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Motivated home buyers turn to creative financing options
*NOTE* – the data we are looking at is from the full month of October. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service:
- “Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies.”
- “We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down,”
- Pending and closed sales were down 39% and 35% compared to last October. Part of this is homes taking longer to sell, with fewer buyers making offers.
- We currently have the highest level of inventory since January 2019, with more than double the amount of a year ago.
- Across the whole MLS, median sales prices rose year-over-year, with an increase of about 3.5% from last October, but a decline of approximately 9% from May when prices peaked.
- In King County, median prices were up more than 8% compared to last year.
- “There is no doubt the market has changed with higher interest rates being the main culprit.”
- “We are continuing to move into a more traditional market. Buyers are out looking and watching the market, and they have more time to make informed choices.”
- We are seeing some listings coming on the market and sitting for several weeks, while others that come on immediately get multiple offers or above asking price offers. Both buyers and sellers need to be prepared.
To read the full press release, click here.
