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The Seattle real estate market has always been dynamic, with prices fluctuating based on demand, the local economy, and external factors like interest rates and national housing trends. In 2024, several key trends are shaping Seattle’s housing market that prospective buyers should be aware of. This guide will explore these trends, offering valuable insights for anyone looking to purchase a home in this vibrant city. 1. Slight Cooling Demand After Years of Growth For years, Seattle has been one of the hottest real estate markets in the United States, with prices soaring due to limited housing supply, an influx of tech professionals, and a booming local economy. However, in 2024, market activity has begun to slow compared to the rapid growth seen in previous years. Rising mortgage rates, inflationary pressures, and economic uncertainty have caused many buyers to reconsider purchasing. This cooling demand, however, has led to slightly more favorable conditions for buyers. While prices remain high, the bidding wars that characterized the market in recent years have lessened, giving buyers a better chance of negotiating. 2. Interest Rates and Their Impact on Affordability Rising interest rates have been one of the most significant challenges for Seattle homebuyers in early 2024. With the Federal Reserve increasing rates to combat inflation, mortgage interest rates have climbed as well, directly affecting monthly payments. For first-time buyers or those with a lower down payment, this can create additional financial strain. However, the second half of the Q3 saw mortgage interest rates dropping, which could provide some relief. Buyers should stay in close contact with their lenders to lock in favorable rates as soon as they become available. 3. Inventory Levels Still Tight Despite the cooling demand, Seattle continues to experience a relatively tight housing supply. New construction has not kept pace with the city’s growing population, especially in desirable neighborhoods close to tech hubs and city amenities. This ongoing shortage of homes for sale means that even as buyer demand is lower than past year, competition for quality properties remains. To navigate this, buyers may need to consider expanding their search to areas just outside of the city or be willing to invest in a fixer-upper. In 2024, the key to finding the right home may be flexibility. 4. The Tech Industry’s Influence Seattle’s thriving tech industry has been a major driver of its real estate market, and this continues to be the case in 2024. As home to major players like Amazon, Microsoft, and a growing number of startups, the influx of highly paid tech workers has fueled demand for housing, particularly in neighborhoods like South Lake Union, Ballard, Phinney Ridge and Maple Leaf. However, tech layoffs and shifts in remote work policies have impacted housing demand, especially in downtown areas. While tech workers still play a significant role in the market, there is growing interest in suburban areas, where buyers can get more space for their money. 5. Green and Energy-Efficient Homes on the Rise Sustainability is a significant focus in Seattle, and 2024 has seen an increase in the number of energy-efficient and eco-friendly homes coming onto the market. Buyers are increasingly seeking homes with features like solar panels, energy-efficient windows, and sustainable building materials. These homes not only reduce environmental impact but can also lower utility costs in the long run. Seattle’s green building standards and incentives make it an attractive city for environmentally conscious buyers. As awareness of climate change grows, energy-efficient homes are expected to command higher prices and sell more quickly. 6. Neighborhood Trends As always, certain neighborhoods in Seattle are more competitive than others. In 2024, neighborhoods like Ballard, PhinneyWood, Greenlake, Capitol Hill, and Queen Anne remain in high demand due to their proximity to the city center and amenities. However, buyers looking for more affordable options may want to consider neighborhoods like West Seattle, Georgetown, or Beacon Hill. Suburban areas like Shoreline, Lake Forest Park, Edmonds, Burien and Lynnwood are also gaining popularity, especially among families who want more space and are willing to commute to the city. These areas offer more affordable homes and a slower pace of life while still being accessible to Seattle’s job centers. 7. The Impact of Remote Work One of the most significant changes affecting the Seattle housing market in 2024 is the increasing demand by employers that their employees return to work full time, or nearly full time. Still, many buyers are prioritizing homes with dedicated office spaces and larger floor plans that accommodate remote work, even if they won’t quite get to utilize these spaces for that purpose.  This shift has driven demand for homes in suburban areas and even nearby cities like Tacoma, Edmonds, Mountlake Terrace, Edmonds and Lynnwood, where buyers can find more space for their money while still maintaining proximity to Seattle, especially with new light rail options that making the commute easier.  Conclusion 2024 is shaping up to be a pivotal year for Seattle’s real estate market. While the frenzied pace of previous years has slowed, buyers still face challenges due to rising interest rates and limited inventory. However, for those who remain flexible and patient, opportunities exist, especially in up-and-coming neighborhoods.. For buyers looking to navigate this market successfully, staying informed about the latest trends and maintaining close contact with a knowledgeable real estate broker will be key. The right broker will know how to translate these trends into a successful purchase.

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my September 2024 Market Update! Today we’re diving into how changes in mortgage interest rates can impact your home’s value. With the recent drop in the prime rate last week, it’s the perfect time to explore what this means for buyers and sellers alike. When mortgage rates drop, the first thing that happens is that buyers get more purchasing power. For instance, if rates drop from 7% to 5%, obviously, buyers can afford more home for the same monthly payment. Makes sense? So, this might open the door to homes that might have been previously out of reach for these buyers.  Interestingly, we’re already seeing more buyers enter, or re-enter, the market because of the increased affordability, due to the recent drop in the mortgage interest rates.  With more buyers in the market, the next thing that happens is that demand goes up. If we have more buyers competing for the same number of homes, then guess what? Prices naturally start to rise. And in a market like Seattle, where inventory is often tight, this effect can be even more pronounced. On top of that, lower interest rates don’t just attract homebuyers—they also bring in real estate investors who are looking for favorable financing terms. The activity of these investors adds even more competition to the market, which, again, can contribute to prices going higher. So, what does all of this mean for homeowners? For starters, if your current mortgage interest rate is higher than what is available after the recent interest rate drops, now could be the time to consider refinancing your mortgage. A lower rates might mean you can reduce your monthly payments and keep that extra cash in your pocket, or shorten the term of your loan. And, you could always do both.  Then there’s the benefit of home equity. As prices go up, homeowners build equity faster, which creates opportunities to use that equity for home improvements, investment properties, or other financial goals. And, of course, if you’re thinking about selling, the current low-interest-rate environment is working in your favor. As I said before, more buyer demand means more competition, and that often leads to higher sale prices. Selling your home when interest rates are low can put you in a great position to maximize your return. And, if you have to both sell your home and also buy a new home, these same low mortgage interest rates will make it easier for you to make that transition, at least on a financial level.  Looking ahead, while no one can predict exactly where rates or prices are going, one thing is clear: when mortgage interest rates drop, buyer activity tends to increase, and home prices generally follow. Now, in our area, even if mortgage interest rates start to rise again, Seattle is such a desirable market that the long-term value remains strong for homeowners. So, if you or someone you know is thinking about buying and or selling, let’s talk. My team and I can help you understand how these changing market conditions—like last week’s prime rate drop—can be made to work to your advantage, beyond just the obvious stuff. Yes, there’s an art to all of this! Understanding not just the big picture, but also the nuances can help you maximize your results, whether you’re looking to buy, sell, or both. As I’ve told you in the past, my team and I offer a no-obligation consultation to anyone! Yes, we’ll talk to anyone, and put together a customized plan to help them achieve their home ownership goals.  And remember, your business and referrals help support the Akin community. So you get a good deed out of it too, yay!  For those people who need help with their real estate need,  reach out to me and my team by email or send a message through my website at Weisbarth.com/refer . The best way, really, is to connect is by phone. Nothing beats a personal, one-on-one connection, nothing! Soif you’re referring someone, I don’t need any fancy introductions. Just have them call me directly at 206-779-9808, that’s 206-779-9808. That’s my mobile number and the best way to reach me. So call any time! Thanks for tuning in! Don’t forget to like, subscribe, and follow for more insights. Check out my monthly newsletter at Weisbarth.com/newsletter , that’s Weisbarth.com/newsletter .   I’m Doron Weisbarth with Weisbarth & Associates – see you next time!

Introduction When buying or selling a home, the importance of home inspections cannot be overstated. In this guide we’ll share the 11 most costly inspection pitfalls that every seller should know, as well as a home inspection checklist for buyers. This information is aimed at helping both sides protect their assets and investments while also ensuring a smooth home buying or selling process. The Importance of Home Inspections For Sellers: Home buyers want to know your home inside and out before making their final decision about making an offer. While homebuyers are as individual as the homes they plan on purchasing, one thing they all share is a desire to ensure that the home they will call their own is as good beneath the surface as it appears to be. Questions about the roof, wiring, plumbing, and foundation are on the minds of buyers, and they will seek help from a professional, licensed home inspector. For Buyers: Finding your ideal home in Seattle can be challenging, and after you find it, a home inspection might seem like an extra cost. However, this step is crucial to ensure your investment is sound. Including a home inspection contingency in your purchase agreement allows you to negotiate repairs or withdraw from the purchase based on inspection results. The Need for Professional Home Inspections While you might be capable of handling some inspection tasks, professional inspectors are better equipped to identify hazardous materials like asbestos or radon, as well as mold and pest issues. Their expertise provides more leverage during negotiations and ensures the safety and integrity of your future home. 11 Most Costly Inspection Pitfalls for Sellers Defective Plumbing : Defective plumbing can manifest itself in two different ways: leaking and clogging. A visual inspection can usually detect leaks, such as water marks and stains on walls or ceilings, or wet spots in the cabinet under kitchen or bathroom faucets. For clogging, an inspector might turn on faucets in the highest bathroom and then flush the toilet to observe any potential reduction in water flow. Dirty water when a faucet is first turned on indicates rusting pipes, which can result in severe water quality problems and costly repairs. Damp or Wet Basement or Crawl Space : Inspectors check for powdery white mineral deposits on basement walls and a mildew odor. Sealing a crack in or around the basement foundation could cost from hundreds to thousands of dollars, depending on severity. Adding a sump pump and pit could run around a couple of thousand dollars, and complete waterproofing of an average 3-bedroom home could range from $5,000 to $25,000. Inadequate Electrical Wiring : Homes should have a minimum of 100 amps service. Inspectors test all electrical switches, outlets, GFI outlets, exposed wires, and the electrical panel to ensure safety and code compliance. Poor Heating & Cooling Systems : Insufficient insulation and inadequate or poorly functioning heating or cooling systems are common issues. Inspectors check if the furnace is within its typical life span of 15-25 years and if there are service records. Cracked heat exchangers, which can emit deadly carbon monoxide, must be replaced. Roofing Problems : Water leakage through the roof can result from physical deterioration of asphalt shingles, curling, splitting, or mechanical damage from wind storms. Leaking gutters and downspouts can lead to major internal problems. Damp Attic Spaces : Problems with ventilation, insulation, and vapor barriers can cause water, moisture, mold, and mildew to form in the attic, leading to premature wear of the roof and structure. Rotting Wood : Rotting can occur in door or window frames, trim, siding, decks, and fences. Inspectors may probe the wood to check for rot, especially where wood contacts soil. Masonry Work : Rebricking can be costly, but if left unattended, repairs can lead to water and moisture penetration into the home. This can result in clogged chimneys or even a collapsed chimney. Unsafe or Overloaded Electrical Circuits : Overloading circuits can create fire hazards. Inspectors check if circuits, especially the common 15 amp circuits and larger service circuits for appliances, are safe and up to code. Adequate Security Features : Beyond security systems, inspectors look for proper locks on windows and patio doors, deadbolts on doors, and smoke and carbon monoxide detectors. Structural and Foundation Problems : Inspectors investigate footings and foundations for structural integrity. Large cracks, settling, and slippage can be expensive to repair and may require addressing underlying issues. Comprehensive Home Inspection Checklist for Buyers Roof and Chimney Roof : Evaluate the condition of shingles and roof deck for rot. Chimney : Inspect for leaning and cracks in the masonry cap. Bathrooms Plumbing : Check for leaks and water damage. Fixtures : Test water pressure and drainage. Kitchen Plumbing : Examine plumbing under the sink. Electrical : ensure that there are sufficient outlets that are safe Appliances : Test exhaust fans, appliances, and garbage disposal. Interior Walls and Floors : Check for damage. Light Fixtures : Test all fixtures. Doors : Ensure they latch properly. Smoke Detectors : Verify placement and operation. Wooden Structures Damage and Paint : Inspect for damage, missing sections, and paint condition. Windows and Doors Insulation and Rot : Assess insulation quality and check for rot. Operation : Ensure they are square and airtight. Exterior and Grounds Foundation and Drainage : Inspect for damage. Gutters and Exterior Walls : Check condition. Structures : Ensure the garage, shed, fences, and deck are in good condition. Basement Moisture and HVAC : Look for moisture and evaluate the HVAC system. Attic Ventilation and Insulation : Check for stains, leaks, damage, proper ventilation, and insulation. Conclusion Understanding these 11 problem areas and following the comprehensive home inspection checklist helps identify potential issues and prevents costly surprises. Whether you are a seller preparing to list your home or a buyer looking to make an informed purchase, these insights are crucial. For a free, no-obligation PDF hard-copy version of this report contact Doron Weisbarth directly at 206-779-9808. For specific questions or advice, feel free to email doron@weisbarth.com . If you found this information useful, please subscribe to our blog. And don’t forget to follow us for more great tips. Thanks for reading!