2024 Mortgage Rate and Real Estate Forecast


Spoiler alert! I (along with many others) predict that mortgage rates will be below 6% by the end of this year and that we’re going to see a very competitive housing market due to the lack of inventory. I don’t believe we will see home prices come down or a “correction” with home prices. It is so important to make sure that you are fully approved and have your offer structured correctly when you’re ready to buy a home.

Please check out my video for more information and reach out to me if you would like to create a strategy for purchasing your next home!

Greater Seattle’s Shifting Real Estate Market

You’ve probably heard that the Seattle’s sizzling real estate market has cooled a bit with home prices starting to come down. This is great news for folks who have grown weary battling in bidding wars only to have their offers rejected time after time. It looks like, at least right now, things may be returning to be more “normal”. [Read more…]

It’s Hard Being a Home Buyer in Seattle – Here are some tips!

CNN recently published an article about a couple’s experience buying a home in Seattle. In a nutshell, their seventh offer was accepted with multiple offers well over the list price and they were able to close quickly without contingencies with a large earnest money deposit.

Home prices and lack of inventory (which I hope is starting to change) have created a highly competitive situation for those who want to buy a home in Seattle. Buying a home just about anywhere in the tri-county area these days is not for the feint of heart. [Read more…]

King County Home Prices are up 7% from last year

The Seattle Times reports that home prices for King County have jumped up 7.2% from July last year. This pencils out to $25,250 with the median sales price of $375,250. The article also notes that closings are up 26% YOY which is great news for the housing industry. It doesn’t matter how low mortgage rates or home prices are unless transactions can actually close.With less inventory, many buyers are finding themselves in bidding wars or having a property in contract before they can get their offer together. From the article:

“Another recurring theme is the dramatic drop in the number of homes for sale. Home listings have been sliding for a full year; in July the number of home listed for sale was down 38 percent year-over-year…

…distressed home listings — bank-owned properties and short sales — are down 60 percent from last year. This also contributes to the small number of listings and brings up home prices.”

Part of the reason for the low inventory, per Seattle real estate economist Matthew Gardner, is that many people are not able to sell because they are underwater with their mortgages and don’t want to go through a short sale.

If you’re considering selling and your property is non-distressed (you have enough equity to sell), this could be a great time with more buyers than sellers.

If you’re underwater with your home and would like to sell once you have equity, you might consider a HARP 2.0 refinance (if your last conforming mortgage closed prior to June 2009) or an FHA streamlined refi (if your existing mortgage is FHA). While you wait for home values to continue to trend higher, why not save on your monthly mortgage payments?

If you’re a home buyer, I cannot stress enough how important it is to be fully preapproved BEFORE you start shopping for a home. If you’re considering buying or refinancing a home in Seattle, King County or anywhere in Washington state, I’m happy to help you!