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Brooks & Heinze Seattle Real Estate Team – April 2023 Newsletter 

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

 

Brooks & Heinze Seattle Real Estate Team – March 2023 Newsletter 

 

Market Update

It’s a seller’s market. At the end of last month, the Northwest Multiple Listing Service report shows only 1.7 months of supply. While that’s an improvement from a year ago when there was only about 0.7 months of supply (about three weeks), it is down from January’s total of about 2.5 months. A supply of four-to-six months is considered a balanced market, according to the National Association of Realtors and other industry watchers.

Both inventory and interest rates are worrisome for some buyers who are staying on the sidelines BUT there are plenty of buyers who are motivated and willing and able to buy, absorbing limited inventory of turn-key homes in good condition quickly.  However, most buyers remain apprehensive about homes with deferred maintenance or bigger issues.

There are two factors that are keeping current homeowners from selling and keeping existing-home inventory historically low: 1) rate-locked existing homeowners (they don’t want to give up low rates on their current home or can’t afford higher rates on a new home) and 2) the fear of not finding something to buy because there is little inventory on the market. The result, inventory shortages are getting worse.

Mortgage Rates

According to Mortgage New Daily the national average for 30-year and 15-year fixed mortgages finished the week at 6.76% and 6.25% respectively.

Contractor Recommendations

Have you worked with a contractor recently who did a fantastic job for you? Would you refer them? We have worked with some stellar, experienced contractors in the past but during the pandemic, some retired and some moved away. Many of our clients need contractors to get their home ready for the market so we are always looking for good contractors that provide the following services: interior/exterior painting, yard maintenance, pressure washing, gutter cleaning, handyman services, home cleaners, carpet cleaners, etc. Send us their info!

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

 

Brooks & Heinze Seattle Real Estate Team – February 2023 Newsletter  

 

Brooks & Heinze Seattle Real Estate Team – January 2023 Newsletter  

Market Update

In the last quarter of 2022 we saw a slow down in the real estate market. Market times for homes went up and some sellers dropped list prices to attract buyers who weren’t exactly willing to rush in due to higher financing costs and economic uncertainty. In January, we saw little available inventory of homes for sale. This is a combination of very few new listings hitting the market and a slight uptick in demand from buyers. The low market supply is helping prices stay stable. In recent weeks, borrowing costs have eased.

Mortgage Rates

The average rate on a 30-year fixed mortgage is 6.51%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.70%. On a 30-year jumbo mortgage, the average rate is 6.55%, and the average rate on a 5/1 ARM is 5.37%.

Remember, rates change all the time and depend on many factors such as loan program, credit score, debt-to-income ratio, etc., so get a preapproval and loan estimate from your lender.

Increase in Mortgage Applications

The housing market usually doesn’t blossom until spring so it is too early to predict a trend for this year.  However, mortgage brokers are seeing more requests for pre-approvals which is a great sign that there are more people thinking about buying in the coming months and this perhaps points towards a good spring market in the Seattle area.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

We are looking forward to what the housing market has in store for 2023 and all the new opportunities it will bring with it!

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

 

Brooks & Heinze Seattle Real Estate Team – December 2022 / Year End Newsletter

Market Update

What a year it’s been in real estate. As 2022 is wrapping up we look back at the changes this year has brought and look ahead at what 2023 might look like.

2022 - We started 2022 at all-time inventory lows, forcing intense buyer bidding wars until mortgage rates rose from 2.5% to over 6+% in a matter of just a few months and took the fire out of the market. Buyers waived inspection and other contingencies and made offers well above asking the first quarter of the year. As mortgage rates moved up, multiple offers subsided and buyers once again were able to negotiate fair prices and do their due diligence rather than rush into a risky purchase. Sure, there has been a decent price correction but for buyers who had hoped for a major crash before committing to a purchase this year, their hopes did not come true in 2022. In recent weeks, mortgage rates took a slight downward trajectory, as softer inflation data was reported.  The good news for the housing market is that recent declines in rates have helped in reducing financing costs, however, buyer demand remains weak in the face of affordability hurdles that are still quite high.

2023 – Is the coming year a good time to buy or sell? Many homeowners are in good financial shape and have a lot of equity in their home. These homeowners will likely stay put rather than sell in the shifting market BUT some homeowners may need to sell. Those who are negatively impacted by the economy (i.e, job loss, inflation) or personal hardships (i.e., health crisis, divorce, death) might have a tough time making ends meet and have to sell their property quickly. Such sellers who have little equity, might even contribute to us seeing short sales or foreclosures again. 2023 might not turn out to be a buyer’s market, but we are sure buyers will have more negotiation leverage with a seller than in 2022.

Probably the most accurate real estate predictions that can be made is that nobody will be able to accurately predict what will happen to the real estate market and that only time will tell because there are so many factors involved, such as mortgage rate changes, new and continued unemployment claims, inflation, world economic events, just to name a few. 

Conforming Loan Limits Rise for 2023

The Federal Housing Finance Agency (FHFA) raised conforming loan limits for 2023. The maximum conforming loan limit for one-unit properties in most parts of the U.S. is now $726,200, up from $647,200 in 2022. In high-cost areas, the ceiling loan limit for one-unit properties is $1,089,300. The limit in Seattle is $977,500. The conforming loan limit is the maximum amount you can borrow on a loan backed by Fannie Mae or Freddie Mac. Loans that adhere to Fannie and Freddie’s requirements are an attractive option for buyers because they are typically easier to qualify for and may offer lower interest rates. With the new, higher limits, more borrowers will be able to qualify for a conforming loan and take advantage of the increased purchasing power.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

We are looking forward to what the housing market has in store for 2023 and all the new opportunities it will bring with it!

Happy Holidays,

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

 

Brooks & Heinze Seattle Real Estate Team – October 2022 Newsletter 

Seattle Market Update

The Seattle-area housing market has cooled significantly in recent weeks. The main reason is rising interest rates but also the fact that many potential buyers are pushing pause on their homeownership plans out of fear and confusion around economic uncertainty (volatile stock market, continued concerns over supply chain disruptions, and a potential recession). 

Although the interest rates have gone up significantly, home prices have only come down moderately, certainly not enough to offset rate increases. Some would-be sellers are holding off putting their home on the market which is keeping housing supply low. The low supply is keeping prices from dropping significantly, particularly in lower price ranges. 

Mortgage buyer Freddie Mac reported Thursday (10/20/22) that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Last year at this time, the rate was 3.09%!! 

Congratulations

Congratulations to James and Doris on the sale of their long-time home in Bremerton. 

And, congratulations to Swasti and Sabin on the purchase of their new Mill Creek home. 

Did you know 

United States first observed Daylight Saving Time in 1918. Historically, there were no uniform rules for DST which caused widespread confusion, especially in transport and broadcasting. The Uniform Time Act of 1966 aligned the switch dates across the USA for the first time. At 2 a.m. Nov. 6, 2022, you will need to set your clocks back one hour to 1 a.m., meaning we will "fall back" and gain an extra hour of sleep. 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time. 

Enjoy the fall colors and the rain! 

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

 

Brooks & Heinze Seattle Real Estate Team – June 2022 Newsletter 

Seattle Market Update

There has been a significant increase in properties for sale compared to a year ago and a slowdown in sales. In King County, 73% more homes were available at the end of May than at the same time last year (in Pierce County 74% more, in Kitsap County 43% more) and in Snohomish County, more than twice as many listings were still active at the end of the month.

Most homes are no longer selling in a few days and multiple offers and waived inspections are also rarer these days. Price reductions are on the rise. Sellers are now more often required to consider offers contingent upon financing, inspections, or the sale of the buyer's current home.

The additional supply of homes for sale is giving buyers more choices but rising interest rates coupled with inflation have greatly affected the affordability of homes. In fact, some buyers have decided to take a break from house shopping or give up on homeownership completely.

There may be a short-term dip in property prices as the market adjusts to rising mortgage rates, however, demand for homes continues to outpace supply, so we do not expect house prices to decline significantly or long-term.

Last month the median home sold for $998,888 in King county, $815,000 in Snohomish, $582,000 in Pierce and $554,550 in Kitsap.

Advice for sellers: Do not overprice your home in this changing market or "test the market" with a list price that’s too high.  This will only translate into fewer showings and your home will take longer to sell.

Advice for buyers: If you still plan on buying a home, don’t sit on the sidelines hoping for huge price drops that aren’t likely to materialize. Take advantage of the increased selection of homes and your ability to negotiate a fair price and other favorable terms. 

Our Listings

SOLD! West Seattle Townhouse: Well-kept, move-in ready urban townhome on a quiet street in vibrant neighborhood. $549,000. Congratulations to Travis and Elena on the sale!

COMING Soon! Manette Craftsman in Bremerton.

Did you know

More and more buyers are looking at the climate risks that could be affecting their property value, insurance costs and insurability down the road. Common climate risks include drought, flood, wildfire, heat and storms. ClimateCheck - https://climatecheck.com/- is one company that tracks and quantifies the risks related to the climate crisis through their proprietary risk assessment tool. 

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

 

Brooks & Heinze Seattle Real Estate Team – May 2022 Newsletter

Seattle Market Update

Ch-ch-ch-changes. The swift move up in mortgage rates is undoubtedly putting downward pressure on the housing market. As inflation rose, fixed-rate mortgages passed 5% and housing inventory has grown in recent weeks, we have seen a stop to price increases. The number of homes with reduced listing prices has also grown over the past weeks. However, demand continues to create multiple offers on homes in desirable locations.

The median single-family home in King County sold for $995,000 in April (median means half of homes sold for more and half sold for less).  King County’s priciest homes are selling on the Eastside, where the median home price last month hit $1.7 million. In Seattle, the median home sold for about $1 million. The median home price was $660,000 in Southwest King County and $780,000 in Southeast King County. The median Snohomish County home sold for $839,298, the median Pierce County home sold for $579,980 and the median Kitsap County home sold for $565,000.

Fed Rate Hikes and Mortgage Rates

The Fed Interest Rate does not directly set mortgage rates, however, it does influence them. The rate hikes are part of the Fed’s plan to curb inflation. It is expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee. Most analysts anticipate the increases will continue until the Fed has met its directive of containing inflationary forces. This likely also means mortgage rates will continue to rise.

The average mortgage rate for 30-year fixed mortgages is at about 5.3% this week, the highest point since 2009, according to Freddie Mac.

Did you know

Did you know that a 1% increase in interest rates decreases a buyer’s purchase power by 10%.

Our Listings

…. Coming soon … West Seattle Townhouse.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

 

Happy Mother’s Day!

Thank you, 

Kerstin & Krisanne

 

Brooks & Heinze Team at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – April 2022 Newsletter

Seattle Market Update 

 

Brooks & Heinze Seattle Real Estate Team – November 2021 Newsletter

Seattle Market Update

While the overall market is less competitive than earlier this year, securing an affordable home is still challenging for many buyers.

Prices in King County are essentially flat (good news for buyers) but the county saw 65% fewer active listings at the end of October than pre-pandemic in October of 2019 (bad news for buyers).  As the year closes out, potential home sellers usually wait until the new year to put their home on the market, so buyers will likely have to wait a while to see fresh inventory.

Last month, the median home sold for $850,000 in Seattle.

Landlord Alert - Two Bills Affecting Rent Raises

On Monday, Sep. 27, 2021, the Seattle City Council approved two bills that directly affect a landlord’s ability to raise rents. Per CB 119585, starting Nov. 9, 2021, landlords will be required to provide 180 days’ notice of any rent increases (six full months). Also, per CB 120173, landlords will be required to pay equal to three months of rent to low-income tenants who depart due to rent increases of 10% or more. The relocation assistance bill takes effect July 2022. All rent increase in Seattle must include the following language: If you need help understanding this notice or information about your renter rights, call the Renting in Seattle Helpline at (206) 684- 5700 or visit the web site at www.seattle.gov/rentinginseattle.

Rain, Rain, Rain

All that rain we’ve had can be hard on your home. Make sure your gutters and downspouts are clear of debris, water is flowing freely, and everything is tied into the drainage system, so the water is carried away from your home —not pooling by the house. Pooling can cause damage to foundations and water can seep into basements.

Foreclosure Rates Up

Foreclosure rates rose during the third quarter of 2021 compared to the third quarter of 2020 and the second quarter of 2021, according to the Q3 2021 U.S. Foreclosure Market Report from ATTOM. As foreclosure moratoriums lift and forbearance programs come to an end, foreclosures are anticipated to increase slightly. However, government agencies and mortgage lenders have worked with homeowners who lost income during the pandemic and as a result, foreclosure rates so far have been kept relatively low.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy Thanksgiving,

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

 

Brooks & Heinze Seattle Real Estate Team – October 2021 Newsletter

Seattle Market Update

Fall has brought with it cooler temperatures, rain and some favorable trends for home buyers. Homebuying activity has remained strong. However, there are signs that the market has slowed a little. Low inventory continues to pose challenges for buyers. Homes are taking slightly longer to sell, which gives buyers more time to make thoughtful decisions. Some areas and price ranges are still very hot but in other areas prices have plateaued or even slightly dropped.  

The average mortgage contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.23%. Rising mortgage interest rates caused a drop in mortgage demand for both refinances and home purchases.The expectation is that mortgage rates will continue to rise, as the Federal Reserve tapers its purchases of mortgage-backed bonds.

How will these higher rates impact homebuyers? For every home purchase that involves a mortgage, both the rate on the mortgage and price of the home will affect the size of the monthly mortgage payment. Rising mortgage rates in combination with high home prices erode affordability.

Making a Good First Impression

Landscaping provides potential buyers with a first impression of your home.  Aside from adding curb appeal and aesthetic charm, it also sends the message that the home is likely just as well-maintained. A well-designed outdoor space and attractive, functional landscaping is even more important now that all of us are spending much more time at home. Trees, in particular, add value, beauty and environmental benefit in the Pacific Northwest. According to a survey by trees.com, poor landscaping can decrease your property value by as much as 30%, ouch!

Congratulations to our clients

Congratulations to Ryan and Travis for getting into contract on a fantastic home in Burien!    

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

 

Brooks & Heinze Seattle Real Estate Team – September 2021 Newsletter

Seattle Market Update

The housing market was slightly more favorable to buyers in August compared to prior months but it is still a seller’s market. Homes took slightly longer to sell last month and home prices plateaued in most areas. This is normal for Seattle’s summer marketwhen many are traveling and are enjoying time off from school/work rather than house shopping.

Aside from the usual summer slowdown, this could also be a sign that we are hitting a price ceiling and that appreciation is slowing. But with inventory still low and favorable mortgage rates, we predict that homes coming on the market in September and early October will move quickly if priced correctly and that buyers will still face stiff competition for desirable and affordable properties.

Housing is a very interest rate-sensitive part of the U.S. economy, so we will closely watch changes in mortgage interest rates as higher rates usually translate into lower home prices. COVID-related disruptions to consumer spending and supply chains, as well as inflation could also affect economic activity in the housing market for the rest of the year. Here we go from summer limbo into the yet undetermined autumn market.  

Huge Hike in Homeowner Insurance Rates

If you have good credit, prepare for a huge hike (20-50% increase) in your homeowner insurance bill. If you have poor credit, your rates will likely go down. If you haven’t seen such an increase or decrease yet, you will the next time your insurance policy renews.

Washington Insurance Commissioner Mike Kreidler issued an “emergency rule” without any public input or process back in March, asking the state Legislature to ban insurers' use of credit scores when determining how much you pay for personal insurance. His ruling means that new rate plans can no longer consider a consumer’s credit history in any way. You can read more about this here.

In addition to rate changes as a result of the “insurance credit scoring ban”, homeowners are also starting to see slight increases in premiums, bigger deductibles and fewer coverage options for extreme weather coverage as insurance companies reassess their risks as a result of a sharp rise in wildfire, flood and storm losses.

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

 

Brooks & Heinze Seattle Real Estate Team – August 2021 Newsletter

Seattle Market Update

We are seeing a cooling in theurban housing market but that doesn’t mean homes are now affordable or easily attainable. This statement can also not ring true for suburban homebuyers as the majority of those homes are still selling quickly and above list price, particularly in markets about an hour outside the city or in price ranges below $600,000. Competition for homes eased slightly in July but inventory is still tight and it is still a strong seller’s market.

There is usually a little slowdown of activity in August in the Seattle market as people enjoy summer and travel. This year, it feels like this slowdown happened a month sooner, coinciding with the lifting of many pandemic restrictions in the area at the end of June. Online home searches, in-person tours and mortgage applications have all been on the decline. It’ll be interesting to see if the pace picks up again in September or if this is a long-term trend.

In Seattle, the median single-family home price this July of $896,500 is up about 11% from last July but down from a $919,000 peak in May.

The current average mortgage rate for a 30-year fixed mortgage is 3.03 percent. At the current average rate, you’ll pay a combined $423 per month in principal and interest for every $100k you borrow.

Summer Home Maintenance Tips

We have 30 summer home maintenance tips, most of which you can do yourself. Following are four of them. Ask us for a complete list if you are interested:

1, Clean your dryer vent. Clean out all of the dust and lint trapped in the vent and exhaust duct. Dryers vents can be a fire hazard if they’re not cleaned and maintained.

2) Give your deck a once-over. Check your deck to see if there are any boards that look like they’re rotting. Have them replaced. Hammer any nails that are loose. Reseal your deck. 

3) Add a layer of mulch. Extra mulch will help fight off weeds and help your soil retain moisture during those scorching summer months.

4)Protect your home against unwanted guests. Cover any holes that are more than a quarter-inch wide. Get your tree branches trimmed back so they don’t create a highway for squirrels to your attic. Branches should be at least 8 feet from your roof. Do away with yard debris. Leaves and twigs are a haven for animals that might decide to invade your home.

Congratulations to our clients

Congratulations to AJ and Laura on the sale of their Greenlake Rambler!  

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Enjoy your summer,

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

 

Brooks & Heinze Seattle Real Estate Team – July 2021 Newsletter

Seattle Market Update

Properties still in high demand but we are seeing some cooling. We have seen more homes hit the market, finally increasing the supply of homes for sale. At the same time, homebuying demand has decreased, leaving the market feeling a few degrees cooler. Despite these changes, it is still very much a seller’s market but the share of homes sold above list price has flatlined in most urban areas. However, most first-time homebuyers in the suburbs looking for more affordable homes still face fierce competition.

NWMLS figures show the median price on last month's completed transactions was $779,919 in King County (Snohomish County, $675,000; Pierce County $507,375).

Pandemic Mortgage Forbearance

Millions have avoided financial disaster during the pandemic thanks to government-mandated mortgage forbearance, which allows homeowners to skip payments or make reduced payments. As of March 2021, about 2.2 million homeowners remained in forbearance, according to the Federal Reserve Bank of New York.

If you are one of those homeowners, currently on a forbearance payment plan, communicating with your loan servicer prior to the end of your payment forbearance is crucial to avoid damage to your credit and/or foreclosure. Mortgage servicers continue to process millions of forbearances and under the Consumer Financial Protection Bureau’s new rules, effective Aug. 31, 2021, homeowners can continue to request a forbearance through the year-end. If you are not able to resume payments at the time your forbearance ends, you still may be able to enter into a loan modification with your mortgage servicer, but you should start those discussions before your forbearance period ends.

Our Listings

North Greenlake Rambler - 3 Bds / 1.5 Bths, $725,000 - Pending/Under Contract.

Congratulations to our clients

Congratulations to Michaelle and Randy on the sale of their Lynnwood Mid-Century, $650,000 – Sold.

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

 

Brooks & Heinze Seattle Real Estate Team – June 2021 Newsletter

Seattle Market Update

The late spring/early summer real estate market is upon us with an increased number of new listings giving homebuyers more selection. Record low interest rates and job gains continue to drive the market. Homes are still selling quickly. Although it is still a strong seller’s market, we are seeing prices moderating, instead of surging up. In fact, we are also beginning to see isolated instances of homes not selling right away, or homes that only receive one offer, instead of multiple offers. Part of this could be the backlog of buyers is shrinking, more selection, affordability barriers or it could be that sellers are just asking too much for their home.

Normally, a homeowner would try to estimate the market value of their house, then maybe tack on a little extra when deciding on a list price but this can backfire if potential buyers feel they will not be able to compete against others at this price point and forgo making an offer at all. The current trend on the market is for sellers to choose a list price more like a reserve price in an auction. The highest bidder wins the home. This strategy works well when your home is desirable and in high demand as competing buyers will bid the price up.

The median single-family home in King County last month sold for $869,975.

The median was $697,000 in Snohomish County, and $510,000 in Pierce County.

Our Listings

Seattle Heights Garden Paradise – Lovingly maintained 50’s Rambler in Lynnwood. 3bed/2.5bth (Pending/Under Contract) - $699,888.

North Greenlake Rambler – coming soon …

Congratulations to our clients

Wyatt and Jessica closed on the purchase of their 1940’s Craftsman in Vaughn, WA.  And, Robert and Laura closed on their first home in their favorite neighborhood of Fairwood Greens (Renton, WA). 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

 

Thank you, Kerstin & Krisanne

Brooks & Heinze Teamat Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827

Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – May 2021 Newsletter

Seattle Real Estate Market Update

 Most sellers prefer listing their home between late April and early June when their home and yard look the best. Indeed, we have seen more homes hit the market in the last few weeks. Finally, there is some more inventory for buyers who have been competing in fierce bidding wars with other buyers. It is still a strong seller’s market but it looks like there might be a little more hope for buyers who have been unsuccessful in securing a home so far this year.

The highest price increases and the most competitive areas for homebuyers have been outside Seattle. While single-family home prices are up about 7% in Seattle compared to last year, they’re up about 39% on the Eastside and 25% in Graham, Pierce County.

In Search Of (ISO)

Currently, we have an immediate need to find homes for our buyers in Renton and North Marysville/Arlington. DUE TO A LACK OF INVENTORY ON THE OPEN MARKET, we would greatly appreciate any leads for off market properties in these areas:

ISO – 3bed/2bath/2car home in Renton for our clients Laura and Robert. For more detailed information of what they are looking for click here.

ISO – 3bed/1bth/1parking home/townhouse/condo in North Marysville / Arlington for our clients TJ and Naomi. For more detailed information of what they are looking for click here.

New Construction Delays and Higher Costs

The difficulty in procuring some construction materials and the cost associated with shortages, especially for lumber, steel and electrical supplies is stalling projects and driving up prices for new construction. Some builders are including automatic closing date extensions and automatic price adjustments to the real estate purchase contracts to compensate and protect themselves from price fluctuations in materials and procurement delays. Make sure you work with a trusted real estate agent and lender who can educate you on how this may affect your bottom line and financing.

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

 

Brooks & Heinze Seattle Real Estate Team – April 2021 Newsletter

Seattle Market Update

We have less than one month supply of homes available for sale. In a balanced real estate market, there should be around a six-month supply of homes. Anything under six months supply is a seller’s market, anything over is a buyer’s market. Inventory cannot keep up with demand at this point. This of course means that prices are moving up as buyer competition drives them up. Area-wide, NWMLS figures show there is only about two weeks of inventory for single family homes.

New mortgage applications fell for the third straight week, the Mortgage Bankers Association reported. The combination of sky-high prices and a slight uptick in mortgage interest rates means prospective buyers have less purchasing power. We are also seeing some fatigue in first time homebuyers playing the “bidding war game”.

More builder inventory should finally be hitting the market in the coming months after slow-downs in construction due to restrictions and supply shortages had delayed construction last year.  

3D-Printed Houses Arrive

Last month, the first publicly listed 3D-printed house went on the market in Riverhead on Long Island in New York. Soon, other homes will be available for purchase, such as the East 17th Street Residences in Austin, TX by ICON.  As the technology gets perfected and communities accommodate their permitting process, entire communities are likely to be built this way. Industry leaders estimate that these extruded concrete or polymer structures can save 30% off conventional building costs and months of construction time. They are also much more energy-efficient and resilient to the elements.

Congratulations to our clients

Wyatt and Jessica closed on their Puyallup Highlands sale in Puyallup.

Sally closed on her Capitol Hill condo sale in Seattle.

 

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

 

 

Brooks & Heinze Seattle Real Estate Team – February 2021 Newsletter

Seattle Market Update

Few homes came on the market between Thanksgiving and the first half of January. We have seen an increase in homes hitting the market in the last week of January and first week of February but it is not enough inventory to meet buyer demand. It is a hot seller’s market – buyers are facing stiff competition and fierce bidding wars. Our concern is that the economics of scarcity are driving prices up at an unsustainable rate.

In January, the median home sold for $725,000 in King County, $599,990 in Snohomish County, $440,000 in Pierce County and $791,471 in the City of Seattle.

Tired of Staring at your Walls

Most of us have spent more time in our own four walls over the last year. Are you tired of staring at your walls? Maybe a new paint color can bring back some excitement. Painting a whole room for a fresh feel or just painting an accent wall could be just the medicine you need. Better Homes & Gardens just revealed the colors of 2021. Kerstin’s favorite is Aqua Fiesta and Krisanne loves Aegean Teal . What’s your favorite?

Our Listings

$599,950 - Townhouse in Greenwood (North Seattle): 3Bdr/2.5Bth/1-car-garage. 734 N 92nd Street, Unit A, Seattle, WA 98103. Well-kept, spacious townhouse with so many extras. 2 en-suite bedrooms on top floor, one large bedroom on lower level. Vaulted ceilings, skylight and lots of windows for a bright, airy feel. Hardwoods on main level, cherry cabinets and other nice finishes. Large fully-fenced backyard for outdoor space plus two balconies. Extra outdoor storage in shed. Near the newly expanded Greenwood Park. Walk to Greenwood shops. Easy bus access.

$479,950 - Condo on Capitol Hill: Pending Inspection – Backup offers welcome. 2 bed/1.5 bath – 150 Melrose Ave E #204, Seattle, WA 98102. Enjoy views of the city, mountains & space needle from this conveniently located condo with ample storage. Walking distance to grocery, shops, restaurants & transit. Large windows allow natural light to brighten the space. In-unit laundry room, gas fireplace, garage parking, storage unit and hardwood floors. No rental cap. Pets allowed. Low HOA dues include w/s/g. Well run HOA. Don't miss this opportunity to live on vibrant Capitol Hill, close to downtown & South Lake Union.

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

 

Brooks & Heinze Seattle Real Estate Team – January 2021 Newsletter

Seattle Market Update

Six of the ten most competitive cities for buyers in the US are in Washington State, according to a Redfin analysis, but Seattle is not one of them. Instead, relatively affordable Seattle-area suburbs are the sizzling hot markets, especially Spanaway, Lacey and Tacoma.

We are barely 1 ½ weeks into the New Year and we are seeing a lot of traffic through single family homes that just hit the market in the suburbs and many are going under contract quickly.  Properties in the city are not moving as fast but it is still a seller’s market. Condos in the city are selling but that market is a little cooler.  

What is our prediction for 2021? We never have a crystal ball and therefore cannot predict exactly where the market is going. This year, making predictions is even more challenging than in past years. Two very distinct things are happening in our real estate market right now: demand for homes is surging in many areas bolstered by low interest rates and high demand which is driving prices up; yet, simultaneously some homeowners are struggling to make their mortgage payments and may be forced into foreclosure when assistance programs end or their income continues to be negatively affected by the pandemic which could dampen home values if it results in an increase of inventory that is not quickly absorbed.

Rents Down

It is not just homebuyers who are looking for better deals and more space in the suburbs. Apartment vacancies in Seattle have gone from 4.4% in February 2020 to 10.3% at the end of 2020. As vacancies rose, rent prices went down in the city. At the end of the year, Seattle rents were down 22% since the start of the pandemic in March, according to the latest report from ApartmentList. Seattle rent prices declined the second fastest among the country's 100 largest cities. According to USPS data, large cities lost the most people during the first seven months of the pandemic. People are moving out of cities and relocating to the suburbs. As a result, more affordable mid-sized cities and smaller suburbs have seen rents rising throughout the pandemic and vacancies going down.

Washington Eviction Ban Extended Again

The eviction moratorium has been in place since March 2020 and was already extended several times. Washington Gov. Jay Inslee has again extended the moratorium; this time through the end of March 2021. The moratorium bans, with limited exceptions, residential evictions and late fees on unpaid rent. It also requires landlords to offer residents a repayment plan on unpaid rent.

Our Listings

We are working on bringing new inventory on the market in the next couple of weeks: 2 bedroom condo in Capitol Hill and 3 bedroom townhouse in Greenwood.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy New Year!

Kerstin & Krisanne

P.S.: We are moving our office to the other side of I-5 next week. We found a better location with more sunlight, expanded parking, easy access for you and great views of Mt. Rainier in a fantastic class A building at 10700 Meridian Ave N, Seattle, WA 98133.

Brooks & Heinze Team at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com - Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – December 2020 Newsletter

Seattle Market Update

The median sale price in Seattle was $820,000 in November, up 12% from a year ago; on the Eastside, the median price cracked $1 million to slightly below $1.1 million, an 18% jump from last year and in North King County, the median price rose 19% to $737,000 (NWMLS).

It’s a seller’s market for most properties and locations. Buyer demand is particularly strong for single family homes in suburban markets.

Urban condos in Seattle (like Belltown, Capitol Hill, etc.) are the exception where it is a buyer’s market. There are several reasons condo owners are selling and why new buyers aren’t interested in this market. Social unrest in the city’s core especially earlier this year made the area less attractive to some. Short work commutes and easy access to entertainment used to attract many younger buyers to the condo market but with Covid these factors are less important. The pandemic is driving some people from urban condos toward houses in suburbs and rural areas as they seek more space to make their homes serve as offices, schools and gyms. Some investors are also offloading their investment rental condos as they see tightening landlord restrictions imposed by the city of Seattle and the current eviction moratorium as too great a risk, especially as their incomes are also decreasing at a time when urban rents are dropping.

For buyers still interested in an urban condo and with Covid surely not to dampen demand in these central neighborhoods forever, now may just be the best time to get a good deal on a condo and take advantage of record low mortgage rates.

Looking ahead to 2021

At the end of a tough year, many of us wonder what 2021 will bring. Making predictions is always difficult. In most areas, property prices went up, mortgage rates were extremely favorable and foreclosure rates were low. However, this isn’t the whole picture.

Unemployment remains high and much of the housing market has been propped up by stimulus money, forbearance programs, and moratoriums on evictions. We are simply not through this health and economic crisis of Covid. By the end of 2020, several million borrowers who have received mortgage forbearance will have gone nine months without making a mortgage payment.

We expect an increase in foreclosure activity. The extent will depend on how much assistance state and federal governments will be able to give to distressed homeowners and how much longer the economic effects from Covid will carry on.

We do not see a repeat of the last financial crisis in the real estate market which is a lot more robust due to better lending practices, however, some areas will be negatively affected at least for a short time.

Our Listings

Capitol Hill Condo: Temporarily off market over the holidays but we are happy to arrange a showing if you are interested: 2 bed/1.5 bath – Enjoy a view of the Space Needle and Downtown from your Living Room: 150 Melrose Ave E #204,Seattle, WA 98102. $479,950. Pet friendly, no rental cap, fantastic location, low dues.

Congratulations to our clients

Madeleine and Zack closed on their Judkins Park townhouse purchase in Seattle.  

Gabe and Erica sold their Sylvan Heights townhouse in West Seattle.  

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy Holidays,

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

 

Seattle Market Update - November 2020

The Spring Market was a little slower than usual this year due to Covid-related restrictions. The Summer Market was competitive with few listings and high buyer demand. This trend has continued on into the fall season. It’s a seller’s market for single family homes especially in the suburbs. In some urban markets, buyers had more negotiating power, especially the urban condo market and some neighborhoods in West Seattle affected by the bridge closure.  Usually, we see slowing in the market as we head into late fall/winter but we’ll see what happens this year which hasn’t been anything but business as usual.

In brief, home sales are surging in many areas bolstered by low interest rates and high demand but at the same time, some homeowners are struggling to make their mortgage payments. Foreclosure moratoriums are set to expire in December and delinquency rates are expected to increase.

Our Listings

150 Melrose Ave E #204, Seattle,WA 98102 – $499,950. Capitol Hill Condo: Available: 2 bed/1.5 bath – Enjoy a view of the Space Needle and Downtown from your Living Room.

2701 SW Sylvan Heights Dr, Seattle, WA 98106. - $499,950.  Pending/Under contract.  West Seattle Luxury Townhouse:  2 bed/2.5 bath plus den/office, tandem garage - San Francisco Style Townhouse at coveted Sylvan Ridge.

Congratulations to our clients

Brian and Danielle successfully closed on the sale of their Graham home with acreage. Madeleine and Zack are in contract on a townhouse in the Judkins Park neighborhood. Randy and Michelle closed on their purchase of riverfront acreage in Onalaska.

Should I renovate my house before I sell it

Clients often ask us if they should renovate their home before selling it. The answer in today’s market probably is no. The market is so competitive that buyers are often willing to overlook cosmetics. However, if repairs are necessary, you should absolutely do them. Buyers often do not want to or cannot afford to take on defects or deferred maintenance issues.

If you want to make updates you can personally benefit from until you sell your home the answer is a yes for renovations. If you still plan on living in your home for another 5 years and are tired of the outdated kitchen or doing your laundry in the basement which is only accessible from the exterior, by all means make those updates. You’ll get a return on that investment in enjoyment and most likely a wash in return on money spent on the improvements.

If market conditions change and the market becomes flooded with properties for sale, making renovations might help your house stand out from the competition. But currently, inventory of available homes is low in most neighborhoods and buyers are eager to buy homes whether they are updated or not.

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 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – October 2020 Newsletter

Seattle Market Update

The hottest season in real estate in our area is usually spring (April through mid-June), followed by fall (Labor Day through October). But nothing about 2020 has been normal. With shut-down orders in the spring, summer became the new home-buying season. And now, fall buying season is in full swing.

In the Greater Seattle area, the most affordable homes continue to be the hottest commodities on the market. Prices keep climbing among homes that sell for less than $452,456, which represent the most affordable third of all homes sold. Those homes are concentrated in Pierce and Snohomish counties.

For single family homes in King County, specifically urban areas like Seattle and Bellevue, the market remains competitive as buyers continue to experience bidding wars amid historically low housing inventory. The market for homes priced less than $800,000 is especially intense, as homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.

Instead of price increases, we are seeing steep price drops in the urban condo market. With remote working, commute times aren’t as important as more space for a home office and access to the outdoors. Also, many condos are investment properties and for a number of reasons, Seattle landlords are off-loading their city properties. Less demand for these condos and increased inventory has resulted in a downward pressure on prices.

Everything is taking a little longer

County offices, title companies, escrow closers, lenders and contractors are struggling to keep up or meet deadlines. Getting permits, completing inspection work orders, processing applications for septic inspection approvals (required when transferring property), recording sales transactions at the recorder’s office, etc. all takes a little longer now. Some contractors weren’t allowed to work or only allowed to do emergency repairs this Spring and are playing catchup. Title and escrow offices are doing most of their work remotely. Some of the work force hasn’t returned. All of this is slowing things down. King County offices and businesses specifically are affected and sometimes this can delay the closing of some real estate transactions.

Our Listings

West Seattle Luxury Townhouse: Available: 2 bed/2.5 bath plus den/office, tandem garage - San Francisco Style Townhouse at coveted Sylvan Ridge: 2701 SW Sylvan Heights Dr, Seattle, WA 98106. - $499,950.

Capitol Hill Condo: Available: 2 bed/1.5 bath – Enjoy a view of the Space Needle and Downtown from your Living Room: 150 Melrose Ave E #204, Seattle, WA 98102– $499,950.

Graham Home on 5 acres: Pending Inspection/backup offers welcome: 4 bed/2.5 bath, 3-car-garage – Live where the elk roam: 30610 70^th Ave E, Graham, WA- $550,000.

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

 

Brooks & Heinze Seattle Real Estate Team – September 2020 Newsletter

Seattle Market Update

Low interest rates continue to give buyers great buying power but they also face rapidly increasing home prices and sparse inventory. Competition from other buyers is so fierce that many buyers are waiving inspections, offer well above asking price and waive financing and appraisal contingencies. Waiving some of these contingencies greatly increases the financial risk to buyers but more and more  buyers feel it is the only way to combat competition from other buyers.

The median King County home sold for $742,950 last month. Other median price stats: Seattle $825,000, Eastside $1,050,000, North King County $683,900, Southwest King County $500,000, and Southeast King County $549,900.

New Technology Tools

New tools like virtual walkthroughs, 3-D mapping and drone surveys were adopted years ago, but only on a case-by-case basis or for high end properties. Coronavirus has made these tools more common. Despite the coronavirus-accelerated move to more sophisticated digital marketing tools, most buyers want to see the property in person before they commit to a purchase but they are using these tools to narrow down the number of properties they want to tour in person.

Eviction Protection for Tenants

Mayor Jenny Durkan has handed yet another pandemic rent reprieve to the city’s residential and small business tenants, extending Seattle’s current eviction moratorium through the end of December 2020. 

This City Council legislation passed in May already gave residential tenants eviction protection through the end of the year. The biggest beneficiaries of the new order are small businesses and nonprofits, which now have the same assurance.

Our Listings

Spacious 2 bed/1.5 bath Capitol Hill Condo: 150 Melrose Ave E #204, Seattle, WA 98102. Enjoy views of the city, mountains & Space Needle. Walking distance to grocery, shops, restaurants & transit. Large windows allow natural light to brighten the space. In-unit laundry room, gas fireplace, garage parking, storage unit and hardwood floors. No rental cap. Pets allowed. Low HOA dues incl w/s/g. Well run HOA. Don't miss this opportunity to live on vibrant Capitol Hill, close to downtown & South Lake Union. https://www.matrix.nwmls.com/Matrix/Public/Portal.aspx?ID=29770533030

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

Brooks & Heinze Seattle Real Estate Team – August 2020 Newsletter

Seattle Market Update

Real estate brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight. Just as soon as a property hit the market it went under contract. There are multiple offers in just about every market and at every price point.

The suburban market is especially hot. COVID is contributing to the demand. With many people working from home and kids staying at home rather than returning to the classroom, people are in need for more flexible home office space and more play area. Commute times no longer matter as much in the buying decision.

Can this competitive market last? It remains to be seen but at the moment it looks like we will have a very hot fall market.

Homes Are More Affordable Right Now Than They Have Been in Years

If prices keep going up so fast, how come we say that homes are more affordable right now?  Low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why. Interest rates at historical lows means those who are looking to purchase can get much more for their money. Low mortgage rates translate into more purchasing power. Today’s homebuyers have nearly 24% more purchasing power than someone who was buying a home in November of 2018. A buyer who qualified for a $500,000 home loan in November of 2018, with today’s lower interest rates, could qualify for a $620,000 loan today. That’s a considerable difference!

More people per rental unit

In an effort to increase affordability of rental housing, the City of Seattle has revised the number of people that can be “squeezed” into a unit. Minimum space and occupancy standards for rental housing require that a bedroom must not be less than 70 square feet of floor area with an additional 50 square feet for every occupant over two.  However, a large family may use areas of their rental unit not specifically designated for sleeping such as a living room.  Imposing an arbitrary limit on the number of people that can occupy a unit may be a violation of fair housing law. Single family zoning permits up to 8 unrelated people or any number of related people. Up to 12 unrelated people may reside in a lot with 2 accessory dwelling units (ADU) (SMC 23.44.041). Every room used for sleeping purposes, including an SRO unit, shall have not less than 70 square feet of floor area. Every room, except an SRO unit, which is used for both cooking and living or both living and sleeping quarters shall have a floor area of not less than 130 square feet if used or intended to be used by only one occupant, or of not less than 150 square feet if used or intended to be used by two occupants. Where more than two persons occupy a room used for sleeping purposes, the required floor area shall be increased at the rate of 50 square feet for each occupant in excess of two. In English, approx. 3 people limit in 200 sqft.  4 people in 250 sqft and so on.

Our Listings/Contracts

Contracts: Congratulations to our client Nadia who is under contract for a home in Fremont scheduled to close next month.

Listings: We are working on getting a 5-acre property in Graham ready to hit the market next month.

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 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – July 2020 Newsletter

Seattle Market Update

We are seeing an extreme shortage of homes for sale.  The supply/demand imbalance is causing prices to ratchet up. Multiple offers are back with a vengeance. Buyers only have about half the inventory of a year ago to choose from. When buyers find a home they like, it is likely that they will find themselves competing against multiple other shoppers.

After our clients make an offer, more often than not, we have to tell them “sorry but the seller took another offer”. Usually, the winner will have waived all contingencies that are designed to protect buyers and will have made an aggressive offer much higher than asking price.  

Potential sellers might take note that if they have given any thought to selling, this may well be a particularly good time for them to do so.

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971.

Shopping for a Home during Stay Home, Stay Safe

Showings are allowed by appointment only and available time slots to tour a home fill up quickly. CDC guidelines for social distancing and a few other precautionary measures have to be followed and masks are mandatory for brokers and their clients.

Our Listings

SOLD July 14, 2020 - 28514 71^st Dr NW, Stanwood, WA –Congratulations to our clients Aaron and Jillian on the sale!

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

 

Brooks & Heinze Seattle Real Estate Team – June 2020 Newsletter

Seattle Market Update

It is a seller’s market and the local real estate market is hot. Inventory is critically low and there are not enough homes available to meet demand. Brokers added 9,871 new listings to the MLS database during May, which compares to 14,689 for the same period a year ago. Buyers are eagerly waiting for and competing for each home that comes on the market, especially in the more affordable and mid-price ranges. Multiple offers and waived inspections are common.

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They have become our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Just a few months into the pandemic, we see buyers move further out of the city, wanting to get more space and a useable yard. Some employers have made work-from-home options available long-term and commute times no longer play as critical a role for some buyers as they used to.

Loan underwriting requirements have tightened a bit. Mortgage rates are still very low.  

Shopping for a Home during Stay Home, Stay Safe

Brokers and homebuyers adjusted quickly to the restrictions imposed on the real estate industry. Open houses are not allowed and probably won’t be for several more months as social distancing is nearly impossible to achieve in that setting. Virtual open houses are the current work-around. Before Phase 1.5 in King County and Phase 2 in Snohomish and Pierce Counties, only one broker and one client were able to tour a property at a time. Now, a broker and two clients at a time can tour a property. However, there are still some limitations. Showings are allowed by appointment only and available time slots to tour a home fill up quickly. CDC guidelines for social distancing and a few other precautionary measures have to be followed.

Our Listings

$455,000 - 28514 71^st Dr NW, Stanwood, WA – https://tour.vht.com/434062836/28514-71st-dr-nw-stanwood-wa-98292. Lovingly maintained home with lots of natural light throughout. Main level includes formal dining room, spacious kitchen and inviting living room with vaulted ceilings leading out to the back patio. The master wing is spacious and the en-suite bath is well appointed. Huge loft upstairs has two additional bedrooms, full bath and enormous game room / flex space. 3-car garage and extra off-street parking in driveway.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

Brooks & Heinze Team at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – March 2020 Newsletter

Seattle Market Update

Even as concern over the rapid spread of the novel coronavirus mounts, the market for Seattle-area homes remains hot. It’s too early to tell just what the impact of the novel coronavirus will be in the coming weeks, however, low inventory, low mortgage rates and excited spring buyers are keeping sales moving. Traffic through homes for sale has not slowed.

Mortgage Interest Rates

When there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history. If your current rate is over 4% and you intend to stay in your home for several more years, we recommend you take a look and see if you can save some money on your current mortgage payments or maybe shorten your term. Talk to your preferred lender or feel free to reach out to Rodney Coulombe, Senior Loan Advisor at RPM Mortgage, NMLS #70209: www.rpm-mtg.com/rcoulombe

Property Taxes Up

Did you receive your property tax statement? Counties usually mail it in the middle of February. For most of you, property taxes went up and for some of you they went up quite a bit. Ouch!

Fortunately, limited-income seniors (61 and older) with incomes below $58,423 in King County ($55,473 in Snohomish County & $45,708 in Pierce County), disabled homeowners and veterans are getting a break, with a more generous property-tax exemption taking effect this year. It is estimated that only 20% of eligible seniors, disabled homeowners and veterans are taking advantage of this tax break simply because they don’t know it exists or they don’t think they qualify.  If you would like to learn more, contact us and we’ll let you know how you can apply for a deferral or exemption.

Did you know?

Since the Empire State Building was opened during the Great Depression, much of its space initially went unrented. As a result, many New Yorkers referred to the building as the “Empty State Building.”

Our Listings/Sales

SOLD 02/27/2020 - 19514 Burke Ave N, Shoreline - $640,000.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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          

 

Brooks & Heinze Seattle Real Estate Team – February 2020 Newsletter

Seattle Market Update

It’s a seller’s market. We are well on our way to another market like we saw in the spring of 2017.  Buyers are competing in stiff multiple offers for the chance to buy one of the few available homes for sale in our area. Paul Roberts of the Seattle Times summed it up well by saying “open houses feel more like stampedes”.  Ultra-tight inventory, paired with low interest rates and a strong job market, are driving home prices up.

U.S. long-term mortgage rates fell last week for the third straight week, as the benchmark 30-year loan marked its lowest point in three years. According to Freddie Mac, the average rate for the 30-year fixed-rate mortgage declined to 3.45% from 3.51%.

Homebot

We are excited to let you know that we have invested in a new technology called Homebot. If you are one of our past clients, you will be receiving an email called the “Homebot Digest”. Homebot offers homeowners a highly personalized report containing valuable information about their home. What will Homebot track for you? Current estimated market value, appreciation since you purchased your home, net worth/equity in your home, a breakdown of principal and interest paid and much more.

Initially, your current value will be estimated based on appreciation since you purchased the property, however, If you think the value of your home is incorrect, you can challenge the value to improve the accuracy AND you can request a CMA (comparative market analysis) from us and we’ll readjust the value for you. Alas, Krisanne and Kerstin will not be replaced by robots and we are happy to offer you the same human touch and expertise as always, just let us know.

If you are not one of our past clients but would also like access to homebot, please contact us and we will gladly sign you up (no charge!).  Or sign up here.

Did you know?

2020 is a leap year. The chances of being born on a leap day is about 1 in 1,461. People born on February 29 are called leaplings.

Our Listings / Sales

Congratulations to our clients, Maia and Joey, who will get to move into their new home in Shoreline at the end of the month.  

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin and Krisanne

Brooks & Heinze Team at Skyline Properties, Inc.

Kerstin Brooks: 206.276.5827 and Krisanne Heinze: 206.920.2541

Email: info@propertyinseattle.com

Web: www.propertyinseattle.com         

 

Brooks & Heinze Seattle Real Estate Team – January 2020 Newsletter

Seattle Market Update

2020 is starting out as a seller’s market! In December, buyers had fewer homes to choose from in King County than any time since February 2018. To some extent, seasonal factors are at play as housing markets generally contract in December but the shortage in inventory was more than just a seasonal trend. Inventory for single family homes and condos (combined) was down by more than 30% in seven counties: Thurston (-54%), Pierce (-38.9%), King (-38.8%), Snohomish (-35.6%), Mason (-32%), Kitsap (-30.6%), and Skagit (-30.5%).  There is only about 1.2 months of supply (6-month supply would be a balanced market). Available homes were quickly snapped up by buyers.

What does this mean for buyers looking to buy right now? Few homes to choose from and stiff competition from other buyers, as well as bidding wars driving up home prices. Whew!

Krisanne and I are working with motivated buyers and we can hardly get to the good homes fast enough with our clients before they go under contract! There are just too many buyers chasing too few properties. What a frenzied start to the new year!

Did you know?

The most expensive home to sell in 2019 in our area was in Hunt's Point, WA. The 9,420 square foot home sold for $37,500,000. The second biggest sale was a $30,000,000 home on the waterfront in Medina. In 3rd place, another home in Medina on the waterfront which sold for $16,050,000.

Our Listings / Sales

We don’t have any home for sale right now but we are working with a seller in Shoreline and one in Kenmore to bring their homes on the market in the coming weeks. Stay tuned.

We'd love to hear from you

Life transitions such as growing a family, empty-nesting, dissolving a relationship, or other life circumstances often necessitate a change in living arrangements, let us know if we can help you with your next move. 

Any questions, comments, or feedback? Contact us any time.

Happy New Year,

Kerstin

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

 

 

Brooks & Heinze Seattle Real Estate Team – December 2019 Newsletter

Seattle Market Update

The middle of November through the middle of January usually is a good time for homebuyers to get a good deal. However, extremely low inventory in the last few weeks, has been sending prices higher, especially in more affordable and mid-price ranges. Few new listings have come on the market and inventory on the market has been snatched up. With December typically marking a low point for new listings coming on the market, it doesn’t look like there are any deals to be had or properties available for buyers this winter.

Most buyers and sellers sit out the market between Thanksgiving and the New Year. So we don’t expect to see much activity the next few weeks. But what will 2020 bring? Our best guess, if mortgage rates stay below 4% and inventory remains tight, we will see a competitive market for buyers and a lucrative market for sellers. Of course, predicting market conditions can be tricky and a myriad of factors (location, price points, demand, economy at large, employment, income, etc.) play into the equation.

Did You Know

From 1908 – 1940, Sears, Roebuck and Co. sold over 70,000 mail-order houses. They arrived as a kit and came with most modern conveniences. Some of them still exist today. Sears Catalog Homes were sold primarily through mail order. Most were sold in North America.

Happy Holidays

We wish you Happy Holidays, complete health, much joy and success in the New Year! Kerstin will be travelling to Germany to visit with family and friends and Krisanne will be vacationing with family in the Grand Canyon. We hope you will get to spend quality time with your loved ones, as well.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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
 
Brooks & Heinze Seattle Real Estate Team – November 2019 Newsletter

Seattle Market Update

Buyers don’t have much of a selection. In King County, there were 25.7% fewer homes on the market in October this year compared to last year. Snohomish and Pierce Counties saw similar dips, of 23.5% and 30.0%. In the fall, the number of homes for sale start dropping, so we expect inventory will continue to decline and we don’t expect to see a significant influx of new inventory until spring.

Nonetheless, late fall and winter can be a good time for buyers to get a good deal. It is true there are usually fewer homes on the market this time of the year and house shopping on a dark foggy and wet night might not be as fun as in the summer but there are also a lot fewer other buyers competing with you. And rates are great! The 30-year fixed mortgage rate averaged 3.78% for the week ending October 31.

In Seattle, the median price of homes sold rose 3.3% from a year ago, to $775,000 — the largest percentage increase in 12 months, according to data from the Northwest Multiple Listing Service (NWMLS).

Our Listings

No current listings available – we sold all of our inventory. There are still some great homes on the market though. We’d love to help you buy your new home.

Did you know?

Did you know, it takes about $114,535 household income to buy a $750k house? You need to speak with a home lender to find out exact details for your household and situation. The information below is not a guarantee you would qualify for a loan and provided for informational purposes only:

If you assume a 50% debt-to-income ratio (as allowed by Fannie Mae and Freddie Mac), 10% down payment, 4% interest rate, 1% property taxes, upfront mortgage insurance, $75/month homeowners insurance, $500 in car loans/leases per month, $200 in student loans per month, and $150 in monthly minimum credit card payments…here’s what you’d have to earn to buy in today’s market:

Median home price of $750,000 = minimum household income of $114,534
Tacoma median home price of $419,000 = minimum household income of $73,787
Renton median home price of $680,000 = minimum household income of $105,922
Bothell median home price of $700,000 = minimum household income of $108,385
Everett median home price of $459,000 = minimum household income of $78,712

Hint, there’s a reason the Everett and Tacoma housing markets are on fire – these areas offer home prices that are still considered affordable

Veteran’s Day!

We wish our Veterans well. We appreciate all who have or are serving. May peace prevail. 

Happy Thanksgiving!

Enjoy your time with friends and family and a Good Meal. We hope you have much to be grateful for.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you!

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

 

 

Brooks & Heinze Seattle Real Estate Team – October 2019 Newsletter

Seattle Market Update

In the City of Seattle, the median price of $750,000 dipped 3.2% from last year. Prices are up in the rest of King County:
– Eastside ($928,500; 4.33% up from last year)
– North King County ($630,000; 5.09% up from last year)
– Southwest King County ($436,750; 7.84% up from last year)
– Southeast King County ($468,550; 2.98% up from last year)

The median sales price for single family homes in Snohomish County was $492,500 (up from $484,995 last year); in Kitsap County it was $396,263 (up from $355,706 last year); and in Pierce County it was $384,500 (up from $352,750 from last year) (Source: Northwest Multiple Listing Service).

In brief, areas with affordable homes are seeing price increases and areas with more expensive homes are seeing price decreases or prices holding. Directly north and south of Seattle, the more modestly priced cities of Everett and Burien, where prices hover around $500,000, saw year-over-year price growth of roughly 8% and 13%, respectively. Sammamish is a standalone phenomenon where prices are way up because it is one of the few areas with highly sought after new construction inventory for the more affluent.

According to Freddie Mac, the 30-year fixed-rate average fell to its lowest level in a month, dropping to 3.57%, with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 3.65% a week ago and 4.90% a year ago.

Our Listings

10717 Burke Ave N #E, Seattle, WA – $365,000 – SOLD, October 2019
Modern Northgate Townhouse – 2bed/1.5bath + garage.

4207 S. Willow St, Seattle, WA – $535,000 – SOLD, October 2019
Mid-Century Rambler in Zen Garden Setting – 3 bed/1bth.

Autumn upgrades

Want to save some money and help the environment thrive? Here are a few key tips that will improve the efficiency of your home this season. Take simple steps like caulking windows, sealing leaks around chimneys and recessed lighting, and sliding draft guards under your doors to save up to 20% on heating costs. Don’t waste money heating or cooling an empty home. Install a programmable thermostat and in colder weather schedule your home’s heat to lower when you are away or asleep and increase when you are returning home or waking-up. Have your furnace cleaned and serviced. Also, change furnace filters regularly. A poorly tuned furnace and dirty furnace filters will make your heating system work harder to keep you warm and cost you more money.

Did you know

October is Fire Awareness Month. This year, the National Fire Protection Association (NFPA) encourages everyone to make a home escape plan. This plan includes working smoke alarms on every level of the home, in every bedroom, and near all sleeping areas. It also includes two ways out of every room, usually a door and a window, with a clear path to an outside meeting place (like a tree, light pole or mailbox) that’s a safe distance from the home. Home escape plans should be practiced twice a year by all members of the household.

Thank You – Congratulations

Thank you to Marie Clare Benson for the referral!
Congratulations to Ciara and Alberto on the sale of the townhouse and congratulations to Julie and Joel on the sale of their home!

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,
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

Brooks & Heinze Seattle Real Estate Team – September 2019 Newsletter

Seattle Market Update

Long-term mortgage rates are at their lowest point in nearly three years. Lower mortgage rates usually help with affordability, however, in a market like Seattle where prices are still high and wage growth for the average person haven’t kept up with prices, it is doing little to make a home purchase affordable in the city.  

However, areas immediately outside the central Puget Sound region and homes along the I-5 corridor continue to see house price growth. Buyers continue to be drawn to areas outside King County in search of affordability.

September is usually a good month for fresh inventory as homeowners who wish to sell their house before the winter season will look to put their home on the market. We are expecting more homes to hit the market in the next couple of weeks.

Our Listings

NEW LISTING / pending inspection / backup offers encouraged:  4207 S. Willow St, Seattle, WA - $535,000

Charming, bright and cheerful 3bd/1bth plus den mid-century rambler set in zen garden space. In-city retreat, gardener's dream. Private, fully fenced backyard features fruit trees, vegetable & herb garden, gorgeous flowers and stunning ornamental trees. Zen garden space in front. Shops, restaurants and parks nearby. Othello LR station within walking distance. Large den/office/studio space and spacious dining off kitchen. Many system and esthetic updates, including kitchen and bath. Turnkey. Clean. Don't miss this gem!

9911 197th Ct NE, Redmond, WA - $1,225,000-   Exquisite Novelty Hill Home - Under Contract.

10717 Burke Ave N #E, Seattle, WA - $369,000– Northgate Townhouse – Under Contract.

917 23rd Ave, Seattle, WA 98122 - $620,000- Central District Charmer – Sold 09/03/2019.

Did you know?

More residents will be eligible for property tax reduction in 2020. King County Assessor, John Wilson, announced that low-income senior citizens, individuals with disabilities, and disabled veterans, with 2019 annual incomes below $58,423 may be eligible for property tax relief in 2020 under guidelines published by the state Department of Revenue. The previous threshold had been $40,000. Applications for the expanded programs will be available in January 2020. Contact us if you need more information on this topic and how to apply for the reduction.

Thank you / Congratulations

Thank you to Mary Clare for referring Katherine!

Congratulations to William and Zoe on the sale of their home!

Congratulations to Heather and Phillip on the purchase of their new home!

We'd love to hear from you.

Any questions, comments, or feedback? Contact us any time.

Thank you, Kerstin

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

 

Brooks & Heinze Seattle Real Estate Team – August 2019 Newsletter

Seattle Market Update

Single Family Homes: In city sales have cooled. Buyers are seeing increased selection at reduced prices. Mortgage rates are low and usually this provides a lift to sales but it doesn’t seem to be having much effect on sluggish sales in town where property values are too high for many.  The story is different outside of Seattle, especially in Snohomish and Pierce county where homes often sell quickly and buyers are competing for homes still considered affordable.  

Condo Market:We are seeing falling prices and rising inventory in the Seattle condo market. The trend is fueled by sellers who find being a landlord is harder than it used to be. According to a study from the University of Washington, nearly 40% of Seattle investors who rent out condos are selling in response to city regulations such as restrictions on move-in fees, criminal background checks, and regulations on how to qualify tenants. One exception are downtown condos where the market has been picking up.

Our Listings

9911 197th Ct NE, Redmond, WA - $1,225,000-   Exquisite Novelty Hill Home  - New Listing!

4 bedrooms, 3.5 baths, 3-car garage. Enjoy a bright, open floor plan & rambler style living. 3 bedrooms on the main level with nicely updated master bathroom and Jack & Jill bathroom. Guest suite & rec room upstairs. Fully fenced, huge yard on beautiful .78 acre lot with various outdoor entertaining areas. Newer furnace & A/C, 50 year roof, 1380 SQF unfinished basement w/permit ready plans. Updated kitchen w/granite, stainless appliances, large pantry & breakfast bar. Hardwoods. 7 minutes to MSFT, amazing schools, and conveniently close to just about everything.

10717 Burke Ave N #E, Seattle, WA - $369,000– Back on Market. FANTASTIC VALUEfor Northgate!

Modern Townhouse - 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer - shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues!

917 23rd Ave, Seattle, WA 98122 - $620,000-  Pending/Under Contract. Central District Charmer.

Welcome home to this cheery, clean and updated home in one of Seattle's most diverse, hip and lively neighborhoods. 3bd/2bth, 2-off street parking spots. Walk to nearby Central District cafes, dining & shopping. Just minutes away from downtown. Many of the systems have been updated (electric, lighting, plumbing).  Inviting, private rear deck perfect for BBQs and outdoor entertaining. Urban micro garden space.  Two large off-street parking spaces. Lots of extra storage in walkable crawlspace under the home. Turnkey!

Did you know?

Kerstin works with a Group called Boomers Plus. Many of our clients are seniors and in addition to needing help with buying and selling real estate, some of them need additional services such as Reverse Mortgages, in-home care, aging-in-place remodelers, relocation assistance to assisted living, etc. We’d be happy to help you or any seniors in transition with finding trusted and skilled professionals that specialize in these services.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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

 

Brooks & Heinze Seattle Real Estate Team – July 2019 Newsletter

Seattle Market Update

The trend from last month continues. Prices in Seattle are still dropping as inventories build and buyers continue to search outside the city limits for more affordable housing.  Last month, the median home price in Seattle fell to $781,000, a 3.9% drop from June of 2018. In King County overall, median prices dropped by 2.3% in June from the same period last year, to $695,000.

Will we soon see more MILs and ADUs

We might soon see more backyard cottages, mother-in-law suites and basement apartments. In an effort to address our city’s affordable-housing shortage, the Seattle City Council recently voted unanimously to enable the construction of more ADUs, while removing requirements that property owners live on site and provide off-street parking. These smaller units typically rent below market rate, and one in 10 provides free housing, usually to friends or family of the primary homeowner.  For more information on the recent changes click herefor an article in the Seattle Times.

Our Listings

10717 Burke Ave N #E, Seattle, WA - $399,950– BACK ON MARKET, buyer’s financing failed. Modern Northgate Townhouse - 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer - shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan. Kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues! MLS#1451735.

Buying a new house but all your funds are tied up in your current house

Some buyers choose to buy the new home contingent on the sale of their current home, meaning they will make an offer on the new home they want to purchase and ask the seller to agree that they will only go through with the purchase if they can sell their home. Sounds good, except most sellers will include a clause that they are allowed to entertain other offers and can bump you unless you remove the contingency if a better offer comes along. Buying contingent on the sale of your current home means you are not obligated to buy the new home unless you sell your current home but it does not guarantee you can stave off competition, especially in a seller’s market.

There are different solutions to this problem and the best solution depends on the current market conditions and your financial situation. However, If you have enough existing equity in your current home, you may qualify to purchase a new home non-contingent BEFORE selling your existing home with 100% financing, when financing with a cross collateralization loan. If you would like to research this option and get more information on this program, I would be happy to put you in touch with Paul Scobee at Evergreen Home Loans.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

 

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          

 

Brooks & Heinze Seattle Real Estate Team – June 2019 Newsletter

Seattle Market Update

In urban areas prices are decreasing, in most suburbs prices are still increasing slightly, and in markets with greater affordability prices are still soaring. Follow this link to view the decrease/increase in your neighborhood.

One of those hot markets where prices are still shooting up is Tacoma, where greater affordability and high demand are the driving factors. However, condominium prices in King County continue to fall. Figures show condo prices in King County dropped about 9.6 percent and inventory surged nearly 122 percent compared to this time last year. 

Mortgage Interest Rates

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.35%, the lowest for 2019. Quite a change from the near 5% rates in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. 

Our Listings

10717 Burke Ave N #E, Seattle, WA - $423,000– BACK ON MARKET.  Buyer’s financing failed so we are back on the market. Modern Northgate Townhouse - 2bed/1.5bath + garage. Convenient location near everything Northgate has to offer - shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues! MLS#1451735.

Did you know? 

Did you know that Seattle City Law requires vehicles be moved every 72 hours.  This can be a real pain if you only drive your car on weekends and take the bus to work on weekdays because you’ll have to move your car on Wednesday even if you don’t really need to drive anywhere. Or else, face a pricey parking ticket, as well as stiff towing and impound fees costing hundreds of dollars; and your car can be sold to cover the fees if you don’t pay up and get your car out of impound.

You might wonder why we bring this up in a newsletter about housing. More than 2,300 people (20% of the county’s homeless population) counted in 2017 lived in vehicles. King County Superior Court Judge Catherine Shaffer recently ruled that the city had violated a homeless man’s rights against excessive fines (tickets, tow and impound) under the Eighth Amendment, she also ruled the man was protected by Washington’s Homestead Act (Frontier-Era Law), which protects homes from forced sale due to certain debts. Basically, in her interpretation if a vehicle is used as a home these protections apply.

Opponents of the judge’s interpretations of the law fear this will translate into anyone being able to remain parked wherever and however long they want to as long as they claim they live in the vehicle because police will stop enforcing the 72 hour maximum parking restrictions.

For more insights on this topic, read what The Strangerand Seattle Timesreported. 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

Brooks & Heinze Team
Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com

Web: www.propertyinseattle.com

Brooks & Heinze Seattle Real Estate Team – May 2019 Newsletter

Seattle Market Update

Some properties are hot and some not so much. What are the deciding factors: Affordability. Location. Type of Property.

Housing activity during April signaled good news for most home buyers as inventory continued to grow and the rate of price increases slowed, especially in urban areas.

Home buyers shopping for higher-end homes in pricier cities like Seattle and Bellevue aren’t paying any more than they did a year ago and at the same time enjoy more selection than a year ago.

However, home buyers looking for something affordable in the suburbs are in stiff competition with other buyers and inventory there is still too low to meet demand.

Single-Family Homes in King County under $650,000 are considered a bargain; in Snohomish and Pierce Counties homes under $400,000 are a bargain. In these price ranges, homes generally receive multiple offers and sell the first week on the market.

Last month’s median price of a single-family home in King County came in at $690,000 which is down 4.8% or $35,000 from the April figure last year. The median price for a condo unit came in at $403,750 in April this year and is 9.6% lower than last year.

In Snohomish County, the median price of a single-family home last month came in at $500,000 which is 1.2% lower than a year ago.

Rents

What it costs to rent, and how that’s changing – check out this interactive map. The first quarter of the year saw steep increases in rents in rural Snohomish County; in the south, Tukwila, Burien and Renton also saw some rent increases. If you are an investor, it might be time to adjust rents to reflect the changes in the market.

Did you know?

The best time to sell your home are the months of May and June according to a national study conducted by ATTOM Data Solutions.Seller premiums were calculated as the percentage of the median sales price that is above the estimated market value at the time of sale and were about 10% higher during these months than the rest of the year. The specific dates to watch are May 24, June 20, June 21, May 31, and June 28, according to the study. We agree with May and June being great months for sellers. However, the national study mentions that July is also a great month but our past experience in the Seattle Area has been that sales actually slow down between the middle of July and end of August and as a result sale prices don’t usually increase during this time.

Our Listings

New Listing! Modern Northgate Townhouse  – $423,000 – 10717 Burke Ave N #E, Seattle. Convenient location near everything Northgate has to offer - shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained 2 bed / 1.5 bath townhouse with attached garage. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues!

5818 East Dr, Everett, WA - $310,000 – 3bed/1.75bath – SOLD! Congratulations to the Utter Family.

Thank You

Thank you to Jacqueline P. for the referral!

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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

 

 

 

Brooks & Heinze Seattle Real Estate Team – April 2019 Newsletter

Seattle Market Update

The spring home buying season is in full swing! Yowza!!! Open houses are “mad” houses and bidding wars have returned. Home prices in the region have jumped up in the last couple of months.

King County’s median single-family house sold for 3.2% less in March 2019 than a year prior in March 2018. We saw home values dip between June 2018 – December 2018 but since the beginning of 2019,  prices are definitely on their way up again.  Single family homes (under $500,000 especially) have seen great gains and interest from buyers. The condo market is not quite as hot but we are seeing some gains here, too.

Both pending sales and new listing activity around Western Washington surged last month. Prices in Snohomish County jumped nearly 5.5 percent, while King County's median prices rose more than 3 percent in March when compared to February.

The 30-year fixed-rate mortgage averaged 4.08% the first week of April, according to Freddie Mac. The 15-year fixed-rate mortgage averaged 3.56%.

Property Taxes 2019 – some up, some down

Did your property taxes go up or down for 2019? Here is a list of property tax ratesfor each city in King County. Some cities saw property taxes go up, some down. Some examples: Bothell up 14.6% (ouch!), Shoreline up 6.6%, Burien down 2.1% and Seattle down 1.2%.

Our Listings

5818 East Dr, Everett, WA - $310,000 – 3bed/1.75bath - For more information and a video tour, click here. UNDER CONTRACT.

20620 60th Ave W #F, Lynnwood, WA - $242,950 – 2bed/1.75bath – SOLD April 2019. Congratulations to our clients John C. & Mary H. on this sale.

Did you know?

The Seattle Kingdome was so expensive that the building wasn’t paid off until 2015 – a full 15 years after it was demolished.

Thank You

Thank you to Jennie J. & Edie T., Stacey K., as well as Taylor S. for the referrals!

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy Spring,

Kerstin

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         

 

Brooks & Heinze Seattle Real Estate Team – March 2019 Newsletter

 

Seattle Market Update

 

The Seattle Real Estate Market is heating up! We had very cool temperatures this last month but the housing market is heating up again. Buyers and sellers are no longer sitting on the sidelines waiting to see what will happen – they are taking action. What a difference a month can make!

During last month’s Snow Storms, showing activity dropped more than 41 percent the week of the heaviest snow, according to the NWMLS which tracks agent access to homes on the market. Despite the weather disruptions, brokers added lots of new properties to the market during the month. Inventory is starting to be absorbed much more quickly, unlike the last 4-5 months when homes sat on the market a little longer.

In brief, sales are happening! Prices are shooting back up. Mortgage interest rates are low, economic indicators for our city are looking good, and buyer demand is high. Some buyers who had given up last year are back on the prowl.  We are even seeing multiple offers and bidding wars making a slow comeback in some areas.

 

The 30-year fixed-rate mortgage averaged 4.35% during the week of February 28.

 

Our Listings

 

20620 60^th Ave W #F, Lynnwood, WA 98036 – Do you know someone looking for a condo in the Lynnwood area? We just listed a spacious 2 bedroom / 1.5 bath condo / 2-car carport. This is a top floor townhouse style unit with a nicely updated continental bath including jack-n-jill sinks. For more information take a look at this video.

 

Affordable Housing Upzone Rezone

 

Making more affordable housing available is one of many priorities for Seattle’s City Council. One of the many options under consideration are allowing for denser construction in the hearts of 27 neighborhoods while also imposing affordable-housing requirements on developers. This is met with applause by some and stern criticism from others. Click here to learn more about this, including a map feature that allows you to check on your neighborhood. We often have clients contact us and ask us what effects certain rezones have on their property value. If you are concerned about this for your property feel free to contact us.

 

Did you know?

 

This “bank” made one in five home purchases in the U.S. possible. What is the name of this bank? The “bank of Mom and Dad”.  Homeownership is out of reach for many young people -- and those who don't have family members to turn to for help are often out of luck. The down payment is the biggest hurdle to a home purchase. Many renters who would be able to meet monthly mortgage payments can't qualify for a mortgage because they're unable to save enough for a decent down payment to either get a loan or get a loan with reasonable terms.

 

We'd love to hear from you

 

Any questions, comments, or feedback? Contact us any time.

 

Thank you,

Kerstin

 

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

 

 

Brooks & Heinze Seattle Real Estate Team – February 2019 Newsletter

Seattle Market Update

There is a clear lack of consumer confidence evident in the real estate market. January is always a little slow but we saw slower activity in the market than usual last month.

Seattle Area home prices are still dropping but for most Seattleites that still means homes are out of reach. The median income of homebuyers in the Seattle metro area has reached $114,000 or about 40% higher than the region’s actual median household income of $82,000.

The 30-year fixed mortgage averaged 4.46 percent for the week ending Jan. 31, up from 4.45 percent the previous week. A year ago, mortgage rates stood at 4.22 percent.  

There is hope that the softening of house price appreciation along with increasing inventory of homes on the market, as well as historically low mortgage rates will give a boost to the spring homebuying season. However, signs of a slowdown in the global economy and lack of affordability for locals might dampen these hopes.  

Seattle Rental Market

Seattle has added lots of new, modern and expensive apartment buildings to address the influx of newcomers to the Emerald City. Perhaps too many units were added. Currently, 1 in 10 units across the city are sitting empty. Landlords have responded by lowering rents slightly and offering more perks to get tenants in the door. For more detailed information click here.Unfortunately, affordable apartments are still hard to find.

The rental market is cooling the most in the priciest parts of the region. On the Eastside, rents dipped 2.5 percent, in the last quarter, while rents remained virtually unchanged in South King County and Snohomish County. Rents dropped at least 3 percent in the past quarter in Belltown, South Lake Union, Fremont/Wallingford, Kirkland, Redmond, Sammamish/Issaquah and Edmonds.

Did you know?

A recent report by AARP found that 90 percent of retirees want to stay in their homes as they age. Aging in place — rather than packing up and moving to a specialized retirement community — is the newest housing trend for older Americans.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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

 

 

Brooks & Heinze Seattle Real Estate Team - January 2019 Newsletter

Seattle Market Update

2018 in review– The year started strong for real estate. High demand from well-qualified buyers, low interest rates, a strong economy and low inventory kept driving prices up the first half of the year. The second half of the year, sales slowed as higher mortgage rates and unsustainable price increases squeezed would-be buyers out of the market. At the same time, inventory improved offering more options to buyers, however, inventory for affordable homes didn’t really improve all that much. Homes started to take much longer to sell over the summer, not for a lack of interested buyers but more for a lack of housing affordability. Once the rates declined again toward the end of the year, sales started to rebound slightly showing that homebuyers are very sensitive to mortgage rate changes.

2019 “crystal ball”-  We’ll have to see. 30-yr-Mortgage Rates are projected to increase to 5.0% in Q2, 5.2% in Q3 and 5.3% in Q4 but we don’t know what they will actually be. The biggest problem in our area is a lack of inventory, particularly affordable inventory. Seattle is facing some real growing pains. The sudden injection of tech wealth over the last 5+ years has exacerbated inequalities pushing people and businesses out of the city. Unless solutions are found for some of these issues, housing appreciation may be modest.

Comparing Seattle trend to National Trend

Looking at the information from October 2017 – October 2018. You can see that the increase in rates eased appreciation in most other parts of the country but unlike in Seattle didn’t push prices downward.

This graph published in the Seattle Times Business section visually conveys this interesting point.

Did you know?

Did you know that the shutdown of the IRS & other Government Agencies is causing headaches for homebuyers and lenders? There is a delay in financing or refinancing mortgages because lenders cannot obtain income validation for form W-2 and personal tax return income. Some people will have to wait to get their mortgage refinanced or move into their new home.

Our Listings

1431 NW Richmond Beach Rd #1, Shoreline, WA –  2 bdr/1.5bth - $234,950 - Under Contract.

The townhouse is located at the Brookside West Condos, a well-managed 16-unit townhouse community with many long-term residents. Spacious master bedroom is connected to the 5-piece master bath. The second bedroom is loft-style. Open floor concept on main level with access to large, level and fenced in yard. Home needs some TLC.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Happy New Year,

Krisanne and Kerstin

www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team - December 2018 Newsletter

Seattle Market Update

Seattle-area home prices dropped again last month. In the last six months the drop has been 11 percent.  King County’s median single-family home price fell to $644,000 in November, all the way from $726,000 in the spring. The median price for Single Family & Condos combined was $605,000 in King County, $450,000 in Snohomish County and $337,000 in Pierce County.

Inventory is increasing but is still below what we call a balanced market. Inventory gains in single family homes are not that impressive, however, the condo selection has more than tripled!

The economy overall seems stable when you consider some factors (i.e. low unemployment) but there are also some signs of volatility (i.e. equity markets) which makes predictions difficult. Recent rises in the interest rate for home loans are of some concern as it affects affordability for buyers and may have a negative effect on home appreciation.  

For sellers: Homes that are priced correctly still sell in under 3 weeks, however, market times are about 3 times longer than in the spring. There is more competition from other sellers, so it is important to be willing to negotiate on price and repairs when entertaining offers from qualified buyers.

For buyers: The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed. Rates increased in 2018 and are projected to increase throughout 2019. Surprisingly, in late November, rates dropped slightly but we think that’s a temporary change.  Click here to learn more about this. 

Brrrr, it’s cold outside

Make sure your pipes don’t freeze. If you go out of town or have a vacant rental property, make sure you still heat the home to a minimum of 55 degrees to keep pipes from freezing. Also, disconnect your garden hoses and insulate your outdoor faucets. For more information on this topic, click here.

Did you know?

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.

The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Krisanne and Kerstin

 

Brooks & Heinze Seattle Real Estate Team – November 2018 Newsletter

Seattle Market Update

The inventory of homes for sale this year compared to last year has increased for the last four months, all while sales of existing homes have slowed compared to last year’s numbers. For over three years leading up to this point, the exact opposite was true; Inventory dropped as sales soared. Rising interest rates coupled with high home prices and increased inventory have cooled the market. Rent growth has also slowed or reversed.

Good news for home buyers: inventory is up, so there’s more selection and prices have stopped going up. Bad news, Seattle is still an expensive market to buy into. Due to rising interest rates, someone who bought a $700,000 house a year ago is paying the same monthly mortgage bill as someone who pays $640,000 for a house today.

Home sellers have more competition today. Price drops are common now and so are seller concessions and seller paid repairs. Five years ago, the median price in Seattle was $461,000; this spring, the median price peaked at $830,000; and now the median price is down to $775,000. Appreciation has been fantastic over the last few years despite the recent dip. Emotionally, this price correction might be hard to take for some sellers but looking at the gains overall might help keep some perspective.

Sales are taking longer as a lot of buyers are playing a bit of the wait-and-see game. Waiting might not be a good idea, if you want to buy, as rising interest rates will make buying more expensive in the very near future.

For renters, it is getting easier to find an apartment to rent. Rents are still going up slightly in most neighborhoods but in some neighborhoods (i.e. downtown, South Lake Union) rents are going down. You can read more about the rental market here.

Did you know?

Do you know how hot the water should be in your hot water tank? Above 120F and below 130F.

At a temperature above 130 degrees there will be an increased amount of sediment build-up within the tank as well as wasted energy. There is also the health risk of scalding. Below 120 degrees there is a risk of contracting legionnaires disease. According to the Mayo Clinic, the risk of colonization of Legionnaire bacteria is significant in hot water tanks where the temperature is between 104 and 122 degrees.

Our Listings

25812 115th Ave SE #B104, Kent, WA 98030: 2bd/1.5bth Townhouse – SOLD. More info on our website.

Congratulations

Congratulations to our clients Laura and AJ on their new home in North Seattle.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

Thank you,

Kerstin

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

 

 

Brooks & Heinze Seattle Real Estate Team – October 2018 Newsletter

 

Seattle Market Update

The current market condition can best be described as a major slowdown. Our roaring real estate market, fueled for years by the city's historic population growth and, at least to some degree, foreign investment, has slowed dramatically in July and August.

It looks like there is more inventory on the market which technically is true in that there are more homes sitting on the market at this time. However, the “increase” in inventory is a byproduct of homes taking longer to sell not an actual increase in selection for buyers.  August is often a slow month for new listings as Seattleites enjoy the summer and travels but this year it is combined with an overall slowdown in the market.

Exceptional homes in highly desirable neighborhoods are still selling quickly and we still see some competing offers.  However, sellers in less desirable neighborhoods with a home that’s outdated or with deferred maintenance have found that even significant price drops and seller concessions aren’t always enough to attract buyers in this new market.

We have seen downward price corrections in rural Snohomish County, South King County and the suburban condo market. Wondering what has happened to the value of your home as a result of this market slowdown? Contact us, we’d be happy to prepare an individualized report for your home.

 

Our Listings 

$309,900 - 34212 S 18th Place S, Federal Way 98003 – under contract.  

 

Did you know?

Homeownership remains below 2006 levels for all age groups. Homeownership rates were lower in 2017 than in 2006, the year before the Great Recession (2007-2009). The homeownership rate among the largest group of homeowners — those age 65 and over — has returned to within about 2 percentage points of 2006 levels. However, householders under age 35 and 35-44 years old had 2017 rates about 7 and 10 percentage points lower than in 2006. More information on this is available on the Census  Bureau website.

 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

 

Thank you,

Kerstin

 

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

 

Brooks & Heinze Seattle Real Estate Team – August 2018 Newsletter

Seattle Market Update

Here is what we are seeing in the real estate market: increased inventory, increased market time and price reductions. Multiple offers and offers over list price are rare now. What does this mean for buyers and sellers?

Sellers need to price their property to match the new market conditions. If the property doesn’t sell in the first 2-3 weeks on the market, it is time for a price drop. Sellers should also be prepared to pay for buyer’s closing costs, especially if the buyer is an FHA or VA buyer and sellers should not be surprised if they have to pay for repairs on defects called out in the buyer’s inspection.

Buyers have more inventory to choose from and more time for due diligence to research the neighborhood (schools, crime statistics, etc.) and condition of the home (structural/pest/sewer inspection, etc.).

There is a lot of confusion and resistance to what’s going on. Sellers are reluctant to adjust and drop their asking price when the property doesn’t sell. Sellers who ignore the new market conditions will remain on the market longer and homes that are sitting on the market longer almost always get less than market value. It is important for sellers to act quickly on these new market conditions.

Buyers are afraid to commit to what they perceive might be the top of the market. The fear of overpaying keeps some on the sidelines as they want to just wait and see what happens. However, this might be the best time for buyers to negotiate as sellers figure out the new playing field and are desperate to get their home sold.

We do not have a crystal ball and cannot predict where prices are going and what market conditions will be like in the months to come. However, we suspect the market has cooled because it needed to. The frenzy of the last few years is simply not sustainable. We see this change as a good change that will keep the housing market strong and healthy which is a good thing for both buyers and sellers in the long run.

Rents have declined in our area due to increased available inventory as a result of an increase in apartment building construction. More supply with the same demand = declines in rent.

There might be a push for more condo construction or condo conversions (apartment buildings being converted to condos) to meet the demand for condos. In fact, one building downtown which was to be an apartment building will now be condos. Read more about the Spire Building here.

There is very little new construction in urban areas for condos and single-family homes and the demand for these properties has not declined so we do not see home prices dropping in the long term after everyone adjust to the current shift unless employment, wages or other factors change.

Our Listings

$326,000 - 34212 S 18th Place S, Federal Way 98003.Wonderful mid-century rambler set high above the street. Great room concept with spacious living room flowing into formal dining room. Updated kitchen and baths. Light-filled informal dining room off kitchen with sliding doors to level backyard perfect for outdoor summer fun and entertaining. 3 bedrooms on main floor plus a spacious lower level with bonus room. Enclosed carport offers additional storage or work / hobby space. Close to shops, restaurants and freeway access.Click herefor more info, pictures and a video.

Did you know?

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.

Over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years.

The main factor for this change is the fall in home prices during the housing crisis which left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy during that time made some homeowners much more fiscally conservative about making a move.

It will be interesting to see how this number changes as a large portion of homeowners are not in a house that is best for their current family circumstance such as baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a tiny urban one-bedroom condo planning to start a family.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

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: www.propertyinseattle.com

                                                                                   

Brooks & Heinze Seattle Real Estate Team – July 2018 Newsletter

Seattle Market Update

Last month we told you there might be a shift in the air? We reported on an increase in inventory for the first time in years. Well, we can now confirm that the market has changed.  It is still a seller’s market but we are seeing signs of a more balanced market. There are fewer bidding wars and more homes are selling for asking price rather than well above list price.

Gone are the days where sellers could overprice, especially homes in less desirable neighborhoods or in poor condition; factors that seemed not to matter a couple of months ago. 

Buyers still have to make strong offers, especially on the better homes, but competitive conditions have eased a little.

Rents Continue Decline

After years of steep increases, Seattle rents are seeing a decline, and those declining returns could persuade some landlords to sell their property. Many rentals are multi-family properties but one in six single-family houses across the Seattle metro area is actually rented out rather than owner occupied.  If some of those landlords decide to sell, it could add more inventory to the home-buying market.

The real big change in availability and reduction in rent is happening in new/newer apartments downtown/SLU/Belltown where vacancy rates hit their highest levels since the recession; one-fourth of all apartments there are now sitting empty and move-in specials (one-month free rent, gift cards, free parking, etc.) have become commonplace.

Are you thinking of selling your rental investment property? Let us know.

Median Rent price was Down YoY 3.7%:

May 2017: $2,700

May 2018: $2,600

Average Rent Price was Down YoY 3.23%

May 2017: $2,877

May 2018: $2,784

 

Our Listings

$326,000 - 34212 S 18th Place S, Federal Way 98003– NEW ON MARKET. Wonderful mid-century rambler set high above the street. Great room concept with spacious living room flowing into formal dining room. Updated kitchen and baths. Light-filled informal dining room off kitchen with sliding doors to level backyard perfect for outdoor summer fun and entertaining. 3 bedrooms on main floor plus a spacious lower level with bonus room. Enclosed carport offers additional storage or work / hobby space. Close to shops, restaurants and freeway access. Click here for more info, pictures and a video. Open House: Saturday, July 7 from noon to 3pm and Sunday, July 8 from 11am – 2pm.

Did you know?

Together with your income and assets, your credit score is an essential part of your loan application. However, credit scoring methods for mortgages are different than for credit cards and other consumer accounts.FICO® stands for Fair Isaac Corporation, the inventor of the analytics software that produces most credit scores. A person has three FICO® scores, one for each of the three major credit bureaus – Equifax®, Experian® and TransUnion®.  Many consumers are led to believe that they only have one FICO® score, but this isn’t true. Currently, 55 different FICO® scoring models are in use. Many are industry-specific and not available to the public. If you recently purchased your FICO® score online, it may be vastly different than your FICO® score used for mortgage loan qualification. To learn more about this speak with your mortgage lender.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time.

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: www.propertyinseattle.com

 

 

 

Brooks & Heinze Seattle Real Estate Team – May 2018 Newsletter

Seattle Market Update

Spring Frenzy is in full swing! There has been an uptick in inventory which jumped 14% in April when compared to March. However, it is still a strong seller’s market with an area-wide 1.3 months of supply which is still well below what would be considered a balanced market of 5 months of inventory. Why is there more inventory now? Homes show better in the spring then at any other time of the year. Longer days with more sun and the much of the are in full bloom. Also, a lot of families like to move toward the end of the school year rather than in the middle of the year. Homes hitting the market now will close right as school gets out for most kids.

Home prices are still trending up. The median home price in Seattle is $820k; in King County it is $725k.

Where are people moving from/to?

According to Realtor.com, the 10 most popular states that people are moving to are: Idaho, Washington, Nevada, Tennessee, Alaska, Maine, North Carolina, Oregon, Alabama and Rhode Island. However, in some states people seem to want to flee their home, those states are Illinois, West Virginia, Nebraska, South Dakota, Hawaii, Indiana, Delaware, New York, Louisiana and Kansas. Job opportunity (or lack thereof) is the driving factor for people either moving into an area or out of, especially younger people. The second most common reason for moving is cost of living, especially for baby boomers entering retirement.

Criminal Conviction Not a Reason to Deny Housing

Important reminder for landlords, The Fair Chance Housing Ordinance enacted last year makes former convicts akin to a protected class. Landlords cannot deny someone tenancy because of a criminal conviction. The ordinance offers property owners little flexibility, even on grave offenses. So, whether the ex-con forged a prescription or butchered a spouse, it matters not (the only exception is sex offenders).

Did you know?

Did you ever notice that a lot of homeowners have a red front door? In Feng Shui, it invites welcoming energy; in some religious groups, it offers protection; in Scotland, it means the mortgage has been paid off. Also, a red door adds a lot of fun color, don’t you think? What color is your front door?

Congratulations

Congratulations to our clients! Matt found a home in Bothell and Jennifer and Kevin found a home in Phinney. All will be closing on their purchase this month. 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time, we’d love to hear from you … and if you are a seller, it is your market, give us a call. We’d love to provide you with a free pricing analysis on your home and offer you proven strategies on how to get the most money for your home in this hot seller’s market.

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: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – April 2018 Newsletter

Seattle Market Update

There is, yet again, no sign that Seattle’s seemingly never-ending market surge is letting up … quite the contrary. The local market has been getting increasingly more expensive for six straight years now and has soared a total of 82 percent during that time. In Seattle, the number of available homes for sale dropped 21% from last year. Seattle’s median home sale price climbed to $819,500 in March, gaining $43,000 in value over the last month.

High demand from buyers, coupled with rapidly decreasing inventory makes securing a house for most buyers a miracle. If you are a buyer in today’s market, be prepared to not only waive all contingencies that were traditionally used to protect the buyer but also pay $30k to 80k in Earnest Money, pay cash or have 30%+ down if financing the purchase and extra funds available to cure a low appraisal.  Even with all that, it may not be enough to get that home you fell in love with. It is not uncommon for buyers to make 15 offers before they secure a home. Some buyers actually just give up and stay in their current home or keep renting because it is such an exhausting and frustrating journey at the moment.

Rents have cooled somewhat as a result of thousands of new units hitting the market.

Affordability of  Housing Here vs. Elsewhere

The affordability index for homeownership is based on three factors: median single-family home price, 30-year monthly mortgage rates, and estimated median household income. The historic standard for “affordable” housing is that monthly housing costs do not exceed 30% of one’s income. So, affordability is a relative concept in housing. Markets that seem affordable, because their median home price is lower than other areas, may actually be unaffordable for people who live there local wages don’t keep up.  The following 3 markets were the most affordable among the 50 largest metro areas at the end of 2017: Oklahoma City, OK, Pittsburgh, PA and Indianapolis, IN. The three least affordable metro areas were San Jose, CA, Los Angeles, CA and San Francisco, CA.  Here is a complete list of the 10 most and least affordable metro areas: https://www.zillow.com/research/most-affordable-markets-homes-18906/ . Ready to move to Oklahoma City? We are happy to refer you to an agent elsewhere and will prescreen them for you to make sure they are the right fit for you. Just let us know.

Did you know?

You can save money and reduce water and pesticide use by applying wood-based mulch or compost to your garden beds this spring. Natural mulch materials suppress weeds, hold water and promote plant growth by providing nutrients as they decompose. So, get out there during the brief moments of sunshine we have this time of the year to soak in the sun and prep your beds for this summer.

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time, we’d love to hear from you … and if you are a seller, it is your market, give us a call. We’d love to provide you with a free pricing analysis on your home and offer you proven strategies on how to get the most money for your home in this hot seller’s market.  It might not be what you would think …

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: www.propertyinseattle.com

 

Brooks & Heinze Seattle Real Estate Team – March 2018 Newsletter

 

In Seattle, year-over-year prices jumped 17.6 percent, from $625,000 to $735,000. On the Eastside, the median price for a single-family home rose 10 percent from a year ago, increasing from $768,000 to $845,000.

Where are prices headed or which factors will dictate market conditions and pricing in the future? For the immediate future, it is our assessment that home values are continuing to increase because the low supply cannot fill the high demand of housing.

For those who are worried that lending standards are again becoming too lenient and fueling the demand, we do not believe that’s the case. We also do not think that there is blind faith or irrational speculation causing extra demand on housing. Plain simple, for now, the continued increases in prices follow the theory of supply and demand.

Whenever there is a limited supply of an item that is in high demand, prices increase.  In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate. In King County, the supply is less than a month!

We are not sure how buyers and sellers feel about the announcement of a provision in a GOP tax proposal to cap the mortgage interest deduction and how it might affect seller’s decision on selling their property or affect affordability for buyers. According to the proposal, if you purchase a new home (new to you), and your mortgage is greater than $500,000, your interest deduction is being capped.  The current mortgage interest deduction cap is 1 million dollars.

 

 

Our Listings

 

13343 3rd Ave NE, Seattle 98125 - 4bd/2.5bth, 2-car carport: Spacious Haller Lake Home - $650,000 - One owner only! Lovingly maintained home. Spacious & updated kitchen. Huge dining area. Hardwoods throughout upper/main floor (under carpet). 3 bedrooms/1.5 baths on one level. Possible MIL/Airbnb with separate walk-in entrance w/ one bed/full bath downstairs. Lovely deck off the kitchen and beautiful mature landscaping. New furnace, newer roof, exterior paint, newer interior doors, new water line. Lots of upgrades. Quiet neighborhood w/ easy access to I-5 & 99 & upcoming Northgate Lightrail. Click here for more information and pictures.

 

Did we mention it is a seller's market? We are ready to list your home - let us know if you are thinking of selling.

 

Quick Winter Tip for Homeowners

 

Cold weather is here, please remember to disconnect your garden hoses from the house, this is the number one cause of frozen pipes. Cover exterior faucets to insulate them and keep them from freezing.

 

We'd love to hear from you

Any questions, comments, or feedback? Contact us any time, we’d love to hear from you.

 

Happy Winter,

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: www.propertyinseattle.com

 

 

Brooks & Heinze Summer 2016 Newsletter (published June 10, 2016)

Seattle Market Update: 

It is still a strong seller’s market. However, statistics point to gains in the volume of new listings during the last two months. Nonetheless, inventory remained well below the supply needed for a more balanced market, so buyers are still competing for homes and are having to make strong offers with few or no contingencies for a chance to secure a home especially in popular neighborhoods with good schools.

Low inventory and low interest rates are still putting upward pressure on prices. However, prices showed some signs of moderating. Given the lack of new home construction and the huge pent-up demand, the seller's market will likely continue though for some time.

There are growing signs "of buyers' fatigue” – some buyer’s deciding not to buy in a market that seems too aggressive and out of control.

We are also seeing some sellers being too optimistic and missing the mark as they price their property too high and then end up languishing on the market and in the end getting less than list price.

 

Our Listings

513 NW 197^th St, Shoreline, WA 98177 - $635,000. Beautifully maintained, spacious Shoreline home close to Syre Elementary & Einstein Middle School. Enjoy the park-like backyard setting great for year-round entertaining. This home features 5 bedrooms plus bonus and rec room, 2.5 baths, and 2 car-garage with extra storage.  For more information and pictures of this home, please go to Our Listings on our webpage.

87066 NE Old Cascade Hwy, Skykomish, WA – $70,000. Skykomish Off-Grid Cabin. Escape into the beautiful Mt. Baker-Snoqualmie Forest on weekends or live off-grid year-round in this cozy 1 bedroom cabin off Hwy 2. Tucked away in the woods, yet easily accessible. Wood burning fireplace for heat and ambiance. Plumbed for propane. Wired for generator. Kitchen plumbed via cisterns. Propane and wood cooking stove in kitchen. Outhouse ready for portable sani-toilet. River frontage. Over an acre of land. Just a little over an hour from the city. 6 miles west of Stevens Pass.

We’d love to help you sell your home if you are thinking of selling. Did we mention that it is a seller's market?

 

Fun Things To Do This Summer

Seattle is a great city with lots of diverse indoor and outdoor events – take a look at the Seattle Events calendar to find out more about activities like beer tasting, dancing, carnivals, arts shows, car shows, parades, sports events and more.

 

Buying a Home is Better than Renting, right? (published Dec. 19, 2015)

The truth is, there’s no one right answer or one size fits all when it comes to determining whether to rent or buy a house. There are a number of considerations you must make when making this decision. Renting and buying both present a number of pros and cons, and your own financial situation and personal preference may be the biggest factor of all.

Pros & Cons of Renting: Despite the fact that you can’t build equity, renting offers you the most freedom and flexibility, especially if you are on a month-to-month lease.

Pros & Cons of Buying a Home: Homeownership is not for everyone, but there are some financial and emotional advantages that can be enticing.

Initially, renting is almost always cheaper than buying but in the long run (often after 3-5 years), buying is more affordable depending on your local market, income, tax situation and current financing costs.

If you want us to help you determine whether renting or buying is a better choice for you in the Greater Seattle Area, please contact us for a free, no-obligation consultation.

Fall 2015 is a great time to sell - 5 Great Reasons to Sell Your House Today - published September 13, 2015

We are often asked “is now a good time to sell my home?” The answer to that question is based on what your family’s personal and investment goals are.  If you have been thinking about selling, now definitely is a good time. Here are five reasons why:

Reason #1: Your House Will Get More Exposure Now in Late Summer and Fall Than the Winter

Housing sales usually are greatest in the spring, level off in the summer and then regain momentum in September and October before slowing down significantly between mid-November to the end of January.

Reason #2: It is a strong Seller’s Market in Seattle

Northwest MLS figures show only about 2.2 months of inventory, well below the 4-to-6 months that many analysts say constitute a balanced market. King County continues to have the tightest supply with less than 1.2 months of inventory. Several neighborhoods have less than a month of supply. Multiple offers are common in the Greater Seattle Area, especially in hot spots like Bellevue, downtown Woodinville, Greenlake, Phinney Ridge, but also suburbs with easy commutes to major employers and good schools, such as Shoreline.

Reason #3: Interest Rates are expected to go up

Small increases in interest rates do not seem to have had any noticeable impact on activity and the area is still experiencing multiple offers in most of our market areas, heavy open house traffic, and moderate to high appreciation in values, however, most analysts expect the Fed to increase rates in the fall of 2015, in conjunction with their September 16 – 17, 2015 committee meeting. If that occurs, we could see higher mortgage borrowing costs toward the end of this year and into 2016. This will reduce affordability and may cool off the market a bit. So, if you have been holding on to your property because you have enjoyed seeing the dramatic increases in values, we’d like to point out that although most analyst predict continued growth, the expected trend is a more moderate growth rate.

Reason #4: It is the Perfect Time to Move-Up

With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home. If you move into a more desirable home now, you will be in position to gain larger equity as prices continue to appreciate. If you are worried about having to sell your current home first before being able to afford the next time, we are happy to educate you on how to make that transition happen. Rates are expected to go up so buying that new house now makes sense and allows you to locking in a good rate.

Reason #5: You Get to Move On with Your Life

If you have been thinking about selling for a reason, the most important reason to sell is so you can get on with your life. Tired of managing a rental property? Have you been wanting to downsize? Have you been thinking of moving closer to family? Take advantage of this great seller’s market.

Most want to invest when prices are low and sell when prices are high. Timing the exact point of the lowest low and the highest high is impossible. What we do know is that this is a strong seller’s market and prices are high.

We’d love to meet with you for a free, no-obligation consultation and if you are going to sell, we hope you choose to work with us. Feel free to email us with questions any time.

Kerstin G. Brooks
Brooks & Heinze Real Estate Team
Cell: 206.276.5827
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com/listings.html 

  

Seattle Market Update:  Expecting a Busy Fall! - published Sept. 11, 2015

The astronomical fall begins September 23 but emotionally for most of us fall begins after Labor Day. It’s Back-to-School for the kids and in a way for us adults, as well. We  have taken some time off for vacations or enjoyed long, sunny weekends outside, bbq-ing, hiking and camping.

The real estate market usually slows down in the summer and is the busiest in the spring and fall. This July, however, pent-up demand continued to fuel home sales around Western Washington. First-time buyers entering the market, existing homeowners changing homes, and relocating workers moving to Seattle all vying for limited inventory.

In August, we did see a little of the typical summer slowdown but we are expecting a busy September and October before the market will likely move into a slowdown for winter.

It is STILL a seller’s market – the Seattle real estate market is still suffering from severe inventory shortages.

The Northwest Multiple Listing Service tracks sales stats for the Greater Seattle Area and it shows that supply is about 1.2 months in King County. Several neighborhoods near Seattle job centers have less than one month of supply. Six months of inventory supply is considered a balanced market – we are definitely in a seller’s market.

Aside from local demand and low inventory, international and national factors also have an effect on the Seattle market. Most analysts expect the Fed to increase mortgage rates in the fall of 2015, in conjunction with their September 16 – 17 committee meeting. If that occurs, we could see higher mortgage borrowing costs toward the end of this year and into 2016, affecting affordability for some borrowers and causing a slight cool down in some price ranges. The influx of foreign buyers, mostly Chinese cash buyers, has fueled the Seattle market for a few years now. As long as China is allowing Chinese people to invest outside of their country this trend should continue. The recent market turmoil in China may actually encourage the Chinese to move more money out of the country and invest it in real estate in the Puget Sound. Most Chinese buy high-end or view properties.

Our Listings

We currently have one new listing in Haller Lake: 13345 3rd Ave NE, Seattle, WA 98125 for $425,000.

This great Mid-Century Rambler offers a bright, open layout on a quiet lane with easy access to I-5, Northgate and amenities.  The kitchen updates include new cabinets, hardwoods, stainless range, and granite countertops.  The original hardwoods in the bedrooms have been beautifully refinished. There are new windows & new paint throughout. The living room is huge and has been updated with new carpet and fixtures.  The separate, formal dining room has beautiful built-ins.  The large, level backyard with southern exposure is great for gardening and entertaining. This truly is a special, turn-key, nicely updated home with a great open & airy feel.  One level living with a huge attached garage with work area and extra storage. Absolutely move-in ready.

More information and pictures are available at http://www.propertyinseattle.com/listings.html.

Did we mention it is a seller’s market? We are ready to list your home – let us know if you are thinking of selling.

Fall Contest

Our summer photo contest was a hit! So, we thought we’d do it again this fall. Join our “fall colors and decorations” photo contest. Submit a picture from your house, balcony or yard that shows how you decorate or what art projects you like. It can be a picture of pumpkins you carved, fall foliage in your yard,  Halloween decorations, etc. – surprise us! Rules: Only one picture – must be submitted by November 1, 2015. Submit to us via email or on our facebook page. The winner will get a $30 gift card, the 2nd and 3rd prize will be a $10 gift card to a venue/store of the winner’s choice.

We’d love to hear from you

Any questions, comments, or feedback? Contact us any time, we’d love to hear from you.

We hope you enjoy the fall colors.

Happy Fall!

 *** Kerstin & Krisanne ***

Brooks & Heinze Real Estate Team
Skyline Properties, Inc.
Kerstin Brooks – 206.276.5827
Krisanne Heinze – 206.920.2541
Email: info@propertyinseattle.com
www.propertyinseattle.com 

 

Risks of Overpricing - June 2, 2015 

The news of low inventory and many properties selling above asking price in multiple offers in hot neighborhoods makes many sellers eager to price their home high because they want to make sure they get the highest price possible.

Pricing the home correctly is really, really important.  Of course, you don’t want to underprice the home and give it away and leave any potential funds on the table. In the current market place, where inventory is low, pricing a home slightly under value will create a feeding frenzy as buyers will be excited about a potential deal and the final sales price will actually be bid up to or just above market value. So, underpricing actually poses a relatively low risk of not getting at least market value for your home.

However, overpricing your house in the belief that you can make sure that you do not leave any money on the table and that you can reduce the price back later if you don’t find a buyer at the asking price is a strategy that can backfire terribly.

Most of the traffic to your home, will happen during the first two weeks, particularly the first two weekends on the market. You are most likely to get a full price offer during this time. In the Greater Seattle area, no offers within a 30-day period (10-day period in urban or hot neighborhoods) or little to no traffic at the first open house means the price is too high. Every day the home sits on the market makes it less valuable in the minds of buyers, and today’s buyers are completely value driven. By the time you reduce your price, you have most likely missed out on a surge of interest in properties like yours.

Also, when the price is lowered, buyers may wonder if there’s something wrong with the property that kept other buyers away. So to keep from selling your property at below market value and from wasting valuable time, don’t fall into the overpricing trap.

Not only do overpriced properties not sell at the inflated market price but they often sell well below actual market value when they do sell because most buyers will have lost interest or are afraid of paying full price for a property nobody else wanted.

Ultimately, buyers determine the right price for a property, not sellers. The market price for a home is determined by what an able and willing buyer ultimately pays for it. There are certainly things that homeowners can do to influence buyers’ perceptions of their home’s value and hence increase the price buyers are willing to pay for it. But, ultimately, the buyers will set the price.

A dedicated and experienced real estate agent who is familiar with the market in your area can help you price your home correctly, help you market your property effectively and make suggestions what you can do to get the highest return on your home. 

 

Prequalification vs. Preapproval - what's the difference? - March 6, 2015

Prequalification vs. Preapproval: These terms are often used interchangeably — but there are big differences between the two.

With a prequalification, the lender is performing a few checks on the prospective borrower’s finances to determine the home loan amount they may qualify for. A prequalification letter tells you how much the client will probably be able to borrow from the lender, if further examination supports the preliminary findings.

For a preapproval, however, the mortgage lender examines and verifies the client’s debt, income, savings, assets and credit report. The information must satisfy the lender’s underwriters that this client is a low risk and a good prospect for repaying the loan. Preapproval is more vigorous vetting and a lengthier process than prequalification; buyers who submit to the process and are approved are serious buyers. 

As a preapproved home buyer you will know which homes you can actually afford and what your loan options are.

As a home seller you will want to make sure to only accept offers from a buyer who is preapproved vs. just prequalified for a loan.

At the Brooks & Heinze Team, we are happy to work with any lender you choose, however, if you need a referral to one of our trusted lenders we can put you in touch with an exceptional mortgage broker. Finding a good lender can be confusing. There is a ton of information on the web but sifting through it all and understanding it can be overwhelming. Let us help you.