What on earth is happening to the Greater Seattle Area real estate market? Is it time to panic?
In this brief video we are going to go over the latest data. So if you want to stay in the know please be sure to watch the entire video because there are a couple of things that will probably surprise you.
Without further ado…let’s talk numbers.
We always like to look at the year over year comparison as well as the month over month to get a full perspective.
(Watch video to see the charts)
So what does this all mean? I’ll give you my thoughts, but I’d love to hear what YOU think. Please leave a comment below. Is there anything you find surprising with this information?
Here is what I find interesting regarding the data. Whether looking at the year-over-year or month-over-month numbers, the number of new listings that have come on the market is down. In other words, fewer homeowners are putting their homes on the market. That being said, there are fewer buyers competing in the market vs this time last year.
The other interesting thing to point out is that currently, neither buyer or seller have much of an upper hand or a clear advantage. Sure, we have more inventory than 6 months, or a year ago. But it’s still relatively low inventory, which is keeping prices propped up. Because we have higher interest rates than we’ve had in a long time, not as many buyers are competing against one another. So while many sellers are having to lower their price in order to sell, it’s not so dramatic as to call this a buyers’ market. Folks, we have a normal market, at the moment anyway.
Also, interest rates have fluctuated a lot. Not long ago, they were close to 6%, then they slid to around 5.2% earlier in August. Now, they are in the high 5%’s again. Obviously, this has a huge impact on affordability and purchasing power.
This is what is happening in the market now. What does the rest of the year look like, or next year for Seattle area real estate? That’s what we are going to talk about in our next video. If you like this type of content, please tap that like and hit subscribe buttons. Thanks for watching.