Posts Categorized: Real Estate Market Updates

Summer Market Update 2024

By Rosie Rourke, posted Aug 12, 2024
what is going with real estate

 

Summer Real Estate Market Update:

What Buyers and Sellers Need to Know

As we move through the summer months, the real estate market remains dynamic, offering unique opportunities for both buyers and sellers.

For Sellers:
Summer is traditionally a strong season for home sales, and this year is no different. With high demand and limited inventory, sellers are in a favorable position to attract motivated buyers. If you've been considering selling, now is an ideal time to list your property. Homes that are priced right and marketed effectively are selling quickly, often with multiple offers.

For Buyers:
While the market is competitive, interest rates remain favorable, making it a great time to secure financing and invest in your future. If you're looking to buy, it's important to be prepared to act fast when you find the right home. Working with an experienced real estate agent can give you an edge in navigating the market and finding the best deals.

Good News for Home Buyers – Summer 2024

By Rosie Rourke, posted Jun 25, 2024

when is the best time to buy a home

According to Redfin, Home Prices Hit New Highs, But Buyers Find Some Relief in Summer of 2024 in King County including Renton, Fairwood, Kent, Auburn, and Maple Valley! 

In a recent report by Redfin, the median home-sale price in the U.S. has reached an all-time high of $396,000, marking a 4.8% increase year-over-year. Despite the rising prices, there are signs of relief for buyers. The report highlights a decline in pending home sales by 3.8%, the largest year-over-year drop in nearly four months, and an increase in the number of price drops among sellers, indicating that the market may be cooling off slightly.

The report also points out that new listings are still historically low, which contributes to the high prices. However, the share of homes that have been on the market for 30 days or longer is growing, leading to more opportunities for buyers to negotiate better deals. Homes in good condition and in desirable locations continue to sell at high prices, while those needing work or in less popular areas are selling below the asking price.

Mortgage rates have seen a slight decline, with the weekly average dropping to 6.95%, providing some financial relief to buyers. Redfin's Homebuyer Demand Index, which measures requests for tours and other buying services, has also declined by 17% year-over-year, reflecting the impact of high costs on buyer activity.

Overall, while home prices continue to climb, there are emerging opportunities for buyers to find more favorable conditions in a market that is showing early signs of rebalancing.

For more detailed insights and to read the full article, you can go to Redfin's press release page.

Spring Market Update!

By Rosie Rourke, posted Apr 15, 2024
what is going on with real estate right now in renton fairwood maiple valley

 

Real Estate Market Update 2024

Hi everyone, Rosie Rourke here, your hometown real estate agent! Here's a quick
update on the spring real estate market, enjoy!

Home Inventory Trends:
Inventory remains tight, with limited supply compared to demand, leading to a competitive market. New listings are being snapped up quickly, often resulting in multiple offers on desirable properties, especially when they are presented well with our concierge listing program (shameless plug, lol).

Pricing Trends:
Home prices in Fairwood continue to rise steadily, fueled by high demand and low inventory. Sellers are generally able to command strong prices for their homes, especially in well-maintained or updated homes.

Buyer Behavior:
Buyers are facing stiff competition and may need to act fast when a desirable home becomes available. Many buyers are willing to pay above asking price to secure a home. Our open house research is showing a surge of buyers coming down from the eastside and Seattle to SE King County, it is the target area for homeownership right now!

Interest Rates:
Interest rates remain relatively low, motivating buyers to enter the market and take advantage of favorable financing options. Low interest rates continue to contribute to buyer demand and may offset some of the upward pressure on prices.

Market Outlook:
The spring market is expected to remain competitive, with strong demand from buyers and limited inventory. Sellers can expect favorable conditions for listing their homes but should still ensure their properties are well-presented to stand out.

FREE HOME VALUATION REPORT
If you are thinking about selling your home this year or you are planning to make a move   2-5 years, it’s a good idea to see where you stand in the market. We offer a FREE home pricing valuation that includes a FREE report! Book your consultation (which is no-obligation at all) with our team below or call our office directly at 206.719.5870

What’s Going on with Real Estate?!

By Rosie Rourke, posted Jan 12, 2024

 

Hello friends and Happy New Year! Guess what? Interest rates went down a touch, and I just wanted to keep you posted about this exciting news because people have been waiting on the sidelines for the interest rates to drop. They were above 8% in October and over the last few months they have dropped into the mid-6% range. This has created a lot of movement in the real estate market. We are seeing our listings in Fairwood (and all over King County I might add) gain a lot more interest and sales are happening again! Rosie actually predicted this would happen a few months ago during her Winter Real Estate Market Update:

 

Here's something to consider. With falling interest rates, our prediction is that we're going to see a floodgate of stampeding buyers, coming out to play in this market. When this happens (spoiler alert, it already is happening, our first listing of the year sold in 3 days with multiple offers!!!), sales prices will go up, due to competing offer situations. Sellers will not be as inclined to negotiate terms as they are right now. We are confident that now is a  great time to get back into the market.

Buyers - Act before the market heats up even more. More buyers = more competition for you! If you are a buyer interested in winning your dream home please check out https://rosierourke.com/buying.

Sellers - It’s time to get your ducks in a row to be prepared to take advantage of the intensifying market. My team is ready and eager to help you price your home, manage your pre-inspection, help you get your home ready, and expertly market its flood of buyers entering the market right now. Our open houses are busy, private showings are up, and online traffic is through the roof on our listings. Learn more about our stress-free listing program and take advantage of the market at https://rosierourke.com/selling.

QUESTIONS? COMMENTS? A FREE HOME VALUATION?

 

Winter Market Update!

By Rosie Rourke, posted Dec 14, 2023

 

Winter ❄️ is here... and so is another market update from your hometown realtor, Rosie! She recaps the crazy year that was real estate in 2023 and gives you a glimpse to what 2024 has in store for you. SPOILER ALERT... it's good news! BUT, you have to be prepared and have your 🦆🦆🦆in a row to take advantage of the good news.

Watch the video, post your questions in the comments, and reach out to us so we can help you plan for real estate success in 2024!

Mortgage Rates in 2024

By Rosie Rourke, posted Nov 27, 2023
will mortgage rates drop in 2024

Homebuyers can expect mortgage rates in the 6% range next year, says NAR’s Lawrence Yun

Today we saw Lawrence Yun, National Association of Realtors chief economist, join ‘Squawk Box’ on CNBC to discuss the state of the housing market, why he believes it’s a strange market of record-high home prices, deep-slumping home sales, and more. It's a great video and he talks about his predictions for interest rates in 2024! Here is the video:

We are already beginning to see rates drop. Mortgage demand jumped to six-week high as interest rates continue to drop according to the Mortgage Bankers Association What does this mean for you?

For Sellers: Buyer demand will be picking up as mortgage rates drop. More buyers means more opportunity to sell your home! If you are thinking of selling in 2024 NOW is the time to start planning with us - LEARN MORE HERE

For Buyers: With rates dropping, there will be more competition for you to deal with. We will see the return of multiple offers and over asking price offers. BUY NOW before the flood gates open, save money on the purchase price, than refinance your loan in the Spring when rates hopefully hit 6%! CLICK HERE TO LEARN MORE

Fall Market Update

By Rosie Rourke, posted Sep 25, 2023
is fall a good time to sell my home?

 

Fall Market Update & Report Download! 

Fall is an excellent time to sell your home in western Washington for several compelling reasons:

Beautiful Scenery: Fairwood boasts stunning mature fall foliage, making properties look more appealing with colorful leaves and pleasant weather. This natural backdrop can enhance your home's curb appeal.

Comfortable Weather: The moderate fall temperatures in Fairwood create a comfortable environment for potential buyers to explore homes without the discomfort of extreme heat or cold, making it an inviting time to showcase your property.

Reduced Competition: While spring is a popular season for home sales, fall typically sees a decrease in the number of homes listed, reducing competition for sellers. This can lead to a quicker sale and potentially better offers.

Serious Buyers: Buyers looking in the fall often have a strong motivation to move before the holiday season or the end of the year. This sense of urgency can result in more serious and committed buyers.

Favorable Lighting: The soft, natural lighting in the fall can highlight your home's best features, creating an inviting and warm atmosphere during showings and photography sessions.

The combination of picturesque scenery, comfortable weather, reduced competition, motivated buyers, and favorable lighting makes fall an advantageous time to list your home in Renton, Fairwood, Maple Valley, Kent, Auburn, Federal Way, Puyallup and more, which will potentially lead to a successful and efficient sale.

To get started with our stress-free listing program download our FREE Fall Market Report below! 

NOW IS THE TIME!!!

By Rosie Rourke, posted Jun 01, 2023
IS NOW A GOOD TIME TO BUY A HOUSE OR SELL A HOUSE

 

The Spring real estate market is in full swing! If you're a seller, now is the time to take advantage of record low inventory (homes for sale) and get your house on the market. Homes that priced right, presented well, and marketed correctly are selling! Learn more at www.rosierourke.com/sellerswanted

If you are a buyer, take advantage of seller concessions and stable prices. If you are worried about interest rates we have solutions, learn more here: www.rosierourke.com/worldtochange

4 Real Estate Trends

By Rosie Rourke, posted Nov 02, 2022

Fall Market Update

By Rosie Rourke, posted Oct 04, 2022

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!