🏠 how nervous should sellers be right now?

Our theory is that nearly all the buyers willing to pay ~7% for their mortgages have bought homes

Author

Matt Goyer
June 11, 2024

Risky prediction! Relief is coming for buyers and sellers should be nervous.

TL;DR - our theory is that nearly all the buyers willing to pay ~7% for their mortgages have bought homes.

Signs we’re seeing that should signal coming relief for buyers and make sellers nervous:

  • The median single-family home price in May dipped both in Seattle (down 1% m-o-m to $950k) and on the Eastside (down 4% m-o-m to $1,792,300)

  • The number of homes for sale is at an all-time high for the year and will likely continue to grow

  • Fewer and fewer new listings have offer deadlines (31% in Seattle last week down from a high of 44% earlier in the year)

  • The number of homes going pending last week didn’t recover from the Memorial Day long weekend slowdown (see below)

Unfortunately, mortgage rate relief doesn’t seem to be on the horizon so while buyers will have greater selection at better pricing, they’ll either need to pay cash or get a 7% mortgage.

— Matt Goyer, Land Cook, Maggie & Nancy
P.S. we’d love your suggestions on improving this newsletter, just hit reply

NEW LISTINGS BY WEEK
Strong week for new listings

Seattle: 347 new listings last week, up 1.5% w-o-w
Eastside: 249 new listings last week, up 6.4% w-o-w

HOMES GOING PENDING BY WEEK
Where are the buyers?

Seattle: 165 pending last week, down 3.8% w-o-w
Eastside: 134 pending last week moving 0% w-o-w

THAT’S A WRAP
Here are 2 ways we can help

  1. Thinking of buying? Now is the time, this is peak home-buying season. Hit reply, we’re happy to help. Or join our next home-buying class.

  2. Thinking of selling? Hit reply, we can handle everything from start to finish.