The Puget Sound area real estate market has shown a shift over the past few months, and we’re moving toward what is considered a balanced market. A balanced market is one that does not favor the buyer or the seller and is the healthiest possible situation. Typically, a balanced market is considered one with 4 to 6 months of inventory; less than that favors the seller, more than that favors the buyer. Here are some selected inventory levels for September:
Inventory in Months
Single Family Homes
Moving toward a balanced market is a good trend. It puts both buyers and sellers on equal footing. Mike Grady, COO of Coldwell Banker Bain, states “buyers are at long last now seeing properties that stay on the market longer. Listings that are priced appropriately, and not based on the feverish market we saw just a few months ago are still selling quickly, and home prices are still showing 8 percent appreciation year-over-year, more than double the rate of inflation.”
What does this mean to you if you’re considering selling your home? Homes are selling if they are priced properly. More than ever it means you need an experienced REALTOR who will provide you with a detailed pricing analysis based on what is happening in today’s market, not on sales from even 3 or 6 months ago. And automated values are even less reliable than they have been because they may not reflect what is happening today. When I work with a seller, I give you a detailed report and recommendation and update this report frequently to adjust for market change.
If you’re a buyer, this is a fabulous time to get in the market. With prices stabilizing and interest rates increasing, waiting might be not be a good idea. What you can afford today might be less than what you can afford next year. I can provide you with recommendations of lenders who can help you determine what your buying power is. Additionally, with the market becoming more balanced, the need for pre-inspections and waiving of contingencies is passing.
I’d love to talk with you about the market in your neighborhood and why now might be the time for you to buy or sell. Give me a call/text at (206) 790-0081 or email Jamie@JamieFlaxman.com to set up a time to chat.
The City of Seattle continues to increase the number of rules and regulations that impact your options as a rental property owner.
These regulations include:
The Rental Registration and Inspection Ordinance requires landlords to register all rental housing units in Seattle, from single-family houses to large apartment buildings. The ordinance requires that all registered rental properties be inspected at least once every 10 years. This ordinance covers any rental property including AirBnB’s and ADUs.
Move-In Charges: There are new security, pet deposit, and move-in fee limits. Landlords must allow an installment plan to pay these fees. The total amount of all these deposits cannot exceed the amount of one month’s rent.
And most recently, the Seattle City Council approved an ordinance that will prohibit landlords from screening tenants based on their criminal records.
For more detailed information and links to the specific rule changes, read my blog at www.jamieflaxman.com.
Some investment property owners in Seattle no longer feel that the benefits of owning a rental property outweigh the restrictions that the City has placed on landlord rights. If you are considering selling your investment property, let’s talk. Give me a call at (206) 790-0081 or email me. Seattle is in a real estate market that heavily favors the seller, resulting in quick sales and top dollar for most Seattle homes.
Last week I was in Arizona on vacation. I was with a group of 22 other people from all over the country, a number of them from Michigan, Washington D.C., and Massachusetts. It was interesting to talk with them about real estate. While the real estate market is now hot in most parts of the country, there are still some areas where it is a buyers market (unlike Seattle’s and most of the country’s sellers market). As I shared our average sales prices and stories of multiple offers, many of these folks were amazed at what our homes are selling for.
We also talked about downsizing as adult kids move out and on with their lives. I happened to attend a discussion the week before my vacation on downsizing and rightsizing. I was able to share some tips with my new friends. As most people are overwhelmed by this task, you can break downsizing down into manageable chunks; for example, most of us have way more coffee mugs than we’ll ever need or use. Spread them all out on the kitchen table and choose the ones you really need and want. I’m working on putting together a booklet on rightsizing/downsizing and will share when it’s finished.
Please give me a call or email if you’d like to learn more.