Monday NW Seattle Real Estate Market Update 4.6.20
Monday NW Seattle Real Estate Market Update đź“…April 6th, 2020
This week we discuss the changes in what is allowed in Real Estate under the current “Stay Home, Stay Healthy” orders.
We also discuss Seattle Area numbers and how they have changed from last week.
Hey everybody, we hope you are doing well and staying safe in your homes. Real estate does still continue and there are some changes and some restrictions have been lifted. So right now stagers can go into house only two at a time. That’s obviously taking our stagers a lot longer to stage when you stage a house. But again, we all wanna be safe.
Photographers are allowed to go in a house now but only one photographer, one person is allowed in the house with photography, the same goes with Matterport. And inspectors, they can go in a house too, again, just the inspector can be in the house. So the rules have been lifted a bit.
Everybody wants to stay safe. Obviously, even during this, some people do need to move so I think that’s why the bans were lifted a little bit.
Photographers, stagers, and home inspectors can do their jobs safely. And if there’s nobody else in the house, that’s probably a safer environment than going to the grocery store or Costco.
The number of homes that went under contract in the last seven days has gone down from the previous weeks. So we look at northwest Seattle, Seattle, and King county. The amount of new homes that came on the market was the same over last week.
28 homes that came on the market. The number of homes that went under contract was actually down by 55%, so that’s kind of significant. And then you go broader out to Seattle and new listings were actually down for all of Seattle, and then homes that went under contract were also down. But those were only down by 40%.
King county overall was only down by 10% for the number of homes that went under contract in the last week versus the previous week. Kind of interesting that King county overall was only down by 10% versus northwest Seattle was down 55%.
Rates are still really good. Conforming rates are 3.5% with no points and Jumbo Rates, while the rates are still really good, jumbo are at 3.5%, but jumbo, getting a jumbo loan has become more expensive. And the points on that is 1.5%. So jumbo money is getting a little bit tight. But there’s workarounds around that. So remember during the 2008, everybody remembers the 2008 down turn, and that started with jumbo money getting really tight. But what lenders were able to do was to do like first and seconds to kind of counteract that.
Things are changing day by day, week by week. And of course, we will keep you updated on all of the information that we have.
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We are getting real time updates from our Lender each week as well. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation. We are always happy to help.
Cheers!
-Steve & Sandra
Steve 206-769-9577 stevehill@windermere.com
Sandra 206-271-7100 sbrenner@windermere.com
