Seattle, WA – February 7, 2023

Urban Areas and Real Estate Demand

Mortgage Rates in 2023

Urban Areas and Real Estate Demand: The Truth About Affordability

In recent years, the demand for Real Estate in walkable urban areas has continued to grow. As a result, cities and policymakers are looking for ways to develop more walkable neighborhoods that are both accessible and affordable. In this report, we will explore the current state of urban real estate, the factors contributing to demand, and the steps that can be taken to ensure that walkable urban areas remain accessible and affordable for all.

Walkable urban areas are defined as areas where residents can access amenities, services, and employment opportunities within a short walk or transit ride. These areas are highly sought after due to their access to resources, vibrant street life, and reduced dependence on cars. The demand for walkable urban areas is reflected in the real estate market, where properties in these areas often command premium prices.

More on Mortgage Rates after this article

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There are several factors that contribute to the demand for walkable urban areas. First, urban areas offer a higher quality of life for residents, with access to cultural attractions, diverse dining options, and entertainment venues. In addition, the increased focus on sustainability and reducing carbon emissions is driving demand for walkable urban areas, as they promote active transportation and reduce the need for cars. Finally, the COVID-19 pandemic has led to a shift in priorities, with many people seeking out areas that offer a mix of residential and commercial options within walking distance. As of February 7th, 2023, Seattle and King County is no longer requiring Covid-19 vaccinations for employment.

While walkable urban areas offer numerous benefits, they can also be expensive, making them inaccessible to many people. To ensure that walkable urban areas remain affordable, cities can take several steps. For example, they can advance zoning reform to allow for more compact and mixed-use development, foster non-car transportation options, preserve and invest in affordable housing, and plan for walkable neighborhoods to be resilient to the effects of climate change.

In end, the demand for Real Estate in walkable urban areas continues to grow, driven by factors such as quality of life, sustainability, and the COVID-19 pandemic. While these areas offer numerous benefits, they can also be expensive and inaccessible to many people. To ensure that walkable urban areas remain accessible and affordable, cities and policymakers must take proactive steps to promote compact and mixed-use development, foster non-car transportation options, and preserve and invest in affordable housing.

Mortgage Rates Today

As of the first week in February, Mortgage Rates in the Seattle, WA area have improved in February, following the announcement of declining inflation by the Federal Reserve. Despite a fall in consumer confidence in January, due to worries about the economist outlook for 2023, home showings in the Greater Seattle area have noticeably picked up. Perhaps the Powerball winner, who is from the Pacific Northwest will be soon looking for a home as well.

National 30-year Mortgage Rate

Friday, February 10, 2023

30-year fixed mortgage is 6.61%
30-year refinance rate is 6.69%

Closing prices of the 10 Year Mortgage
Monday – 3.634%
Tuesday – 3.674%
Wednesday – 3.653%
Thursday – 3.683%
Friday – 3.724% (current price)

In December 2022, the number of available jobs reached 11 million, surpassing economists’ expectations, which could be contributing to the increase in home showings. However, the Federal Housing Finance Agency (FHFA) reported that home prices fell for the fifth straight month in November, landing just 0.1% lower than October 2022’s level. Despite this, pending home sales rose in December for the first time since May 2022, indicating that some buyers and sellers are adjusting to the current market conditions.

The U.S. Census Bureau reported that the homeownership rate climbed to 65.9% in the fourth quarter of 2022, up 0.04% from the previous year. This, combined with the confidence in the dollar, may be causing people to invest their money in real estate instead of other fiat dollar investments.

In conclusion, mortgage rates in the Seattle, WA area have improved in February, despite a fall in consumer confidence and declining home prices. The increase in available jobs and the rise in homeownership rate may be contributing to the pickup in home showings, and the confidence in the dollar may be driving investment in Real Estate.