October Newsletter
October Newsletter | Happy Halloween!
Happy Halloween! I hope you are looking forward to this evening as much as we are. We never thought we’d be into Halloween beyond taking our kids trick-or-treating, but a few years ago we moved to one of those spirited neighborhoods that typically get somewhere in the range of 800-1000 trick-or-treaters to the door. It’s turned into a real highlight for us and we just love to visit with all of the families in the area that come each year. If you’re looking for a good street for your trick-or-treaters, let me know!
Congrats to the winners of last month’s giveaway for the pair football tickets. Thankfully, we were able to secure a few extra tickets before the game - so even if you weren’t the first name pulled, many of you still won tickets!
The market continues to move along, much more slowly than the previous few years, but people are still making moves and I am starting to see more opportunities out there for home buyers. If you happen to know someone that is looking to purchase a home in the next year, please don’t hesitate to pass along my information so I can help get the search started with success. I’ll be happy to hear how I can help out someone you know.
In the meantime - have a fun and safe Halloween!
Ryan Halset, Realtor ®
Phone/Text: (206) 930-7959
Seattle Magazine | Best in Client Satisfaction
Join me on: www.HalsetRealEstate.com
Ryan’s Real Estate Take
Key Takeaways
Low levels of inventory mean that sellers continue to have the upper hand in the housing market because prices are pretty similar compared to last year at this time, but…
High mortgage rates (highest in 23 years) and higher home prices over the past few years are dissuading would-be buyers from making offers.
If rates were to drop in 2024, I believe that would spur the market for both buyers and sellers.
Investors: I think the market is becoming more favorable for single family rental investment properties.
Mortgage rates have roughly doubled since mid-2022. If you are looking to sell your home, take a quick look at how much the monthly payment would be for your home today (using an 8% mortgage rate) so you can see what potential purchasers are considering. I bet you’ll be suprised at how much it is.
In Seattle, the median home sold for about $800k this month. The monthly mortgage payment for that home is about $2000 more per month than it was for an $800k home in early 2022.
To put it another way: the monthly payment on an $800k home in early 2022 is about the equivalent of a $540k house today.
This is why we’re seeing a bit of a standstill in the market this year.
If you are a homeowner that purchased a home before spring of 2022 and want to feel good about your home purchase…calculate your mortgage rate at today’s rates. I bet your happiness level will immediately increase!
Investor Corner
While it’s a difficult market to be a homebuyer for a personal residence right now…we know that there’s always another side to every market. Right now, I think there are some interesting tailwinds for the single family rental market because:
Housing is severely under-built across the country, which stabilizes housing prices.
With high mortgage rates and values increasing rapidly over the past few years, it is difficult for many would-be buyers to purchase a home right now. Many high-quality tenants are choosing to rent instead of buy at the moment.
Long-term rentals (while not as flashy to talk about) have several benefits over other types of rentals that I’d be happy to discuss if interested. In the meantime, I’ll include some 3+ bedroom, 1.75+ bath homes in a link below. If you’re interested in diversifying your portfolio in to Single Family Homes…some of these may be good long-term potentials.
What I expect going forward: Sign up for my monthly email newsletter to receive these
Ryan’s Real Estate Deals
These are a few homes that have caught my interest for one reason or another recently…some as investment opportunities, some priced low for the area, some off-market, and some just because they are interesting! If you’d like to schedule a showing, don’t hesitate to reach out.
Ryan’s Luxury Home Picks: Sign up for my monthly email newsletter to receive these
Ryan’s Fun Floating Home Picks: Sign up for my monthly email newsletter to receive these
Ryan’s Condo Picks with a View: Sign up for my monthly email newsletter to receive these
Homes Under $500k w/3+ Beds & 1.75+ Baths: Sign up for my monthly email newsletter to receive these
Spooky Houses for Sale: Sign up for my monthly email newsletter to receive these
How to Sell a Haunted House: Sign up for my monthly email newsletter to receive articles like this
