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October 2018

Found 5 blog entries for October 2018.

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Home sellers have had it easy over the last few years. Housing demand has risen along with the improving economy, and home builders have struggled to build at a pace that keeps up with that demand. The result was a shortage of housing inventory that allowed sellers to sit back and let buyers bid up the price of their home.

But data from the last two months suggests that the housing market is entering a new stage, especially on the West Coast, where home prices have risen beyond most people’s capacity to pay. Instead of bidding wars, houses are sitting on the market longer, and price cuts are becoming more common. Buyers are starting to regain the upper hand.

“If we’re right, nationally, we’ve already entered the early stages of a buyer’s market,”

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Whether you are thinking about buying or selling a home, interest rate trends are an important factor to consider. Mortgage interest rates have been rising and experts, including Windermere Chief Economist Matthew Gardner, predict that they will continue to increase in 2019.

Interest Rates and Buying Power

The chart below shows the impact rising interest rates would have if you planned to purchase a $675,000 home while keeping your principal and interest payments at $3,500 a month.

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Every time interest rates increase by a quarter of a percent, your buying power decreases by about 3 percent.

What this means for buyers:
With prices moderating and interest rates slated to rise again, now is a good time to buy. If you're betting on prices

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Real estate markets, including Seattle's, are seeing a dramatic slowdown, according to an analysis by Redfin.

Seattle was one of 14 metro areas in the country this spring where half or more of the homes listed for sale between March 5 and April 29 went under contract within two weeks.

But things are changing, at least for now.

By mid-September, spring's fastest-selling markets, including Seattle, saw big declines. About 35 percent of homes for sale in Seattle were off the market in two weeks or less over the summer - a drastic change from spring, when 72 percent were off the market within two weeks.

According to Redfin Chief Economist Daryl Fairweather, sellers are waiting longer for offers and many are having to drop their list price to

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Seattle City Council took a step closer toward legislation that would make “accessory dwelling units” easier to build, helping to offset mortgage costs for Seattle homeowners.

This comes hot on the heels of a study released by the City Council, evaluating “the potential environmental impacts of proposes changes to the City’s Land Use Code intended to remove barriers to the creation of accessory dwelling units (ADUs) in single-family zones.”

In layman’s terms, the city is looking to simplify and streamline the process for homeowners to build ADUs on their properties, known colloquially as backyard cottages or in-law units.

Homeowners would then be able to rent these units out, providing an additional source of income that could then be put

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You may have heard Seattle is experiencing a cool down. Not so fast.

The market is definitely slowing within the city (if not Thurston County), but that doesn't mean that prices have dipped all that much. The median closed sale price fell by about $45,000 from the month before, but it was still up $30,000 from the same time last year, according to the latest Northwest Multiple Listing Service report.

The NWMLS report writes, nearly 60 percent of the current inventory of homes and condos has an asking price of $750,000 or higher, making affordability an ongoing concern. And while the single-family home is still king in Seattle and King County, condos are also seeing higher prices.

The median closed sale price for condos in Seattle during

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