Market Update

Mortgage rates have dropped to their lowest in 15 months, offering hope to prospective buyers in Seattle’s real estate market. With new listings up 9.7% and a potential Fed rate cut on the horizon, Fall 2024 presents both opportunities and uncertainties for buyers and sellers alike. Learn more about current trends and how they might impact your next move.

2024 brings relief to buyers and sellers as rates potentially hit their peak in Q4 of 2023 and are predicted to come down this year into the high 5% range or around 6%.

As we head towards winter we are seeing rates drop a bit, recently down at 7.2%. We are seeing homes sit on the market right now and this can sometimes translate into good deals for buyers.

Last week the Federal Reserve raised the interest rates by the third consecutive time by .75% basis points to reach 3.25% from 0% just a short time ago. This is consistent with what they have said they plan to do and is not the last rise expected this year.

There is an overall sense that “normalcy” is returning to the market with June prices showing their smallest growth since June 2020.