Market in transition

We are at the front end of a market and transition in the Puget Sound region. Homes remain at record high prices with the Seattle Times reporting that the median price in King County is nearly $1,000,000. For the past many months inventory has been virtually nonexistent and the norm has been multiple offers for each sale, but that may be changing.

Average interest rates for a 30 year fixed loan have more than doubled over the last couple of months and are now above 5.25%, the highest rates since 2009. This has had a chilling effect on home sales, leading to more home staying on the market longer, which may be good news for buyers. Of course, that needs to be weighed against higher interest rates, which reduces buyers purchasing power.

Buyers, I wouldn’t say that we are in a buyer’s market quite yet, but interest rates aside, we are trending that direction. If you have been sitting on the fence, now may be a good time to begin your home search.

Sellers, your window of opportunity to capitalize on this historic housing market is rapidly closing. If you’re thinking about selling, now is the time to get on the market.

Please give me a call if you need help finding the right home or if you would like to explore selling. I’d be happy to help you.