10/17/2022
How’s the real estate market? 🙋♀️
With a lot going on in the housing market, it's a very pivotal time for both buyers and sellers.
There's a lot of economic uncertainty around us & quite frankly, it is causing a lot of people to push pause on their plans. A realtor’s expertise is more important than ever to be able to navigate this market.
The Seattle real estate market has been 🔥 since the pandemic but things are changing. Home prices in the Seattle area remain well above where they were a year ago but the market is cooling off. September showed signs of a more “normal” market with a natural slowdown of pending sales during this time of year. There was about the same number of new listings as in pre-pandemic, but with less intensity and a lower percentage of homes going under contract.
The median price for all home types in King County sold for $789,000 in September, a 6.8% increase from the previous year. Prices in Pierce County were $520,000 (+4%), Snohomish County was $687,500 (+8.3%), and Kitsap County was $524,998 (+11.2%).
Buyers- YOU have a huge advantage in today’s market & should consider stepping into the market now. Buyers now have more power & are back to negotiating terms in their offer such as closing cost assistance, and even funds to buy down your interest rate. Also an increase in inventory allows you to have more options.
❓Will mortgage rates keep rising? The Federal Reserve is making moves to lower inflation and until inflation is down, we’ll likely see mortgage rates rise. And, as I’ve said before, inflation is the enemy of long term interest rates, and that's exactly where we are today.
Have a question on a particular neighborhood or home type? Want a market snapshot specifically on your home? That’s what I love to do 🤍
🌟 I provide these reports & breakdowns monthly to give you the most up-to-date info on the real estate market. “Follow” my page to stay informed! 🌟