Seattle Market Update
Buyers don’t have much of a selection. In King County, there were 25.7% fewer homes on the market in October this year compared to last year. Snohomish and Pierce Counties saw similar dips, of 23.5% and 30.0%. In the fall, the number of homes for sale start dropping, so we expect inventory will continue to decline and we don’t expect to see a significant influx of new inventory until spring.
Nonetheless, late fall and winter can be a good time for buyers to get a good deal. It is true there are usually fewer homes on the market this time of the year and house shopping on a dark foggy and wet night might not be as fun as in the summer but there are also a lot fewer other buyers competing with you. And rates are great! The 30-year fixed mortgage rate averaged 3.78% for the week ending October 31.
In Seattle, the median price of homes sold rose 3.3% from a year ago, to $775,000 — the largest percentage increase in 12 months, according to data from the Northwest Multiple Listing Service (NWMLS).
No current listings available – we sold all of our inventory. 😊 There are still some great homes on the market though. We’d love to help you buy your new home.
Did you know?
Did you know, it takes about $114,535 household income to buy a $750k house? You need to speak with a home lender to find out exact details for your household and situation. The information below is not a guarantee you would qualify for a loan and provided for informational purposes only:
If you assume a 50% debt-to-income ratio (as allowed by Fannie Mae and Freddie Mac), 10% down payment, 4% interest rate, 1% property taxes, upfront mortgage insurance, $75/month homeowners insurance, $500 in car loans/leases per month, $200 in student loans per month, and $150 in monthly minimum credit card payments…here’s what you’d have to earn to buy in today’s market:
Median home price of $750,000 = minimum household income of $114,534
Tacoma median home price of $419,000 = minimum household income of $73,787
Renton median home price of $680,000 = minimum household income of $105,922
Bothell median home price of $700,000 = minimum household income of $108,385
Everett median home price of $459,000 = minimum household income of $78,712
Hint, there’s a reason the Everett and Tacoma housing markets are on fire – these areas offer home prices that are still considered affordable
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