An update for both buyers and sellers on today’s changing market.
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As the seasons change, so does the market. It’s shifting a lot as we head into the winter months, so it’s important to stay up to date. If you’re thinking about buying or selling anytime soon, this information will help you make a solid plan.
First, interest rates have been changing quickly—that has been the driving force of the market this year. Currently, rates are just over 7%, while in July, they were at 5.5%. That makes a huge difference in affordability and the monthly cost to get a mortgage in this market. Therefore, both supply and demand have slowed down a bit, as we saw a reduction in inventory in Snohomish County and King County.
This means that sellers have a chance to stand out because they likely won't have as much competition until we get a couple of months into next year. For buyers, there aren’t going to be quite as many options, but there's not going to be as much competition for them either. Also, sellers will be more willing to negotiate with buyers, especially if they have a timeline or motivation to sell.
Seasonally, we usually see the market start taking off in the spring, starting in February or March. However, this year is an anomaly because of the changes in the interest rate and because there are so many factors that are outside of our control. We can’t know for sure what the future holds, so I think it's a great time to act with the information that we have right now.
If you have questions about your specific situation and how you can meet your goals, please feel free to reach out anytime through phone call or email. I would love to help you in any way that I can.