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Did you catch that seismic shift? Just yesterday, mortgage rates dropped drastically in one of the largest single-day declines in 20 years. According to MND, the average 30-year fixed mortgage rate now stands at 6.4%. As you learned in previous newsletters, historically long-term mortgage rates are closely tied to the 10-year Treasury yield, not the Federal Funds rate. After the Fed's positive economic outlook last Wednesday, Thursday's slow ISM Manufacturing index number and Friday's unexpected rise in the unemployment rate to 4.3% concerns about recession rose. This could prompt the Federal Reserve to lower their fed funds rate faster. While we are not economists, we see a ton of volatility in the market. It is worth remembering that economic recessions do not always negatively impact housing prices. In fact, during the last 44 years, housing prices rose in three of the five major recessions (1980, 1981, and 2001). While we don’t have a crystal ball, we are optimistic as we may see mortgage rates dip further in the next 30 days. This could encourage sellers with low interest rates to list their homes, increasing market inventory. If you've been hesitating to buy due to high rates, now could be your moment. Have questions about the market? Please reach out as we would love to be of service to you. Wishing you a sunny month ahead! |
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| King County, Washington Market Statistics |
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| | Buyer activity has declined slightly compared to the previous month but remains higher than the same period last year. Active inventory has increased since last month, and listings sold have decreased slightly due to typical seasonal trends. |
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| | The market remains relatively stable, with the number of pending listings holding steady from the previous week and active inventory staying consistent. Although new listings declined, the days on market decreased, and both the median active and sold prices remained stable. |
| | | | DOM: 19 | Median Active Price: $840K | Median Sold Price: $855K DOM: 27 | Median Active Price: $799K | Median Sold Price: $795K DOM: 11 | Median Active Price: $1.500M | Median Sold Price: $1.475M DOM: 33 | Median Active Price: $639K | Median Sold Price: $570K DOM: 20 | Median Active Price: $830K | Median Sold Price: $800K |
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| | Home Renovations That Can Make a Big Impact, According to Experts |
| Considering a change? You can update your current home or find a new one. Homebuying is slow due to high prices and limited supply, making renovating existing properties more appealing. Despite challenges, you can still elevate your home with smaller-scale renovations or a single impactful project. Read on below to learn more! |
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| | Luxury Listing of the Month |
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| | Discover an exceptional listing available in the gated community of Rolling Creek, near Houston, Texas, presented by our colleague Alicia Jammer (@aliciamjammer) at Compass. This stunning estate spans 1.79 acres and offers 6 en-suite bedrooms, 7 full bathrooms, and 2 half baths. Inside, you'll find a grand foyer, a chef's dream kitchen, a spacious family room, a private theater, a game room, and a well equipped gym. Step outside to unwind in your own private outdoor retreat, complete with a luxurious pool, a basketball court, batting cages, and a cozy fire pit. Relocating to the Houston area? Alicia is a trusted partner of the Trey Danna Team in real estate in the Houston area. She is dedicated to educating and empowering her clients throughout the Houston area. Let us know if you want an introduction! |
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| | | | Seafair is Seattle’s premier boating event, air show, and festival all rolled into one. It features live music, delicious food and beverage options, & various family-friendly activities. Whether you're a local or a first-time visitor, Seafair Weekend promises to deliver an incredible experience that captures the essence of the PNW's vibrant culture and natural beauty. |
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| 19th International Sea Glass Festival |
| The International Sea Glass Association organizes the premier sea and beach glass events in the country, celebrating the history and beauty of genuine sea and beach glass. With talented artists and jewelers, the International Sea Glass Festivals are always unforgettable. |
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| | | August 31st-September 1st |
| Bumbershoot is a full-spectrum arts and music experience—from punk to performance art, ballet to wrestling, pole dancing to roller skating, food to fashion, and all manner of ingenuity in between. Celebrating creators and innovators of all kinds, it is Seattle’s moss-covered Mardi Gras, daring everyone to join in the spectacle. |
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| | Latest Happenings Around Our Family Home |
| | | Living the Seattle Lifestyle |
| This week we had a quintessential Seattle family dinner as we boated over to Bainbridge Island to our favorite pizza place, Bruciato. Pictured left to right back row - Parker who lives in Dallas, his girlfriend Jackie also from Dallas, and Avery who starts her senior year at TCU in a few weeks. Front row is Logan who heads back to CU for his sophomore year, Valerie and Trey. We missed Luke who is at the Watershed Concert and Harrison who was out golfing. |
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| | Congratulations to our Sellers who are under contract in Woodinville! |
| 19814 Northeast 189th Street |
| 4 BD 3 BA 3020 SF $1,335,000 |
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| | | | 1 BD 1 BA 720 SF $2,250,000 5.240 AC VACANT LAND Zoned for Resort Development |
| Situated on the corner of Bay & Park Ave, this property offers a breathtaking front-row view of sunsets. Embrace this unique opportunity to build a resort family compound in historic Ocean Park. |
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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