A recent article by the Northwest Multiple Listing Service (NWMLS), the largest full-service MLS in the Northwest, details buyer frustration surrounding the current Seattle housing market in terms of rising prices, low market inventory, and post-election interest rate hikes.
For December, the NWMLS has found a year-over-year drop in new listings while also seeing an increase in pending sales, close sales, and prices.
Selling your home? Here is what you should know:
Increases in pending sales, closed sales, prices, and low market inventory make it an opportune time to list your property if you thinking about selling.
The end of December saw low levels of market inventory, with only 10,571 listings, which the NWMLS states is 15.6% lower than year-ago levels. Furthermore, seventeen on 23 counties within the MLS report had double-digital drops in active listings at the end of December 2016 compared to the same time in 2015.
This lack of inventory, coupled with the housing marketing being the hottest in the nation and increasing mortgage rates, has created a rise in both sales and pending sales.
According to NWMLS, there were a reported 6,401 pending sales during December, which is a 7.2 percent increase from December 2015. This is a dramatic change due to the current market conditions and indicate a perfect time to list your home.
To read the full article, please visit: NWMLS NorthWest Reporter | Home buyer frustration continues due to limited selection; ongoing increases in prices
If you are interested in learning more about the current Seller’s market or are thinking of selling your home, please contact me for all of your real estate needs.
Looking to buy a home? Here is what you should know:
Although this might seem like an inopportune time to be in the market as a buyer, we need to examine the facts.
The 2017 market is expected to continue to perform very well, especially with steady increases in Seattle’s tech industry as well as foreign investment. Therefore, it is truly still a great time to purchase property as the market is showing no sign of slowing down.
Although there has been post-election increases in mortgage rates they are still relatively and historically low. According to CNN Money, mortgage rates are comparatively low when examined against years such as 1996 when the average was 5.69% and 1990 when it was 10.13%.
Another piece of good news for prospective home buyers is that, after nine consecutive weekly increases in mortgage rates, this week they have started decrease.
To read the full article, please visit: CNN Money | Why you shouldn’t panic about rising mortgage rates
Yes, there is increased buyer activity within the market which makes it a more competitive time to be searching a new property. This is why I’m here to assist you with finding your dream home. I stay up-to-date on the ever-changing market and all the related industries surrounding real estate including banking, insurance, building inspection, appraisals, government policies, and changes in the community regulations to ensure that I’m able to effectively and efficiently represent you in the purchase of your new home.
If you have any real estate needs in the new year or questions about the current state of the market, I would be happy to assist you.