Seattle’s real estate market is one of the hottest in the country for 2017. And the city of Seattle isn’t the only area that’s hot: King, Snohomish, and Kitsap Counties are all experiencing competitive real estate markets right now. 2. Inventory is low. There are currently more people looking to buy homes than there are people listing their homes in the Seattle area. According to the Seattle Times, inventory is down by 27 percent when compared to last year's numbers. This means that competition among potential buyers is high. Plus, this competition often results in bidding wars, which means that sellers are likely to receive more than the original listing price. About 75 percent of listed homes have received multiple offers this year, and 56 percent of homes are selling for more than the asking price. In several city neighborhoods, and…Read more
