Seattle Market Update
The Seattle-area housing market has cooled significantly in recent weeks. The main reason is rising interest rates but also the fact that many potential buyers are pushing pause on their homeownership plans out of fear and confusion around economic uncertainty (volatile stock market, continued concerns over supply chain disruptions, and a potential recession).
Although the interest rates have gone up significantly, home prices have only come down moderately, certainly not enough to offset rate increases. Some would-be sellers are holding off putting their home on the market which is keeping housing supply low. The low supply is keeping prices from dropping significantly, particularly in lower price ranges.
Mortgage buyer Freddie Mac reported Thursday (10/20/22) that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Last year at this time, the rate was 3.09%!!
Congratulations to James and Doris on the sale of their long-time home in Bremerton.
And, congratulations to Swasti and Sabin on the purchase of their new Mill Creek home.
Did you know
United States first observed Daylight Saving Time in 1918. Historically, there were no uniform rules for DST which caused widespread confusion, especially in transport and broadcasting. The Uniform Time Act of 1966 aligned the switch dates across the USA for the first time. At 2 a.m. Nov. 6, 2022, you will need to set your clocks back one hour to 1 a.m., meaning we will “fall back” and gain an extra hour of sleep.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Enjoy the fall colors and the rain!
Kerstin 🍁 Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541