Monday NW Seattle Real Estate Market Update đ April 13th, 2020
This week we discuss Seattle Area numbers & interest rates and how they have changed from last week. We also discuss our current new listing and how it is doing fresh on the market.
We are on week five of our real estate market update for Seattle. We hope you guys are all doing well and taking care of yourselves. And we hope you guys had a great Easter weekend.
Total homes for sale in Northwest Seattle is 155.
New listings, 31
Pending or Pending Inspection, 29 homes.
Closed homes, 29.
So itâs still a super strong market. We listed a house on Friday, and no sooner had I listed it that brokers were calling on the phone wanting to show it. Weâve had several showings already. Itâs in a great price point in a great location.
The last seven days has been quite a bit better than seven to 14 days ago. Because seven to 14 days ago we only had, in Northwest Seattle, 17 homes go under contract. And last week, this last seven days, we had 29 homes go under contract. So I kind of feel like people are getting used to the new normal.
And of course, last week there was some good news in the stock market. Itâs recovered from the low. Itâs down a bit today, but I think itâs kind of trading in a range that people are getting used to.
Interest rates are really good and have come down a bit since last week. So conforming loans, so loans up to $510K , are at 3.25%. High-balance loans, which is 510 to 741, that is at 3.375. Thatâs really cheap money. Jumbo loans are kind of nonexistent right now. Most investors are not wanting to jump into that jumbo market. So if you are looking at purchasing a home thatâs more expensive, you know 1.4 on up, unless you have like a really hefty down payment, most likely youâre gonna be doing a first and a second. Which is totally viable.
We had somebody do that, I mentioned this last week, we had somebody who was purchasing one of our properties that was doing a jumbo, and then they split it through a first and a second. And I think they said theyâre saving $700 a month. So why wouldnât they?
I thought that that was kind of just good news, just to see those numbers for this week. And it was really nice to see all of that activity at our new listing as well.
Thatâs it, I just wanna wish everybody a safe and healthy week, and happy. And if you guys have any questions you know you can always reach out to us. And weâll be back with another report next week.
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Marketâs âTemperatureâ. We are getting real time updates from our Lender each week as well. We want to make sure that you are as informed as we are. Please donât hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation. We are always happy to help.
Cheers!
-Steve & Sandra
Steve 206-769-9577 stevehill@windermere.com
Sandra 206-271-7100 sbrenner@windermere.com
