Summer is coming to an end and so are our weekly Market Updates. We are moving to every-other-week starting in September. We will keep tracking the data weekly, but will report on what’s happening bi-weekly. Our next video report will be on Monday September 13th.
In NW Seattle, with Buyers still out in force and fewer homes coming on the market, inventory levels have not changed much as summer ends. This has not been a normal summer. We currently have 151 homes available for sale in NW Seattle. homes going under contract continue to keep up with new homes coming on the market. This past week we had 56 new listings and 55 homes go under contract.
Low Interest rates continue to be a driving factor for Buyers. Conforming rates have remained steady hovering right around 3% and Jumbo rates just under that. We expect rates to remain steady.
If you are thinking of selling in the next year or so, we are hosting our next Home Selling Seminar on September 30th on Zoom. In the seminar you will learn about the Home Selling process, including pricing your home, getting your home prepared for the market, and working with offers. We’ll have our favorite home inspector and our favorite mortgage lender on hand, too.
If you are interested in joining us at the Home Sellling Seminar, please email Sandra at sbrenner@windermere.com.
Video Transcript:
Steve Hill:
Summer is coming to an end, and so are our weekly market updates. We’re moving to every other week, starting in September, but we will keep tracking the data weekly, but we will report on what’s happening bi-weekly. So our next video report will be on Monday, September 13th.
Sandra Brenner:
Yeah, so this past week is a continuation of the previous week. Inventory levels still remain low. We have 151 homes available for sale in Northwest Seattle. We know that this is frustrating for buyers because I think pretty much everyone, buyers and brokers, expected our normal summer increase of available homes. This past week, we had 56 new listings come on the market and had 55 go under contract. So pretty much all summer long, homes going under contract have definitely kept up with new listings coming on the market.
Sandra Brenner:
And while we won’t have our formal August numbers until late next week, from our weekly tracking, new listings appear to be down in August. And I think also with what continues to happen out there, with the positivity numbers increasing all over the U.S., a lot of people haven’t been taking summer vacations, which means that there’s more buyers who have remained actively house hunting throughout the summer.
Steve Hill:
Low interest rates continue to be a driving factor for buyers. Conforming rates have remained steady, hovering right around three percent, and jumbo rates are just under that. After Chairman Powell’s speech last week, it is expected that mortgage rates will continue to remain stable in the near future, which should keep buyers motivated to keep up with the home search, despite the lack of inventory.
Sandra Brenner:
Right. So if you’ve been thinking about selling, maybe in the next year or so, we are hosting our next home selling seminar on September 30th. And we had hoped to be back in the office for this seminar, but I think we’ve come to the realization that it will be on Zoom again.
Steve Hill:
So in the seminar, you will learn about the home selling process and the current market stats, getting your home prepared for the market, and working with offers. On hand will be our favorite home inspector to talk about simple things you can do to pass your home inspection. Our favorite mortgage lender will also be on hand to discuss the many financing options that are currently available.
Sandra Brenner:
Right. So if you’re interested in joining us, and I hope you are, please email me and we will get you on the list. And have an amazing Labor Day holiday weekend. And don’t forget to like this video and please subscribe to our channel.
Steve Hill:
Thank you, everybody.
