Interest Rates Back Up Amid Inflation and US Debt Concerns
Buyers in Southwest Snohomish County are more closely keeping pace with new listings more than those in Northwest Seattle. Over the past two weeks, SW Snohomish saw 99 new listings come on the market, with 80 going under contract. In contrast, Northwest Seattle had 143 new listings, but only 84 went under contract.
As a result, inventory in Northwest Seattle is building and now stands at 354 listings—higher than we’d like to see, but still in line with where we were at this time last year.
A good number of traditional single-family homes are still being listed with offer review dates. However, in April, about 40% of those homes did not receive offers by their review date. While that can feel discouraging, we still recommend using a review date as part of a strong listing strategy.
Interest rates have ticked up over the past two weeks, essentially erasing the recent gains we had seen. Last week, the Fed held rates steady, but rising oil prices are adding pressure by pushing inflation higher.
Another factor is the growing U.S. national debt, which has now reached 100% of GDP. As the government borrows more, it needs to offer higher interest rates to attract investors, this in turn, puts upward pressure on mortgage rates.
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