Summer Real Estate Market Update:

What Buyers and Sellers Need to Know

As we move through the summer months, the real estate market remains dynamic, offering unique opportunities for both buyers and sellers.

For Sellers:
Summer is traditionally a strong season for home sales, and this year is no different. With high demand and limited inventory, sellers are in a favorable position to attract motivated buyers. If you've been considering selling, now is an ideal time to list your property. Homes that are priced right and marketed effectively are selling quickly, often with multiple offers.

For Buyers:
While the market is competitive, interest rates remain favorable, making it a great time to secure financing and invest in your future. If you're looking to buy, it's important to be prepared to act fast when you find the right home. Working with an experienced real estate agent can give you an edge in navigating the market and finding the best deals.

Hello friends and Happy New Year! Guess what? Interest rates went down a touch, and I just wanted to keep you posted about this exciting news because people have been waiting on the sidelines for the interest rates to drop. They were above 8% in October and over the last few months they have dropped into the mid-6% range. This has created a lot of movement in the real estate market. We are seeing our listings in Fairwood (and all over King County I might add) gain a lot more interest and sales are happening again! Rosie actually predicted this would happen a few months ago during her Winter Real Estate Market Update:

Here's something to consider. With falling interest rates, our prediction is that we're going to see a floodgate of stampeding buyers, coming out to play in this market. When this happens (spoiler alert, it already is happening, our first listing of the year sold in 3 days with multiple offers!!!), sales prices will go up, due to competing offer situations. Sellers will not be as inclined to negotiate terms as they are right now. We are confident that now is a  great time to get back into the market.

Buyers - Act before the market heats up even more. More buyers = more competition for you! If you are a buyer interested in winning your dream home please check out https://rosierourke.com/buying.

Sellers - It’s time to get your ducks in a row to be prepared to take advantage of the intensifying market. My team is ready and eager to help you price your home, manage your pre-inspection, help you get your home ready, and expertly market its flood of buyers entering the market right now. Our open houses are busy, private showings are up, and online traffic is through the roof on our listings. Learn more about our stress-free listing program and take advantage of the market at https://rosierourke.com/selling.

QUESTIONS? COMMENTS? A FREE HOME VALUATION?

Homebuyers can expect mortgage rates in the 6% range next year, says NAR’s Lawrence Yun

Today we saw Lawrence Yun, National Association of Realtors chief economist, join ‘Squawk Box’ on CNBC to discuss the state of the housing market, why he believes it’s a strange market of record-high home prices, deep-slumping home sales, and more. It's a great video and he talks about his predictions for interest rates in 2024! Here is the video:

We are already beginning to see rates drop. Mortgage demand jumped to six-week high as interest rates continue to drop according to the Mortgage Bankers Association What does this mean for you?

For Sellers: Buyer demand will be picking up as mortgage rates drop. More buyers means more opportunity to sell your home! If you are thinking of selling in 2024 NOW is the time to start planning with us - LEARN MORE HERE

For Buyers: With rates dropping, there will be more competition for you to deal with. We will see the return of multiple offers and over asking price offers. BUY NOW before the flood gates open, save money on the purchase price, than refinance your loan in the Spring when rates hopefully hit 6%! CLICK HERE TO LEARN MORE

Summer Real Estate Market Update with Rosie & Melissa!

⛱😎 Happy Summer everyone!!!

Is the bubble bursting? Is the market slowing down? Are rising interest rates changing the market? What about inflation? And so on... We get these questions on a daily basis! Learn what is going on in the local real estate market from the top producing team in SE King County. We have the volume (210 families helped last year) and 125 years of collective experience. Everyone's situation, wants and needs are different, reach out via text/call at 206.719.5870 or just fill out the form below! 

SELLER ALERT!!! 

First PENDING home of the year… and it flew off the market during the first weekend! 50 + showings and multiple offers WELL OVER ASKING! Rosie predicted this back in December with her Winter Market Update [watch below]

She predicted that interest rates would rise in 2022 and buyers will try to get into a home before their buying power is lessened with higher rates. This combined with record low inventory (homes available to buy in the market) would create the perfect winter storm for home sellers. Winter is the NEW Spring market this year! Rosie doesn’t have a crystal ball, but she does have over 25 years of experience in our local real estate market + a team that does a high volume of business, they can see trends coming before other agents because of this.

Well, the secret is out and we are telling all of our sellers sitting on the fence to get their homes on the market ASAP. Luckily we have our home concierge program that is helping sellers get their home SHOW READY and on the market in a matter of weeks, not months! This is what leading real estate experts are saying about our local market right now!

According to Tim Ellis of the real estate blog Seattle Bubble, “January is shaping up to be the most competitive month in housing history.”

“The stage is now set for the most competitive January housing market in recorded history,” said Redfin Chief Economist Daryl Fairweather as well. “Buyers are pouring into the market to claim a home before mortgage rates rise further as new listings slow to a trickle [during the winter months].”

Bottom-line for Sellers: With less homes on the market, your home will stand out with virtually ZERO competition when you list. This will not be the case the closer we get to spring. Also, with interest rates as low as they are still, there are more buyers with more buying power who are desperate to get something under contract before the rates go up! If you are able to list before spring, I would do it now! Take advantage of our Home Concierge Program, it’s FREE and our team literally does everything for you to get your home ready faster! Request a free home valuation and let’s have a conversation! Call or text 206.719.5870 or fill out the form below!

Bottom-line for Buyers: BUY NOW before rates go up! You will be in competition with other buyers, you need a buyer’s agent who knows how to write a winning bid! Spoiler alert, it’s not always about who throws down the most money! Every seller has a specific goal in mind, our agents learn about the sellers and craft offers that are attractive to them. Learn more about our expert buyer’s agents and our process for winning homes for our clients, Call or text 206.719.5870 or fill out the form below!

Contact The Rosie Rourke Team!