Living the Dream Blog

Where people interested in Seattle neighborhoods and residential real estate meet.

Creativity, AI Help Boost Fraud Risk in Real Estate

The world of residential real estate can be a fast-paced business, where deals are struck, fortunes made … and danger potentially lurks just below the surface.

The emergence of creatively sophisticated cybercriminals armed with cutting-edge technology like artificial intelligence (AI) is making life difficult for the real estate industry and its customers. It’s not exactly new: Hackers have been targeting American consumers as well as real estate professionals for many years in an attempt to steal money.

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Mostly Positive Start to 2024 Housing Activity in Seattle/King County

The Seattle/King County housing market appears to have come through the worst of times with a slightly stronger showing in January than in previous months. The number of newly listed homes more than doubled from December and increased moderately compared with the same time last year, according to data from the Northwest Multiple Listing Service. Total inventory remains low, however, keeping prices higher on an annual basis.

The final months of 2023 were among the quietest periods in recent memory for residential real estate amid a slow year overall. Total annual sales across King County totaled 21,515 homes – down an incredible 24% from the year before and the fewest since 2010 (20,761). The market is now in the process of thawing after a lengthy cool down, as buyers begin anew to seek change in their home dynamics.

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A Sobering Look at Discrimination in Seattle’s Real Estate Past

As February unfolds and we honor Black History Month, it is a good time to shed light on the aspects of history less discussed – history that persists in the shadows of progress. Here in the Seattle/King County area, and many parts of the U.S., persistent discrimination confronts Black Americans in many walks of life – including residential real estate.

Despite legislative strides, the echoes of bias continue to resonate through the decades, leaving a stark reminder of the long journey toward true equality.

Since the early years of Seattle’s development, discriminatory practices have been woven into the very fabric of the community. Redlining, a discriminatory practice that denied loans or insurance to certain neighborhoods based on racial composition, cast a long shadow for decades over Black communities and the residents chasing homeownership.

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Getting Smart About Home Inspections

Imagine buying a car without taking it for a test drive before making a purchase. You wouldn’t do that, right?

A home inspection is like a test drive for real estate. It allows the buyer to “drive” in and around the property, checking for any issues, quirks or potential maintenance needs. Just as you wouldn’t buy a car without knowing its condition, a home inspection ensures buyers are aware of the condition of the home they are considering purchasing.

Once financing on the property is secured, consumers should strongly consider having the home examined by a state-licensed inspector. It’s a smart thing to do.

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Making the Case to Own vs. Rent Your Home

Whether you’re reading this within a few short days of its early 2024 publication or years later, the truth still holds: Buying a home in Seattle/King County is challenging. Affordability has been a hallmark topic in this region of the country (and many other parts of the U.S.) for several years.

It’s also true, however, that owning a home comes with benefits that cannot compare to renting. To be sure, some people will never own a home – and that’s okay. The reasons are many: financial constraints, family dynamics, or a desire to remain less anchored to a home than living as a renter.

Many others want to own and are scraping the funds together to reach their goal, while others are waiting for assurances that this is the long-term place to live before deciding to invest in a large purchase – arguably the biggest in someone’s lifetime.

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State Initiatives Aim to Improve Housing Inequities

We are at a critical juncture in the evolution of Washington residential real estate. Innovation, equity and a realignment of ideals are taking shape.

Notably, 2024 marks the start of a transformative journey as the state addresses – like no other time in history – racial inequities within the housing sector. From untangling historical injustices to pioneering financial support, Washington is rewriting the important narrative of homeownership.

There is no better time to chart a more inclusive future as we celebrate the January birth of great civil-rights leader Dr. Martin Luther King Jr. and prepare to mark Black History Month in February. Today, two crucial threads weave together an optimistic path of justice for all.

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Despite Falling Rates, King County Housing Market Flops to End Forgettable Year

The Federal Reserve played the role of Santa Claus and delivered an unexpected present just before Christmas in the form of a forecast for lower interest rates in 2024.

This should have sparked the fading embers of an otherwise chilly housing market in Seattle/King County in the final days of 2023. Perhaps too late in the year to make a difference to many, at least the Fed’s upbeat forecast offers renewed hope for the pent-up pool of prospective buyers – possibly sellers, too – to seek out a new home in the coming 12 months.

Before we look ahead, let’s take a quick glimpse at the final numbers from 2023, courtesy of the Northwest Multiple Listing Service. December’s housing activity in King County was marked by shriveling supply amid fewer listings hitting the market in what is traditionally a low point of the real estate year. Prices mostly fell from the previous month but were higher year-on-year.

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VIDEO: Highlights of 2024 Expectations in Seattle/King County Real Estate

If you follow the Seattle/King County housing market closely as I do, then you cannot be faulted for thinking the past year was fairly similar to the one before. Rinse and repeat, anyone?

Our reflection on the real estate journey for 2023 unveiled a landscape of rising prices, economic uncertainties and shifting market dynamics. We have turned the page and see signs of hope for an improved year for buyers and sellers – but, consumers may still take a cautious approach amid uncertainty about a possible recession, job security and other potential issues.

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Expectations for 2024 in Seattle/King County Real Estate

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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