We’ve noticed a slowdown in the local housing market in the past few weeks. Showing activity and pending sales are down, and we’re starting to see some price reductions. This shift could be temporary, as potential homebuyers turn their attention to summertime fun, or it could be a much needed market rebalance.
With the first wave of COVID-related mortgage forbearance programs set to end in September, homeowners who are unable to make catch up mortgage payments may be forced to sell this fall. The resulting increase in available inventory would put buyers and sellers on more even footing. This could help to rebalance the market.
157 single family homes were sold in zip codes 98403, 98406 and 98407 in the second quarter of this year - 25% more than we saw last spring when the housing market was still responding to the initial COVID shut down. Homes have been selling VERY quickly – in about a week on average.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.