Real Estate Roundup YOUR PULSE on the market | 10.2019 As we move deep into the fall season, the market shows signs of change. But properly priced properties in good showing condition are still moving quickly. • As we move deep into the fall season, the market shows signs of change. In the past, many buyers looked to fall home shopping as a relief, a time to catch a breath from the frenzied pace of the summer. While, in some areas of the local market buyers are tapping on the brakes, brokers report that they continue to see a few multiple offers. Properly priced properties in good showing condition are still moving quickly. • The most recent monthly stats from the Northwest MLS show closed-sale prices for single-family homes in King and Snohomish held steady year-over-year. King County was up by just 0.15 percent and Snohomish County down slightly by -0.45 percent. Pierce County continued to percolate, experiencing an increase of 6.25 percent over the previous year. • Mortgage interest rates remain at three-year lows (still historically low). These low rates are providing some fuel for the market at a time when we’d expect a seasonal slowdown, but they’re not moving the needle as much as predicted earlier in the year.
• While falling interest rates may mean refinancing and staying put for some, others will elect to take the leap and enter the market. The lure of a decrease in the overall monthly payment that results when taking advantage of low interest rates is enough to bump some off the fence. Depending on your price range this can mean a savings of a couple of hundred dollars a month. • Looking to the South Sound, Tacoma and nearby cities remain hot and popular. Recent infrastructure improvements such as the HOV and Interstate 5 realignment project through the South Sound’s main corridor are part of what’s drawing buyers to the area. Future light rail extensions will also pave the way for those who don’t flinch at a somewhat lengthy commute to jobs in Seattle or on the Eastside.
• With several factors in play, we expect the remainder of the fall market to offer some new inventory. Sharp buyers may find a new home in time to celebrate the holidays. Savvy sellers might just be able to start their new chapter with the new year.