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Local Market Analysis Affordability: Commute Times & Interest Rates These graphs illustrate the brass tacks of affordability between King and Snohomish Counties, measured by the average monthly payment. Most recently in September, the average monthly payment was 35% higher in King County compared to Snohomish County. What is fascinating, though, is comparing today’s average monthly payment to peak monthly payments back in 2007! In King County, monthly payments […]
Local Market Analysis Market Update – Q3 Inventory levels providing more choices for buyers; is the market starting to stabilize? As we head into the fall and winter months after an incredibly eventful spring and summer, available inventory levels are starting to ease. It is still a seller’s market (3 months of inventory or less) in most areas, but one that is providing […]
Local Market Analysis Interest Rates and Your Bottom Line Wow, just wow! The interest rate levels that we have experienced in 2016 are seriously unbelievable. Currently we are hanging around 3.5% for a 30-year fixed conventional mortgage, almost a half a point down from a year ago. This is meaningful because the rule of thumb is that for every one-point increase in interest rate […]
Local Market Analysis What is the State of the Condominium Market in the Greater Seattle Area? We often speak about the Single Family Residential (SFR) market, but we thought it would be interesting to take a deep dive into the Condominium (condo) market in the Greater Seattle area. Condos can provide a more affordable option and have grown in popularity as SFR home prices have gone up.   Much like the SFR […]
Local Market Analysis Many Factors to Consider When Choosing to Rent vs. Own *The amount of time you need to own your home in order for owning to be a superior financial decision. There has been a lot of talk lately about the cost of living in the Greater Seattle area. Whether it has to do with home prices or rental rates the story is the same: it […]
Local Market Analysis A Thirteen-Year Overview of Inventory Levels- Where’s the Balance? The two graphs here illustrate a thirteen-year overview of inventory levels in both King and Snohomish Counties, highlighting the 2007 crash. Inventory levels are measured by the months of available inventory. For example, if there were 60 homes available in July and 30 homes sold in July, you would be left with two months of inventory; meaning that if no new homes came to market, […]
Local Market Analysis Market Update – Q1 2016 The 2016 real estate market is off to an extreme start! Strong buyer demand due to our flourishing job market and historically low interest rates are the driving force behind this market. Buyers often find themselves competing due to multiple offers which require seller-centric terms in order to win. Prices have continued to grow over the last two years, putting sellers in […]
Local Market Analysis Strategy is Key in an Extreme Market The beginning of 2016 has been quite the ride so far in our local real estate market. It has been the most extreme seller's market we've ever seen. At the end of February, both King and Snohomish Counties ended the month with only one month of inventory based on pending sales. Pending numbers (the amount […]
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Local Market Analysis It’s an Amazing Time to be a Seller! The two graphs here illustrate the amount of homes for sale and the amount of homes sold over the past two years in King and Snohomish Counties. This gives us a good look at the simple principle of supply and demand. We are currently experiencing one of the strongest Seller's markets in recent history. A […]
Local Market Analysis Home Price Affordability Driven by Commute Times Close proximity to the work place is often near the top of a buyer’s list of preferred features. 2015 proved to be the year that commute times to major job centers widened the price divide between key market areas in the Greater Seattle area. Seattle proper has always been more expensive than its neighboring suburbs, but the […]
Local Market Analysis Looking Towards the 2016 Real Estate Market As we round out a very strong 2015 in the real estate market, it is time to look towards 2016 and what it may bring. After two straight years of inventory challenges, multiple offer madness and steep price appreciation, will things start to temper? Below is a list of my predictions for what 2016 might hold for […]
Local Market Analysis How Much is Your Home Worth?   A Look at Local Home Value Growth Since 2012 Since 2012, home values have grown by around 10% each year, resulting in substantial return in pricing. Below are some examples of actual homes sold in 2012 and again in 2015 that were not remodeled or significantly improved in between sales. These examples show the […]
Local Market Analysis Housing Demand Defined What defines a housing market? We have had many different markets over the years that have been defined by certain identifiable factors. Will the last person leaving Seattle- turn out the lights, do you remember that billboard from 1971? Or the global housing boom of 2005-2007 that was driven by sub-prime credit lending options (which […]
Local Market Analysis Market Update – Q3 2015 The first three quarters of 2015 are measuring up to be a banner year in real estate. After three solid years of recovery, equity levels are providing sellers the opportunity to net more from their homes, providing them improved lifestyle options. More movement in the market would be welcomed as it would temper price growth […]
Local Market Analysis A Check-up on Prices & Appreciation As we finish up the 2015 summer selling market and head into fall it is a good time to take a look at where we are at regarding appreciation. The two maps below are from CoreLogic, a global real estate data analytic company. According to the top map, Washington has seen 8.9% in appreciation over the last […]
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