Between the first ever image of a black hole released (which is just so cool)and the steepest decline in a decade for the 30-year fixed mortgage rate (also pretty cool), it’s been an exciting week.
Plus, with the rainy weather typical for April in the Seattle area, spring seems to have officially arrived. If you are thinking about buying or selling a home, give the Pickett Street team a call at 425-502-5397, or email them at info@pickettstreet.com.
Additionally, we’ve rounded up the most important real estate updates and tips for buying or selling a home in the spring. Read on for more information.
1. Mortgages rates dropped.
According to the Seattle Times, the Federal Reserve recently decided to “put its interest rate hikes on hold for now.” Federal Reserve chairman Jerome Powell explained that since the U.S. economy faces slowing global growth, a trade war with China, and impacts from last year’s tax cuts, policymakers are unlikely to raise rates this year.
This means that the 30-year fixed rate mortgage dropped to 4.06 percent this week, down from 4.28 percent last week. The Seattle Times reports that this is the steepest weekly drop in a decade.
2. Seattle home prices are increasing, but only slightly.
Between May 2018 and January 2019, the median price for a single-family home dropped $116,000. However, this past February, this price rose about $45,000.
Despite this recent price hike, real estate journalist Mike Rosenberg predicts that this spring will still remain much calmer than past spring real estate markets, when sellers had all the power. This calmer season results from the fact that the number of houses on the market has doubled, the number of bidding wars has decreased by nearly 80 percent, and the typical home sells for 1% below its listing price.
3. Seattle condo prices have dropped.
In recent years, prices for condos were among the fastest increasing prices in the Seattle real estate market—as much as 35% per year. However, this past March, Seattle condo prices dropped 7%.
This decrease is due to the fact that contractors are rapidly building new developments; 1,400 brand-new current and future condos currently sit on the market across Seattle and Bellevue. Check out this lovely condo in Shoreline with three bedrooms, new stainless steel appliances, and a carport with a storage room.
If you want to learn more, Pickett Street’s next free home buyers class is scheduled for Saturday, April 20th at 10am. To RSVP, email Sarah Troske at sarah@pickettstreet.com.
Also, on Wednesday, April 17th at 6pm, Pickett Street will hold a house hacking event with Margaret Smith and Cody Touchette of Caliber Home Loans. Margaret will speak about her experiences as a first-time home buyer and how she used the FHA203K Loan to do a $23,000 rehab.
Finally, here’s more about: Seattle’s spring real estate forecast; spring home design; smart ways to use the extra cash after selling; helpful tips for spring house hunting; and how to choose a real estate agent.