Brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers. The hesitancy, coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October. Pending sales volume fell in 13 of the 26 counties in the MLS report, but tight inventory could be hampering the ability of buyers to find their dream home. The cooler activity may be the result of several factors but also expressed some optimism. Even though inventory is scarce in many areas, brokers reported solid activity.
As the weather cools, the housing market intensity heats up for each new listing. Buyers want to lock in a great interest rate. The intensity of activity in the Puget Sound area is “either approaching or already at spring 2021 levels, depending on the local area,” adding buyers will face constrained inventory until March 2022. The listing inventory in Kitsap County continues to stay low (0.72 months of supply) which leads to steady open house traffic and multiple offers on correctly priced new listings. We are approaching our seasonal low in inventory. Each year, as the year closes out, potential home sellers wait until the new year to put their homes on the market. In reality, a home listed now will have higher viewership since the buyer pool has not gone down.
EVENTS AND HIGHLIGHTS OF NOVEMBER
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GEORGE MOORHEAD - Bentley Properties
[email protected]
Direct: 425-236-6777
14205 SE 36th St., Suite 100, Bellevue WA 98006
www.GeorgeMoorhead.com