the chang group Blog

Navigate the dynamic landscape of the current real estate market and determine if it's the right time to buy with insights from The Chang Group. As home prices continue to rise due to inventory shortages, potential buyers have the advantage of negotiating and securing consolations from patient sellers. With future refinancing opportunities and the possibility of inventory growth on the horizon, now may be an opportune time to make a move in this complex and ever-changing market, and The Chang Group is dedicated to helping you every step of the way.

Celebrate the holiday season in Seattle by embracing the spirit of giving back to the community. Amidst the festive lights and decorations, consider volunteering at TeenFeed to support homeless youth, join Northwest Harvest in the fight against hunger, or contribute to the enchanting Snowflake Lane festivities. Whether assisting at Mary's Place, organizing holiday events with The Giving Tree, or bringing joy to seniors at Compass Housing Alliance, there are diverse opportunities to make a positive impact and create lasting memories for those in need. Let's come together to spread warmth, kindness, and the true spirit of the season in Seattle and beyond.

Embarking on the exciting journey of home buying can be a mix of dreams and challenges. It's crucial to approach it with caution and clarity. Asking the right questions is your key to success at every step of the way. From setting your home-buying goals to evaluating the neighborhood, understanding property-specific details, and considering long-term prospects, we're here to guide you through it all.

Seattle has grappled with affordable housing challenges due to rising living costs driven by the tech boom. Nevertheless, recent efforts offer hope: rezoning through the Downtown Activation Plan, an equity-focused 'Just Growth' agenda by Capitol Hill EcoDistrict, and repurposing office buildings into apartments are reshaping the housing landscape. Additionally, the use of Sound Transit's surplus land, public-private funding, and innovative high-rise projects like "The Blake House" and "The Rise" are making affordable housing more accessible. Seattle is evolving toward a future where affordable housing is attainable for all, reflecting its commitment to equity and creative solutions.

Explore the future of eco-friendly architecture: As we navigate an increasingly environmentally conscious world, the architecture industry stands poised for transformation. By delving into sustainable and eco-friendly materials, we uncover a pivotal approach to greener urban landscapes. From innovative solar panels to biodegradable building blocks, discover how architecture's harmony with nature shapes a promising future.

Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy. While it remains a seller’s market, buyers are adopting a more measured approach, taking additional time to deliberate their decisions. In such a dynamic landscape, having a Realogics Sotheby’s International Realty global real estate advisor by your side ensures that you receive the utmost expertise and guidance, leading to optimal outcomes in today’s market.

Discover an extraordinary opportunity for affordable homeownership at Othello Square through U-Lex and Co-op Housing! Embracing a collaborative and democratic approach, residents collectively own and manage the property, fostering a tight-knit community. With guidance from HomeSight's Homeownership Center, diverse backgrounds are prioritized, ensuring inclusivity in this vibrant and diverse neighborhood. Join the co-op housing movement, shape your housing future, and be part of a sustainable living community in Southeast Seattle.

Seattle's remarkable recovery post-COVID sets it apart as a success story among cities worldwide. Despite challenges like a high cost of living and a sizable homeless population, the city has exceeded population expectations, thanks to record-breaking residential construction and its unique appeal. While other regions struggle with declining populations, Seattle stands as a beacon of hope and resilience.

A monumental victory was achieved on May 8th as Washington REALTORS, led by Eddie Chang, Vice President-Elect of Government Affairs, witnessed Governor Inslee signing HB 1474 into law. This groundbreaking legislation establishes the Covenant Homeownership Program, paving the way for a more inclusive and equitable future in real estate. By rectifying historical discrimination and providing down payment and closing cost assistance to marginalized communities, this program breaks down barriers and empowers aspiring homeowners to build a legacy of their own.

You may have read headlines about our shifting market: interest rates are up and home sales are down. While that’s true, that simple interpretation of our real estate market is more nuanced, and there are advantages to both sides of a real estate transaction, as long as you have the right real estate advisor by your side. In our quarterly reports, we dig into the numbers to help you decipher what they may mean for achieving your real estate goals. These reports are just the start. A conversation with your global real estate advisor can help you put these numbers in context and what they mean as you approach your real estate goals for 2022, 2023, and beyond.

Building a more sustainable future requires a holistic approach to construction, design, and daily living practices. With initiatives such as Passive House and Built Green certifications, coupled with smart home management systems and green living features, we can significantly reduce our carbon footprint and create healthier living spaces for ourselves and the planet. Sustainability should be a top priority as we face the impact of climate change, and building sustainable homes is one step towards a brighter, more sustainable future.

Washington State is facing a severe housing shortage, ranking second to last in the country in terms of the number of housing units per household. A significant contributing factor to this shortage is the zoning laws in the state. In 1990, the Growth Management Act was enacted to curb urban sprawl by creating Urban Growth Areas that limit the outward expansion of the population. While this policy has been effective in containing sprawl, it has also led to a shortage of available land for development, exacerbating the housing crisis. Policymakers and stakeholders are working to find solutions to address this issue and ensure that all Washingtonians have access to safe, affordable housing.

It is no secret that we are in a slower real estate market heading into 2023 than we were this time last year. With higher interest rates, low inventory, and costs outside of real estate, such as inflation, making it harder for potential buyers to enter the market, the outlook might appear bleak. However, as with all things, there are some silver linings to otherwise lackluster predictions heading into the new year.

While doing volunteer work we were approached on how to best get invested in real estate. This volunteer was working to diversify their portfolio but was concerned about the potential size and investment return. This prompted a discussion on the client’s short- and long-term goals and how the real estate market may help them reach those goals.

You may have read headlines about our shifting market: interest rates are up and home sales are down. While that’s true, that simple interpretation of our real estate market is more nuanced, and there are advantages to both sides of a real estate transaction, as long as you have the right real estate advisor by your side. In our quarterly reports, we dig into the numbers to help you decipher what they may mean for achieving your real estate goals. These reports are just the start. A conversation with your global real estate advisor can help you put these numbers in context and what they mean as you approach your real estate goals for 2022, 2023, and beyond.

It’s not just Bellevue. Across King County, buyers and sellers made 27% fewer deals on single-family homes in August 2022 compared to last year. The market shows signs of moving towards a more balanced market, but for now, it seems to be more of a stalemate. With homes staying on the market longer across the region, buyers can afford to wait for prices to cool further while sellers seem unwilling to let their asking prices dip too much past what they had been able to list them at a few months ago.

It’s been all over the news: mortgage rates are on the rise. In an effort to combat rising inflation, the federal reserve has revised interest rates numerous times since the beginning of the year. As it stands as of writing, interest rates are a full 2 percentage points higher than they were at the start of 2022. However, what might be lost in the conversation about rising rates is that, comparatively, rates are actually still at historic lows. So, will that trend continue as we move through the last half of 2022?

Just like newspaper headlines, the story of the second quarter of 2022 is focused largely on the economy–and in particular, rising interest rates. Up significantly from the conclusion of the first quarter, the pace of buying and selling homes had anecdotally slowed, but the numbers in our quarterly reporting inform us that across Western Washington, the time on the market is still swift and the median sold price is still climbing, but now, buyers have more to choose to from. This may be the place in the Venn diagram where the optimal time to be a buyer and a seller are overlapping. Explore the individual area reports below, and when you’re ready to take the next step in your real estate journey, contact a Realogics Sotheby’s International Realty advisor for local expertise and global reach.

Seattle is home to some of the most unique homes in the country, with many dating back over a century. These properties make wonderful homes but can present unique challenges to sellers, buyers, and even realtors. Luckily, The Chang Group revels in these challenges, and we are happy to share a few tips for setting up your home to reach its fullest market potential.

Fair housing is an issue near and dear to our hearts at the Chang Group, and it is top of mind for realtors across the nation. In fact, at the recent 2022 Realtors Legislative Meetings, the National Association of Realtors named ensuring fair housing for all as one of the top three issues discussed. We here at the Chang Group could not agree more. So, what does fair housing mean? And what does it look like in today’s market?

The first quarter of 2022 was a tale of two real estate journeys. For sellers, their opportunities were bolstered by low inventory, escalating competition and often driving offers over list prices. For buyers, the market was plagued by low inventory, with few opportunities and massive competition making it difficult to secure a home across Western Washington—just as interest rates started to tick back up. If we follow the trendlines from the first quarter of the year, then it’s still a great time to list a home for sale. With inventory low, and buyer demand remaining steady, year-over-year median price gains are likely to continue.

In this blog, we’re diving into the world of Bridge Loans and sharing a video explaining how to use the equity on your current home on your new home.

Home buyers and sellers have been on a wild ride over the past year thanks to incredibly low inventory, increased demand coupled with historically low interest rates, and intense bidding wars. According to Holden Lewis, home and mortgage expert at NerdWallet, “mortgage rates snapped upward in January as mortgage investors realized what the Fed intends to do, which is raise interest rates aggressively this year.”

The real estate market remained as busy as ever in Q4 2021, fueled by eager buyers ready to find their dream home in a competitive market where inventory and interest rates remain incredibly low. Sellers also enjoyed unwavering interest and often sold their properties for well above asking price. Sotheby’s International Realty examines five local markets on a quarterly basis to deliver the data and insights buyers and sellers care about so they can make an informed decision and navigate the market with confidence.

While many associate Thanksgiving with abundance, did you know, there are some surprising stats that may provoke thought on how to make the holiday festivities more sustainable?

When residential home sales picked up speed in the wake of the initial quarantine of the pandemic, many experts weighed in on this outlying trend. A year later, as Realogics Sotheby’s International Realty examines the data from the Eastside to Bainbridge Island and markets in between, it’s easy to see that a lack of inventory and an onslaught of buyers wasn’t a one-off.

Recently, our team got to work with NBA legend Bill Russell and his family on the sale of his Mercer Island home. Now that the property has officially sold, we're talking about our continued commitment to our clients, whether their home is worth $500,000 or $5M. Luxury service is an experience, not a price point.

You’ve invested in yourself and found your dream home! Consider making eco-friendly swaps to reduce your power bill and increase the appeal of your home when you do go to sell, all while being a good steward of the planet.