Stay cool out there! If you are in the PNW, you know that today is supposed to be the hottest day so far. The weather guessers are saying most of us will hit 90 or more. Compared to many other parts of the state and nation, that's not too surprising a number for summer. But, the PNW hasn't historically seen the need for A/C -- now we do. Our A/C has been pumping for the last week (thank goodness for our solar power).
According to the latest NWMLS (Northwest Multiple Listing Service) report, we are seeing the highest level of inventory in 3 years. But, we are still in a seller's market. Statewide, we are just below 3 months of inventory (3-6 months of inventory is considered a balanced market). That said, three counties (Kitsap, Snohomish, and Thurston) are still close to 2 months of inventory. Additionally, mortgage rates continue to hold at around 6.75% (great that they aren't continuing to climb, but going lower would really help buyers AND sellers). (Mortgage Rates Since 1971)
If you are buyer and need some help with your down payment, one option you'll find on my website is Down Payment Resource. Many homes qualify for some sort of assistance (lower interest loans, grants, etc.) to help buyers achieve homeownership. Check out this article and go to my website to see what help is available for you.
As always, I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
