Happy May! We are rapidly approaching into the busy summer season and 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):

“ KIRKLAND, Washington (May 5, 2021) - Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices "might mean we are seeing some relief for buyers," suggested John Deely, a board member at Northwest Multiple Listing Service … Northwest MLS figures, which cover 26 counties, illustrate that point. At month end, April's active listings stood at 5,616, yet during the month, member-brokers added 12,043 new listings of homes and condos. There was a jump of more than 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%, and even compared to two years ago (April 2019), new listings were up about 3%." … To read the complete NWMLS April Press Release click here

Now that the Puget Sound region has entered Phase 3 of Governor Inslee’s “Roadmap to Recovery” plan, in person open houses are now allowed! Open houses must not have more than 10 people on the property at one time, and everyone there is still required to wear a face mask covering and comply with social distancing regulations. For more information on Phase 3 in regards to real estate, click here. Of course, if you don’t have the ability to come to an in person open house I am still offering virtual tours by appointment. I am also still offering in-person or virtual showings to buyers of any home that is for sale.

Brokers with Northwest Multiple Listing Service (NWMLS) added 10,562 new listings to inventory during March -- the highest volume since September when they added 11,210 properties to the selection. Even so, demand continued to outstrip supply, keeping inventory depleted.

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 Update - Tina gives a complete economic overview and how that relates to real estate. Demand is high, supply is low, the market is hot. (See Tina’s 4 minute video above)

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!” See Tina’s website at: 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 26, 2021 - Rates Catch a Break. Will it Last? What's The Impact on Housing?
April 2, 2021 - Who's Lying About The Housing Market?
April 9, 2021 - Victory For Rates; Hope For Housing Inventory?
April 16, 2021 - Best 2 Weeks For Rates in Nearly a Year
April 23, 2021 - 15-Year High For New Home Sales, But Prices Are Flat. Here's Why
April 30, 2021 - Moment of Truth For Rates and Housing

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

April 2, 2021 - Impressive Job Gains
April 9, 2021 - Service Sector Shines
April 16, 2021 - Retail Sales Surge
April 23, 2021 - Home Sales Slow
April 30, 2021 - Rising Inflation

New listing are up, but pending and sold are up much more. This means that inventory doesn’t just remain low, but is progressively getting lower and lower. If you know anyone looking to sell it’s a fantastic time to sell. And if you know anyone looking to buy… I have the experience and knowledge to help you in this challenging buying market. Any questions? Feel free to call, text, or DM anytime! -Jen😊👍

Real Estate News May 2021: Pending sales continue to surge keeping inventory depleted.

Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers. There was a jump of more than 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%, and even compared to two years ago (April 2019), new listings were up about 3%. Two other industry experts, J. Lennox Scott, and Matthew Gardner, also commented on the significant gains in new listings. “At long last, May is here. Historically, we see a nice uptick in new listings… To keep reading the full caption, click on the Youtube video above!

The graphs below contains information specific to the West Seattle area. Also, all of the images below are links to the interactive versions of the graphs! Just click on a graph and move your cursor along the line to see specific stats for every month throughout the years 2018-2021. Contact me if you have any questions or if you want any of these graphs made for your specific area!

West Seattle Real-estate zip code comparison of Median Sales Price

West Seattle Real-estate zip code comparison of Homes for Sale

Inventory throughout this year has remained low and is still low despite the rising data. This means that currently there are more buyers than sellers, making this an amazing time to sell!

West Seattle Real-estate zip code comparison of Median Days on Market

As you can see the days a listing spends on market tends to spike at the beginning of each year. This is mostly due to the fact that January and February are follow up months to an extremely busy Holiday season starting in November.

West Seattle Real-estate zip code comparison of Median Price Per Square Foot

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

With inventory and interest rates at historic lows it’s a great time to sell. And if you are looking to buy, I can help you with a smooth transition into a home you love! Click the photo to contact me, or you can call/text me at 206-550-1676! - Jen:)

Here are some links to more articles & videos.

These helpful links are provided by Eric Aasness. 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

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

Realtor / Broker

206-550-1676 / www.JensRealty.com