Local Market Update – January 2020

2019 ended with too many buyers chasing too few homes. December marked the sixth straight month of declining supply. The severe shortage of homes, historically low interest rates, and strong job growth are predicted to keep the local housing market strong in 2020. In a region starved for inventory, sellers can expect significant interest in new listings.

EASTSIDE

Homes sold briskly on the Eastside in December in all categories, including the luxury market. The number of listings were down nearly 50% from a year ago and the area had under a month of available inventory. That lack of inventory helped bump the median price of a single-family home up 4% from a year ago to $949,000, which is a $49,000 increase from November.  New large scale developments and a strong economic forecast indicate that the housing market will remain healthy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County continues to be a seller’s market. Inventory in December was down nearly 40% compared to a year ago and ended the month with below one month supply. The median price of a single-family home rose 6% over the prior year to $675,000, up slightly from November. More affordable areas saw much higher increases. Southeast King County – which includes Auburn, Kent and Renton – saw home prices jump 16% over the previous year.

VIEW FULL KING COUNTY REPORT

SEATTLE

Numbers tell the story in Seattle. Inventory was down 25%, while the number of closed sales increased 19%. Strong demand here has kept the housing market solid, with prices fluctuating slightly month-to-month for much of 2019. The median price of a single-family home sold in December increased 2% from a year ago to $727,000. That was slightly down from $735,000 in November.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

While the median home price in Snohomish County is less than that in King County, the gap continues to close. Buyers willing to trade a longer commute for a lower mortgage have kept demand and prices strong. Inventory here was off 36% in December as compared to a year ago. The median price of a single-family home rose 9% over a year ago to $510,000, an increase of $15,000 from November.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com


Posted on January 22, 2020 at 6:11 pm
Anjelina Moore | Posted in Uncategorized |

Homeownership, Greatest Predictor of Wealth

 

According to the Survey of Consumer Finance, homeownership is the primary driver of wealth in the U.S.

A recent Seattle Times article reported that the median net worth for Seattle homeowners is about 25 times higher than those who rent.

How Homeownership Creates Wealth

A home appreciates.

Since 2000, homes in the Seattle area have appreciated at an average annual rate of 5.6 percent. The real estate market, like the stock market, ebbs and flows as values go up and down over time. While real estate prices here dropped during the housing crisis, they have far exceeded average appreciation for the past few years. The same cannot be said for the stock of many companies that imploded when the dot-com bubble burst.

As an investment, a home benefits from leveraging.

Equity in a home appreciates based on the entire value of the home. This includes the money you’ve paid as well as the money you’ve borrowed. For instance, rather than earning appreciation on the $70,000 down payment you made, you build equity on the full $700,000 value of the house even though the bank financed most of it.

Ready to buy a home? 

Our brokers can help you negotiate the best possible terms on the what will probably be your greatest single asset.  

Ready to sell your home, or wonder how much equity you have? 

Our brokers can provide you with a market analysis of homes that have recently sold in your neighborhood and help you plan for a future sale.


Posted on March 28, 2019 at 9:59 pm
Anjelina Moore | Posted in "Moore" |

Washington State first-time home buyer programs

These are first-time home buyer assistance programs tailored just for residents in the Evergreen State. If you live here, it’s a good idea to see if you qualify for them.

WSHFC highlights and eligibility requirements

HIGHLIGHTS

  • 30-year fixed-rate home loans.
  • Down payment assistance up to 5% of the mortgage amount.
  • Available for single-family houses, condos, town houses and manufactured homes.

ELIGIBILITY

  • A home buyer education course is required, in person or online.
  • Annual household income typically cannot exceed $97,000.
  • Some down payment assistance programs are restricted to first-time home buyers.
  • If you haven’t owned and occupied your primary residence in the past three years, you qualify as a first-time home buyer.
  • Specific areas are exempt from the first-time home buyer requirement.

Home Advantage DPA #1

BEST FOR:  Down payment assistance

WHAT YOU NEED TO KNOW

Receive up to 5% of your loan amount in down payment assistance, depending on the type of loan you choose (conventional, FHA, VA, etc.). It’s a 0% interest loan, with payment deferred for 30 years. Repayment is due sooner if you sell the home or refinance the mortgage. Income limits apply, which vary by loan program and sometimes by location.

Home Advantage DPA #2

BEST FOR:  Down payment assistance/Military

WHAT YOU NEED TO KNOW

Provides up to $10,000 in down payment assistance, with needs-based qualifications. Borrowers entitled to VA loans are granted exceptions to some qualifying restrictions.

 

Opportunity DPA

BEST FOR: Down payment assistance

WHAT YOU NEED TO KNOW

Down payment assistance of up to $10,000 is provided with a 1% interest rate, deferred for 30 years. To qualify, you must be a first-time home buyer or live in certain areas of the state.

 

HomeChoice

BEST FOR: Disabilities/Down payment assistance

WHAT YOU NEED TO KNOW

This program is for borrowers who have a disability — or have a family member living with them who does. It provides up to $15,000 in down payment assistance in a 1% deferred second mortgage.

 

House Key Veterans

BEST FOR: Military/Down payment assistance

WHAT YOU NEED TO KNOW

For borrowers who are military veterans, or current or former members of the Washington National Guard or Reserve, $10,000 in down payment assistance is structured as a second mortgage with a 3% interest rate, and deferred for up to 30 years.

Your next steps:

Reach out to me and I can connect you with a couple of lenders. Find someone who you connect with and feel comfortable with. Interest rates and loan terms vary by lender, which is why it makes sense to shop around for the best deal.

For full details on any program, visit the Washington State Housing Finance Commission online.

You’ll find lenders that participate in these programs on the WSHFC website.

Let me know if you have ANY questions! 

Cheers!  

Anjelina Moore   / “LIVE A MOORE LIFE”

406-750-8660


Posted on March 2, 2019 at 9:02 pm
Anjelina Moore | Posted in "Moore" | Tagged , , , ,