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August 2018

Found 5 blog entries for August 2018.

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Catherine Horne and Joe Hicks rent a home in Maple Valley. And while they like it, they’d rather be homeowners.

And it’s been a frustrating couple years to be a home buyer in the Seattle market.

“It’s tough, it is,” said Horne.

“Lo and behold, it turned out it wasn’t as easy as we thought it was going to be,” said Hicks.

After losing several homes to same-day cash offers, they started to give up. They decided to spend another year renting and wait to see what the market did.

“Time and time and time again, it’d get pulled out from underneath us,” said Hicks.

They felt overwhelmed watching home prices climb.

“That was part of it, like gosh, two years ago this house was worth $400,000, now it’s $600,000,” said Hicks. “Like boy, I

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Most areas of the country are in a seller’s market, meaning there’s not enough inventory for all the interested homebuyers. About half of all the homes in the country are worth as much or more than they were in April 2007 — the height of America’s housing boom.

This is all good news if you’re planning to sell your home. It’s less good news if you’re trying to find one. But as with most things when it comes to buying a house, like what kind of hidden fees you can expect during the process, where you live matters. Certain areas of the country are exploding in popularity, which is driving up the cost of homes.

Ahead, check out how much it costs to buy a home in the hottest real estate markets of 2018 according to Zillow’s latest housing report.

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"Home sellers throughout the Seattle region are experiencing a reality check and the days of multiple offers are days of the past," was how one director with Northwest Multiple Listing Service summarized the market upon reviewing the statistical report for July.

New figures from Northwest MLS show year-over-year improvement in inventory (up 6.5 percent), but modest drops on both pending sales (down slightly more than 7 percent) and closed sales (down 3.4 percent). Despite those drops, prices rose 8.64 percent across the MLS service area that spans 23 counties.

Several industry leaders commented on the steadily improving supply. The number of active listings system-wide totaled 16,773 at the end of July, the largest volume since September 2016.

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Steady demand. Limited supply. That’s what we are seeing in real estate markets across the country right now. Inventory is particularly tight within the lower price ranges. “The starter house is nearly missing in some markets,” according to Jessica Lautz, managing director of survey research and communication for the National Association of Realtors.

Conditions can vary from one city to the next, but the overall trend in housing markets across the country is that supply is still falling short of demand. 

Given these conditions, it’s important for home buyers to make a strong, smart offer when the right house comes along. Here are five tips for doing exactly that.

1. Understand the supply and demand situation in your area.

According

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Now may be the best time to sell in Seattle, considering more than 97 percent of homes are worth more now than the peak level before the housing market crashed in 2008, according to a new Zillow study released on Thursday.
The median home value is 29.2 percent above the bubble peak level, with the average home worth $492,700 – an 11.4 percent increase compared to a year ago.
Unfortunately, the same can be said about rent, with a 1.9 percent increase over the past year and a median cost of $2,176.

The rest of the housing market around the country is doing pretty well, too, with half of all U.S. homes more valuable now than before the 2008 recession. The median home value stands at $217,300 -- that's 8.3 percent higher than last year. Home values have

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