Real Estate Market Update - Seattle & Bellevue - April 2020

Real Estate Market Update - Seattle & Bellevue - April 2020

Jennifer Suemnicht

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. Housing activity around Western Washington in March showed the volume of new listings added during the month surpassed February’s total, as did both pending and closed sales. Year-over-year prices increased. However, commenting on the latest report, Northwest MLS brokers emphasized the numbers do not yet reflect the impact the coronavirus pandemic is having on local real estate. “We expect that all numbers will decline in April and May as a direct result of the governor’s “Stay Home” order that became effective on March 26,” stated Mike Grady, president and COO at Coldwell Banker Bain. He also expects April and May will be “bridge months” before the market returns to a “more normal” activity level, “assuming we all abide by Governor Jay Inslee’s directives.”… To read the complete NWMLS April Press Release click here

Zoom Flyer 5.6.20.jpg

Virtual Open Houses

Now and in the future! In addition to the new virtual open houses. I have equipment to take buyers on a video tour of every home for sale!

Big news! - April 27th the MLS added Virtual Open Houses! While the syndicated listings to RE/MAX, Redfin, Zillow, CBB, John L Scott, Windermere, and all the other companies are not yet showing the open houses… those companies are each working to start providing that information. If you have a search portal set up from your real estate professional in the MLS Portal, click the “world” icon for the open house info. There are many different available formats. So far it looks like most brokers are using Zoom or Facebook Live. I had 4 virtual open houses between May 7th, 9th & 10th and they all went very well. Even after things get back to normal, these virtual open houses may continue as a way for people to save time and shop remotely. In-person showings are currently allowed with strict Covid19 protocol, 2 people at a time (one being the broker), by appointment (even if vacant), and strictly following social distancing guidelines established by the Centers for Disease Control and Prevention ("CDC") by remaining at least six feet apart at all times. Here is a link to the MLS Covid19 Guide for Buyers and Sellers.

April 2020 - REAL ESTATE NEWS: PRICES UP DESPITE CORONAVIRUS, MULTIPLE OFFERS INSTEAD OF DISCOUNTS. - Residential real estate activity around Western Washington reflected expected declines during April with the impact of the coronavirus pandemic taking its toll. With the first full month of post-COVID-19 data in hand, it’s clear the Puget Sound housing market has been hit but not knocked out. The volume of new listings added during April was off 34.7% compared to the same month a year ago. Brokers added 7,641 new listings last month, down from both March when 10,291 new listings were added, and April 2019 when brokers added 11,697 new listings.

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

Mortgage Minutes with Tina Mitchell: The Feds & Banking Liquidity Issue… Steady Rates!

Click on the video image above for the latest Mortgage Minutes posted May 5, 2020 with Tina Mitchell for an explanation of:

The Feds & Banking Liquidity Issue

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 Tinawww.TinaMitchellTeam.com

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

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.

Click this image to connect to Mark.

Click this image to connect to Mark.

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

Here is a quick one minute video comparing the last two weeks (April 20 to April 27, 2020) home sale activity along with a quick explanation for the Seattle / Bellevue areas - with information provided by the Northwest Multiple Listing Service (NWMLS). See how many homes are listed, pending, sold, price increased, price decreased, back on market, canceled, expired, and sold! This real estate market update is provided for your information, courtesy of Jen's Realty. Subscribe to my YouTube channel and follow me on Facebook and Instagram for all the updates in real time!

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

Here are the April 2020 stats! It's always interesting to see how this year compares to last year. What's happening with residential real estate sales with Seattle & Bellevue home sales? New construction? Condos? My goals is to provide you with real estate information you can use to help you maximize your investment profits and save you money by identifying great deals and avoiding pitfalls.

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


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