It has been an interesting past few weeks in our local real estate market. On my last report on May 19th, I had pondered whether we were at the beginning of a slowdown. While the market has definitely cooled, I am pleasantly surprised by the number of homes that went under contract in the past two weeks in both NW Seattle and in SW Snohomish County. Overall, I have been really pleased with the Buyer resiliency we have seen in the past few months, especially given all of the turbulent economic news.
Other listing brokers in NW Seattle are feeling the market cool as well, since review dates have been down in the past few weeks. We still think that it makes sense to have a review date – we don’t see a downside to it. But we are emphasizing with Sellers that in the current market they may or may not receive offers on the review date. Speaking of review dates, I just started tracking how many homes miss their review dates. For the previous week, 43% of homes with a review date did receive offers on that date, which means 57% did not. This is close to what I was expecting, which was 50%.
Interest rates have been bouncing around in the upper 6s and hit 7% after Moody’s downgrade. This week we are expecting several employment related reports to come out. Depending on the data, interest rates may be impacted. Fingers crossed, they come down a bit!
Enjoy the upcoming sunny week!
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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
MAIN (206) 527-5250
brennerhill.com
Equal Housing Opportunity
