A Hopeful Sign for Homebuyers

This has been one of the most challenging markets for homebuyers that I have seen in my 20+ years as a mortgage professional in the greater Seattle area. The lack of inventory has created a frenzy allowing sellers to name their extraordinary price with bidding wars leaving many buyers exhausted and warn out from this highly competitive market.

While walking our dog this weekend, I noticed something that I haven’t seen in a very long time: signs for open houses! The market has been so hot, real estate agents have not had to go through the extra effort of holding an open house – I saw several this weekend in my neighborhood of West Seattle. I have to think this is a good sign for home buyers that we may be starting to return to some level of normalcy.

I’m also hearing from homeowners who are now wanting to sell their homes as they’re afraid that they’re going to miss what has been an over-heated seller’s market. Another factor that may be playing into this is that the pandemic (knock on wood) seems to be settling down which may make some homeowners feel safer about having their home on the market. More inventory is seriously needed and will be welcomed!

Something else that both home sellers and home buyers should be concerned about are the rising mortgage interest rates. Home buyers are qualified based on the mortgage payment and the recent jump in interest rates will impact how much home buyers can afford to purchase. Fewer home buyers for a home may also help bring the price down.

So bottom line, I’m hopeful that we will see more listings coming on for homebuyers. If you have been considering buying a home or if you have been trying to buy a home during this market – don’t give up! Do check with your local mortgage professional to review current rates and possible strategies to deal with the higher interest rates and possible low appraisals. It’s important to make sure that your preapproval is still valid and based on current rates. If you are wanting to buy a home located anywhere in Washington state, where I’m licensed, I am happy to help you!