November Newsletter
November Newsletter | Happy Thanksgiving!
Happy Thanksgiving! I hope that whatever you have planned for Thanksgiving, you know that I’m thankful for you! Perhaps I’m biased, but I maintain that I have THE best clients and whether we met one another through mutual friends, our kids, or through real estate…I genuinely enjoy having the opportunity to know you.
In this months’ newsletter below, you’ll find:
A link to some fun vacation homes and cabins in Suncadia, Leavenworth, Plain, Lake Wenatchee and Mt. Baker
A spotlight on Four-Plexes and a new financing opportunity
Some good news on mortgage rate improvements
Details about a benefit concert that I’ll be sponsoring
Historically, as we get closer to the holidays, the real estate market slows down & this year will be no different. Buyers are busy with the hustle & bustle of the holiday season - many taking a pause until the new year, when there will be fresh inventory. Some good news is that mortgage rates are beginning to come down a bit…so if that continues, it could turn into a busy spring buying season again. Average rates this week hovered around 7.25% (down from 8% recently).
With that, we like to encourage anyone who is thinking of buying or selling next year to take this time to start prepping their home purchase or sale. If a move is in the foreseeable future for you or someone you know, don’t hesitate to reach out. It can be helpful to sit down in the next few weeks to talk through a game plan for the upcoming year…and I’ll be happy to help guide you (or someone you know) every step of the way!
Happy Thanksgiving!
Ryan Halset, Realtor ®
Phone/Text: (206) 930-7959
Seattle Magazine | Best in Client Satisfaction
Join me on: www.HalsetRealEstate.com
Ryan’s Real Estate Tip of the Month
I think this is an interesting opportunity for first time buyers and investors alike…
Fannie Mae just came out with a program for Multi-Family properties (2-4 units)…where you only need to put 5% down (instead of 15-25%). This provides a great opportunity in today’s market with properties sitting around for a little longer, and providing more of an opportunity to negotiate. If we knew then what we know now…our first home purchase probably would have been a multifamily property. We would live in one unit and rent out the others. Then, once we saved up another 5% - we’d probably do it again.
For those of you that hold single family homes or condos as a rentals, this might be a good time to do a 1031 exchange and roll those tax-deferred gains into a multi-family property that provides more cash-flow than your current rental.
It’s been a long time since I’ve pointed investor clients to multi-family properties in our area because they just weren’t penciling out over the past few years. But with the option of lower down payments and the softening in the multi-family and commercial markets, I’m starting think that we’re going to see more opportunities popping up here in 2024.
Here’s an example of a 4-Plex that came across my desk this week: Sign up for my monthly email newsletter to receive these
This has been on the market for nearly a month at $800k (so there could be a price adjustment coming soon), is fully leased, the community has built-in management for a reasonable fee, and it’s had some nice updates (roof, paint, etc.). Give me a call if you have any specific questions or want me to help set up a custom search so you can see what type of multi-family homes are out there.
Ryan’s Real Estate Update
After the 8th consecutive month of declining home sales (nationally), the real estate market remains at some of the lowest number of sales we’ve seen since 2010. I maintain that if/when mortgage rates come back down a bit, we’ll see home prices continue on their upward trajectory…but until then, buyers do have the most negotiation power I’ve seen since about 2018, when we had a minor dip/slowdown. The first 6 months of 2024 could be an opportune time for buyers.
Here are a few other bulletpoints I found notable this month:
Annual home sales in October were down almost 15% compared to the same period in 2022, according to the National Association of Realtors.
We’ve had 8 consecutive months of declining home sales. To clarify - not home values, but the number of homes that have sold…which is the lowest rate of home sales since 2010.
The median home price today is nearly double what it was in just 2019.
Listings are taking about 1.8% longer to sell than the previous month.
First-time homebuyers accounted for 28% of home sales - identical to last year at this time.
All-cash sales accounted for 29% of home sales - up from 26% last year at this time.
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.
Condos with a View: Sign up for my monthly email newsletter to receive these
Floating Home Picks: Sign up for my monthly email newsletter to receive these
Multi-Family 4-Plexes: Sign up for my monthly email newsletter to receive these
Looking for a Cabin or Vacation Property? Check out some of these!
Suncadia Cabin & Condo Picks: Sign up for my monthly email newsletter to receive these
Leavenworth, Lake Wenatchee & Plain Picks: Sign up for my monthly email newsletter to receive these
Mt. Baker/Glacier Cabin Picks: Sign up for my monthly email newsletter to receive articles like this
