Hope all is well with you after the recent bomb cyclone (if you're in the PNW). If you need any resources to help in cleanup, just let me know.
Well, the average mortgage rate for this year continues down, but that will likely change when I update the chart in December. With the recent election results and what the Fed is thinking/saying, there's really no telling if the rates will go down or up in the near future. BUT, the rates continue to be good -- not 3%, but good.
Even with the mortgage rates moving up, more inventory is available (less than last month, but nearly 30% higher than last year). In a "normal" market (meaning an even number of buyers and sellers), inventory usually starts dipping as we get into the holiday season and end of the year -- many sellers don't want to be bothered during the celebrations. Sellers usually come back on the market in late January or early February. So, if you want/need to sell, you may have less competition. Conversely, if you are looking to buy, there are fewer buyers in the market because many are busy with celebrations, as well. In other words, it was normal to see the number of home sells reduce during this time of year. So, are we moving toward a balanced market? Hard to tell, but the next months will definitely help understand the situation. Check out the lastest info from the Northwest Multiple Listing Service.
As always, I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
