Fall in the PNW -- rain, rain, rain. But, we need it, so bring it on! Also, "the big dark" has started (shorter days made more obvious by the time change). The two combined often send folks away from here -- for a holiday, the season (returning in the Spring), or for good. If you are doing either of the first two options, be sure your home is prepared for the vacancy -- I have resources if needed. If the last option is for you, let me know. 🙂
Per the latest NWMLS (Northwest Multiple Listing Service) report, listings increased 27% and closed sales decreased 4% over last year. Also, the median price of a sold property decreased by 1.5%. Combined, this all indicates we continue to inch out of a seller's market and into a balanced market. A buyer's market is -- currently -- far away.
While mortgage rates (per Freddie Mac) continue in the 6% range, October's rate was nearly .75% of a point lower than what we started with in January (Mortgage Rates Since 1971). Also, I'm starting to see some lenders quote in the 5% range for highly qualified buyers. Fingers crossed this trend continues and trickles down to all buyers.
But, as I always say, buyers are still buying and sellers are still selling. I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
