September Market Update

August stats are in! 📊

Typically the summer real estate market moves a little slower as more homes are listed and buyers take a step back to enjoy their summer plans. ☀️ This summer was no exception. While homes in certain areas flew off the shelves, others sat quite still. Interest rates have been slowly declining, with more reductions anticipated to come. (We are looking at 6.15% as the national average for a 30-year conventional loan today. This is quite a desirable leap from the rates in the 7%’s we were seeing previously.) Next Wednesday will be telling, as markets react to the Fed’s rate cut decision. ⚖️

Though the market has felt a little slower this summer, we are still seeing positive gains in home prices. 📈 Great news if you have a home to sell! Our King County friends are up 5% from last August, while my fellow Snohomish County dwellers are up a whopping 10.9% YOY. 🎉

So what’s the read for the fall market? (*Gets out crystal ball…) 🔮 Well, if interest rates decline like they are predicting next week, I think we will see a resurgence of buyers entering the market place. Buyers have been sleeping a bit as of late and this should bring them back around quickly. In turn, we may see more competition in the marketplace. If rates dip low enough, this may also open up a bit more inventory as sellers with historically low interest rates start to feel more comfortable trading them in for slightly higher ones.

Moral of the story: get shopping now ahead of the rush! 🏡