Seattle weekly wrap-up: rates hit multi-decade high
The news this week and last is that rates, now at 7.5% per Mortgage News Daily, are at multi-decade highs (!!!). You would think this would mean no one is buying homes but some people still are – last week we saw 186 homes go pending.
Granted some of those are cash buyers, and some are buying new construction from developers who are offering a promotional interest rate. However, since we saw 287 new listings last week, the number of homes for sale continues to grow, (but this trend should reverse soon as the number of new listings per week slows).
Hot new listings last week? The Art Haus. Hot new listing this week and likely one of the hottest of the year in my opinion is 3909 E Howell St. Priced at $6.25m, I’ll definitely be at the broker’s open to see it in person unless one of you wants to tour it? :)
And it is great that the city has rezoned a small stretch of Third to high-rise residential. But too bad it takes about ten years to build a tower when it is all said and done.