Seattle weekly wrap-up: slow week as everyone focuses on the long weekend
The week leading up to Labor Day is one of the slowest of the year for real estate, but nonetheless, we were busy giving keys to buyers in Columbia City and Mountlake Terrace. For both buyers, we were able to negotiate ~$25k off the seller’s price. We were also busy prepping a few great listings that will hit the market in the coming weeks – September will be busy!
The big news this past week was mortgage rates jumping to over 6%. It is going to be very interesting to see how the fall real estate season goes… My expectation is that we’re going to have 3 or 4 weeks where Seattle buyers see more than 300 new listings a week, then new listings will slow as fall and the holidays set in. However, buyers aren’t going to have the appetite for that many homes. Of course, the good ones will still sell quickly, but inventory will start to grow. For patient buyers, November and December could be a good time as we will likely have many frustrated sellers eager to make a deal before the year ends. As for next year? Anyone’s guess, but some are predicting that we’ll at least have lower mortgage rates than we do now. So buying now and re-fi’ing later could be a great strategy.
With only 157 listings hitting the market, it was the slowest week of the year for new listings. The only Seattle one to catch our eye is this Belltown loft. And I don’t know how I stumbled across this Echo Lake (Snohomish county) home, but I like it!
In terms of buyers, it was the third slowest week of the year for homes going under contract with only 177 going pending, next week will likely be even slower though.
Hope you had a great summer! We had a blast with lots of swimming, and boating plus we traveled to cottage country in Canada and houseboated on Lake Roosevelt.
Have a great long weekend, and let’s hope Seattle Public School teachers don’t strike…
P.S. want to dip your toe in the floating home lifestyle? We’re renting a fully furnished floating home at Mallard Cove out over fall and winter.