Frequently Asked Questions

FAQ

What is the biggest problem in real estate?

2022-23 Top Ten Issues Affecting Real Estate®

• Inflation and Interest Rates.
• Geopolitical Risk.
• Hybrid Work.
• Supply Chain Disruption.
• Energy.
• Labor Shortage Strain.
• The Great Housing Imbalance.
• Regulatory Uncertainty.

Why is Washington real estate so expensive?

Well, many things control the market in Washington, but the biggest culprit? To put it simply, there's more people and less land. Gardner adds, “when you limit the amount of land, that just forces home values up.” Another factor to consider is out-of-state money.

Are wash sales good or bad?

The wash-sale rule prohibits selling an investment for a loss and replacing it with the same or a "substantially identical" investment 30 days before or after the sale. If you do have a wash sale, the IRS will not allow you to write off the investment loss which could make your taxes for the year higher than you hoped.

Is the housing market crashing in Seattle in 2023?

In September 2023, brokers recorded 2,087 pending sales in All of King County, showcasing a year-over-year decrease of -9.81%. The median sales price for homes in King County dropped slightly by 0.25% in September 2023, settling at $797,000. This compares to a median price of $799,000 at the same time last year.

What is the forecast for Seattle real estate in 2024?

Experts Project Ongoing Appreciation

This trend suggests a return to a more typical pattern of home price appreciation. Although the projected increase in home prices for 2024 is expected to be smaller than in 2023, it's crucial to understand that home price appreciation accumulates over time.

How much longer until the housing market crashes?

The housing market is in a much healthier place than it was in 2008 and while the U.S. may face an economic downturn, lending has tightened considerably. With supply remaining so stretched, the likelihood of a property market bubble is low. 2023 looks to be a year of continued housing market strength.

Is it good time to buy house in Seattle?

It depends on how you define “good.” It's definitely a better time to buy a house in Seattle than it was in 2020 and 2021, when homes were receiving multiple offers and selling for way above list price. While today's higher mortgage rates are bad news for your budget, things are starting to look up for buyers here.

Will housing prices go down in Seattle?

Home prices could rise at a slow but steady pace.

Home prices across the Seattle metro area have declined slightly over the past year. The same can be said for almost every city and metro area in the U.S. It's part of a nationwide market “correction” following the overheated sales pace of 2021 to 2022.

Is Seattle housing market overpriced?

Homes are still selling at a median price of $820K, with a 100% sale-to-list price ratio, suggesting strong demand. Specific neighborhoods like North Admiral and Broadway show varying price levels. While prices have dipped, Seattle remains a seller's market with homes selling close to asking prices.

What is happening with the Seattle housing market?

According to a new report from Northwest Multiple Listing Service, housing prices on homes sold in August 2023 rose 2.5% from a year ago. This marks the first year-over-year increase since January. In addition, home prices in Seattle command a median sale price of $793K, far above the national median price of $435K.

What is the trend in real estate in Seattle 2023?

As of August 2023, the median listing home price in Seattle has declined by -5.2% year-over-year. However, this overall trend doesn't indicate uniform drops in all neighborhoods or property types. Homes are still selling at a median price of $820K, with a 100% sale-to-list price ratio, suggesting strong demand.

Are housing prices in Seattle going down?

Home prices across the Seattle metro area have declined slightly over the past year. The same can be said for almost every city and metro area in the U.S. It's part of a nationwide market “correction” following the overheated sales pace of 2021 to 2022.

How is the real estate market in washington state

Is it a buyers or sellers market in Seattle?	Sellers Seattle is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Are Seattle housing prices dropping?	Home prices across the Seattle metro area have declined slightly over the past year. The same can be said for almost every city and metro area in the U.S. It's part of a nationwide market “correction” following the overheated sales pace of 2021 to 2022.
Is the Seattle housing market cooling?	Seattle housing market is cooling as prices drop from a year ago, Redfin says. SEATTLE — Good news for house hunters: A new Redfin report on the Seattle housing market shows prices are starting to come down.
Why is Seattle real estate so expensive?	Supply and demand isn't the only factor in Seattle's housing costs — 50-year-old bungalows wouldn't be selling for $850,000 if there weren't high wage earners here to buy them. But construction has lagged behind population growth. Between 2010 and 2020, the city gained about 130,000 residents.
What will happen to Seattle housing market in 2023?	The median sales price slightly decreased by 2.09%, settling at $795,000 compared to $812,000 in September 2022. Seattle had a Months of Inventory (MOI) of 2.56 in September 2023, indicating a seller's housing market due to lower supply relative to demand. ALSO READ: Which Are The Hottest Markets in Seattle?
Will Seattle home prices ever go down?	Home prices across the Seattle metro area have declined slightly over the past year. The same can be said for almost every city and metro area in the U.S. It's part of a nationwide market “correction” following the overheated sales pace of 2021 to 2022.
Is Seattle housing overpriced?	The median rent for a one-bedroom in Seattle is $1,720. A median two-bedroom is $2,080. But those figures pale in comparison with the mortgage payments for a median-priced, $860,000 home in Seattle. To afford that, a buyer would likely owe more than $5,500 each month.
What does the Civil Rights Act of 1964 cover prohibited discrimination as to?	In 1964, Congress passed Public Law 88-352 (78 Stat. 241). The Civil Rights Act of 1964 prohibits discrimination on the basis of race, color, religion, sex or national origin. Provisions of this civil rights act forbade discrimination on the basis of sex, as well as, race in hiring, promoting, and firing.
What act prohibits discrimination based on race?	Title VII of the Civil Rights Act of 1964 prohibits discrimination in hiring, promotion, discharge, pay, fringe benefits, job training, classification, referral, and other aspects of employment, on the basis of race, color, religion, sex or national origin.
What are the 7 personal characteristics that are protected by the Fair Housing Act?	The seven federally protected classes are race, religion, national origin, color, familial status, sex, and disability. These classes or characteristics are protected under the federal Fair Housing Act. This means that every state has at least these seven protected classes.
What are the seven protected classes under the federal housing law?	The Fair Housing Act makes it illegal to harass persons because of race, color, religion, sex (including gender identity and sexual orientation), disability, familial status, or national origin.
What are federally protected classes?	The protected classes include: age, ancestry, color, disability, ethnicity, gender, gender identity or expression, genetic information, HIV/AIDS status, military status, national origin, pregnancy, race, religion, sex, sexual orientation, or veteran status, or any other bases under the law.

• What classes are protected by the Georgia Fair Housing Act?

  • No person shall be subjected to discrimination because of race, color, religion, sex, handicap, familial status, or national origin in the sale, rental, or advertising of dwellings, in the provision of brokerage services, or in the availability of residential real estate-related transactions.

• What are the 12 protected characteristics?

  • Protected characteristics

    These are age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation.

• Is the housing market going down in Washington state?

  • Washington Housing Market Overview

    In September 2023, home prices in Washington were up 2.1% compared to last year, selling for a median price. On average, the number of homes sold was down 28.0% year over year and there were 7,161 homes sold in September this year, down 9,942 homes sold in September last year.

• Will housing market rebound in 2024?
  • California housing market will rebound in 2024 as mortgage rates ebb. Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023's projected pace of 266,200.

• What did the Fair Housing Act of 1968 do?

  • The 1968 Act expanded on previous acts and prohibited discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, (and as amended) handicap and family status. Title VIII of the Act is also known as the Fair Housing Act (of 1968).

• What did the Fair Housing Amendment Act of 1988 do?

  • On September 13, 1988, the Fair Housing Amendments Act (FHAA) was signed into law. The FHAA formally recognized the discrimination and difficulty individual citizens faced in their experiences searching for, procuring, and maintaining housing due to their disability or familial status.

• What is the federal fair housing law intended to protect the public from?

  • The Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities.

• Which of these dwellings is exempt from the Fair Housing Act?

  • What Housing is Covered? The Fair Housing Act covers most housing. In some circumstances, the Act exempts owner-occupied buildings with no more than four units, single-family housing sold or rented without the use of a broker and housing operated by organizations and private clubs that limit occupancy to members.

• What is the Civil Rights Act of 1964 housing?

  • The Fair Housing Act, passed a week after the assassination of Dr. Martin Luther King Jr., has a complicated history. The Fair Housing Act prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, and disability.

• Will house prices go up in WA?

  • Following strong gains posted in the year to June 2021, they're now predicting a further 18.8% growth in median house prices over the next three years to 2024, fuelled by WA's strengthening economy, rising activity across the mining sector and the relative affordability of property prices in the western capital.

• Where are housing prices dropping the fastest?
  • 10 Cities Where Home Prices Are Falling Most in 2023
    • Chicago. Median listing price: $376,000.
    • Sacramento, California. Median listing price: $662,875.
    • Winston-Salem, North Carolina. Median listing price: $345,899.
    • Pittsburgh. Median listing price: $238,250.
    • Salt Lake City.
    • Sarasota, Florida.
    • Phoenix.
    • Myrtle Beach, South Carolina.
• Is it a good idea to buy a house now in Washington state?

  • The Washington housing market is warming up, yet risks exist with potential interest rate hikes and a housing market recession. Buyers Have More of an Upper Hand: With a significantly slower market compared to the post-pandemic highs, Washington is expected to see a decrease in home prices by 20%.