Key Market Indicators – July Recap 2021
Southwest King County Housing Update - Resale Only
Although the Southwest King County market is still intense, buyers can find some relief because there aren’t as many offers to compete with compared to earlier this year. Additionally, the number of new listings is slightly higher than the number of homes going under contract. The market is virtually sold out up to $1.5 million as historically low interest rates continue to drive buyer demand.
Homes in Southwest King County priced up to $750,000 have extreme frenzy Sales Activity Intensity;™ 87 percent of sales take place in this price range. Sales Activity Intensity™ is frenzy from $750,000 to $1.5 million and strong from $1.5 to $3 million.
Minor Relief Comes for Home Buyers
Average % of
New Listings (Pending)
in the First 30 Days
Unbelievable Interest Rates
Source: Mortgage News Daily
85%
Current
2.80%
30%
Normal
HOW HISTORICALLY LOW INTEREST RATES IMPACT YOU
You may have heard that interest rates for home mortgages have lowered over the last month. With historically low rates in play, you could be wondering what this means for you. Simply put, when interest rates go lower you have greater purchasing power, or it could be an opportunity to refinance.
When purchasing a home in today’s market, being pre-approved is a must to determine your purchase price parameters. You can also take the next step by becoming fully underwritten, which increases seller certainty in your offer. We recommend speaking with a trusted mortgage professional to determine the best course of action for your particular situation.
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HOW HISTORICALLY LOW INTEREST RATES IMPACT YOU
You may have heard that interest rates for home mortgages have lowered over the last month. With historically low rates in play, you could be wondering what this means for you. Simply put, when interest rates go lower you have greater purchasing power, or it could be an opportunity
to refinance.
When purchasing a home in today’s market, being
pre-approved is a must to determine your purchase price parameters. You can also take the next step by becoming fully underwritten, which increases seller certainty in your offer. We recommend speaking with a trusted mortgage professional to determine the best course of action for your particular situation.