With its misty mornings and mouthwatering apple harvests, fall in the Seattle area is in full swing. As the seasons change, let’s check in on how the Seattle real estate market is doing. The median price for Seattle home is $667,500, or $476 per square foot, which is an increase of 16% over last year. Whether you are buying or selling, or are somewhere in between, here’s the latest scoop on the local market.
1. Mortgage rates rose last week but remain low.
In the beginning of October, 30-year fixed-rate mortgages rose ever so slightly, from 3.83 percent to 3.85 percent. According to Freddie Mac, the 15-year fixed-rate also rose from 3.13 percent to 3.15. Adjustable five-year mortgages rose from 3.17 percent to 3.20 percent. Despite these increases, mortgage rates remain very low, which is good news for home buyers.
2. Seattle real estate reporter talks about the bubble.
Because Seattle is experiencing such a competitive, wild real estate market, the question on many people’s minds is whether or not the current situation is a bubble that will eventually burst. Seattle real estate reporter Mike Rosenberg discussed this question and more in his recent AMA interview on Reddit. According to Rosenberg, when cities like Seattle experience extremely high home price growth, the market does eventually slow and settle. However, while Seattle real estate prices will slow down at some point, they will also likely remain high.
It’s doubtful that the city’s hot real estate market is a bubble that’s about to burst. Rosenberg comments that, unlike the 2008 recession, people today are paying their mortgages on time, making large down payments, and generally practicing more responsible home buying and selling habits.
3. Seattle is capitalizing on historic homes and fixer uppers.
In this hot market, many people are getting creative and turning to houses and properties that require some work, yet are perfect for customizing. Pickett Street’s newest charming listing near the Arboretum is the perfect example of this trend. For more information about this lovely home and others, be sure to contact Pickett Street ((425) 502-5397 or info@pickettstreet.com).
4. Seattle’s inventory remains at an all-time low.
Which means that if you are considering selling your home, you should do so now. You’ll thank yourself later.
5. Seattle is very chill.
Seattle was recently determined to be one of the world’s top twelve least stressful cities to live in, according to a recent study published by Zipjet. Seattle’s high concentration of green spaces, its low levels of pollution, and its laid back, healthy residents, as well as a few other factors, contributed to this status.
For more information about your neighborhood, what your home’s value is, or on buying or selling your home in the Seattle area, contact Pickett Street at (425) 502-5397 or info@pickettstreet.com.