Feeling cooped up because you can’t travel? I sure do! Most of us can’t go to exotic places for a bit, so instead it might help to bring them to us. Here are some easy ways to help our home feel like a vacation destination! In this article, Airbnb shares tips! 5 Ways to Make Your Space Feel Like a Vacation
Happy Martin Luther King Day! I found some great resources & ideas I’d like to share with you to help us honor the day and celebrate the values and ideals that Dr. King lived and died for.
Red Tricycle Celebrate & Serve
Washington History.org Resources
City of Tacoma Ideas & Resources
Seattle MLK Coalition Events & Ideas
Now more than ever with tensions, demonstrations, and violence being so prevalent, honoring Dr. King and living into his ideals seems especially pertinent and necessary.
Disclaimer: I don’t have a crystal ball. (Nobody does)
That said, here is what the analysts at Realtor® Magazine are predicting in 2020:
For first-time home buyers and those on a budget, purchasing a home will become even more challenging, even if inventory increases. Prices can’t rise forever, though, as wages need to keep up. Eventually if prices outpace wage growth by too much, demand will decrease because people can’t afford to buy, which will then drive prices down. Like a lot in nature, things tend towards equilibrium.
Read the full article here.
This short 4 minute video gives shows November 2020 sales statistics for the NWMLS.* The statistics compare November 2020 to November 2019.
To watch, click this link.
Key highlights (if you don’t want to watch).
If you’re considering renovating your home, remember to update your homeowners insurance when your remodel is complete. If you don’t, you could become unknowingly under-insured. Don’t find out the hard way when you go to file a claim and get much less than you expect.
Read this article in Realtor® Magazine for more details.
Seattle was #2 in the nation for price growth in September 2020. This is according to S&P CoreLogic Case Shiller Home Price Index reported by The Seattle Times. Homes in the middle tier (priced between $470,183-$705,295) rose 12% year-over-year, and modest homes (under $470,183) rose 12.5%. Homes over $705,295 rose by 9%. Going forward in 2021, experts predict home prices will keep rising since demand remains high and inventory and interest rates remain low.
Read the full Seattle Times article here.
This is a sobering chart: Millions of Americans are behind on rent or mortgage payments and are at risk of eviction or foreclosure in the next two months. In Washington state, over 21% are not current. That’s a staggering number!
If people lose their homes, the housing market will no doubt be affected. Hopefully we will pass a stimulus package and extend eviction moratoriums so people can avoid eviction and foreclosure. However, this is only a short-term solution. Long-term, people need to have adequate and steady income so they don’t have to rely on government support. Given these current statistics and because the economic recovery has been slowing, I suspect we will likely see an increase in foreclosed homes next year and in 2022. Exactly how many remains to be seen; a lot depends on the economy. If we can get it bouncing back, then we can limit the damage. If not, things could get ugly. Read the “Dark Winter” article here.
#yourhomesherpa
For the fourteenth time this year, mortgage rates have hit a new low! The 30-year fixed-rate mortgage is now at 2.71%. While this is good news for buyers, purchasing power has been diminishing due to home prices rising. Higher prices reflect basic Economics 101: When supply is low and demand is high, prices usually go up. Remember, for every 1% increase in rates, your purchasing power decreases 10%. Put another way, If prices go up 10%, you need a decrease in interest of 1% to retain the same purchasing power (all other things being equal). With interest rates already this low, it seems unlikely they’ll go drastically lower.
Read the Realtor® magazine article.
Because I believe having options is a good thing, here are more places to see holiday lights! Some are free, and some are not. Not on this list: My ALL TIME favorite light display, the VanDusen Botanical Gardens in Vancouver, BC. When Canada opens their borders again and you want to have a jaw dropping light experience, check this place out. In the meantime, here are nine (mostly) local alternatives:
#yourhomesherpa
As we finish out 2020 and head into 2021, you may be planning for the New Year. Is selling on your horizon? If so, get a jump start on ways to improve your home’s curb appeal. Because you never get a second chance to make a good first impression! Check out a great article here.
Image Source: Canva
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