Mortgage rates continue to fluctuate but there is still good news for buyers and sellers!
We continue to see a slower market compared to the same time last year, but what continues to be notable is how the market has jumped compared to the beginning of the year. Month-over-month median home prices and sales look positive.
During the month of April, we were prepping a lot of homes to come on the market in May. That said, some of our listings that closed in April sold ABOVE the asking price. Also, a lot of homes went pending in 7 days or less. The biggest indicator for a stellar sales price and quick offer is accurate pricing and showcasing your home’s best features.
In King County, which accounted for 35% of last month’s closed sales, the median price fell 11% compared to last April. However, a comparison with January 2023 shows prices are up 9.3%.
The US 30-year fixed-rate mortgage averaged 6.39 percent as of May 18, 2023, up from last week when it averaged 6.35 percent. A year ago at this time, the 30-year FRM averaged 5.25 percent.
We know mortgage rates have left some buyers wavering to move forward. We still encourage buyers to consider a home purchase! Buying a home involves many factors. Don’t base the decision solely on the rate. Even with a 30-year fixed mortgage, most people refinance within 5-7 years. We even see indicators that mortgage rates will decline in the second half of 2023 as the economy shifts.
If you are unsure what you can afford and how the rates factor into your homebuying decisions, let’s chat. We can sit down and go through your plan, and we can connect you with a lender to get pre-approved.
Here is a breakdown by city and county with year-over-year changes. We love to see that Edmonds and Shoreline in particular may be down slightly from last year, but are holding VERY close the 2022 stats:
If you’re considering listing your home for sale or are curious about what your home may be worth in this market, click here to learn more.