February Newsletter

Hello February! February, the second month of the year, is distinct for its brevity and diverse celebrations. Valentine's Day on the 14th sees expressions of love, while in the United States, it's Black History Month, honoring African American contributions. Winter festivals and carnivals also mark this month, making February a blend of cultural and historical significance in a short span.

MARKET UPDATE

Mortgage Rate Update with Lysa Griffith - OriginPoint

We are starving for inventory! As expected, the Federal Reserve left their benchmark interest rate unchanged in the 5.25% to 5.5% range. On a positive note, the Fed confirmed they no longer have a tightening bias meaning they are likely done raising rates, while also suggesting a rate cut isn’t necessarily imminent. “The Committee does not expect it will be appropriate” to cut “until it has gained greater confidence that inflation is moving sustainably” to 2%. Fed Chair Jerome Powell did acknowledge in his press conference that the last six months of inflation data is exactly what they want to see, they just want to see more data. Wholesale and consumer inflation numbers came in hotter than expected for January and pushed interest rates up a bit. We are not likely to see a significant drop-in interest rates any time soon. Homebuyers have returned to the housing market and we are once again finding most offers are in a multiple offer situation. Inventory, not interest rates is the obstacle this year. The time is now. For every 1% drop in interest rates, 5M more people qualify to purchase. For homebuyers, waiting may mean more competition and higher home prices. And for sellers, we are starving for inventory--now is a great time to put your home on the market! Afraid to sell before you buy? Ask us about our departing residence program and 14-day close. We also offer a 12-month bridge loan with no monthly payments that allows you to upgrade to your new home without selling your current home.   And remember, we offer a no-cost refinance after 6 payments.

Real Estate in the News

Understanding Housing Inventory and What It Means for You Experts say current inventory woes have roots in the 2008 housing crisis and have been exasperated by high interest rates, government regulations and an influx of first-time homebuyers. For buyers and sellers, the housing market will continue to provide both challenges and opportunities for some time to come. U.S. News

Word Around the Block

Bellevue: Prepare for More Frequent Light Rail Train Traffic Sound Transit this week will start sending light rail trains on regular practice runs every 10 to 15 minutes between the South Bellevue and Redmond Technology stations as it prepares for the launch of the Eastside starter line this spring, according to a city of Bellevue news release urging caution at street-level crossings. 425 Magazine Local Events

Multicultural Bellevue: The Black and African American Community Bellevue, Washington, has a diverse population, with many Black and African American residents contributing significantly to the city's development and growth. The community has a rich history in Bellevue, dating back to the late 1800s, and established businesses, schools, churches, and safe spaces for residents, which have played a critical role in shaping the city's social, economic, and cultural landscape. Visit Bellevue

St Patrick's Day in Bellevue March 17th Patrick's Day is Friday, March 17, which means that everybody's Irish for the day...at least once a year. Here are our picks for celebrating the luck 'o the Irish this St. Patrick's Day weekend, right here in Bellevue. Bellevue Shamrock Wine, Beer & Spirits Walk March 15th Get in the spirit! Celebrate the fun of St. Patrick’s Day with us! Enjoy sampling delicious wines, beers, ciders & spirits while socializing, listening to music, and exploring fashion, furniture, art, restaurants, jewelry, games, and more at different shops, restaurants, studios & businesses in downtown Bothell. Shamrock

Tips & Tricks 13 Secrets of People Who Always Have a Clean House If you're not naturally neat, know that cleanliness isn't innate. With resourcefulness and creativity, improve your cleaning habits using trusted products and these guidelines for a tidy home. Reader's Digest 65+ Paint Shades We Love and How You Can Use Them Wow! What color is that? HGTV Magazine is here with some tips on how to use even the most vibrant colors around your house. HGTV Magazine FOR SALE

SEATTLE 14323 40th Avenue Northeast 3 BD 4 BA 3,190 SF $1,450,000 Kenmore 7711 Northeast 175th Street, Unit D 101 3 BD 2 BA 1,174 SF $499,999

PENDING

Woodinville 15414 NE 176th Place 4 BD 4 BA 4,270 SF $1,999,999 Bellevue 10575 NE 12th PL, Unit 101 3 BD 3 BA 2210 SF $1,880,000

ARLINGTON 27529 35th Drive NE LAND $349,950 Snohomish 1812 25th Street, Unit 7 3 BD 4 BA 2,025 SF $689,000

Newcastle 12001 Southeast 87th Way 5 BD 4 BA 4,273 SF $2,062,950 Overlake 16422 NE 43rd Court LAND $1,100,000

RENTON 18847 SE Lake Youngs Rd 3 BD 2 BA 2,290 SF $749,999 North Bend 1150 SW Hemlock Court 5 BD 3 BA 2,570 SF $1,200,000

SNOQUALMIE 7702 442nd Place SE 4 BD 4 BA 2,740 SF $1,280,000 Pacific 113 Milwaukee Blvd South 2 BD 2 BA 1,010 SF $450,000

DES MOINES 207 South 216th Street 5 BD 3 BA 2,950 SF $699,900 TACOMA 1116 East 60th Street 4 BD 1 BA 1,170 SF $425,000

BELLEVUE 600 Bellevue Wy SE, #102 2 BD 2 BA 2,112 SF $1,574,800 AUBURN 4825 South 308th Street 3 BD 3 BA 2,120 SF $649,950

CARNATION 32933 Northeast 108th Street 3 BD 2 BA 2740 SF $1,295,000

🎉 SOLD IN JANUARY 🎉

Mount Baker 1815 28th Avenue South 2 BD 2 BA 890 SF $539,950 Monroe 13382 199th Avenue SE 4 BD 3 BA 2,982 SF $979,995

Bellevue 1608 172nd Avenue NE 4 BD 3 BA 2,250 SF $1,545,000 Clearview 17806 Interurban Blvd 3 BD 1 BA 1,296 SF $690,000

Broadview 13002 6th Ave Northwest 2 BD 2 BA 1,580 SF $762,500

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See You Next Month!

Laura Lynn Principal | Managing Broker M: 425.647.0550 laura.lynn@compass.com

David Spalding Managing Broker M: 360.359.6112 david.spalding@compass.com

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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