June proved to be a better month than April or May. Four properties have moved into the under contract category. It is nice to see life on this front.
Several other properties have new and lower prices. There are buyers in the market, but they are being very selective. There is no pressure on them. There is no tax credit to race for. The only reason they might have to act now is the prevalence of low interest rates. We haven't seen rates at 4.5% since the 1950's.
To try and relate interest rate to home value...a 1% increase in the interest rate lowers the buying power of a buyer by about 10%. If you have a home you want to sell for $500,000, when interest rates are at 5.5% the buyer that might have afforded it today, could only pay $450,000 then.
Now is a good time to sell. Your only competition in this area is several properties on busy streets, and homes that have shown themselves to be over priced, homes whose owners are still being educated about the market.
If you'd like to know what your home is worth in this market, please give us a call. It costs you nothing, and it might be worth more than you think.
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Glen it is good to hear activity is good in your area! Thanks for dropping by my blog and leaving a comment:)
Thanks for dropping by, Bill. Some areas of Seattle are doing really well.