Rising rates have started to balance out our real estate market again.
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I get a lot of questions from homeowners and prospective buyers about what's happening in our area, if sellers should wait to sell their homes until the market goes up, and if buyers should wait for a correction. The answer depends on your situation. Today I'll explain what's happening in the market and tell you where I think we're heading.
We’re still in a seller's market, but it’s getting better for buyers. We're finally getting some inventory relief since interest rates have risen. We have just over one month of inventory in both King and Snohomish Counties, compared to the 0.78 months of supply that we had earlier in the year.
Rising interest rates have slowed demand so there are fewer buyers than earlier this year. That means that there are more opportunities for buyers. Our current rates are still historically low, so it's a good time for buyers to secure financing on a property and be more aggressive in their negotiations. Sellers must present their houses in the best possible light to attract buyers.
If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.