Brace Yourselves. The Fall Buying Market Is Coming

Seattle Housing Market is Competitive But Here’s Why It’s Still a Good Time to Buy

The Seattle housing market has been extremely competitive over the past year. Listings routinely get multiple offers – many in cash – and buyers have to compete on all levels to win their dream home. Although the market remains competitive, it’s still a good time to buy.

Increasing housing prices means a good investment. Housing markets typically see a slowdown during the summer, and this year was no different. July showed a small dip in housing prices, from a median of $500,000 to $485,000, according to the NWMLS. In general, however, housing prices continue to rise year over year, which means that buying now has a strong likelihood of your investment increasing in value. This means that a few years down the road, when you’re ready to sell, you can project to have a nice increase on your home’s value. With a higher value, you’ll be able to sell at an increase and see a nice return on your real estate investment.

Competition is about to decrease. With steadily increasing housing prices, it’s a good time to buy, but buyers should be prepared to move extremely quickly when homes come onto the market. Inventory remains incredibly low – back in the spring, Seattle has the lowest ever inventory on record. While the number of active buyers decreases in the seasons to come, the ones who are active are very motivated! 

Interest Rates. Many of you will need to take out a mortgage to buy a home. What you may not know, just a small change in an interest rate can have huge impacts on your buying power. If we look back historically, we are at some of the lowest interest rates..ever. While they may not be as low as 16 months ago, getting locked in for 30 years in the low 4% range is amazing! Many economists believe that interest rates could be in the 5's as early as this winter. Combining climbing interest rates, with our current appreciation and many buyers could get priced out if they wait too long. 

It is definitely true that the current market favors sellers over buyers, and buying a home is an incredibly competitive process. However, it’s still a good time to buy, particularly as we approach the colder, darker months.

For more information on your specific market, or how you can get started, please do not hesitate to reach out. 

Andrew_Kim@Windermere.com

2063028331

Posted on August 27, 2015 at 4:54 pm
Andrew Kim | Category: Uncategorized | Tagged , , , , , ,

Fall is Here!

This weekend I was able to get out of town and visit a friend in Desert Aire, Wa. I have not seen my friend for a few months as he lives in Alaska. We met up at his vacation home in Eastern Wa. with a few of our other friends! His "vacation" house in incredible on many level from the pool to the golf course view, but one feature I especially fell in love with; The Fire Pit. As we sat outside with the cool Autumn  air upon us, the fire pit kept us warm, not only phycisally, but something warm on the inside as well! It made me think about fall and other fire pits designs! Check them out here!

http://www.apartmenttherapy.com/outdoor-entertaining-5-fire-pits-for-fall-210632

Posted on September 29, 2014 at 7:41 pm
Andrew Kim | Category: Uncategorized | Tagged , , , , ,

Fall is Here!

This weekend I was able to get out of town and visit a friend in Desert Aire, Wa. I have not seen my friend for a few months as he lives in Alaska. We met up at his vacation home in Eastern Wa. with a few of our other friends! His "vacation" house in incredible on many level from the pool to the golf course view, but one feature I especially fell in love with; The Fire Pit. As we sat outside with the cool Autumn  air upon us, the fire pit kept us warm, not only phycisally, but something warm on the inside as well! It made me think about fall and other fire pits designs! Check them out here!

http://www.apartmenttherapy.com/outdoor-entertaining-5-fire-pits-for-fall-210632

Posted on September 29, 2014 at 7:41 pm
Andrew Kim | Category: Uncategorized | Tagged , , , , ,

Millennials staying put? Good insight on large group of future homebuyers!

With Millennials making up about 1/4 of the US population, it is interesting that a larger number of this population is not moving out on their own. How will this affect the real estate market in your area?

http://money.cnn.com/2014/09/17/real_estate/millennials-still-home/index.html?section=money_realestate

Posted on September 24, 2014 at 10:30 pm
Andrew Kim | Category: Uncategorized | Tagged , , , , , , , , ,

Summer 2013 Update

This summer has been one of the most incredible weather wise Washington has seen in years. This holds true for our real estate market as well! Many buyers are still fighting for a lack of inventory, as King County is missing about 40% of the market it held last year! With interest rates steadily creeping high, many buyers are trying to scramble and capitalize while they still can! The latest stats from July were just released, and under $500k, King County's median home price was $440,000. The highest it has been in over 3 years! It appears that the market has slowed down a little as many individuals are taking time off to enjoy vacations, but there still seems to be fierce competition! We all look forward to continuing this trend of a good real estate market and finish off 2013 as strong as we started!

Posted on August 13, 2013 at 9:09 pm
Andrew Kim | Category: Andrew Kim Homes, Real Estate, Seattle News, Seattle Real Estate | Tagged ,