Eastside weekly wrap-up: there are still a few buyers out there…
For the third week in a row, around 115-120 homes went under contract which shows that there are still a handful of active buyers on the Eastside. They’re trying to thread the needle between +7% interest rates and falling home prices. To help put in perspective the impact rates are having on buyers, Matt compared buying a house in June to buying a house in October – the good news is that you’ll need less of a down payment, the bad news is that your monthly payment is still going to be higher.
For sellers, even though we’re seeing the number of new listings decline each week, there continues to be more new listings than going pending. 158 homes hit the market this week, the majority of them in Bellevue and Kirkland. Buyers looking in those cities will have extra choices! Active homes have been on the market for a median of 45 days and 45% have had a price reduction. The median reduction has been $90,000.
I think we’ll see more days on market and more price reductions through the end of the year. As a buyer, you’ll find yourself being the only offer on the table so you’ll be able to set the terms. It’s a good time to negotiate a credit to help you buy down your interest rate or bring less cash to close through a closing cost credit.
Only a couple of stand-out homes this week. The top home was this new construction from Thomas James Homes in Medina, a great example of PNW contemporary! It was one of 17 new construction homes to hit the market on the Eastside this week. I also like the views and angles of the remodeled NW contemporary in the Somerset area of Bellevue.
Good Seahawks win today!