It’s hard to believe but the year is almost over. Seems like life is just rushing by at times. We hope you will have a chance to slow down over the holidays. May you have time to reflect on this year and make plans for a happy and healthy 2016.
Seattle Market Update: Year in Review & the Year Ahead
Inventory levels were critically low all year, making 2015 a strong seller’s market. Acute shortages are still evident in King and Snohomish counties, both with less than two months of supply. Six months of inventory supply is considered a balanced market – we are definitely in a seller’s market. Seattle has a great job market with many families relocating to the area and increasing demand for housing. We expect sales prices and rents to continue increasing in 2016.
All year, analysts expected the Federal Reserve to increase interest rates. This last Wednesday, the Fed finally raised its key short-term* interest rate by 0.25%. It was the first rate hike in a long, long time. The Fed slashed interest rates to zero in December 2008 to stimulate the economy and boost the housing market during the depths of the Great Recession.
The change in the fed’s short-term rate, however, does not mean that the average rate on the 30-year fixed mortgage will now automatically be a quarter point higher. Nevertheless, we expect to see mortgage rates to climb as a result of the Fed’s decision.
* Definition of Short-term interest rates (https://data.oecd.org/interest/short-term-interest-rates.htm) Short-term interest rates are the rates at which short-term borrowings are effected between financial institutions or the rate at which short-term government paper is issued or traded in the market. Short-term interest rates are generally averages of daily rates, measured as a percentage. Short-term interest rates are based on three-month money market rates where available. Typical standardized names are “money market rate” and “treasury bill rate”.
Our Listings
We have no current listings, but we’d love to help you sell your home if you are thinking of selling in 2016. Did we mention that it is a seller’s market?
We have moved
We have moved our office. We only moved half a block down the street. So, we are still in Northgate near the transit center and the Northgate Mall. Our new address is 9750 3rd Ave NE, Suite #425, Seattle, WA 98115.
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 holidays.
Happy Winter!
*** Kerstin & Krisanne ***
Brooks & Heinze Real Estate Team
Skyline Properties, Inc.
Kerstin – 206.276.5827
Krisanne – 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com
Kerstin G. Brooks, Broker 