Curious about the real estate market in Northwest Seattle? Here is our NW Seattle Market Update
Well October stats are in, and we have some surprising results.
So what’s the big surprise? We were surprised to see that October 2019 stats were almost identical to where we were this time in 2018. We had some ups and downs along the way, but the number of homes sold, how long they took to sell, the average sold price and average price per square foot were pretty much the same. I think this is the first time we’ve seen this where we’re basically in the same place we were a year ago.
However, what has changed from October 2018 to October 2019 is interest rates. Last year’s interest rates in October for a 30 year fixed mortgage ranged between 4.5% to 4.75%. Compare that to this October where interest rates range from 3.6 and then creeped all the way up to 4% by the end of October. That is a huge difference. This year’s lower interest rates makes a big impact on a buyer’s purchasing power.
As we head into the last quarter of this year, inventory levels will start to fall. Sellers often don’t want to be on the market during the holidays and will hold off listing until early spring. We feel this is a big mistake. This is a great time to be on the market because you have less competition. We find that sellers who are in the market this time of year are serious about selling, and buyers who are out looking are very serious about buying. We feel this is a great market for both buyers and sellers.
Need more information? Always feel free to reach out to us. We’re here to help you in any way we can.
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