The region’s real estate scene in 2023 will be remembered for rising home prices and scant new listings. Buyers and sellers tiptoed through caution. As the year dims, all eyes fixate on 2024’s potential: a hopeful dance fueled by dreams of lower rates and a wave of new homes for sale.
Welcome to our sixth annual look back at the year that was and to predictions and projections for the coming 12 months in real estate for Seattle/King County and beyond.
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The Seattle area housing market right now reads like a mystery novel with half the pages missing. So far, the narrative has included a mix of suspense, a hint of optimism and a whole lot of uncertainty.
The year in residential real estate nears its end amid twists and turns like a good book but it’s waiting for the storyline to improve as we fill out the empty pages in 2024.
Suspense has centered on the Federal Reserve and its decision to raise, maintain or lower its short-term interest rate. The optimism comes from signals in economic data that show improving conditions and a likely end to rising mortgage rates in the coming months – a story that we are all looking forward to reading.
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A significant change is coming to the residential real estate scene in Washington. Our state is at the forefront of improving a document that each buyer and seller receives near the start of the purchase and sale process, and for the first time, our industry will be required to have a contract with buyers.
These two changes aim to improve transparency and clarify the commission structure before moving forward with searching for and making offers on a home. They take effect on Jan. 1, 2024.
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The delicate aroma of freshly brewed tea wafts through the air, enveloping the senses in a comforting embrace. As the warmth from the cup seeps into your hands, a soothing tranquility begins to settle within.
With each gentle sip, the rich infusion of flavor dances on your palate, creating a momentary escape from the chaos of the outside world. The rhythmic ritual of cradling the cup and savoring the tea’s essence becomes a meditative act, gradually coaxing the mind into a state of calm repose.
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If attempts to get on the property ladder have been stymied by high financing costs, an answer may be “living” within your future home.
For those seeking an alternative route to homeownership, wraparound mortgages may just be the answer. Here’s a look at this innovative financing option that’s tailored for first-time buyers and others seeking to get their dream home.
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From health-care and auto workers – even Hollywood actors – Americans have hit the picket lines in greater numbers in 2023. At least 453,000 workers participated in strikes in the first nine months of the year, according to one tracker. Beyond labor strife, America’s home buyers and sellers appear to be on strike as well.
Worsening affordability issues and lower-than-usual inventory have prompted many consumers to watch this housing market from the sidelines – without the picket lines. Compounding the financial squeeze, home prices have risen in many cities outside Seattle.
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Acknowledging the sacrifices of members of the military and war veterans is essential not only as a token of appreciation but as a means of addressing their needs, fostering a stronger society and upholding the values of a grateful nation.
Dozens of affordable home financing programs are available to military members – past and present – and their families.
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One might think that, in one of the fastest-growing U.S. cities, Historic Seattle would face overwhelming odds to achieve its mission of acquiring and rehabilitating properties amid a clamor from prospectors to redevelop aging edifices into multi-million-dollar structures of glass and steel.
Living in the Pacific Northwest, however, having respect for the past and a resourcefulness to creatively reimagine iconic places are hallmarks of this region’s identity. In many aspects of our community, we live and breathe the ideal of reuse and recycle.
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For nearly a century, timepieces on buildings and sidewalks were important features for Seattleites who typically could not afford a pocket watch.
These necessities of everyday life helped people keep time – and some continue to do so today.
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Whether you’re looking in Belltown or Bellevue, Bothell or Burien, buyers need to save up a whole lot of money before seriously considering a first-time home purchase. True? Not exactly.
There are programs established by state and local governments that provide buyers – mostly first-timers – with assistance to make a down payment or meet closing costs. The funds are typically repaid when buyers eventually sell the home or when refinancing their mortgage.
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