the
Volume 8 | Issue 10
EYE ON THE
OCTOBER 2017
market
Traditionally, the market slows during the last few weeks of summer as locals go on vacation and families begin backto-school preparations, but the month of August showed minimal signs of slowing. According to the most recent report released by the Northwest MLS, closedsales volume in August was up nearly 6 percent throughout the MLS territory despite inventory being almost 13 percent lower than during the same period last year. The stats also show closed sales prices for single-family homes in August were up again year-over-year. Prices were up by 18.18 percent in King County, 9.82 percent in Pierce and 13.75 percent in Snohomish. Falling mortgage rates continue to influence the market. With mortgage rates remaining low, many homeowners are choosing to refinance instead of selling. This is part of why inventory remains low throughout our region. Falling rates allow buyers to increase their home search price range and withstand rising home prices resulting from competition over sparse listings.
LOCAL Multiple offers are still common, especially for those listings in the affordable firsttime buyer and mid-level/move-up buyer price ranges. Move-up sellers are in a great position to get a good return on their investment when they sell, and they can take advantage of low interest rates for their next home purchase. Baby boomers on the brink of retirement may have the most to gain from our current market, which can help them fund a comfortable retirement. According to a recent Zillow report, Seattle sellers who have owned their home for an average of nine years gained 53.1 percent, or about $185,000 on a 2016 sale. Brokers caution that sellers still need to price properties appropriately. They cite an increase in the number of “stagnant” listings, which are properties that have been on the market for a while, with few or no offers at the asking price. As we move into the last quarter of this amazing year, pricing looks to be a critical factor in getting ahead of the slowdown that traditionally comes with the colder months.
prepare BEFORE THE POWER GOES OUT It’s barely October, but inclement weather is right around the corner. When a power outage happens, even if it’s just for a few hours, it’s worth it to be prepared: • Check your emergency supplies • Stock up on canned food that can and replenish early on in the easily be heated over a fire, along cold-weather season. with a manual can opener. Have enough drinking water stored for • Heating your home is several days at least. a primary concern during a cold-weather power • Consider a generator if you outage. if you have one, a fireplace or live in an area where power a wood burning stove is the most outages are common. A portable common solution. Keep a ready generator may be all you need if you supply of firewood for emergencies. want to keep the refrigerator operating. Be sure to read all the • Check your supply of batteries for safety instructions, especially about flashlights and radios. Be sure they where to place the generator. are fresh.
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happenings
9/29- Everett Sausage Festival 10/1 everettsausagefest.com
9/30- Northwest Tea Festival 10/1 nwteafestival.com 5-12 Tacoma Film Festival tacomafilmfestival.com 6 Marysville Brew & Cider Fest marysvilletulalipchamber.com 6-8 Seattle Home Show seattlehomeshow.com 6-8 Oktoberfest Northwest in Puyallup | oktoberfestnw.com 7 Fife Harvest Festival traveltacoma.com
7-8 Salmon Days Festival in Issaquah | salmondays.org 8 Seattle Children’s Festival nwfolklife.org 14 Orting Pumpkin Fest tacomaevents.com 14 Bothell Beer Festival bothellchamber.com 14-15 Point Defiance Zoo Boo pdza.org 19–22 Tacoma Holiday Food & Gift Festival | traveltacoma.com 21-22 Halloween Storytelling Train & 28-29 trainmuseum.org 28 Redmond’s Thrill the World thrilltheworld.org 28-29 Pumpkin Bash and Trick or Treating | zoo.org 29 Run Scared 5K at Seward Park runscared5k.com 31 TROLL-O-WEEN fremontartscouncil.org