Market Update
In the last quarter of 2022 we saw a slow down in the real estate market. Market times for homes went up and some sellers dropped list prices to attract buyers who weren’t exactly willing to rush in due to higher financing costs and economic uncertainty. In January, we saw little available inventory of homes for sale. This is a combination of very few new listings hitting the market and a slight uptick in demand from buyers. The low market supply is helping prices stay stable. In recent weeks, borrowing costs have eased.
Mortgage Rates
The average rate on a 30-year fixed mortgage is 6.51%, according to Bankrate.com, while the average rate on a 15-year mortgage is 5.70%. On a 30-year jumbo mortgage, the average rate is 6.55%, and the average rate on a 5/1 ARM is 5.37% (as of Jan. 31, 2023).
Remember, rates change all the time and depend on many factors such as loan program, credit score, debt-to-income ratio, etc., so get a preapproval and loan estimate from your lender.
Increase in Mortgage Applications
The housing market usually doesn’t blossom until spring so it is too early to predict a trend for this year. However, mortgage brokers are seeing more requests for pre-approvals which is a great sign that there are more people thinking about buying in the coming months and this perhaps points towards a good spring market in the Seattle area.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
We are looking forward to what the housing market has in store for 2023 and all the new opportunities it will bring with it!
Thank you,
Kerstin ❄ Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Kerstin G. Brooks, Broker 