Sophisticated REALTORS serving Seattle and greater Puget Sound
Help us give a warm welcome to our newest RE/MAX On Market broker, Raj Abafo! Raj hails from Hawaii, but has been helping home buyers and sellers in the South Seattle area since 2009. His sense of humor, commitment to client service and dedication to family and community are inspiring. Welcome, Raj!
For more info on Raj, check out his profile page.
If you’re interested in joining our growing real estate office, head over to the Join Us page!
The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. December is typically the slowest sales month of the year with the least amount of closings, so no surprises there. Almost all categories were down across the board, including active listings, sold homes and months of inventory. Days on market in Seattle continues to creep up, now at 38 days for Seattle and 33 days for Ballard.
Recently, interest rates have been trending down, against market predictions, so that should bring more buyers to the market as we start to ramp up again in January.
As always, please reach out to us if you have any real estate questions. If you’re thinking about selling your home, visit our Home Sellers page to see our services.
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%.
Got questions about Seattle real estate? Give us a call at 206-965-8205.
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.
To 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.
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.
7549 1st Ave NE
Seattle, WA 98105
MLS #1381524
Offered at $1,880,000
Impeccable Green Lake 4 bed 2.75 bath tudor, perfectly located & restored to its full splendor with the finest materials & finishes. Sophisticated & tasteful – custom solid mahogany & cherry cabinetry, trim, shutters & inlays in oak hardwoods. Elegant Arts & Crafts (Batchelder?) fireplace & coved ceilings complete this timeless classic. Chef’s kitchen has Viking range. Easiest commute in Seattle yet serene on a street of gorgeous homes. Gardeners delight, large fenced yard, deck & landscaping.
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.
13770 30th Ave NE
Seattle, WA 98135
MLS #1365765
Offered at $620,000
Ultimate space and privacy on huge almost 1/3 acre usable lot. Easy commute to all points and stone’s throw to neighborhood amenities. Lovingly maintained four bed home with big private deck over massive back yard with incredible possibilities. Home is open, sunny and bright. Features include hardwood floors, second kitchen, washer/dryers on both levels, fireplaces on both levels & large rec room downstairs. 2012 roof, fresh exterior paint, ample parking, patio, fire pit.
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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.
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.
RE/MAX On Market
2020 NW Market St. #202
Seattle, WA 98107
