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Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my July 2023 Market Update report. I usually try to avoid being publicly critical of media reports. Lots of people do it, and it’s easy and can be fun, but it’s not what I want to be known for. At the same time, when reporters don’t do their job, or when media outlets, who we depend on to deliver accurate news, put their financial and other self-interests before those of the public that they serve, I think it’s the right thing to call them on it. Last month the Seattle Times came out with two headlines that I felt had to be addressed. One I already did in my vlog from last month. But in some ways, the other headline that came out on June 23rd, is even more misleading. That headline reads: “Homeowners in Washington lose more equity than any other state as market cools.” This headline was then picked up by other media outlets in and out of state. Now, this headline conjures images of hordes of distressed homeowners, whose home values have fallen so far that they are now underwater, yet trapped in mortgages they can’t escape. It might remind you of the Great Recession, when – as the article itself even dares to point out and compare to – about a third of Washington homeowners were, in fact, underwater on their mortgages. But if you read the rest of the article, you quickly realize this headline is just fearmongering and totally misleading. How many homeowners in our state are underwater right now, you might ask? During the Great Recession it was about 33%. So now is perhaps 15%? 20%? 25% or more? No! It is a mere 2%. You heard that right: Two percent. And consider that at any given time, a small fraction of homeowners are underwater, even when the market is booming. Meaning, that the price drops last year may not even be the cause of these homeowners to be in distress. Now that’s statewide. How about in Seattle? Well, in Seattle, just 0.7% of homeowners are underwater on their mortgages. That’s right – less than 1 percent. As Yoda might say, “Time to panic, this is not.” Now, of course, if you’re one of the people who is underwater, that probably doesn’t feel very good, I get that. But this headline is stoking an awful lot of anxiety considering it only applies to a small fraction of homeowners, and many of them might have been in distress no matter what. Now, the media is in the business of selling news, and headlines like this sell news. I get that. But I really think that it’s fair for us, the consumers, to demand better from our media outlets, really! So let’s look at the facts, again, most of this you’ve heard me say multiple times in the past. Last year, the market peaked in the spring, after an uncharacteristic acceleration of home prices. The market was red hot and out of control. Then, a combination of bad news and market uncertainties – inflation, war in Ukraine, gas prices, and interest rates, to name a few – caused the market to hit the brakes. Then, starting in January of this year, the market reset, returning to its original trajectory of a steady, if somewhat slower, upward climb. Consider these statistics: Last year in June of 2022, the median sales price of residential homes in King County was $925,000. In June of this year - after the price drops - it was already back up to $938,000 – so we are up 1.4% from last June, and still climbing. Likewise, in Seattle, the median price of single-family homes in June of 2022 was $965,000. This year, it’s moving upward after its earlier decline, and last month it reached $920,000. So we’re only 4.7%, below the last June’s prices. However, the current trajectory will bring it back to its peak within a couple of months or so. In this chart I drew a straight, horizontal line from the datapoints for June of last year in both datasets – Seattle is the DOTTED ORANGE LINE , and King County is in DOTTED BLUE LINE . You can easily see how the median sale prices for single-family homes in King County and in Seattle have been steadily increasing since January of this year. In fact, as I noted earlier, at the current rate of appreciation, median prices are likely to reach the peak prices from last year, and perhaps even surpass them, in the near future. And, just to be clear, these trends hold true in other counties and cities in our area. By the way, if you want to look at all this information and read my report at your pace and leisure, you’ll find all this information in my July newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter. So, who, you might wonder, is affected by this supposed “loss of equity”? The only people who are really affected are those who bought at the very height of the peak sales prices last year and need to sell their home now. As you might imagine, that is a very, very small slice of the population. For all the rest of the homeowners in Seattle, King County, and elsewhere, your equity is fine. If you need to, you can sell whenever you want and make a very nice profit, truly! So, now that you have the facts, please help spread the word to others, so that we don’t let this kind of fearmongering scare people. And please reach out to your local media outlet and ask them to do better. We deserve it, don’t you think? If you know anyone who is considering buying or selling their home this year, please send them this video or refer them to us by phone, text, email, or fill out the ‘referral’ form on our website at weisbarth.com/refer. My team and I have developed systems, plans and strategies to make sure that our clients maximize their results from their home purchase, or home sale, and we have the numbers to prove it! The best way to reach me is by phone at 206-779-9808, that’s 206-779-9808. Please remember to like, subscribe and follow for more great insights, charts and tips on my monthly vlog, and read our monthly newsletter at Weisbarth.com I’m Doron Weisbarth with Weisbarth & Associates. See you next month!

Seattle is a city that is consistently ranked as one of the top places to live in the United States. It’s no surprise then that the demand for Seattle homes for sale is high. If you’re planning to sell your home in Seattle, it’s important to know what features buyers are looking for today. In this blog post, we’ll take a look at the top home features that are in demand and can help you sell your home quickly and at a good price. Open Floor Plan Buyers today are interested in homes that have a more open, spacious feel. This can be achieved by removing walls (or just half walls) between rooms or by creating a great room that combines the living room, dining room, and kitchen into one open space. If you have a home with a more traditional layout, you may want to consider making some changes to create a more open floor plan. Updated Kitchens and Bathrooms Kitchens and bathrooms are two of the most important rooms in a home, and buyers are looking for homes that have updated versions of both. In the kitchen, buyers are interested in features like granite or quartz countertops, stainless steel appliances, and custom cabinetry. In the bathroom, buyers want to see updated fixtures, tile or stone flooring, and spacious showers or tubs. If your home has an outdated kitchen or bathroom, consider investing in some updates before putting it on the market. Outdoor Living Spaces Seattle is a city that is known for its natural beauty, and buyers are interested in homes that take advantage of this. Outdoor living spaces like decks, patios, and gardens can make a big difference in how buyers perceive your home. If you have a yard or outdoor space, consider creating a seating area or adding some landscaping to make it more inviting. Smart Home Technology Smart home technology is another feature that buyers are looking for in Seattle homes for sale. Smart home features like thermostats, lighting, and security systems can make a big difference in the convenience and comfort of a home. If you haven’t already, consider investing in some smart home upgrades to make your home more appealing to buyers. Home Office Space Remote work has become more prevalent than ever, and many buyers are looking for homes that have dedicated office space. This can be a separate room or a nook in another room that can be used as a workspace. If you have a spare room or space in your home that can be used as an office, consider highlighting it as a selling feature. Energy Efficiency One of the top features that buyers are looking for in Seattle homes for sale is energy efficiency. With the cost of energy on the rise, many buyers are interested in homes that can help them save on their utility bills. Energy-efficient features like double-paned windows, Energy Star-certified appliances, efficient heat pumps or mini-split systems, and good insulation can make a big difference. You may want to consider investing in these upgrades if you haven’t already. Ample Storage Space Finally, buyers are interested in homes that have ample storage space. This can be achieved through features like walk-in closets, built-in shelving, and storage space in the garage. If your home doesn’t have a lot of storage space, consider adding some shelving or organizing systems to make the most of what you have. If you need help deciding what projects might increase your home value in a cost-effective way, then call Doron Weisbarth at 206-779-9808 for a free, no-obligation consultation. Or send a message through this form .

If you're considering moving to Seattle or relocating within the city, you may be wondering whether it's better to buy or rent a home. Both options have their advantages and disadvantages, and the decision ultimately depends on your lifestyle, financial situation, and personal preferences. To help you make an informed decision, we've compiled a list of buying vs renting a home in Seattle, based on research into the city's real estate market . Buying a Home in Seattle Building Equity When you buy a home, you're building equity over time as you pay off your mortgage, and as the value of the home appreciates over time. This equity can then be used to finance future investments, such as buying a second home or starting a business. Long-Term Investment Buying a home in Seattle can be a long-term investment, as the city's real estate market has historically appreciated over time. This means that your home may increase in value, providing a return on your investment if you decide to sell in the future. Tax Benefits Homeowners in Seattle can take advantage of tax benefits, such as deducting mortgage interest and property taxes on their federal income tax returns. These deductions can help lower your tax bill and save you money. Stability Buying a home provides stability and security, as you're not subject to the whims of a landlord or the rental market. You have control over your living situation and can make changes to your home as you see fit. High Upfront Costs Buying a home in Seattle requires a significant upfront investment, including a down payment, closing costs, and other fees. This can be a barrier to entry for some buyers. Maintenance and Repairs As a homeowner, you're responsible for all maintenance and repairs to your home, which can be costly and time-consuming. You'll need to budget for regular upkeep and unexpected repairs. Limited Flexibility When you own a home, you're tied to that property and may not be able to move or relocate as easily as renters. This can be a disadvantage if you need to move for work or personal reasons. Housing Market Fluctuations While Seattle's real estate market has historically appreciated over time, there are no guarantees that it will continue to do so in the future. Economic factors, such as changes in interest rates and job growth, can affect the market, potentially impacting the value of your home. Renting a Home in Seattle Renting a home can be an attractive option for many people, particularly those living in expensive real estate markets like Seattle. While owning a home has its benefits, there are several advantages to renting that make it a viable option for many. In this article, we'll explore the pros of renting a home in Seattle, based on real estate market research. Flexibility Seattle is a fast-paced and dynamic city, with a growing job market and a diverse population. Renting a home provides the flexibility and mobility to take advantage of these opportunities. Renters can easily move to new neighborhoods or cities without the burden of selling a home. Lower Upfront Costs Seattle's real estate market is notoriously expensive, making it difficult for many first-time homebuyers to afford a home. Renting a home requires a much lower upfront investment than buying, with only a security deposit and first month's rent typically required. This accessibility makes renting a viable option for those on a tight budget. Minimal Maintenance and Repairs As a renter, you're typically not responsible for major maintenance or repairs to your home, as these are the landlord's responsibility. This can save you money and time, as well as provide peace of mind. Access to Amenities Seattle is known for its vibrant and active lifestyle, with many opportunities for outdoor recreation and entertainment. Many rental properties offer access to amenities such as pools, gyms, and community spaces, which may be expensive or impractical for homeowners to install or maintain. This can provide renters with a convenient and affordable way to enjoy all that Seattle has to offer. No Hassle of Selling Selling a home can be a complicated and time-consuming process, particularly in a competitive real estate market like Seattle. As a renter, you're not responsible for the buying and selling process, which can save you time and money. This can be especially advantageous if you need to move quickly or unexpectedly. Reduced Financial Risk Owning a home comes with financial risks, such as fluctuations in the housing market, property taxes, and unexpected maintenance costs. Renting a home reduces these risks, as you're not responsible for the financial burdens associated with homeownership. This can provide renters with greater financial stability and security. No Need to Worry about Property Value Seattle's real estate market can be volatile, with property values fluctuating rapidly over time. As a renter, you're not affected by these fluctuations, as you're not invested in the property. This can provide renters with greater peace of mind and less stress related to the housing market. Buying vs renting a home in Seattle? When considering whether to buy or rent a home in Seattle, it's important to weigh the pros and cons of each option. Seattle's real estate market is notoriously expensive, making it a difficult market for many first-time homebuyers. However, there are advantages to both buying and renting, depending on your lifestyle and financial situation. Buying a home in Seattle can provide a sense of stability, ownership, and the potential for long-term financial gains. Homeownership also provides the opportunity to make the property your own, with the freedom to make renovations and upgrades. However, homeownership also comes with a range of financial responsibilities, including mortgage payments, property taxes, and maintenance costs. On the other hand, renting a home in Seattle provides flexibility, minimal financial responsibilities, and access to amenities that may be expensive or impractical for homeowners. Renting also provides greater mobility and the ability to take advantage of opportunities without the burden of selling a home. However, renters do not have the same financial benefits as homeowners, and must deal with the uncertainty of rental rates and the potential for rent increases. Ultimately, the decision to buy or rent a home in Seattle depends on your individual preferences, lifestyle, and financial situation. It's important to carefully consider the pros and cons of each option, and to conduct thorough research on Seattle's real estate market to make an informed decision. Whether you choose to buy or rent, Seattle offers a dynamic and exciting lifestyle with endless opportunities for outdoor recreation, entertainment, and career growth. The professionals at Weisbarth and Associates are here to help you become part of that lifestyle. Contact us today to start the purchase of your new home .