Something from Bob
May is certainly confusing everyone here in the PNW. Highs in the 80s and the low 50s all in the same week, and very little rain. Are we in Spring or Summer? That lack of rain (and snow in the mountains) means we are likely in for water restrictions in the coming months. But, it is the PNW and that could all change by June.
As for real estate, we continue in a seller's market -- statistically. There are still fewer sellers and buyers than before, but many more buyers than sellers. I recently heard that WA state needs to build 50K new homes each year just to keep up with the buyer demand! That's truly amazing, and I'm not sure how we are going to do that! Some changes at the state level are mandating higher density in most locations. As I always say, buyers are buying and sellers are selling. It's just taking weeks and months, instead of hours and days.
Mortgage rates continue in the 5.5% to 7% range. 2% to 3% are not going to be back for sometime, as far as I can see. 5% is a great goal. If selling and then buying is in your future, now is the time to start thinking about updates and maintenance needed to present your property at its best. Get in touch and I will be happy to brainstorm with you. If you are thinking of buying (or selling and buying) and want to get the best rate, start working on those credit scores -- they really affect the rate you can get. As always, for prospective, check out the historical highs and lows since 1971 on my website. And remember, I'm always available to talk about your plans.
Until next month...
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Window Repair Might Make More Sense Than Replacement: Here’s Why
When it comes to home maintenance, windows often require attention. They might be drafty, showing signs of wear, or simply not functioning as smoothly as they once did. The knee-jerk reaction for many homeowners is to opt for replacements. They believe that new windows will offer significant energy savings and aesthetic improvements. However, before you commit to the large investment of new windows... Read More
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Give Your Home a Seller’s Edge
Buyers have their own list of must-haves when searching for a new home, but there are certain features that can make a property more appealing. Here are some tips to give your home a seller’s edge:
Curb Appeal
The first impression is everything, and for many buyers that starts with the exterior of your home. Make sure the exterior is well... Read More
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Market Statistics Around the Puget Sound Region
The market has been very dynamic for years -- either a strong seller's market or a strong buyer's market. I've put together some graphs to show what's happening.
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Past Newsletters
In case you missed a previous newsletter, all of my Out of Bounds Realty newsletters can be found here.
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Try These Easy, Nontoxic Cleaning Tips and Tricks
Housecleaning can take up a big chunk of your day—especially when doing a deep spring cleaning! Try these inexpensive, nontoxic cleaning tips.
Citrus Sink Scrub
Use a cut-up grapefruit or lemon covered in salt to clean soap scum buildup on your sinks. The citric acid from the grapefruit combines with the coarseness of the salt to create an easy citrus scrub... Read More
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The Essential Role of Buyer Representation in Real Estate
A buyer’s agent is a real estate professional who represents the purchaser’s interests in a real estate transaction. Unlike the listing agent, who represents the seller, a buyer’s agent is entirely on your side, guiding you through every step. Here are some ways buyer’s agents are beneficial to the homebuying process:
Finding the Right Home
Buyer’s agents listen to your needs and budget to find homes that fit your criteria. They know the local market inside and out and will use their extensive knowledge to show you the... Read More
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Properties Still Selling, But Days on Market Have Increased
Existing-home sales jumped 9.5% in February, the highest monthly increase in a year, according to the National Association of Realtors (NAR). Monthly sales were unchanged in the Northeast but climbed in the West, South, and Midwest. Year-over-year sales were down 3.3%, with every region posting declines. The median existing-home sales price, meanwhile, increased 5.7%, marking the eighth month in a row of year-over-year increases.
Inventory Dynamics
According to NAR economists, additional housing supply helped... Read More
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