•          Buyer opportunities have returned to the Puget Sound market
•          Active listings have nearly doubled from a year ago
•          The market balance is favoring buyers
•          “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help     borrowers obtain lower interest rates.”
•          Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as

Growing Number of Experts Calling for Substantial Home Price Declines

• Significant price declines lie ahead, many experts argue.
• Insider recently spoke with three experts calling for median home prices to fall.
• Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
• Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But

The NW housing market is changing - while we are not near a balanced market things are looking up for buyers as the market continues to correct itself - 

Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

•          Significant jump in inventory, 
•          Double-digit drops in both pending and closed sales
•          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

•          More houses on the market
•          Longer market times
•          Stabilizing home prices
•          Fewer showings and open house visitors
•          Fewer offers at one time
•          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing

Tomorow is the biggest party of the summer, the 4th of July.  Just about everyone will be doing something to celebrate America's birthday and most lilely this will invlove a party or BBQ at someones home.  

At Greer Real Estate we want to wish everyone a safe and fun 4th of July weekend and we want to pass along some tips for keeping your home and family safe during the celebration.

Fireworks: One of the time-honored traditions of this festive holiday is lighting off fireworks. If you will be igniting fireworks at your home make sure a responsible adult is supervising the task. Also make sure you have a fire extinguisher or hose nearby to douse any flames out and don’t light fireworks near dry grass. Never aim

Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM. 

Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”

Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%. 

Mortgage rates have climbed to their highest level since 2008, pinching

The housing market is entering the ‘most significant contraction in activity since 2006,’ says Freddie Mac economist.

Cracks are beginning to appear in the red-hot housing market. The pandemic's housing boom is finally running on fumes. Home sales are falling. Inventory levels are rising. And home sellers are cutting list prices at the fastest clip since 2019.

Spiraling mortgage rates on top of record-high and still-rising home prices are leading many experts to predict the real estate market is on the verge of a correction—if it isn’t already in one. They anticipate home prices will flatten, or even go down a bit, in certain markets.

This Shift is a lot bigger than a seasonal cooldown. The economic shock of higher mortgage rates means borrowers

•          Home sellers really need to re-think their expectations.
•          The days of “multiple offers and waived inspections are behind us.”
•          Active Listings up a whopping 59% from a year ago.
•          Both pending sales (mutually accepted offers) and closed sales during May were down from a year ago.
•          Rising interest rates coupled with inflation are causing buyers that rely on conventional mortgages to reconsider the affordability.

“Home sellers really need to re-think their expectations,” suggested Mike Larson, a member of the board of directors at Northwest Multiple Listing Service (NWMLS) when commenting on statistics summarizing May activity. The new report showed a significant increase in active

Have you been considering listing your home?  With inventory levels climbing and homes taking longer to sell, it's more critical than ever to have your home really shine when it hits the market.  

As part of the Ultimate Selling Experience with Greer Real Estate at The Cascade Team, Home Assist can be used for almost anything.

• Paint touch-up
• Carpet cleaning
• Windows cleaning
• Driveway pressure washing
• Landscaping
• ETC:
• Big Jobs like
• Kitchen remodel
• New Roofs
• Also

When you’re ready to list your home, I will work with the Home Assist coordinator team to secure any needed home renovations. Payment is deferred until home closing, or 180 days and escrow will deduct costs from net proceeds to pay for services rendered.

1. What does the changing housing market mean for Sellers? 

This isn't 2008. Home prices haven't started falling. Looking at Western Washington: Area-wide prices for single family home sales (excluding condos) in King County also increased, climbing nearly 20% from a year ago, from $830,000 to $995,000.

And though the supply of newly built homes has increased, that's actually a small part of the overall market. Inventories of existing homes are still some of the lowest on record, as of April.

2. What do increasing interest rates mean for Buyers?

“We are starting to see signs of impact from the significant rise in mortgage rates earlier this year, such as an increase in active listings and months of inventory creeping higher, but the full

Fueled by unprecedented gains in home values, Washington State’s red hot real estate market has led to “unprecedented” increases in home values that will drive up next year’s property tax bills, according to the King County assessor’s office.

The Sammamish Plateau topped the list with a 52% increase from the previous year. That’s double the still eye-popping 26% increase in Federal Way. Other Eastside cities also saw staggering price increases; areas such as Redmond (43% on average), Woodinville (44%) and Kirkland (44.5%).

While not as extreme as on the Eastside, in Seattle proper, values are up 19% in Rainier Beach and 20% in Magnolia, according to the assessor’s office, which released a sample of data Thursday but is still finalizing values in