Northwest MLS director John Deely agreed the new low down payment loan programs and mortgage rates are a boost to activity.
"In December our brokers experienced high open house traffic and strong demand from buyers as listing inventory declined," reported Deely, the principal managing broker at Coldwell Banker Bain in Seattle. "Buyers are determined to take advantage of the continued low interest rates and to make their move sooner rather than later," he added.
MLS (Multiple Listing Service) members reported modest year-over-year price gains (around 5.5 percent) for homes and condos that sold last month compared to 12 months ago. The number of new listings added to inventory was nearly identical to activity of a year ago, but with pending sales outpacing new listings, the selection, as measured by total active inventory, dwindled by about 8 percent compared to a year ago. MLS members also reported 5,794 pending sales (mutually accepted offers) for an increase of nearly 11 percent from the year-ago total of 5,224 pending.
The numbers show not only is it a good time to sell, its also a great time to buy. Take advantage of it being much easier for purchasers to qualify for a loan now than it was just a few months ago and the fact that interest rates have remained low. This will allow more first-time buyers to break into homeownership. Call me, lets get the ball rolling!
Jason Moon Real Estate Broker with ColdWell Banker Bain. Seattle, WA