Here’s a great article by The Seattle Times that discusses homeowner equity gains over the past year.
Key points: Home price appreciation is expected to slow this next year, CA, WA, and ID saw the biggest equity price increases this past year, and many who wish to purchase are finding it more and more difficult to do so. In August 2021, first-time buyers accounted for 29% of home sales, whereas last year they made up 33% of buyers (data from the National Association of Realtors). Owning a home is one of the biggest, if not THE biggest factor contributing to long-term wealth accumulation. If you do not already own a home, you are potentially missing out! If you think you can’t afford to buy or it’s too hard, I can introduce you to reputable lenders who can help you see what is possible. #yourhomesherpa
Click HERE for the full Seattle Times article.
This week, Matthew discusses Fannie Mae’s “Home Purchase Sentiment Index” that discusses how buyers and sellers feel about the housing market.
In a nutshell, the report says that currently most people do not think it is a good time to buy. Why?
One bright spot: Consumers have tempered their pessimism slightly. The “good time to buy” component has gone up for the first time since March 2021, likely due to favorable interest rates and consumers’ hope that prices will moderate in the next year. In some markets home prices are already leveling off because they are approaching a ceiling. This is good news, as prices cannot appreciate forever. Recent rapid appreciation is unsustainable, and the market needs more balance to be healthy.
For Matthew’s full video report, click here: https://www.youtube.com/watch?v=S0jtRsISHDQ
If you have questions about this report or anything else, reach out! I am here as your real estate resource.
Fall is officially here! It is the season for apple cider, cuddly sweaters, and pumpkin spice everything. If you’re like me and enjoy getting outdoors, here are 9 pumpkin patches around Seattle to visit. These are on the deluxe side, with corn mazes and fall festivals. Hope to see you at one soon!
9 of Seattle’s Best Pumpkin Patches
Are you considering selling your home but have too.much.stuff? Are you a personal representative for an estate and need expert help? Here are 5 Tips to help you navigate! http://ow.ly/orqO50FYTtY
Feel free to contact me for additional resources and assistance, 425-773-4381. #yourhomesherpa
Local real estate gurus weigh in on which Covid-Era Trends Will Last: https://bit.ly/3t48vNJ
Interesting article! A few highlights.
Matthew Gardner (Windermere Real Estate’s Chief Economist):
“We’re not over developed, we are under demolished.”
Matthew’s three criteria for buying a home:
“One, are you stable in your job, or are you working for a dotcom where you’re a paper billionaire? I’ve known way too many of them, and none of them are billionaires today. Secondly, can you afford that mortgage payment? Are you comfortable with it? But thirdly, are you going to live in that home for at least seven years? Meet those three criteria, I’m happy for you to go ahead and buy it.”
Nicole Bascomb-Green: “Black housing is at an all-time low, lower than it was when the law was passed in ’68, the [Fair] Housing Act. It’s way worse than it ever was.”
I am on the same page with Matthew re: first-time home buyers. It’s tough! Millennial buyers are entering the market and need homes. Sellers are afraid to sell & downsize because they are afraid of then becoming buyers in this market. Lack of inventory and drives prices up, and the problem exacerbates. Matthew talks a lot about re-zoning and how that could help. I found his comments about Paris and NIMB particularly interesting.
To link to Seattle Met, click here: Seattle Met Magazine
Matthew Gardner, Windermere’s Chief Economist, shares second quarter 2021 housing statistics. To see his blog, click here.
Highlights from Matthew:
My thoughts: It’s refreshing to see an increase in listings, however it still is not keeping up with demand. The main effect is decreasing the numbers of multiple offers and easing buyer pressure somewhat, but it does not fix the huge supply/demand imbalance. I am not sure what the answer is to this–it’s almost certainly multi-faceted.
If you have questions about this report or anything else real-estate related, reach out! I’m here for you. #yourhomesherpa
With the rising cost of housing and the desire to increase housing options, many cities are revising zoning and building codes and allowing Accessory Dwelling Units (ADUs). The City of Renton is one of them.
This shift to ADUs seems novel and interesting. However, what sort of impact ADUS will have on existing infrastructure (roads, sewers, etc.). In older cities such as Seattle, will adding a slew of new ADUs overstress it? I suppose time will tell.
In the meantime, here is some great info! Click on this link to go straight to the City of Renton’s website to learn more about ADUs in Renton, take a peek at permit-ready ADUs, and get inspired!
Click this link to read the Seattle King County Realtors article on the City of Renton’s ADUs.
Do you like food trucks? Do you like exploring and trying new dishes? If so, consider trying one of these awesome food trucks! I’ve personally eaten from “El Camion” and “Where Ya At Matt” and can vouch for their quality, taste, and value. Check out these other delicious options:
Here is a great Forbes article that gives a nice overview of the challenges buyers (especially first-time home buyers) are having in today’s strong seller’s market. The buying strategies discussed are sound and common in our area.
While this is great information, the author doesn’t mention the importance of communication. I cannot overstress the importance of this!! Writing strong offers is a requirement to win bidding wars, however communication between the buyers’ agent and their buyers, the buyers’ lender, and the listing agents of homes buyers are interested in is what can give buyers the edge necessary to ultimately win and get the house!
Buying Strategies: If you’re a buyer, make sure you work with an agent who is very “hands on” and has time to talk to you and to the listing agents of homes you are interested in. Make sure your agent will call the listing agent to find out if the seller will take early offers (if they have an offer review date), will find out what the sellers’ wants and needs are, and will help you structure your offer so it appeals to the seller(s) (and to you). The goal is to create a fantastic offer and then have the listing agent be your advocate because your offer stands out and they love working with your agent. This is the “secret” in the sauce.
Listing Strategies: On the listing side, make sure your agent listens to you, understands your wants, needs, lifestyle, and goals, and works to get you to them. Do you need prepping/staging/moving/??? help? Do you need a rent back? Want a long or short closing time? If your agent takes the time to understand you, then you are more likely to get what you need and want and will likely have a better experience with fewer headaches along the way.
If you have any questions or want further information or dialogue, please reach out! I’m here to help!
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