Eastside weekly wrap-up: peak inventory and one way to beat interest rates
We haven’t been able to say this in a few weeks but we’re at the high point for inventory on the Eastside. We ended last week with 833 homes for sale, topping out the previous high eight weeks ago. For the second straight week, we saw high levels of new listings with 208 sellers getting their home on the market. We’re also in the peak of the fall selling season. Sellers – if you’re thinking about selling this year, we’d advise you to get your home on the market in the next two weeks.
Buyers, however, continue to be hesitant in the current market. Only 110 homes went under contract last week, despite the influx of new inventory. Steady interest rates around 7.3% are keeping buyers on the sidelines. Buyers, you have quite a bit of inventory to choose from right now…and not a lot of competition!
If you’re looking at single-family homes, one way to beat interest rates is to check out new construction in the areas you’re looking at. We’re seeing builders, especially large national builders like Toll Brothers, offering rates around 5-6% to help sell their homes. This does mean you have to work with their preferred/in-house lender but it could get you into a space that you really like. Hit reply if you want help finding new construction that fits what you’re looking for!
For homes we liked, the new construction was catching our eyes! Steeple Rock, the new condo building in Kirkland has listed a several of their units in the MLS and though they’re still under contract, they do have finished units to tour. 15 unique floor plans! We also like this new construction home from Chaffey Custom Construction in West Bellevue. And don’t miss a renovated townhome in the Market Street Lofts in Kirkland just south of Juanita.