Newsletter | Market News & Stats Blog

Monday, August 10, 2020   /   by Laura Lynn

Northwest Team | Compass August Newsletter

Welcome August!


















The final stretch of summer is here! 




While we've altered our summers to be a bit different this year, we've learned to 


crank up the BBQ, explore local camping spots, and enjoy a swim in our above ground pools. Below you’ll find local hangout spots to help you social distance, comforting summer recipes, camping tips, and more! 





All curated just for you to take in some more sunshine!





 





Enjoy!































July Market Snapshot


















Median Sales Price (King County)


2019 $625K | 2020 $670K UP 7.20%




 



Median Sales Price (Seattle)


2019 $700.5K | 2020 $750K DOWN 7.07%










Median Sales Price (Eastside)



2019 $849.9K | 2020 $920K UP 8.24% ...

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  northwest real estate, real estate, real estate news, real estate market statistics, washington, pnw, northwest real estate team, home buyer, home seller, newsletter

Thursday, May 14, 2020   /   by Laura Lynn

Will the Housing Market Turn Around This Year?

Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the economy will turn around. If you’re trying to figure out what’s going to happen and how to play your cards this year, you’re not alone.
This spring in the 2020 NAR Flash Survey: Economic Pulse, the National Association of Realtors (NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in the market:

“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these loc ...

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  northwest real estate, real estate, real estate news, real estate market statistics, pnw, washington, northwest real estate team, housing supply, home seller, newsletter, economy

Monday, May 4, 2020   /   by Laura Lynn

U.S. Homeownership Rate Rises to Highest Point in 8 Years

For nearly two months, most of us have been following strict stay-at-home orders from our state and local governments. It is a whole new way of life that has put our daily lives on pause. On the other hand, many of us have also found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed safe place for our families to live.
The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years (see graph below):Why is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around ...

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  northwest real estate, real estate, real estate news, northwest real estate team, real estate market statistics, home buyer, pnw, washington, housing supply, newsletter, economy

Wednesday, April 22, 2020   /   by Laura Lynn

Keys to Selling Your House Virtually

In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?
In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.
So, if you’re ready to move forward, virtual practices may help ...

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  northwest real estate, real estate, northwest real estate team, real estate news, pnw, washington, housing supply, home seller, newsletter

Tuesday, April 21, 2020   /   by Laura Lynn

Will This Economic Crisis Have a V, U, or L-Shaped Recovery?

Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big question is: how long will it take the economy to fully recover?
Let’s look at the possibilities. Here are the three types of recoveries that follow most economic slowdowns (the definitions are from the financial glossary at Market Business News):

V-shaped recovery: an economic period in which the economy experiences a sharp decline. However, it is also a brief period of decline. There is a clear bottom (called a trough by economists) which does not last long. Then there is a strong recovery.
U-shaped recovery: when the decline is more gradual, i.e., less severe. The recovery that follows starts off moderately and then picks up speed. The recovery could last 12-24 months.
L-shaped recovery: a steep economic decline followed by a long period wi ...

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  northwest real estate, real estate, real estate news, real estate market statistics, pnw, washington, housing supply, newsletter, economy