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November Market Update for Seattle Real Estate

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The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. In November, the median sales price of a Seattle home continued to level out, dropping only 1%.

  • The amount of homes for sale on the market dropped by about 20%, however that is in line with seasonal norms and market fluctuations as less people list their homes in November and December during the holiday season.
  • Days on market edged up slightly, with Seattle homes now spending about a month on the market before accepting an offer.
  • Due to the lack of new listings coming on the market, there was only 2.1 months of inventory (the amount of time it would take to sell all homes on the market if no new inventory were to come on.)
  • Total closed sales volume was down 20% from the previous month and sharply from November of 2017. In Ballard, it was down by nearly 50%! Not as many homes sold and people pulling back in the holiday season can explain the lack of listings and sales.

Got questions about Seattle real estate? Give us a call at 206-965-8205.

FHFA Increases Loan Limits for 2019

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Lender Loan Limits Increase House

The Federal Housing Financing Agency (FHFA) announced Tuesday that it would increase loan limits for 2019. This is the third year in a row that the FHFA has authorized new limits, which for home-buyers means the ability to borrow more money under a conventional loan structure with a limited down payment. The new loan limit will be $484,350, rising from $453,100 in 2018, an increase of 6.9%. This means a home-buyer could get a conventional loan up to $484,350 while putting as low as 3% down.

In King and Snohomish counties, the conforming loan limit is significantly higher than the national loan limit, at $726,525, up from $as the area’s property values have increased significantly in the last several years. Buyers wanting to finance a home with a conventional loan have increased flexibility with the new loan limits and minimum down payment structure.

Seattle’s market has recently been cooling off, so it’s a good time to jump in. We can put you in contact with a trusted local lender and help navigate your home purchase. Don’t hesitate to contact us at 206-965-8205 or drop us an email at hello@remaxonmarket.com.

Should Sellers Decorate Their Homes for the Holidays?

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decorated living roomTo deck the halls or not to deck the halls? That is the question many Sellers find themselves facing when their home sale creeps into late November and December. Should Sellers show their holiday spirit, or should they just remain neutral?

Our broker, John Manning, was quoted in this article by Fresh Home, and he believes Sellers should err on the side of caution. “At the risk of sounding like a Grinch, we vote not. Buyers can hail from a variety of cultures and religious views, and if you want your home to appeal to the widest audience, you need to create a neutral environment. Buyers are walking through prospective homes envisioning their own life in the home, literally thinking, ‘Will this home suit me and my family throughout the year?’”

Furthermore, Anita Springate-Renaud, licensed partner and broker at Engel & Völkers Toronto Central, says elaborate or excessive decorations can distract from the parts of the home Sellers want to shine in any potential property walk-through. These include things like square footage, wall space, the quality of finishes and other amenities. How are buyers going to see how large your living room is with a 12-foot tree filling it up?

If you have questions about how to sell your home in Seattle or preparing your home for the market, we’re always here to help. Give us a call at 206-965-8205 or email hello@remaxonmarket.com. We’re always happy to provide a complimentary analysis of your home.

October Market Update for Seattle Real Estate

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The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. In October, the dropping prices in Seattle’s real estate began to level out, with only a 1% price drop month-over-month. Listings stayed level, suggesting that homes are moving and Sellers may be more cautious. Days on market edged up slightly, but not as much as previous months, and closed sales were up for the first month since July.

Got questions about Seattle real estate? Give us a call at 206-965-8205.

Buyers See Relief As Housing Market Shifts

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Houses on a hill

Buyers are seeing relief in the housing market after years of double-digit percentage growth in the west coast housing market. Nationally, the story is that year-over-year home sales dropped by 11.6%.

In west coast markets, RE/MAX agents are reporting home sales are down nearly 20% in August and September, marking a shift from the days of multiple offers and crazy escalations that Seattle, San Francisco and other hot markets have become accustomed to.

Our broker, John Manning, was quoted in the Forbes article. “There’s a healthy correction to the ‘red hot’ sellers’ market last spring with its multiple offers, low inventories, waived contingencies, and frustrated buyers,” Manning notes. “Sellers are realizing that it may take weeks or months to sell their home and to be competitive, they may need to make property improvements, invest in staging and marketing. Buyers are awakening to the fact they have more choice and purchasing power.”

If you’re on the market for a home or interested in selling, we’re happy to give you a free expert consultation. Our team of brokers helps buyers and sellers all over Seattle and the Puget Sound area, from Everett to Tacoma. Give us a call at 206-965-8205 or email hello@remaxonmarket.com to get started.

NWMLS InfoSparks September Market Update for Seattle and Ballard

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The Seattle and Ballard Market Update is a monthly update using information from NWMLS’ InfoSparks using data for sold residential and condominium homes in Seattle and the Ballard/Greenlake area. September’s Market update key points include:

  • Median sales price is up slightly
  • Listings available are up 25% from last month. Not quite as much as July to August, but still a significant jump nonetheless
  • Closed sales were down again, a 28% drop from August to September
  • Average days on market jumped to 23 days for Seattle, increasing the months of inventory to 2.4. We haven’t seen that high of a month’s supply since Sep 2013.
  • Total sales volume was down sharply, by almost $200 Million

Have questions about buying or selling, or specific questions on trends in your neighborhood? Shoot us an email at hello@remaxonmarket.com. We’re happy to answer all your questions!

August Seattle Market Update

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The Seattle and Ballard Market Update is a monthly update using information from NWMLS’ InfoSparks using data for sold residential and condominium homes in Seattle and the Ballard/Greenlake area.

What’s going on in the Seattle Real Estate Market?

You may have been hearing that Seattle’s real estate market has cooled off considerably, or that it’s now a “buyer’s market.” That’s not necessarily true. While inventory is up, it’s still not up enough to meet current demands. Houses are also on the market longer, but in Seattle, that average is still only 15 days. We still have less than 2 months of inventory across all of Seattle, and many experts consider a balanced market to be 4-6 months of inventory. A much greater shift would have to happen for it to swing in favor of buyers.

Still, that doesn’t mean that new opportunities for buyers haven’t come around. Generally, you’re going to see less of the crazy price appreciation and multiple offer situations that we saw in 2017, giving buyers more time to make decisions between homes, and allowing ample time for inspections and other due diligence tasks.

Looking to buy or sell a home in Seattle? We’re always here to help! Contact us at 206-965-8205 or drop us a note at hello@remaxonmarket.com and let us know what you’re looking for. Our expert real estate agents are highly trained and experienced in Seattle area real estate.

Getting Into the Short-Term Rental Market

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Seattle real estate is still red-hot and many investors have flocked to our city. If you’re one of them, and you’re thinking about using your property as a short-term rental on sites like AirBNB or HomeAway, do your due diligence first. It’s important to familiarize yourself with the local and on-site laws affecting rental terms, zoning and city regulations.

In a recent U.S. News article, RE/MAX On Market broker/owner John Manning was quoted. As an early adopter of short-term rentals, Manning welcomes the increased oversight of the short-term rental market.

“As a short-term rental owner, I welcome it,” he says. From Manning’s perspective, government licensing not only ensures rental properties are operating within established ground rules, but also creates stability in the housing market. Without regulation, people might be quick to snap up properties to rent out, which could reduce the affordability and community atmosphere of local neighborhoods.”

It’s also worth noting that there are legal and liability costs associated with owning and operating any kind of rental.

If you have questions about short-term rentals or investing in property in Seattle or the surrounding area, we’re always happy to help. Contact us at 206-965-8205 or email a quick note to john@remaxonmarket.com.

Disclaimer: RE/MAX On Market is a licensed real estate agency, not an investment firm. We urge you to educate yourself on when to seek legal counsel in a real estate transaction.

Home Buyer’s Pets a High Priority

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REALTOR study on pets
Graphic courtesy realtor.com®

A new survey out from realtor.com® shows that home buyers are more and more likely to forego other wants in their home search in order to accommodate their furry friends. In the survey, 75% of pet owners said they would not make an offer for an otherwise “perfect” home if the home didn’t have spaces suitable for their pets. Woof!

Home buyers with pets make up 80% of the home searching population, so these results are nothing to scoff at. Dogs were the most common pets, so outdoor spaces and large yards are common must-haves when searching for homes. Eighty-nine percent of younger buyers aged 18-34 said they have pets, and families with children were also highly likely to have pets, at 91%! However, dogs weren’t the only pets that made an impact on buying decisions. Pets like fish, birds, reptiles and rodents were also taken into consideration.

“It’s heartwarming to find that people will put their pets’ needs first, even when it comes to one of the biggest financial decisions they will ever make. This survey shows that we really do consider pets part of the family — and that their needs are a critical part of finding the perfect home.”
—Nate Johnson, realtor.com®

Seattle is a notoriously dog-friendly city, with one Seattle Times’ article noting that we now have more dogs than children in the city. There are plenty of dog-friendly eateries and parks, including Norm’s in Fremont, Belltown Pub, and Fremont Brewing. See a comprehensive list of dog-friendly Seattle restaurants here.

Several of our own clients this year have been dutifully searching for homes that will be a good match for their pets. If you’re a Seattle renter searching for a home to make your own and looking for pet-friendly accommodations, give us a call at 206-965-8205 or email us at hello@remaxonmarket.com. We can help you figure out the best solution for your needs!