What do you love most about fall? I love wearing absurdly enormous scarves, enjoying the scents of crisp woodsmoke and apples, and watching the Seahawks beat my husband’s favorite team, the Broncos. [Insert gleeful snickering here.]
In other Seattle football news, however, some sports enthusiasts predict that the University of Washington’s Huskies will outshine the Seahawks this season. The Huskies’ competitive edge is partly due to what one columnist calls “a slew of the most talented players to ever come through the program.”
No matter who you’re rooting for this season, the recent autumn chill in the air brings promises of Sunday afternoons watching the games with friends, cooler, cozier nights, and back-to-school excitement. Fall also brings a few changes in real estate. Let’s take a look at the most recent news in the Puget Sound-area market.
1. Real Estate Update: After two years on top, Seattle is no longer the country’s hottest housing market.
Since August 2016, Seattle has ranked as the hottest housing market in the country. However, according to the Case-Shiller home price index, Las Vegas has taken over the top spot with a 13% increase in home prices.
With a 12.8% increase in single-family home prices this month, Seattle is still a close second on the list. The area’s real estate market is cooling ever so slightly as inventory increases and home sales decrease. This is hopeful news for buyers who have patiently navigated the seller’s market for the past two years.
2. Mortgage rates rise slightly.
The average 30-year fixed mortgage rate settled at 4.52% this past week, a slight increase from the 4.51% rate last week. One year ago, this rate was about 3.82%.
3. Rent increases are slowing down, which might help home buyers.
After years of steep increases, rent for single-family homes in the Seattle area has slowed to a 0.4% increase over the past year. Compared to 9.2% in 2016 and 4.7% in 2017, this year’s rate resembles a peaceful amble through a field of wildflowers.
The Seattle Times’ Mike Rosenberg reports that the recent decrease in rent may result in more housing inventory for buyers. According to Rosenberg, “One wild card to watch out for is whether landlords cash out and sell their houses now to take advantage of the for-sale market…particularly now that home rentals aren’t offering the same returns.”
4. Floating home prioritizes sustainability.
This amazing floating home on Lake Union features salvaged, recycled, renewable materials, a standing seam, sleekly curved metal roof with solar panels, and a hydrothermal heating system powered from the lake. Floating islands attached to the home support planters filled with wetland plants. What’s more, you can tour this home yourself on September 9th, as part of the 2018 Seattle Floating Homes Tour.
For more Puget Sound-area news, contact Pickett Street at info@pickettstreet.com or 425-502-5397. Also, check out Pickett Street’s latest listings, which include a real live blueberry farm, a stunning waterfront home, and a sweet manufactured two-bedroom.