Seattle Market Update:
The pool of interested buyers significantly outweighs what is available for sale. Seattle’s home values keep rising. This isn’t just true for sizzling hot Seattle and Bellevue but all of the Eastside, Everett, Tacoma and other surrounding areas which are all seeing tremendous demand and rapidly increasing home values.
Since the beginning of the year, mortgage rates have moved up from roughly 4% to 4.25%. For a 20% down, 30-year-fixed loan that has changed monthly mortgage payments for a $300,000 loan from approx. $1472 to $1545. This doesn’t seem like much but it is important to note that this has decreased the amount a borrower can borrow. A buyer who was approved for a purchase price of $375,000 at the beginning of January with a $300,000 loan now is only approved for a $357,000 purchase price with a $285,0000 loan.
We expect the hefty price gains to ease. Incomes aren’t going up at the same rate as housing prices and mortgage rates are going up. What does this mean? It means fewer people will be able to afford homes and this may slow down the runaway prices a bit but pent up demand is still so great for housing that making a reliable prediction on prices is difficult.
Huge Property Tax Increases
Property tax statements were mailed by the King County Treasury between February 14 and February 20, so you should have received your bill by now. Kerstin’s property taxes increased by $958; Krisanne’s property taxes increased by $1420. Property taxes across King County will increase about 17 percent on average this year, primarily due to additional taxes passed by the Legislature to increase funding for K-12 education. About 57 percent of property tax revenues collected in King County pays for schools. Property taxes also fund voter-approved measures for veterans and seniors, fire protection, and parks among other services.
Low-income seniors, veterans and disabled homeowners may qualify for a property-tax exemption offered by King County. Information on how to apply for an exemption, along with other property-assessment-related information, can be found at kingcounty.gov/assessor
To avoid interest and penalties, the first half property taxes must be paid or postmarked by April 30, 2018. The second half property taxes must be paid or postmarked by Oct. 31, 2018.
Did you know?
Responsible dog owners bag their pet waste and put it in the trash. This keeps harmful bacteria out of your yard, streams, parks and homes. Some bacteria in dog poop can live up to four years in your yard where it can make your pet sick or get tracked into your home. Yuck! So, bag the poop and throw it in the trash.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time, we’d love to hear from you.
Thank you,
Krisanne and Kerstin
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com
Kerstin G. Brooks, Broker 