Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. The second quarter of 2020 was framed by a very different real estate landscape as Washington’s stay-at-home order was in effect for the majority of this period. The data across these market areas reflects fewer homes on the market year-over-year likely because of this, and while median prices and buyer demand varied more, it was a seller’s market.
Just when the market was expected to enter busy spring season, the coronavirus pandemic shocked the world. The impacts of this pandemic have caused uncertainty across all sectors of the economy and the housing market is no exception. Many home buyers who were ready to make their move are now sitting on the sidelines wondering if now is the right time. While each market has responded differently, we have seen numerous reasons in our local market in the greater Seattle area that now is the right time to buy.
If you’ve been considering purchasing a home, read on to learn about some of the reasons that it would be better to make your move now instead of wait, and learn what recent events and trends could mean for your home search.
Realogics Sotheby’s International Realty proudly presents its annual summary of the Real Estate Market in Western Washington. Each year, this report reflects on how the news events of the past year could economically impact the home buying and selling process. It also offers key insights from nine counties and 37 communities around the Puget Sound, providing an in-depth analysis of data, information, factors in trends, news, and events that make an impact on our local housing market.
Many were curious to see how the typically robust spring real estate market would be impacted by the Coronavirus pandemic. Like many sectors of the economy, residential real estate experienced disruption and uncertainty just when things were ramping up.
As guidelines for essential workers evolved, the market virtually paused for a few days, but then took off again after real estate guidelines and practices were adjusted to support social distancing. Despite the changes, housing activity around Western Washington in March showed the volume of new listings added during the month surpassed February’s total, as did both pending and closed sales.
Navigating the real estate market in light of COVID-19 has been confusing for many homebuyers and sellers. As trusted advisors, we felt that it was our responsibility to inform our clients and offer creative solutions while ensuring we protect the health of our clients and well-being of our community.
Coronavirus aid, relief, and economic security act—what can we expect? The $2 trillion economic relief plan brings a variety of aid to U.S. citizens in an attempt to spur growth for local communities.
It’s been in the news for awhile—mortgage rates are low. And not just low, they’re really low—the lowest they’ve been in more than three years.
But even though rates are low, they do vary from buyer to buyer and you’re not guaranteed the low rate you see posted online. A recent case study by Lending Tree confirmed what expert real estate agents have always passed along to their clients: Comparison shopping is extremely important—no matter how low the rates seem to go.
In Seattle’s hot real estate market, it’s become increasingly difficult to find good investment opportunities. But every once in awhile, a fantastic, turn-key property is brought on the market. Check this out.
November surprised the real estate market with a strong favor for home sellers. The Northwest Multiple Listing Service (NWMLS) released data on the month of November which showed a 7% year-over-year increase in pending sales. This increase across King, Pierce, and Snohomish County jumps to 9.2% when considering mutually accepted offers.
As of May 2019, the housing inventory in the Seattle market was just shy of two months. Fewer choices means it will become more difficult finding that perfect home that fits your needs. When you account for older homes on the market that may need updates, eccentric houses that were designed for a specific style, price points, and other factors, this leaves a small pool of homes to adapt to your lifestyle. It’s in these markets that new construction homes become even more of an enticing option for buyers.
At just over 12 percent year-over-year, residential prices in Seattle in July 2018 sustained their rate of increase from June, according to the S&P CoreLogic Case-Shiller Index. The Index showed Las Vegas, Nevada widening its lead nationwide with a twelve-month increase of 13.68 percent. Seattle remained second in the nation at 12.05 percent growth. Competing Pacific Coast gateway cities Los Angeles and San Diego were neck-and-neck, with home price increases of 6.37 percent and 6.18 percent, respectively, while prices in San Francisco rose by 10.8 percent.
