The greater Seattle-Bellevue real estate market was an absolute roller coaster in 2022 but appears to be on track as Buyer activity began to increase in January 2023 following the typical seasonal trend from January to June. The quantity of homes going under contract in King County during the first half of January 2023 was 23% more than the first half of January 2022.
Read MoreThe greater Seattle-Bellevue real estate market dramatically cooled after June 2022 due to the typical downward seasonal trend combined with exponentially higher mortgage interest rates that peaked in October and November at 7.85%--from rates as low as 2.625% in late 2021 to 3.85% in March 2022. Now, interest rates are at a two-month low and qualified borrowers are seeing rates below 6%, again. I believe mortgage interest rates will range between +/-5% and +/-6% in 2023. I do not believe we’ll see rates below 4% in 2023 or 2024.
Read MoreHome values typically decrease from October to December based on seasonal data in the Seattle-Bellevue metropolitan area. However, the exogenous events indicated in my September 2019 forecast that could maintain or stimulate an increase in home values before 2020 may be aligning in November 2019. Regardless of the timing of these events, now is a good time to Buy while interest rates are lower (e.g. below 4%) and before home values appreciate in 2020.
Read MoreAmidst regulation updates in California that could hurt their businesses, popular ridesharing apps Uber and Lyft are now feeling the pressure from Seattle, as Mayor Jenny Durkan announced that the city plans to implement minimum wage requirements and impose new taxes on the apps.
Read MoreTwo former Amazon employees, Shariq Siddiqui and Umer Sadiq, recently teamed up with former Google computer vision scientist Faisal Shifayat to introduce Veeve, a new tech-driven grocery cart technology system that could change the face of brick-and-mortar grocery stores. As GeekWire outlines, the entrepreneurs saw the power of the technology Amazon implemented in its “Go” stores and wanted to find a way to implement the technology in larger format stores.
Read MoreThe fate of the U.S.-Mexico-Canada Agreement (USCMA) could now lie in the hands of U.S. Labor Parties, as the Wall Street Journal reports that Democrats are unlikely to support the measure without labor backing. As Steny Hoyer, House Majority Leader, said in a statement, “it would probably be doubtful that we will be able to get there if we don’t come to an agreement with the workers of America who feel that they have been badly hurt by NAFTA.”
Read MoreLast month, Seattle Mayor Jenny Durkan drafted a proposal known as the ‘Mercer Mega Block’. The plan presents a breakdown on how funds will be allocated from the sale of nearly three acres in South Lake Union. Alexandria Real Estate won the bid for the location, paying $143.5 million. A portion of those funds will be designated to address the homeless problem in Seattle, as well as affordable housing.
Read MoreThe residential real estate market for the greater Seattle-Bellevue metro area has been relatively healthy and steady in 2019 after the May 2018 price correction. The sale prices of condominiums and single family homes increased 11.9% from January 2019 to May 2019. Currently, I estimate home values will decrease approximately 6% from June through December to approximately 350-355 $/sqft until January when values likely increase again, which is a net annual value increase of 5.9%.
Read MoreIt was announced last week that Redmond’s Overlake East Center sold for $41 million to a San Francisco-based investment firm. Spread out over 90,235 square feet, the complex is located only a mile from Microsoft headquarters and in close proximity of the proposed Overlake Village light-rail station.
Read MoreOver the past few years, Bellevue has emerged in the tech spotlight, with long-time giants such as Microsoft and the recent announcement by Amazon of a relocation to the Eastside. A new effort to build the Performing Arts Center Eastside (PACE) could add to the innovation with an immersive, cutting-edge approach to the concept of the performing arts center. The project has been in planning for decades but new CEO Ray Cullom is breathing new life into it - they have now raised $123 million of the estimated $200 million it will take to fund the project.
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