Fabrice Maniglier at John L Scott Real Estate

10/27/2024

Very rainy weekend with temperatures that dropped around 10 degrees. Instead of doing some miserable hike, why not visiting some open houses? ;)

10/23/2024

Since this article: https://www.realtor.com/news/real-estate-news/mortgage-rates-rise-to-6-12-percent-october-3-2024/ , interest rates have increased back to over 6.80%, demand has slowed, making it even more favorable for home buyers to negotiate good terms and thus a good time to buy.
Medium term, the market still expects home prices to jump back quickly in Seattle with a strong influx of new workers working in the AI/big data field and the RTO policies of big firms.

Mortgage rates ticked up slightly from from 6.08% to 6.12% for a 30-year fixed home loan in the week ending Oct. 3, according to Freddie Mac.

10/02/2024

The rental market in Seattle, specially apartments, is expected to see rate increases in the next 12 months due to the RTO policies of some big companies and the growth of AI related jobs.
The current glut of vacant apartments is expected to be absorbed by 2026: https://realestate.usnews.com/real-estate/articles/multifamily-and-single-family-rental-housing-market-trends

For reference, the residential vacancy rate in Seattle was around 4.4% in 2019 and is probably still above 7% overall for multi-units buildings in Seattle in 2024: https://kidder.com/trend-articles/2024-q2-seattle-puget-sound-apartment-market-dynamics/ #:~:text=While%20vacancy%20had%20been%20rising%20previously,%20we%20see%20signs%20of

With interest rates down already half a point and expected to be cut by at least a quarter more in November, now would be a good time for first time home-buyers to move into home ownership as condo prices are still somewhat subjugated.

Multifamily rental rates continue a slight upward trend in the Puget Sound, while vacancy is the metric to watch as the market absorbs a large amount of new supply in 2024 — yet an end to new apartment deliveries is in sight.

09/24/2024

After months of anticipation, the fed finally cut interest rates by half a point last week. Most of it had already been baked in the recent mortgage rates so experts don't expect them to drop much more in the near future.
In any case, that means that Seattle real estate market should still be very healthy and active as a recent study showed (top 3 in the nation for numbers of days a listing stays active):

The fast-paced housing environment shows no signs of slowing down for these two Washington state cities.

09/10/2024

Feds meeting next week and still a strong belief of the first rate cut coming: https://www.redfin.com/news/mortgage-rates-to-fall-after-fed-chair-confirms-september-cuts/
Markets have been anticipating for a few weeks and 30 years interest rates are now barely above 6.20% which pushes a lot of recent home buyers to refinance.

Federal Reserve Chair Jerome Powell told the central bank’s annual gathering on Friday that “the time has come for policy to adjust,” all but confirming the Fed will cut rates at its next policy meeting on September 18.

07/31/2024

30 years mortgage interest rates are slightly below 6.80% today with an expectation that they will go below 6.50% by the end of the year at current trends. Good news for recent homebuyers that have been looking to refinance as well as future ones:

Some good news could be coming for a housing market that's been stuck in neutral.

07/25/2024

Housing market prices have been kind on a roller-coaster this past few months with agreed purchase prices changing from above to below listing prices and back within weeks. Latest data show a small weakening again right now and a move toward a buyer's market, but how long will it last?

The housing market has been brutal for potential buyers in recent months. In recent weeks, though, the market has loosened – for buyers, at least.

07/23/2024

Mortgage rates are still too high to increase supply to a healthy value. Compass CEO interestingly calls for policies toward creating more assumable mortgages: https://www.msn.com/en-us/money/realestate/the-magic-mortgage-rate-is-anything-below-6-top-real-estate-ceo-says/ar-BB1oOdmk?item=flights%3Aprg-tipsubsc-v1a&ocid=windirect Very few contracts currently allow it.

“That’d be marketing magic, and would tell the world that mortgage rates are at a level where they should go and grab a property,” Compass cofounder Robert Reffkin said.

07/11/2024

No much changes expected in the third quarter of the year if you were planning to wait for the market to improve (as a buyer):

Industry experts expect continued high prices and tight inventory, but real estate trends always tick upward in springtime.

06/04/2024

More competition for Ezell's, Popeyes and other fried chicken businesses around Seattle: https://www.king5.com/article/life/food/jollibee-first-seattle-location/281-0623a8d0-d2a1-4f59-8b33-4cba207c9462
The one in Seattle is opening this week.

It will be the company's third overall location in western Washington but the first in Seattle.

05/29/2024

Now we're be able to rent e-bikes in Seattle and not have to pedal at all! 😅 Still has to be limited to ~20mph max (to assist or fully power) not to fall under the moped category.

The throttle on new Lime e-bikes. (Lime Image) Lime is bringing the latest generation of its electric bikes to Seattle, adding the option to use a

05/24/2024

Eastside high schools are still among the best in the state (6 in the top ten, 9 around Seattle) with one ranking 3rd nationally. How much do you think schools quality impact housing values?

Ranking No. 1 in the state was Tesla STEM High School in Redmond, which also ranked No. 3 nationally among all high schools and No. 1 among all magnet schools.