We hope everyone enjoyed the gorgeous weather this past weekend! It was a nice way to end spring break for the kiddos.
Interest rates have been moving back down since the beginning of April, which is welcome news for everyone! We’re now back down to 6% for conforming rates, down from a recent high of 6.5%.
New listings and inventory are up in both NW Seattle and SW Snohomish County, which is typically for this time of year. As I’ve mentioned before, April, May and June tend to be our highest months of new listings hitting the market.
Buyers were surprisingly active in SW Snohomish County over the past two weeks with an increase of nearly 36% for homes going under contract over the previous two-week period. NW Seattle Buyers were not quite as active and had a decline of nearly 8% from the previous two-week period.
While Buyers are still active in the market, the global uncertainty is having an effect. In February, roughly 56% of Pended listings were under contract within 9 days of hitting the market. In March, 69% of Pended listings were under contract within 9 days. In a typical market, this would continue to increase until the summer months. However, in April, only 65% of homes were under contract within 9 days. While this isn’t a huge decrease from March, it is an indication that Buyers may be feeling more cautious about the market and are taking longer to decide about a home.
If you’re considering selling, pricing your home competitively and ensuring it shows well could help attract decisive buyers. For buyers, this may be a good time to negotiate or take extra time for due diligence.
If you’ve been considering selling but are unsure how broader events might affect your home’s value, now’s a great time to get clarity. Contact us for a personalized market analysis and expert guidance on timing your move—so you can make confident decisions in any market.
And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!
STEVE HILL
Broker | REALTOR®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
brennerhill.com
Equal Housing Opportunity