April 14, 2023
Market Update
The “Best Time to Sell” nationwide, according to Realtor.com, is the week of April 16-22. We certainly agree that spring, particularly late April through mid-June has historically been a great time in the Seattle area to put your home on the market and find a suitable buyer for your home.
The real estate market started a little slow this year and inventory was particularly low in January and February but in March we started seeing the listing numbers moving in a more positive direction and finally giving buyers some more selection. At the end of March, there were 8,007 active listings in the MLS database, up about 10.7% from February’s selection. We are seeing more inventory every day now hit the market. Open house activity is also up, showing that buyers are actively searching.
Home buyers have shown they are very rate sensitive and are paying close attention to monthly mortgage payment amounts. According to Mortgage News Daily the national average for a 30 year and 15 year fixed interest rate ended the week at 6.39% and 5.87% respectively.
Home prices are holding steady but we are headed into the time of year where values usually rise.
40-year Mortgages
The Federal Housing Administration recently gave the OK to 40-year mortgages. It’s a move designed to try and make it easier for first-time home buyers to get into a home as it lowers monthly payments which have been rising as mortgage rates went up. It might help some buyers get into a house. However, the trade-off is that a 40-year mortgage (compared to the more traditional 30-year mortgage) adds an extra 10 years of interest.
Property Taxes Due
Property taxes in the State of Washington are paid in two separate installments and are based on the calendar year as follows: The first installment is due on April 30th and becomes delinquent on May 1st. This payment covers the tax period from January 1st through June 30th. The second installment is due on October 31st and becomes delinquent on November 1st. This payment covers the tax period from July 1st through December 31st. In most cases, if you have a mortgage on your home, your lender will be making your payment on your behalf from the escrow payments they have been collecting from you with your monthly payment.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Thank you,
Kerstin 🌷 Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com Web: www.propertyinseattle.com
Kerstin G. Brooks, Broker 