Buyers, we are happy to report some good news on the mortgage rate front: at 6.74%, rates are the lowest they have been in over a year. If you’ve been putting your homebuying plans on hold in the hopes that high rates would come down, your patience has paid off, and now would be a great time to jump into the market and make your move.
What’s Happening With Home Prices?
The market is seeing price growth, which is good news for sellers, but that does mean that buyers will need to be aware that if they continue to wait to make their purchase, they could be looking at higher listing prices in the future.
What’s New With Bainbridge Island’s Market?
Currently, on Bainbridge Island, we’re seeing an over 27% year-over-year increase in the average sales price. Of course, negotiation tactics and making a strong offer have a big impact on sales price. It’s still a seller’s market on the island with 1.8 months of supply. However, if buyers are encouraged by the lower rates to make their purchases and sellers remain hesitant to list their homes, we might see even less supply in the coming months.
How Should You Approach Your Real Estate Goals?
Although it’s tempting to time the market by reading predictions about rates and looking ahead to what a post-election market might look like, the best way to achieve your buying or selling goals is to do so when you’re ready. Understanding the market, having a clear picture of your budget and financials, and enlisting the help of an experienced broker will allow you to find success, regardless of market conditions.
If you’re interested in diving into more market data or want to discuss your buying or selling plans, please reach out to us today.
