Seattle Real Estate – Kerstin G. Brooks, Broker

Brooks & Heinze Seattle Real Estate Team – October 2023 Newsletter

Market Update It is typical for the real estate market to slows down as we head into October and usually the market is slow through the winter months. September, however, is usually a strong market. This year though, the high-interest rate environment has translated into a much earlier downturn in the market. In some areasContinue reading “Brooks & Heinze Seattle Real Estate Team – October 2023 Newsletter “

Co-op Ownership – an affordable option?

Interested in buying property on Capitol Hill (Seattle, WA) but can’t find an affordable solution? Have you considered a co-op? Here’s a terrific 1 bed / 1 bath plus den co-op in the vintage Union Terrace Co-op under $300k: 1136 13th Ave #206, Seattle, WA Only $290,000! 1 bed / 1 bath / den IfContinue reading “Co-op Ownership – an affordable option?”

Has the Seattle Housing Market Gone Nuts? Yes! But why?

The market sure has heated up. Prices are going up and multiple buyers are competing for the few houses available.
So what’s going on?
– Seattle Unemployment is Low:
In February the Seattle area’s unemployment rate hit its lowest level since September 2008 at 5.1%.
– Consumer Confidence is High:
Confidence is now at a new post-Financial Crisis high.
– Mortgage Rates are Still Attractive:
Current interest rates are roughly on par with where they were in August 2011 and still two points below the 6.41% average rate during the height of the housing bubble through 2006
– Limited Supply of Homes Available for Sale:
There is about a 1.8 month supply of homes for sale in King County. A 4-6 month supply is needed for a balanced market between home buyers and sellers. We are NOT in a balanced market – we have a strong seller’s market.

Under water? Can’t afford your mortgage payments anymore? Short Sale as Foreclosure Avoidance Tool best for some Homeowners

According to yesterday’s issue of the Puget Sound Business Journal, about 16 percent of all residential properties with mortgages were in negative equity at the end of the year in Washington State. Negative equity means the homeowner owes more on the home than the home is worth. This can occur because of a decline inContinue reading “Under water? Can’t afford your mortgage payments anymore? Short Sale as Foreclosure Avoidance Tool best for some Homeowners”