Mortgage Monday: Seattle is Experiencing a Seller’s Market

Seattle Is Experiencing a Seller’s Market

What a difference a year makes! The conditions in the real estate market have taken a turn toward the seller. Mortgage interest rates are still low, encouraging buyers. This morning at Windermere Mortgage in Burien, Washington, the rate for a 30-year-fixed rate is 3.375% for a loan equal to, or less than, $417,000. Inventory is down, and partly because of that, home prices are starting to climb.

Last year I was asking buyers why they have not bought their dream home. It was the perfect set of conditions for the buyer. Interest rates were down, inventory was up and it was the right time to buy. Apparently, some of you listened to what I was saying, because buyers have outpaced sellers in the current market conditions. Real estate agents who list and price a home right are getting multiple offers on their listings.

I recently assisted a buyer with the purchase of a home in Burien. I put in an escalation clause which would bump up the price offered, by a set amount, to a maximum price. There were two other offers submitted on the home. One had an escalation clause that ended $1,000 below where our offer ended. My client is set to close next month on her new home. If I had not recognized that the market had shifted, I would not have included an escalation clause and she would not have her new home.

So, if you are thinking about selling your home, please contact me and let’s get it priced right and sold. My cell phone number is 253-229-5399 or email me at rickchapman@windermere.com.

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