Posts Categorized: Buying a Home
What is happening in the Real Estate Market?
Fall is here and so is another real estate market shift! Check out the video above, it's a round table discussion with our listing and buyers agents about what is going on RIGHT NOW in the market! It's a great time to sell, home prices are still up 8% from last year despite the Summer correction. It's also a great time to buy! Yes, interest rates are higher than they have been in about a decade, but they are still historically low. Date the rate, marry the house, you'll be able to refi in a few years! There are also loan products like a 2-1 buy down where you have a lower interest rate! Contact us to learn more about selling and buying this Fall!
Summer Real Estate Market Update with Rosie & Melissa!
⛱😎 Happy Summer everyone!!!
Is the bubble bursting? Is the market slowing down? Are rising interest rates changing the market? What about inflation? And so on... We get these questions on a daily basis! Learn what is going on in the local real estate market from the top producing team in SE King County. We have the volume (210 families helped last year) and 125 years of collective experience. Everyone's situation, wants and needs are different, reach out via text/call at 206.719.5870 or just fill out the form below!
What is Buyer’s Fatigue?
Due to the recent sellers’ market surge we experienced with its high buyer demand, low home inventory and multiple competitive offer situations, many buyers (and their agents) are experiencing “buyer fatigue”. This condition has buyers exhausted by their consistent losses and they choose to step out of the market. There is no official way to gauge the level of fatigue out there, but there are signs that help us predict when a correction in the housing market will occur. We list more homes than any other team in SE King County, so we see trends coming before most other agents because of the volume of homes we sell. For months we have sensed a shift in the market and our agents have been preparing for it. We are seeing less offers on homes, less traffic online, less showings, and even getting skunked at open houses with no one showing up. Buyers just get tired of waving everything, going way over asking, and then losing. BUT, there is good news in all of this…
Having a seasoned, full time and caring buyer’s agent can make all the difference! Believe it or not, agents get buyer fatigue as well. Our listing managers call every agent who shows our listings for feedback. More and more non Rosie Rourke Team buyers agents tell us, “I told my clients the home is going to go so far over asking that it’s not worth my time to write an offer.” Imagine that, a home you LOVED just sitting there with no offers ready to be yours! You need an agent like Lisa, Lexie and Lilia (the Triple L Threat) that have the knowledge, the skills and the drive to make it through the tough times with their buyers. Even during the ultra-competitive markets of the past few years, combined they have helped hundreds of buyers achieve their dreams! They also know when to make the most of an opportunity, and RIGHT NOW there is a HUGE opportunity!!!
NOW IS THE TIME while the sellers’ market cools off and takes a breath! Learn more about our buyers’ agents and what they can do to help you here: www.rosierourke.com/buyers
PS. Sellers, NO, you didn’t miss the market! The price increases of the past 2 years has you in a great position! People always need to buy and we have the targeted marketing, the experience and the skills to sell your home anytime, anywhere! Learn more about our listing agents and our stress-free listing experience here: www.rosierourke.com/selling
First PENDING home of the year… and it flew off the market during the first weekend! 50 + showings and multiple offers WELL OVER ASKING! Rosie predicted this back in December with her Winter Market Update [watch below]
She predicted that interest rates would rise in 2022 and buyers will try to get into a home before their buying power is lessened with higher rates. This combined with record low inventory (homes available to buy in the market) would create the perfect winter storm for home sellers. Winter is the NEW Spring market this year! Rosie doesn’t have a crystal ball, but she does have over 25 years of experience in our local real estate market + a team that does a high volume of business, they can see trends coming before other agents because of this.
Well, the secret is out and we are telling all of our sellers sitting on the fence to get their homes on the market ASAP. Luckily we have our home concierge program that is helping sellers get their home SHOW READY and on the market in a matter of weeks, not months! This is what leading real estate experts are saying about our local market right now!
According to Tim Ellis of the real estate blog Seattle Bubble, “January is shaping up to be the most competitive month in housing history.”
“The stage is now set for the most competitive January housing market in recorded history,” said Redfin Chief Economist Daryl Fairweather as well. “Buyers are pouring into the market to claim a home before mortgage rates rise further as new listings slow to a trickle [during the winter months].”
Bottom-line for Sellers: With less homes on the market, your home will stand out with virtually ZERO competition when you list. This will not be the case the closer we get to spring. Also, with interest rates as low as they are still, there are more buyers with more buying power who are desperate to get something under contract before the rates go up! If you are able to list before spring, I would do it now! Take advantage of our Home Concierge Program, it’s FREE and our team literally does everything for you to get your home ready faster! Request a free home valuation and let’s have a conversation! Call or text 206.719.5870 or fill out the form below!
Bottom-line for Buyers: BUY NOW before rates go up! You will be in competition with other buyers, you need a buyer’s agent who knows how to write a winning bid! Spoiler alert, it’s not always about who throws down the most money! Every seller has a specific goal in mind, our agents learn about the sellers and craft offers that are attractive to them. Learn more about our expert buyer’s agents and our process for winning homes for our clients, Call or text 206.719.5870 or fill out the form below!
Contact The Rosie Rourke Team!
🍁Fall Leaves + Active Buyers
= TIME TO SELL!
Check Rosie's Fall Real Estate Market Update for King County focusing on Fairwood, Renton, Kent, Maple Valley, Auburn, Federal Way, Seatac and New Castle!
Ready to have a conversation? Our listing team is ready to give you an update to date home value, access your goals, timelines, and more! We are the top real estate team in S. King County because we provide a stress-free listing experience! Let us show you, text 206.719.5870 or fill out the form below!
Rosie Rourke the Radio Star!
That's right! Rock star real estate agent Rosie Rourke is a radio star too! She was recently interviewed in The Money Hour, a local radio show about real estate, investing, mortgages and more!
See here in action on the podcast replay here: https://themoneyhour.com/top-agent-reveals-secrets-to-a-stress-free-real-estate-experience-episode-371/
Looking for a stress-free real estate experience? Reach out below!
Is there a shift in the market?
Here is Rosie Rourke's spring real estate market update! With the volume we do we tend to see changes and shifts on the horizon sooner than most agents, and the media is usually 6 months behind in their reporting!
Whether you are thinking of buying, selling or you are just curious about what your house is worth in this market, please reach out! We are all about relationships and everything starts with a conversation, no pressure!
During a recent team meeting some of my agents who work with our buyer clients said they are hearing rumors about a real estate bubble bursting, just like in 2007 and 2008. Their clients were asking about it and if they should wait to buy. Yes, prices are rising and at times it may feel like a bubble that is about to burst, but you need to look at all angles before making that judgment. Real estate is a great investment. Renting is essentially throwing your money away and paying for the landlord’s mortgage. There is risk with any investment and research is key. I decided to write this blog to show you what I am seeing in the market place as well my own real estate investing experience, you can be the judge for yourself 🙂
I decided to do some research on one of my own properties that I own to give you a concrete example why you should always believe in real estate as a great long term investment. I own a rental home on the West Hill in Auburn. It is an average split level home built in 1983, 4 bedrooms, 2.5 bathrooms and 2500 square feet.
I bought it in 2001 for the price of $220,000
2006: $320,000 – height of market before the fall of major recession
2008: $275,000 – the recession
2020: $475,000 – current value as of the fall
You can see how the market fluctuates over the years, but real estate in the long run will always be a good investment, especially around Seattle. Here is a part of a great article I read from Realtor.com last August, it explains why we aren’t seeing another housing bubble like we did in 2007/2008, even during a pandemic.
Why won't we see another Great Recession-era housing bubble?
Published by Realtor.com – August 2020
The sky-high prices of 2020 are being driven by an influx of buyers bidding up prices on a historically low number of homes on the market. Until more properties come online, that dynamic is unlikely to change.
The Great Recession had the opposite problem: There were many more homes available than qualified buyers.
In the aftermath of the housing bust, it's become harder for buyers without good jobs and strong credit to score mortgages. This weeds out riskier borrowers. And unlike the last go-around, when builders were erecting residences at what seemed like a break-neck pace, the under-building of the last few years has exacerbated the housing shortage.
Even if the economy doesn't improve by next year and a vast swath of Americans remain unemployed, we are not likely to see the flood of foreclosures that characterized the housing crash, partly because government protections could be extended.
"It doesn't feel at all like last time, when the market was getting all pumped up by easy mortgage credit," says Mark Zandi, chief economist of Moody's Analytics.
The housing bubble burst in 2007/2008 was driven by too much supply and not enough demand. We have the opposite problem right now. If you include low interest rates into the mix, it will continue to be a healthy market.
I also found this recent article that I thought was interesting especially in the post 2020 election era.
Is Seattle a good investment these days with all the turmoil?
Published by Norada Real Estate Investments – October 4th, 2020
Seattle has long been a second-tier technology hub, bolstered by companies like Boeing, Amazon, F5, and Real Networks. Seattle’s strong tech ecosystem has led to a number of startups choosing to start here, but more importantly, many tech giants are setting up “outposts” here. They’re moving jobs to Seattle so they can afford to expand or simply afford to remain in business. The influx of new high paying jobs plus relocating employees to Seattle is driving demand for homes in Seattle.
Over the past 10 years, Amazon has grown more than tenfold in the city of Seattle, from about 4,000 employees in its hometown to over 45,000. During the same time, the median home price in the city has shot up from $420,000 to $720,000 (according to the Northwest MLS) and home prices in the metro area as a whole have gone up 47 percent. Between 2008 and 2018, over 535,000 homes have sold in the entire Seattle metro area. For comparison, that’s 41 percent more than in the similarly-sized San Diego metro area.
Much of this growth in the local housing market can likely be attributed to growth at Amazon. The Seattle real estate market shares many of the constraints that drove up real estate prices in San Francisco. You can’t realistically build on water. It is hard to build in the mountains. You can build up, but that takes time and is expensive. And all the while, everyone wants to live close to the city center and jobs. This helps keep property values in the Seattle housing market high.
The areas around Seattle and the Eastside like Renton, Kent, Fairwood & Maple Valley in the south and Bothel, Kenmore, Woodenville & Lynwood in the north have seen an influx of new buyers. These suburbs are more affordable and when you can work remotely, you can live anywhere!
Ok, none of us have a crystal ball here, but I have firsthand experience of not only being in the real estate business for 25 years, but I am also a homeowner and investor who lived through the last recession and housing bubble. The prices will continue to rise in our area, most industry experts agree on this. Now is a great time to buy with low interest rates, in many cases you can own a home for what you are currently paying in rent! Contact our team and let’s talk numbers, we want to be your guide to homeownership in 2020 and beyond!
Affordable, Walkable City Living in North Renton!
Historic & Walkable North Renton + Farmhouse Style & Rustic Charm! Welcome home to North Renton & this charming 3 bedroom/1 bathroom home. This historic, fully updated home welcomes you with an adorable covered front porch & fully-fenced yard. The cozy living room opens to large dining area. The updated kitchen has stainless steel appliances, concrete counters, whitewashed brick, wine cooler & shiplap ceilings throughout. It also includes an oversized utility/sunroom/mudroom that flows into a large, fully-fenced back yard with a detached garage that provides extra storage & tool shed. RV/boat parking with no HOA. Walkable location to Downtown Renton, The Renton Landing, and easy access to freeways! This home is stupide cute and move-in ready + includes a home warranty! Check out more photos, learn more about the listing, take a 3D tour & schedule a contactless showing before it's gone here: https://bit.ly/3lPIGfE