•          Prices are dropping at the fastest rate in 5 years.
  •          Existing-home sales fell for the twelfth straight month in January, with year-over-year sales falling 37%, the biggest decline since 2010.
  •          Seattle posted the second-highest decrease in close-to-list price ratio of any metro area in the U.S. last month.
  •          Sellers are paying for rate buy-downs.
  •          Sellers are offering concessions.
  •          Inspection and other key contingencies are back in play.
  •          Many buyers are negotiating a combination of (Lower offering price, Seller Rate Buy-Downs, AND still including Inspection and other contingencies)

The housing market today remains in a hazy no man’s land, with neither buyer nor seller…

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Today’s housing market has everyone wondering: Is it still a seller’s market, or has the power dynamic finally shifted in favor of buyers?

Try neither.

Uncertainty about the future of inflation, the economy, mortgage rates, and more have seized up the market—and wrenched power away from buyers and sellers alike.

“Today, real estate is ‘nobody’s market,'” notes Realtor.com® Chief Economist Danielle Hale in her analysis of housing data. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to climb, reflecting still-hesitant buyers.”

The real estate game is at a stalemate that shows no signs of budging anytime soon, with neither buyers nor sellers willing to make the first move.

Buyers have…

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What does selling your home have in common with online dating? Probably a whole lot more than you think.

Two-thirds of home buyers said they searched for more than three months before going under contract on a home, according to a new survey by the National Association of Home Builders. Buyers also complain that homes are getting too pricey. Forty-two percent of respondents said that the homes they wanted were too expensive for their budgets, which further delayed their search. Twenty-seven percent said that the increase in interest rates over the past 12 months had severely affected their home search parameters.

For Valentines: How Home Shopping Can Feel Like Dating

Are your home shoppers desperately trying to find “the one?” Finding the…

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One of the safest cities in the United States is in Western Washington, according to a report from moneygeek.com.

While the majority of the safest small cities are in the northeast, Sammamish, Washington, is 13th on the list.

A small city or town is defined as having between 30,000 to 100,000 residents.

According to the report, crime statistics were analyzed to rank the cost of crime in 660 small cities nationwide, in every state.

The report says while the cost of crime has gone down by 5% from 2020 to 2021, the cost of crime has gone up in larger cities by 6%.

The city of about 66,000 is located 21 miles east of Seattle. Located on the east bank of Lake Sammamish, the city is perched on a plateau. The city has one of the highest median…

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  •          U.S. weekly average for a 30-year fixed-rate mortgage was 6.09%
  •          The “new normal” for mortgage rates will likely be in the 5.5% to 6.5% range.
  •          While interest rates have tempered a bit, many buyers are moving forward to purchase with an intent to refinance once rates come down more.
  •          The unemployment rate fell to 3.4%, the lowest level since 1968.
  •          The spring real estate market is here early.

KIRKLAND, Washington (February 6, 2023) – Pending sales around Washington state reached the highest level since October and surged nearly 44% from December, according to the January report from Northwest Multiple Listing Service. Last month’s 5,776 mutually accepted offers were down about 9% from a…

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Mortgage Rates Just Hit a 4-Month Low, but Do Homebuyers Even Notice—or Care?

Recognize that media outlets and social media influencers are competing for scoops and eyeballs. As a result, their reports sometimes exaggerate issues, don’t tell the whole story, or get it wrong…. And the same thing can be said about the local housing market.

Mortgage rates are down again this week, which means things are looking up for homebuyers.

The average rate for a 30-year fixed-rate mortgage ticked down 2 basis points to 6.13%, according to Freddie Mac, continuing a pattern of rates seesawing lower since topping 7% in the fall. In fact, mortgage rates are at their lowest levels since mid-September 2022.

Yet, while lower borrowing costs are a boon for…

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