March 2023 Newsletter
Market Update
It’s a seller’s market. At the end of last month, the Northwest Multiple Listing Service report shows only 1.7 months of supply. While that’s an improvement from a year ago when there was only about 0.7 months of supply (about three weeks), it is down from January’s total of about 2.5 months. A supply of four-to-six months is considered a balanced market, according to the National Association of Realtors and other industry watchers.
Both inventory and interest rates are worrisome for some buyers who are staying on the sidelines BUT there are plenty of buyers who are motivated and willing and able to buy, absorbing limited inventory of turn-key homes in good condition quickly. However, most buyers remain apprehensive about homes with deferred maintenance or bigger issues.
There are two factors that are keeping current homeowners from selling and keeping existing-home inventory historically low: 1) rate-locked existing homeowners (they don’t want to give up low rates on their current home or can’t afford higher rates on a new home) and 2) the fear of not finding something to buy because there is little inventory on the market. The result, inventory shortages are getting worse.
Mortgage Rates
According to Mortgage New Daily the national average for 30-year and 15-year fixed mortgages finished the week at 6.76% and 6.25% respectively.
Contractor Recommendations
Have you worked with a contractor recently who did a fantastic job for you? Would you refer them? We have worked with some stellar, experienced contractors in the past but during the pandemic, some retired and some moved away. Many of our clients need contractors to get their home ready for the market so we are always looking for good contractors that provide the following services: interior/exterior painting, yard maintenance, pressure washing, gutter cleaning, handyman services, home cleaners, carpet cleaners, etc. Send us their info!
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
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 