Our Favorite Local Pumpkin Patches
Grab your boots, pack a thermos…it’s time to choose those perfect Halloween pumpkins! This year, why not explore a new town and make your pumpkin patch experience a true adventure? All of these farms are open every weekend in October, and most are open on weekdays too. Some even welcome your furry family members on a leash. Scroll down for the full scoop!
Eastside | North of Seattle | South of Seattle
Eastside
Fletcher Farm
Dog-friendly with a scavenger hunt, farm animal zoo, storybook trail, mini-golf, photo stations, and junior corn maze for the little ones. End of season Halloween Bash, too!
18712 SE May Valley Road | Issaquah
fletcherfarmevents@gmail.com
fletcherfarmissaquah.com
Jubilee Farm
Hay rides, food trucks, music, hay maze, & hot apple cider.
229 W Snoqualmie River Rd NE | Carnation
(425) 222-4558
jubileefarm.org
Novelty Hill Farm
Dog-friendly! Corn maze, farm animals, trike track, & games.
26617 NE 124th Street | Duvall
(425) 788-2416
noveltyhillfarm.com
Oxbow Farm & Conservation Center
Live music, scavenger hunt, hay rides, mini pumpkin decoration, climbing tractor, conservation tours, & apple slingshot.
10819 Carnation-Duvall Rd. NE | Carnation
(425) 788-1134
oxbow.org/oxtober
Remlinger Farms
25 rides & attractions for children (including a train, carousel, & mini roller-coaster!), pony rides, apple cannon, restaurant, & new brewery with 20 choices on tap.
32610 NE 32nd Street | Carnation, WA
(425) 333-4135
remlingerfarms.com
Serres Farm
Mini train rides, corn maze and a dazzling variety of specialty pumpkins.
20306 NE 50th St | Redmond, WA
(425) 868-3017
serresfarm.com/pumpkin-patch
Two Brothers Pumpkins at Game Haven Farm
Farm animals and an eerie number of well-attired scarecrows.
7110 310th Avenue NE | Carnation, WA
(425) 333-4313
facebook.com/twobrotherspumpkins
North of Seattle
Bailey Vegetables
Kettle corn, cider, U-pick apples, baked goods, and kids play area with hay run, farm trikes & sandbox.
12698 Springhetti Rd | Snohomish
(360) 568-8826
baileyveg.com/pumpkin-patch
Bob’s Corn & Pumpkin Farm
12-acre corn maze, 2 kids’ mazes, play barn, hay rides, trike track, & apple cannon. Fire pit rentals for private groups, too!
10917 Elliott Road | Snohomish
(360) 668-2506
bobscorn.com/Pumpkins
Carleton Farm
5-acre corn maze, playground, paintball gallery, apple guns, hay rides, & kids’ bucket train.
630 Sunnyside Blvd SE | Lake Stevens, WA
(425) 343-4963
carletonfarm.com/fall-fun
Craven Farm
15-acre corn maze, kids maze, axe throwing, farm animals, mini golf, cow train, foosball, apple cannon, espresso, cider donuts, & scarecrow making. Fire pit rentals and special dog-friendly days, too!
13817 Short School Road | Snohomish
(360) 568-2601
cravenfarm.com/fall-festival
Fairbank Animal & Pumpkin Farm
Lots of baby animals, “corn maize maze,” hay tunnel, toy duck races, photo boards, & veggie garden.
15308 52nd Ave W | Edmonds
(425) 743-3694
fairbankfarm.com
Stocker Farms
30+ attractions including a giant jumping pillow, tire mountain, epic play area, zip line, corn maze, pumpkin cannon, & more. The farm’s evil twin, Stalker Farms, comes out at night.
8705 Marsh Rd | Snohomish
(360) 568-7391
stockerfarms.com
Swans Trail Farms
Washington State corn maze, kids corn maze, petting farm, wagon rides, big slides, zip lines, u-pick apple orchard & live duck races.
7301 Rivershore Rd | Snohomish
(425) 330-3084
swanstrailfarms.com
South of Seattle
Carpinito Brothers Corn Maze & Pumpkin Patch
Rubber duck races, hay slides, corn pit, farm animals, hay maze, & corn maze.
Pumpkin Patch: 27508 W Valley Hwy N | Kent
Farm Fun Yard: 6720 S 277th St | Kent
(253) 854-5692
carpinito.com
Maris Farms
Racing pigs & ducks, mega slide, corn maze, jump pillow, animals, zip lines, rides, plus the creepy “Haunted Woods” complete with zombies and homicidal maniacs.
25001 Sumner-Buckley Highway | Buckley
(253) 862-2848
marisfarms.com
Mosby Farms
Dog-friendly! Corn maze and fresh farm market.
3104 SE Auburn-Black Diamond Rd | Auburn
(253) 405-0711
mosbyfarm.com/pumpkinpatch
Spooner Farms
Corn maze, pumpkin sling shot, speedway, farm animals, caramel apples, & roasted corn.
9710 State Route 162 East | Puyallup
(253) 840-2059
spoonerberries.com
Thomasson Family Farm
Laser tag, corn maze, play barn, farm animals, slides, duck races, trike track, apple slingshot, and giant Jenga & Connect 4.
38223 236th Avenue SE | Enumclaw
(360) 802-0503
thomassonfarm.com
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
© Copyright 2023, Windermere Real Estate / Mercer Island.
Favorite Summer Festivals
The sun is here and the whole PNW is celebrating! Whether it’s a fair close to home or an excuse to pack up the fam for a destination festival, I hope you get out and make the most of these fun events…
JUNE
JULY
- Seafair Summer 4th (7/4)
- Redmond Derby Days (7/14-7/15)
- Ballard Seafood Fest (7/14-7/16)
- Kirkland Uncorked (7/14-7/16)
- West Seattle Summer Fest (7/14-7/16)
- Mercer Island Summer Celebration (7/15)
- Renton River Days (7/21-7/23)
- Bite of Seattle (7/21-7/23)
- Sequim Lavender Weekend (7/21-7/23)
- Timber! Outdoor Music Festival (7/27-7/29)
- Bellevue Arts & Crafts Fair (7/28-7/30)
AUGUST
- Seafair Weekend (8/4-8/6)
- Watershed at the Gorge (8/4-8/6)
- Festival at Mount Si (8/12-8/13)
- Chief Seattle Days (8/18-8/20)
- CHOMP Redmond Food Festival (8/19)
- Evergreen State Fair (8/24-9/4)
- Port Townsend THING Music/Art Festival (8/25-8/27)
SEPTEMBER
- Washington State (Puyallup) Fair (9/1-9/24)
- Bumbershoot (9/2-9/3)
- Mercer Island Art UnCorked (9/8)
- Fremont Oktoberfest (9/22-9/24)
JUNE
Fremont Fair
One of Seattle’s biggest events, this bohemian-inspired festival features 300+ craft vendors, food, beer garden, dog parade, music, and the Solstice Parade (including the unofficial but famous naked bide ride).
Saturday, June 17 & Sunday, June 18, 2023
West of Fremont Ave N, on N 35th St. and N 34th St.
Seattle PrideFest
Held in two locations (Capitol Hill & Seattle Center) this year with beer gardens, food, performances, and dancing in the Seattle Center fountain.
Saturday, June 24th – Capitol Hill
310 Broadway E | Seattle
Sunday, June 25th – Seattle Center
305 Harrison St | Seattle
JULY
SeaFair Summer Fourth
Seattle’s biggest fireworks show plus live music, family activities & beer gardens. Watch the show from free open seating or reserve a front row seat.
Tuesday, July 4th, 2023
Gates Open at 3pm, Fireworks at 10:15pm
Redmond Derby Days
Redmond’s bike-themed summer event including bicycle races, kids bike parade, carnival rides, drone light show, craft fair, arts festival, food, cornhole tourney, and live music.
Friday, July 14th & Saturday, July 15th, 2023
Ballard Seafood Fest
Live music, salmon BBQ, kids entertainment, vendors, and excellent craft beer. Don’t miss the Festi-Bowl skateboard events at Ballard Commons Park on Saturday, the 15th.
Friday, July 14th – Sunday, July 16th, 2023
2208 NW Market St | Seattle (on Market St from Leary to 24th Ave NW, and on Ballard Ave from Market St to 22nd Ave NW)
Kirkland Uncorked
Sip local wine, beer or cocktails and listen to live music in beautiful Marina Park on the water. There’s also a street fair with crafts, art, food, dog modeling contest (!), and more. Buy tickets here (proceeds benefit the Homeward Pet Adoption Center).
Friday, July 14th – Sunday, July 16th, 2023
West Seattle Summer Fest
Live bands, arts & crafts booths, outdoor cafes, beer garden, and fun Kids Zone with inflatables.
Friday, July 14th – Sunday, July 16th, 2023
The Junction, 4210 SW Oregon St | Seattle
Mercer Island Summer Celebration
Parade and lively street fair at Mercerdale Park followed by a waterfront fireworks show at Luther Burbank Park.
Saturday, July 15th, 2023
Fireworks at 10pm
Mercerdale Park Fair: 3009 77th Ave SE | Mercer Island
Luther Burbank Park (Fireworks): 2040 84th Ave SE | Mercer Island
mercerisland.gov/summercelebration
Renton River Days
Summer bazaar, parade, rubber duck derby, live music, food trucks, beer/wine gardens, activity zone, drone show, volleyball & basketball tourneys, and 5k/10k Fun Walks on the Cedar River Trail.
Friday, July 21st – Sunday, July 23rd, 2023
Bite of Seattle
200 vendors, 50+ music performances (including Sir Mix-a-Lot!), 3 beer gardens, wine garden, & more.
Friday, July 21st – Sunday, July 23rd, 2023
Seattle Center, 305 Harrison St | Seattle
Sequim Lavender Weekend
Celebrate all things lavender with tours of local farms, live music, and 150 street fair booths highlighting NW crafts & food.
Friday, July 21st – Sunday, July 23rd, 2023
Carrie Blake Park, 500 N Blake Ave | Sequim
Timber! Outdoor Music Festival
In addition to a wide range of local musicians, discover adventures like bat/bird finding expeditions, hiking, biking, tree climbing, nature painting/photography, yoga, 5K run, coffee walk, obstacle course, stargazing, fika (a Swedish morning tradition), shibori shirt dyeing, and lots of kids activities. Enjoy great food & local brews, too.
Thursday, July 27 – Saturday, July 29, 2023
Tolt-MacDonald Park, 31020 NE 40th St | Carnation
Bellevue Arts Fair
Shop from over 300 artists showcasing their handmade arts & crafts. Kids Fair, food trucks, stage performances, and free Bellevue Art Museum exhibitions, too!
Friday, July 28th – Sunday, July 30th, 2023
Bellevue Square, 510 Bellevue Way NE | Bellevue
AUGUST
Seafair Weekend
Seattle’s iconic festival featuring a spectacular airshow, hydroplane races, classic car show, live music, local food/beverages, and log boom party for boaters.
Friday, August 4th – Sunday, August 6th, 2023
Genesee Park, 4316 S Genesee St | Seattle
Watershed
If you’re a country music fan, then this destination festival at the Gorge is for you. Three days of live bands plus carnival rides, food, drinks, and camping.
Friday, August 4th – Sunday, August 6th, 2023
The Gorge Ampitheatre, 754 Silica Rd NW | Quincy
Festival at Mount Si
This street fair in scenic North Bend offers music, a parade, 5K fun run, cherry pie eating contest, and even a live chili cookoff (not to mention food and craft vendors!). Make it a day and visit the outlet mall or go hiking while you’re at it.
Saturday, August 12th & Sunday, August 13th, 2023
Si View Park, 400 SE Orchard Dr | North Bend
Chief Seattle Days
A celebration of the Suquamish people honoring Chief Seattle since 1911, this festival is now open to the public and includes canoe races, a salmon bake, 5k fun run, market, games, traditional songs & dances, and a gravesite honoring for Chief Seattle.
Friday, August 18th – Sunday, August 20th, 2023
Gravesite Honoring of Chief Seattle: 7076 NE South St | Suquamish
CHOMP Local Food Festival
A King County celebration of all that is local, sustainable, fresh…and delicious. Spend the day at beautiful Willowmoor Farm in Marymoor Park and support area farms. Live music, local food vendors, all-ages activities, and zucchini races, too!
Saturday, August 19th, 2023 from 10am to 6pm
Marymoor Park, 6046 West Lake Sammamish Pkwy NE | Redmond
Evergreen State Fair
Held each year during the 11 days leading up to Labor Day (for the past 114 years!), this fair offers a little of everything—a fun carnival with rides/games, food, shopping, contests, live events, and more.
August 24th – September 4th, 2023
(Closed Wednesday, August 30th)
THING: Music, Arts & Other Things
The ultimate destination festival, this 3-day event takes place amongst scenic sound views at Port Townsend’s historic Fort Worden (it’s even got a lighthouse!). In addition to an epic music lineup, you’ll also find art installations, workshops, and activities for all ages.
Friday, August 25th – Sunday, August 27th, 2023
200 Battery Way | Port Townsend
SEPTEMBER
Washington State (Puyallup) Fair
A September tradition, peeps all around the Sound flock to “Do the Puyallup.” You’ll find your favorite carnival rides, a concert series, rodeo, petting farm, and a plethora of exhibits & vendors.
September 1st – 24th, 2023
Bumbershoot
Seattle’s biggest music festival and a 50-year tradition. This year you’ll find a great music lineup along with everything art, dance, performances, roller skating, and…a cat circus.
Saturday, September 2nd – Sunday, September 3rd, 2023
Seattle Center, 305 Harrison St | Seattle
Mercer Island Art UnCorked
Discover Washington wine, beer & cider while you browse local artists at this outdoor event in Mercer Island’s Greta Hackett Outdoor Sculpture Gallery. Tasting garden, artist booths, live music, food trucks, and more.
Friday, September 8th, 2023 | 5-8 pm
78th Ave SE & Sunset Hwy | Mercer Island
Fremont Oktoberfest
Celebrate 100+ beers and ciders along with games, Texas Chainsaw Pumpkin Carving, and Dogtoberfest. Strictly 21+…unless you’re a dog.
Friday, September 22nd – Sunday, September 24th, 2023
© Copyright 2023, Windermere Real Estate/Mercer Island.
Q4 2022 Western Washington Economic & Real Estate Update
The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.
Regional Economic Overview
Although the job market in Western Washington continues to grow, the pace has started to slow. The region added over 91,000 new jobs during the past year, but the 12-month growth rate is now below 100,000, a level we have not seen since the start of the post-COVID job recovery. That said, all but three counties have recovered completely from their pandemic job losses and total regional employment is up more than 52,000 jobs. The regional unemployment rate in November was 3.8%, which was marginally above the 3.7% level of a year ago. Many business owners across the country are pondering whether we are likely to enter a recession this year. As a result, it’s very possible that they will start to slow their expansion in anticipation of an economic contraction.
Western Washington Home Sales
❱ In the final quarter of 2022, 12,711 homes sold, representing a drop of 42% from the same period in 2021. Sales were 34.7% lower than in the third quarter of 2022.
❱ Listing activity rose in every market year over year but fell more than 26% compared to the third quarter, which is expected given the time of year.
❱ Home sales fell across the board relative to the fourth quarter of 2021 and the third quarter of 2022.
❱ Pending sales (demand) outpaced listings (supply) by a factor of 1:2. This was down from 1:6 in the third quarter. That ratio has been trending lower for the past year, which suggests that buyers are being more cautious and may be waiting for mortgage rates to drop.
Western Washington Home Prices
❱ Sale prices fell an average of 2% compared to the same period the year prior and were 6.1% lower than in the third quarter of 2022. The average sale price was $702,653.
❱ The median listing price in the fourth quarter of 2022 was 5% lower than in the third quarter. Only Skagit County experienced higher asking prices. Clearly, sellers are starting to be more realistic about the shift in the market.
❱ Even though the region saw aggregate prices fall, prices rose in six counties year over year.
❱ Much will be said about the drop in prices, but I am not overly concerned. Like most of the country, the Western Washington market went through a period of artificially low borrowing costs, which caused home values to soar. But now prices are trending back to more normalized levels, which I believe is a good thing.
Mortgage Rates
Rates rose dramatically in 2022, but I believe that they have now peaked. Mortgage rates are primarily based on the prices and yields of bonds, and while bonds take cues from several places, they are always impacted by inflation and the economy at large. If inflation continues to fall, as I expect it will, rates will continue to drop.
My current forecast is that mortgage rates will trend lower as we move through the year. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Even as the cost of borrowing falls, home prices in expensive markets such as Western Washington will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer.
Western Washington Days on Market
❱ It took an average of 41 days for homes to sell in the fourth quarter of 2022. This was 17 more days than in the same quarter of 2021, and 16 days more than in the third quarter of 2022.
❱ King County was again the tightest market in Western Washington, with homes taking an average of 31 days to find a buyer.
❱ All counties contained in this report saw the average time on market rise from the same period a year ago.
❱ Year over year, the greatest increase in market time was Snohomish County, where it took an average of 23 more days to find a buyer. Compared to the third quarter of 2022, San Juan County saw average market time rise the most (from 34 to 74 days).
Conclusions
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
The regional economy is still growing, but it is showing signs of slowing. Although this is not an immediate concern, if employees start to worry about job security, they may decide to wait before making the decision to buy or sell a home. As we move through the spring I believe the market will be fairly soft, but I would caution buyers who think conditions are completely shifting in their direction. Due to the large number of homeowners who have a mortgage at 3% or lower, I simply don’t believe the market will become oversupplied with inventory, which will keep home values from dropping too significantly.
Ultimately, however, the market will benefit buyers more than sellers, at least for the time being. As such, I have moved the needle as close to the balance line as we have seen in a very long time.
About Matthew Gardner
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
This article originally appeared on the Windermere blog January 26th, 2023. Written by: Matthew Gardner.
© Copyright 2023, Windermere Real Estate/Mercer Island.
Favorite Local Pumpkin Patches
Grab your boots, pack a thermos…it’s time to choose those perfect Halloween pumpkins! This year, why not explore a new town and make your pumpkin patch experience a true adventure? All of these farms are open every weekend in October, and most are open on weekdays too. Some even welcome your furry family members on a leash. Scroll down for the full scoop!
Eastside | North of Seattle | South of Seattle
Eastside
Fletcher Farm
Dog-friendly with a scavenger hunt, farm animal zoo, storybook trail, mini-golf, photo stations, and junior corn maze for the little ones. End of season Halloween Bash, too!
18712 SE May Valley Road | Issaquah
fletcherfarmevents@gmail.com
fletcherfarmissaquah.com
Jubilee Farm
Hay rides, food trucks, music, hay maze, & hot apple cider.
229 W Snoqualmie River Rd NE | Carnation
(425) 222-4558
jubileefarm.org
Novelty Hill Farm
Dog-friendly! Corn maze, farm animals, trike track, & games.
26617 NE 124th Street | Duvall
(425) 788-2416
noveltyhillfarm.com
Oxbow Farm & Conservation Center
Live music, scavenger hunt, hay rides, mini pumpkin decoration, climbing tractor, conservation tours, & apple slingshot.
10819 Carnation-Duvall Rd. NE | Carnation
(425) 788-1134
oxbow.org/oxtober
Remlinger Farms
25 rides & attractions for children (including a train, carousel, & mini roller-coaster!), pony rides, apple cannon, restaurant, & new brewery with 20 choices on tap.
32610 NE 32nd Street | Carnation, WA
(425) 451-8740
remlingerfarms.com
Serres Farm
Mini train rides, corn maze and a dazzling variety of specialty pumpkins.
20306 NE 50th St | Redmond, WA
(425) 868-3017
serresfarm.com/pumpkin-patch
Two Brothers Pumpkins at Game Haven Farm
Baby calves and an eerie number of well-attired scarecrows.
7110 310th Avenue NE | Carnation, WA
(425) 333-4313
facebook.com/twobrotherspumpkins
North of Seattle
Bailey Vegetables
Kettle corn, cider, U-pick apples, baked goods, and kids play area with hay run, farm trikes & sandbox.
12691 Springhetti Rd | Snohomish
(360) 568-8826
baileyveg.com/pumpkin-patch
Bob’s Corn & Pumpkin Farm
12-acre corn maze, 2 kids’ mazes, play barn, hay rides, trike track, & apple cannon. Fire pit rentals for private groups, too!
10917 Elliott Road | Snohomish
(360) 668-2506
bobscorn.com/pumpkins
Carleton Farm
5-acre corn maze, playground, paintball gallery, apple guns, hay rides, & kids’ bucket train.
630 Sunnyside Blvd SE | Lake Stevens, WA
(425) 343-4963
carletonfarm.com/fall-fun
Craven Farm
15-acre corn maze, kids maze, farm animals, mini golf, cow train, foosball, espresso, cider donuts, & scarecrow making. Fire pit rentals and special dog-friendly days, too!
13817 Short School Road | Snohomish
(360) 568-2601
cravenfarm.com/fall-festival
Fairbank Animal & Pumpkin Farm
Lots of baby animals, “corn maize maze,” hay tunnel, toy duck races, photo boards, & veggie garden.
15308 52nd Ave W | Edmonds
(425) 743-3694
fairbankfarm.com
Stocker Farms
30+ attractions including a giant jumping pillow, tire mountain, epic play area, zip line, corn maze, pumpkin cannon, & more. The farm’s evil twin, Stalker Farms, comes out at night.
8705 Marsh Rd | Snohomish
(360) 568-7391
stockerfarms.com
Swans Trail Farms
Washington State corn maze, kids corn maze, petting farm, wagon rides, big slides, zip lines, u-pick apple orchard & live duck races.
7301 Rivershore Rd | Snohomish
(425) 330-3084
swanstrailfarms.com
South of Seattle
Carpinito Brothers Corn Maze & Pumpkin Patch
Rubber duck races, hay slides, corn pit, farm animals, hay maze, & corn maze.
Pumpkin Patch: 27508 W Valley Hwy N | Kent
Farm Fun Yard: 6720 S 277th St | Kent
(253) 854-5692
carpinito.com
Maris Farms
Racing pigs & ducks, mega slide, corn maze, jump pillow, animals, zip lines, rides, plus the creepy “Haunted Woods” complete with zombies and homicidal maniacs.
25001 Sumner-Buckley Highway | Buckley
(253) 862-2848
marisfarms.com
Mosby Farms
Dog-friendly! Corn maze and fresh farm market.
3104 SE Auburn-Black Diamond Rd | Auburn
(253) 405-0711
mosbyfarm.com/pumpkinpatch
Spooner Farms
Corn maze, pumpkin sling shot, speedway, farm animals, caramel apples, & roasted corn.
9710 State Route 162 East | Puyallup
(253) 840-2059
spoonerberries.com
Thomasson Family Farm
Laser tag, corn maze, play barn, farm animals, slides, duck races, trike track, apple slingshot, and giant Jenga & Connect 4.
38223 236th Avenue SE | Enumclaw
(360) 802-0503
thomassonfarm.com
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com
© Copyright 2022 Windermere Mercer Island
Economic Insights from Matthew Gardner
As we all hunker down through these challenging times, it is comforting to remember that there will be light at the end of the tunnel.
A voice of calm and reason in this time of uncertainty has been our Windermere Chief Economist, Matthew Gardner. While he is expecting an economic slowdown accompanied by a temporary 15-20% reduction in the number of homes sold, he believes the housing market will bounce back once we find our new normal.
Click here to watch his latest videos, or scroll down for some key takeaways…
The US economy will contract sharply but should perk up by Q4.
We’re in for a rough few quarters as the economy enters a recession. Just how rough—and how long—is still under debate. What economists do agree on is that the 4th quarter is looking remarkably positive…assuming we get through the COVID-19 crisis and the economy can resume somewhat normal activity before the fall.
Housing prices will likely remain stable.
Seattle home prices should remain steady—or even rise slowly as we come out of the recession—for a few reasons:
- DIVERSE INDUSTRIES IN OUR AREA which allow us to better weather the economic storm.
- SOLID FINANCIAL FOOTING as one third of local home owners have 50% or greater equity in their homes.
- STRONG DEMAND with more buyers than homes available, as well as rock-bottom interest rates.
This will be different than 2008…
We’re experiencing a health crisis, not a housing crisis.
- WE’LL SEE A PAUSE, NOT A COLLAPSE. Unlike last time, the housing market was strong going into this crisis and should rebound quickly. Why? Because this recession will be due to specific external factors rather than any fundamental problem with the housing market.
- FORECLOSURES WILL BE FEWER with most lenders offering relief to homeowners in distress due to temporary employment issues. Unlike 2008’s mortgage crisis caused by lax lending standards and low down payments, today’s home owners are better qualified and have more equity in their homes.
Find a Home | Sell Your Home | Property Research
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We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
© Copyright 2020, Windermere Real Estate / Mercer Island