Team Skally | Market Update
Team Skally Says Mortgage Rates Are Coming Down!
The last few months the median sold price on the Eastside has remained around $1.45M, down 3% from last year. Although up nearly 50% over the last 3 years. YES, up 50%!
With the July Consumer Price Index announcement of 4.8% (down from 5.3% in June), we expect Mortgage Rates to begin reducing. In fact, right after this week's CPI announcement, rates came down a quarter point. Woohoo!
With just 1 month of inventory it remains a seller's market and there is no sign of that changing anytime soon. It may seem counterintuitive, but people waiting for a "buyer's market" to purchase their dream home could be challenged with rising prices and even less inventory as demand increases. We’d be happy to provide you with our “cost of waiting a year" report which illustrates the point that waiting is usually not the best strategy. In short, we're reiterating our previously reported strategy of "marrying the home and dating the rate"!
With the right strategy and team both buyers and sellers can win in this market. Let's "Taco" about it!
Cheers!
Matt & Christina
Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Mercer Island, Renton and Issaquah. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award winners for best client service and regularly featured in online and print publications including Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and two Goldendoodles as well as volunteering in the community.