Whew – what a month! The inventory is still super low. The first week after labor day there was a huge influx of new homes coming on the market that was quickly gobbled up by hungry house starved buyers. This new market came on quick but for the most part it has only impacted core Seattle walkable and transit friendly neighborhoods.
Well, that all changed this month! On Friday I was touring south of Columbia City for new clients who are looking for a super cute fixer. Throughout the recession, Rainier Valley has been hit hard by short sales and foreclosures. I thought for sure it would take another year before we saw this hood make the transition into positive territory. But apparently, I was wrong. Builders are buying up lots between the Othello and Columbia City light rail stations without even taking the time to see them first. Flippers are buying up fixers and moving them to the market quicker than ever. And they are selling! The bottom line is, this market is changing faster than anyone could have expected and in areas that we assumed would remain flat. So get out there and get a deal. Below are also other nuggets of news worthy goodies!
Other News That Peeked Our Diva Interest
Report finds buying a home way cheaper than renting: Our Friends at Trulia have some great data on rental markets right now that we love following. This is the first time in a LONG time that the ROI on home ownership pencils. In other words, these days, owning a home feels cozy and safe – like a stylish, warm winter jacket. However, one of the barriers that many of our newer Diva Dwellers face is some very restrictive lending requirements. Hence the next article seems like their is a melting of the lending market. Interesting!
New Fannie Mae Guidelines Allow Verification of Assets in Lieu of Income: Late Friday, Fannie Mae gave borrowers and lenders an alternative to documenting income. The reason this is awesome is that the only way those “tougher” hoods are going to turn around is if first time buyers and investors go into the hood, buy good deals, fix them up, and create a better community for everyone. They can only do this if there are better lending conditions for these groups.
Divas Love The new look of Capitol Hill’s new Link Light Rail Station: We love transit everything. One day I would like to be the Light Rail diva. Head out from my hood to my Capitol Hill office – just ’cause I think it would be amazing. Hence anytime there is any news about the Capitol Hill Light Rail Station – I get all Diva giggly!
New Seattle Apartments Open as Hot Properties: Shocker! Yet another apartment building is flying up in record time here in the 206. The issue is that the rents are so outrageous right now that more people are going to decide to buy or move the hinterlands (burbs) rather than live in the new construction. The whole Apartment Bubble is not just a myth but something we really need to watch out for!
Stunning Seattle Home With a Fab Rainwater Conservation System: Our friends at Houzz have some delightful displays of homes. I just scroll through and find myself obsessed with just about everything. Right now I’m super crushing on this Rainwater Conservation System!
Have an awesome week Divas!