Over the last month, on my facebook page, I've posted daily/24 hour Western WA real estate market
I've made reference to the fact that inventory is growing, significantly, comparing Q1/2016 to Q1 2017.
Significant, also, is the fact that the benchmark 30 year (fixed) mortgage rate now exceeds 4%.
For Buyers that require loans (Which still comprises the majority of Buyers), rate increases equate to reductions in the dollar amount of home they're shopping for.
While Seattle will continue to see spikes in value increases, outlying areas will attract the majority of Buyers who are up and coming/seeking to buy in areas that are central to Seattle and knowing that those "outlying" areas are sure to grow in value as our economy continues to flourish.
THAT said, also take note that the fastest growing counties, in the USA, are Pierce County (#1) and Snohomish County (#2)........did I mention the country-wide interest in these 2 counties ?? ; )
Ok, so getting back to the Buyers - as long as rates continue to increase, the real estate market is sure to level out as Buyer's ability to buy depends upon loans and, as stated above, a majority of Buyers depend upon mortgages/lenders.
2017 is going to be a pillar year in real estate, guaranteed !!
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