Seattle Market Update: Expecting a Busy Fall!
The astronomical fall begins September 23 but emotionally for most of us fall begins after Labor Day. It’s Back-to-School for the kids and in a way for us adults, as well. We have taken some time off for vacations or enjoyed long, sunny weekends outside, bbq-ing, hiking and camping.
The real estate market usually slows down in the summer and is the busiest in the spring and fall. This July, however, pent-up demand continued to fuel home sales around Western Washington. First-time buyers entering the market, existing homeowners changing homes, and relocating workers moving to Seattle all vying for limited inventory.
In August, we did see a little of the typical summer slowdown but we are expecting a busy September and October before the market will likely move into a slowdown for winter.
It is STILL a seller’s market – the Seattle real estate market is still suffering from severe inventory shortages.
The Northwest Multiple Listing Service tracks sales stats for the Greater Seattle Area and it shows that supply is about 1.2 months in King County. Several neighborhoods near Seattle job centers have less than one month of supply. Six months of inventory supply is considered a balanced market – we are definitely in a seller’s market.
Aside from local demand and low inventory, international and national factors also have an effect on the Seattle market. Most analysts expect the Fed to increase mortgage rates in the fall of 2015, in conjunction with their September 16 – 17 committee meeting. If that occurs, we could see higher mortgage borrowing costs toward the end of this year and into 2016, affecting affordability for some borrowers and causing a slight cool down in some price ranges. The influx of foreign buyers, mostly Chinese cash buyers, has fueled the Seattle market for a few years now. As long as China is allowing Chinese people to invest outside of their country this trend should continue. The recent market turmoil in China may actually encourage the Chinese to move more money out of the country and invest it in real estate in the Puget Sound. Most Chinese buy high-end or view properties.
Our Listings
We currently have one new listing in Haller Lake: 13345 3rd Ave NE, Seattle, WA 98125 for $425,000.
This great Mid-Century Rambler offers a bright, open layout on a quiet lane with easy access to I-5, Northgate and amenities. The kitchen updates include new cabinets, hardwoods, stainless range, and granite countertops. The original hardwoods in the bedrooms have been beautifully refinished. There are new windows & new paint throughout. The living room is huge and has been updated with new carpet and fixtures. The separate, formal dining room has beautiful built-ins. The large, level backyard with southern exposure is great for gardening and entertaining. This truly is a special, turn-key, nicely updated home with a great open & airy feel. One level living with a huge attached garage with work area and extra storage. Absolutely move-in ready.
More information and pictures are available at http://www.propertyinseattle.com/listings.html.
Did we mention it is a seller’s market? We are ready to list your home – let us know if you are thinking of selling.
Fall Contest
Our summer photo contest was a hit! So, we thought we’d do it again this fall. Join our “fall colors and decorations” photo contest. Submit a picture from your house, balcony or yard that shows how you decorate or what art projects you like. It can be a picture of pumpkins you carved, fall foliage in your yard, Halloween decorations, etc. – surprise us! Rules: Only one picture – must be submitted by November 1, 2015. Submit to us via email or on our facebook page. The winner will get a $30 gift card, the 2nd and 3rd prize will be a $10 gift card to a venue/store of the winner’s choice.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time, we’d love to hear from you.
We hope you enjoy the fall colors.
Happy Fall!
*** Kerstin & Krisanne ***
Brooks & Heinze Real Estate Team
Skyline Properties, Inc.
Kerstin Brooks – 206.276.5827
Krisanne Heinze – 206.920.2541
Email: info@propertyinseattle.com
www.propertyinseattle.com
Kerstin G. Brooks, Broker 