If you saw yesterday's blog post which included the latest local real estate market statistics for our area0, you already know that the booming residential real estate market in Renton, Newcastle and South Bellevue has slowed to what is now a balanced market.
This is not a bad thing but it requires sellers and their real estate agents to pay greater attention to the factors affecting a home's marketability.
The market's adjustment from seller's market to balanced market is not due to the rising mortgage rates (which are actually staying very low and forecasted to remain that way) but a tightening of the mortgage lending standards that are reducing the affordability of homes for first time home buyers and home buyers with less than perfect credit (which these days is pretty much anything under a 680 FICO Score).
When purchasing a home becomes more difficult, it can lead to a reduction in buyers and an increase in the number of homes for sale. Homes that are priced right will still sell within a reasonable amount of time.
The good news for buyers is that interest rates are still close to historic lows and buyers finally have a little room to negotiate because of the increased supply.
Keller Williams Realty Southeast Sound
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington's Renton Highlands, Newcastle and South Bellevue.