Did you know…
Last year, analysts were wondering if October was the beginning of a Seattle market drop? It wasn’t. And a year later, supply is still down and demand up. The economy is doing great, nationally and especially locally. Inventory is currently around 2.5, so we’re beginning to see a bit of a balanced market, but no real signs to warrant any concern. What we are seeing is the traditional seasonal cooling, with less buyers active and some great homes going up on the market.
We hear a number of prospective buyers saying they might wait until housing prices drop – they think they’ll save themselves some money.
It sounds smart, but here’s why that doesn’t really make sense.
Interest rates are still going up. In fact, interest rates are at a historic low, but if they continue to rise (as we expect they will) and should they return to a historic average that buyer hoping to wait for a house to drop in value could actually spend an extra $200,000 in interest over the lifetime of their loan. Odds are their desired house isn’t about to drop in value, especially not $200,000.
Want to see the math? Watch Peter explain it all here. Then give one of our loan officers a call to look at what the math really means for you – we’ll help you decide if you should keep waiting or take advantage of the best Seattle buyers market we’ll see this year.