Real Estate Roundup YOUR PULSE on the market | 10.2022 Our market continues to balance with inventory up in almost all areas, and rising mortgage rates are contributing to buyers’ incentive to make their move.
● Buyers who might have taken a break in their home search earlier this year, are finding a wider selection of homes to tour. This increase in selection may be of particular interest to renters who are currently experiencing record rental rate increases. ● Sellers looking to move up or downsize, might also find the current market can work in their favor as there’s more inventory at all levels to choose from if they need to also buy their next residence. This contrasts with the recent past which had sellers choosing to stay put due to a lack of selection and the extremely competitive market they’d have to jump into to find their next home.
● Home prices continue to rise, but prices are rising more slowly than last year. Recently released statistics show median closed sale prices for single-family homes are up year-over-year in King County by 5.88%, in Snohomish County up by 7.93%, in Pierce County up 7.77%, in Thurston County up by 6.13%, in Chelan County up 4.55% and in Douglas County up by 3.76%. ● As we settle into the familiar fall routine of school, football and pumpkin spice lattes, it’ll be interesting to see how both buyers and sellers make efforts to wrap up a purchase or sale and move on to their next chapter, before the holidays are in full swing.
● Interest rates also continue their trek upward, constricting buyers purchasing power, while also serving to spur activity as buyers want to close a deal before rates rise higher. Mortgage rates are expected to continue to rise and homebuyers are looking to alternatives like adjustable rate mortgages to mitigate affordability issues as they navigate their home purchase journey. Connect with CW Title to get answers to all of your title and escrow questions!
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