According to the NWMLS May real estate news, home buyers around Washington state have the largest selection of listings available since December. Closed and pending sales are also trending up since the beginning of the year. Year-over-year data shows sales and median home prices down for most Seattle area cities.
And then there’s that mortgage rate that continues to keep many buyers on the fence. The US 30-year fixed-rate mortgage averaged 6.71 percent as of June 29, 2023. A year ago at this time, the 30-year FRM averaged 5.70 percent.
“Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,” said Sam Khater, Freddie Mac’s Chief Economist.
Does the mortgage rate mean that buyers should hold off? Not necessarily. Last year home prices peaked around April/May, but in 2023 we’ve continued to see a steady rise. For example, the King County single-family home price has had an increase of 16.5% YTD for 2023. Buyers waiting may be disappointed if they wait for home prices to cool.
We closed on a listing this month in Bothell, a lovely rambler with a large manicured backyard listed at $875,000. The home received 15 offers and sold $125,000 over asking price. We spent a couple of weeks before listing the home updating areas that would offer a high ROI. And it paid off in a big way. Although a multiple offer situation with 15 buyers is not always the norm these days, it shows that it can still happen! And more than anything, it points to putting energy and resources into the areas of your home that buyers care about most.
Here is a breakdown by city and county with year-over-year changes:
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.
