Fall NW Seattle Real Estate Market Update
Curious what’s happening in the Northwest Seattle Real Estate Market? Let us, your Ballard to Broadview experts, fill you in. This will help you make important home Buying and Selling decisions.
Let’s face it, it can be scary to even think about making any large financial decisions right now. It’s difficult to predict what will happen next in the Real Estate market.
In this video we explore what experts and advisors are saying about the future of our market.
We touch on the trends that we are seeing in King County and across the nation, and what that might mean for the future.
Interest Rates are a hot topic as well in our industry. We’re seeing record low percentages right now, which gives a lot of power to Buyers, but will they remain that way?
If you’re curious what your NW Seattle home is worth in today’s market, visit -> http://bit.ly/38qh6z1 for a free Market Analysis Report!
As always, but especially during these confusing times, feel free to reach out to us if you have any questions about the market or your specific situation. We’re always available to help.
𝑪𝒂𝒍𝒍 𝒐𝒓 𝒕𝒆𝒙𝒕 𝒂𝒏𝒚 𝒕𝒊𝒎𝒆(c) 𝟮𝟬𝟲-𝟮𝟳𝟭-𝟳𝟭𝟬𝟬
What are the projections for housing prices according to the experts? What’s going to happen? This seems to be the question of the hour that we get asked constantly. I’ve been in the industry for over 17 years and have sold hundreds and hundreds of homes, and I don’t think there’s ever been a time with so much uncertainty, so I can see how it can be really scary.
So, what’s going to happen? Well, obviously, we don’t have a crystal ball, but let’s look at what the real estate experts and advisors across the nation are forecasting. Only two of the major organizations are saying that we will see a decline. Seven of the nine are projecting housing prices to go up, ranging from about 2.3% to 4.4%.
We believe that the lack of inventory has a significant impact on the housing prices going up. Right now, we can’t bring homes to market as fast as people are buying them. Locally, here in the greater Seattle area, we are seeing prices increase and the demand from buyers is strong.
This is also happening nationally. Let’s look at a quote from Move.com. “Summer home-buying season is off to a roaring start. “As buyers flooded into the market, Realtor.com’s monthly traffic hit an all-time high “of 86 million unique users in June 2020, “breaking May’s record of 85 million unique users.”
We feel that the low interest rates have a lot to do with buyer demand. The record-low mortgage rates have converted some prospective buyers into active buyers. Often, an economic downturn causes interest rates to also go down. And as the economy recovers, we should assume that interest rates will also go up. Remember, as interest rates go down, a buyer’s purchasing power goes up, meaning they are able to afford and qualify for more home and their monthly payment doesn’t go up.
Also, if you look at the number of mortgage applications that were taken out from buyers, according to the Mortgage Bankers Association, we see that we have 11 straight weeks of year-over-year increases in mortgage applications. So, according to experts and analysis across the country, the projections are positive.
For more information or to just chat about what may or may not be best for you, please reach out to us. We look forward to hearing from you here at the Brenner Hill Team. We are Steve and Sandra: Elevated service, Elevated results.