The Cascade Team Real Estate Blog

What a difference just a few months can make. As the year comes to a close, the red-hot housing market has been brought to its knees by soaring mortgage interest rates.

  •          “Seattle, Phoenix, San Francisco could all see 20% price drops.”
  •          Wolf, of Zonda, expects prices could fall by 15% nationally over the next year
  •          “A really important thing to remember is housing is cyclical,” says Wolf. “We came from a massive run-up in prices, sales, demand in the housing market, and now it’s contracting. This is not new.”
  •          Nationally, home list prices rose 40.6% in just over two years’ time
  •          So, a 10%, 15%, or even 20% drop over a two-year span isn’t as significant as it might seem at first.

It now

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Our Top 8 Tips

Whether you are getting ready to put your house on the market, or just need some advice to keep your home in tip-top shape, autumn is the perfect time to prepare your home for the cold months ahead. A well-cared for home not only looks good, it also can attract more buyers. Following these easy, inexpensive maintenance tips before winter arrives can really pay off big!  

  1. Clean Roof and Gutters
    Before inclement weather arrives, check your roof for potential problems; shingles that are buckled, cracked, or missing; moss; and rust spots on flashing. Any loose, damaged, or missing shingles should be replaced immediately. Moss should be removed as it retains moisture and can promote rot. While you’re up there, check that the gutters are
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The home selling process has changed considerably over the past year. Last year sellers could throw their homes on the market with little to no prep work done, throw a few pictures online and still expect multiple offers and a final sale price well over asking price. This red-hot sellers’ market was unprecedented in history and certainly not the norm.

Currently the market is in a state of readjustment and is trending back to a more normal balanced market. This adjustment may be perceived as scary by many sellers who are seeing their neighbors home prices fall in price and sit on the market for months. This slowdown can be directly correlated to raising interest rates and a huge increase of properties on the market.

The news for sellers in the

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Weekly Review
Newsletter - 11/14/2022

Week of November 7, 2022 in Review

October brought cooler than expected consumer inflation, which boosted both Stocks and Bonds when the data was reported on Thursday. Meanwhile, Jobless Claims continue to tick higher. Read on for these key headlines and more.

  • Consumer Inflation Cooler Than Estimated in October
  • Inflation Remained a Top Problem for Many Small Businesses Last Month
  • Rising Continuing Jobless Claims Suggests Slower Pace of Hiring
  • The Scoop on Key Auctions

Consumer Inflation Cooler Than Estimated in October

The Consumer Price Index (CPI), which measures inflation on the consumer level, showed that inflation increased by 0.4% in October, coming in lower than estimates. On an

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Brokers with Northwest Multiple Listing Service (NWMLS) are reporting a return to some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. Despite that, and the seasonal slowdown in activity, 6,435 hopeful homebuyers succeeded in having sellers accept their offers to purchase during October.  

“Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” reported NWMLS director Meredith Hansen. “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,” added Hansen, the founder and operating principal at Keller Williams Greater Seattle.

The latest Northwest

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Weekly Review
Newsletter - 11/07/2022

Week of October 31, 2022 in Review

Even though the Fed hiked rates as expected, the markets were volatile after comments from Fed Chair Jerome Powell. In the labor sector, there was more to job growth in October than the headlines suggested.

  • Fed Hikes Rates as Expected, Yet Press Conference Roils Markets
  • Headline Jobs Number Not What It Seems
  • Private Sector Payrolls Beat Expectations, But Hiring “Not Broad Based”
  • Continuing Jobless Claims Continue to Rise
  • Home Price Forecasts Still Meaningful for Wealth Creation

Fed Hikes Rates as Expected, Yet Press Conference Roils Markets

As expected, the Fed hiked its benchmark Fed Funds Rate by an aggressive 75 basis points at its meeting last

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition"
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service

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