Northwest Real Estate Listings, Market News and Statistics
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The Everett School District will open the new Tambark Creek Elementary School No. 18 near Sunset Rd. and 180th St in 2019 and with that they have redrawn the Everett School District Boundary Maps. The district is also working to redraw the Cascade High School boundaries, Everett High School boundaries as well as the Henry M. Jackson High School boundary lines. These changes will impact many of our children, our community and real estate. We live, work, and raise our children here too; so I have been keeping a close eye on the map and seeing how this could impact our friends and clients. If you are considering a move into or around the Everett School District Area contact us for expert guidance and in-depth knowledge of the coming changes.
Fall is a great time to take care of home repair projects before shorter and colder days make it more difficult. Here’s a handy checklist to get your home ready for the season ahead. And if you’re considering making a move, it’s a great time to get started on that too. I can help you here and anywhere in the world, so give me a call today!
According to multiple studies, most recently by Zillow, the magic window for selling your home is early May. See a portion of their article here republished here:
The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether whether you’re in the market for a new primary residence, an investment property or that perfect vacation getaway. Contact us to see any home or just ask a question. We are always happy to hear from you!
I believe that 2017 will be the year that Millennials get into the market in full force; we will also see substantial growth of non-Millennial first-time buyers. In recent years, many first-time buyers have remained “on the fence”, but the likelihood of continued interest rate increases, in concert with a tightening labor market, will drive many of these buyers into home ownership.
While I expect inventory levels to rise in 2017, it will remain a seller’s market. New construction will pick up steam in 2017, but not to levels that will provide sufficient support to a stretched housing market. Sellers will likely find that it will take a little longer to sell, but demand will still outstrip supply on the back of a job market that continues to tighten.
Existing home sales in the U.S. are expected to rise to 5.57 million units in 2017. I am forecasting existing home prices to rise to a median of $243,000 in 2017—an increase of 4.5% from 2016.
In 2017, I anticipate sales of new homes will continue to increase by about 12.2%; new home prices will see a more modest 3.1% increase as construction costs weigh on prices.
Some markets continue to see home prices escalating well above income growth. This is unsustainable over the long term, so I expect that the rate of home price appreciation will soften in some areas. This doesn’t mean prices will drop, but rather, the rate of growth will begin to slow.
In 2016 the laws of supply and demand were turned upside down in a majority of markets along the West Coast. Home sales and prices rose while listings remained anemic. In the coming year, there should be a modest increase in the number of homes for sale in most major West Coast markets, which should relieve some of the pressure.
I continue to hear concerns about an impending housing bubble, but I believe these fears to be unfounded. While price growth will likely slow in certain areas, there is no indication that the floor will fall on housing prices anytime soon. Everything I’m seeing points towards a modest shift towards a more balanced market in the year ahead.
Although interest rates remain remarkably low, they are expected to rise as we move through 2017. I am forecasting the 30-year fixed rate to increase to about 4.6 percent by year’s end. Yes, this is above where interest rates currently stand, but still very low by historic standards.
COURTESY OF: WINDERMERE REAL ESTATE | MATTHEW GARDNER, CHIEF ECONOMIST
JANUARY 2017 ECONOMIC & HOUSING FORECAST