Heading into the 4th of July weekend, mortgage rates hit an all-time low average of 3.07% for a 30-year fixed, according to Freddie Mac.
While new listings in King County this June are only down slightly compared to June of 2019 (3145 vs 3326), we continue to feel the effects of coronavirus and associated lockdowns as sharp reductions in new listings from March through May kept overall inventory low. Inventory in King Country sits at just over 50% of what it was for the same month last year, 2490 for June of 2020 vs 4775 for June of 2019.
Lack of selection has not deterred home buyers from trying to take advantage of the aforementioned low interest rates, even as banks tighten some of their loan requirements in an attempt to keep potentially risky borrowers off of their books. Eligible Seattleites continue to shop for homes and limited inventory means prices are staying high. In King County, the median sales price is up nearly $30,000 from this time last year, sitting at $729,000.
It’s always a good time to buy, especially in a place like Seattle where the average rent for a 2 bedroom apartment is over $2,700. But for homeowners looking to sell, now is a great time to put your house on the market. High demand and low supply mean you can fetch a higher price for your home. And with low interest rates, buyers can afford MORE house than they otherwise could, which means your house is worth more.
Want to know what your house in Seattle is worth? Give me a call today for a free market analysis. If you are interested in buying or selling real estate in Seattle, please reach out to area expert Hans Hagmeier at hans.hagmeier@kw.com 206-818-2574, powered by Keller Williams Realty.
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