It's June...and it's a month filled with graduations, summer fun and BRIGHT futures.
It's also the perfect time for a mid-year real estate review.
Seattle Market Update
Inventory: In April we saw residential real estate inventory bump up from 1.1 months to 1.3. That 18% gain is nothing to dismiss, but it's a drop in a very large bucket that needs to be filled to give home buyers some breathing room.
Year Over Year Increase: The median single-family home sale price in King County was $537,000 in April. That's up 10.9% from the same time last year, when the median was $484,000.
Mortgage Rates - Still historically Low. (As low as 3.87% with good credit and a conventional 30 year loan).
With 1.3 months of inventory, we are still in a strong Seller's Market. But if home Buyers want to focus one positive...it's interest rates on borrowed money. And a good rate can change your purchase power in a BIG way.
Those of you who have purchased or sold an older home in Seattle within the past 5 to 7 years, have probably been seen a sewer scope.
Because of the age of the housing inventory, many Seattle neighborhoods are experiencing problems with sewer piping from the home to the main line in the street. For about $300, a technician or plumber drops a line with a small camera down the sewer piping, to inspect existing conditions. Often these sewer pipes are concrete. And if there is a break or an obstruction, repairs can be costly. A sewer scope gives both the home Buyer and Seller tangible evidence, in the form of a YouTube video.
If you're purchasing an older home get a Sewer Scope...it's worth every penny.
Barbara's Sold Properties
1 Bedroom Condo at the Blakeley Commons
On the Burke Gilman Trail & near UW
Asking Price $345,000 Sold!
2 Bedroom Condo in North Capitol Hill
Seasonal View of Downtown & the Space Needle
Asking Price $499,000 Sold!
As always, let me know if I can provide any helpful industry information, a subcontractor referral, or
a real estate review for your property.
Barbara A. Brandt | Broker
Windermere Real Estate Company
email@example.com | 206.734.6422