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ren'n? stop you ain't from re'in. RE(nt)IN. the n and the t is super softly pronounced. and in like inn not on cause that just sounds off. you're welcome.

Thank you!!

Thanks, Brian!

Yes it is! Exciting time of year, that’s for sure

Yeah the declines being so market specific have been surprising. Seattle has fallen about 10% from the peak. I’ll be interested to see what happens in the next few months as well!

Hi Nello! I definitely think you are on the right track here. A 5 year ARM is the minimum I'd choose with a 7-10 year ARM being even better. At the end of the day, interest rates should hopefully come down within that time-frame to leave you in a good position to refinance back into a 15/30 year fixed if you so choose. Also get your lenders opinion...they should be able to point out some interest rate trends of the past to help you make your decision.

This is a great question. Between the big 3 tech companies around here, about 1,000 people have been affected by layoffs which isn't a ton but it's also not nothing. How many of those individuals already purchased homes within the last few years? Probably a lot of them. I'm not worried about iBuyers going away; they simply grew too fast and did not have a sustainable business model, especially during times of uncertainty. I think that the feds stance is the biggest factor to be concerned with here as layoffs are also a function of that. Unfortunately, the trendlines are showing that there will be downward pressure on home prices for the foreseeable future...I don't see anywhere else to go but down for the time being. But that all changes if the fed is more dovish in the next few months and, if they are, I could see buyer demand picking back up in Spring of 2023. It's a moving target and a hard thing to predict since there are so many factors but I hope that answers your question. Sorry for the long reply!

Well I don’t think we are at the bottom, there is still room to fall esp. if there isn’t a fed pivot soon BUT I think month to month numbers put things into perspective a little bit right?!

Are you asking my opinion on buying/selling in the spring market or are you looking for some specific data that I can provide?

Maple Hills is solid, good homes for a middle income family.

Hi kets. Most building in the seattle market is done by tearing one house down and building in its place. Another term for it is infill construction. You can find these opportunities pretty much anywhere in the greater seattle area if you work with the right agent. If you are looking for a larger piece of land to develop, head south, southeast of the main seattle corridor (i.e. Renton, Kent, Auburn, maple valley, etc.) or further north (i.e. bothell, marysville, etc.) Hope this helps! Happy to answer other questions if you have them.

Evan, definitely a moving target. I’m tracking the regularly data to see how things progress. So many factors this time around so we will see how things go! Thanks for the comment

True!🤢 We just sold our Green Lake area condo and rent a small apartment in Juanita (Kirkland) surrounded by forest, Forbes Creek, friendly neighbors, and no homeless tents or druggies. We reinvested our proceeds and bought a house three hours east in Moses Lake to rent out as income property. $350,000 for a modern 4-bedroom house we will rent for $1,800. Seattle buyers wave inspection in fixup house offers and pay cash and sellers know this and take advantage.

No problem, thanks Eric!

I appreciate the comment and happy to keep providing relevant content, Denise! I will be putting out market data at least once per month so we can see where things are headed in the real estate market. I will also include some info on the condo market as well.

Nice to meet you, Nello! Always nice to meet other real estate professionals in the area. These numbers were specific to king county, but I’m sure snohomish county remains strong due to affordability. And yes, I agree about interest rates; it can stop buyer activity in its tracks and we are seeing some of it now. But I believe demand stays strong here, just more people sitting on the sidelines. As for lowering your mortgage payment, refinancing to a lower rate and buying down points is best as you mentioned. If you have a loan that can be recast, that would be good for you. Basically do a flip, take some profit and pay down your debt on your rental which will recast your mortgage payment. That would obviously depend on whether the type of loan you get on it has that type of feature. Are you currently doing the BRRRR strategy in your area?

@@JordanReederSeattleRealEstate Yes to the BRRRR question. I recently inherited 2 SFHs in Mount Vernon. So in my case, the B is an AO as in Already Owned. (AORRRR) The first SFH rental is fully complete. My WONDERFUL property manager, KELLIE STRONG, of Real Property Management in Bellingham, found FANTASTIC tenants paying top-market rent. I predict same results with SFH #2. 3rd project is a garage-conversion, studio apartment ADU at my house near Skagit Valley Hospital. (Per Kellie, probably utilize 6 month leasing agreements) I’m 64 and do not plan to ever sell these properties. I’m all about cash-flow. For financing, I initially used a $100K HELOC on my primary residence. I intend to do the same for the next 2 projects. Thank you for responding, Jordan! SO NICE to find an REI expert in my general area! 🙏👍♥️💪

@@nellosnook4454 Awesome, I love your strategy. Sounds like you are doing really well in that space so keep it up! Thanks for the chat and stay in touch!

Hi Chester. My best answer is it depends! What types of things are you looking for during your retirement? Bellevue is a great place to live due to its central location…retirees who are active have access to mountains, lakes, everything the outdoors has to offer. There are many people who live here for half the year and move to warmer climate during the winter. I will retire here but that’s about 20 years away! Hope that helps

Would love to, Dinesh! I actually live in Bellevue myself so happy to make that happen. Thanks for the suggestions.

I am also interested in analysis on the eastside condo market.

Thanks Denise! I will definitely get some out regarding this topic. Is there anything specific you’d like to know about the condo market on the eastside?

Hi Kevin. The HOA is only $49 per month. There are only 3 units in this project so the HOA starts very low. The buyer is responsible for any exterior items just like a single family home which keeps the dues much lower than typical townhouses.

Here you go, Hui. bit.ly/3kgJwTU