Housing market downturn “inevitable” with higher rates, but brokers find bright spots.

KIRKLAND, Washington (August 7, 2023) –A downturn in the housing market was inevitable given higher mortgage rates, acknowledged broker Dick Beeson, but he and others who commented on the latest report from Northwest Multiple Listing Service noted some positives for both buyers and sellers.

The Northwest MLS statistics summarizing July activity for 26 counties in the report showed declines in listings, pending sales, closed sales and prices when compared to 12 months ago. The same metrics, which include single family homes and condominiums, were also down from June, with the exception of total active listings and months of inventory. Both showed slight month-over-month improvement.

 Buyers could choose from 10,982 active listings at the end of…

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As mortgage rates hit 7%, Is There a Magic Interest Rate Number That Will Convince Homeowners to Sell?

Story by Aarthi Swaminathan

Homeowner Marie Cantu, 35, lives just outside of Seattle, and has been looking to buy a single-family home outside of Boston to be closer to her family.

The mom-of-five has been “seriously looking” for three-bedroom homes for the last six months. Cantu is hoping to rent her home in Washington, and move roughly before the school year starts, so that her children can adjust better to the new neighborhood. Cantu, a stay-at-home mother, homeschools her children. 

Higher rates make housing more expensive — and less affordable — for aspiring homeowners. They have also been a major factor in keeping would-be home sellers out of the housing market.

On Wednesday, the U.S. Federal Reserve raised the benchmark rate by 25…

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UPDATED: 2023 Real Estate Market Predictions

Here is the link to my original 2023 PREDICTIONS

In early January we made our top 10 real estate predictions for 2023. So now, with the year a little more than half over, we are going to review and revise that same forecast and see where we actually are.

Original prediction: Sales prices will fall in 2023.

The most significant forecast was that sales prices would fall in 2023 without any sort of systemic decline in values. So far, prices are down by about 12% year over year; however, prices rose by 3.6% from March to April.

Taking into account interest rates remaining in the high 6% range currently we are standing by our original prediction that the median sales price for 2023 will be lower than that of 2022 however we do not anticipate…

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Despite High Interest Rates Buyers Compete Over Low Inventory

“Although at a lower velocity than previous years, low inventory and higher interest rates keep the overall market in a more balanced state as sales keep pace with new and existing inventory,”

KIRKLAND, Washington (July 6, 2023) – Brokers with Northwest Multiple Listing Service reported their highest volume of closed sales last month (6,842) since September 2022’s total (7,504) as buyers competed for limited inventory.

The Northwest MLS report summarizing June activity showed there were about six weeks of supply (1.55 months), with twelve of the 26 counties having less than two months of inventory. Among those were King, Kitsap, Pierce and Snohomish counties, where nearly 55% of the inventory is located. Five counties reported having more than…

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Don’t Be Left In The Dark When Selling Your Home

In today’s changing market, there’s more to a successful closing than just getting the offer accepted. Make sure you have an agent capable of guiding you from start to close!

The old school three p’s — “Plant a sign, Post on the MLS and Pray” — employed by some agents in hot markets, will not work as things begin to cool off. The adage, “You have a minute to sell your home,” beginning the moment a prospective buyer pulls up in front of a property, is no longer true.

That minute has become 10 seconds or less and happens on a buyer’s mobile device nowhere near the listing. If buyers do not like what they see, no amount of open house signs will get them into your listing — they will swipe left and move on.

This year’s market is not the same as…

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Gain Your Independence From High Real Estate Commissions

High Impact Real Estate Marketing & 1% MLS Listing Commissions For Today’s Home Sellers

The Cascade Team Real Estate is a company like no other because of the marketing, service and home seller savings we provide. We understand that in today’s real estate & home selling environment, we need to provide a high level of real estate service and widespread marketing of the home for sale, utilize technology to keep our home seller clients in the communication loop and provide added value to both buyers and home sellers in the real estate transaction. The effective use of technology tools allows our local real estate agents to focus more of their time on servicing our clients and finding buyers for your home, all the while providing the most comprehensive…

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Double Feature Open House on Mercer Island

Two amazing opportunities on Mercer Island! Double Open House this Saturday from 12:00 to 3:00! Call or text 425-518-9094 for more details or any questions.

Full Details HERE

Welcome to this beautiful Mid-century modern Mercer Island home! Relax in the light & bright Great room w/ floor-to-ceiling windows that bring the outdoors inside + mature landscaping & sun drenched deck for added natural beauty. This functional floor plan boasts a newly remodeled sleek kitchen, new carpet, 2 bedrooms, 2 baths (newly remodeled primary bath) + den upstairs. Downstairs offers flex space or 3rd bedroom, fireplace, wet bar, backyard access w/ aggregate patio & tons of storage! New 25 yr roof, newer HVAC system/AC. Mercer Island lifestyle abounds w/ over 475…

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Un-Lock up to 85% Of Your Home’s Equity (Buy Before You Sell!)

How it works

1)      Unlock equity from your home with ease.

Discover the amount of equity you’re able to unlock from your current home with no fee or commitment. We'll evaluate your property property for the program and let you know how much of your equity you can unlock for the purchase of your new home.

2)      Help you buy your dream home with confidence.

The Cascade Team will enable you to make a strong offer on your new home without a home sale contingency - and move on your schedule. You are able to move in immediately upon closing.

3)      You Have 10 days to list your prior home on the open market after closing on your new home.

You then have an additional 90 days for your Cascade Team agent to get your prior home under…

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Preparing Your Home to Sell

True Full Service, Marketing & The Latest Innovative Technology, for a 1% Listing Fee!

As a home seller, the initial launch of your home for sale is a very important event. We want to make sure that all our clients give a great first impression to all home buyers who enter their homes. Here are some things you should look at when preparing to list your home for sale.

Home-improvements: Our local real estate agents and home stagers can provide you information on those items that provide the greatest return on getting your home sold quickly and for making a strong first impression.

Timing: We usually recommend to list your home for sale on a Thursday to maximize exposure to the weekend home buyers. Most people searching for homes will tour…

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Housing Market Down 20% And Up 10%.... Wait… WHAT?

KIRKLAND, Washington (June 5, 2023) – Home buyers around Washington state found the largest selection of listings last month since December. Both pending sales and closed sales reached their highest volume in months. Brokers at Northwest Multiple Listing Service (NWMLS) welcomed the uptick in activity but say rising interest rates are crimping activity.

•          Year Over-Year Prices have dropped by as much as 20% in areas where bidding wars dominated.
•          Our market pricing peaked in April/May of 2022
•          However, King County residential has had an increase of 16.5% YTD for 2023.
•          The average rate on a 30-year fixed mortgage jumped to 6.79% from 6.39% the first week of May.
•          Buyers remain selective with…

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