the
AUGUST 2018
Volume 9 | Issue 8
EYE ON THE
market
With a recent increase in active listings, the local real estate market is shifting, and fatigued buyers are taking note this summer. In King County, listings for single-family homes are up 43 percent year-over-year, and in Snohomish County, they are up more than 17 percent. With more homes for sale, the market’s breakneck pace of the recent past is easing slightly, allowing buyers to forgo ill-advised decisions such as waiving the inspection requirement or purchasing a home that doesn’t quite meet their needs. Although it remains a seller’s market, homes that are in top condition are selling first and fast, while outdated homes or those in disrepair may languish on the market and become subject to price reductions. Home prices have not yet responded to the higher inventory levels, as singlefamily homes in King, Snohomish and Pierce counties all have shown increases over the same period last year. The
LOCAL median sales price in King County has increased 9.22 percent year-over-year, with Snohomish County showing a 13.67 percent increase and Pierce County showing a 10.53 percent increase. On an interesting note, the Northwest MLS stats show the median sales price for singlefamily homes in King County fell from $726,275 in May to $715,000 in June. According to the NWMLS, this May-to-June cooling hasn’t happened since before the recession. While some buyers are finding breathing room with the new inventory and enjoying the expanded range of selection, they are advised to be prepared to make their best possible offer when a property that might fit their needs comes on the market. Homes that are in good condition and properly priced will still spur fierce competition. For many buyers, climbing mortgage rates and rising prices may quickly place homes at certain price points out of reach. Change is definitely in the air.
happenings
7/31 -8/5 Seafair Fleet Week in Seattle seafair.com/events 3-5 Magnolia Summerfest magnoliasummerfest.org 3-5 Seafair Weekend Festival seafair.com 10 South Lake Union Block Party slublockparty.com 10-12 Festival at Mt. Si festivalatmtsi.org 10-12 Kirkland Summerfest kirklandsummerfest.com 10-12 Taste Edmonds edmondswa.com 11 AuburnFest auburnwa.gov 11 Brew Five Three: Tacoma’s Beer & Music Festival broadwaycenter.org 18 Celebrate Woodinville Festival & Parade celebratewoodinville.com
national night out IS AUGUST 7 The “dog days” of summer are prime season for home burglaries. Here are a few helpful tips to share with your neighbors when you join them Tuesday, August 7, for National Night Out Against Crime:
If you are home and someone knocks on the door, make sure they know someone is home. If you don’t want to answer the door, tell them you are busy and cannot answer.
Turning the TV or radio on loudly also sends a signal that the home is not empty. If you have an alarm system, be sure to activate it each time you leave, and place signs and stickers around your house advertising that you have a system. If you don’t have an alarm
system, consider getting one. Investigate inexpensive systems that do not have a monthly fee. Video doorbells allow you to see who is at your door without getting up or being there to check. When you’re away, you may choose to have the system call or alert your cellphone when you have a visitor. Many home insurance companies will offer a discount if you have an alarm system or cameras. (continued on next page)
8/23-9/3 Evergreen State Fair in Monroe evergreenfair.org 24-26 Gigantic Bicycle Festival in Snoqualmie https://giganticbicyclefestival.org 25 Poverty Bay Blues & Brews in Des Moines drinktomusic.org 8/31-9/23* Washington State Fair thefair.com/state-fair *The Fair is closed Tuesdays and Sept. 5
August I M P O R TA N T D AT E S Sunday, August 5 International Friendship Day
Sunday, August 12 (peak) Annual Perseid Meteor Shower (https://stardate.org/nightsky/meteors)
Tuesday, August 7 National Night Out Against Crime
Sunday, August 19 World Humanitarian Day
August 5-11 National Farmers Market Week
Sunday, August 26 National Dog Day
national night out IS AUGUST 7 Purchase a high-quality fire-resistant
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safe and put all valuables in it. The safe should be heavy, making it inconvenient for anyone to grab and run with. Don’t keep valuables in your dresser. That is a common place, and burglars know to look there.
Follow your local, county and state law enforcement agencies on social media and sign up for their emergency alerts.
Create or join your neighborhood’s Facebook or NextDoor group and monitor your neighborhood’s events and happenings on sites such as Patch.com. Do not leave windows open (even a little) at night or during the day while you are out.
Have packages delivered to an alternate address such as a work address if you are not going to be home during a delivery.
Keep your recycling/garbage bins in an enclosed area such as your backyard or garage. This will assure that no one will rummage through them only to find boxes from your newly purchased items.
Purchase a reinforced door jammer
Make your backyard a struggle for thieves to get into by placing a lock on the gate and repairing any missing fence posts. Keep ladders and tools locked away – don’t assist the burglar with getting in.
Photograph valuables (including electronics) and keep the photos safe, along with original receipts and records of serial numbers. If the items do get stolen, most insurance companies will want both receipts and serial numbers for the claims.
for each door that leads outside, including sliding doors and interior doors that lead to a garage. These should be put in place on every door, except the front, when you leave home. It’s also a good idea to put them on at night when you go to sleep–they can be easily removed if there is an emergency situation. The best advice is to know your neighbors. Stay in communication with them, be active in your community, and consider setting up a neighborhood watch. More information on National Night Out can be found at www.natw.org.
MID-YEAR MORTGAGE RATE update
YEAR
HIGH MONTHLY AVERAGE
2018*
Interest rates are on the rise, but the great news is that current rates remain at historic lows! Check out the data for 30-year fixed-rate mortgages since 2000. Whether you’re buying or selling, it’s still a great time to enter the market!
2017
4.59 (May) 4.20 (Mar) 4.20 (Dec) 4.05 (Jul) 4.43 (Jan) 4.49 (Sep) 3.95 (Mar) 4.95 (Feb) 5.10 (Apr) 5.42 (Jun) 6.48 (Aug) 6.70 (Jul) 6.76 (Jul) 6.33 (Nov) 6.29 (Jun) 6.26 (Aug) 7.01 (Mar) 7.16 (Jun) 8.52 (May)
2016 2015 2014 2013 2012 2011 2010
(Yearly average interest rate on 30-year fixed-rate mortgages)
2009 2008 2007 2006 2005
Data from freddiemac.com *through June 2018
2004 2003 2002 2001 2000
LOW MONTHLY AVERAGE
4.03 (Jan) 3.81 (Sep) 3.44 (Jul & Aug) 3.67 (Jan & Apr) 3.86 (Dec) 3.41 (Jan) 3.35 (Dec) 3.96 (Dec) 4.23 (Oct) 4.81 (Apr) 5.29 (Dec) 6.10 (Dec) 6.14 (Dec) 5.58 (Jun) 5.45 (Mar) 5.23 (Jun) 6.05 (Dec) 6.62 (Oct) 7.38 (Dec)
YEARLY AVERAGE
4.41 3.99 3.65 3.85 4.17 3.98 3.66 4.45 4.69 5.04 6.03 6.34 6.41 5.87 5.84 5.83 6.54 6.97 8.05