the
Home Connection
Volume 11 | Issue 7
JULY 2020
eye on the market
Real estate has continued to simmer, with fewer listings, but enough demand to still have buyers in competition for the best listings. Brokers are reporting some multiple offer situations for properties price properly and in good condition. Social distancing guidelines haven’t deterred those on the hunt for a home and brokers and real estate adjacent industries have stepped up to create safe environments and implemented processes that allow business to continue. Virtual open houses, prerecorded tours and live private showings have all been widely used by brokers across our region. The shortage of listings is the only thing holding back our market from levels similar to last year.
experience this! While listings are down significantly, the most recent statistics from the Northwest MLS show, median closed-sales prices for single-family homes are down year-overyear in King County by 4 percent, but in Snohomish County, prices are up by 3.21 percent, in Pierce County up by 7.18 percent and in Thurston County up by 6.55 percent. Interest rates remain low, allowing buyers in the market to stretch their money a bit farther. This could come in handy for those looking to buy more space (inside and outside) due to spending more time at home. Timing is everything. With the Governor’s Safe Start Proclamation, more sellers may decide to put their homes on the market in hopes of selling quickly, which would allow them to begin their own home search. Having a place to call home before the end of summer and the start of the school year is a top priority for many, as some are waiting to hear what the plan is for for opening local school districts in September. The preference of course is to be settled in a home in time to make plans for the fall.
Everyone is encouraged to stay vigilant. At the very least, you should always assume scammers are monitoring your email. If something seems suspicious, do not open it or click on any links. If you
At Home Trivia – July 2, 9, 16, 23, 30 Various Topics
Blarney Castle in Ireland
Independence 5K Virtual Race
wire fraud facts According to data from the FBI, in 2019, Americans lost nearly $1.7 billion to real estate scams just that year. And now, during this time of crisis, there’s been an uptick in the attempts for wire fraud in real estate transactions. Fraudsters have taken this stressful time and run with attempts to confuse people who are distracted by current events as they are in the midst of closing on a home.
July Virtual Events Ohio’s Glenn and Experiences Research Center 4th of July Virtual Virtual Tour Concert featuring Kymm and Andy
suspect wire fraud with your transaction or have question about wire procedures, contact your escrow closer immediately at a known and verified number. Lastly, spread the word about these scammers. The more people who are aware of wire fraud, the better we’ll all be able to prevent it from happening.
Online Craft Chocolate Tasting
Monterey Bay Aquarium Jelly Cam
National Museum of the United States Air Force Virtual Tour
Virtual Poetry Reading July 26th
What’s Your Tea Type (Virtual Tea Tasting) July 4th