Want to Outsmart Seattle’s 2020 Housing Market? Work With a Creative Agent
After a year or two of Seattle’s real estate market slowing, it seems that things are picking up again for the coming spring. It’s once again a sellers’ market, as housing inventory decreases but demand remains high in the Seattle area. According to the National Association of Realtors, Americans signing contracts to buy homes increased to 5.2% in January.
In order to approach the spring frenzy with a cool head, here’s what you need to know. First, and most importantly, reach out to Pickett Street ( (425) 502-5397 or firstname.lastname@example.org) to find an agent who is an expert on the current market and how to best navigate it. Next, take a look at these updates below to educate and prepare yourself.
According to Freddie Mac, this past Thursday the 30-year fixed-rate mortgage dropped from 3.49% to 3.45%. This is far below the 4.35% rate from February 2019. Average rates for 15-year fixed mortgages also dropped from 2.99% last week to 2.95%. These lower mortgage rates have contributed to the currently high demand for homes, as buyers want to get in while the mortgage rate is cheap.
The decreasing mortgage rates this past week are in part the result of the slide in stock market prices. If you’re worried about the current stock market changes, the best piece of advice we can offer is to call Pickett Street to talk over your concerns with an expert.
Inventory is low.
Here’s a great map if you want to examine Seattle’s current housing shortage and how it compares to the rest of the country. As the map shows, Seattle isn’t the worst area in the country for buying homes right now—cities such as San Francisco, New York, Miami, and Reno, Nevada currently have a much higher housing shortage.
However, the number of Seattle area homes for sale did drop significantly in January 2020, especially in King, Thurston, Snohomish, Pierce, and Kitsap Counties. Once viewed as a cheaper alternative to living in Seattle, Tacoma’s housing market is especially wild at the moment.
Off-market listings are so hot right now.
Again, the most important thing you can do to successfully navigate the 2020 market is find the right real estate agent. It’s particularly important to find an agent who knows how to find off-market homes and other creative listings during periods of low-inventory like this spring. For example, Pickett Street’s owner and lead listing agent Jesse Moore has built an extensive network of past and potential clients over the years, which he calls on when looking for homes in low-inventory markets like this one.
Check out this great episode of the podcast Finely Clicked for more information about off-market homes.
Experts advise buyers to act quickly.
This spring real estate market is going to move fast. Mortgage rates might increase again as early as next week. Additionally, it’s highly likely that, if you don’t make an offer now, another buyer will snatch up that home you’ve had your eye on.
Finding a good agent will help you act not only quickly but also wisely. They will help you feel more at ease, rather than on the brink of pulling all your hair out, when looking to buy or sell a home this spring. Get in touch with the Pickett Street Team today by calling (425) 502-5397 or emailing them at email@example.com.