Seattle Real Estate Report for October 2018
The housing market has shifted, with more homes for sale, bidding wars are less frequent and homes are staying on the market longer.
If you have questions or would like more detailed information on any of these Seattle WA neighborhoods, please let me know.
Stay up-to-date with this comprehensive snapshot of the Seattle real estate market.
Download the reports here —> MAY-2018_ JILL JUDY
Click to view the April Real Estate Market Reports for Metro Seattle Condos, Magnolia, NW Seattle, NE Seattle, Central Seattle, SE Seattle, Central Seattle SW, and West Seattle.
Spring is in full swing and the real estate market is blooming. If you are debating or on the fence about whether or not to sell your home this season, Here are 3 reasons you should list your home for sale during spring:
Tap Into Your Home Equity
According to a recent report released by Zillow, in Seattle, homeowners are gaining $54.24 in equity per hour, 3.5 times the minimum wage of $15 an hour. This indicates that home values are appreciating at a rate per hour that’s actually higher than the local hourly minimum wage. This equity, however,
is only available once a homeowner sells.
Low Inventory Means Less Competition
According to another report released by Remax, the Seattle metro area is tied only with Denver for lowest home inventory and has one of the fastest markets in the country. This means that, in the majority of Seattle, there are not enough homes for sale to satisfy the number of buyers in the market.
Quicker Home Sale Than Ever
Due to the low home inventory, home buyers are doing all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford home shopping.
Only you can decide whether or not now is the time to sell your home or downsize, however, the real estate market is ripe for a quick and profitable home sale.
Click to view quarterly market reports for Metro Seattle Condos, Magnolia, NW Seattle, NE Seattle, Central Seattle, SE Seattle, Central Seattle SW, and West Seattle.
Are you close to retirement but not ready to move yet? Are you living in a home that is too big in size and maintenance needs? When you retire would you like to stay in your home or does downsizing and vacation destinations sound like a better option?
The answer for many empty nesters and retirees lies directly in their home equity.
According to the newest Equity Report from CoreLogic, the average homeowner in the United States has seen an estimated $14,000 gain in their home equity in just the last year alone. On the West Coast, where the Real Estate Market is thriving due to the tech industry, homeowners have gained twice that amount, some even more than that!
If you’re unaware or unsure of how much equity your home has earned in recent years, please feel free to take my Free Home Estimate.
In this Seller’s Market, homeowners have the advantage. Especially in Seattle, where supply has yet to catch up to the demand, Homeowners can quickly sell their current house and use the profits from that sale to downsize, relocate, or even enjoy vacations that were once financially impossible.
The sale of your home can allow you to take full advantage of today’s seller’s market, enable you to cash in on the equity your home has built throughout the years, and live a lifestyle relieved of the everyday tasks that come with homeownership.
As the majority of the country currently experiences a seller’s market, a recent study by Edelman Berland reveals that an estimated 33% of homeowners are considering selling their homes in the near future as they plan to scale down. There are several reasons why this might make sense for many homeowners.
A smaller home implies less space; however, it also means less time, stress and money spent on upkeep.
Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.
You’ve built up enough equity in your current home to make a profit.
For most homeowners, this is the case. Of course, this is only true if the homeowner has held on to their properties for long enough to have positive equity that will be sizable enough to put a large down payment on their next home.
Downsizing can offer you a different lifestyle.
For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.
If you are currently considering downsizing your home and want to evaluate your options, I am available to guide you and your family on the best housing opportunities available to you now.