Hey everyone, today we are going to talk about what’s going on in the Puget Sound real estate market, for buyers and sellers.
In Puget Sound, we are actually seeing interest rates bounce around a little bit. I recently spoke to a lender, who told me that last week he could quote an interest rate somewhere around 4.5%, but today, he could quote the buyer for 4.25%. With rates fluctuating, we are going to pay very close attention to them. When interest rates go up, the purchasing power of buyers decreases. Just a 1% increase in rates will cut affordability by 10%. “Just a 1% increase in rates will cut affordability by 10%.” We are expecting to see a bit of softening in the market by the end of the year, so sellers need to be spiffy. We are still in a hot seller’s market, but buyers are going to be more cautious and picky when choosing a home. However, if you’re looking to get value on your home sale, selling soon is ideal for you.
For buyers, sellers are still getting 98 or 99% of their asking price, so low-ball offers won’t work for the most part. However, we can give you advice on what kind of offer you can make in order to win a property.
If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you soon!
