Home Buyer and Seller SeriesMarket Reports January 21, 2023

Heading Into 2023

Looking into the next few months one thing is pretty clear… a mixed bag!

For Buyers, inventory is increasing! The premium that attached to many homes sold last Spring is pretty much gone. That means homes are a little less expensive (no or little bidding wars). Plus the third week of January mortgage rates hit the lowest point since Sept 2022! The market leaders are all convinced interest rates on purchasing homes in#NCW are going to continue to wind down . Hitting the mid to low 5% levels. Actually on 1/20/22 I got a buyer matched to a 30 year FHA loan at 5.75%. Credit score, debt to income and down all effect the ultimate rate. Another factor with the slow build of inventory and reduction in multiple bidders, buyers have an opportunity to negotiate a little too ( repairs, inspection, price etc).

For Sellers, there has been a tendency to hold back because trading a property with a 3% mortgage rate for a new one with 7% seems to be a thing of the past. Lower rates will bring more buyers and inventory means you may more easily find the home you want rather then the only one there! It is also still a sellers market. Tradition is that a buyers market happens when time on market for all inventory approaches 6 months. Today the average moves around but it some place between 45 days and 95 days. So if you are selling your Wenatchee Home and then buying a East Wenatchee Home your chances and opportunities are improving!

For more information on ways to beat higher rates take a look at this Video https://youtu.be/ifh_gyZ6vp8 

Buying or selling new homes, land, lake properties GIVE ME A CALL https://youtu.be/Zq1G–NjJ94