Our esteemed economist, Matthew Gardner, has released his 3rd quarter assessment of our Western WA real estate market. Enjoy!
Debuts & Discoveries – Beverage Tasting – Saturday, March 16th from 5-8pm
D&D is a great gathering of new talent from the Seattle beverage world with offerings from wineries, breweries, cideries and distilleries. Food trucks on site as well.
See link for all details & to get tickets.
Enjoy some tasty food and beverages and support Outdoors for All.
Helping children with disabilities get out!
I’ll see you there. https://lnkd.in/dx7hU58
The best, best part of my job is when I get to handover the keys to a first time home buyer! And this time Yasemin came all the way from Istanbul and has made a life here in Seattle and has now bought her first home!
Her mom is even here from Istanbul to help her move in!
It gets me a little choked up when someone gets into their first place and they’re so excited just to walk through the door! Best feeling and best part of my job!
Welcome home Yasemin!
Here are a few thoughts about melting snow, possible water intrusion and houses from Don McFeron at Scout Building Inspections:
“Gutters and downspouts full of snow and ice can back up if it starts raining before the snow and ice melt.
Water backing up in the gutters can be a real problem if you have a house without much of a roof overhang, because instead of wetting the soffits, it can get into the walls.
Roof downspout in-ground drains can ice up, and then the water coming down the downspouts can spill out next to the foundation. If the house has a finished basement, the water next to the house could get into wall cavities through the footing-to-foundation joint, and any through-wall penetrations or cracks. Make sure that water coming out of the downspouts runs down into functioning in-ground drains, or route the water on the surface far enough away from the foundation that the water cannot run down next to it and get into the basement or the crawl space.
Snow in a basement window well can get up against the windows and window trim. When the snow melts it could get in through small gaps between the windows and trim.
Water from melting snow that has piled up against a door can get in through weep holes and weather stripping as it melts.
When you shovel a walkway, be careful to not pile the snow up against the side of the house.
Snow on a roof can get up under the flashing around skylights, chimneys, plumbing vents, attic ridge vents, etc. Pretty much all of the flashings and roof boots are designed to protect against water that is flowing down hill. Blowing snow can get under the edges of flashings or pack in around them and then drip down behind them as it melts. Usually the amount of water would not be noticeable, but in a situation where there are several inches of snow followed by a quick melt and a lot of rain, it could be a problem.
I cleared the snow off of my roof top deck tonight because the snow was deep enough that when it melted it could have gotten up under the siding, through gaps between the door to the roof or through perimeter flashings and into the house. The through-wall drains were packed with snow so that water may not have been able to drain through them.
My office, Windermere Wedgwood, publishes statistics for the transactions that we represent each month.
These statistics dive deeper than the basic info you get from online sources.
The pack below shows transaction details like type of financing, cash offers, # of offers and the one I find most interesting this month, median sold price.
The median sold price for the 16 transactions completed by my office in December 2018 was $839k vs. $759k from Dec. 2017 or +10.5%
Even with the Seattle Times headlines about Seattle’s rapid decrease in prices, the numbers don’t lie, +10% vs last year!
Has your lender told you about the upcoming changes for conforming loans in 2019?
Make sure you’re working with a knowledgeable lender that keeps you informed on the latest and the greatest.
Thank you Matt for always keeping me up to date.
New conforming loan limits for King/Pierce/Snohomish county – all the way up to $726,525.
Gives you more purchasing power and reach.
A $725,000 home purchase will now qualify for a conforming loan with as little as 5% down payment of $36,250.
You’ll be able to afford more home and still be competitive in the changing Seattle area market!
What you want to pay attention to in the attached eye chart of a graph is the bottom graph and how every winter (December) for the last 10 years, we see a dramatic slow down in sales.
So yes, the rate of appreciation has slowed in the Seattle area since May 2018.
But, we also see a slow down in transactional sales every winter.
Put them together and it seems more dramatic and remember we had quite a run up of prices over the last 5 years.
* Mortgage Rates will climb when Fed raises prime rate early 2019.
* Amazon announces HQ2 location(s), will Amazonians move? Not likely, Seattle is still one of the most desirable cities in US for tech workers.
* Facebook just announced, increasing office space in Bellevue + S. Lake Union.
* We have 34 Fortune 500 companies in Seattle, was only 7 in 2010!
* Seattle will still be hiring moving into 2019. We’re more than just Amazon.
* Home Prices will continue to increase at new slower rate but Still Increasing.
Because of all of these reasons, I think the Seattle housing market will continue to grow and appreciate.
So, waiting for prices to drop is a long shot and the wild card of increasing Interest Rates will lower buyer’s purchasing power next Spring.
We know where we are now, the future is a gamble with so many variables.
This is why buyer’s should purchase this winter in Seattle.