October market update reveals buyers have options and are getting creative with financing options
The October market update is in, and the options for buyers continue to grow. With more inventory available than we’ve seen in the last few years, buyers can see more homes and make fewer compromises before making an offer.
The rise in interest rates has undoubtedly had its impact, but buyers are getting creative with financing. According to the NWMLS, they are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refinance when the rates come back down.
Overall in both King and Snohomish counties, the median home price is still above what it was a year ago. When we drill down to specific Northend cities, we do see a slight dip in the median home price.
Here is a breakdown of the greater Seattle real estate market statistics for October compared to this time last year:
Sellers should be focusing on realistic pricing from the moment they list, as first impressions are crucial. In addition, we strongly recommend a walk-through with a real estate professional before listing to address home repairs and updates. There are many updates a seller can do to increase their return on investment and attract buyers.