Market Report: October

Happy Fall! September's real estate stats are in and frankly they aren't as alarming as the media would make them seem.

Yes, interest rates are up higher than we've seen in a while, but you'll see here that the median sales price is also up from last year as is the supply of inventory - up 200% in Snohomish County. While that may seem like a crazy number, it is still not in a territory where we would consider it a balanced market or even a buyer's market. That said, a jump in inventory like this does give buyers more options and creates a less competitive environment. Contingencies are becoming the norm once again - hooray!

Now, here's the deal, if you've been thinking of buying, but are scared by interest rates, consider this: When you pay rent, all of your money is going to someone else's asset and someone else's equity. Wouldn't it be better to put only a small percentage of your money toward interest each month and own your home so YOU can start building equity and YOU can be the moneymaker and not your landlord?

Think of it this way too...you don't have to be married to your interest rate. You're just dating your rate until you can refinance when rates go down. There is opportunity as a buyer in this market for closing cost credits, interest rate buy downs and even inspection negotiations. Don't let this kind of market slip away from you if you've been hesitating to jump in. Let’s get you on the road to homeownership NOW!