Apr 10

Apr 10 Real Estate Market Update - Seattle & Bellevue - March 2020

As your real estate professional, it is my pleasure to provide to you, as much relevant real estate information as possible. This article contains numerous links to more information, videos with quick infographic statistic updates, and updates from local lenders from the mortgage & financing prospective. Contact me anytime to discuss this info and what it means to you. Let me know if you would like specific information for your neighborhood and share with me any information you come across to help me make this info the best it can be.

According to the Northwest Multiple Listing Service (NWMLS):

Like many sectors of the economy, residential real estate is experiencing disruption and uncertainty just when the vigorous spring market was ramping up. Not surprisingly, the March activity report from Northwest Multiple Listing Service, which covers 23 counties across Washington state, was mixed as guidelines affecting how brokers conduct business evolved.

Chief Economist Matthew Gardner described the numbers for March as “essentially irrelevant given the fact that the economy went into freefall during the month.” He also mentioned “suggests that April’s numbers will also not be an accurate representation of the market.”

To read the complete Press Release - click “Northwest MLS report for March shows initial disruptions from coronavirus pandemic”

Lender updates from Tina, Eric, & Mark

If you want to know what is happening with the money-side of things in real estate, ask a mortgage lender. Below is info from Tina, Eric & Mark. I hope you find this info helpful. These lenders are available for you and can provide information to you regarding your plans to purchase or refinance a home. Let me know if you talk with them and how I can assist you as your Realtor. Thanks! Jen 206-550-1676

Click on the video image above for the latest Mortgage Minutes posted March 18, 2020 with Tina Mitchell for an explanation of:

The Feds Emergency Action & the Impact on Mortgage Interest Rates

Tina Mitchell with Highlands Residential Mortgage is a fabulous lender. She has been in the mortgage industry for over 2 decades and has been recognized in the top 1% Nationwide. She is a numbers gal and can talk with you about possible loan options. I also really like her communication style. You can schedule a time with Tina now (for a video zoom conference call) using this link. She is available by cellular phone and even works nights & weekends! Tina promptly follows up your no obligation consultation with informative emails showing your different loan options, estimations of costs, and other important info in writing and throughout the process has the best communications of any lender I have ever seen. The first step is to schedule a meeting to review loan options, cash needed and payment breakdown. There is no cost or commitment to move forward, it’s just education. Call Tina now or if it’s more convenient you can use the following online calendar to Schedule a Consultation at https://calendly.com/tinamitchell/. Tina Mitchell, Highlands Residential Mortgage • Loan Originator, NMLS 145420 • Cellular: (425) 647-0205 • “Live Your Dream Now!” Read more about Tina www.TinaMitchellTeam.com

Click this link for Eric’s website and to contact Eric.

These thorough market updates from lender, Eric Aasness, Branch Sales Manager, Homebridge Financial are full of great charts and economic information. At the end of each article, Eric has included the links to more than 10 additional articles related to home loans and the real estate market.

March 13, 2020 - Wildest Week For Mortgage Rates, Ever (Seriously)
March 20, 2020 - Mortgages Make The Fed Angry. You'd Like Them When They're Angry
March 27, 2020 - Who Broke The Mortgage Market And When Will It Be Fixed?

Here are some additional market updates provided by Mark Williams at Fairway Independent Mortgage Corporation:

March 6, 2020 - Still Focused on Coronavirus
March 13, 2020 - Historic Week
March 20, 2020 - Central Banks Actions Expand
March 27, 2020 - More Monetary and Fiscal Stimulus
April 3, 2020 - Labor Market Contracts

Here are some links to more articles & videos.

If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information! Thanks, Jen

Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation - March 28, 2020
Bank of America CEO says struggling customers can defer loan payments online with ‘two-clicks’ - March 27, 2020
MBS Day Ahead: Lender Pricing Will Continue to Defy MBS Logic in Some (Many?) Cases - March 27, 2020
Refinances Dominated Freddie Mac Volume in February - March 27, 2020
Fed working to bolster credit during 'self-mandated' recession: Kaplan - March 27, 2020
CFPB Empowers Fannie/Freddie to Overcome Lockdown Woes - March 26, 2020
Fed's Powell says virus to dictate when U.S. economy reopens - March 26, 2020
The Fed still has room for more policy action to fight economic slowdown The Fed still has room for more policy action to fight economic slowdown - March 26, 2020
Mortgage Rates Are Amazing and Terrible - March 25, 2020
There’s a mortgage REIT meltdown—Here’s what’s happening - March 25, 2020
MBS Day Ahead: Visualizing The Drama And The Comeback in Mortgages - March 25, 2020
Mortgage Apps Rocked by COVID; Hard Hit Areas Paint Gloomy Picture - March 25, 2020
New Home Sales Remain Near Post Crash Highs - March 24, 2020
Master List of Mortgage Market's COVID-19 Changes And Appraisal Tables - March 24, 2020
Housing Agencies Moving Quickly to Offer "Flexibilities" After Coronavirus - March 24, 2020
US mortgage rates climb this week; 30-year loan at 3.65% - March 19, 2020
Regional real estate group acts to halt open houses to fight spread of coronavirus - March 16, 2020
King County Superior Court postpones residential evictions until the end of March due to coronavirus - March 18, 2020
Mortgage lenders consider plan to suspend payments amid crisis - March 17, 2020
Only Worst-Case Virus Scenario will Result in Recession - March 13, 2020
Exclusive: U.S. Fed, banks discuss possible leniency on liquidity threshold to aid lending - sources - March 13, 2020
Lender Survey Predicts Continued Low Rates in 2020 - March 13, 2020
Negative Equity Falls to Pre-Recession Levels Thanks to Home Price Gains - March 12, 2020
COVID-19 Beginning To Affect Real Estate, But It's Not All Bad News - March 12, 2020
Mortgage Rates Are Taking an Utter Beating (Relatively) - March 12, 2020
Home Selling in the Age of Coronavirus: It's a Whole Different World - March 12, 2020
Mortgage Rates Rising at Fastest Pace in Years - March 11, 2020
Seattle Real Estate in February: Sales up 5.2% YoY, Inventory down 32.5% YoY - March 9, 2020
Income Gains are Keeping Potential Homebuyers in the Game - March 9, 2020
Amid coronavirus concerns, Seattle homebuying frenzy continues - March 5, 2020
Buy, build or fix: What’s best for first-time home buyers? - March 3, 2020

If you have any thoughts or questions about this information or would like to talk, please call or text me at 206-550-1676. If you find great articles that you would like to share with me, please email those to me at jen@jensrealty.com. I am always working hard to be your source for real estate information!

Check back for more updates throughout the year. Let’s talk about the market now in your neighborhood, your real estate goals, and whether or not this is a good time for you to list and sell your home. Call, text, or email anytime. I’m always here to help! Thank you,

Jennifer Suemnicht - Jen's Realty - RE/MAX Metro Realty, Inc.

www.JensRealty.com / 206-550-1676 / jen@jensrealty.com