Eye on the Market_May 2017

Our market has no shortage of qualified buyers and properly priced, listings in most area are selling quickly. In some neighborhoods, homes are selling, on average, in less than 30 days.

Our strong regional economy includes global companies that are attracting workers to our region. These companies impact our local market simply by where they are choosing to locate their offices.
Expedia will move its headquarters to Seattle in 2019. Amazon has announced plans to open offices in Bellevue, in addition to its main campus in Seattle’s South Lake Union neighborhood. REI has chosen to move its main office from Kent to Bellevue by 2020, and Weyerhaeuser has relocated from Federal Way to downtown Seattle.
Buyers searching for affordable homes with reasonable commute times are finding they need to expand their search to include areas to the north and south of King County. With commute times lengthening, listings close to transportation options are shooting to the top of prospective buyers’ must-see lists.
Our region continues to experience price growth resulting from an expanding local economy and population. The most recent Northwest MLS statistics show price increases for single-family homes of 10% in Pierce Country, 15.74% in King County and 17.33% in Snohomish County.
Local economists predict the strong rate of job growth in our state will continue for the remainder of this year, but it is expected to ebb in 2018. The eventual slowing in job growth and anticipated mortgage rate increases towards the end of the year may relieve some of the pressure we’re currently experiencing.
Meanwhile warm weather moves in, and our pleasant Pacific Northwest summers take center stage, attracting even more new residents to our region.
Posted on May 17, 2017 at 9:33 am
Lisa Dong | Category: Booming Seattle, global real estate, home value, public awareness, Real Estate Trend, Surge Demand, 西雅图房地产市场准确报告 | Tagged , , ,

One month after Brexit, its impact on US housing market

When Britons voted to leave the European Union on July 23, 2016, in a referendum commonly known as Brexit, the impact on the British economy — and on Europe’s too — was immediate. Here across the pond, though, it’s not been totally clear how Brexit would affect the U.S. economy, and in particular interest rates tied to mortgages.

A month later, we have a better understanding of how Brexit affects US real estate market. Here are some of the benefits Brexit is bringing us [and a drawback too].

  1. Mortgages will get cheaper. As the impact of Brexit hits our shores, one of the effects is to drive down stock prices, making the safety of bonds look far more attractive. And when bond rates drop because the market is being flooded, interest rates drop as well. Experts indicate that this flood of money into the bond market should delay the Fed’s raising of interest rates, which had been anticipated to happen at least once this year.
  2. Homes will get more expensive. This is great news for sellers. Low interest rates mean more people can get qualified for a loan, flooding the market with wannabe homebuyers and driving prices higher.
  3. Buyers can shop for bigger houses. This seems to contradict No. 2, but right now, lower interest rates also mean that your clients can borrow more money, and it could get them into a home that was previously out of their reach. It’s true that rising home prices will impact this ability, but they haven’t taken off yet, so buying now is a smart move.
  4. Brexit could spark a recession. And that’s good for no one, if the economy destabilizes and incomes freeze or even drop. But having survived one recent market downturn, the country is in a better position to stave off another.

There’s no guarantee, of course, when the market will right itself and the immediate impact of Brexit abates. And there’s no knowing whether a more stable European economy will allow interest rates Stateside to begin to climb again. That’s why homeshoppers need to make their move now and get into a new home while rates are low, home prices have not yet begun to climb and their dollars go further.

brexit

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Posted on August 4, 2016 at 4:03 pm
Lisa Dong | Category: Booming Seattle, global real estate, home value, Housing Market, Real Estate Trend, seller, Surge Demand | Tagged , ,