Still Hanging On

In the greater Seattle region, home prices are still holding firm. Though there was a 38% drop in new listings for April in Kitsap and King Counties (28% in Pierce County), the median price increased as inventory became more limited:

Price Increases in April 2020

  • Kitsap (+15.6%)
  • King (+4%)
  • Pierce (11.7%)

Instead of the usually-hectic spring market filled with open houses, it feels more like a typical January. The hardy and the motivated are still selling and buying, and what hits the market tends to go fast, and over asking. 

Yes, the bidding wars are back. Interest rates are still super-low. That said, the world of mortgage lending has change during these unusual time. Buyers who are seriously looking now do have options, but it’s even more important than ever to talk with a lender ASAP and get that pre-approval letter. Even better, get fully underwritten. 

One very important change to the buying process is that lenders are now doing one final confirmation of the buyers’ employment before the loan can be funded. It is also very challenging to get a jumbo loan at the moment, but creative lenders have other options. (Need a lender? Contact Megan for some great ones.)

Spring Into Summer

While no one knows for sure what will unfold over the next few months as far as the economy and the COVID-19 safety situation, we do know that the market will go on. 

Spring is looking like winter, and summer may very well be similar to spring. (Between Memorial Day and mid-August are typically dead as buyers are out enjoying the beautiful Puget Sound summer!) We doubt the bottom will totally fall out like 2009, but it really depends on the job situation in our area.

So far, it seems the credit is still available for qualified buyers. 

One Last Tip

In a real estate market that seems a little like Fight Club (no one is talking about it, but it’s still happening…and sometimes feels like a fight), it is absolutely crucial to have a great team beside you, whether you are buying, selling, or finding new tenants for your investment property. 

Make sure to be prepared, armed with fresh data, and professionals you trust–agent, lender, and home inspector.

Stay healthy, everyone!

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