What Housing Bubble?
Despite higher mortgage rates, home prices really haven't come down in most markets and some people are still talking about a housing bubble. 🤷♀️
The reality though is that WE ARE NOT IN A HOUSING BUBBLE.❌
Here are 3 reasons that this market is totally different than the housing bubble we experienced a little over a decade ago...
🏡Housing supply is extremely limited. Despite higher mortgage rates, home buying demand remains strong. According to the National Association of Realtors, multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Home owners with historic low rates simply are not moving.
🏡Homebuyers are more credit worthy. In 2008, when the housing market crashed, mortgage standards were at an all time low for credit scores and down payment requirements, as well as proving income and assets to purchase. Current guidelines are much stricter, making the borrowers more financially secure.
🏡Homes have equity. Homeowners were pulling out equity back in 2008, causing many to be upside down. This time around equity levels are extremely high, meaning that homeowners could see values decline slightly without concern.
Reach out anytime so I can show you why now is a GREAT time to buy a home, and why waiting could cost you so much more! 💰
(Special thanks to Julie Swenson at Empire Home Loans for her mortgage market insight.)
Hot New Price: 2015 Built Home
We've got some news...
This modern 2015 built home in Seattle's Whittier neighborhood has a hot new price!
Now listed $100,000 less at $1,395,000, this home is sure to impress.
And visit us for an open house Saturday and Sunday from 12:00-2:00pm to see it before it's gone!
Perfectly nestled between Phinney Ridge and Ballard, this modern 2015-built home checks all the boxes! Sunlight pours into open living areas to highlight the spacious living room with gas fireplace and dual sliders plus a large dining room. Whip up meals with fresh ingredients from nearby Ken's Market in the sleek chef's kitchen complete with gas cooking, quartz counters and a breakfast bar. All three bedrooms are upstairs, including the primary suite with vaulted ceilings, walk-in closet and 5-piece bath with giant walk-in shower and tub. Efficient systems, upper level laundry, all new paint and built-in vac all included! Fully-fenced yard offers a sunny patio with room to BBQ & relax plus access to the off-alley detached garage. Stroll to great dining, parks, schools and more!
7309 3rd Avenue NW | Seattle, WA 98117
3 Bedrooms • 2.5 Bathrooms • 2,220sf • Built 2015
Offered at $1,395,000
New to Market: 2015 Built Home
2015 Built Home
Perfectly nestled between Phinney Ridge and Ballard, this modern 2015-built home checks all the boxes! Sunlight pours into open living areas to highlight the spacious living room with gas fireplace and dual sliders plus a large dining room. Whip up meals with fresh ingredients from nearby Ken's Market in the sleek chef's kitchen complete with gas cooking, quartz counters and a breakfast bar. All three bedrooms are upstairs, including the primary suite with vaulted ceilings, walk-in closet and 5-piece bath with giant walk-in shower and tub. Efficient systems, upper level laundry, all new paint and built-in vac all included! Fully-fenced yard offers a sunny patio with room to BBQ & relax plus access to the off-alley detached garage. Stroll to great dining, parks, schools and more!
7309 3rd Avenue NW | Seattle, WA 98117
3 Bedrooms • 2.5 Bathrooms • 2,220sf • Built 2015
Offered at $1,495,000
What a wild ride the start of 2022 has been for real estate!
In 17.5 years of being an agent, I've never seen a market this frenzied, nor bidding wars this intense. I'm routinely seeing homes in Seattle sell contingency free and for $300-500K over the list price!
Curious what is fueling this fire? Well, we are sitting on unprecedented demand as our population increases, and as luck would have it, the low inventory followed us into the new year. We did see a tiny increase in both King and Snohomish counties in January as opposed to December, but it is not nearly enough to support the current demand. Buyers are poised to take advantage of current interest rates before they rise.
January's stats also pointed out some pretty amazing price gains year over year too - 10% for King County and an astronomical 23% for Snohomish County!
Will inventory increase this spring? I sure hope so! Typical seasonal cycles would say yes, but while that may be unpredictable for now, it is a phenomenal time to be a seller! The ball is fully in your court to cash in on some tremendous equity. Interested in what your home may be worth? Let's chat to see how you can put the insane market to work for you and drop some cash in your pocket!
End of Year Market Stats
End of year market stats are in!
December was predictably dry with new inventory, down 59% in King County and down 39% in Snohomish. This forced median sales prices to rise by large margins. (A whopping 26% increase in Snohomish County and 11% in King County since December of 2020!)
As you can imagine, the new year is off to a frenzied start with some pretty intense offers happening all over the place. I just witnessed a home in Redmond receive 33 offers and sell for $800K over asking! To date, that's the largest jump I've seen and it's completely mind blowing. We are hopeful that more inventory will come as we get closer to spring to help spread buyers out a bit and release some of the tension.
If you have a home to sell, there's truly no time like the present to make a move before inventory rises. Let's chat to see how we can help you capitalize on this unprecedented inventory shortage and cash in on your equity. I think you'll be pleased with the results!
SOLD with Repeat Buyers
SOLD! Congratulations to my wonderful repeat buyers and their family on the purchase of this beauty. It was an honor to get to work with you again! Wishing you many happy memories in your new home.
The best part of this sale is that we did not have to compete! Yes, you read that right! I've been seeing a few more homes sit past their offer review dates and we were lucky enough to snatch this one up without competition or a bidding war. If you've given up on the market, let's talk. It's still very possible to get into your dream home!