Seattle housing market slowing
Gone to a ton of open houses the past 2-3 weeks on the Eastside - mostly Kirkland Bothell and Newcastle/Renton area. There is low supply but close to zero demand. Barely anyone at open houses and a lot of houses are now starting to sit on the market. Think all these tech layoffs coming to bite. Anyone else seeing the same?
Normally pricing & interest rates balance each other a little. With nobody wanting a mortgage right now, prices would typically come down but inventory is still low. My wife and I will probably sell in 3 years, hoping rates will be better by then (or maybe we can buy a condo outright).
If there's low demand, that's probably a good thing since you at least have options and time to think. It won't last forever.
They are overpriced to begin with hence not selling. I have noticed as soon as demand dwindles people tend to put list price higher without offer review date. Still not a decent home under 1 mill. While there were plenty last year.
Stocks at ATH , when you look at the housing market for 2M+ it's a different picture
If ur talking about the ones sitting in Bothell, most are next to main roads or powerlines
Interest rates are still too high, I’ll be looking for a new house once they drop later this year