The current real estate housing market has been transitioning to a buyer’s market since about May 2022. At the same time, due to mortgage lending rates climbing high and quickly, it has squeezed out the essential segment of home buyers. In 2021, one could buy a house worth $759,000 with 20% down and a monthly payment of $2500.00. Now, that monthly payment will get you a house worth $476,000.
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How robust is Seattle’s real estate market? Consider these recent stats.
Is that robust enough?
However, this chaotic real estate market has softened a bit in recent weeks. It is taking a little longer for a house to sell. There are also more price reductions. BTW, we now use more exotic words like refreshed pricing or improved price rather than a good old price reduction.
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If you pay any attention to the housing market news, you know that we are currently amidst one of the strongest sellers’ markets. It has slowed down a bit in recent weeks. It is difficult to determine if it is the usual summer slowdown or if the market has run out of steam. This article is about how to get your house ready to sell, regardless of the market demands. Seller’s or buyer’s market, you must present your home as best as possible to get the highest price.
The optimum lead time to start preparing your house to sell is three to six months, depending upon repairs and improvements that might be needed. The more time you allow yourself to prepare, the easier and more cost-effective it will be for you.
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What is my home worth? This question is the first step when people start to think about selling their house. Having the most current and up-to-date data about recent activity is crucial to answering this question. This blog post is unique. It includes live graphs that show you the last twelve months’ data for Redmond, Sammamish, Kirkland, and Bellevue. If you require more extensive data, please reach out and we will get you what you seek. A broader picture shows that the demand for homes increased significantly starting in the summer, while the supply went down a lot, mostly due to homeowners are not eager to sell during COVID-19 unless there is a dire need to do so.
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Savvy buyers and sellers know that our real estate market is vibrant, complex, and nuanced.
At BN Real Estate, we follow a nine-point home-buying system to serve our “buyer clients.” You can learn more specifics about this extremely effective approach here. For an in-depth understanding of the buying process and to be equipped to jump into today’s highly competitive market, pick up Broker Nadir’s book at Amazon.
Being in a seller’s market, like the one we have now, having several buyers clamoring to get their offer accepted makes things even more complex for the home sellers.
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The current sentiment that the real estate market is crazy is the aptest description. Buying a home in 2021 has become a very different experience. It does not serve homebuyers very well, who feel helpless as the market demands compel them to give up their legal protections. There is no way to predict when the market conditions might improve.
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The demand for homes remains on the rise. There was a substantial 39.3% increase in new homes coming on the market during December 2020, compared to the same month a year ago, for the entire NWMLS system. King County had more than a 60% increase in new listings compared to a year ago. Buyers eager to own homes quickly absorbed this added to inventory.
A total of 5,260 new listings came on the market. This was the most extensive new-listing activity since 2010 when the number was 5,460. Yet, demand is even higher. Across the NWMLS, for single-family homes and condos that closed last month, prices jumped nearly 12.2% from a year ago, increasing from $435,000 to $488,000. The averages are different on the Eastside. In Kirkland, the average home price is $1,031,089. In Redmond, the 98052 zip code average home price is $841,592 and in the 98053 zip code, this number is $895,671. In Sammamish, 98074 zip code the average home price is $922,461 and in the 98075 zip code, this number is $1,057,799.
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Having a pre-qualification letter just indicates that you discussed your financial situation with someone at the mortgage lender’s office. It indicates that you did not provide any documentation. And the lender didn’t verify any of the verbal information that you gave them.
It indicates that the lender merely considered the broader guidelines. And concluded that you are likely to be approved for a loan of up to a certain amount. Then the lender issued you a letter stating that they have pre-qualified your loan application.
COVID-19, the 100-year flu Pandemic, continues to severely impact our daily lives and economies around the Globe. Several clients and friends have asked about how it might affect the residential real estate market in months to come.
In this article, I will provide my best understanding of what is likely to occur in 2020 and 2021, based on the relevant factors and data. As you read it, be mindful that when it comes to COVID-19, we are dealing with many unknowns. What happens to different sectors of the economy will largely depend upon how well things are handled at various levels of our governments.
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According to Northwest Multiple Listing Service (NWMLS), Homebuyers around Washington state are making their way back to the market. They are hoping to take advantage of improving inventory, attractive interest rates, and more approachable sellers.
Moderating sales prices of homes in Washington State are caused by a year-over-year improvement in the volume of new listings and total inventory. There was robust activity in January of this year. However, the number of actual sales was a little less than last year. All indications are that strong activity will persist in all counties of the State. Some prospective buyers sat out the second half of 2018. Others were pushed to the sidelines during last year’s heated market. These folks are finding better buying conditions now.
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