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Ben Luthi

The real estate market has two opposing sides: buyers, who want to keep their costs low, and sellers, who want to maximize their profits. Depending on the inventory of available housing, one of those sides might have bigger advantages — and greater bargaining power — than the other. Understanding the difference between a buyer’s market and a seller’s market can be tied back to one of the fundamental laws of economics: supply and demand.

What is a buyer’s market?

When there is a surplus of homes and low demand for them, you’re in a buyer’s market. Prices tend to go down in these conditions, because there’s less competition. Additionally, homes are likely to stay on the market for longer, putting pressure on sellers to…

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After a tumultuous summer for real estate, autumn is nearly here. As of mid-September, the benchmark 30-year fixed-rate mortgage average is hovering just north of 6 percent, and skyrocketing home prices are finally starting to drop, and in some area literally tumble.

Here are our prediction on which directions the housing market will head in as the leaves start to change.

The Housing Market Is About to Be Hammered

That’s a tough opening statement and it’s meant to get your attention. Here is how the pros back that up.

The market seems to be cooling dramatically, and Rick Sharga, executive vice president of market intelligence for ATTOM Data Solutions, says the signs are undeniable. Case in point: July marked the seventh consecutive month…

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The 30-year fixed-mortgage rate topped 6% for the first time since 2008 in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ended Sept. 9. 

Mortgage applications declined 1.2% on a seasonally adjusted basis from the previous week, the MBA said, citing its Market Composite Index, while the association’s Refinance Index slid 4% week over week and 83% year over year. 

“Higher mortgage rates have pushed refinance activity down more than 80% from last year and have contributed to more homebuyers staying on the sidelines,” MBA associate vice president of economic and industry forecasting Joel Kan said in a press release. “Government loans, which tend to be favored by first-time buyers, bucked this trend and increased…

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Covering housing news and more. Our informative and locally based real estate news blog will feature the latest housing statistics for Sammamish and Issaquah as well as information on the housing market shift, mortgage rates and local information that affect your home, commute and the area you live in. 

We’ll dive deep into the stats and strive hard to provide detailed analysis that is helpfully while also being easy to understand.

If you ever have a question or suggestion we’re here. Just reach out to us and let us know and we’ll be happy to answer!

CONTACT HERE

The Cascade Team Real Estate

 

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  •          Pending sales drop nearly 22% from a year-ago
  •          Closings were down about 24% from a year ago
  •          Economist Gardner expects prices will soften.
  •          trend toward a more balanced market.
  • Mortgage rates are at their highest level since the Great Recession, according to data released by Freddie Mac Thursday, as housing affordability continues to slump.
  • The 30-year fixed mortgage rate is now 5.89%, according to Freddie Mac, up from 5.66% last week and 2.88% at this time last year.
  • Mortgage rates are now at their highest since November 2008, when Freddie Mac reported a 6.04% 30-year rate.
  • Mortgage rates have climbed as the Federal Reserve raises interest rates to tame inflation.

Surprising Fact

 The…

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