The latest real estate news and data for our local housing market.
Buying a home? Click here to perform a full home search
Selling a home? Click here for an instant Home Price Valuation
As we head into May, it's a good time to take a look at what's going on in the real estate market. There are a few important factors to keep in mind if you're thinking of buying or selling a home.
First and foremost, let's talk about interest rates. Interest rates have been a big topic of discussion over the past year, as they were a key factor in the drop in home prices. The national average interest rate from Freddie Mac has been hovering just below 6.5%. This is something to keep in mind, as it will have an impact on the demand for homes.
On the other side of the equation is inventory. In King and Snohomish County, we saw a decrease in inventory last month. This is unusual for this time of year, as we typically see inventory building up until the summer, before it starts to come down again in the fall and winter. This slight decrease in inventory could lead to increased competition among buyers, which could drive prices up.
Days on the market is another important factor to consider. Currently, the average days on the market in King and Snohomish County is around 28 and 25 days, respectively. This means that homes are selling relatively quickly in these areas. If you're a seller, this could be good news, as it means you may be able to sell your home faster than you would have in the past.
If you're thinking of buying or selling a home in the current market, it's important to keep these factors in mind. Of course, every situation is unique, so it's always a good idea to speak with a real estate professional. Don't hesitate to reach out by phone or email if you have any questions or would like to discuss your situation in more detail. I’m always here to help.