Finding the Bright Side 🌈

A couple of weeks ago, after days of steady rain, I looked out from home and caught this incredible double rainbow stretching across the sky - a vivid reminder to look for the bright side, even when things feel a little gray. Between the quick shift into darker, wetter days and the sting of the Mariners' season ending (I'm not even a huge baseball fan, but I definitely got caught up in the excitement!), it was a good reminder that bright moments often follow the storm. As we move into this cozy, darker time of year in the PNW, here's to finding those little flashes of color and gratitude, wherever they appear.

As personal donations and federal dollars diminish in the face of economic and political uncertainty, Ensemble is feeling called to meet the moment by supporting our local food bank. As a first step in assisting our neighbors in need, we're launching a Front Porch Food Drive.

On the Thursday before Thanksgiving, we'll be collecting food, coats, and cash directly from your front door. We want to make contributing as easy as possible and hope that bringing the opportunity directly to you will help increase the reach and depth of our giving. Keep an eye out for more details and registration information in a follow-up email soon.

So far, Seattle area's real estate market has resisted the downward trends seen in other parts of the country. Stability in mortgage rates and slowing appreciation are leading toward a more balanced market—though, as I've shared in this newsletter, that doesn't necessarily mean buyers have gained substantial leverage.

There are now pockets of the market where prices are softening, particularly in areas where new construction has infilled multiple blocks. Townhomes are replacing single homes on city lots, and we've hit a tipping point in pricing for those properties. That's a win for the plan—creating more housing to bring prices down.

It's happening, but it's localized and specific to certain styles of homes, many of which are under 1,300 square feet and lack designated parking. These homes perform best in highly walkable areas with strong access to transit. For that reason, we expect the city to continue allowing the most density closest to major transportation hubs—aligning with Washington State's broader legislative direction.

I hope this note finds you well and looking toward the holiday season with anticipation. As always, please don't hesitate to reach out any time for real estate support! - Phillip